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Nigeria’S MoSt authoritative NewSpaper iN politicS aNd buSiNeSSvol. 1 No. 195 N150

lPanicky oil firms raise health, safety investment

North-West PDP backs Jonathan’s re-election

}6

Ebola: Rivers hunts for 60 secondary contacts

CONTINUED ON PAGE 5

L-R: Chairman, Giwa Dynamics, Alhaji Ahmed Giwa; Group Executive Director, Sales and Marketing, Dangote Group, Mr. Knut Ulvmoen and President, Dangote Group, Alhaji Aliko Dangote, at Dangote Cement customers’ forum in Kano...at the weekend.

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Johnchuks onuanyimAbUJA

The United States has warned Nigeria that it risked been en-meshed in violence

if the Federal Govern-ment fails to ensure that 2015 polls are free, fair and credible.

The US Ambassador to Nigeria, Mr. James F. Entwistle, said during a visit to the National Head-quarters of the All Pro-gressives Congress (APC) in Abuja, at the weekend the embassy was engaging political parties, Indepen-dent National Electoral Commission (INEC) and Nigerians to ensure the conduct of credible elec-tions in 2015.

He also stated that Washington would not back any candidate for the February presidential

Onyekachi eze and Ibrahim abdul

Adamawa State Act-ing Governor, Alhaji Ahmadu Fintiri, yes-

terday won a reprieve to continue pursuing his as-piration to transmute into a substantive occupant of the post.

A panel set up by the

Peoples Democratic Party (PDP) to review the deci-sion of the screening com-mittee that disqualified him from participating in the September 6 gover-

norship primaries of the party in the state, gave him a clean bill.

The screening com-mittee, chaired by former Deputy Senate President,

Senator Ibrahim Mantu, had disqualified Fintiri on Saturday, citing the provi-sion of Section 191 of the 1999 Constitution.

Adeola Yusuf and Em-manuel Masha

The Rivers State Govern-ment has begun the search for 60 secondary

contacts of the late Dr. Iyke

Enemuo, the first person to die in the state of the Ebola Virus Disease (EVD).

The late Enemuo, who died on August 22, con-tracted the disease from an official of the Economic

Community of West Afri-can States (ECOWAS) who fled a quarantined centre in Lagos for Port Harcourt, after he had got the disease from the index case, the late Liberian-American

diplomat, Mr. Patrick Sawyer.

The outbreak of the disease in the state has forced oil companies, with headquarters in the state, to jack up their health and

How Nigeria can avoid violence in 2015, by USlAmbassador begins sensitisation visit to parties

lMy disqualification unjustified, says acting governor

safety investments in a bid to protect their workforce.

Giving update on the epidemic in the state, the Commissioner for Health, Dr. Samson Parker, told re-porters yesterday in Port Harcourt that the authori-

Adamawa governorship poll: PDP appeal panel unbans Fintiri

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BOKO HARAM: MY STORY

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APC IS A LIMITED LIABILITY COMPANYPRESIDENT JONATHAN AND I2015 AND NORTHERN PRESIDENCY

election.According to him,

America is not interested in backing any candidate but in ensuring that elec-tions in Nigeria and other countries are credible.

He said: “I am coming round to talk to political parties because of the deep commitment my country has to democracy and elec-tions not just in the US or Nigeria but all over the world.

“Democracy is much more than elections, but without elections, there is no democracy because election is the cornerstone.

“I have frequently been asked who the United States is supporting for the February 2015 elections and my answer has al-ways been that the United States supports the Nige-rian people in their quest for a credible, transparent election that they want and deserve.

“So, we are not here to support anybody or any candidate, but to support a credible process in which the Nigerian people can freely express their wish-es. That is why we provide support to INEC and civil societies as we do to get ready for this election.

“As I travel round this country, I talk about the im-

portance of non-violence elections, especially before, during and after elections. What I am telling you now, I say to everybody across the spectrum. We should all agree that there is no place for it and I encour-age all candidates and par-ties to commit themselves now not to participate in violence in any way.

“Let me tell you a story. When I was a small boy, my father was in the air force, and we move a lot. In 1960, we lived in Mont-gomery in Alabama. I remember Dr. Martin Lu-ther King flying in for his famous march. When you see something when you are young, you never for-get it. I remember seeing African-American on the streets demonstrating be-cause they wanted to exer-cise the right to vote. I re-member seeing the police attack them on the streets with dogs. Fifty years later, we have an African-American president. The lesson from that story is how credible an election is and unless the people go to exercise their votes, they will meet violence; they will meet depression and I have seen that around the world, people queuing up for hours to vote.

“The other thing I take away from it is that it is very easy to lose trust in

democracy and say, my vote doesn’t matter. One election doesn’t change anything, but I can tell you that in my life time, I have seen things change in my country. It does not hap-pen overnight. It happens as a result of dedication, patience.

“So, genuine change in the democratic process is absolutely possible and it takes men and women of courage and steadfast-ness.”

Entwistle also called on security agencies to be impartial so as not to jeop-ardise democracy in the country.

He said: “I have always told Nigerians to be care-ful about their right to vote because it is the most pre-cious thing in the world. The other thing is the role that the security agencies have to play. They have a very huge responsibility in any country to main-tain security and peaceful atmosphere during elec-tions. That is their job and we support them in that. But they have to maintain absolute neutrality so that they are not seen as favour-ing either side. That is one of the many things we look at when we work as elec-tion observers.”

The ambassador urged INEC and political parties to engage in a campaign to

sensitise voters on how to conduct themselves in the 2015 elections.

“INEC has a huge re-sponsibility and the politi-cal parties too have a huge responsibility to educate the people as well as un-derline the commitment of the United States to the democratic process and the role that everybody has to play. Let me be clear and say that what I am say-ing to you now, I say to the PDP and all others who are involved in the demo-cratic process in Nigeria,” he added.

Responding, APC Na-tional Chairman, Chief John Odigie-Oyegun, de-cried the deployment of heavy security to conduct elections.

He also faulted the be-lief that once there is no violence during an elec-tion, it was was credible.

According to him, elec-tions are rigged before the voting day.

He commended the American democracy that Nigeria copied from, saying “We are glad to say that we have a predecessor in the democratic process with very deep roots over the years. We happened to have borrowed heavily from your constitution. So, we have a lot to benefit from you.”

He also thanked the US

for its commitment to the survival of democracy in Nigeria.

“As a national party, the fastest growing, the most dynamic in the nation today, we thank you for the assistance the United States has been given to this nation, especially the assistance the various in-stitutions from the USA have been given both to INEC and civil societies in our efforts to deepen democracy; the assistance you are giving to our poor children, especially the Chibok girls and the as-sistance you are giving generally to help us cope with the insurgency in the north eastern part of the country. That is what friends are for and we are very appreciative.

“I am sure that as very good friends, you would want to see very stable Ni-geria nation and a stable Nigerian nation can only be possible when there is fairness, equity, justice and the right to choose is respected and guaranteed and we hope that you will talk to all of us, particu-larly the powers that be to help us ensure that elec-tions in Nigeria are truly free, fair and democratic and that a proper level playing field is guaranteed.

“The truth is that we are often blamed for be-

ing bad losers, not just the APC, but Nigerians. But losers find it difficult to accept because there is no demonstrable level playing field.

“The kind of thing we are having is that weeks to elections, the might, mili-tarisation and the rest of it and monetary induce-ment are deployed in such a way that it places the op-position clearly at a disad-vantage. In a situation like that, quite frankly, it be-comes very difficult to say that there was a free and fair election just because there was no violence on the day of the election it-self.

“The so-called famous observers will tell you that nobody snatched a box or nobody got killed. The run-off to elections is as important as the days of the election itself. We want you as a good friend of this nation to talk to those that you normally talk to nurture this nation and the people of this country should be given a truly fair, a truly free opportunity to express their preferences. But where extraordinary events intervene such as the military, police or oth-erwise are introduced into the process way before, you are already sowing the seed of discord,” the APC chair added.

Ambassador begins sensitisation visit to partiesCONTINUED FROM PAGE 1

Sanctity of Truth

Monday, September 1, 20144

Sanctity of Truth

Monday, September 1, 2014 5NEWS

According to him, Sec-tion 191 sub-section 2 of the 1999 Constitution does not allow the acting gov-ernor to vie for the gover-norship post as he is only expected to supervise the process that will produce a successor to Alhaji Mur-tala Nyako who was im-peached by the state House of Assembly.

But the panel cleared former Chairman, Eco-nomic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu; former Lagos State Military Administra-tor, Brig.-Gen. Mohammed Marwa; former Executive Secretary, Universal Basic Education Commission (UBEC), Dr. Ahmed Mo-hammed Modibbo; former Special Adviser, Political Matters to the president, Alhaji Ahmed Gulak; former Minister of State

for Health, Dr. Idi Hong; Jerry Kumdisi, Andrawus Sawa, Aliyu Kama, Ardo Umar; Abubakar Girei and Awwal Tukur for the September 6 governorship primary election.

Fintiri immediately filed an appeal seeking a reversal of the screening committee’s decision.

The interim governor had earlier yesterday said he was in the race and would continue to pursue his ambition just as some youths marched on the state secretariat of the party in Yola to demand the review of his disquali-fication.

However, reviewing the decision of the Mantu committee, the 13-member appeal panel, headed by Senator James Manager, said after taking a critical look of the 1999 Constitu-tion and the Electoral Act, it could find no basis to

disallow Fintiri from par-ticipating in the primaries.

“We, as members of the appeal panel, looked at is-sues; particularly we took a critical look not just at the constitutional provi-sion but the entire gamut of the 1999 Constitution, as amended. And we have the Electoral Act and the PDP constitution.

“I want to add that the law as it is, is very different from the law as it ought to be. And that is why we have a parliament in existence. The law as it is in Section 191 subsection 2 does not in any way affect the right of the acting governor of Adamawa State to contest the election,” he said.

Manager, who stated that the ruling was unani-mous, added: “Most of us met the acting governor for the first time so this decision is based on what is before us and not on any

primordial reason.” Fintiri in his appeal

filed on Saturday, had said: “Even though I am the act-ing governor, my role is just to fill the governance vacuum created by the impeachment of the gov-ernor and the resignation of the deputy governor and not that of “referee” or “midwife” carrying a pregnancy. The referee or midwife is the Indepen-dent National Electoral Commission (INEC). If this were so, every gover-nor who completes a first term and seeks election for a second term must resign from office before he or she can contest.

“In the event of the need to interpret that provision of the consti-tution, it is only a court of law that can do so. Not being a court of law, the screening committee was

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Ebola: Panicky oil firms raise health, safety investmentCONTINUED FROM PAGE 1

My disqualification unjustified, says acting govCONTINUED FROM PAGE 1

ties were seeking means to get the locations of the 60 secondary contacts in order to place them under quarantine.

He appealed to the 60 secondary contacts that ”are yet to be located to come out and report them-selves to the Rivers State Government’s medical team as quickly as pos-sible.”

He added: “For now, we are concentrating on these names that we have found while work is going on to locate new persons that may have had secondary contact with Dr. Enemou. We are currently tracing them so that we can cap-ture them.”

According to him, three persons out of the 50 peo-ple classified as high risk contacts and are currently placed under observation have been quarantined at the Ebola Isolation Unit, at Edoha, in Emohua Local Government Area.

Parker said the three persons: a doctor and phar-macist who work at Sam Steel Clinic, and a female patient that was treated at the clinic, had been taken to the quarantine centre for closer examination and observation by a team of medical experts.

“I maintain that Sam Steel Clinic, Good Heart Hospital and the hotel where the diplomat, Olu Ibikunle Koye, lodged

have been deactivated and decontaminated and now ready for use. These places are now safe for use,” he added.

He said that 50 out of about 200 people under surveillance are catego-rised as high risk having primarily contacted En-emuo.

The commissioner said Enemou died in a car while been rushed from Good Heart Clinic to another hospital in Port Harcourt and the doctor that treated the deceased, the driver and those that attended to the late doctor were under observation.

Parker said people were not willing to turn them-selves in “because of the stigma associated with the virus,” adding: “Although we have identified about 200 people, we are yet to be in touch with about 60 of

them. But 50 high risk con-tacts have been identified.”

He also said three per-sons who ran away to Abia, Imo and Akwa Ibom states, had been placed un-der surveillance after they returned to Port Harcourt.

Meanwhile, the out-break of the disease in Port Harcourt has set jit-ters down the spine of the International Oil compa-nies (IOCs) and their local counterparts, New Tele-graph has gathered.

Port Harcourt lies at the heart of Nigeria’s two million barrels per day oil industry, Africa’s biggest, and is a hub for expatriate workers in major IOCs.

Investigations by New Telegraph showed that the oil companies have in-creased their investments in the Health, Safety and Environment (HSE) by about 150 per cent in re-

sponse to the outbreak.A management staff of

one of the IOCs said his company had increased attention and investment HSE.

“Do not forget that the NNPC clinic in Lagos was affected,’ he said, adding that when “we heard the news of outbreak in Port Harcourt, the manage-ment decision was to im-mediately call on the chief medical doctor at our staff clinic and the budget he brought was swiftly ap-proved.

“Aside this, the secu-rity personnel have been equipped with needed gad-get to check temperature of staff and visitors before they could be allowed en-try into our premises.”

Although he refused to mention the amount ap-proved for the new proj-ect, he said: “It is about 150

per cent increase from the original budget for HSE.”

Also, Chief Executive Officer of one the indig-enous companies with op-eration base in Port Har-court said his company had also increased invest-ment on health and safety.

“Of course, we have in-creased our spending on HSE and every responsible company will do that. The fear of Ebola is real here and everybody is trying to be more careful with health,” he said.

It was not immediately clear what impact the outbreak of Ebola would have on oil operations. The majors operating in Nigeria have historically been comfortable with a fair degree of risk in the oil producing Niger Delta, including attacks on oil installations and rampant kidnapping of expatriates.

L-R: Kebbi State Governor, Alhaji Saidu Dakingari; Kaduna State Governor, Alhaji Muktar Ramalan Yero; Vice-President Namadi Sambo and National Chairman, Peoples Democratic Party (PDP), Alhaji Adamu Mu’azu, during the PDP North-West zonal meeting in Kaduna…yesterday.

NEWS Sanctity of Truth

Monday, September 1, 20146

L-R: Corporate Services Executive, MTN Nigeria, Mr. Wale Goodluck; Chairman, LGT Resources, Mr. Tunji Lawal-Solarin; Chairman, Nigeria-South Africa Chamber of Commerce, Mr. Foluso Phillips and High Commissioner of Nigeria to South Africa, Ambassador Samuel Sonni Yusuf, at a breakfast forum in Lagos

lYouths flee Borno towns as terrorists go on killing spreeBoko Haram forces youths to carry armsAhmed MiringaMAIDUGURI

Hundreds of youths at the weekend fled the troubled towns

of Gamboru-Ngala and Dikwa, the headquarters of Ngala and Dikwa local government areas of Bor-no State as Boko Haram in-surgents threatened to kill them if they refuse to carry arms against the military.

The two towns are in the firm grip of Boko Haram who captured the areas a few days ago.

One of the youth, who fled to the neighbouring Cameroun, told our cor-respondent on phone that the insurgents who ini-tially said they were not after civilians, “are now forcing youths to carry arms against the military or threaten to kill them, a situation which has forced them to flee.”

He said: “Right now, many people especially youths are fleeing the towns because Boko Ha-ram terrorists have threat-ened to kill anybody be-tween the ages of 20 and 30 who refused to join them and carry arms against those they described as “Dabut” meaning pagans.”

He said initially they were moving freely among the terrorists but with the

recent development people are now fleeing Gamboru to the neighbouring Cam-eroun.

A Dikwa resident, Mal-lam Ibrahim Jidda, who fled to Maiduguri told our correspondent that they left the town after receiving threats from the terrorists.

“All security operatives have fled Dikwa town and we were left at the mercy of the Boko Haram insur-gents. The insurgents even pursued the military up to Mafa town but they fled before they arrived and the Boko Haram even had a rally right from Mafa to Dikwa chanting Allahu Akbar; we had a victory over unbelievers,” Jidda stated.

He said right from Gam-boru to Mafa there are no single security operatives.

Meanwhile, terrorists suspected to be Boko Ha-ram sect at the weekend killed 14 people in Jib-whiwhui village, Hawul Local Government Area of Borno State.

Jibwhiwhui is about 220 kilometres to Maiduguri, the state capital.

The insurgents invaded the Jibwhiwhui and sur-rounding villages between Thursday night and Fri-day killing 14 people while several others sustained injuries.

A resident of the area, who pleaded anonymity, told our correspondent that the terrorists came to the villages on motorcycles and randomly picked people in their houses and killed them.

Also, the insurgents killed scores of residents in Gamboru-Ngala in Borno State at the weekend.

The militants seized Gamboru-Ngala earlier this week after taking over military and police facili-ties in a fierce gun battle which forced thousands of residents across the border into Cameroon.

The residents, accord-ing to AFP, fled to Fotokol for fear of attack by the Is-lamists, despite being told they were only after secu-rity personnel and local vigilantes.

“They are now killing people like chickens,” said Sidi Kyarimi, a Gamboru resident who fled to Fotokol on Friday. “They started by selective killings and later went on a killing spree.”

Among those killed included the town’s high-est Muslim cleric and the head of its traders’ union, he said.

“They threaten to kill anybody who refuses to leave the town. They say we don’t belong,” he added.

“The insurgents were

roaming the streets of the town carrying guns and machetes, shooting and hacking to death resi-dents,” Yusuf Sanda, who also fled to Fotokol, told AFP.

“They have been break-ing into homes and shops and looting them.

“Initially they said we were free to stay or leave but now they are saying all residents should leave the town because it is now an Islamic Caliphate,” he said.

Sanda said he escaped to Fotokol by wading through the shallow river on the border because it was too dangerous to walk the streets with the insur-gents on the prowl.

In a video obtained by AFP last weekend, Boko Haram leader Abuba-kar Shekau declared the town of Gwoza, which his men captured earlier this month, as part of an Islamic caliphate.

Boko Haram now con-trols at least three districts in Borno State and at least one each in Yobe and Ad-amawa states.

The military has main-tained that Nigeria’s sover-eignty is intact and denied reports that soldiers fled the Boko Haram assault in Gamboru-Ngala into Cameroon.

Jonathan extends DG DSS’ tenure

Afenifere criticises politicians

Emmanuel Onani

President Goodluck Jon-athan has extended the tenure of office of the

Director-General (DG) of the Department of State Services (DSS), Mr. Ita Ekpenyong.

A highly-placed securi-ty source, who confided in New Telegraph yesterday, said the secret services’ DG was set to enjoy an-other four years in office.

The development was confirmed by the Deputy Director of Press and Pub-lic Relations, Mrs. Marilyn Ogar, in an electronic mail sent to New Telegraph yes-terday.

When asked to corrobo-rate the report Ogar sim-ply replied: “Yes, please.”

However, New Tele-

graph gathered that Ekpenyong’s tenure was extended, “owing to the competence and profes-sionalism he has displayed since his appointment.”

Ekpenyong was ap-pointed DG of State Secu-rity Service (as it then was) in September 2010.

He succeeded Mr. Af-akriya Gadzama.

Before his first appoint-ment, the secret services’ helmsman had served var-iously as State Director in Lagos and Anambra states among other positions.

Ekpenyong obtained a Bachelor of Arts Degree in History (1982) from the University of Calabar (UNICAL) and Master’s Degree (MA) in Philoso-phy from the same univer-sity.

lSambo woos aggrieved PDP members to return

Tambuwal, Lamido absent as North-West PDP backs Jonathan’s re-electionIbrahim MusaKADUNA

President Goodluck Jonathan yesterday got the nod of the North-West zonal

chapter of the Peoples Democratic Party (PDP) to seek re-election in 2015.

Leaders of the party from the zone, including Vice-President Moham-med Sambo, after a meet-ing in Kaduna, expressed their support for the presi-dent’s yet-to-be declared second term ambition.

However, House of Representatives Speaker, Hon. Aminu Tambuwal, is rumoured to be nursing a presidential ambition and may soon defect from PDP as well as Jigawa State Gov-ernor, Alhaji Sule Lamido, who is also said to be eye-ing the presidency, did not attend the meeting nor did they send any representa-tive.

Lamido’s counterpart in Katsina State, Alhaji Ibrahim Shema, was also absent from the Kaduna gathering.

Sambo called on ag-

grieved members of the PDP who left to listen to the voice of reason and return to the party’s fold.

He added: “There is a popular adage which has it that even the teeth and the tongue do sometimes disagree. It should be ac-knowledged that there is no alternative to the PDP. As the largest party in Africa, it is good enough to accom-modate all and sundry.”

Kebbi State Governor, Alhaji Usman Dankingari, who spoke on behalf of his colleagues from the zone, to the party chiefs that they would mobilise the people to ensure victory for Jona-than in the zone in the 2015 presidential election.

“The zone, which is the most sophisticated and populous, and other parts of the North will be deliv-ered to the party in 2015,” he stated.

Also, Minister of For-eign Affairs, Ambassador Aminu Wali, while reading a communiqué from the meeting, said the zone de-cided to support Jonathan for second term because he had brought development

president in the forthcom-ing 2015 elections so as to continue the good works he started. We ask for nothing less.

“Consequently, we re-spectfully call on the na-tional chairman of our party to convey this resolu-tion and unanimous decla-ration of the entire leader-ship and membership of

the PDP in the North-West zone to His Excellency Dr. Goodluck Ebele Jonathan to surrender himself for the continued service to the nation.”

Earlier, PDP National Chairman, Alhaji Adamu Mu’azu, urged members to remain united behind the president and the party so that PDP will win in 2015.

to the North-West. He said: “Having care-

fully considered the steady and stable progress of our nation under the able lead-ership of Dr. Goodluck Jonathan, the stakeholders

of the PDP in the North-West zone having in mind the monumental strides attained by this adminis-tration, have resolved to endorse Dr. Goodluck Eb-ele Jonathan to declare for

Muritala Ayinla

The Afenifere Renewal Group (ARG) yester-day accused Nigeri-an politicians of not

proving that democracy is a better alternative to military rule.

“All Nigerian presidents since 1999 have found the 1999 Constitution handy in justifying dictatorial ten-dencies, with the current

president claiming he is yet to even use 10 per cent of the (despotic) powers of the constitution. This is a dangerous pointer to the fact that Nigerian politi-cians are still not faring better than military dicta-tors who churned out de-crees and amended them to suit their dictatorship ego,” ARG stated in a state-ment by its Publicity Sec-retary, Kunle Famoriyo.

Sanctity of Truth

Monday, September 1, 2014 7

NEWS Sanctity of Truth

Monday, September 1, 20148

N65 ATM charge begins todayGodson Ikoro

Banks operating in the country will today be-gin the N65 charge on

remote-on-us Automated Teller Machines (ATMs), transactions which the op-erators and some analysts have said would create competition among banks and lead to improvement of services to customers.

The CBN had cancelled N100 on any remote-on-us withdrawal in 2012, cit-ing the need to encourage people to use the ATM of other banks.

However, the recent an-nouncement of the rein-troduction of the charge sparked criticism from some quarters, but the apex bank and experts stated that the decision is in the economic interest

of the country, as removal of the charges had a nega-tive effect on the cashless policy.

“The wear and tear as well as the frequency of servicing the ATMs has increased significantly. Indeed, some customers were beginning to abuse the use of ATMs through countless withdrawals. This development has led to increase in cash trans-actions, which negates the bank’s cashless policy,” the CBN said in a statement.

According to the CBN, if a part of this cost goes unabated, the banks may be forced to reject transac-tions coming from their customers at other banks’ ATMs, thereby frustrat-ing the inter-operability of payment systems.

Maintaining that ATM

is expensive and requires economic incentive to maintain, an economist and Managing Director, Financial Derivatives Company Limited, Mr. Bismark Rewane said the reinstatement of the ATM charge was appropriate.

He said the removal of ATM charges was wrong in the first instance, add-ing that there was no way a bank can recover their costs and improve their profitability.

For instance, he noted that banks have to pay AM-CON levy, NDIC charges and at the same time are losing money from Cost on Transaction (COT) charg-es, which is being gradu-ally reduced and would eventually be phased out in the next two years.

“Where do they expect

banks to make profits after all these deductions? Don’t forget that banks have to invest and reinvest. So, it makes a lot of sense to return the charges for the ATM,” Rewane said.

Also, Sterling Bank’s Executive Director, Fi-nance and Strategy, Mr. Abubakar Suleiman said that what happened was a restatement of cost re-covery for the use of other banks, adding “that it is intended to limit the cost incurred by banks and does not constitute profit.

Managing Director, Access Bank Plc, Mr. Her-bert Wigwe also said the zero charge led to free cash withdrawal and in-creased cost for the banks, as banks had to pay for the use of other banks’ ATMs by their customers.

L-R: Director, Finance and Administration, Directorate of Technical AID Corps, Mr. Ibidapo Obe; ex-volunteer, Mrs. Lychia Zira and Director, Programme, Dr. Abiodun Adeleye, during the disengagement/award of certificates to ex-volunteers in Abuja…at the weekend. PHOTO: ELIJAH OLALUYI

lSays he is embarking on disgraceful sycophantic voyage

CONTINUED FROM PAGE 5

My disqualification unjustified, says acting govnot competent to come to the conclusion it came to with regard to the provi-sion of section 191 (2) of the 1999 Constitution. I therefore appeal to you to set the decision of the screening committee dis-qualifying me aside and allow me to contest the gubernatorial primaries coming up on 6th Septem-ber, 2014.”

An elated Fintiri, who having witnessed the dec-laration of the appeal pan-el, said most of the other aspirants were not happy that he was disqualified “but I can assure you that all of us will work for this party.”

He said he would work for the party even if he fails to emerge as its can-didate after the primaries on September 6.

On whether he will run in 2015, he stated: “If it is the will of Adamawa people, I will still go ahead and do it just like this present call.”

Earlier yesterday, Fin-tiri had vowed to continue his campaign for the im-pending governorship by-election in the state de-spite his disqualification.

Fintiri, in a statement in Yola, said he would con-tinue to mobilise support for his election as “I am

still in the race.”The interim governor,

in the statement by his Chief Press Secretary, Mr. Solomon Kumanga, said the issues surrounding his disqualification had been resolved.

He said the committee did not disqualify him from the race as claimed by Mantu “because it lacked any legal or con-stitutional grounds” to do so, adding that it has no grounds under statutes of the party to take such an arbitrary decision.

“The acting governor is confident about his eligibility to contest be-cause the decision not to clear him has no political or legal precedence,” the statement added.

It faulted the commit-tee’s decision to withhold Fintiri’s clearance on moral ground, saying it could not stand the test of time considering that just a day earlier, fellow as-pirants who just returned to the party were granted waiver in the interest fair-ness and justice.

It said: “Where is the fairness to the man who reclaimed the party’s mandate and wiped shame from the faces of all the Adamawa party bigwigs, who failed to do so in the first place?”

Amaechi berates Alamieyeseigha over call to beg Jonathan

Afenifere to politicians: You’re not better than military rulers

Felix Nwaneri

Rivers State governor, Chibuike Amaechi, has dismissed the call by former Bay-

elsa State Governor, Chief Diepreye Alamieyeseigha for him to beg President Goodluck Jonathan and re-turn to the Peoples Demo-cratic Party (PDP), saying the former governor was trying to stand logic on its head.

Amaechi was reacting to an interview with New Telegraph at the weekend in which Alamieyeseigha said Amaechi should be humble enough to go to the President and say, “I am sorry,” because he has no place to go.

In a statement by his Chief Press Secretary, Da-vid Iyofor, Ameachi said the former Bayelsa gover-nor should be bold enough

to tell the world what he told Amaechi when he came to discuss the Presi-dent with him.

He said: “Yes, it’s true that Governor Amaechi does not have any personal issues with the President. And yes, when Chief Ala-mieyeseigha came to the governor to discuss this issue, he said that there is not much problem be-tween the President and Governor Amaechi but he wasn’t bold and coura-geous enough to say in that interview what he told the governor the problem is.

“He told Governor Amaechi that he cannot understand why Mr. Presi-dent cannot rein in, control or manage his wife. But for him to now go to the press to say something else is indeed most cowardly and timid of him. How does one comprehend Chief

Alamieyeseigha’s logic or reasons for saying Gover-nor Amaechi should go and beg President Jona-than and retrace his steps?

“Please, to where should the governor retrace his steps to, back to PDP? The same PDP that Governor Amaechi led Rivers people to give total support and give Mr. President over two million votes at the 2011 elections with nothing to show for it after almost four years! Instead territo-ries and oil wells belonging to the state are being given to other states.”

Alamieyeseigha had told New Telegraph in the interview that: “I think there is no problem be-tween Governor Amaechi and President Goodluck Jonathan. I think Amaechi should be humble enough to go to the President and say, ‘I am sorry’, because he

has no place to go. A child that is not respectful will also not deserve respect from anyone. I have spoken to both of them. Jonathan has no issues. President of Nigeria is very power-ful. I even told Amaechi: the first entity you cannot fight is Almighty God and the second entity is the government (President Jonathan). No matter how you interpret it, nobody can fight government (Jonathan) successfully…Rivers State will never be surrendered to the All pro-gressives Congress (APC).”

But Amaechi said Ala-mieyeseigha’s understand-ing of respect, disrespect and desecration of the office of the President is warped and indeed befud-dling. “Is he saying that the governor cannot hold a contrary view, opinion from Mr. President on is-

sues, based on principles and the interests of Rivers State, because Mr. Presi-dent is all powerful?,” Iyo-for queried.

“For Alamieyeseigha, what amounts to disre-spect and desecration of the office of the President is Governor Amaechi’s decision to stay with his people, fight for what is theirs and dogged stub-bornness and refusal to cede any part of Rivers State including its oil wells to Mr. President’s home state of Bayelsa! For him, the Governor’s fight for the interest of Rivers State and its people, what is due the state is given to the state by the Federal Government is tantamount to disrespect-ing and desecrating the of-fice of the President! How preposterous!”

On Alamieyeseigha’s claim that the APC will never take Rivers State in the 2015 elections, Amaechi said it is foolhardy for the former Bayelsa governor to believe that the PDP still exist in Rivers State.

He said: “We feel sorry and pity for him. It’s so ap-parent that he belongs to and lives in the past and

has blindly refused to see and face the reality of the present. APC has since taken over Rivers State. APC is in control in Rivers State and Rivers people are fully with their governor in APC. If deluding himself to think otherwise, would make Chief Alamieyesei-gha sleep well at night, then he can continue to live in dreamland.

“While we do not be-grudge Alamieyeseigha’s political affiliation or his decision to truckle, grovel and genuflect before who-ever he so pleases, we also expect and demand that he respects the right of Gover-nor Amaechi to choose his political party and associ-ates; and to disagree with anyone, on principles and issues that are not in the interest of Rivers state and Rivers people.

“Finally, we want to state categorically that Chief Alamieyeseigha’s comments against Gover-nor Amaechi in that inter-view with New Telegraph on Saturday is an undis-guised and disgraceful sycophantic voyage that a man of his standing should never have ventured into.”

“Our TV set, radio, bed, etc are gone; thanks to the flood and the government.

“This is not the first time we are losing valuables but this is the worst. We have been pleading with the govern-ment for over 10 years but nothing has been done. The government needs to help us,” she said while wiping away tears.

Commercial drivers and tricycle op-erators also expressed their discomfort.

Mr Ibikunle Fatia, who plies Obal-ende-Adeniyi-Idumota Road, believes the government is not working hard enough to control the flood.

He said: “Lagos State Government is not working at all. I have lost two engines since 2008 to this usual flood. Crossing this water will make water run into my engine and it will spoil it but I have no choice, the government must repair this road urgently.”

Another tricycle rider, Bola Adeni-ran, said he lost his first tricycle to the flood two years ago.

He said: “I have not picked any pas-senger since it started to rain today be-cause of the flood. It can damage my engine and I am not ready to beg for food cause this is the only thing I have to ca-ter for my family. So, I am pleading with the government to help us at Aroloya.”

Another tricycle rider, Moshood Abiola, said the flood was too dirty for people to pass through.

He said: “This is inhuman. We have been writing letters to the local gov-ernment but it has not responded to our cry. We are still begging, the gov-ernment should help us. We are losing property, valuables, commodities and money to this flood.”

However, despite the flood, some of the residents used it as an opportunity to dump waste into the gutters.

Save us from perennial flood, Lagos residents cry out

A flooded road at Aroloya A bus wading through the flood Photo: Ayorinde durojAiye

Some pedestrians crossing the Ikorodu Road at OjotaPedestrians crossing the road

Pedestrian bridge: KIA officials extort us, offenders allege

monday, SEPTEmBER 1, 2014

NEW TELEGRAPHwww.newtelegraphonline.com/metro

aBIodUn BELLo FEATURES EdITORabiodun. bello@newtelegraphonline.com; otuntise@yahoo.co.uk0802 393 8212

Taiwo Jimoh

Residents and travellers com-ing into Lagos State through Ojota axis of Ikorodu Road have accused officials of the Kick

Against Indiscipline (KAI) of extor-tion and harassment.

One of the victims, Blessing Mi-chael, said she was going towards Kudirat Abiola Road.

She said: “I was going to my office at Ogudu when one of them approached

me and asked why I did not make use of the pedestrian bridge. I told him I was late that was why I took the risk of crossing the road.

“I was arrested and taken to No: 2, Ikorodu Road, Ojota, which is an uncompleted building painted white. While inside the building, other of-fenders were brought into their lock-up shop they use as detention cell. When we were about 15, one of the senior of-ficers came and told us that we should cooperate with them.”

According to her, right in the cell,

they were asked to bail themselves with N5,000 or they would be charged to court.

She added: “When KAI officials no-ticed that some of us were making calls to inform our relatives of the develop-ment, they told us to step aside, while those who did not know how to bail themselves out paid the money.

“I see what the KAI officials are do-ing at the bus stop as extortion. Instead of telling people arrested not to cross the road, because of the dangers as-

sociate with it, they are busy extorting money from the people.”

Another victim, Hassan Usman, a cobbler, said he was arrested when he was about to cross the road with equip-ment.

He said: “While in their cell, I was asked to pay N5,000. But I told the of-ficers that I could not afford the money they asked me to pay.”

Usman said it was Michael who helped him to persuade the KAI offi-cials to release him.

Mr Anthony Obasi, a trader at the bus stop, said most of the pedestrians were at fault.

He said: “When the Lagos State Gov-ernment had not completed the pedes-trian bridge, the people were abusing the government. But now that the bridge has been completed, the people have refused to make use of it; they pre-fer to cross the road. God forbids, if somebody is knocked down, the blame will go to the government.”

When contacted, the Public Rela-tions Officer of KAI, Mr Olusesi Okan-lawon, refused to speak on the allega-tions.

He said: “I don’t have the right to react to the allegations. I cannot talk. Come to our office, I will direct you to the right person who can talk on the matter.”

Ayorinde durojaiye

The residents of and traders at Aroloya area of Lagos Island have appealed to the government to help

them tackle the scourge of persistent flooding.

The people made the appeal after flood ravaged the area during a down-pour at the weekend.

During the rain, property and goods worth several thousands of naira were either damaged or swept away by the flood as many houses and shops were submerged in rainwater.

When our correspondent visited the area, furniture, goods and commodities were floating in the rainwater.

Scores of people were either trying to salvage their goods and household items from the rain while others were bailing out water from their houses or shops.

Yet, others waded through dirty and smelly water.

A printing shop owner in the area, Mr Emeka Anyanwu, said flooding in the area has become a recurring deci-mal.

He said: “This is not the first time this is happening. I own a shop here since 2003 and every time it rains, we lose goods. Now, we are pleading with our local government or state govern-ment to provide us with a good drainage system.”

Another printing shop owner, Mr Fe-lix Ogbonna, said the people were tired of the situation.

“We have been paying tax, so why can’t the government help us repair this drainage and this road fast? We are tired of losing property,” he said.

A resident, Anita Madueke, said she had lost almost everything to the flood.

9

Policeman shoots groom’s sister, disrupts NSCDC official’s weeding

Two held for robbery, car snatching

Fresh communal clash claims two in Benue

ENDLESS WARTwo persons are killed in a renewed violent attack between two communities that have been at war for about a decade over land dispute

Suspect drugs Dubai shopkeeper, steals N10.5m jewellery

Gabriel Suswam, Benue Gov.

Olakunle

Ayinde (left) and Afolabi

Cephas IorhemenMAkuRDi

At least two persons were murdered in cold blood in fresh outbreak of communal clash between the people of Dzev in Shangev-ya

District and Mbakyaa, Kwande Local Government Area of Benue State.

Also, thousands of others were ren-dered homeless as over 2,000 houses and shops built by the Community and Social Development Agency (CSDA) in Dzev area were burnt.

The attack was allegedly master-minded by hoodlums from Mbakyaa.

The attackers also destroyed eco-nomic trees, foodstuffs as well as yam and rice farms.

One of the victims was a woman who was killed on her sick bed at a private hospital in the community.

The second victim was a young man who died as a result of bullet wounds he received during the attack.

The two communities have been at war in the last couple of years over a boundary issue, but the crisis was re-solved both at the lower and the Appeal Court in favour of Dzev community.

It was gathered that this was the second time the Mbakyaa people were launching attacks on their Dzev neighbours.

The first was carried about eight years ago.

The latest attack, which started a few days ago, led to an exodus of people from Dzev community. The people are said to be fleeing to neighbouring Vandeikya Local Government for safety, while oth-ers are taking refuge in adjourning set-tlements within Shangev-ya District as well as Adikpo town, the headquarters of Kwande Local Government.

One of the fleeing from Dzev, who refused to disclose his name for fear of attack, said a young man had cut down a tree beside his house and got planks from it to roof his newly constructed house, but in the process, youths from Mbakyaa came and packed the planks away.

According to the source, on getting wind if the development, Dzev youths mobilised and brought back the planks. But what followed, he added, was that

hoodlums from Mbakyaa came back and started to set houses ablaze in Dzev.

When contacted, the state Police Public Relations Officer (PPRO), Dan-iel Ezeala, confirmed the incident.

He, however, said that relative peace had returned to the area.

The PPRO urged the displaced people to return to their homes while plans were on to arrest the perpetra-tors of the attack.

Taiwo Jimoh

A 25 year-old suspect has told the Special Anti-Robbery

Squad (SARS), Lagos, how he drugged a shop attendant in Dubai, United Arab Emir-ates before fleeing with gold trinkets worth about N10.5 million.

The suspect, Hakeem Olakunle, who was arrested recently, also claimed to be an expert in injecting drinks meant for wealthy single la-dies before dispossessing them of their cash and valuables.

Olakunle was arrested by policemen led by Superin-tendent of Police (SP), Abba Kyari, from one of his hide-outs in Abeokuta, the Ogun State capital, after he alleg-edly drugged and disposed two women who were on a business trip to Dubai of cash and valuables.

In his confessional state-ment to the police, he said he went to Dubai with the aid of criminal friends he met at a drinking joint at Lekki area of Lagos.

He said: “I am an expert in administering sleeping tablets to my wealthy female friends before settling down to dispossess them of their belongings. I learnt the busi-ness after I was defrauded by a prostitute who I met in Lagos of close to N1 million meant for my trip to Europe.

“I had gone to a club in Lekki in search for a would-be victim when I heard some Igbo boys, who just came back

from Dubai, discuss one of the fastest and easiest ways to make quick money.

One of them had carelessly dropped the hint that it would be profitable if they were able to recruit any sharp guy that could serve as courier to move drugs from Nigeria to any part of the world and that the more the merrier.

“After I had listened to their discussion, I told them that if they could take me to Dubai that I would help them to steal gold and other valuable trinkets which they could sell above what they were able to make in drug trafficking per trip.”

Olakunle told our corre-spondent that he travelled to Dubai in January on the invi-tation of his criminal friends.

He added: “On arrival, I was taken to my hotel room in Dubai. I was also told that the streets of Dubai were full of close circuit cameras fitted to monitor the movement of everybody, even criminals.

“I was made to understand before I travelled that secu-rity in Dubai is very tight and if caught, such a person would end up in jail. I was also told that stealing is not a bailable offence in Dubai.

“The next day, I dressed as a Muslim and I entered one of the shops about 10 minutes to the close of work. While inside the shop, I requested for a cup of coffee. Having being served, I intentionally placed it on the table close to where one of staff attached

to the jewellery section of the shop also had his own cup of coffee. I distracted him by splashing some of the content of my cup on his table.

“When he was mopping the tea I put some sleeping pills into his own cup of coffee. None of the workers noticed my movement because every one of them was moving out of the shop since it was time for prayers. I also pretended that I was also leaving but waiting to collect my jewel-lery which the guy who was my target was trying to wrap. In less than two minutes, he slumped and I quickly took a pack of the jewellery and walked out of the shop into the waiting car outside the shop. Inside the car they told me that the gold is worth about N10.5 million. Soon af-ter that I came back to Lagos to sell the gold. My share from the deal was N4.8 million. I couldn’t sell it in Dubai so that they will not trace me.”

Shola Adefuwa

The Special Anti-Robbery Squad (SARS), Lagos, has arrested two

suspected car snatchers terroris-ing Lagos and Ogun states.

The suspects, Musbau Ayinde and Isiaka Afolabi, were arrested at Ojuelegba area of the state.

Ayinde, whose gang was responsi-ble for a series of armed robbery and car snatching operations in the two states, told our correspondent that he and other members of the gang were recruited by one Baba Ibeji who pro-cured arms and ammunition for them.

He said: “One man in our area called Baba Ibeji bought two guns for us. He is my boss. He had taken us to two places to snatch cars from their owners. The first time he took us to Ifo in Ogun State for operation and we snatched a Camry car from a pastor.

“The second time, we snatched an Acura Legend in the same area in Ogun State. Baba Ibeji only paid us for the Camry, but the Acura, he did not give us a dime. This was what brought about our misunder-standing. And it was the misunder-standing that made him to give us

out for arrest. He paid us only about N80,000 in the first operation. We were three that went for the opera-tion. The third person is his friend.

“After the second operation, his friend took the guns and disap-peared. So we had misunderstand-ing with Baba Ibeji and stopped working for him. But surprisingly after a long time, he called me on phone, I don’t know how he got my new number, but I did not know he was arranging for my arrest.

“He said he was still around in case there was any business. I told him I did not have any because I was no longer into robbery.”

Afolabi, 28, from Offa, Kwara State, and resident of 42, Jebba Street, Oyingbo, corroborated Ay-inde’s confessions.

Afolabi said that Ayinde invited him and told him that Baba Ibeji asked him to come and collect some money.

He said: “Afolabi and I only worked for Baba Ibeji twice. He was the one who bought the guns for us. That was between 2004 and 2007. It was a long time. I am even tired of everything. When they collected the guns, I stopped robbery.”

Adeolu AdeyemoOSOGBO

A policeman caused pandemonium at the wedding of an official of the Nigeria Se-

curity and Civil Defence Corps (NSCDC) in Osogbo, Osun State, at the weekend.

The policeman (name withheld) attached to the state police command started shoot-ing sporadically into the air because of a disagreement with an unidentified person at the wedding.

In the process, he shot one of the elder sisters of the groom who was rushed to an undisclosed private hospital in Osogbo.

The development, which reportedly last-ed for several minutes, forced many people to take to their heels. The residents of the area quickly locked themselves inside their houses.

The state NSCDC Public Relations Of-ficer (PRO), Ayo Olowe, confirmed the in-cident.

He said: “The policeman, after leaving the venue of the bachelor’s eve, went to the state headquarters of the NSCDC and harassed those he found in the premises.

“It was the father of the groom who was at the NSCDC headquarters that day and who incidentally is a commissioner of po-lice that took the policeman away.”

When contacted, the state Police Public Relations Officer (PPRO), Mrs Folasade Odoro, said she was yet to be briefed about the development.

Monday, September 1, 201410 METRO

Cajetan MmutaBenin

Thirty-nine people at the weekend with sentenced to between three days and

one week imprisonment for violating Edo State Government’s restriction or-der on movement during the sanitation exercise held at the weekend.

They were among 50 people ar-rested at various locations by the task force set up by the Oredo Local Government Area.

Four of those arrested were dis-charged and acquitted while others were cautioned for minor offences by the court presided over by Chief Magistrate Osamudiame Afe.

The convicts were sent to the Benin prisons in the capital town to serve their jail terms for their inability to pay fines slammed on them to secure their freedom.

The task force stormed the various streets and locations where they nabbed the offenders, including motorists who defied the order to stay at home and carry out the sanitation exercise.

The Head of the Department of Health/Environment of Oredo Lo-cal Government, Mr Friday Ebohon,

who supervised the sanitation exer-cise within the Benin metropolis, the adjoining markets and other areas, urged the residents to embrace per-sonal and environmental hygiene, es-pecially now that the Ebola outbreak was threatening some states.

Ebohon urged the people to ‘desilt’ all drains and dispose their waste properly to avert any epidemic out-break and to report any case of symp-toms of Ebola to the state Ministry of Health and other relevant agencies for necessary action.

He said: “So far, those who contra-vened the restriction movement of the state government have already been tried at the mobile court at Urhokpota Hall. It is not our duty as a responsible government to try people but we want to appeal to them to abide by the nationwide order.

“Sanitation is not only restricted to the last Saturday of every month; it should be a daily affair. They should keep our environment to ensure we live in a healthy environment. People should try to change their orientation on health issues to embrace what is good for them and the environment.

Police foil robbery, arrest three suspects

igbeaku OrjiUmUahia

A four-storey church building, belonging to the Behold He

Cometh Pentecostal Church, still under construction, has collapsed at Umuagu, Umua-hia, Abia State.

The building was at the last stage of completion when it collapsed follow-ing an early morning down pour that lasted for hours.

No life was lost as there were no workers or wor-shipers at the site when the incident occurred.

But an elder in the church, Mr Awom Samuel, told journalists that cracks were noticed on the wall of the building few days before the tragedy, and the attention of the contractor

was drawn to the develop-ment but could not do any-thing to save the situation.

Samuel wondered why the building, which had cost the church so much resource, could just collapse like an empty carton when the con-tractor “was provided with all he needed for the building”.

When our correspon-dent visited the site, some sympathisers blamed the contractor for the collapse.

They alleged that the build-ing had a structural defect.

Others, however, said the land where the building was sited used to be a heap of sand deposit by flood.

But the building, it ap-peared, was not for wor-ship as the church already has a place of worship. It is located inside the church

premises likely to serve as a school or seminary.

When contacted, the Umuahia Capital Develop-ment Authority said it had commenced investigations into the incident.

A source, which craved anonymity, said the use of substandard materials was suspected to have led to the disaster but promised that the real cause would be es-tablished after investigation.

The source said that gov-ernment would not fail to apply adequate sanctions against anyone found re-sponsible for the tragedy.

Although building col-lapse is not rampant in the state, the incident has heightened fears that fake building materials may have infiltrated the area.

METRO

Four-storey church building collapses in Abia

Sanitation: Court convicts 39 defaulters

Ebola won’t preclude drug pushers from punishment, says Giade

Giade

One of the injured LaSTma officials being attended to by his colleagues. inSeT: Bullet shells and name tag recovered from the scene

muritala Ayinla

The Lagos State Traffic Management Au-thority (LASTMA) has accused the Nige-ria Customs of attacking its officials and

destroying property worth several millions of naira at its office.

This is coming barely two months after some soldiers set ablaze Bus Rapid Transit (BRT) buses over the death of one of their colleagues who was walking on the BRT lane.

According to the Head of Public Rela-tions Unit, LASTMA, Mrs Bola Ajao, Cus-toms men stormed the agency’s zonal office in Mile 2 and beat up some of the traffic personnel in bid to forcefully evacuate a vehicle impounded for driving against the traffic at Coconut area of Mile 2, Lagos.

She said that the angry Custom officials stormed the office about an hour after the vehicle, a wine colour Honda Pilot Jeep with registration number EKY 521 CZ, belonging to a Customs officer, was impounded.

It was learnt that the Custom officials, who invaded the LASTMA premises in a convoy of three patrol vehicles, were fully armed with automatic rifles.

They beat the LASMA officials and de-manded unconditional release of the vehicle.

A LASTMA official, Musiliu Edu and a police corporal, Saliu Isiaka, were report-edly battered for recording the barbaric act and their phones and camera were seized at gunpoint.

Another LASTAM official, Wensu Idowu, was said to have been hit in the mouth with the butt of a gun.

He was rushed to a nearby hospital for treatment.

Recounting the ordeals of his men, the Mile 2 Zonal Head, Victor Adeyanju, said when the Customs men stormed their office for unconditional release of the vehicle, the officer on duty told them to follow the laid down procedure for the release of the vehicle.

This, according to him, angered the Cus-toms men as they threatened to continue to lay siege to the agency’s premises until the vehicle was released.

“They intensified the beating and drag-ging of officers on the floor,” Adeyanju said.

It took the concerted efforts of the police from Festac police station led by the Divi-sional Crime Officer, identified as Supol Enfanyi and his team to restore normalcy.

The Custom men, who were arrested by the police, escaped on the way to the po-lice station but one of their official patrol vehicles was impounded and taken to the Festac Police Station.

Items found at the premises after the at-tack include bullet shells and a name tag be-longing to one of Customs men, Audu A. A.

The LASTMA General Manager, Mr Ba-batunde Edu, decried frequent attacks on the traffic officers.

Edu appealed to uniform personnel across all military and paramilitary forma-tions to see LASTMA officials as partners who are out to ensure sanity on the road.

When contacted on phone, the Customs Public Relations Officer, Uche Ejieseme, said he was not aware of the incident.

Customs men attack our officials, says LASTMA

Juliana Francis

The National Drug Law Enforcement Agency (NDLEA) has said that sus-

pected drug traffickers who tested positive to Ebola Virus Disease (EVD) would still face the wrath of the law.

The NDLEA Chairman, Ahmadu Giade, who said this in Lagos at the weekend, disclosed that the agency had put in place measures to screen sus-pected drug traffickers before taking them into custody.

He said: “Suspected drug traffick-ers, including persons who test posi-tive for the Ebola virus will not go unpunished. All commands of the agency have been directed to carry out compulsory pre-detention screening to prevent the spread of the deadly Ebola epidemic.

“Ebola victims found in possession of narcotic drugs shall not be allowed to go scot-free. I have issued an opera-tional directive on new suspect han-dling guidelines because of the Ebola virus. There must be proper Ebola pre-screening examination before a suspect is detained.

“So far, we have not had any case of Ebola patient involved in drug traffick-ing in the country. If any drug suspect

tests positive for Ebola, he or she shall be handed over to the medical authori-ties and shall be prosecuted as soon as a clean bill of health is issued.”

Giade explained that regular wash-ing of hands, use of sanitizer, wear-ing of hand gloves and other protec-tive materials were some measures the agency was taking to protect officers and detained drug suspects from get-ting infected with the Ebola virus.

Babatope Okeowo akUre

Men of the Ondo State Police Command at the weekend

foiled a robbery attempt on a petrol station in Akure, the state capital, and arrested the leader of the gang.

The state Police Public Relations Officer (PRRO), Mr Wole Ogodo, said in a statement that about 3pm there was distress call which was received at Oba-Ile Police Divisional Headquarters that armed robbers were operating at TOTYM Petrol Filling on Km 5 Akure-Owo Road, Akure.

Ogodo said on the receipt of the information, police-men from the division spon-taneously mobilised to scene.

On sighting the policemen, he said the suspected armed robbers fled into the bush.

According to him, af-ter a thorough search, the king-pin of the robbers, one Abraham Haruna of no 15 FC Street, Okene, Kogi State, was arrested and brought to the station.

When he was searched, the police spokesman said N41,000, one Techno DI handset with ear piece were recovered from him.

The amount recovered from the suspect, he said, contradicted what the Man-ager of the filling station, Adedeji Olanrewaju, ear-lier said that the robbers snatched from the station.

According to him, Olan-rewaju had earlier said the N150,000 was snatched from

the pump attendant, Miss Omolorun Comfort.

He added that in a bid to escape, the leader of the gang shot into the air and threw the pistol into the bush.

Efforts, the PPRO said, were on to trace the fleeing suspects.

Meanwhile, police have also arrested two suspected motorcycle thieves, Monday Gabriel and Segun Olawale, both of 15 Damusegun Street, Ijebu-Igbo, Ogun State.

The suspects, who have been terrorising Ibadan, Oyo State, were intercept-ed with a Boxer Bajaj mo-torcycle with registration number AAB 662QB by a patrol team at Igbara-Oke Divisional Headquarters, Ondo State, en route Ibuji-Igbara-Odo Road.

Monday, September 1, 2014 11

12 NEWS Sanctity of Truth

Monday, September 1, 2014

Dan AtoriMINNA

The Independent National Electoral Commission (INEC) yesterday declared

the Niger East senatorial election inconclusive as a result of violence and ir-regularities recorded in seven polling units across four Local Government Areas.

INEC returning officer, Professor Wole Moreni-keji announced the can-cellation of the results from the polling units at the INEC head office in Minna.

Morenikeji said: "A re-run of election in the affected polling units will hold on Saturday 6th Sep-tember 2014.

"The Local government areas affected are Shiroro

with three polling units cancelled as a result of violence, Munya LGA for electoral irregularities and in Tafa LGA. Corps members were also taken to wrong polling units.

"In Rafi LGA, Youth Corp members reported to us that they were har-assed and the touts took away electoral materials from them".

Morenikeji added that

it is only after the supple-mentary election on Sat-urday, September 6 that a final result of the by-elec-tion could be announced.

The breakdown of the result also revealed that the PDP candidate won in six of the nine local government areas of the Senatorial district.

As at the time of filing this report, Nuhu Zagbayi of the People's Democratic

Party is currently leading with 89,698 votes while Da-vid Umaru of the All Pro-gressive Congress has so far polled 84,640 votes.

Confirming the devel-opment, the INEC head of information in Niger state, Mohammed Waze said until the supplemen-tary election is held, the authentic winner cannot be declared.

Waze who spoke to

Journalists said: "The Niger East Senatorial by-election is inconclu-sive. A supplementary election will hold on Sat-urday September 6th, so that a clear winner will emerge and final result released".

The seat of the district in the Senate became va-cant on June 12 following the death of Senator Da-hiru Aweisu Kuta.

Dangote seeks to reduce price of cement

Biodun OyeleyeILORIN

Pensioners in Kwara state claimed over the weekend the loss

of 20 of their members in the first half of the year as they pleaded with the Supreme Court to expe-dite action on their case before the apex court.

In a statement made available to newsmen in Ilorin, the pensioners expressed concern over the non-conclusion of the matter which had been before the court since 2011. They decried the situation and stated that it has unsettled.

Although acknowl-edging the enormity of responsibility of judges at the Supreme Court, the statement, signed by Comrade Ayobamidele Ajibola said members

are eager to know wher-ever the scale of justice will tilt in the matter so that they can make up their mind on the issue without further appre-hension.

The statement listed the names of deceased members of the group as follows: Oniyanda E.O.A (0108667), Chief W.A. Balogun (0000130) Sam-son Kolawole (0113944)James Aremu (0113215) M.O. Ibidoja (0115988)Chief Philip Dele Ayo-dele (0103556) J.A. Aliu (0112515) Mrs. Kudirat Akande (0112042) D.A. Bolarin(0104664).

Others include Mal-lam Safi Ishola (0114191)E.A. Orisamuko (0112799) Abdullah Ajape (0113055) Mrs. Ruth Ebun Olaoye (0112076)Philip A. Olajide (0111656) Tijani Y. Edun (0116010) S.B. Salawudeen (0113788) Rev. S.A. Oladele (0113064) J.O. Ogundipe (0116390) S.O. Ogunleye (0108017) Paul Amao (0113675)

“The concerned Pen-sioners of Kwara State wish to state emphati-cally that, the task be-

fore the Supreme Court in Nigeria is enormous and considering the age and the few numbers of the eminent judges on the bench.

“We sincerely appre-ciate you always, but be that as it may, the Pen-sioners in Kwara State wish to state that our case has been before your Lordships since 2011, and till now, nothing has been done about it. “We know it would not be of interest for you to know that most of the people involved in this case are aged and are been traumatized with terminal sickness and disease that need urgent medical attention that involves financial obli-gations and due to the delay of justice majority of them have passed on.

“We have sent several of the death certificates of some individuals that we lost through our law-yer countless times but all to no avail. Recently, about 20 of our members died without enjoying the fruit of their labour after serving their fatherland meritoriously," he stated.

L-R: Jaguna of Egbaland, Chief Olayinka Kufile; wife of Ogun State Governor, Mrs. Olufunso Amosun; National Chairman, Egba National Association, Inc. USA/Canada, Chief Olutoyin Oladipo and Alake of Egbaland, Oba Adedotun Aremu Gbadebo, when Mrs. Amosun received the first Egba National Association Award for Excellence on behalf of her husband, Governor Ibikunle Amosun, at the 5th Biennial Conven-tion in Dallas, USA…recently

INEC declares Niger East senatorial elections inconclusive

Pensioners lament loss of members 2015: Buhari'll not anoint Kwakwanso, others

Egbas in America honour Amosun

Dangote Cement has as-sured Nigerians that

the era of highly priced cement will soon be over as it has concluded plans to increase its production in all its three key plants in the country and also simplify its distribution network with the aim of crashing the price and making the products available to all Nigerians.

President of Dangote Group, Aliko Dangote revealed that his compa-ny had concluded plans to expand the capacity of its production lines, in Obajana, Kogi state, Gboko, Benue state, and Ibese, Ogun state, from the current 19.25 million metric tons by additional 9 million tons by the end of the year.

Dangote further stated that the expansion will move the production out-put of the three manufac-turing plants to about 28 million tons, which will position his company as

the biggest cement pro-duction entity in Africa.

As a way of promoting effective and efficient dis-tribution of the products, he hinted that the man-agement of the company is to engage the operators of the Truck conveying the products to circulation points across the country, with the view of making it available, which will trans-late into price reduction.

Justifying the produc-tion of the new 42.5 grade of cement in the country, Dangote said, the move was born out of the quest to save the nation from the national embarrassment of mounting incidences of building collapse, with its attendant loss of lives, and investment.

According to him, the investment in the grade of cement would enable Ni-gerians to have access to world class cement, which will ensure the durability of the houses that the product is used to build.

Ibraheem MusaKADUNA

Former Minister of Pe-troleum Resources, Al-

haji Umaru Dembo, has dispelled rumours that General Muhammadu Buhari(rtd) will not contest the 2015 election but will rather anoint another candidate.

Speaking at the in-auguration of Hon Isa Ashiru Campaign Team in Kaduna yesterday, the ex-minister said that Bu-hari will soon declare for the presidency when he returns from his over-seas trip.

Dembo said that other presidential aspirants are also free to contest

for the APC ticket and whoever emerges win-ner should be supported by all party members in the general election.

Speculations have been rife that Buhari will anoint Governor Rabiu Kwankwaso of Kano State because he will not contest again, having vied for the presi-dency on three previous elections.

Speaking at the oc-casion, the Director General of the Ashiru Campaign Organisation, Ambassador Sule Buba, said that more PDP members will defect to APC in Kaduna State. He said that they will cross over at the right time in

order to bury PDP.Buba pointed out that

that the success of PDP in previous elections rested on Southern Kaduna, which used to give block votes to the party. He said that PDP will be defeated in the coming elections be-cause all the big wigs in Southern Kaduna are now in APC.

On his part, former chairman of Kaduna North Local Govern-ment, Alhaji Sadiq Mam-man Lagos, advised APC members to vote for Isa Ashiru in the coming primaries because he is a genuine politician, who knows the problems of Kaduna State.

Egba indigenes in the Diaspora have given

an award of excellence to governor Ibukunle Amosun of Ogun State.

The event, which was hosted by the Egba De-scendants Association, Dallas, Texas, had the theme: “Celebrating our Heritage”. The governor received the prestigious Award of Excellence “for

his outstanding perfor-mance, leadership quali-ties, visionary guidance and dedicated services to the people of Ogun state?"

Amosun, who was represented by his wife, Mrs Olufunso Amosun, charged indigenes of the state in the Diaspora to use the platform to syn-ergise and contribute their quota to the devel-

opment of Ogun state in particular and Nigeria in general.

Amosun appreciated the association for put-ting the event together, adding that the recogni-tion, which is the associ-ation's first ever Award For Excellence, would spur him to do more for the good people of Ogun State.

DECEASEDSome retirees in Kwara are carrying their grievances to the grave

Pray S’Court to expedite proceedings in their case

110,765The number of fixed-telephone

subscriptions of Benin Republic in 2007.Source: Itu.int

US$30bnThe estimated cost of natural disasters

in the world in 1990. Source: Unesco.org

19.96mThe total population of Cameroon (rep. 0.29% of world’s population) in 2010.

Source: Blatantworld.com

If there is any institution today in Nigeria that is highly misunderstood, it is INEC and we need to go beyond misunderstanding to the level of appreciation... people talked about Ekiti and Osun elections as if we have never conducted election as good as those ones -Prof. Attahiru Jega

Confab report: roadmap to national rebirth / paGe 18

POLITICSNEW TELEGRAPHnewtelegraphonline.com/politics

ayodele ojo Deputy eDitor, politicsayodele.ojo@newtelegraphonline.comayodeleojo@yahoo.com

MONdAy, SEPtEMbEr 1, 2014

13

the military because the civilians were willing accomplices in all the military coups that took place in Nigeria.

“I have no apologies to offer on behalf of the military. All the constitutions which truly were dictated from Dodan Barracks or from Aso Rock were drawn up by you. Also you were very painstak-ing in assisting the military to match our country into the gulag. I have therefore thought that this is another opportunity

coNtiNueD oN pAGe 14

Akinrinade, Wabara, Kure defend military, ex-govs, National Assembly

Akinrinade

Briggs

Wabara

Kure

Contributions: Akinrinade made a strong case for the National Conference to produce a brand new constitution to replace the 1999 Constitution. He argued that since the 1963 Republican Constitu-tion was suspended by the military in 1966, all the constitutions that have been in use in Nigeria have been dictated at the barrel of the gun. Even at that, he was unapologetic over the consequences of military incursion into the politics and governance of the country. He said he had no apologies to offer on behalf of

the 2014 National conference was convened to provide a platform for the various segments of the Nigerian society to discuss issues that have been bothering them for a long time. issues that have resulted in mutual suspicion, acrimony and even violent upheavals in several parts of the country. the conference which was inaugurated on March 17, 2014 submitted its final report to president Goodluck Jonathan on August 21. in continuation of our series - Who’s Who @confab which began on Monday August 25, 2014, we bring you the profiles and contributions of some eminent delegates at the National conference as captured by ONWUKA NZESHI and LAtEEF IbrAHIM

Gen. Alani Akinrinade Platform: Federal Government Delegation region: south West Committee: National security

Profile: Lt. Gen. Alani Akinrinade is a retired officer of the Nigeria Army. Born October 3, 1939, Akinrinade attend-ed Offa Grammar School and worked at the Ministry of Agriculture, Ibadan in the then Western Region. In April 1960, he joined the Nigeria Army as an officer cadet at the Nigeria Military Training College, Kaduna. Shortly after, he went to the Royal Military Academy, Sand-hurst in the United Kingdom and was commissioned as Second Lieutenant in the Infantry Corps. He later took the In-fantry Officer Career/ Airborne Course in the United States and the Royal Col-lege of Defence in the United Kingdom. He held various positions in the Army including the Commander of the Ibadan Garrison, General Officer Commanding (GOC) of 1st Infantry Division and Mem-

ber of the Supreme Military Council during the Murtala/ Obasanjo regime. He was appointed Chief of Army Staff on October 2, 1979 and became Chief of Defence Staff in 1980.

On retirement, Akinrinade went into large scale farming but was recalled to serve as minister during the Ibrahim Babangida military regime. He later be-came a member of the National Demo-cratic Coalition (NADECO) following the annulment of the June 12, 1993 presiden-tial election.

WHO’S WHO @ NAtIONAL CONFErENCE 2014

for us to throw away this 1999 rental con-stitution that mandates corruption and be courageous enough, be painstaking enough and cooperative enough to draw up a new constitution that can take our country to the Promised Land,” he said.

Akinrinade pledged that he was pre-pared to sacrifice anything to ensure that the National Conference gave birth to a constitution that would be acceptable to the generality of Nigerians. Accord-ing to him, a true people’s constitution would put a stop to what he described as a rental syndrome that had overtaken the country.

Prof. Dora Akunyili Platform: Anambra State Region: South East Committee: Social Sector

Profile: Akunyili, pharmacist, teach-er and administrator par excellence was born on July 14, 1954 in Makurdi, Benue State. She had a brilliant academic start at the St. Patrick Primary School, Isuo-fia, Anambra State, Holy Rosary Second-ary School, Nsukka and the University of Nigeria, Nsukka. Although her career began as a pharmacist at the University of Nigeria Teaching Hospital (UNTH), Enugu, Akunyili came to lime light fol-lowing her appointment as the Director-General, National Agency for Food, Drug Administration and Control( NAFDAC) in April 2001. She distinguished herself at NAFDAC winning several awards and gaining international recognition in her unrelenting battles against manufactur-ers and dealers of fake and substandard drugs in Nigeria and beyond.

In further recognition of her efforts, she was appointed Minister of Informa-tion and Communication. She later re-signed from the cabinet and contested the Anambra Central senatorial election but lost.

She fell victim of cancer and was flown abroad for medical attention. She died in a hospital in India.

Contributions: Although already down with cancer at the commence-ment of the 2014 National Conference, Akunyili was at the conference where she exuded a lot of confidence in the Ni-gerian project. Her appearance in her poor state of health and her message to the conference rekindled the spirit of patriotism in so many delegates who had lost hope in Nigeria.

Prof. Albert Olawale Platform: Federal Government DelegationRegion: South-West Committee: Citizenship, Immigration and Related Matters.

Profile: Olawale is a professor of Peace and Conflict Resolution and the current Director of the Institute of African Studies, University of Ibadan. He was born on August 5, 1959. He is a specialist in early warning systems, conflict analysis and process planning. In 2006, he was the UNDP Consultant for the establishment of the MA Peace and Development Studies of the University of Cape Coast, Ghana. He also served as Country Director of the Nigerian Office of the Institute for Democracy in South Africa.

Contribution: He brought his wealth of experience in conflict resolution to bear on the activities of the committee. He made the committee to distinguish between refugees and internally dis-placed persons in conflict zones. Accord-ing to Olawale, increasing the number of flash spots across the country had its attendant consequence of increasing the number of displaced persons, families

Dr. (Mrs) Virginia Anohu Platform: Federal Government DelegationRegion: South-EastCommittee: Public Finance and Revenue

Profile: Born on July 5, 1948, Anohu is the Vice Chairman and Chief Ex-ecutive Officer of Mortgage Guarantee Savings and Loans (MGSL), a leading mortgage. She was educated at the Uni-versity of Nigeria, Nsukka and Harvard Business School Executive Education Programme, Boston.

Contributions: She barely spoke except at the committee level.

Ms Annkio Briggs Platform: Federal Government DelegationRegion: South South Committee: Devolution of Power

Profile: Annkio Briggs was born in 1952 to a British mother and a Kalabari (Ijaw) father. She had her early educa-tion in her home town of Abonemma before moving to Holy Rosary College, Port Harcourt. She later went abroad for further studies. A mother of four, Briggs is a well known environmental and resource rights activist from the Niger Delta. She is the president, Agape Birthright, and spokesperson of the Ijaw Republican Assembly (IRA). Although she had always felt the pain of the mar-ginalised oil bearing communities, her activism found a vent after the Ogoni environmental rights activist, Ken Saro Wiwa was hanged by the military regime of General Sani Abacha in 1995.

Since then, Annkio has taken up the

and communities. He elevated the plight of these Internally Displaced Persons (IDPs) to a thematic issue that deserved special attention in the deliberations of the committee.

Prof. Anya O. AnyaPlatform: Federal Government DelegationRegion: South East Committee: Political Restructuring and Forms of Government.

Profile: Prof. Anya Oko Anya is a university don and a 1992 recipient of the National Merit Medal Award. Born on January 3, 1937, Anya attended the famous Hope Waddell Training Institute, Calabar; University of Ibadan, Saint John’s College, Cambridge, England and Molteno Institute of Biology and Parasitology.

He began his career as a school teach-er and later research officer joining the Department of Zoology, University of Nigeria, Nsukka. He has been a profes-sor of Zoology since 1973. Anya was also Director General, Nigeria Economic Summit Group.

Contributions: Anya was a member of the Presidential Advisory Commit-tee (PAC) on the National Conference and therefore was part of the team that laid the foundation for the conversation. He understood the essence of the con-ference and made invaluable contribu-tions to the debate on the report of the Committee on Science Technology and Development.

gauntlet, mobilising the oil-bearing communities to resist the exploitation of their resources by the Nigerian gov-ernment and the multinational oil cor-porations.

Contributions: She became a thorn in the flesh of northern delegates to the 2014 National Conference through her persistent agitation for the restructur-ing of Nigeria to entrench fiscal federal-ism. She championed the campaign for total resource control and refused to be persuaded to accept anything less. Even after the Committee on Devolution of Power resolved to maintain the status quo in terms of the derivation princi-ple, Annkio remained a lone voice and wrote a minority report which rejected the so-called consensus position of the committee.

Col. Tony Nyiam Platform: Federal Government DelegationRegion: South South Committee: National Security

Profile: Col. Tony Nyiam is a native of Boki, Cross River State. He is a retired military officer of the Nigerian Army who came to limelight in the wake of the April 22, 1990 military coup. The coup, led by Major Gideon Orkar, was launched against the then military re-gime of General Ibrahim Babangida but was aborted after a few hours.

Nyiam was a member of the Presi-dential Advisory Committee ( PAC), the body that prepared the framework for the National Conference. He, however,

Akunyili

Nwosu

Nyam

Aliero

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

WhO’s WhO @ NATIONAL CONFERENCE 2014

Dora Akunyili, irrepressible amazon on last duty

Sanctity of Truth

Monday, September 1, 201414 POLITICS

CONTINUED ON PAGE 16

Anya Ezeife

resigned midway into the work of the PAC following his altercation with the Edo State governor, Comrade Adams Os-hiomhole during the public hearing held for the South South in Benin City. Nyiam later resurfaced as one of the delegates nominated by the Federal Government to the conference.

Contributions: Nyiam was among the advocates for a new constitution, re-structuring of Nigeria and the entrench-ment of fiscal federalism. As a member of the Committee on National Security, he was also part of the agitation for state police and the strengthening of the gen-eral security architecture of the country.

He captured the essence of the confer-ence thus: “What we are doing here is like the work of an architect redesign-ing the foundation of Nigeria. Like what some said at the conference, the present foundation of our country is faulty. We had a foundation which was designed for a three-story building. Soon after, this three-story building became four and lat-er 12. Again it rose to 19, 21 and now it is 36. There is no way that same foundation will take that high rise building. It is re-ally important that we rebuild that foun-dation and to do that the first thing you do is to redesign the foundation. What is our task? Our duty is to work towards a people’s determined constitution.”

Engr. Abdulkadir Kure Platform: Federal Government DelegationRegion: North Central Committee: Political Restructuring and

Forms of Government Profile: Abdulkadir Kure is a member

of the Peoples Democratic Party(PDP) and was the governor of Niger State be-tween 1999 and 2007. In 2000, Kure intro-duced Shariah, the strict Islamic code of life, in Niger State. He was Chairman of the Federal Roads Maintenance Agency (FERMA) and a delegate to the 2014 Na-tional Conference.

Contributions: In the course of the conference, some delegates expressed anger with former state governors who they accused of having misruled their respective states. The past gover-nors were not only condemned on the general perception that they were cor-rupt, they were accused of abdicating their responsibilities to the electorate and leaving their states largely undevel-oped. Some delegates wanted them pun-ished for their alleged misdeeds while in office, but Kure rose in defence of his colleagues, the former governors. Ap-parently feeling unduly harassed, Kure prayed for the delegates to become gov-ernors one day in order to get a clearer picture of governance and its challenges. “We should remove hatred, greed and contempt for one another from our heart,” he said.

Group Capt. Joseph Orji Platform: Federal Government Delegation Region: South-East Committee: National Security

Profile: Joseph Orji was born on September 27, 1954. He is a graduate of

the Nigeria Defence Academy, Regular Course 11 and was appointed the first Military Governor of Gombe State when it was created in 1996. He was among the crop of military officers who were com-pulsorily retired from the service at the beginning of the Fourth Republic in May 1999. He later joined politics and was a contender for the gubernatorial election ticket of the Peoples Democratic Party( PDP) in Enugu State.

Contributions: He was among the several retired military, police and state security officers who opposed an attempt by the Co-Chairman of the Committee on National Security, Alhaji Gambo Jimeta, to run the committee like a pri-vate estate. Jimeta, a former Inspector-General of Police, was alleged to have sidelined the work done by the sub- com-mittee and single-handedly went ahead to produce a report he wanted other com-mittee members to endorse.

Adamu AlieroPlatform: Federal Government Delegation Region: North WestCommittee: Public Finance and Revenue

Profile: Born on January 1, 1957, Aliero is a former governor of Kebbi State, a former Senator and an erstwhile Minister of the Federal Capital Terri-tory (FCT).

Aliero served as the governor of Keb-bi between 1999 and 2007. He was elected Senator for Kebbi Central District from June 5, 2007 till December 18, 2008 when he was appointed Minister of the FCT

by President Umaru Musa Yar’Adua in December 2008. He left office in March 2010 when the then Acting President, Dr. Goodluck Jonathan dissolved his cabinet.

Contribution: As the Chairman of the Conference Committee on Public Fi-nance and Revenue, he led his colleagues in redesigning the revenue allocation formula for the country. The committee passed useful resolutions on several key issues including the following: Domestic and external debt, tax administration, tax contribution, internally generated revenue, externally generated revenue, regulation of external borrowing by states and local governments, and how to increase the level of productivity in the country.

Senator Adolphus Wabara Platform: Abia StateRegion: South-East Committee: Politics and Governance

Profile: Wabara is a politician, busi-nessman and member of the Peoples Democratic Party (PDP) in Abia State. Born in 1948, he was educated in Kevin State University, Ukraine. He was elected into the Senate in 1999, re- elected four years later and became President of the Senate in 2003. He resigned from the position in April 2005 following allega-tions that he and others took a $400,000 (N55 million) bribe from the then Min-ister of Education, Prof. Fabian Osuji, in exchange for favourable budgetary provisions for the education sector. The allegation resulted in a prolonged legal battle but the court failed to establish a prima facie case against Wabara and oth-ers. He remained a member of the upper chamber of the National Assembly until 2007 when he stepped down.

In 2013, the Supreme Court ordered a fresh trial of the bribe-for-budget case following an appeal lodged by the Inde-pendent Corrupt Practices and Other Related Offences Commission(ICOC) against Wabara and other accused per-sons.

Contributions: He was part of the South-East delegation that fought relent-lessly for the conference to recommend the creation of an additional state in the region. Wabara was however always ris-ing in defence of the Senate and indeed the National Assembly each time dele-gates took swipes at the parliament. He stood firmly against proposals that the country should adopt a unicameral legis-lature and that parliamentarians should serve on part-time basis to reduce the cost of governance. He disagreed with other delegates who tended to deride the parliament or elevate the National Con-ference above the National Assembly. He took exception to the legislators being referred to as “legis-looters” by some delegates.

He said: “I want to use this opportu-nity to apologise on behalf of National Conference to the National Assembly both the Senate and the House of Rep-resentatives that they should forget some unpalatable words used against them at the conference and deal with the good work that we have done. We tried our best but as for those of us who think that we were rubbing shoulders with the Na-tional Assembly let me say that ‘power pass power’. We have our power here but the power of the National Assembly is more than our power. “

DSP Alamieyeseigha Platform: Bayelsa StateRegion: South South Committee: Public Finance and Revenue

Profile: Chief Diepriye Solomon Peter Alamieyeseigha was born on No-vember 16, 1952 in Amassona, Ogboin North Local Government Area of Bay-elsa State. He had his early education at

WhO’S WhO @ NATIONAL CONFERENCE 2014

Dora Akunyili, irrepressible amazon on last duty

Etiaba Jimeta

Sanctity of Truth

Monday, September 1, 2014 15POLITICS

be. It could be oil and gas, solid miner-als or agricultural produce. The regions should exploit them and pay taxes or roy-alties to the Federal Government. There were other expectations which bordered on the Fundamental Rights and Direc-tive Principles of state which are cur-rently non- justiciable and some of us who are from the legal profession believe that they should be made justiciable so that we can hold our government more accountable,” he submitted.

Dr. Chukwuemeka Ezeife Platform: Anambra StateRegion: South East Committee: Immigration and Related Matters

Profile: Ezeife was born on Novem-ber 20, 1939 at Igbo Ukwu, Anambra State. He studied Economy at the Univer-sity College, Ibadan and subsequently proceeded to Harvard University on a Rockefeller Foundation Scholarship where he obtained his masters and PhD in 1972. Ezeife was a lecturer at Makarere University Colege, Kamala, Uganda and also taught at Harvard University. On return from his sojourn overseas, Ezeife joined the civil service in Nigeria as an Administrative Officer and rose to the position of a Permanent Secretary.

During the long political transition programme of the Ibrahim Babangida regime, Ezeife joined politics and was elected Governor of Anambra State on the platform of the Social Democratic Party (SDP) on January 2, 1992. His ten-ure was truncated following the annul-ment of June 12, 1993 presidential elec-tions and the chains of political crisis that followed.

Ezeife later became the Special Ad-viser to President Olusegun Obasanjo on Political Matters.

Contributions: At the onset of the conference, Ezeife canvassed for a re-turn to regionalism and parliamentary system of government in Nigeria. He also launched a subtle campaign for the postponement of the 2015 elections in the event that the conference was un-able to complete its assignment before the period fixed for the election. It was a position that raised the red flag that perhaps there was a tenure elongation plot beneath the conference.

However, Ezeife was among those who pursued the pan-Nigerian agenda at the

Prof. Nsongurua Udombana Platform: Akwa Ibom State Region: South South Committee: Devolution of Power

Profile: Udombana is an expert on In-ternational Law, Human Rights Law, Af-rican Law and Corporate Law. He is the Dean of Law at the University of Uyo, Akwa Ibom State. Udombana was edu-cated at the University of Lagos where he bagged a Bachelor of Law degree and later a Master’s Degree in Law. He sub-sequently proceeded to the University of South Africa for his LL.D in Interna-tional Human Rights Law.

Contributions: Udombana played an active role at plenary and during the committee stage. He opposed vehe-mently attempts by some northern del-egates to exhume the ghost of onshore/offshore dichotomy in the calculation of oil revenue accruing to littoral states. According to him, the conference was essentially about restructuring Nigeria and rebranding the country.

“My expectation was that we would be able to change the kind of unitary federalism we have had over the years, which was brought about by the long years of military regimes. I expected that we would be able to change that paradigm and move to a truly federal structure where we have the levels of government that would be ipso facto autonomous both at the centre and the federating units.

“The other expectation was fiscal fed-eralism and resource control, that each region should be allowed to exploit their resources whatever those resources may

Although already down with cancer at the commencement of the 2014 National Conference, Akunyili

was at the conference where she exuded a lot

of confidence in the Nigerian project

Alamieyeseigha, back with an alarm from the creeks

Alamieyeseigha Okon

the Bishop Dimeari Grammar School, Yenagoa. He proceeded to the Nigeria Defence Academy as a Cadet Officer in 1974 and subsequently joined the Nigeria Air Force. He retired from the Air Force as a Squadron Leader in 1992. He went into private business for a while but later joined the National Fertiliser Company of Nigeria (NAFCON) where he rose to become the Head of Budget, Planning, Research and Development.

He joined politics and was elected Governor of Bayelsa State in 1999 on the platform of the PDP. He was re-elected for a second term in 2003 but his tenure was cut short following his arrest in Lon-don on allegations of money laundering and his subsequent impeachment by the Bayelsa State House of Assembly.

Contributions: Alamieyeseigha is a dogged apostle of resource control and he fought relentlessly for it at the confer-ence. It was about his first major nation-al outing since his travails in the hands of the Economic and Financial Crimes Commission (EFCC) and the state par-don granted him. He was a force in the South South delegation but worked from behind the scene. When it became clear that some groups were bent on not allow-ing the proposed upward review of deri-vation formula, Alamieyeseigha rose to his feet and presented a message from some unnamed traditional rulers of oil-bearing communities in the Niger Delta.

The message which was purported-ly sent through him to the conference delegates was simply a warning of an impending restiveness that may be trig-gered across the oil-rich region if all en-treaties to get a better deal for the goose that lays the golden eggs fails.

Hear him: “Over the weekend, the leadership of oil-producing commu-nities visited me and has asked me to convey this information to the manage-ment and the delegates of this confer-ence. They said that in the past 58 years, a minimum of 1.3 million to 2 million barrels of crude oil is being extracted from their land on a daily basis. The consequence is that they have started experiencing earth movements in their environment and they fear that there is going to be earthquake or tsunami in their land very soon.

“In other jurisdictions, where this volume of crude oil is removed from the soil, liquid of equivalent gravity is injected into the soil to stabilise the geol-ogy of the area.

“In recent times, there was a gas infer-no off the coast of Bayelsa and for over a month, the heat was so much that all the villagers fled their communities. For one month, the oil companies could not stop the fire. So, the communities are afraid that they don’t have the capacity to with-stand any earthquake or tsunami if any of such disasters occur in that environ-ment. They said that I should inform you all that they may take the option of shut-ting down oil and gas production in their areas until concrete arrangements are made by the oil companies to guarantee the safety of the environment.”

Alhaji Gambo JimetaPlatform: Adamawa State Region: North East Committee: National Security

Profile: Gambo Jimeta hails from Jimeta, Adamawa State. He served as Nigeria’s Inspector General of Police during the military regime of General Ibrahim Babangida. He was at a time the National Security Adviser of the country.

Contributions: Jimeta was among

prominent members of the Northern Delegates Forum who canvassed the position of the North during the con-ference. In the early days of the con-versation when there was tension and acrimony over rules of procedure and controversy over the agenda of the con-ference, Jimeta warned against intimi-dation of one group by the other. He was part of the northern elite who came to the conference reluctantly and seized every opportunity to kick against the numerous proposals for change on the structure of the country.

He did not support the clamour for state police but backed the agitation for the removal of executive immunity from the constitution. He believes that there is a link between immunity, impunity of those in power and corruption.

Senator Anietie OkonPlatform: Akwa Ibom StateRegion: South South Committee: Politics and Governance

Profile: Senator Anietie Okon is a founding member of the Peoples Dem-ocratic Party (PDP), a member of the National Caucus as well as a former Na-tional Publicity Secretary of the party. He came to the National Conference on the platform of Akwa Ibom State.

Contributions: He was one of those who canvassed and defended the posi-tion of the South-South at the confer-ence. He came armed with the cardinal demands of resource control because of his belief that the oil-bearing com-munities of the Niger Delta were be-ing short-changed in the political and economic arrangements in Nigeria. He canvassed vigorously for a restructured federation based on a new constitution that would ensure fiscal federalism. In one of his earliest comments at the conference, he said: “The President in his inaugural speech to delegates talked about re-launching the country. If the country was wholesome enough, then we will not be here. It is a recognition that there are some glitches in the way this country is set out and organised; there-fore those glitches have to be somehow removed so that we can have a country where clearly without even having to demand, a presumption of equality of persons and opportunities.”

WhO’S WhO @ NATIONAL CONFERENCE 2014

CO N T I N U E D F R O M PAG E 1 5

16 Sanctity of Truth

Monday, September 1, 2014POLITICS

Alamieyeseigha, back with an alarm from the creeks

AnohuOlawale

Who’s Who @ NATIoNAL CoNFERENCE 2014

conference. Although he worked assidu-ously with others to get an additional state for the South-East, he was found interfacing with delegates from other re-gions whenever the peace and continuity of the conference was under threat.

Prof. Alphonsus Nwosu Platform: Anambra State Region: South East Committee: Devolution of Power

Profile: Nwosu was Special Ad-viser on Political Affairs to President Olusegun Obasanjo and later Minister of Health in the same administration. Before then, he had served as Commis-sioner for Health in Anambra State and was the National Secretary of People’s National Front (NPF) before joining others to form the Peoples Democratic Party (PDP).

Contribution: As a member of the Committee on Devolution of Power, Nwosu was very resourceful and often provided the buffer between the radical agitations of the South and the vehe-ment opposition of the North particu-larly on the issues of ownership of min-eral resources, derivation principle and resource control.

Prof. Gambo Laraba Abdullahi Platform: Bauchi StateRegion: North EastCommittee: Social Sector/ Science and Technology

Profile: Abdullahi is an academician and former Vice Chancellor, University of Abuja (1999-2004). Born on March 21, 1951 in Azare, Bauchi State, she attended Ahmadu Bello University, Zaria where she obtained a BSc in Biochemistry in 1974. She obtained a MSc in Analytical Chemistry and Instrumentation from the University of Technology, Lough-borough, United Kingdom in 1979 and a PhD in Analytical Chemistry from the same institution in 1984.

She once served as a Commissioner in Bauchi State for a period of five years. She moved over to the federal level and became Minister of Women Affairs and was later appointed the Director General of the National Board for Technology In-cubation (NBTI), an agency established to promote innovate technology-based enterprises across the country.

Contributions: Apart from being one of the leading lights in the Committee

on Science and Technology, Abdullahi was part of the northern minorities that canvassed the creation of new states. She threw her weight behind the creation of Katagum State out of the present Bauchi State. However, she did not support the delisting of the 774 Local Government Areas from the Constitution.

Mimibariya Amange Platform: Federal Government DelegateRegion: South-SouthCommittee: Political Restructuring and Forms of Government

Contributions: Mimibariya Amange, a former Senator, was a member of the 50 ‘Wise Men’ (the Consensus Group) set up by the leadership of the National Conference when the talk shop ran into troubled waters over what benchmark should be prescribed in reaching deci-sion at the conference.

Amange was among the delegates who made the Justice Idris Legbo Kutigi-conference thick and interesting.

The delegate, among other things, strongly pushed for fiscal federalism to ensure that federating units source their funds, develop their states at their pace while paying taxes to the centre.

Amange noted that a situation where states depended mainly on the Federal Government was not a reflection of fis-cal federalism.

He similarly harped on the need for the delegates at the National Conference to look critically at the issue of fiscal fed-eralism.

According to him, “When a structure is old, we either pull it down or put a new structure or we inject positive ideas. The structure as we seeing today, called Nige-ria, is faulty in the sense that today we call it Federal Republic of Nigeria. How federal is Nigeria when the federating unit will come to Abuja every 18th of the month, cap in hand, begging for allow-ance from the Federal Government.

“Today, we do not have more than 10 states in Nigeria. The rest are glorified local government areas. If a state can-not generate funds to pay salaries of its workers, how do you call such a state?” he asked.

Amange urged delegates to ensure that they address the issue of fiscal federalism and other important issues that would ensure the development of the country.

Amange equally cautioned that care should be taken in referring to the 1999 Constitution as an illegitimate docu-ment.

In his reasoning, “If the constitution is illegitimate, Mr. President is illegiti-mate and this conference is also ille-gitimate. We can call for referendum. This body is not a legitimate body. We can advise or appeal to Mr. President to put our recommendation to plebiscite. After that, the president can forward the recommendation to the National Assembly.”

Virgy Ngozi EtiabaPlatform: Federal Government DelegateRegion: South-EastCommittee: Immigration and Related Matters

Profile: Dame Etiaba, a 72-year-old retired school teacher, is a native of Umudim Nnewi in Nnewi North Local Council of Anambra State.

Etiaba was the Governor of Anambra State from November 2006 to February 2007. She made history when she became the first female governor in Nigeria. Her emergence as the first female governor in the country followed the impeach-ment of her boss and the then governor of the state, Mr. Peter Obi, by the State House of Assembly for alleged gross misconduct.

She however transferred her powers back to Obi three months later when an Appeal Court nullified the impeachment.

For 35 years, Etiaba worked as a teacher and headed several schools in Kafanchan, Aba, Port Harcourt and Nnewi. She retired from the services of the Anambra State Government in 1991.

In March 2006, she assumed the posi-tion of the Deputy Governor of Anam-bra State.

Contributions: Etiaba’s contribu-tions at the National Conference began on a rather curious note. It was at the early stage when a lot of administrative and house-keeping issues were on the table. Etiaba shocked not a few delegates when she raised the issue of shortage of toilet tissues at the rest rooms. It was done in the full glare of the cameras and many delegates felt such matters ought to have come up at a closed door session. However, it became a game changer be-cause the conference resolved that day that henceforth it would no longer enter-tain such issues on live telecast.

Yusuf hamisu AbubakarPlatform: Federal Government delegateRegion: North-WestCommittee: Transportation

Profile: Abubakar, a lawyer by profes-sion, was a former Executive Secretary of the Petroleum Technology Develop-ment Fund (PTDF). He is now a don and an administrator. A holder of the nation-al honour of the Officer of the Order of the Niger (OON), Abubakar obtained his first degree (LLB) from Bayero Univer-sity Kano, and proceeded to the Univer-sity of Exeter, United Kingdom where he obtained a Master’s in Business Ad-ministration (MBA) with specialisation in Financial Management.

Abubakar has held several positions such as; Director General, Bureau for Lands and Surveys, Kaduna State as well as Commissioner in Kaduna State (Health and Social Development and Fi-nance and Economic Planning).

During his time as Executive Secre-tary of the PTDF, the country witnessed a re-institutionalisation in the petroleum engineering field through the develop-ment of a twin-pronged approach to de-liver its mandate through sponsorship of training and educational development, and provision and enhancement of local training institutions to meet World Class Status and International Best Practices.

Abubakar is a lecturer at Ahmadu Bel-lo University and a member of various professional organisations such as; the Nigerian Bar Association (NBA), Inter-national Law Societies, London and Inter-national Bar Association among others.

Contributions: As a member of the National Conference, Abubakar con-tributed immensely towards the attain-ment of the goals of the Committee on Transport.

Francis Duokpolagha Platform: Bayelsa StateRegion: South South Committee: Public Finance and Revenue

Profile: Duokpolagha is a seasoned banker, technocrat, politician and phi-lanthropist. Born on May 9, 1944 in Agbe-re, Sagbama Local Government Area of Bayelsa State. He was Vice President of the Ijaw Cultural Association in Benin City and later played prominent roles in the agitation for the creation of Bayelsa State. He contested the gubernatorial election in 1991 when Bayelsa was still an integral part of Rivers State.

Contributions: Duokpolagha was part of the agitation mounted by the South -South for resource control and up-ward review of the derivation formula.

Jack Tilley Gyado Platform: Benue State Region: North Central Committee: Devolution of Power

Profile: Jack Tilley Gyado is a busi-nessman and politicians who hails from Vandeikya Local Government Area of Benue State. He had a brief stint at the Senate between October and Decem-ber 1983 during the short-lived second term of President Shehu Shagari. He is a chieftain of the Peoples Democratic Party (PDP) and a delegate to the 2014 National Conference.

Contributions: As a member of the Committee on Devolution of Power, Jack was among northern delegates who re-sisted the several changes proposed by their counterparts from the south. He was a status quo delegate. At plenary, he once suggested that the conferees should observe a three-day fasting to seek the face of God concerning the numerous sins committed by those in authority and past leaders of the country. He said the fasting would serve both spiritual and the health needs of delegates as not only would God forgive the sins of the people but those who are overweight will lose weight and enjoy better health in the process.

17Sanctity of Truth

Monday, September 1, 2014 POLITICS

conferences in Nigeria: it did not only have the highest membership, it also sat for the shortest period: four and a half months. In addressing and sub-sequently approving over 600 resolu-tions, mostly on fundamental issues of law, public policy and the constitu-tion, it showed uncommon courage in dealing with all the divergent tenden-cies that came into play.

As the conference chairman, Jus-tice Idris Kutigi, surmised at the re-port presentation, the fact that all the conference resolutions were adopted by consensus, and without having to vote or come to a division on any mat-ter however, important, was remark-able. So too is the fact that the official report of the conference, including annexures of 22 volumes of approxi-mately 10,335 pages, was also adopted unanimously. All these send a clear message that Nigerians are capable of discussing and resolving their differ-ences with minimal rancour.

Ever since the conference wound up, a preponderance of public opin-ion has endorsed the recommenda-tions. Only the government’s worst critics would not be persuaded that after all, the merit in the conference as a platform for a genuine and sin-cere dialogue among Nigerians, is overwhelming. It has further made evident, the fact that Nigerians are not deeply antagonist against one an-other, no matter their religious, re-gional and ethnic backgrounds. Previ-ous conferences may have produced a basis for Nigeria’s independence or a system of government that best suits our diversity. The last one has a clear direction: it has created a roadmap to the national rebirth that Nigeria pres-ently craves, if the report is sincerely implemented.

•Momodu contributed this piece

from Benin City, Edo State.

It has created a roadmap to the national rebirth that Nigeria presently craves, if the report is sincerely

implemented

The submission of the National Conference report to President Goodluck Jonathan on August 21, 2014, was as relieving as it was

historic. Going by the gale of criti-cisms that accompanied the idea from certain quarters, and the fears –genu-ine and imagined – expressed over its deliberations, many Nigerians were right to be apprehensive. Fears were rife that a national conference at this point in our history would further divide, rather than unite Nigerians. However, five months after its inau-guration, the conference wound up on a very successful and heart-warming note.

From its optimistic outcome, it is right to say that it is the most success-ful post-independence conference of its kind, and one whose report has the potential to recreate the nation and put it on the path of real greatness. However, for the 492 Nigerians as-sembled to address the nation’s fears, disappointments, aspirations and hopes which have accumulated over 100 years, it was not a tea party. The favourable outcome of their delibera-tions becomes even more remarkable when viewed against the arguments that preceded it.

While some people contended that Nigeria’s integrity would be compro-mised by such a conference, others said it would lead to the nation’s dis-integration. For some unscrupulous politicians, it was an opportunity like no other to denigrate President Jonathan and play the usual politi-cal subterfuge. All sorts of weird mo-tives were imputed into that singular effort to bridge the gap of mistrust among our peoples, their nationali-ties and address issues in our nation-hood. Yet, for a third group, it was simply a design by Jonathan to shore up popularity and increase his sup-port base against the 2015 election in which he is expected to stand. To this

JohNsoN MoModu argues that the outcome of the just-concluded National Conference presents a roadmap for Nigeria’s rebirth

third group, the explanation that the conference will further strengthen our understanding, expand the fron-tiers of our inclusiveness and deepen our bond as one people, was simply a smokescreen.

These all made the delegates’ man-date of charting a new course for Ni-geria more arduous. In the end, how-ever, patriotism prevailed: their work did not end up another exercise in futility as the sceptics had predicted. The outcome was resounding in its overall success.

Leading the tirade against the Na-tional Conference was Senator Bola Ahmed Tinubu. For a man who had severally made a case for the convo-cation of a national conference, his volte-face was as intriguing as it was hypocritical. As usual with any politi-cal project that does not feed his ego and clannish interests, Tinubu ques-tioned government’s sincerity and dismissed the exercise as deceptive.

It was most absurd coming from the leader of the opposition All Pro-gressives Congress (APC). But then, opposition to the conference was not limited to the APC as support for the conference was not unanimous even within the President’s Peoples Democratic Party (PDP). For the like of Jigawa State governor, Alhaji Sule Lamido, who is becoming notorious for consistently playing the ethnic card, the dialogue lacks constitution-al backing and is a flagrant abuse of democratic institutions. Even from Jonathan’s backyard in the South-South, the Movement for the Eman-cipation of the Niger Delta (MEND) believed the national conference was only for “the therapeutic benefits of letting off steam…” with nothing else to offer.

How wrong they have all turned out to be! Why would President Jonathan shore up his popularity by promot-

Confab report: Roadmap to national rebirth

Jonathan Tinubu Kutigi

ing a project that is as controversial as the National Conference? Truth be told, the President must be com-mended for showing courage and for responding in the best possible way to the reality of emerging challenges in our national life. Not only did his deci-sion to set up the confab pander to the yearnings of the people, it also pro-vided an impartial platform to realis-tically examine and genuinely resolve long-standing impediments to our co-hesion and harmonious development as a united nation. That it received the backing of a broad spectrum of the nation’s political leadership across party and ideological lines, not least the leadership and members of the National Assembly, speaks volumes.

Its success has also vindicated him and put a lie to the imputations of per-sonal interest by those who rejected the idea for their selfish or partisan reasons. His sincerity in embarking on that project is further underscored by the fact that no so-called “no go” ar-eas were established and the delibera-tions took place without the govern-ment interfering in any way. The task has been the more arduous than any of the four earlier post-independence

NATIoNAL CoNFERENCE

Sanctity of Truth

Monday, September 1, 201418 POLITICS

The Minister of Power, Professor Chinedu Nebo told New Telegraph in an exclusive interview recently that the Federal

Government is determined to fulfill its promise to meet its target of 5,000 megawatts of electricity sup-ply by December 31, 2014.

Sometime in 2013, Nebo assured that power supply would rise to over 5,500 megawatts by the end of that year. This was not so. It was also in 2013 that he promised that by the end of 2014, power supply will increase to 10,000 megawatts. This contradicts his latest target of 5,000 megawatts for the same period.

This is not the first time govern-ment would set a target but end up dashing the hopes of millions of electricity consumers. We recall with dismay that the promise by the short-lived Umaru Musa Yar’ Adua/Goodluck Jonathan administration to ensure power generation peaked at 10,000 megawatts by December 31, 2009 was not fulfilled.

Sometime in 2013, the Minister of State for Power, Hajia Zainaib Ibrahim Kuchi promised that power generation would hit 10,000 mega-watts by December 31, 2014. She also assured that electricity supply will stabilise between 17 and 18 hours. Earlier this year, Nebo disclosed that Federal Government was targeting a 24-hour electricity supply.

It is amusing that government is targeting a 24-hour power sup-

ply while battling to meet a target of only 5,000 megawatts by the end of this year. If government could not meet its target of 10,000 mega-watts by the end of 2009, what is on ground now that would ensure real-ization of the target of either 5,000 megawatts or 10,000 megawatts by the end of this year?

The minister’s and the minister of state’s discordant targets of 5,000 megawatts and 10,000 megawatts, respectively by December 31, 2014 are unbelievable. Lagos State alone with a population of 20 million needs 10,000 megawatts of electric-ity.

What is the actual number of megawatts Nigeria, with a popula-tion of about 170 million, needs for steady power supply? There is no doubt that lack of correct data for proper planning has been the bane of the country’s socio-economic development even after 54 years of independence. The power sector is the engine that should drive the economy of Nigeria which aspires to be among the world’s foremost 20 economies by 2020. It is worrisome that in spite of the so-called reforms in the power sector, millions of consumers are yet to have access to electricity.

It is pathetic that after the injec-tion of a whopping $16 billion into the troubled power sector by the Obasanjo administration, the power sector has remained comatose. As usual, nobody has been brought to book to serve as a deterrent to oth-

ers. Almost a year after the N480

billion assets of the defunct Power Holding Company of Nigeria (PHCN) were handed over to new investors, electricity supply is yet to improve significantly. Meanwhile, Nigeria currently occupies the unenviable position as the biggest importer of generators in Africa. Nigeria’s economy is largely gener-ator-powered due to failure of the crisis-ridden power sector to meet the expectations of consumers.

This is why since 120 million of the 170 million Nigerians have no ac-cess to electricity, more than 60 mil-lion generators were imported into the country yearly as at 2006 while about N1.6 trillion was expended to fuel the generators. As at 2014, these figures must have risen considerably.

We implore government to ban importation of generators due to its effects on foreign exchange. This will also allow government to look inwards for lasting solution to prob-lems bedevilling the power sector.

The government should provide investors the enabling environment to give consumers quality and cost-effective service. Due to the huge number of Nigerians without access to electricity, there is urgent need to double power generation and supply. Electricity should be taken to areas not yet connected to the National Grid to ensure nationwide electrifi-cation and also stem population drift from rural areas to the cities.

Work should be intensified on

federal government’s Operation Light-up Rural Nigeria, which is a wholly solar-driven scheme for elec-trifying communities not connected to the National Grid.

We condemn the incessant in-creases in electricity tariffs without commensurate improvement in service delivery. Between 2013 and now, there have been arbitrary in-creases in electricity tariffs in spite of noticeable deteriorating services. There will be another increase in electricity tariff by the end of this year due to gas shortage. This is despite earlier assurances that there was adequate gas supply.

It is unfair to continue short-changing hapless consumers through unending increases in elec-tricity tariffs without corresponding improvement in services. We urge government to provide the enabling environment for investors to invest in domestic gas supply so as to put an end to the problem of inadequate gas supply.

The issue of crazy bills persists due to government’s failure to make pre-paid meters available to consum-ers to ensure they pay for actual electricity consumed. The Federal Ministry of Power should be stricter in its supervision of the private investors to ensure delivery of qual-ity service. The Nigerian Electricity Regulatory Commission (NERC) should discharge its duties without fear or favour to ensure consumers are not cheated by service provid-ers.

Nebo’s unconvincing electricity supply promiseMONDAY, SEPTEMBER 1, 2014

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Monday, September 1, 201419Sanctity of Truth

OPINIONFrank Akinola

When on August 24,1990 the first military contingent representing the 16 West Afri-can countries, with Nigeria leading them, stormed Monrovia, the capital of Liberia,

by sea to put a stop to the war ravaging that coun-try and save the lives of innocent civilians who had become victims of a senseless war ,several analysts did not envisage that the war would last for ten years. Interestingly, that was what happened.

It started like a mere insurrection that would be brought under control within a short time by the Liberian Armed Forces, the same way the current insurgency in Nigeria began. The Liberian war, just like the Boko Haram war, had the trappings of ex-ternal financing and supply of International Merce-naries which that except something drastic is done; Nigeria may fight to dislodge the Boko Haram for the next ten years or more since they enjoy external financing and supply of mercenaries.

The West African Military High Command which was set up and named the Economic Community of West African States Cease-fire Monitoring Group (ECOMOG) was put in charge of the military cam-paign in Liberia to salvage the oldest Independent country in Africa. ECOMOG was specifically man-dated by ECOWAS leaders to open up routes as soon as possible once they landed in Monrovia, to allow Aid groups and other humanitarian bodies distrib-ute food and drugs as well as clothing to the starving, displaced and helpless civilians.

To succeed in carrying out this great and risky assignment, all the troops contributing countries equipped their soldiers with sufficient weapons of war and intelligence gathering instruments. Among them, the Nigerian Contingent had the most deadly and rugged weapons such as the scorpion, Sheilka, T-55 armoured tanks, several weapons systems and vehicles fitted with Artillery guns, Naval Frigates, gun boats, Mig , Alpha jet fighters with several tons of ammunition and bombs, most of which were ac-quired by General Yakubu Gowon during Nigerian

Civil war of 1967-1970. On September 22, 1990, ECOMOG's mandate was

reviewed to include peace enforcement, which is a euphemism for full-scale war. From this date till the year 2000 when the full scale peace enforcement order ended for an election to hold to Democratically choose a President for Liberia,, Nigeria alone lost several men with equipment worth several billions of naira to the war.

Though, one could not claim to have more than a pedestrian knowledge to evaluate the cost of weap-ons used in the war, what the Nigerian Armed Forces lost in the 10-year Liberian Civil war could be in the region of 5 billion dollars at the current market rate. Since the current weapons in our armoury were ac-quired by General Yakubu Gowon's administration, they were not as expensive as we have them today and what we acquire today would not be as expensive as what we may wish to buy in 10 years from now.

In1981, the Government of President Shehu Shagari, in an attempt to prevent the possibility of future military coups in the country, invested sev-eral millions of dollars to acquire weaponry for the Mobile police as a counter force to the military, such that they would be able to meet force with force and abort any coup d'etat. At that time $100 exchanged for 83 naira, which meant the naira was stronger than the dollar and one thousand British Pounds exchanged for 888 naira.

When these large consignments of armaments arrived Nigeria, it was realized that the sophistica-tion of weapons ordered by the Inspector General of Police, Chief Sunday Adewusi could easily be used to neutralize any military onslaught so the Military took over the weapons while arrangements were made for fresh order for the police .In the history of the Armed Forces, that was the last huge consign-ment of weapons for the military.

When the military led by General Muhammed Buhari, fellow Fulani man as President Shagari who trusted him by virtue of being of the same Fulani stock, overthrew President Shagari in December 1983, giving some flimsy reasons for the coup and

became head of State, he did not acquire any weap-ons for the Military neither did General Ibrahim Ba-bangida who booted him out of power two and a half years later do so to boost the stock of the military.

General Sanni Abacha who sacked the lame-duck Government of Chief Ernest Shonekan could not have ordered fresh weapons for a military force he had a paranoia for, while ensuring the survival of his Government. When he died under uncertain circumstances, General Abdusalam Abubakar, who took over concentrated essentially on the desire to pull the military back to the. Barracks so import-ing weapons was not on his mind. He worked on the resolve to return power to the civil populace which he did in 1999 and President Olusegun Obasanjo be-came president.

It was within this period that several bombs stocked at the Ikeja Military Cantonment's armoury began to explode all by itself on the day President Obasanjo was paying an official visit to the Canton-ment. He missed that catastrophe by the whiskers but several Lagosians lost their lives in the disas-ter. With such an unusual 'bomb salute', President Obasanjo never acquired additional weapons for the military all for the fear of a possible coup d'tat At the assumption of the Presidency of the Federal Republic, Alhaji Umar Musa Y'ardua, demonstrated his peaceful mien to discourage wars and violence by introducing the Amnesty Programme which ended the militan-cy in the Niger Delta region which his predecessor had tried to quell through brute force unsuccessfully. Such a person was not likely to encourage wars, so, throughout his tenure till Allah accepted his soul, he never ordered weapons of war. This long chronology of events that had affected the fortunes of the Nigerian Armed Forces since the General Gowon's era has be-come necessary for recall in view of the patriotic and urgent desire of President Goodluck Ebele Jonathan to acquire new modern and digital age weapons for the military in its current war against terrorism.

• Akinola is a former ECOMOG Press Secretary and the author of the book ECOMOG STORY. inquirer2020@gmail .com

Military: The $1b presidential lifeline debate (1)

Boniface DumpeContinued from last Friday

The NDDC Governing Board should not be involved in the day-to-day management of the organisation but only provide

policy and strategic direction and su-pervision for the management team. International development donor agencies like the United Nations De-velopment Programme (UNDP) can be given a place on the Governing Board to represent the donor com-munity who are also committed to improving the condition in the re-gion. Representatives of the oil com-panies, Federal Ministry of Finance and Environment should still retain slots on the Board for single five year tenure. Unlike what prevails now, the Managing Director and Executive

Directors should be recruited by the Governing Board for a renewable ten-ure of four years each in an open and competitive process conducted by in-ternationally certified consultants. Considering that Governors of the NDDC States fully control statutory financial allocations to the states as well as the proceeds of the 13% deri-vation fund from oil revenue, state representatives on the NDDC Board should be nominated from amongst legitimate community representa-tives far removed from politics but imbued with a sense of integrity and who are accomplished professionals in their own right. Even the much touted Niger Delta Regional Development Master Plan (NDRDMP) facilitated by the NDDC and published in 2006 helps to situ-ate the missed opportunity in the NDDC’s vision. Two overall primary goals were outlined in the plan: “Pov-

erty alleviation and enhancement of people’s access to basic social goods and services” and “economic growth and development”. The NDRDMP document, com-pleted through an elaborate process of spending, passes for an excellent document of baseline analysis and postulations on Niger Delta devel-opment but it is completly lacking as a time-bound measurable plan for implementation of development, stimulating economic growth or re-ducing prevailing poverty levels in the region. It is about time the NDDC woke up to the challenge of conducting a mid-term appraisal of its perfor-mance against set out targets in its enunciated plan. Perhaps it is more realistic for the NDDC to partition the landscape covered by its mandate into delineated community clusters along existing clan or local govern-ment structures for development planning purposes. This approach is in tandem with the global memoran-dum of understanding (GMoU) model currently facilitated by some major oil companies in the Niger Delta re-

gion. The GMoU model has made some progress in participatory community development planning and opening windows of opportunity to restore ca-pacity and improve the condition of beneficiary communities in the last seven years of its operation. NDDC’s alliance with the GMoU approach as its intervention model can remarkably change the development status of Ni-ger Delta communities and its people progressively over time with its huge budget backing. The transformation agenda of the Jonathan administration should not exclude the Niger Delta region. For instance, it is difficult to understand why even with the oil industry based in the Niger Delta and its central place in the Nigerian economy, the seaports in Warri, Port Harcourt, Onne and Calabar are either non-functional or underutilized while the ports in Lagos are perpetually congested. Necessary policy action should be taken to stimu-late increased economic activity in the Niger Delta.

•Dumpe wrote from PH: (dumpe_bb@yahoo.com; Tel: 08035484236)

A better model for NDDC (2)

20Monday, September 1, 2014

Sanctity of Truth

Twist of fate (3)

21

 

INVESTIGATIONMONDAY, SEPTEMBER 1, 2014

NEW TELEGRAPHwww.newtelegraphonline.com/investigation

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

The story of Mrs. Stella Offor is an-other that is somewhat touching. As a police woman, Offor may have inadvertently sent some innocent

persons to prison. She may never have bargained that fate could someday play a fast one on her also. But, that was what happened as she, in a twist of destiny, ended up becoming a guest of the Nige-ria Prisons. At her Gowon Estate residence in La-gos, Offor, who wept profusely, narrated her ordeals, which eventually landed her in the dungeon. Incidentally, her incarceration led to the breakdown of her once cherished marriage, which she had guarded jealously before the event of that day. The horrible experience shat-tered her life almost beyond redemption. But, for His grace, she may never have been able to pick up again. Offor’s journey to prison started around September 2009 after an unknown per-son wrote a petition against her. The peti-tioner claimed she absconded from duty in defiance to her new posting. She was subsequently picked up by officers of the Zone 11, Onikan Police Station where she was later locked up for a month and three days. She got a temporary respite in October 2009 before being picked again after just one month and kept in detention, and her salary stopped. But, that was not all. She was later accused of collecting salary without working, an allegation that led to her dismissal from the Force. Recalling the spiteful event, Offor said: “Before you know it, they took me to prison where I spent a year and six months. While I was there, I heard that my things were thrown out of police quarters where I was living. “As I speak now, I and my daughter have been sleeping outside. Prison was a very bad experience for me but, I thank God for seeing me through. It is a place where, if you don’t have anybody, you turn to your God.”She encountered five women in prison, who were on death row, before she was set free. “They were involved in cases of murder. Ganiyat was the youngest of the women. Her family never visited. She was 27 years old then. Her condition was

unimaginable; I always pitied her,” Ofor, who intermittently fought back tears, recalled.

One could be maimed or killed in prisons The former policewoman went on to describe prison as a place “you learn to mind your business or be maimed or killed.” She was shocked to find out that lesbianism, as an act, thrives in the fe-male chamber. “A lady once attacked me with a razor blade; her name is Sarah. “She attacked me just because I ad-vised her to always remember what brought her to the Prison. That was when our head prisoner warned me to be careful of inmates, who indulged in lesbianism. We had some of them, who never valued their lives. They were the ones, who indulged in such despicable acts. Although, those that were sober, trusted in God and fervently prayed for

a miracle.”That was not all. She also met aged fe-male inmate, who was in her 50s suf-fering from High Blood Pressure. “We called her mama. She spent 35 years in prison before a presidential pardon came her way; unfortunately, she died barely a year after her release. Mama was condemned to death for murder. Her husband was said to have married two of them. Her rival allegedly killed her child and she angrily reacted by throwing the woman’s child into a well. Mama later died of thinking. There was a time in the Prison that she acted like a lunatic and many of us were afraid that she was going insane,” Offor said.Offor did not spare the Prisons as well, as she insisted that reforms are needed behind the Walls to be at par with the global standard in this 21st century. She

said that female prisons, for instance, had 35 inmates instead of 25 the cell was originally planned to accommodate. Be-fore she left, however, the number had risen to 55. She said: “We had a cell called Very Important Personality (VIP) room. It was reserved for eminent people, who had enough money to spend. The Prison authorities were charging them N40, 000 to be accommodated there. “The food in the popular side was ter-rible. This, however, changes whenever the Controller was around on routine check on inmates. It was only at such occasions that we were served quality foods. The wardresses were corrupt. They shared our gifts from churches among themselves, even tablet soaps, including medicated soaps meant for

JULIANA FRANCIS, who has been following the heartbreaking stories of Nigerians, who cheated death by twist of fate, presents the concluding part of how these ‘innocent’ citizens would have died without any proven offence

CONTINUED ON PAGE 22

Visitors at the Maximum Prisons. Inset: Inmate behind bars

22 Sanctity of Truth

Monday, September 1, 2014INVESTIGATION

Some convicts were set up by the Police –Ajitemisan

CONTINUED ON PAGE 23

us. They would seize them and buy Oki soaps for us to use. We normally contrib-ute money for Izal because the pit toilet we were using was very bad. In fact, we were made to clear our faeces with bare hand, though, as a form of punishment from the wardresses. There was something called special arrangement also in prison; people es-caped through that process. Inmates were equally tortured any time they contravened the law,” she recalled.Incidentally, Offor did not have the lux-ury of having to pick the pieces of what is left of her once vibrant life, gradually. She was made to further lick the wounds of her broken life in a cruel manner. She was kicked out of her three bed-rooms flat immediately she was released. This forced her to reluctantly distribute her kids as well as scattering her other belongings in shanties within the estate.

Offor and her youngest daughter slept in the corridor of one of the roughly con-structed buildings within their estate.Darlington Ajitemisan, a former prison Chaplain and now a human rights activ-ist, appears to have also seen the reverse of what life could offer. He is today an an-ti-drug crusader and General Overseer of Open Channel Bible Church, Gowon Estate, Lagos State. But, he did not set out to be one from the onset. Experiences of life behind the Walls of prisons changed his perception of life in general. He was incarcerated in India, Jamaica and Brussels prisons at various points in his life. His offence in India was that of alleged espionage. In Nigeria, he got into trouble for human rights activism. Ajitemisan encountered Jesus Christ in prison and became a born-again Chris-tian. Soon, he started to evangelise, spreading salvation news and preach-ing to inmates from prison to prison. He

has been doing this for the past 27 years. This enabled him to further understand the goings on within the Prison Walls. It was one of such sojourns at the reformatory homes that he met his wife, Funmilayo. In a chat with this reporter, Ajitemisan condemned death penalty, wandering why Nigeria is still hanging on to it while other countries had long abolished and sponged it from their pe-nal code.He is currently not comfortable with the country’s stance on death penalty. He tried to explain the horrible manner convicts were executed. He told this re-porter that there are two ways of kill-ing condemned convicts in Nigeria. The first, according to him, is by hanging. “Here, the inmates’ faces are covered and a rope placed around their necks. They are made to stand on a podium with their hands tied. The podium is then kicked off from under to allow the rope strangles them to death. In most

cases, the inmates don’t die immediate-ly, their eyes would bulge out and their tongues stretched beyond normal. This gives many nightmares. At other times, they use the accelera-tion method, in which case the inmates would be hit with a wood, to break their legs so that the connection between the bones and the spinal cord is severed. It is the worst and most painful way to die. “The second process is by firing squad. Once a governor signs the death war-rant, execution begins. In this system, the inmates are tied to stakes and their faces covered. Though, some would pre-fer to watch their execution, which is usually done by shooting from soldiers or the Police. On the D-day, inmates are never told of what they were to face. In-stead, they are deceived to believe they were going to be released or transferred to another prison. They would be further

CONTINUED FROM PAGE 21

Pastor baptising an inmate

Williams Obed (right) and elder brother, Daniel at Kirikiri road after Obed's release from condemn cell

Edet Olaide

23Sanctity of Truth

Monday, September 1, 2014 INVESTIGATION

CONTINUED ON PAGE 24

fooled to remove their prison garments and wear normal clothes. They would, though, erroneously be happy preparing to die without knowing so,” Ajitemisan said. He went on to describe the execu-tioners as undertakers, whose emotions, he said, have long died because of their odious job. He, however, explained that most people who applied to work with the Prison Service end up becoming a hangman. “Once chosen, a hangman lives apart from his family. He only visits his family on weekends. This is to make sure the family members know nothing or understands the nature of job and to safeguard them from being attacked,” he further said. Ajitemisan argued on the stance of the global human rights community that death penalty never served as deterrent to criminals. “Most of them on death row are innocent; most of them from poor homes, who do not have access to quality lawyers. Many of them were sen-tenced without any legal defence. And when they have legal representation, the police will not bring proof,” he further agonised. He also pointed out that many women had been killed under the Sharia Law without proper court trials. “Let us not forget the case of Safiyat Hussaini. They said she got pregnant for another man and for that they were going to kill her. Safiyat would have been killed if not for the local as well as global outcry. There was also Aminat Lawal, who they claimed committed adultery. Like Safiyat, she would have been forgotten by now but for public outcry also. The authorities would have wasted these two women. You can see the injustice of this death penalty. In states where the Sharia Law is in operation, women are discriminated against. The law is always against them.”

Death sentences attract global condemnationAjitemisan could still not understand why President Goodluck Jonathan is hanging on to death penalty in spite of its global condemnation. He detested the President’s approval of death warrant. “It is bad for him to encourage gov-ernors to start implanting the killing of inmates on death row. The only excuse was to decongest the prisons; but, killing is not the best way to decongest prisons,” Ajitemisan said, adding, “What this means is that several innocent people would be killed and continued to be killed. That to me is not prison decon-gestion; it is simply genocide. Although, there had also been slow action in the execution of women on death row, but with the recent proclamation by Mr. President, it does appear to me that it is just a matter of time women on death row would be wiped out.” However, Ajitemisan is advocating the establishment of a Special Commission by the government, which, according to him, would among other things, reinves-

tigate all cases that have to do with death penalty. He did not stop there but said, “because I am a preacher, the inmates speak freely with me. This has enabled me to under-stand that 80 per cent of people on death row are innocent. They see me as their counsellor. They tell me the fundamental truth. “Most of them were set up by the Police. If you don’t pay money demanded from you by them, you will be tagged an armed robber. I was once locked up at Alagbon, so I know what I am talking about. Police will shoot you on the leg. Mafia syndrome also exists in prison. This is a situation whereby policemen connive with inmates to carry out rob-bery operations. The inmates here are the rich and powerful.” Ajitemisan’s other worry is the fact that underage inmates, those under 18, are imprisoned with adults. This prac-tice he said is against the law. Accord-ing to him, “they abound in Female pris-ons, both at Ikoyi and the maximum in Kirikiri. Most of these kids have been introduced to homosexual acts. There was a day I entered the church at the Ikoyi Prisons and saw one of such teens, with sperm dropping from his anus. They are traumatised and have been conditioned like Zombies. There was a section originally reserved for youngsters. Unfortunately, they have converted them to a special apartment for the rich. They have been renovated. They now look spacious and fitted with air conditioners. The rich pay special fee to be allowed to stay in that section, nicknamed ‘executive’. It is the same at

the Ikoyi Prisons. As with the girl’s sec-tion, the rich and powerful has equally taken that over. It was meant to enable them acquire valuable skills before leav-ing the prison.” Incidentally, the Public Relations and Correctional officer, Nigerian Prisons Service, Ope Fatinikun, has put a lie to most of the insinuations about the Pris-ons. He told this reporter that “most of the stories being peddled around about the Nigerian Prisons were false.” Ac-cording to Fatinikun, “all those sent to prisons and later found on death row were sent there by a court of competent jurisdiction. The prisons can’t contest such judgment. It is only a higher court that can counter such a verdict. We have no right to say otherwise when some-one had been pronounced guilty by the court.” He, however, noted that in spite of such sentences and, especially for those on death row, the prisons have profes-sional bodies, which attend to inmates. “The body is made up of professionals like welfare officers, nurses, doctors, so-ciologists, psychiatrists, and psycholo-gists, among others. This is the ‘Recep-tion Board’ and they meet every day in prisons. “The Reception Board is like a court inside the Prison. When an inmate comes in, we ask questions. For those on death row, we ask if they had legal representation. If they say no, we ar-range for a Non-Governmental Organ-isation (NGO) or federal lawyers to assist them. The board directs such a fellow to a psychologist, who will speak to cushion the effect of the verdict. The psycholo-

gist job is essentially to counsel them in believing that whatever they were facing at that point in time should not be seen as the end of their live. We also try to find out those who are willing to appeal their jugdgement and arrange a welfare officer, who lectures them on the proper way to go about it. “The first point is at the Federal Court of Appeal. If that fails, it proceeds to Su-preme Court, which is the apex court in the land. If all fail, the same team will start working on the possibility of the inmate benefitting from prerogative of mercy from the governor. That someone is on death row doesn’t mean he or she would be killed the following day. We have processes. The main purpose of prison is to reform and deter others. It, however, does not stop us from doing our work as prison officials. Our main job is to reform, rehabilitate and reintegrate inmates into the society,” Fatinikun said. Bosta homes, according to Fatinikun, are terminologies given to prisons meant for underage inmates. He denied the al-legations that kids are kept in adult cells, leading to them being raped by grown-ups. He said: “It is not true; underage in-mates had never been imprisoned with adults. We have what we call Bosta in-stitutions across the country. They are for people below 18 years of age. Court sends them to Bosta institutions for cor-rectional purpose. The Bosta institutions have schools, skill acquisition centres and vocational centres. One can write the West African School Certificate (WASC) from there, and even proceed to the University. Any of them that were sentenced for murder, for instance, would be kept in that home until they are 18 years before we can send such a person to prison proper. There are several of such homes in Kaduna, Kwara and Ogun states. At present, we have about 428 inmates in Kaduna Bosta home, 217 in Kwara, and 202 in Ogun.”The prisons image maker also denied claims that the Ikoyi Bosta home has be-come an abode for “Very Important Per-sonalities.” He said though, the Prison does not believe in special cells, but that the law allows for inmates according to their status. “We have journalists in Ikoyi Prison;

CONTINUED FROM PAGE 22

CJN, Mariam Mukhtar Fatinikun

PopoolaObiagwu

False stories are peddled about prisons –Prisons PRO

Agbaje

24 Sanctity of TruthINVESTIGATION Monday, September 1, 2014

‘It’s possible for someone to be wrongly convicted’

CONTINUED FROM PAGE 23

we know they got there because of their write ups and so, it would be wrong if they are locked up in the same cell with other criminals. If we do that, the jour-nalist could be killed. In like manner, it is unthinkable to put a personality like the late Moshood Kashimawo Olawale (MKO) Abiola in the same cell with pick pockets. We can’t put an ex-governor or president in the same cell with other inmates; they could be killed. The gov-ernor or president could be perceived as someone, who had at one time or the other signed a death warrant of those in prison,” Fatinikun explained, adding that prisons are not currently congested.

Bosta homes, now abode for important personalitiesWilliams Owodo confirmed that Bosta home existed at Ikoyi before now, but not anymore. He explained that since the likes of Bamayi, Mustapha and others that were accommodated in that home, the situation had not been reverted. “Underage inmates are now kept in general prison. But some are still kept with the rich people. Though, they do not sodomise the kids. It is those in general prisons, who look at a kid that had committed murder or robbery and reason that he could handle stuff like sodomy. But, let us be clear about some-thing. That isn’t rape. These kids do it willingly for food, clothing or money. Most of these kids’ parents no longer come to check on them. Warders, preach-ers and pastors are always speaking against it, yet some people continue to indulge in it.” However, a Lagos-based lawyer, Ola Agbaje, was shocked to hear that some-one on death row or prison could be in-nocent. According to him, inmates are sent to death row because they were con-victed by a court. “No court can convict without due process, without taking the accused or defendant through the right legal process. “Under the Nigerian law, there are cer-tain laws that are sacrosanct. This has to do with Section 33 of the Constitution,

which provides for the right to life of every citizen of the country. Section 33, Sub-section 1, says that every person has a right to life and no one shall be deprive intentionally of his life, save in execu-tion of the sentence of a court in respect of a criminal offence of which he had been found guilty in Nigeria. In line with that is Section 36 of the Constitution, which says that before anyone could be convicted and sentenced to death, the person concerned must have been given

every avenue legally applicable to prove his innocence as stipulated under Sec-tion 36 of the Constitution.” According to Agbaje, in line with the law on fair hearing, the defendant must be allowed access to every material need-ed to defend himself in order to prove his innocence. He said that every suspect has a right to legal representation by a counsel. “I find it strange that there are innocent people on death row because every judge

is aware of the due process of the law. That’s the primary duty of judicial of-ficers,” he added.He, however, admitted that it is possible for someone to be wrongly convicted as a result of poor handling of his defence. “Judges may determine the guilt or in-nocence of the defendant on the basis of evidence adduced and proven. And the standard of proof in criminal matter is beyond all reasonable doubt. What we should be looking out for is the need to overhaul the investigative process. What we have now is certainly below the mod-ern day investigation procedure. “A situation whereby an Investigat-ing Police Officer (IPO), may have been induced by vested interest, writes state-ment for a suspect without the presence of the suspect’s lawyer would be grossly inadequate and cannot lead to proper justice. “Unfortunately, you find this kind of situation regularly in our system. The first and most crucial of due process is the investigative state. It is the foundation stage as well as the fundamental. When it goes wrong at the foundational level, it will affect the whole process, which will ulti-mately lead to injustice,” the lawyer said. Agbaje made reference to the case of Nasiru Bello versus Attorney General of Oyo State (1986), where he said that Bello was executed even though his matter was still pending at the court. He said that the Supreme Court condemned the execution and cautioned that such act was not per-missible in any civilised society. “In that instance, it will be correct to say that someone on death row could as well be innocent. You can’t blame the judge, who sentenced the accused because he must have based the guilt or innocence of the ac-cused person on the evidence before him. “But, an accused convicted in lower court can go to Appeal Court, and even to Supreme Court, to attain justice. But, how many convicts can afford lawyers to head to Supreme Court? It is time, we started re-forms, where indigent convicts can access the Appeal Court through quality legal aid from the government,” Agbaje stated.

Concluded

Suspects in police custody

Executive cell

Tortured by police

Popular side

Adeola Yusuf

A major diplomatic row is brewing between Nige-ria and Ghana over the discovery of an oil facil-

ity inaugurated by the Ghana government in a multi-million dollar smuggling of Nigeria's crude.

Investigations by New Tele-graph showed that a cold war between the two West African countries came to fore when Ghana imposed multi-million dollars fine on Nigeria for the latter's inability to meet contrac-tual obligation of gas supply in 2013.

This was followed by Nige-ria's tactical refusal to include the name of Ghana in its 2014 crude lifting contracts.

The Ghanian government, further checks showed two weeks ago, also placed a fine of $20 million on N-gas, a com-pany owned by the Nigeria Na-tional Petroleum Corporation (NNPC), Chevron and Shell in Nigeria for its inability to meet

BUSINESS | BRANDS & ADVERTISING 25Sanctity of Truth

Monday, September 1, 2014

Wole Shadare

Except something is urgently done, the survival of Nige-rian airlines hangs in the

balance, no thanks to the sky-rocketing price of aviation fuel, otherwise known as Jet A1, which has now jumped from N160 per litre to N170. It could hit N200 by December.

Airline operators under the aegis of Airline Operators of Nigeria (AON) have appealed to government to stem the tide as the commodity cost more out-side Lagos and could be as high as N180 per litre.

Nigeria ranks as one of the

nations in the world with high cost of JET A1 despite the fact that it is the fifth largest oil pro-ducing country.

In the international market price list for aviation kerosene, a gallon of aviation fuel, which equals four litres of the com-modity, goes for $3.74 in Kano and $3.65 in Lagos.

In Algiers, it is sold for $2.99, Cape Town $3.08, Cairo $3.08,

‘We lack enough manpoWer to man both safety and security of our aviation’ }p-42-43

Stolen crude: Nigeria, Ghana's diplomatic row worsens

What's neWsCustoms loses N15b concession to ECOWASThe Nigerian Customs Service has lost N15billion in concession to the ECOWAS Trade Liberalisation Scheme (ETLS) in the first six month of this year.}p-26

Singaporean firm links N921bn loss partly to transaction in NigeriaRenowned global integrated supply chain manager, Olam International Limited, has attributed an 11.4 per cent dip in its fortune to a wrongly calculated business transaction it conducted in Nigeria.}p-31

Climate change: Nigeria, others to face food shortage Food shortage triggered by climate change is imminent in Nigeria and some parts of the world within the next decade, a draft of United Nation’s report has revealed.}p-26

NIBSS floats NAPS for faster money transferNigeria Inter-Bank Settlement System (NIBSS) Plc has developed a new Automated Payments System (NAPS) that will ultimately replace the existing Nigerian Electronic Fund Transfer (NEFT), which has some shortcomings.}p-32

NEW TELEGRAPHwww.newtelegraphonline.com/business

ayodele aminu, DEPUTy EDITOR, BUSINESSayodele.aminu@newtelegraphonline.comayodeleaminu@yahoo.comMondaY, SepteMber 1, 2014

up with gas supply to Ghana’s power facility through the West African Gas Pipeline Company (WAGPCo).

Meanwhile, the Interpol has launched a secret mission to arrest members of crude theft cabal in Ghana, who partici-pated in the high scale theft of Nigeria's crude, New Telegraph has gathered.

A source at the Presidency told this newspaper last Friday

that the manhunt was a result of a formal complaints made by the Presidency to the Unit-ed Nations (UN) and the United States (US) on the discovery of an oil facility inaugurated by the Ghanaian government in a multi-million dollar oil smug-gling scheme.

The Interpol, he said, is "working in line with the re-quest for the probe of level of in-volvement of the Government

Nigeria’s aviation fuel price ranks among world’s highest –Investigation

CONTINUED ON PAGE 25

BUSINESS

of Ghana in the crude theft in Nigeria."

"These coded operations are to infiltrate the cabal in Ghana, Europe and their partners in Nigeria who aided and abetted crude theft in the country," he said in a phone chat with our correspondent, declining fur-ther comments on the opera-tions.

He, however, disclosed that President Goodluck Jonathan is not taking the issue lightly.

"He has assured us that he would get to the root of the mat-ter," he said.

Nigeria’s oil losses due to crude theft translate to almost $2 billion yearly in deficit to country's economy.

According to US officials, "Tankers often will come twice a week to load [stolen oil in Ni-geria] and will go abroad".

On its own, the United States authorities have also began in-vestigating the theft.

According to investigation, several thousands of barrels supposedly pilfered from Ni-geria are increasingly making it to global markets through Saltpond oil facility owned by Ghana, and Lushann Interna-tional Energy Corp.

CONTINUED ON PAGE 26

SABOTAGENigeria’s oil losses due to crude theft translate to almost $2 billion yearly in deficit to country's economy

SOSMost airline operators in the country spend ap-proximately 40 per cent of their operation cost on aviation fuel

CONTINUED ON PAGE 33

AYODELE AMINU, Deputy Editor (Business)

SIMEON OgOEgbULEM, Dep. Business Editor

bAYO AKOMOLAFE, Asst. Editor (Maritime)

SUNDAY OJEME, Asst. Editor (Insurance)

SIAKA MOMOH, Asst. Editor (Industry/Agric)

gODSON IKOrO , Asst. Editor (Money Market)

JONAH IbOMA, ICT Editor

DAYO ADEYEMI, Property Editor

ADEOLA YUSUF, Energy Editor

WOLE SHADArE, Aviation Editor

CHrIS UgWU, Capital Market Editor

AbDULWAHAb ISA, Finance Editor

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

(Parellel As at Aug 29)USD . . . . . . . . . . . . . . . . . . . . . N168Pounds . . . . . . . . . . . . . . . . . N290Euro . . . . . . . . . . . . . . . . . . . . .N228

eXCHanGe rate (Official As at Aug 29)

USD . . . . . . . . . . . . . . . . . . N156.73Pounds . . . . . . . . . . . . . . N259.24Euro . . . . . . . . . . . . . . . . . N206.42 Source: Cbn

inFlaTion RaTe

July 2014.................................8.3%June 2014................................8.2%May 2014....................................8%

• Foreign Reserves – $39.60bn as at 28/08/2014

Vessels delay at port causes scarcity, pain

Executive Director, Finance & Strategy, Sterling Bank Plc, Mr Abubakar Suleiman, presenting a souvenir to HRH, The Emir of Kano, Sanusi Lamido Sanusi, during a courtesy visit by the bank to the Emirate at the weekend.

business | NEWS

Bayo Akomolafe

The Nigerian Customs Ser-vice has lost N15billion in concession to the ECOW-AS Trade Liberalisation

Scheme (ETLS) in the first six month of this year.

The service has also cleared some goods worth N5.3 billion through the ETLS and Joint Committee on Commerce (JCC) in the same period.

Customs Area Controller (CAC) at the Seme Border Com-mand, Comptroller Willy Eg-bunin made these disclosures at a press briefing in Seme, Benin Republic.

He however, said that N37.2 million was collected from the one per cent comprehensive im-port supervision scheme (CISS).

The Area Controller ex-plained that the ETLS/JCC was a sub-regional effort of the

Economic Community of West African States (ECOWAS) to fa-cilitate trade and foster regional integration among member states.

He noted that the scheme was one of the instruments used by member nations in the sub-region to boost their econo-mies through free movement of goods and services.

Egbunin explained that JCC, just like the ETLS, was a trade facilitation tool and an eco-nomic arrangement between Nigeria and Republic of Benin.

He added that the scheme was a bilateral agreement through which goods wholly manufac-tured in Republic of Benin could be imported into Nigeria without payment of duty.

The comptroller said as at June 30, 2014, no fewer than 24 factories were listed under the scheme.

He noted that NCS’ relation-ship with the surrounding com-munities, monarchs; Nigeria and Benin security agencies were are very cordial

Egbudin noted: “We have im-proved on the existing cordial tie between the Customs and various communities, as well as agencies in the border area. “Besides the periodic visits to

Customs loses N15b concession to ECOWAS monarchs, we enlist their sup-port in educating their subjects on the ills of smuggling, we have also been holding meet-ings with the baales and rep-resentatives of various com-munities.”

He explained that at vari-ous fora and meetings, the focus of the command was to sensitise the youths to avoid unlawful acts such as smug-

gling and arson.Egbudin said: “They are

also encouraged to report any infraction or strange move-ments and developments to law enforcement agencies. The law enforcement agencies meet monthly at a joint border security meeting to synergise in promoting the security of the nation.”

Meanwhile, the Federal

Government has resolved to increase the country’s non-oil exports to ECOWAS countries from $276.5mil-lion (N45.62billion) in 2011 to $706.1million (N116.5billion) by 2015.

It was learnt that Nigeria’s priorities for trade would fa-cilitate job creation and boost exports on non-oil products to new markets.

26 Sanctity of Truth

Monday, September 1, 2014

NON-OIL EXPORTSFG has raised Nigeria’s non-oil exports to ECOWAS from N45.62 billion to N116.5 billion

L-R: Devcon-Build Verve app, Winner, Aronke Omane; Chief Executive Officer, Interswitch, Charles Ifedi and another Winner, Oladipo Olasemo, during the Devcon-Build Verve app Competition in Lagos

Nigeria’s aviation fuel price’s ranks among world’s highest C O N T I N U E D F R O M PA G E 2 5

Bayo Akomolafe

Food shortage triggered by climate change is imminent in Nigeria and some parts of

the world within the next de-cade, a draft of United Nation’s report has revealed.

It was learnt that the climate change has already reduced grain production by several percentage points and the situ-ation could even get worse if emission of greenhouse gases, which the report described to be at its highest in history and likely unprecedented in the last 800,000 years, remains un-checked.

Already, the Nigerian Met-rological Institute (NiMet), Director General, Dr. Anthony Anuforom, at the 2014 public presentation of the Climate Monitoring and Weather Fore-casting Agency (CMWFA), dis-closed on seasonal rainfall pre-diction meeting in Abuja, said most parts of the country will experience shorter rainy and planting seasons.

Also, analysts at Financial Derivatives Company (FDC) had noted that with the coun-try having gone through four cycles of inflation in less than six months, Nigeria may likely be on the verge of a major di-saster in the agri-sector due to inconsistent variables with for-eign exchange and its associa-tion with importation.

At the flag-off of the Com-mercial Agricultural Credit Scheme (CACS) recently, the Minister of Agriculture, Akin-wunmi Adesina said approxi-mately $14 billion in foreign exchange was expended by the local forces in the purchase of staple commodities from coun-tries who had developed their internal food reserves and are generating income from agri-culture for general infrastruc-tural development; a pattern he believes Nigeria should emulate.

In the latest report, UN said the global warming was al-ready attributed for many of the natural catastrophes that wreak havoc and claim thousands of lives worldwide, but the effects of the warming climate may even get worse in the coming years.

The report, which was draft-ed by the Intergovernmen-

tal Panel on Climate Change (IPCC), a group of scientists and experts from around the world appointed by the UN to monitor climate science and periodically issue reports about the latest scientific findings, also attrib-uted the changing climate to human influence and warned of the implications of a warm-ing planet.

It reads: "Human influence has been detected in warming of the atmosphere and the ocean, in changes in the global water cycle, in reduction in snow and ice, and in global mean-sea-level rise; and it is extremely likely to have been the dominant cause of the observed warming since the mid-20th century.”

Although the leaked 127-page report was not yet final and may even have substantial changes before it is officially released, its content is not unheard of as the document is meant to syn-thesize three earlier reports on climate change albeit with blunter language to underscore the risks that may be intensified with failure to curb the emis-sions of heat trapping gases par-ticularly carbon dioxide, which is primarily released because of man-made activities such as the

Climate change: Nigeria, others to face food shortage –UN

WASTEThe FAO study said food currently lost in Africa could feed 300 million people

CONTINUED ON PAGE 33

Djibouti $3.18,Cotonou $3.65, Yaounde $3.75, while sells at $3.83 in Durban. In Johannes-burg, it is sold for $3.18, Dakar $3.74, Lome $4.21, Lusaka $3.21, Tunis $3.2, Uganda $3.74 and Shangai $3.18. Others are Chad $3.74, Congo $4.99, Addis Ababa $4.21, Accra, $4.49.

Briefing the media last Wednesday, President AON, Captain Noggie Meggison, frowned at the high cost of the commodity, lamenting that most airline operators in the country spend approximately 40 per cent of their operation cost on aviation fuel.

He called on the Federal Gov-ernment to intervene in the is-sue by ensuring that it revives the Warri refinery, Atlas Cove and Mosimi pipelines –hydrant system for supplying aviation fuel. He insisted that the pipe-lines that supplied aviation fuel to the airport before the late General Sani Abacha-led mili-tary regime shut it down in Jan-uary 1996, were fully functional.

Meggison, who is also Chair-man, Jed Air, noted that before the pipelines were shut down in 1996, aircraft refuel through the aviation fuel hydrant at the Murtala Muhammed Airport without the archaic mode of using trucks to supply fuel to aircraft. He explained that fuel was pumped through pipeline from Atlas Cove and Mosimi.

“We need NNPC to revive this pipeline so that airline can get cheaper and cleaner avia-tion fuel,” he stressed.

He pointed out that one of the causes of high cost of aviation fuel is the cumbersome chain of distribution and supply it has to pass through before getting to airline operators.

The expert listed other rea-sons to include; cost of import-ing fuel, delay at seaport, which translates into high demurrage paid by oil marketers, cumber-some and dramatic process of loading at the Apapa port and inefficient transportation of the product by road from the Apapa port to the Joint Users Hydrant Installation (JUHI) at the airport.

He said that all these costs are passed down to airlines at the end of the day.

The chairman said that some of the marketers he spoke to on the issue, said their vessels get delayed for about two weeks to dock at the seaport, adding the cost to them is as much as $20,000 paid as demurrage on the product per day while prod-ucts are on the sea.

He however, maintained that this increase passed on to air-lines by oil marketers cannot easily be passed down to the passengers, as this would dis-courage them from travelling by air.

Warri refinery, he noted has the capacity to produce ATF, calling on the government to look into the issue, as this would further help to reduce the cost.

Pumping fuel using pipeline and hydrant, the AON boss said is safer and cost effective com-pared with using tankers and fuel bowsers. He added that these days’ airports do not use tankers for fuel distribution.

To buttress his point, the Je-dAir boss recalled that in the 70’s, 80’s and 90’s Nigeria used hydrant both at the defunct Ni-geria Airways Limited (NAL)apron, the General Aviation Terminal(GAT), the interna-tional and Cargo ramp.

•Global food losses hit $990bn

Ebola: Stop rejecting fever patients, Lagos warns hospitals

IGR: Activist sets agenda for Lagos 2015 guber aspirants

Muritala Ayinla

Lagos State Govern-ment has appealed to medical practi-tioners in both pub-

lic and private health facilities in the state not to reject febrile pa-tients without proper assessment, saying not everybody with a fever or haemorrhage has come down with Ebola Virus Diseases.

The government which urged the health workers to always be willing to assist pa-tients, said such re-jection may not only increase stigmatiza-tion but also deter self-reporting and lead to spreading of rumours and false stories about the scourge.

There were reports that most medical fa-cilities in the state had been turning downs pa-tients suffering from fever or haemorrhage, since the outbreak of EVD in the state.

But speaking with journalists, the state Com-missioner for Health, Dr

Jide Idris who gave the warning, called for more volunteers to join the fight against the spread of the deadly virus in the state, assuring that gov-ernment has put in place life assurance for those willing to work with the state government.

The Commissioner said a situation where cases of fever and haemorrhage are auto-matically categorised as EVD cases and referred to Mainland General Hospital was not a good practice.

He urged doctors to commence management of such cases using uni-versal safety precautions and only resort to referral to Mainland General Hos-pital if there is indication to do so.

He said: “Not every-body with a fever or haemorrhage has come down with EVD”, he said, warning residents to avoid rumours about the Ebola Virus Disease (EVD) as such stories cre-ate unnecessary anxiety.

An activist popular on social media, Tolu Ogunlesi, has said that whoever wants to be the Governor of Lagos

State in 2015 will need to answer a lot of questions around the Internally Generated Revenue (IGR) of the State.

Ogunlesi, and Editor and a newspaper columnist, at the weekend, quoting figures for 2012 supplied by the National Bureau of Statistics, twitted that Lagos that “#Lagos alone ac-counted for 40% of total IGR of Nigeria’s 36 states in 2012. Total for 19 Northern states = 15 %.”

There have been long-standing concerns by some Lagosians, es-pecially by politicians in the op-

position parties, about the factual-ness of the figures being declared by the State government as IGR.

Seemingly raising a simi-lar concern, Ogunlesi twitted, “Whoever will be Governor of #Lagos in 2015 will need to an-swer lots of questions around IGR. Collection and Usage. #JustSaying.”

He further noted that “#La-gos GDP > Individual GDPs of more than 40 African countries, including Kenya & Ghana Also, Lagos GDP >> GDP S. Leone + Liberia + Guinea.”

The activist, who described himself as an advocate of Peo-ples Republic of #Lagos, further noted “Lagos IGR collection tac-

tics crazy though: Just think of Land Use charges/LASTMA etc Inhalation/Exhalation Tax com-ing (rumors say) (kidding).”

According to him, “The turn-ing point for Lagos IGR seems to be when Obasanjo withheld the state’s Local Govt funds, mid-2000s, under @AsiwajuTinubu.”

He confirmed to a twitterer that Lagos state government recently denied an Freedom Of Information (FOI) request, argu-ing that they have not domesti-cated the Act, and argued that “#Lagos ought to be excellent testing ground for FOI and Ac-countability and Transparency demands. It’s much closer (some-how) than Abuja.”

CHANGING LANDSCAPE OF LAGOSFACT FILE

Project Title: Mixed DevelopmentLocation: Isaac John Street, GRA, IkejaContractor: Avalon International Nig. Limited.Structural Engineers: Burlat KonsultService Engineer: Plane One, Cape Town, South Africa.Photo: Godwin Irekhe

Muritala Ayinla

Lagos State Governor, Mr Babatunde Fasho-la, SAN has explained

the need for the creation of additional polling units in the state, saying the population growth and expansion of the city

have necessitated them. The Governor, who

spoke at the Lagos House, Marina, when he received a report on de-lineation of wards and creation of additional polling units in the state from the Lagos State Independent Electoral Commission (LASIEC) ,

affirmed that the state government would take all further actions nec-essary on the report.

The governor add-ed that he would not only read the report, he would also ensure that members of the government that are tasked with the respon-sibility of taking fur-ther action on reports of commissions and investigations swing into action.

Why additional polling units are necessary in Lagos - Fashola

(: 0802 301 5582 sms only

CONTINUED ON PAGE 27

CONTINUED ON PAGE 27

IN NUMBERS7

the number of confirmed Ebola cases in Lagos who have full

recovery and discharged

5the number of Ebola deaths so

far been recorded in Lagos

1,000the number of corpses of Igbo

people awaiting clearance in various mortuaries in Lagos State

ThiS iS an advErT SpacE

For hoTELS

ThiS iS an advErT SpacE

For hoTELSMONDAy, SEPTEMBER 1, 2014www.newtelegraphonline.com/megacity Edited by: BIODUN DUROJAIYE

The Mega CityYOUTH CULTURE MY CITY, MY WORLD (GEORGE) LIFE IN THIS CITY

...for the love of Lagos

A grace to grass story of a family whose kids became street hawkers

Lagos is a special place to be –Prof. Akintola

Photo posted on the social network, Instagram, by residents of Lagos City

Providing affordable houses via indigenous technology

Ebola: Stop rejecting fever patients, Lagos warns hospitalsNEWS

Why additional polling units are necessary in Lagos - FasholaCONTINUED FROM PAGE 27

CONTINUED FROM PAGE 27ease in the State, implored

Lagosians not to stigmatize contacts who have been given a clean bill of health, urging them to assist in facilitating the re-integration of such contacts into the society.

He cited the example of the American doctor who was discharged by Emory Hospital in the United States after being treated of EVD, pointing out that he was openly embraced by both the hospital staff and fam-ily members.

Dr. Jide Idris also la-mented rate of misinfor-mation about the diseases in the country, saying such

rumours and false stories, especially on the social me-dia, were also capable of un-dermining the efforts being made to contain and manage the outbreak.

The Commissioner said the press briefing was neces-sary in order to douse the in-accuracies bothering on dis-tortion of facts and outright falsehood being spread on the social media, noting that contrary to the rumours and false information, the Rapid Response Team on the disease is working in accordance with global best practices.

He reiterated that five deaths have so far been re-corded in Lagos since the EVD incident, adding that

the seven recovered persons, who are currently being suc-cessfully reintegrated with their families and communi-ties, is a confirmation that an infection by the disease does not mean an automatic death sentence.

The Commissioner said the common thread among the recovered cases was their early presentation for supportive treatment, point-ing out that, with this devel-opment, there is no need to hide friends and relations who are suspected to have come down with the dis-ease. “The earlier they are brought for screening and surveillance, the better the outcome”, he said.

Reiterating the importance of delineation of wards and cre-ation of additional units for elec-tion purposes, Governor Fashola said it ensures that people who have moved into new communi-ties, who have built new estates, would have an opportunity to participate in how decisions affecting their lives are taken which is in itself the guarantee of participatory democracy in the State and country.

Fashola said: “For those who may not know, every state, coun-try and community is a continu-ing work in progress and so new towns, new communities spring

up in what used to be forests, ar-eas that used to be rural become rapidly urbanized and so it is not just enough to build roads, build schools and hospitals there.

“It is also important to take that civic right very seriously and that is why we have undertaken this process to see what has hap-pened over the last few years”.

“We know that many estates have sprung up in the last seven to eight years and on election days we want to be in a position to ensure that they do not have to now travel long distances go-ing back to their old addresses and agonizing about where they should vote”, he stated.

Emmanuel Oloniruha

By most accounts, succes-sive governments in Ni-geria set the construction of affordable houses for

the citizens in their priority lists.

This notwithstanding, stakeholders in the housing sector, observe that deficit in housing provision has been on the rise in spite of the ef-forts of past administrations.

Quoting a World Bank re-port, they note that more than N59.5 trillion will be required to address the estimated 17 million units of housing defi-cit in the country.

In the light of this , the Nigerian Building and Road Research Institute (NBRRI) recently organised a summit in Abuja on:``Achieving Af-fordable Housing in Nigeria.’’

The conference was at-tended by more than 300 par-ticipants who are research-ers, members of professional regulatory bodies and associa-tions, the academia and non-governmental organisations, among others.

Then Supervising Minis-ter of Science and Technol-ogy Omobola Johnson, who spoke at the conference ar-gued that housing formed a substantial Gross Domestic Product (GDP) of most devel-oped countries, and should be given priority in the country.

Mrs Akon Ayakenyi, Min-ister of Lands, Housing and Urban Development, corrobo-rated the stakeholders’ obser-vation, insisting that millions of citizens live in slums.

Represented by Dr Ezekiel Oyemomi, Permanent Secre-tary in the ministry, Ayakenyi said the provision of safe and affordable houses ``is a fun-damental human right, as en-shrined in the United Nations Habitat Agenda.’’

According to her, the Fed-eral Government has initi-ated a blueprint to reduce the housing deficit by engaging in partnerships with private sec-tor in the provision of housing for all categories of Nigerians.

She said providing afford-

able houses with this method would increase house owner-ship to about 50 per cent and improve Nigeria’s Human De-velopment Index.

``It will significantly reduce poverty in households, in-crease productivity and qual-ity of lives of the citizenry.

``It will also enable the housing sector to contribute more than 20 per cent to Nige-ria’s GDP as projected in the Vision 20:2020,’’ she said.

She challenged NBRRI and other stakeholders to inaugu-rate indigenous building tech-nology and evolve workable strategies that will guarantee the availability and affordabil-ity of houses in the country.

``The challenge before us today is to use research and development to move our country’s economy from con-sumer-driven to a production-driven economy.

``The success of Transfor-mation Agenda of the Federal Government depends on the implementation of innova-tion in technological skills and knowledge,’’ Ayakenyi said.

She, nonetheless, advised that in addressing housing deficit and making houses af-fordable to more people, there must be continuous innova-tion in housing sector.

In his view, Prof. Danladi Matawal, Director-General of NBRRI, said there were global trends in the evolution of materials for building con-struction.

He said one of the initia-tives to boost indigenous building technology was the establishment of a pilot plant for the production of pozzo-lana; a partial substitute for cement in Ogun, which is in advance stage.

Matawal identified NBR-RI’s bricks produced from manual and electro-hydrau-lic machines and interlock-ing blocks from manual and semi-automatic machines as some of the products of the institute’s technology.

``These NBRRI technolo-gies have passed the stage of test because they have been applied in projects, especially

in some extremely large multi-million naira pilot technology promotion schemes.

``These multi-million naira pilot technology promotion schemes are located in Lagos State, Abuja, Ogun, Benue, Anambra, Kebbi, Plateau, Taraba, Kaduna, Ondo State, Kano State, Akwa Ibom, So-koto State and Yobe.

``With pozzolana being developed, paving stones and roofing tiles by the institute, the country has enough build-ing materials produced locally by NBRRI,’’ he said.

He noted that promoting these technologies to a stage of national economic impact would require the support of local entrepreneurship to fab-ricate customised version of NBRRI’s machines.

``This way, commercialisa-tion of the technologies will

lead to job creation, wealth generation, import substitu-tion and conservation of for-eign reserves,’’ he said.

According to him, what is required to achieve this is commitment by the govern-ment and willingness by the people to embrace available indigenous technologies, in-cluding NBRRI’s innovations.

Irrespective of Matawal ex-planations, observers note that there is a perceptible reluctance by professionals and developers to use proven local alternative building technologies.

They note further that the habit has significantly con-tributed to high cost of foreign building materials that has re-mained a major challenge to the provision of affordable houses.

At the end of the summit, the participants urged the govern-ment and Nigerians to develop

the strong will to use indig-enous building technologies, including the NBRRI innova-tions to tackle housing deficit.

They called for sustained synergy between NBRRI and professional bodies in the hous-ing sector to work out a modal-ity for the use of alternative indigenous building materials.

They resolved that gov-ernment should evolve and support policies that will en-courage the use of NBRRI poz-zolana cement to make build-ing easier and cheaper.

The participants also urged the government to adequate-ly fund NBRRI and other re-search institutes to facilitate research in critical areas of housing sector that would fa-cilitate affordable houses in the country.

Emmanuel Oloniruha is of the News Agency of Nigeria.

28Monday, September 1, 2014FEATURE /MEGA CITY

Eco-friendly Ruca Houses Chile. Ruca is a social housing complex located to the north of Santiago de Chile

The child hawkers of Lagos

NEWS

Gboyega Adeoye

Moji, 15, is the eldest of the six children of Mr. and Mrs. Adey-anju who reside in Ipaja, a La-gos suburb. Both parents lost

their jobs to the hurried liquidation of the Nigeria’s flag carrier, Nigeria Airways, which finally kissed the dust during the twilight of President Olusegun Obasanjo’s administration as President and Commander-in Chief of the Armed Forces. It was a fierce battle between government and the resilient workers. But the battle was eventually won by government.

The family was living happily at GRA Ikeja until tragedy struck one chilly morning when some miscreants, supported by a handful of armed men stormed their residence with a bulldozer and levelled up their abode. The Adeyan-jus happened to be among the few lucky ones allocated a flat in the property of the moribund airline in its hey days.

But soon after the tragedy, life was no longer the same for this family who at a time had tasted the juicy side of life. All they managed to do after their ordeal was to gather all their savings and sell off some of their valuables to secure a room and parlour apartment in Ipaja, a Lagos suburb, where they live to this moment.

It was not too unbearable at the start. When their GRA abode was mowed down by the group who were alleged

to be acting the script of the liquida-tor of the erstwhile flag carrier, Dupe, the wife of Mr Adeyanju was running a fast growing canteen at the car park section of the domestic airport. The opportunity to secure a space in such business friendly environment was as a result of her husband’s ‘connection’ at the Lagos gateway where he worked for about 30 years before he was shoddily thrown out of the system.

Coping with life however became almost impossible when that govern-ment, decided to close the car park to create more business space for the con-cessionaire that was awarded the build-ing of the MMA2, Bi-Courtney, owned by Wale Babalakin, a Senior Advocate of Nigeria (SAN). He was to build an hotel which to date, is still under con-struction. When arrangement was concluded to use the section to build the four-star hotel, it became glaring that those transacting business around there would have to quit. Dupe was a victim and there the sad tale began.

At the initial stage, the pride in men would not allow Mr Adeyanju to accept reality as he insisted that the children should be kept in a private school de-spite his wife’s wise counsel that their place was now in public school.

However, with the passage of each day, and reduction of the family’s “capital base”, the father of six began to accept that it could no longer be business as usual. That another means had to be fashioned out to, at least, guarantee survival. One of

these was to withdraw the children from their school to the public school.

In the face of the nation’s struggling economy, it took no time for the living standard of the Adeyanjus to slide fur-ther down. To cope with cost of school-ing, even at the public school became difficult while feeding the children was by the day becoming a Herculean task.

At this point, it became crystal clear to the couple that the “Business Cen-tre” they were jointly running could no longer support even their modest living standard.

Moulded to obedience by poverty and squalor, it took no time before the Adeyanjus prevailed on their children to engage in the business of selling chilled “pure water” after the school hours. As soon as it is 11:00am, their mother would scamper round for iced block with which she freezes the sa-chet water which the children, includ-ing 4-year old Tola, would then hawk at points of traffic gridlock and at bus stops after closing from school.

Because Tola is such a kid, she is not allowed to go as far as the older ones who sometimes trek as far as Cement bus stop (a distance of about 20 kilometers) or Iyana Ipaja (about 15 kilometers) as the case may be, to hawk their wares.

Tola was a pitiful sight when this reporter accosted her at the Low Lost Estate gate at Abesan, along Ipaja in Mosan Okunola Local Council Devel-opment Area of Lagos State. Holding firmly to a sizable plastic bowl on her head with water dripping profusely from her soaked dress, she moved from one commercial bus to the other at a junction where buses formed a bottle neck in an attempt to negotiate a bend that would cut off an ever present traf-fic jam at the end of the road. Her frag-ile, yet sonorous voice pierced through the rowdiness of the environment as she impressed on fagged out workers returning home in the commercial buses to buy “cold pure water.”

And she seemed to be popular. Ma-jority of the bus drivers and passen-gers alike called her by her nick name, “LARONDO” (meaning smally) which she answers to with pride and with a countenance full of life. From com-ments of the passers-by, the reporter realised that she is a kid with such business sense that transcends her lit-tle frame and age. Said one passer-by, “One interesting thing about her is that she gets to this point at exactly 3:00pm and she would not leave until around 8:00pm in the evening. On weekends, be sure to see her here from 8:am till 8pm.”

“Daddy has no money and mummy

said we should be doing this so that we can pay our school fees and at the same time buy good dress for us like our other friends” was the tacit response this re-porter got when Idowu, 8 years and To-la’s elder brother who was in the latter’s company was asked what led them to the business. “Our other senior ones hawk their wares at a distant place where they make better sales”, he quipped.

The travails of the Adeyanjus is one of the many cases of seemingly unavoidable child labour cases in La-gos and other cities across Nigeria. Battered and bruised by the struggling economy, Lagos families are daily de-vising one strategy or the other to keep afloat. Being tormented by skyrocket-ing prices of essential commodities and the terrible housing problem in Lagos, many families have been forced to throw decorum into the winds and engage themselves in whatever could keep body and soul apiece, not minding the level of degradation and risk.

Even when the children have in-alienable rights to education and basic parental care, such laws seem to have been naturally subdued by the prevail-ing poverty in the land.

Not long ago, there was a report of a 13-year old girl selling orange who was randomly raped by three adults to a state of coma, at Itele area of Ogun State. The young girl would have passed on to the great beyond but for the timely intervention of a Good Sa-maritan who saw her wriggling in a pool of her own blood and decided to whisk her to a nearby hospital.

But in the face of the current Lagos government’s renewed effort to offer social benefits and create affordable schools, governor Babatunde Fashola, a Senior Advocate of Nigeria (SAN) seems poised to restore the rights of children so that they are not exposed to unwarranted rigours.

The exposure of children and mi-nors to risky trade of hawking on the highway has today been considerably controlled. Lagos State Government of-ficials are now on periodic patrol of the highways where the matured among the Lagos chronic hawkers vandalise the roads to instigate traffic build-up to aid their trade.

But trust Lagosians. The more the government tries to curb the menace, the more other means are deviced. Gov-ernment officials dedicated to carry out the task of ensuring that the Lagos streets are rid of children hawker often wonder on realising that each time they seem to heave the sigh of relieve, like the phoenix, the minors would be back.

The Association of Pro-fessional Bodies of Nigeria (APBN) has

urged the Federal Gov-ernment to provide so-cial housing, to check the huge housing deficit in the country.

APBN President, Mr Bala Ka’oje, gave the advice in an interview in Lagos.

Ka’oje urged the Feder-al Government to ensure that its earlier promise on social housing becomes a reality.

NAN recalls that social housing means homes that are owned by local author-

ities, let at low rents.The houses are given

to those who are most in need or struggling with their housing costs.

``Once the promise of a social housing scheme is realised, many Nigerians will live in decent neigh-bourhood.

``This is because it will help to reduce the emergence of slums as the houses would have necessary infrastructure and facilities which are lacking in the present schemes.

``The government can

ensure funds are available for developers to engage in aggressive housing de-velopment.

``This can also be done through mortgage ar-rangements for people who want mortgage loans.

``The recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN) is, therefore, very impor-tant for government to achieve more in housing delivery,’’ he said.

Ka’oje said that when government engages in social housing, some of the impediments in the

Land Use Act would be surmounted.

He said that it had been difficult for individuals and developers to have ac-cess to land for housing development.

The APBN president added it had been difficult to get title documents that would help them source for money to develop the available land.

According to Ka’oje, construction profession-als categorise all lands and buildings that do not have title documents as dead property.

APBN urges FG to provide social housing, to check deficit

29Monday, September 1, 2014 LIFE IN THIS CITY / MEGA CITY

Ka’oje

Hawkers on Lagos road

Lagos GitHub MeetupOrganiser:

Celestine OminDate: Friday, September 5,

2014 from 5:30 PM to 7:00 PMVenue: Co-Creation Hub

Nigeria, 294 Herbert Macaulay Rd, Lagos, Nigeria

500px Global Photowalk (Lagos Edition)

Organiser: 500px/Seun IdowuDate: Saturday, September 6,

2014 from 4:00 PM to 6:30 PM Venue: Walk starts from

Freedom Park, Broad Street, Lagos

Grenada Investment Summit 2014 - Citizen-

ship by InvestmentOrganiser: Monarch and Co Ltd

Date: Saturday, September 6, 2014 at 10:30 AM

Venue: The Wheatbaker, Lawrence Rd, Ikoyi, Lagos

Excellence In Motherhood Seminar

& Mini-FairOrganiser: Baby Grubz NigeriaDate: Saturday, September 6,

2014 from 10:00 AM to 2:00 PM Venue: Domus Fidei (House of Faith), 7 Amore St, Off Toyin St,

Ikeja, Lagos

My City, My World

Mojeed Alabi

Prof. Ishaq Akin-tola is a human rights activist

and Director, Mus-lim Rights Con-cern (MURIC), and also a Pro-fessor of Islamic Eschatology at the Lagos State Universi-ty, LASU, Ojo who said within the last 30 years that he has relocated to Lagos, he has watched with awe the rapid metamorphoses of the city regarded by many as a place to be.

He said: “Lagos, to me, is a very special place. The city is not special in terms of being exceptionally good or because it is far better than others, but because it is a very tough place to live in, and a social place too.

“In Nigeria, Lagos is a very special place because it combines so many features at the same time. Do we talk about the traffic situ-ations on its roads, the security challenges, and its population that grows by the seconds? I am from Ile-Ife in Osun State and when I was lured to pick up offer in LASU, Ojo, the loca-tion of the university was not that busy, but today the place has become so crowded that it is difficult for some people to even imagine visiting the area.

“Recently when I visited Osogbo I spent about three days driving round the city and on the fourth day when I was to return to Lagos I became very reluctant to come back because I was already at peace with the serenity of the place. But when you also consider the trans-formations going on in Lagos, you would love the place. It is a home to information, business, exposure, and a whole lot of activities, but very difficult to survive in.”

He said he could remember the days of the Military when car owners were restricted to ply the Third Mainland Bridge based on either their cars had even or odd numbers.

Prof. Akintola said while the on-going ef-forts to restore the city’s lost glory must be sustained, he also feels the people must be sen-sitive enough to call government to question whenever anti-people policies are introduced.

Lagos is a special place to be –Prof. Akintola

UPCOMING EVENTS

YOUTH CULTURE, photos as posted on Instagram by residents of the city

untitled by @mz_elnino

untitled2 by @mz_elnino

untitled by @nikkyword

untitled by @habioduny

untitled3 by @mz_elnino

#Richie moi#N word# by @iamdam-mierichie

untitled by @rhemmycfc

Sister of life by @olawaleeee

Yoruba #LostInTranslation by @harbee-hordun_harbay

#LastDayInNigeria #CantBelieveIveBeen-HereAwholeMonth #imSoBlackNow# by @beautifulbehind

Maybe all one can do is hope to end up with the right regrets by @darmytourch

Nothing is interesting if you rent interested by @mz_toyor

#Patewo, always works! by @locitude#IWokeUpLikeThis #MorningsSelfie# by @teenyonline

#police #lagos #barracks #ar-chitecture by @victorsozaboy

Congrats to our latest bride by @ycharis

untitled by @ycharisMy Facebeat by #shakheerah by @ujuuu_

Both pretty by @rolakebadmus

Prof. Akintola

30Monday, September 1, 2014THE MEGACITY

BUSINESS | NEWS

Dayo Ayeyemi

Lagos State requires an ex-cess of $50 billion to meet her infrastructure needs,

Commissioner for Works, Dr Obafemi Hamzat, has said.

Speaking with journalists on the challenges and efforts being made by the state gov-ernment to meet these needs, the commissioner said that in-frastructure remains the most visible and impactful develop-ment deficit the state has due to its ever-increasing population.

He noted that raising the funds would not be easy as it would require the collabora-tion of both government and the private sectors through Public Private Partnerships (PPPs) to accelerate the delivery and maintenance of the needed infrastructure.

He said: “When we consider the value of these PPPs, we must assess them against our own benchmark, which takes into the account the needs of the people that will drive our development.”

With the on-going projects ranging between light rail and Lagos-Badagry, Ikorodu Ex-pressway and inner roads, La-gos, indeed has become a con-

31Sanctity of Truth

Monday, September 1, 2014

Sunday Ojeme

Renowned global integrat-ed supply chain manager, Olam International Lim-ited, has attributed an

11.4 per cent dip in its fortune to a wrongly calculated busi-ness transaction it conducted in Nigeria.

Bloomberg reports that the firm, which is currently in talks to sell more assets and shift focus to beefing up profit

Singaporean firm links N921bn loss partly to transaction in Nigeria

BAD BUSINESSA miscalculated business projection has ended in a monumental profit slip

Lagos needs $50bn for infrastructure, says commissioner

margins over sales volumes in a drive to free up cash, said its revenue slipped 11.4 per cent to S$5.76 billion in the three months ended June 30, while the volume of sold commodi-ties declined 18.6 per cent to 3.5 million metric tons.

Olam lost Tata Chemicals Limited as a partner in Gabon after the Indian company an-nounced it would not proceed with buying a 25.1 per cent stake in the ammonia-urea fer-

tiliser project.He said, “This and one-time

charges from “impairment” at a cashew facility in Nigeria, the sale of a Gabon timber unit, and the early repayment of high-interest loans were factors in the poor profit performance.

According to the Chief Exec-utive Officer, Sunny Verghese, talks with a couple of compa-nies that could replace Tata are ongoing.

Olam International Limited

L-R Director General, ICRC, Aminu Diko; Chairman, Governing Board, ICRC, Senator Ken Nnamani and Member of the ICRC Governing Board, Janet Adeyemi, on an inspection tour of facilities at the Uyo Township Stadium, as part of a farmiliarisa-tion tour of infrastructure projects in the state.

is a global integrated supply chain manager, processor and trader of soft commodities, supplying products across 16 platforms to 13,600 customers worldwide.

Since its establishment in 2011, the firm has evolved from a single-product, single-country company in 1989, to a multi-product, multi-national, integrated supply chain man-ager today.

In 1989, the Kewalram Chan-rai Group established Olam Ni-geria Plc to set up non-oil based export operation out of Nigeria to secure hard currency earn-ings to meet the foreign exchange requirements of the other Group Companies operating in Nigeria. The success of this operation re-sulted in Olam establishing an independent export operation and sourcing and exporting other agricultural products not related to the Group.

The Group's agribusiness was headquartered in London and operated under the name of Chanrai International Limited. The business began with the export of cashews from Nigeria and then expanded into exports of cotton, cocoa and sheanuts from Nigeria.

By the start of 1993, Olam rec-ognised patterns and similarities in the skills and capabilities re-quired to participate in agricul-tural production and distribu-tion in many different product markets. Between 1993 and 1995,

the business grew from a single-country operation into multiple origins, first within West Africa (including Benin, Togo, Ghana, Côte d'Ivoire, Burkina Faso, Senegal, Guinea Bissau, Cam-eroon and Gabon), and then to East Africa (Tanzania, Kenya, Uganda, Mozambique and Madagascar) and then India. The move into multiple origin countries coincided with the de-regulation of the agricultural commodity markets.

Verghese said at a briefing in Singapore: "We are not focused on growing volumes any more, but rather on growing our prof-it pool.”

Olam’s net income plunged 44 per cent to S$31.8 million ($25 million) last quarter, compared with S$56.8 million a year ear-lier.

At the moment, the global commodities trader is seeking investors, such as Mitsubishi Corp. (8058), as a rise in global food demand adds to the attrac-tion of agriculture. A lack of cash flow was one of the issues raised in a 2012 report by short-seller Muddy Waters LLC, which caused Olam’s stock to plummet.

Mitsubishi said in June it would buy a controlling stake in Olam’s Australian grain unit, while the Tokyo-based trading house’s Sanyo Foods Co. agreed this month to purchase 25 per cent of Olam’s packaged food division.

struction site.On the stage of development

of the Lagos- Badagry Express-way, Hamzat explained that the project involve two-city chang-ing projects: the rail and 10-lane road project from Eric Moore to Badagry. The major challenge, he said, has been funding, as the project will span many years.

“Even though we have me-dium frame term of budgeting framework, you plan resourc-es a year, but you plan projects for many years,” he said.

The commissioner ex-plained that the first lane from Eric Moore to Mazamaza has already been completed, pointing out that the second stage, which is Lot 2 - from Mazamaza to Okokomaiko, is on course.

He added that the rail has been completed, while work is on-going on stations at Mile 2, Orile and in two other places.

Hamzat said: “There are two sets of contractors work-ing there. What we decide to do is relocation of services. We decided to slow down to see the total alignment for the two. So, the first challenge we are having is project interface

while the second problem is that these are different con-tractors, with different plans.

“There will be interface problems in some cases. So, as they are building those sta-tions, we deliberately slowed down the road at that place. In fact, those stations are now above 90 per cent, so that the road contractor can now go in and do full work, instead of 20 or 25 per cent.”

On the actual date of com-pletion of the road project, the commissioner said that government should be able to complete it in 2015, but that the challenges facing the time-ly delivery of the road were many. He explained that 1.7 million cubic metres of sand is required daily for sand fill-ing, which is not easy to come by.

Explaining the enormity of the challenge, he said: “Let me give you the statistics of this road. In order for us to do Lot 2, that is Mazamaza in front of the first gate to Oko-komaiko, you need 1.7 million cubic metre of sand. Now, getting that sand in itself is a challenge and you must get it from somewhere.

DEVELOPMENTOver N50 billion required to develop infrastructures in Lagos State

Dayo Ayeyemi

WorldWildlife Fund (WWF) has released a new guide that explains how banks

can go beyond reputation and risk management to embrace transformative change.

Entitled: “Environmental, Social and Governance (ESG) Integration for Banks: A Guide to Starting Implementation,” it shows how financial institu-tions acting as lenders, finan-cial advisors and capital raising agents can adopt sustainable practices.

According to a report from EnviroNews, this is the first guide that maps out steps for financial institutions in the ear-lier stages of their ESG journey.

Commenting, WWF Asia Fi-nance and Commodities Spe-cialist, said Jeanne Stampe, said the guide demonstrates how banks can manage their risk exposure to unsustainable business practices and lead the trend toward green business.

She warns that banks can no longer ignore credit risks brought on by severe weather patterns impacting infrastruc-ture or agricultural production, water stress affecting produc-tion across sectors, or regula-tions that affect the value of carbon assets or carbon-related infrastructure.

According to her, banks increasingly need to adapt to these emerging challenges

through sustainable solutions.“The guide provides banks

with a toolkit to develop an ESG strategy and an operational framework to integrate ESG is-sues into their practices. This is an expertise that financial insti-tutions across Asia are seeking with urgency,” she said.

Asia Pacific Head of Sustain-ability Affairs at Credit Suisse, Ben Ridley, commented: “Credit Suisse is proud to sponsor this guide. It provides Asian banks with the background, knowl-edge and tools to develop a strategy and action plan to em-bed consideration of key ESG issues into their core business.”

Chairman of the Associa-tion of Banks in Singapore, Samuel Tsien, said the call to address environmental con-cerns has grown increasingly louder over time, adding that businesses, whether upstream or downstream would need to work together to do what is right and that banks can play a significant role in promoting sustainability.

“While change will not hap-pen overnight, the WWF guide can serve as a roadmap to pro-vide insights on how ESG issues can be integrated into business processes to achieve this pur-pose,” she said.

Singapore Exchange (SGX) will be hosting the first in a se-ries of WWF-organised work-shops to discuss the key ESG issues facing the banking sector.

How banks can provide plan for sustainable finance –Report

BUSINESS | MONEYLINE32 Sanctity of Truth

Monday, September 1, 2014

Godson Ikoro

Nigeria Inter-Bank Settle-ment System (NIBSS) Plc has developed a new Automated Payments

System (NAPS) that will ul-timately replace the existing

Nigerian Electronic Fund Transfer (NEFT), which has some shortcomings.

The new software platform named NAPS enables pay-ment to multiple beneficiaries or collection from multiple subscribers to a Biller Service that enables people get their transferred money faster than the current NEFT, which posts transactions singly.

In response to New Tele-graph's emailed questions, NIBSS said that the new prod-uct is a strategic collaboration/partnership approved by Cen-tral Bank of Nigeria (CBN) be-

tween NIBSS and System Specs.Under NEFT, clearing ses-

sions are moderated for cheques whilst NAPS intends to intro-duce more sessions than the current three Electronic Funds Transfer (EFT) sessions.

For instance, while Nigerian Instant Payment (NIP) platform gives instant value, NEFT is same-day value but NAPS is processed at intervals of 15 minites, thus making it a more robust platform on the stable of NIBSS at the moment.

Our correspondent learnt that the new product was well accepted by banks and discount

NIBSS floats NAPS for faster money transferPILOT TESTAlready, pilot test has began in some banks, while the go-live operation shall commence soon

Sterling Bank bags PCIDSS recertification

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

The Council of Payment Card Industry (PCI) has recerti-fied Sterling Bank Plc barely

one year after the Council certi-fied it.

This, according to a state-ment from the lender, was in recognition of Sterling Bank’s compliance with standard prac-tice in cards management and having implemented all securi-ty controls to protect cardhold-ers’ information,

The payment card industry consists of all the organisa-tions, which store, process and transmit cardholder data, most notably for debit cards and cred-it cards. The security standards are developed by the Payment Card Industry Security Stan-dards Council, which develops the Payment Card Industry Data Security Standards used throughout the industry.

The PCI Council recertifies financial institutions, which have fully complied with all se-curity controls on cards man-agement to reassure customers of such institutions of safety of their information with the

bank.The Bank’s Group Head,

Strategy & Communications, Mr. Shina Atilola, said: “The recertification of the lender by PCI’s Council is a testimony of the Bank’s resolve to adequate-ly protect information about its customers from going into wrong hands. “

Atilola explained that Ster-ling Bank as a responsible fi-nancial institution has put in place the right mechanisms to ensure non-disclosure of infor-mation about customers to un-authorised persons and ensure that information is not compro-mised at any point in time.

He added that the bank will continue to uphold the tenet of confidentiality, integrity and availability in the handling of information of its customers.

Said he: “At Sterling Bank we have deployed tools to im-prove the security of informa-tion about our customers and the Bank, and create security awareness among internal and external customers on how to secure their information.

houses during its user accep-tance test.

Already, pilot test has com-menced in some banks, while the Go-Live operation shall com-mence soon as banks are at dif-ferent stages of implementation of the NAPS.

When the programme goes live, the banks that only pay processing charge to NIBSS will execute the transaction charge.

There are three main prod-uct lines with different ses-

sions. NIP gives Instant value; NEFT presently has three ses-sions - 8am, 10am and 2pm, while NAPS intends to intro-duce more sessions than the current three Electronic Funds Transfer (EFT) sessions.

The development of NAPS according to NIBSS, is in line with the mandate of NIBSS to initiate and develop an in-tegrated nationwide network for the electronic or paperless funds transfer and settlement of transactions, among others.

Jonah Iboma

The use of internet is con-tributing about $12billion to Nigeria's economy an-

nually, the Minister of Com-munications Technology, Mrs. Omobola Johnson, has said.

Nigeria's iGross Domestic Product (iGDP/GDP), as it is called, is 0.8 per cent of the country's annual GDP; a share that is below the African aver-age of 1.1 per cent, according Johnson, quoting a recent re-search by technology research firm McKinsey & Company.

She stated that the McKin-sey's "Lions go digital" report predicted that the internet could contribute up to $300 bil-lion to Africa's GDP by 2025 if properly utilised, from an esti-

mated $18 billion in 2013.This implies that if Nigeria

promotes the use of this new technology, considerable eco-nomic growth would result from it.

In a document obtained by New Telegraph, Johnson said currently, many African coun-tries were ahead of Nigeria in terms of the use of internet as economic tool. For instance, Sen-egal iGDP/GDP is 3.3 per cent, Kenya's iGDP/GDP is 2.9 per cent, while South Africa's iGDP/GDP

1.4 per cent.According to her, Senegal

and Kenya's iGDP levels are comparable to France and Ger-many, while Nigeria and South Africa still has some work to do.

"South Africa and Nigeria have low iGDPs, showing there are untapped opportunities to

harness the power of the inter-net to drive development," she noted.

She said only 36 per cent of Nigeria's 170million people are online, Noting, "increased inter-net use could propel private con-sumption almost 13 times high from $12 billion to $154 billion by 2025."

Jonhson stated further that her ministry had drawn up a plan that would see an exponen-tial growth in internet utilisa-tion in the country over the next 10 years.

Among the steps she un-veiled would be taken to redress the situation is, "the implemen-tation of a national broadband strategy and roadmap that seeks to increase broadband penetration from 6 per cent to 30 per cent by 2018."

Internet adds $12bn to Nigerian economy, says minister

Oyo State Governor, Abiola Ajimobi, has urged Ni-gerian accountants to be

acquainted with the Interna-tional Public Sector Account-ing Standards (IPSAS), emph-sising that ANAN members were expected to collaborate on adequate record-keeping of internally generated revenue, especially now that the asso-ciation has started exporting accounting knowledge.

In a statement, Ajimobi, who was represented by Al-haji Olaojo Adeniyi, a Direc-tor of Finance and Accounts in the accountants-general’s office, said that the dinner held in honour of an illustri-ous Yoruba son (Labode), was a vivid impression that there is reward for handwork.

According to the governor, Oyo State government has given a pride of place to pro-fessional accountants in its service and had approved the establishment of the position of the Director of Finance and Accounts in all its ministries, agencies and parastatals to he headed by an accountant.

Also in his address, the Pres-ident of the Association of Na-

tional Accountants of Nigeria (ANAN), Alhaji Sakirudeen La-bode, said that the association had moved from national to the global scene as it has com-menced exportation of account-ing knowledge beyond Africa.

While assuring that the as-sociation would become a full-fledged member of the Interna-tional Federation of accountants (IFAC), before the end of the year, Labode said that globalising the association was well-thought out issue by those who initiated it.

He appealed to members of the association to be upright and show reciprocal gratitude to their employers.

Also, the coordinating chair-man of the South West Zone of ANAN, Mrs Elemanya Ebilah, in her welcome address, acknowl-edged Alhaji Sakirudeen Labode, one of the state officials, saying that friends in the private sectors have gathered to honour “our No 1 Man.”

In his remarks, Dr Samuel Nzekwe, Chairman of the occa-sion, who is also a former presi-dent of the association, urged members of the association to collaborate and move the ac-countancy profession forward.

Gov Ajimobi tasks members as ANAN goes global

Camillus Nnaji

Experts at the just concluded business clinic organised by Soar Heritage in Lagos

have blamed lack of good busi-ness plan as a major reason why private, small, medium and public enterprises fail.

Panelists at the clinic were worried at the rate of business collapse, which they believe lead to high level of retrench-ment and unemployment.

President of the Association of Small and Medium Enter-prises (SME) in Nigeria, Dr. Femi Egbesola, noted: “Busi-ness failures in Nigeria can be attributed to various reasons ranging from lack of business plan by intending entrepre-neurs, location problems, prod-uct differentiation, technical knowledge and training.

He noted that any intending business that pays lip services to these factors have failed to plan and therefore, planned to fail.

Mrs Morenike Ashanye, in her contribution, identified in-tegrity, competence and faith-fulness, among others, as the pillars of business establish-ment. “Business owners must have competence and character, must be abreast with the laws of the land and make sure the business has a structure.”

In her lecture with the theme: “Businesses as vehicles for economic value creation,” Mrs Yetunde Badejoko, a facul-ty member, said that value cre-ation in business is that part of business action that increases the worth of goods and services or a business in the context of creating better value for cus-tomers, shareholders as well as impacting positively on the society.”

To create she explained, means to bring into being a product of thought or imagi-nation. She further explained that business creation is the pri-mary aim of a business entity, it sells products and services, in-

sisting that entrepreneurs must consistently create values for all stakeholders in their busi-ness value chains.

Badejoko added that value creation is not only for custom-ers, but “businesses should also create values for stakeholders – employees, suppliers, society and government.”

These agents, she said, are responsible for value creation.

She noted that traditionally, the entrepreneur thinks of a business option but now there is a synergy of co-creation be-tween consumers and produc-ers.

Mrs Badejoko charged busi-ness owners to always think outside the box and understand the business they are into in all ramifications, the competitive nature, government policies, nature of the industry and cus-tomer sourcing.

Other contributors include Mr Pacqueen Irabor, from Bank Of Industry (BoI), Mr Mayowa Olanihun, Head B.E.S.T, Lagos Chambers of Commerce and Industry, Mrs Nkem Obianwu, an entrepreneur and Mr Femi Olaiya, a faculty member at Soar & Heritage, among others.

BUSINESS | NEWS

TRAGEDYDouble tragedy hits Nigeria as its losses to Ebola outbreak are both human and financial

C O N T I N U E D F R O M PA G E 2 6

COMPETENCEBusiness owners must have competence and character

Experts identify why businesses fail

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

33Sanctity of Truth

Monday, September 1, 2014

burning of fossil fuels.One of these earlier reports

showed that scientists are 95 per cent certain that human activities contribute to climate change while another conclud-ed that everyone in the planet will be impacted by the chang-ing climate.

According to Angle Chron-icle, third report revealed of drastic measures that need to be taken globally to lower emissions before it is too late.

The final report is set to be published by early November this year.

In 2013, the world food im-port bill declined by 3 per cent to $1.15 trillion, with

cereals, sugar, vegetable oils and tropical beverages falling, but dairy, meat re-mained firm.

Also, a 2012 study by the University of Bonn’s Center for Development Research has stated that if biofuel produc-tion continues to expand ac-cording to current plans, the price of feedstock crops (par-ticularly maize, oilseed crops, and sugar cane) will increase more than 11 per cent by 2020.

The Food and Agriculture Organisation (FAO) in its re-cent report said one third of the food produced in the world for human consumption every year, which wasted is, approxi-mately 1.3 billion tons.

For the world to avoid hun-

ger, it said cereals production must increase by 940 million tons to reach 3 billion tons; meat production must in-crease by 196 million tons to reach 455 million tons and oil crops by must increase by 133 million tons to reach 282 mil-lion tons.

It added that the food cur-rently wasted in Europe could feed 200 million people.

The FAO study said food cur-rently lost in Africa could feed 300 million people.

It noted that food losses and waste amounts to roughly, $990billion, $ 680 billion in in-dustrialized countries and $ 310 billion in developing countries.

Industrialized and develop-ing countries dissipate roughly the same quantities of food, re-spectively 670 and 630 million tons.

It said fruits and vegetables, plus roots and tubers have the highest wastage rates of any food.

Global quantitative food losses and waste per year are roughly 30per cent for cereals, 40-50per cent for root crops, fruits and vegetables, 20per cent for oil seeds, meat and dairy plus 30per cent for fish.

In developing countries 40per cent of losses occur at post-harvest and processing levels while in industrialised countries, more than 40 per cent of losses happen at retail and consumer levels.

Ebola: Nigeria economy may lose $3.5bn, says Rewane

Abdulwahab IsaABUjA

The outbreak of deadly Eb-ola virus may take heavy toll on Nigeria’s economy with experts forecasting a

loss of between $2 billion and $3.5 billion before the eradi-cation of the deadly disease, which has claimed over 1,552 deaths, in four West African countries: Guinea, Liberia, Sierra Leone and Nigeria at last Friday.

Analysts at Financial De-rivatives Company (FDC) in their submissions, listed key

sectors such as aviation, hos-pitality and tourism, trade; medical and agriculture as sectors whose fortunes are at risk of the Ebola outbreak.

Analysing these sectors’ contribution to the Gross Domestic Product (GDP), the experts, led by renowned economist, Bismarck Rewane, in their bi-monthly Economic and Business Update, said that Nigeria may lose about $2 bil-lion in the first quarter of the outbreak.

They, however, noted that the chance of the outbreak going into a second quarter is very slim, but could extend the loss to $3.5 billion.

The publication, which fo-cuses on economic impact of Ebola disease and implication on the economy of the affected Africa countries, said that the outbreak of the disease has al-tered economic activities of the affected countries.

The experts noted: “Fear, panic, disbelief and frustra-tion has taken its toll on eco-nomic activities, particularly in Lagos. Moodys announced that the outbreak of Ebola in Nigeria could lead to serious disruptions in some sectors of the economy with negative financial consequences. The World Health Organisation (WHO) also reported that the

Ebola crisis is vastly underes-timated as the number of re-ported cases and deaths do not reflect the scale of the crisis.

“At the last count, approxi-mately 1,069 persons have died in the affected countries, out of which three are Nigerians while 198 persons are cur-rently under quarantine in Nigeria.”

To further illustrate the economic impact the disease could inflict on the affected countries, FDC stated : “Af-rica’s richest man, Nigerian cement magnate Aliko Dan-gote, has pulled some employ-ees out of his plant in Liberia and says one percentage point

of growth may be shaved off in the region this year.”

Ebola disease reputed as one of the highest fatality of all diseases, kill between 50-90 per cent of victims. There is no known cure or vaccine, though research is ongoing to provide a remedy. However, early detection and treatment leads to a better chance of sur-vival. Good personal hygiene is encouraged such as frequent hand washing and use of sani-tizers to prevent contracting the disease. Abstinence from ‘bush’ meat and wearing protective clothing around a person with the disease as also encouraged as a form of protection.

Nigeria, others to face food shortage

Nigeria, Ghana's diplomatic row worsens

L-R: Managing Director/CEO, Heritage Bank, Ifie Sekibo; Chief Compliance Officer, Standard Chartered Bank, Siji Adeyinka; Chief Compliance Officer, Diamond Bank, Isioma Gogo-Anazodo and Chief Compliance Officer, Heritage Bank, Prince Akamadu, at the monthly meeting of Chief Compliance Officers of Banks in Nigeria, hosted by Heritage Bank in Lagos.

Over 80 per cent of Nigeria's

stolen oil is being shipped out of the country in small tankers.

Where it goes, though, has long been a mystery.

Last year, Rear Admiral Oy-agha, during the Navy Week, on the topic: Harnessing Surveil-lance Technology in Support of Anti-Crude Oil Theft Op-erations in Nigeria, said: "In 2013, losses from crude oil theft were estimated at an average of about 55,210 barrels per day or monthly average of 1,656,281 barrels.”

Emmanuel Oware, general

manager of Petro-Marine Con-sult Ltd., which specializes in ship cargo inspections and is based in Tema, Ghana, said small vessels that have loaded what he called "unofficial" oil in Nigeria's oil-rich Niger Delta frequently come to discharge at Saltpond.

There, the Nigerian crude is mixed with Ghanaian oil, he said.

"It comes from Nigeria, but it gets a certificate of Ghana origin," he said.

The oil is then transferred to larger tankers, according to Mr. Oware, who said he inspected a transshipment at Saltpond last year.

AIICO started the year on an impressive note, as it was able to translate the top-line performance to bottom-line growth, leading to increase in pre-tax profit by 20.93 per cent during the first quarter ended March of 2014.

However, expectations that the company will return to profitability seems bleak fol-lowing poor outing that led to a report of 29 per cent decline in profits during the half year ended June 30, 2014.

Notwithstanding that the company has experienced a wide fluctuation in profit in re-cent years, market sentiment for the company has remained relatively stable.

The share price, which closed at 78 kobo per share in September 30, 2013 has main-tained as number four in the sub-sector.

At the close of business last Friday, the company’s share price stood at 80 kobo, an in-crease of 2 kobo or 2.5 per cent year to date.

Corporate profileAIICO commenced opera-

tions in Nigeria as an agency office of American Life Insur-ance Company (ALICO), USA in 1963. In 1970, ALICO was granted an operational licence in Nigeria as a company and a full subsidiary of its par-ent company to offer Life and Pension products. Following the Indigenisation Decree, the Federal Government of Nige-ria acquired 60 per cent of ALICO, and it became Ameri-can International Insurance Company Limited (AIICO). It converted to a public liability company in 1989. The Federal Government of Nigeria sub-sequently divested its 60 per cent holding in the company, while ALICO retained its 40

per cent interest. During con-solidation, AIICO absorbed two smaller industry players (NFI Insurance and Lamada Insurance, which ranked about 25 per cent and 4 per cent respectively of AIICO’s pre-consolidation business-size in terms of gross premi-ums. The company maintains its technical alliance with its shareholder, AIICO Bahamas limited, which has 12 per cent equity in the firm as at 2008, serving as an offshore vehicle as it struggled to cope with twin threats of sluggish indus-try growth and fierce competi-tion.

FinancialsAIICO has experienced a

wide fluctuation in profit in recent years. Its loss position last year was a big fall from an after tax profit of N1.32 billion in 2012 to a loss N739.22 million in 2013 accounting to 155.97 per cent decline. The company’s pre-tax profit also declined to

INSTABILITYNegative perception retards bottom-line

Chris Ugwu

Contrary to the expecta-tion that the Nigerian In-surance Industry would be the next growth sector,

the performance of the indus-try, in spite of considerable improvement, remains far below optimal.

Nigerian insurers face the same challenges as their coun-terparts in developing coun-tries. As a developing country, the challenges for Nigerian insurance companies will also include enforceability of in-surance regulations.

It is believed by the experts that the growth target expect-ed for the industry by the regu-lators would only be achieved through the enforcement of compulsory insurance.

Expectedly, the success of Nigeria’s insurance indus-try will depend largely on the resolution of the identi-fied challenges especially the enforcement of compulsory insurance. Other key success factors are prompt claim settle-ment, competent management, corporate governance, innova-tive products, human capital and technology.

Insurance companies have continued to find themselves juggling a variety of chal-lenges as they work to im-prove profitability, grow and compete. And these challenges, which also include negative perception, have continued to weigh down on the fortunes of companies.

Since the crash of the na-tion’s capital market in 2008, negative perception has trailed the subsector, which was com-pounded by inability 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, which ac-cording to them, the few ones that raised high expectation for good results ended up post-ing negative financial results.

Share priceThough the movement of

share price remains relatively stable, AIICO Insurance Plc, one of Nigeria’s oldest insur-ance companies got its fair share from the dwindling for-tune of the sub sector as 2013 full year results saw a drop of 155.97 per cent in profit after tax.

AIICO’s price trend reflects the spike in values observed in 2007 and into the early part of 2008 as post-consolidation and speculative trade pushed prices upwards. However, the extensive economic crisis has seen the company along with other insurance participants badly beaten and a downward spiral mirroring the market has been the lot of AIICO in recent months.

AIICO Insurance: Profit fluxes persist

a loss position of N1.27 billion in 2013, from a profit of N2.08 billion in 2012, representing 161.40 per cent loss. However, the company’s gross premium written rose by 10.95 per cent from N21.27 billion in 2012 to N23.602 billion in 2013.

A cursory look at the Q1 2014 numbers showed that AIICO started the year on an impressive note. For the first three months of the year, the gross premium written rose by 51.13 per cent to N8.81 billion, compared with N5.83 billion the same period in the corre-sponding year Q1 2013.

The company’s under writ-ing capacity was efficient as net premium income surged by 82.62 per cent to N6.96 bil-lion, as against N3.89 billion as of Q1 2014.

The insurer was able to translate the top-line perfor-mance to bottom-line growth as profit before tax (PBT) in-creased by 20.93 percent to N1.15 billion in Q1 2014, from N956.68 million as of Q1 2013.

Profit after tax (PAT) also followed the same growth tra-jectory as it jumped by 22.60 per cent to N914.9 million, as against N746.3 billion as of Q1 2014.

Total underwriting expens-es in the review period were up by 82.01 per cent to N5.77 billion from N3.17 billion, as of Q1 2013.

However, the company could not sustain the growth route in the second half of the year as financial results showed that the insurance firm posted 29 per cent decline in profits dur-ing the half year ended June 30, 2014.

In filing with the Nigeria Stock Exchange (NSE), the group’s net earnings dropped from N1.46 billion during the comparable period of 2013 to N1.13 billion in 2014.

The company’s gross pre-mium firmed up by 14.9 per cent to N14.612 billion in 2014, to N12.430 billion in 2013.

Looking aheadThe company at an annual

general meeting (AGM) recent-ly assured shareholders of its commitment to position AIICO as a stronger company with an effective governance system, solid businesses and a risk profile and capital structure in which all the stakeholders could have unwavering confi-dence and pride.

The chairman of the com-pany, Chief Dele Fajemirokun, while addressing shareholders at the AGM said: “Our objec-tive remains cultivating AII-CO’s entrenched franchise in insurance and as an economic powerhouse that continues to generate significant operating profits for our shareholders. I have great confidence that we will succeed – given the strong leadership of the new team, the efforts of our entire employee group and the stra-tegic partnerships with some of the most credible financial institutions in the world.

“Indeed, the years ahead will bring with them rapidly shifting and demanding envi-ronments. My fellow Directors and I are enthusiastic about the state of our business today – and that the full execution of the initiatives that we com-menced in 2013 would deliver a platform that is uniquely powerful.

“We are confident that our company today is more formi-dable to withstand any mar-ket or economic challenges, better positioned to realise the truly significant near and longer term market potential in our various businesses and uniquely placed to produce substantial, industry-leading returns for our shareholders over the next phase of AIICO’s lifecycle”.

Analysts’ perceptionNotwithstanding the fluc-

tuation in profits, investment analysts have forecast that AII-CO Insurance will outperform the market. This has been the consensus forecast since the sentiment of investment ana-lysts deteriorated in recent times. The previous consen-sus forecast advised investors to purchase equity in AIICO Insurance Plc.

Insurance companies were the worst hit in the capital market in terms of drop in share prices. According to analysts at Meristem Securi-ties Limited, insurance sector has lost 7.9 per cent year to date compared with the 38 per cent gain in the same period in 2013.

“Three stocks have recorded year to date gains, while 8 have lost and 16 stocks have traded flat. This can be largely ex-plained by the overall nega-tive sentiments in the market as well as the pre-existing low demand for insurance stocks owing to delayed reporting of results, lackluster perfor-mance by some companies and general negative perception of insurance by Nigerians,” they said.

However, the extensive economic crisis has seen the

company along with other insurance

participants badly beaten and a

downward spiral mirroring the market

has been the lot of AIICO in recent

months

Share price movement of AIICO Insurance

2013

Sept 30 78 kobo

Oct 31 92 kobo

Nov 30 86 kobo

Dec 31 84 kobo

2014

Jan 31 85 kobo

Feb 28 87 kobo

Mar 31 79 kobo

Apr 79 kobo

May 30 82 kobo

Jun 30 81 kobo

Jul 31 82 kobo

Aug 29 80 kobo

34 Sanctity of Truth

Monday, September 1, 2014business | STOCK WATCH

Fajemirokun

Chris Ugwu

Despite the fact that the Nigerian equity market skewed upwards during the last two trading days

of last week, with bullish sen-timents jostling to overrun the activities on the floor of the Nigerian Stock Exchange (NSE); the bears maintained their grip as market specula-tors struggled to pick profits.

Analysts said the resurgent of the bulls to sustain market rally for the two trading days, was evidence that investors’ confidence is returning to take advantage of the undervalued stocks in spite of security and health challenges that had posed threat to investments in the country.

They had forecast that the uncertainty surrounding the market following massive sell off that most blue chip com-panies witnessed the previ-ous weeks, would be over and stability returned, following investors’ appetite on some companies that are yet to turn in second quarter results.

Cumulatively, the NSE All-Share Index and market capi-talisation depreciated by 0.08 per cent to close at the weekend at 41,532.31 and N13.714 trillion respectively.

Four of the indices appreci-ated during last week with the exception of the NSE Consumer Goods Index (0.23 per cent), NSE Lotus II (1.39 per cent) and NSE Industrial Goods Index (1.51 per cent), while the NSE ASeM in-dex closed flat.

Negative trackTrading activities on the

floor of the Exchange had last Monday opened on a negative note as the bearish sentiments continued to hold sway in the local bourse.

The listed equities lost points and remained in the red terri-tory following sell pressure on blue chip companies, which was due to profit taking by market speculators in the wake of the cautious optimism that had pervaded the market in recent times.

The twin market perfor-mance measures, the NSE ASI and market capitalisation, dropped by 0.54 per cent respec-tively as the market tempo fell.

At the close of trading, 21 stocks appreciated, while 24 oth-ers constituted the losers’ table.

The twin market indicators, the All-Share Index dipped by 224.71 basis points or 0.54 per cent, from 41,564.19 the previ-ous Friday to close at 41,339.48. The market capitalisation also dropped by N74 billion or 0.54 per cent, from N13.72 trillion to N13.650 trillion.

Further analysis of the day’s trading showed that Total Nige-ria Plc topped the day’s gainers table with 98 kobo to close at N182.00, while Forte Oil Nige-ria Plc followed with 91 kobo to close at N232.11 per share. Co-

noil dipped by 55 kobo to close at N69.00 per share.

On the flip side, Nigerian Breweries Plc led the losers with a drop of N3.03 to close at N172.51, while Dangote Ce-ment Plc shed N1.97 to close at N228.00. Mobil Oil Plc shed N1.00 to close at N174.00.

On the activity chart, the banking sub-sector dominat-ed in volume terms with 36.9 million shares worth N410.3 million in 1,051 deals. The sub-sector was enhanced by the activities in the shares of GT Bank Plc and Access Bank Plc.

Insurance sub-sector boosted by the activities on the shares of Mansard Insurance Plc trailed with 32.6 million units, worth N57.2 million in 173 deals.

In all, investors exchanged a total of 156.6 million shares, worth N1.4 billion in 3,958 deals.

Undesirable sentiments persistLast Tuesday, the bears main-

tained market dominance in the local bourse following 0.25 per cent drop in both market perfor-mance indices, reflecting profit taking, amid drop in investment activities.

The key benchmark indices maintained negative trajectory to close in the red, as activities in the shares of Cadbury Nige-ria and Guinness Nigeria fur-ther dragged down the equity market.

Trading activities on the floor of Exchange had the pre-vious day also closed in the red following low sentiments of investors.

Consequently, the All-Share Index dipped 104.23 basis points or 0.25 per cent to close at 41,235.25 as against 41,339.48 recorded the previous day, while the market capitalisation of eq-uities depreciated by N35 billion or 0.25 per cent as market senti-ment remained red.

Meanwhile, a turnover of 178.4 million shares worth N2.02 billion in 4,524 deals were re-corded in the day’s trading.

Just as in the previous day,

the banking sub-sector of the financial services sector was the most active during the day (measured by turnover vol-ume); with 86.4 million shares worth N93.7 million exchanged by investors in 1,396 deals.

Volume in the banking sub-sector was largely driven by ac-tivities in the shares of Access Bank Plc and GTB Plc.

Also, Insurance services sub sector, boosted by activity in the shares of Continental Insur-ance Plc, trailed with a turnover of 20.5 million shares valued at N17.1 million in 205 deals.

Investments dip furtherLast Wednesday, the Nigeri-

an stock market also closed on the negative trajectory as activi-ties on the shares of oil and gas slowed momentum to give the bears an enablement to sustain stronghold in the Nigerian capi-tal market.

The dominance led to a fur-ther drop of N37 billion in mar-ket capitalisation.

Three-oil firms - Forte Oil Plc, Conoil and MRS Oil along with other blue chips shed

weight, dragging the market southwards.

This was due to profit tak-ing by investors in the wake of the cautious optimism that had prevailed in the market in the recent times.

The twin market perfor-mance measures, the NSE ASI and market capitalisation, fell by 0.27 per cent as the market tempo lowered.

At the close of trading, 16 stocks appreciated, while 27 oth-ers constituted the losers’ table.

The twin market indicators, the All-Share Index dipped by 114.13 basis points or 0.27per cent, from 41,235.25 the previous day, to close at 41,121.12. Market capitalisation also dropped by N37 billion or 0.27 per cent from N13.615 trillion to N13.578 tril-lion.

Further analysis of the day’s trading showed that Seven-Up Nigeria Plc topped the day’s gainers table with N7.22 to close at N134.00, while Beta Glass Plc added N1.74 to close at N18.85. Oando Nigeria Plc followed with 45 kobo to close at N25.50 per share.

Bulls resurfaceThe stock market last Thurs-

day recorded upward trends as the bulls staged a comeback after the market witnessed de-pression and closed on the red zone in the previous days.

The NSE ASI rose by 0.58 per cent on the back of positions taken by bargain hunters on the highly capitalised stocks.

The northwards movement was driven by the activities of oil marketing company and ce-ment producing company- Forte Oil Plc and Ashaka Cement Plc.

Consequently, the All-Share Index gained 238.75 basis points to close at 41,359.87 as against 41,121.12 recorded on Wednes-day while, the market capitali-sation of equities appreciated by N80 billion or 0.58 per cent as market sentiments turned green.

Meanwhile, a turnover of

263.1 million shares worth N2.4 billion in 4,617 deals were re-corded in the day’s trading.

The banking sub-sector of the financial services sector was the most active (measured by turnover volume); with 150.7 million shares worth N972.7 bil-lion exchanged by investors in 1,467 deals.

Volume in the banking sub-sector was largely driven by ac-tivity in the shares of Sterling Bank Plc and Unity Bank Plc.

Also, the insurance sub-sector of the financial services sector, boosted by activities in the shares of NEM Plc, followed with a turnover of 21.4 million shares valued at N17.8 billion in 164 deals.

The number of gainers at the close of trading session was 31, while decliners closed lower at 20.

Forte Oil Nigeria Plc led on the gainers’ table with N5.25 to close at N225. 80 per share, while Ashaka Cement Plc followed with a gain of N1.12 to close at N33.12 per share. International Breweries Plc added N1.00 to close at N28.00 per share.

Bullish rally sustainedThe Exchange continued on

its bullish trend last Friday as the principal indicators, the NSE ASI and market capitali-sation, rose by 0. 4 per cent.

Blue chip companies such as Forte Oil, Nigerian Breweries and Oando, lifted the market capitalisation by N57 billion.

Consequently, at the close of transactions, the market capi-talisation increased by 0.4 per cent or N57 billion from N13.656 trillion traded last Thursday to N13.713 trillion at the weekend.

Also, the NSE All Share In-dex (ASI) appreciated by 172.44 basis points to 41,532.31 points, from 41359.87 points recorded in the previous day.

Further review of Friday’s trading showed that showed that investors bought 355.9 mil-lion shares worth N6.1 billion in 4,587 deals.

Five most capitalised stocks

as @ Aug 29, 2014

Dangote

Cement Plc

N3.8tn

Nigerian

Breweries Plc

N1.3tn

Guaranty

Trust Bank

Plc

N879.9bn

Nestle Nig

Plc

N856bn

Zenith Bank

Plc

N772.3bn

35Sanctity of Truth

Monday, September 1, 2014 BUSINESS | CAPITAL MARKET REPORT

Nigerian stocks record two weeks’ lowPLUNGEInvestors’ apathy continues as Nigerian equities bleed

NSE trading floor

Sanctity of Truth

Monday, September 1, 2014

Sunday Ojeme

The threat posed by the wide spreading Ebola Virus Disease has sent fears into stakeholders in the insurance industry as its

likely effect on the economy is bound to deal an unprecedented blow on the sector.

Lamenting the situation last week, the President, Nigerian Council of Reg-istered Insurance Brokers, Mr Ayodapo Shoderu, said that some critical sec-tors of the economies of West Africa, of which Nigeria is cardinal, were al-ready being affected adversely.

Growing apprehensionHe observed that the outbreak of the

virus had continued to be a scary episode in the world, in view of its devastating effect on the human race as well as the economic implication of its spread.

Shoderu said: “It should be known that aside from creating unfriendly am-bience for productivity, the economies of the nations most affected have been strained as substantial budgets meant for other social and economic purposes are being diverted to curb the scourge.

“Already, some critical sectors of the economies of West Africa, of which Nigeria is cardinal, are being affected adversely. It is common knowledge that through restriction of movements across countries, tourism and allied sectors have started to witness some lull in their op-eration.

“Permit me to note that the scourge will also have adverse effect on the insur-ance industry, going by the possible in-crease in compensation for life insurance. This will automatically lead to a diminu-tion in the profitability of the industry and, by implication, a further reduction in its contributions to the nation’s Gross Domestic Product.

The currently rebased GDP, which qualified Nigeria as the biggest economy in Africa, ironically brought down the in-surance industry’s contribution to the na-tion’s GPD from 0.7 per cent to 0.6 per cent.

Shoderu said that since the outbreak of the debilitating virus, no fewer than 1,000 deaths had been recorded in West Africa, stressing that “it is quite apposite for me to advise corporate bodies to collaborate more with government in bringing an end to this monstrous disease.”

Last week, Managing Director of Union Assurance Plc, Mr Godwin Odah, said that the virus had started taking its toll on the sector as one of the victims, Abdulqudir Jatto, a protocol assistant at the Economic Community of West Africa States office, who died of the disease, was insured for N18 million.

Expert's projectionNew Telegraph recalls that the Manag-

ing Director, Financial Derivatives Lim-ited, Mr Bismarck Rewane, had projected that the nation might lose $3.5 billion to the epidemic by December this year, if nothing is done to contain its spread. He

said that the fear of the disease had af-fected economic activities significantly, listing the sectors mostly affected as avia-tion, tourism and hospitality, trade, medi-cal and agriculture.

He said: “Analysing these sectors’ con-tribution to the Gross Domestic Product shows that Nigeria may lose about $2 bil-lion in the first quarter of the outbreak. The chance of the outbreak going into a second quarter is very slim; which could extend the loss to $3.5 billion.”

Risk capacityHowever, even as the disease appears

to be defying possible cure, a risk expert and Managing Director, Riskguard Africa Limited, Mr Yemi Soladoye, said that the scare of the disease was not beyond the underwriting capacity of Nigerian un-derwriters.

Soladoye, in a report, said that Nige-rian life insurers were not just the high-est capitalised in Africa, but also hav-ing the largest number of professionally qualified practitioners in the continent, adding that the industry had all what it takes to underwrite the risk.

He said: “While another underwriter

will see it as a threat, I will see it as an opportunity and God knows that within the next two months as promised by our president to eradicate same, I would gen-erate N4 billion from Nigerians. Insur-ance is generally a fear product and the fear is already here and not just at state or national level, but sub-regional level- West Africa for a start.

“Insurers can grant cover to Ebola pa-tients because in Kenya and South Afri-ca, insurers grant cover to HIV positives.

Ebola is an epidemic not a disease and so like cholera, it will soon pass. Even at that, insurers in other jurisdictions grant cover for existing deformities and dreaded diseases.

“No insurance industry can grow if the operators are only risk carriers by signboard but are risk averters in prac-tice. Market growth and expansion can only come from unusual risks, new mar-kets and underserved markets."

FG's insurance bait In a bid to contain the disease that

has killed not less than five Nigerians, including a doctor in Port Harcourt last week, the Federal Government extend-ed life insurance cover as bait to health workers and volunteers.

Nigeria’s Minister of Health, Profes-sor Onyebuchi Chukwu, while briefing representatives of foreign missions in the country on the measures being taken to contain the disease, said that since the country was facing some challenges as regards the outbreak of the diseases, the new thrust was needed to encourage health workers.

According to him, we are facing some challenges because we need to encourage workers, especially when they hear that some doctors and nurses are dying. Even now in Nigeria, a nurse has died.

“It has now become increasingly diffi-cult to convince health workers to attend to these patients, but we have to and we are making effort to get people. We have also improved their confidence level.

“What we have decided is that all the people taking part, even if they did not have insurance before, they must have insurance. This one is not indemnity for now alone, it is life insurance to protect them and their families, so that in case anything happens to them, their families will not suffer double loss."

He also said that all outbound passen-gers would henceforth be screened before leaving the country.

Ghana's formularOn the other hand, Ghanaian medical

doctors are asking the country's govern-ment to provide insurance cover and risk allowance for medical staff in the face of dreadful Ebola virus alert in the country.

President of Ghana Medical Associa-tion (GMA), Dr. Opoku Edusei, said that although government had put in place measures to avert a possible outbreak of the pandemic, much had not been done to protect health workers against the alert.

He said: “GMA is not holding the coun-try to ransom, but we are asking for pro-tection for our members in the face of the Ebola virus scare.”

Edusei added that there were not enough equipment, especially protective covers, for the health workers in case the unfortunate happened.

This has become necessary following reported death of doctors on the front-line of the battle against the world’s worst ever outbreak.

In the face of the Ebola threat, govern-ment has put in place various commit-tees to monitor the situation in all the 10 regions as a way of preventing pos-sible outbreak of the disease which had reportedly killed 932 people in Guinea, Liberia, Sierra Leone and Nigeria.

All suspected cases reported in Ghana proved negative, however people have refrained from eating bush meat because of education campaign that bush meat might be carrying Ebola virus.

36

InsuranceEbola: Brokers lament likely effect on insuranceLOSSESThe poor contribution of the insurance sector to the nation’s GDP is likely to be heightened

Permit me to note that the scourge will also have

adverse effect on the insurance industry, going by the possible increase in compensation for life

insurance

Shoderu Commissioner for Insurance, Fola Daniel

Odah Soladoye

Sanctity of Truth

Monday, September 1, 201437

Sunday Ojeme

Despite the huge economic presence in Nigeria and its being rated as the biggest economy in Africa, the

insurance sector in Kenya has been rated higher than that of Nigeria as the industry grew by 24.4 per cent in 2013 as against Nigeria’s 15 per cent.

According to the Association of Kenya Insurers, insurance business transaction in the East African country was one of the highest globally.

The report which also draws data from a Swiss Re global industry survey showed that Kenya's insurance density -the measure of premium per capi-ta- stood at $35, way below South Africa's $102.

However, Kenya's insurance density was still higher than re-gional economic giant Nigeria where this rate stood at $11.

In the report released by AKI, the local insurance industry's gross written premium rose to Sh130.65 billion last year from Sh108.54 billion giving it the highest growth rate by percent-age in Africa and the second best in the world after Jordan.

South Africa's insurance in-dustry which is the biggest in the continent grew by 17 per

cent while Jordan had the high-est growth rate globally at 24 per cent. Insurance penetration in the local market increased to 3.44 per cent from 3.16 per cent in 2012.

"It is a remarkable improve-ment," said AKI chairman, Justus Mutiga, noting that the average penetration for Europe last year was 6.82 per cent while Africa's was three per cent.

While releasing the report, AKI's executive director, Tom Gichuhi, decried cut throat competition in the motor and group life classes of insurance which led these sections to per-form dismally last year due to price undercutting. Motor in-surance recorded a loss of over Sh600 million while group life's growth was lower than that re-corded in 2012.

Group life insurance re-corded gross premium income of Sh11.12 billion compared to Sh10.03 billion translating to an increase of 10.9 per cent, com-pared to the previous year's rise of 37.4 per cent.

Nigeria’s gross premium income for grew from N247.58 billion in 2012 to just N285 bil-lion in 2013, representing an increase of 15 per cent.

The industry, which is bedev-iled by public apathy resulting in low market penetration, is currently battling with ac-counts adjustment to the glob-ally accepted International Financial Reporting Standard. The situation has drastically affected the speed with which the operators used to declare results in the past.

As at last week, only 25 opera-

BUSINESS | INSURANCE

Kenya insurance rated above Nigeria’sGROWTHThe hostile socio-economic environment has continued to reflect on poor economic growth in the country

LASACO makes financial donation to Lagos school programme

Stakeholders to examine new trends, strategies at CIIN forum

tors out of over 40 companies have had their financial ac-counts totaling N186.3 billion gross premium income written for 2013 approved.

According to the details, Custodian Life Assurance Lim-ited posted GPI of N2.50 billion; Custodian & Allied Insurance, N20.45 billion; Mansard Insur-ance Plc, N13.57 billion; FBN Life Assurance Limited, N3.89 billion; ADIC (NSIA) Insur-ance Limited, N4.66 billion; Cornerstone Insurance Plc, N5.31 billion; Zenith Insur-ance Company Limited, N6.49 billion; Zenith Life Insurance Company Ltd, N1.52 billion and Wapic Life Assurance Limited, N655 million.

Others are Wapic Insurance Plc, N2.38 billion; UBA Metro-politan Life Insurance Compa-ny Limited, N1.57 billion; Re-gency Alliance Insurance Plc, N3.14 billion; Law Union & Rock Insurance Company Plc, N3.44 billion; Oasis Insurance Plc, N1.24 billion; AIICO Insurance Plc, N22.83 billion; Continen-tal Reinsurance Company Plc, N13.84 billion; Niger Insurance Plc, N10.44 billion; Leadway Assurance Plc, N41.75 billion; Linkage Assurance Plc, N2.68 billion and Sovereign Trust In-surance Plc N8.67 billion.

Royal Exchange Insurance Company Limited posted N6.73 billion; Royal Prudential Life Assurance Plc, N2.14 billion;

Prestige Assurance Plc, N4.72 billion; Guinea Insurance Plc, N1.08 billion; Standard Alliance Life Assurance Company Lim-ited, N1.87 billion.

Within the same period, the National Insurance Commis-sion said the accounts of Lasaco Assurance Plc; Lasaco Life As-surance Limited; Sterling As-surance Nigeria Limited; NEM Insurance Plc; Equity Assur-ance Plc; Old Mutual (Oceanic Life) Nig. Life Assurance Lim-ited; Anchor Insurance; KBL (PHB) Insurance Limited; Fin Insurance Company Limited; Old Mutual (Oceanic) Insur-ance General Limited and some others were being queried for poor records.

The Chartered Insurance Institute of Nigeria (CIIN)has finalised arrangement

to host its annual Insurance Professional Forum, which re-mains the single most crucial gathering of professionally qualified insurance practitio-ners in Nigeria.

The event, which began in 1991, has offered immense op-portunities for robust delibera-tions on the issues pertinent to the growth and development of the Insurance Industry, the pro-fession and practice.

A statement made available to New Telegraph, revealed that the 2014 edition of the forum, scheduled for Wednesday Sep-tember 10 to Saturday Septem-ber 13, would anchor its delibera-tions on a well-conceived theme, “The Insurance Industry: New Trends, New Strategies”.

The statement signed by the Head of Corporate Communi-cations, CIIN, Mr Joseph Obah, said that the Forum theme aptly captured the post-economy re-basing mood in the insurance business environment in Ni-geria in terms of new product trends and strategies of har-nessing the perceived opportu-nities.

The statement added that an array of respected speakers including the Commissioner for Insurance, Mr Fola Daniel, and other stakeholders would be there to address the Forum

topics.According to the CIIN Presi-

dent, Mr Bola Temowo, the Nation’s Financial Inclusion Strategy may top the agenda in view of the Human Capital realignment imperatives for driving the financial inclusion products such as Micro Insur-ance and Takaful.

Temowo stated that the prod-ucts remained relatively un-known to the critical mass in the grassroots, despite being the targets of the products, adding that a whole lot must be done in order to bring these products in the front burners of our opera-tions in order to deepen insur-ance penetration in the country.

He added that the prevailing trends and strategies provided food for thought and a reason for serious deliberations by the managers of the nation’s insur-ance sector.

Temowo had earlier called on insurance professionals to see the Forum as a unique opportu-nity for continuous professional education and personal growth and development for career pro-gression.

He said that attendance at the Forum should be instinctive for all well-meaning professionals rather than compulsive, adding that the Professionals’ Forum ought to have grown to the 1,000 delegate mark after more than 22 years of coming into exis-tence.

L-R: Senior Project Officer, LEARN, Mrs Tonne Saheed; Head, Public Relation and Events, Dufil Prima Foods Plc, Mr Tope Ashiwaju and Project Officer, LEARN, Mrs Bisi Awoyomi, during the 2014 Indomie/LEARN Initiative in Lagos

One of the frontline insur-ance companies in the

country, LASACO Assurance Plc, has made financial dona-tion to the Lagos State govern-ment as part of its Corporate Social Responsibility (CSR) to boost the state’s summer school programme.

The donation was made to the Lagos Empowerment and Resource Network (LEARN) to enable it organise and facilitate summer school programme for this year’s long vacation as a means of keeping students off the streets during the period.

A statement on Friday re-vealed that the programme is designed to empower students with practical skills that would make them self-reliant and also to inculcate entrepreneurial skill in different areas of en-deavours.

The practical skill areas in-clude shoe making, bead mak-ing, event decoration, barbing, catering, soap making, and pho-tography among others.

According to the firm’s Gen-eral Manager, Biodun Dosun-mu, who stood in for the Group Managing Director, LASACO Assurance Plc, Olusola Ladipo-Ajayi, LASACO believes tomor-row is certain when future lead-

ers are properly groomed and nurtured through investment in their education and empow-erment with practical skills that would make them self- reliance.

He said, “Our support for LEARN has been on in the last 3 to 4 years due to LASACO’s be-lieve in being a socially respon-sible corporate organization as well as sustaining the legacy of its former chairman, late Chief Akin Leigh, who initiated the collaboration with LEARN.

“This great initiative aligns with one of LASACO’s strate-gic business principle of striv-ing to better the society, partic-ularly using corporate social responsibility platform and therefore deserves sustenance.

“LASACO cannot but give support to Lagos State Gov-ernment’s drive to lay a solid foundation for the future lead-ers. Lagos State government has also been very supportive of LASACO as a corporate en-tity,” he added.

Dosunmu expressed grati-tude to the LEARN for taking the initiative to get the stu-dents engaged during the holi-day rather than roaming the street, stating that the society would be better for it.

In his remark, the Coordina-

tor of Oke Ira Centre, Mrs. Olu-funmilayo Soneye, disclosed that the centre had about 600 students drawn from various schools in the area.

According to her, many par-ents have testified to the effec-tiveness of the programme as they have noticed remarkable positive changes in the lives of their children.

Apart from Oke Ira Ju-nior Grammar School centre, LEARN has two other centres for this year’s summer school. They are located at Iponri Estate Junior School, Iponri Surulere and Awori Ajeromi Junior Grammar School Ag-boju. Lagos Empowerment & Resource Network (LEARN) was established in 2007 with special focus on youth devel-opment.

The vision is to ignite a pas-sion for learning in the youths through education, vocational skills and recreation.

Other programmes of LEARN are: Summer & after school lessons; career enlight-enment program; a time out with the youths; skill acquisi-tion program; open day for parents & excursion; what next; excursion and volunteer induc-tion.

38 Sanctity of Truth

Monday, September 1, 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

9.25 28-SEP-2014 28-Sep-07 9.25 100.00 28-Sep-14 0.08 10.69 8.90 99.85 100.004.00 23-APR-2015 23-Apr-10 4.00 535.00 23-Apr-15 0.65 11.03 10.78 95.69 95.8413.05 16-AUG-2016 16-Aug-13 13.05 530.27 16-Aug-16 1.97 11.23 11.14 103.12 103.2715.10 27-APR-2017 27-Apr-12 15.10 452.80 27-Apr-17 2.66 11.23 11.17 108.65 108.809.85 27-JUL-2017 27-Jul-07 9.85 20.00 27-Jul-17 2.91 11.24 11.17 96.62 96.779.35 31-AUG-2017 31-Aug-07 9.35 100.00 31-Aug-17 3.01 11.24 11.11 95.30 95.6010.70 30-MAY-2018 30-May-08 10.70 300.00 30-May-18 3.75 11.24 11.14 98.34 98.6416.00 29-JUN-2019 29-Jun-12 16.00 351.30 29-Jun-19 4.83 11.25 11.18 117.30 117.607.00 23-OCT-2019 23-Oct-09 7.00 233.90 23-Oct-19 5.15 11.34 11.25 83.41 83.7116.39 27-JAN-2022 27-Jan-12 16.39 600.00 27-Jan-22 7.41 11.76 11.71 122.45 122.7514.20 14-MAR-2024 14-Mar-14 14.20 281.35 14-Mar-24 9.54 11.90 11.85 112.90 113.2015.00 28-NOV-2028 28-Nov-08 15.00 75.00 28-Nov-28 14.25 12.45 12.41 116.75 117.0512.49 22-MAY-2029 22-May-09 12.49 150.00 22-May-29 14.73 12.49 12.45 99.94 100.248.50 20-NOV-2029 20-Nov-09 8.50 200.00 20-Nov-29 15.23 12.54 12.48 72.83 73.1310.00 23-JUL-2030 23-Jul-10 10.00 591.57 23-Jul-30 15.90 12.15 12.10 85.00 85.3012.1493 18-JUL-2034 18-Jul-14 12.15 70.00 18-Jul-34 19.89 12.15 12.10 100.00 100.30

4,591.19

4,686.99

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 0.17 1.00 11.96 97.99

24-May-10 0.00 24.56 24-May-15 0.73 2.63 13.71 90.6903-Apr-12 17.25 3.30 03-Apr-17 1.35 2.27 13.51 104.7509-Dec-11 0.00/16.00 112.22 09-Dec-16 2.28 2.00 13.23 101.0520-Apr-12 0.00/16.50 116.70 20-Apr-17 2.64 1.00 12.23 99.4906-Jul-12 0.00/16.50 66.49 06-Jul-17 2.85 1.00 12.23 97.02

1,301.621,278.47

Sub-National BondsA-/GCR NIGER 15-Oct-09 14.00 6.00 15-Oct-14 0.13 3.29 14.12 99.89A+/Agusto KADUNA 31-Aug-10 12.50 8.50 31-Aug-15 1.01 4.44 15.69 97.14A/Agusto *EBONYI 30-Sep-10 13.00 6.08 30-Sep-15 0.61 3.23 14.24 99.54Nil *BENUE 30-Jun-11 14.00 6.27 30-Jun-16 1.13 4.46 15.71 98.65A+/Agusto *IMO 30-Jun-09 15.50 7.37 30-Jun-16 1.13 3.48 14.73 101.26A+/Agusto; A+/GCR LAGOS 19-Apr-10 10.00 57.00 19-Apr-17 2.64 5.59 16.82 85.88A-/Agusto *BAYELSA 30-Jun-10 13.75 29.92 30-Jun-17 1.68 1.00 12.24 102.52A/Agusto EDO 30-Dec-10 14.00 25.00 31-Dec-17 3.34 1.79 13.03 102.51A+/Agusto; A+/GCR *DELTA 30-Sep-11 14.00 37.25 30-Sep-18 2.31 1.80 13.03 102.05A-/Agusto; A-/GCR NIGER 04-Oct-11 14.00 9.00 04-Oct-18 4.10 1.00 12.25 105.49A/Agusto; A-/GCR† *EKITI 09-Dec-11 14.50 14.96 09-Dec-18 2.51 1.00 12.23 104.97A-/Agusto *NIGER 12-Dec-13 14.00 11.13 12-Dec-18 2.51 4.78 16.01 96.22A/Agusto; A-/GCR *ONDO 14-Feb-12 15.50 27.00 14-Feb-19 2.89 1.00 12.23 105.28A/Agusto; A-/GCR *GOMBE 02-Oct-12 15.50 17.28 02-Oct-19 2.96 1.00 12.24 108.07Aa-/Agusto; AA-/GCR LAGOS 22-Nov-12 14.50 80.00 22-Nov-19 5.23 1.00 12.36 108.03A/Agusto; A-/GCR *OSUN 12-Dec-12 14.75 28.37 12-Dec-19 3.02 2.74 13.98 101.87A/Agusto *OSUN 30-Sep-13 14.75 11.40 30-Sep-20 3.64 1.00 12.24 107.01Aa-/Agusto; AA-/GCR LAGOS 27-Nov-13 13.50 87.00 27-Nov-20 6.25 1.00 12.63 103.63A-/Agusto; BBB+/DataPro KOGI 31-Dec-13 15.00 5.00 31-Dec-20 6.34 1.94 13.59 105.79A/Agusto *EKITI 31-Dec-13 14.50 4.78 31-Dec-20 3.82 1.44 12.68 105.33A-/GCR *NASARAWA 06-Jan-14 15.00 4.79 06-Jan-21 3.85 1.95 13.19 105.27

484.10493.27

Corporate BondsA+/Agusto; AA/GCR LAFARGE WAPCO 07-Oct-11 11.50 11.80 07-Oct-14 0.11 1.00 11.76 99.92Aa/Agusto GTB 18-Dec-09 13.50 13.17 18-Dec-14 0.30 5.21 16.35 99.05Nil µNGC 01-Apr-10 17.00 2.00 31-Dec-14 0.34 8.71 19.81 98.94Bbb-/Agusto *UPDC 17-Aug-10 10.00 3.61 17-Aug-15 0.72 4.88 15.96 96.21A-/Agusto *FLOURMILLS 09-Dec-10 12.00 13.62 09-Dec-15 0.80 1.00 12.12 100.47BB+/GCR *CHELLARAMS 06-Jan-11 14.00 0.60 06-Jan-16 0.88 2.63 13.80 100.69A+/Agusto; A-/GCR NAHCO 29-Sep-11 13.00 15.00 29-Sep-16 2.09 1.00 12.23 101.35A-/Agusto FSDH 25-Oct-13 14.25 5.53 25-Oct-16 2.16 1.34 12.57 103.04A/GCR UBA 30-Sep-10 13.00 20.00 30-Sep-17 3.09 1.00 12.24 101.89BBB-/GCR *C & I LEASING 30-Nov-12 18.00 0.73 30-Nov-17 1.90 1.88 13.12 109.29BBB+/DataPro†; BB+/GCR *DANA# 09-Apr-11 16.00 7.20 09-Apr-18 1.86 3.48 14.72 102.37A-/DataPro†; BB-/GCR *TOWER# 09-Sep-11 18.00 3.27 09-Sep-18 2.03 5.20 16.43 102.84AAA/DataPro†; A+/GCR *TOWER# 09-Sep-11 16.00 0.90 09-Sep-18 2.03 5.06 16.29 101.68A/Agusto; A/GCR UBA 22-Sep-11 14.00 35.00 22-Sep-18 4.07 1.35 12.60 104.34Bbb+/Agusto; BBB+/GCR *LA CASERA 18-Oct-13 15.75 2.70 18-Oct-18 2.14 2.29 13.52 104.39BBB-/DataPro†; BB+/GCR *CHELLARAMS# 17-Feb-12 17.00 0.41 17-Feb-19 2.47 6.11 17.34 99.44BBB/GCR *DANA 01-Apr-14 16.00 4.50 01-Apr-19 3.34 2.16 13.40 106.78A+/Agusto; A-/GCR NAHCO 14-Nov-13 15.25 2.05 14-Nov-20 6.21 2.76 14.38 103.43

142.08144.96

Supranational BondAAA/S&P IFC 11-Feb-13 10.20 12.00 11-Feb-18 3.46 1.00 12.24 94.38

12.0011.33

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 4.63 4.48 111.62 112.48

BB-/Fitch; BB-/S&P 12-Jul-13 5.13 500.00 12-Jul-18 3.89 3.67 104.37 105.17

BB-/Fitch; BB-/S&P 12-Jul-13 6.38 500.00 12-Jul-23 4.96 4.85 110.02 110.85

1,500.001,630.07

Corporate EurobondsB/Fitch; B-/S&P AFREN PLC I 01-Feb-11 11.50 450.00 01-Feb-16 3.34 3.34 111.13 111.13

B+/Fitch; B+/S&P GTBANK PLC I 19-May-11 7.50 500.00 19-May-16 4.72 4.07 104.50 105.60

B+/S&P ACCESS BANK PLC 25-Jul-12 7.25 350.00 25-Jul-17 6.78 6.78 101.20 101.20B/Fitch; B/S&P FIDELITY BANK PLC 09-May-13 6.88 300.00 02-May-18 8.73 8.15 94.25 96.01B+/Fitch; B+/S&P GTBANK PLC 08-Nov-13 6.00 400.00 08-Nov-18 6.08 5.80 99.71 100.74B/Fitch AFREN PLC II 08-Apr-12 10.25 300.00 08-Apr-19 8.52 7.95 106.46 108.68B+/Fitch; BB-/S&P ZENITH BANK PLC 22-Apr-14 6.25 500.00 22-Apr-19 6.16 6.16 100.35 100.35B/Fitch; B/S&P DIAMOND BANK PLC 21-May-14 8.75 200.00 21-May-19 9.00 8.75 99.02 99.96B-/Fitch; B/S&P FIRST BANK PLC 07-Aug-13 8.25 300.00 07-Aug-20 7.42 7.42 103.01 103.01B-/Fitch; B/S&P AFREN PLC III 09-Dec-13 6.63 360.00 09-Dec-20 7.31 7.31 96.60 96.60B-/Fitch; B/S&P ACCESS BANK PLC II 24-Jun-14 9.25 400.00 24-Jun-21 8.72 8.56 102.88 103.72B-/Fitch; B/S&P FIRST BANK LTD 23-Jul-14 8.00 450.00 23-Jul-21 7.53 7.53 101.48 101.48

B-/S&P ECOBANK NIG. LTD 14-Aug-14 8.75 250.00 14-Aug-21 8.61 8.46 99.71 100.52

4,760.004,851.74

DTM Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%) 13 11-Sep-14 10.50 10.25 10.5420 18-Sep-14 10.50 10.25 10.56 Tenor Rate (%) 27 25-Sep-14 10.35 10.10 10.43 O/N 11.1250 Spot 162.40 162.5034 2-Oct-14 10.70 10.45 10.81 1M 12.5564 7D 162.50 162.7641 9-Oct-14 10.35 10.10 10.47 3M 13.4597 14D 162.76 163.1048 16-Oct-14 10.65 10.40 10.80 6M 14.3868 Tenor Rate (%) 1M 163.43 164.1155 23-Oct-14 10.60 10.35 10.77 Call 10.83 2M 164.51 165.7062 30-Oct-14 10.55 10.30 10.74 1M 12.09 3M 165.68 167.4269 6-Nov-14 10.10 9.85 10.30 3M 12.85 6M 169.31 172.9876 13-Nov-14 10.60 10.35 10.84 6M 13.73 1Y 176.78 184.1583 20-Nov-14 9.35 9.10 9.55 Tenor Rate (%) 90 27-Nov-14 10.75 10.50 11.04 1M 10.497397 4-Dec-14 10.10 9.85 10.38 2M 10.7460

104 11-Dec-14 10.70 10.45 11.04 3M 10.8378 NA :Not Applicable118 25-Dec-14 10.85 10.60 11.24 6M 10.8435 * :Amortising Bond # :Floating Rate Bond132 8-Jan-15 10.80 10.55 11.24 9M 11.0392 µ :Convertible Bond ***: Deferred coupon bonds146 22-Jan-15 10.50 10.25 10.96 12M 11.6706 AMCON: Asset Management Corporation of Nigeria160 5-Feb-15 10.50 10.25 11.01 FGN: Federal Government of Nigeria †: Bond rating expired174 19-Feb-15 10.40 10.15 10.94 FMBN: Federal Mortgage Bank of Nigeria188 5-Mar-15 10.35 10.10 10.93 IFC: International Finance Corporation223 9-Apr-15 10.20 9.95 10.88 LCRM: Local Contractors Receivables Management237 23-Apr-15 10.30 10.05 11.04 NAHCO: Nigerian Aviation Handling Company NGC: Nigeria-German Company251 7-May-15 10.15 9.90 10.91 BID($/N) 162.2525 O/N: Overnight UBA: United Bank for Africa342 6-Aug-15 10.40 10.15 11.52 OFFER ($/N) 162.3525 UPDC: UAC Property Development Company

WAPCO:West Africa Portland Cement Company

# 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 1,038.78 983.07 35.02 34.56 0.35 16.35 11.23 119.0428 1,130.66 13.0664 3<5 1,146.77 951.30 33.89 38.15 0.34 34.53 11.61 136.0749 1,152.23 15.2230 >5 820.48 872.92 31.09 27.29 0.31 49.11 12.07 103.7309 1,210.10 21.0104

Market 3,006.03 2,807.29 100.00 100.00 1.00 100.00 11.77 120.0532 1,140.38 14.0378

NIFEX

Current Price ($/N)

*from the Amortising bonds, the average life is calculated and not the duration

FMDQ FGN BOND INDEX

O/N 11.13

REPO

NITTY

NOTE:

:Benchmarks

Money Market Foreign Exchange (Spot & Forwards)NIBOR

OBB 10.88 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 VALUE

TOTAL 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 29-Aug-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 1, 201439BUSINESS |FINANCIAL MARKET NEWS

Stories by Chris Ugwu

In a bid to become the Afri-can Exchange of choice for African issuers and global investors, the Nigerian

Stock Exchange (NSE) said it had continued to execute key initiatives targeted at develop-ing a more transparent, liquid and accessible market.

The Exchange also said it was poised to delivering cutting

edge technology platform to support the delivery of a wider range of investment products.

Chief Executive Officer, NSE, Oscar Onyema, who made these disclosures, said this was evident in the planned intro-duction of the Corporate Gov-ernance Rating System for all of the listed companies, and a Premium board for highly cap-italised companies who meet certain thresholds.

Onyema noted that the Ex-change’s draft premium board rules were presently available for comments.

“The Exchange continues to place Corporate Governance on

ACCOUNTABILITYNSE moves to reward transparency in governance

Corporate governance: NSE mulls rating system

Eterna Oil grows HY profit by 48%

Eterna Oil Nigeria Plc has re-ported 48 per cent growth in its 2014 half-year net earn-

ings.The oil company in a filing

with Nigerian Stock Exchange (NSE) at the weekend, said the profit after tax rose to N974.3 million, up 48 per cent from N658.9 million during the com-parable period of 2013.

However, the company’s revenue dropped by 71 per cent to N13.979 billion in the six months period under review, from N47.856 billion posted in 2013.

Eterna, a downstream oil and gas company, had over-come the subsidy gloom that had been bedeviling its opera-tions as 2013FY revenues grow.

For the year ended Decem-ber 2013, the company grew rev-enue by 8.80 per cent to N98.29 billion from N89.63 billion in 2012. The turnover growth surpassed expectations, as the company was able to grow its top-line, according to Jubril Ka-reem, a research analyst with investment firm Meristem Se-

curities.“This is contrary to our ex-

pectation of a decline due to fallout from the subsidy pay-ment delay,” said Kareem, add-ing: “The subsidy allegation is-sues seem to be easing as court proceedings continue.”

The company has been en-meshed in a subsidy allegation that rocked the industry in the last two years, leading to litiga-tion. As a result of these allega-tions, subsidy payments were delayed and consequently, com-panies that collected loans from banks couldn’t service the debt due to shortage of cash flows.

Due to the aforementioned reasons, Eterna was unable to translate the impressive top-line performance to bottom-line growth as huge finance cost in its capital structure hurt prof-its.

Profit before tax (PBT) slid by 24.11 per cent to N1.07 billion in FY2013, compared with N1.41 billion as of FY2012. Earnings per share (EPS) in the review period fell by 26.02 per cent to 53kobo from 73kobo in 2012.

Some shareholders in Nige-rian banks have commend-ed the return of Mr. Jim

Ovia and Mr. Tony Elumelu as chairman of Zenith Bank Plc and UBA Plc, describing it as a welcome development for the banking industry.

Dr. Farouk Umar, President, Association for the Advance-ment of the Rights of Nigerian Shareholders (AARNS) react-ing to the development, said the shareholders were delighted with the appointments, which according to him, will deepen the growth of the banking in-dustry.

“The appointments bode well for UBA and Zenith bank and the banking industry in general. Elumelu and Ovia are transformer and value creator

for shareholders. We are excit-ed about their return"

Mr. Boniface Okezie, Chair-man, Progressive Shareholders Association of Nigeria, PSAN, said: “ It is a good omen for the banking sector that both Eleme-lu and Ovia have come back to the system where they left due to the reform led by former Governor of Central Bank of Nigeria, CBN, Mallam Lamido Sanusi on tenure limit.

“For these former chief ex-ecutives to come back to the , is an indication that they are good, sound and remain rel-evant. Though, this time they are coming as non-executive directors.”

Mr. Oderinde Taiwo, Chair-man, Proactive Sharehold-ers Association of Nigeria,

(PROSAN), speaking in the same vein, said the duo are ex-perienced technocrats.

Taiwo noted that they will bring their experience to bear in the industry, adding that their return would add value to the banks, which will lead to a good return on investments to shareholders through en-hanced dividend.

“Elumelu will bring his turnaround experience in Transcorp. Transcorp was turnaround when Elemelu came on Board, the company has started paying dividend to shareholders. In fact, both Elemelu and Ovia have done well in their private businesses since they left the banking sec-tor. We welcome them back to the system,” he said.

Shareholders laud return of ex-bank CEOs

the front burner as one of the basic elements for ensuring a sound investment environment and maximising shareholder returns. We therefore, encour-age the management of Flour Mills of Nigeria Plc to strive towards improving its existing high standards of corporate governance, accountability and disclosure,” he said.

He explained that the NSE is making sound corporate gover-nance a prerequisite for listing on its forthcoming premium board and also an incentive for the large players.

The NSE boss added that the Exchange is also creating trad-able corporate governance In-dex, which should soon make the quality of governance of compa-nies listed on the Exchange more transparent to stakeholders.

NSE had recently announced that it would administer and en-force a five per cent sanction on

any Issuer that fails to pay divi-dends to shareholders within the timeline specified in the resolu-tion passed by the shareholders at the Annual General Meeting (AGM) at which such dividends were declared.

According to the Exchange, the sanction was not a new pro-posal but part of the already existing undertaking in the Ex-change’s listings requirements, which was executed by every Issuer before its securities were approved for listing on the NSE.

The Head of Legal and Regu-lation Division at the NSE, Ms. Tinuade Awe, stated that before securities are approved for list-ing on the Exchange, every Is-suer has to execute a document known as the General Undertak-ing. She added that the undertak-ing sets out the obligations im-posed on an Issuer.

These commitments, accord-ing to her, include; the obligation

to notify the Exchange prior to taking certain corporate ac-tions; the obligation to seek the Exchange’s approval before pub-lishing certain information; the obligation to comply with the Exchange’s Listings Rules and the obligation to comply with the directives of its sharehold-ers in the event of declaration of dividends.

“These obligations kick in once an Issuer executes the Gen-eral Undertaking. They are obli-gations of long standing, which remain binding for as long as an Issuer is listed on The Exchange. Section 14 of the General Under-taking, which is one of the List-ings Requirements, sets forth the sanctions for violations of the Rules. Section 14 (e) provides that failure of a listed company to pay dividend on the due date shall attract a fine of 5 per cent of the total dividend amount declared.

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

9.25 28-SEP-2014 28-Sep-07 9.25 100.00 28-Sep-14 0.08 10.69 8.90 99.85 100.004.00 23-APR-2015 23-Apr-10 4.00 535.00 23-Apr-15 0.65 11.03 10.78 95.69 95.8413.05 16-AUG-2016 16-Aug-13 13.05 530.27 16-Aug-16 1.97 11.23 11.14 103.12 103.2715.10 27-APR-2017 27-Apr-12 15.10 452.80 27-Apr-17 2.66 11.23 11.17 108.65 108.809.85 27-JUL-2017 27-Jul-07 9.85 20.00 27-Jul-17 2.91 11.24 11.17 96.62 96.779.35 31-AUG-2017 31-Aug-07 9.35 100.00 31-Aug-17 3.01 11.24 11.11 95.30 95.6010.70 30-MAY-2018 30-May-08 10.70 300.00 30-May-18 3.75 11.24 11.14 98.34 98.6416.00 29-JUN-2019 29-Jun-12 16.00 351.30 29-Jun-19 4.83 11.25 11.18 117.30 117.607.00 23-OCT-2019 23-Oct-09 7.00 233.90 23-Oct-19 5.15 11.34 11.25 83.41 83.7116.39 27-JAN-2022 27-Jan-12 16.39 600.00 27-Jan-22 7.41 11.76 11.71 122.45 122.7514.20 14-MAR-2024 14-Mar-14 14.20 281.35 14-Mar-24 9.54 11.90 11.85 112.90 113.2015.00 28-NOV-2028 28-Nov-08 15.00 75.00 28-Nov-28 14.25 12.45 12.41 116.75 117.0512.49 22-MAY-2029 22-May-09 12.49 150.00 22-May-29 14.73 12.49 12.45 99.94 100.248.50 20-NOV-2029 20-Nov-09 8.50 200.00 20-Nov-29 15.23 12.54 12.48 72.83 73.1310.00 23-JUL-2030 23-Jul-10 10.00 591.57 23-Jul-30 15.90 12.15 12.10 85.00 85.3012.1493 18-JUL-2034 18-Jul-14 12.15 70.00 18-Jul-34 19.89 12.15 12.10 100.00 100.30

4,591.19

4,686.99

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 0.17 1.00 11.96 97.99

24-May-10 0.00 24.56 24-May-15 0.73 2.63 13.71 90.6903-Apr-12 17.25 3.30 03-Apr-17 1.35 2.27 13.51 104.7509-Dec-11 0.00/16.00 112.22 09-Dec-16 2.28 2.00 13.23 101.0520-Apr-12 0.00/16.50 116.70 20-Apr-17 2.64 1.00 12.23 99.4906-Jul-12 0.00/16.50 66.49 06-Jul-17 2.85 1.00 12.23 97.02

1,301.621,278.47

Sub-National BondsA-/GCR NIGER 15-Oct-09 14.00 6.00 15-Oct-14 0.13 3.29 14.12 99.89A+/Agusto KADUNA 31-Aug-10 12.50 8.50 31-Aug-15 1.01 4.44 15.69 97.14A/Agusto *EBONYI 30-Sep-10 13.00 6.08 30-Sep-15 0.61 3.23 14.24 99.54Nil *BENUE 30-Jun-11 14.00 6.27 30-Jun-16 1.13 4.46 15.71 98.65A+/Agusto *IMO 30-Jun-09 15.50 7.37 30-Jun-16 1.13 3.48 14.73 101.26A+/Agusto; A+/GCR LAGOS 19-Apr-10 10.00 57.00 19-Apr-17 2.64 5.59 16.82 85.88A-/Agusto *BAYELSA 30-Jun-10 13.75 29.92 30-Jun-17 1.68 1.00 12.24 102.52A/Agusto EDO 30-Dec-10 14.00 25.00 31-Dec-17 3.34 1.79 13.03 102.51A+/Agusto; A+/GCR *DELTA 30-Sep-11 14.00 37.25 30-Sep-18 2.31 1.80 13.03 102.05A-/Agusto; A-/GCR NIGER 04-Oct-11 14.00 9.00 04-Oct-18 4.10 1.00 12.25 105.49A/Agusto; A-/GCR† *EKITI 09-Dec-11 14.50 14.96 09-Dec-18 2.51 1.00 12.23 104.97A-/Agusto *NIGER 12-Dec-13 14.00 11.13 12-Dec-18 2.51 4.78 16.01 96.22A/Agusto; A-/GCR *ONDO 14-Feb-12 15.50 27.00 14-Feb-19 2.89 1.00 12.23 105.28A/Agusto; A-/GCR *GOMBE 02-Oct-12 15.50 17.28 02-Oct-19 2.96 1.00 12.24 108.07Aa-/Agusto; AA-/GCR LAGOS 22-Nov-12 14.50 80.00 22-Nov-19 5.23 1.00 12.36 108.03A/Agusto; A-/GCR *OSUN 12-Dec-12 14.75 28.37 12-Dec-19 3.02 2.74 13.98 101.87A/Agusto *OSUN 30-Sep-13 14.75 11.40 30-Sep-20 3.64 1.00 12.24 107.01Aa-/Agusto; AA-/GCR LAGOS 27-Nov-13 13.50 87.00 27-Nov-20 6.25 1.00 12.63 103.63A-/Agusto; BBB+/DataPro KOGI 31-Dec-13 15.00 5.00 31-Dec-20 6.34 1.94 13.59 105.79A/Agusto *EKITI 31-Dec-13 14.50 4.78 31-Dec-20 3.82 1.44 12.68 105.33A-/GCR *NASARAWA 06-Jan-14 15.00 4.79 06-Jan-21 3.85 1.95 13.19 105.27

484.10493.27

Corporate BondsA+/Agusto; AA/GCR LAFARGE WAPCO 07-Oct-11 11.50 11.80 07-Oct-14 0.11 1.00 11.76 99.92Aa/Agusto GTB 18-Dec-09 13.50 13.17 18-Dec-14 0.30 5.21 16.35 99.05Nil µNGC 01-Apr-10 17.00 2.00 31-Dec-14 0.34 8.71 19.81 98.94Bbb-/Agusto *UPDC 17-Aug-10 10.00 3.61 17-Aug-15 0.72 4.88 15.96 96.21A-/Agusto *FLOURMILLS 09-Dec-10 12.00 13.62 09-Dec-15 0.80 1.00 12.12 100.47BB+/GCR *CHELLARAMS 06-Jan-11 14.00 0.60 06-Jan-16 0.88 2.63 13.80 100.69A+/Agusto; A-/GCR NAHCO 29-Sep-11 13.00 15.00 29-Sep-16 2.09 1.00 12.23 101.35A-/Agusto FSDH 25-Oct-13 14.25 5.53 25-Oct-16 2.16 1.34 12.57 103.04A/GCR UBA 30-Sep-10 13.00 20.00 30-Sep-17 3.09 1.00 12.24 101.89BBB-/GCR *C & I LEASING 30-Nov-12 18.00 0.73 30-Nov-17 1.90 1.88 13.12 109.29BBB+/DataPro†; BB+/GCR *DANA# 09-Apr-11 16.00 7.20 09-Apr-18 1.86 3.48 14.72 102.37A-/DataPro†; BB-/GCR *TOWER# 09-Sep-11 18.00 3.27 09-Sep-18 2.03 5.20 16.43 102.84AAA/DataPro†; A+/GCR *TOWER# 09-Sep-11 16.00 0.90 09-Sep-18 2.03 5.06 16.29 101.68A/Agusto; A/GCR UBA 22-Sep-11 14.00 35.00 22-Sep-18 4.07 1.35 12.60 104.34Bbb+/Agusto; BBB+/GCR *LA CASERA 18-Oct-13 15.75 2.70 18-Oct-18 2.14 2.29 13.52 104.39BBB-/DataPro†; BB+/GCR *CHELLARAMS# 17-Feb-12 17.00 0.41 17-Feb-19 2.47 6.11 17.34 99.44BBB/GCR *DANA 01-Apr-14 16.00 4.50 01-Apr-19 3.34 2.16 13.40 106.78A+/Agusto; A-/GCR NAHCO 14-Nov-13 15.25 2.05 14-Nov-20 6.21 2.76 14.38 103.43

142.08144.96

Supranational BondAAA/S&P IFC 11-Feb-13 10.20 12.00 11-Feb-18 3.46 1.00 12.24 94.38

12.0011.33

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 4.63 4.48 111.62 112.48

BB-/Fitch; BB-/S&P 12-Jul-13 5.13 500.00 12-Jul-18 3.89 3.67 104.37 105.17

BB-/Fitch; BB-/S&P 12-Jul-13 6.38 500.00 12-Jul-23 4.96 4.85 110.02 110.85

1,500.001,630.07

Corporate EurobondsB/Fitch; B-/S&P AFREN PLC I 01-Feb-11 11.50 450.00 01-Feb-16 3.34 3.34 111.13 111.13

B+/Fitch; B+/S&P GTBANK PLC I 19-May-11 7.50 500.00 19-May-16 4.72 4.07 104.50 105.60

B+/S&P ACCESS BANK PLC 25-Jul-12 7.25 350.00 25-Jul-17 6.78 6.78 101.20 101.20B/Fitch; B/S&P FIDELITY BANK PLC 09-May-13 6.88 300.00 02-May-18 8.73 8.15 94.25 96.01B+/Fitch; B+/S&P GTBANK PLC 08-Nov-13 6.00 400.00 08-Nov-18 6.08 5.80 99.71 100.74B/Fitch AFREN PLC II 08-Apr-12 10.25 300.00 08-Apr-19 8.52 7.95 106.46 108.68B+/Fitch; BB-/S&P ZENITH BANK PLC 22-Apr-14 6.25 500.00 22-Apr-19 6.16 6.16 100.35 100.35B/Fitch; B/S&P DIAMOND BANK PLC 21-May-14 8.75 200.00 21-May-19 9.00 8.75 99.02 99.96B-/Fitch; B/S&P FIRST BANK PLC 07-Aug-13 8.25 300.00 07-Aug-20 7.42 7.42 103.01 103.01B-/Fitch; B/S&P AFREN PLC III 09-Dec-13 6.63 360.00 09-Dec-20 7.31 7.31 96.60 96.60B-/Fitch; B/S&P ACCESS BANK PLC II 24-Jun-14 9.25 400.00 24-Jun-21 8.72 8.56 102.88 103.72B-/Fitch; B/S&P FIRST BANK LTD 23-Jul-14 8.00 450.00 23-Jul-21 7.53 7.53 101.48 101.48

B-/S&P ECOBANK NIG. LTD 14-Aug-14 8.75 250.00 14-Aug-21 8.61 8.46 99.71 100.52

4,760.004,851.74

DTM Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%) 13 11-Sep-14 10.50 10.25 10.5420 18-Sep-14 10.50 10.25 10.56 Tenor Rate (%) 27 25-Sep-14 10.35 10.10 10.43 O/N 11.1250 Spot 162.40 162.5034 2-Oct-14 10.70 10.45 10.81 1M 12.5564 7D 162.50 162.7641 9-Oct-14 10.35 10.10 10.47 3M 13.4597 14D 162.76 163.1048 16-Oct-14 10.65 10.40 10.80 6M 14.3868 Tenor Rate (%) 1M 163.43 164.1155 23-Oct-14 10.60 10.35 10.77 Call 10.83 2M 164.51 165.7062 30-Oct-14 10.55 10.30 10.74 1M 12.09 3M 165.68 167.4269 6-Nov-14 10.10 9.85 10.30 3M 12.85 6M 169.31 172.9876 13-Nov-14 10.60 10.35 10.84 6M 13.73 1Y 176.78 184.1583 20-Nov-14 9.35 9.10 9.55 Tenor Rate (%) 90 27-Nov-14 10.75 10.50 11.04 1M 10.497397 4-Dec-14 10.10 9.85 10.38 2M 10.7460104 11-Dec-14 10.70 10.45 11.04 3M 10.8378 NA :Not Applicable118 25-Dec-14 10.85 10.60 11.24 6M 10.8435 * :Amortising Bond # :Floating Rate Bond132 8-Jan-15 10.80 10.55 11.24 9M 11.0392 µ :Convertible Bond ***: Deferred coupon bonds146 22-Jan-15 10.50 10.25 10.96 12M 11.6706 AMCON: Asset Management Corporation of Nigeria160 5-Feb-15 10.50 10.25 11.01 FGN: Federal Government of Nigeria †: Bond rating expired174 19-Feb-15 10.40 10.15 10.94 FMBN: Federal Mortgage Bank of Nigeria188 5-Mar-15 10.35 10.10 10.93 IFC: International Finance Corporation223 9-Apr-15 10.20 9.95 10.88 LCRM: Local Contractors Receivables Management237 23-Apr-15 10.30 10.05 11.04 NAHCO: Nigerian Aviation Handling Company NGC: Nigeria-German Company251 7-May-15 10.15 9.90 10.91 BID($/N) 162.2525 O/N: Overnight UBA: United Bank for Africa342 6-Aug-15 10.40 10.15 11.52 OFFER ($/N) 162.3525 UPDC: UAC Property Development Company

WAPCO:West Africa Portland Cement Company

# 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 1,038.78 983.07 35.02 34.56 0.35 16.35 11.23 119.0428 1,130.66 13.0664 3<5 1,146.77 951.30 33.89 38.15 0.34 34.53 11.61 136.0749 1,152.23 15.2230 >5 820.48 872.92 31.09 27.29 0.31 49.11 12.07 103.7309 1,210.10 21.0104

Market 3,006.03 2,807.29 100.00 100.00 1.00 100.00 11.77 120.0532 1,140.38 14.0378

NIFEX

Current Price ($/N)

*from the Amortising bonds, the average life is calculated and not the duration

FMDQ FGN BOND INDEX

O/N 11.13

REPO

NITTY

NOTE:

:Benchmarks

Money Market Foreign Exchange (Spot & Forwards)NIBOR

OBB 10.88 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 VALUE

TOTAL 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 29-Aug-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

9.25 28-SEP-2014 28-Sep-07 9.25 100.00 28-Sep-14 0.08 10.69 8.90 99.85 100.004.00 23-APR-2015 23-Apr-10 4.00 535.00 23-Apr-15 0.65 11.03 10.78 95.69 95.8413.05 16-AUG-2016 16-Aug-13 13.05 530.27 16-Aug-16 1.97 11.23 11.14 103.12 103.2715.10 27-APR-2017 27-Apr-12 15.10 452.80 27-Apr-17 2.66 11.23 11.17 108.65 108.809.85 27-JUL-2017 27-Jul-07 9.85 20.00 27-Jul-17 2.91 11.24 11.17 96.62 96.779.35 31-AUG-2017 31-Aug-07 9.35 100.00 31-Aug-17 3.01 11.24 11.11 95.30 95.6010.70 30-MAY-2018 30-May-08 10.70 300.00 30-May-18 3.75 11.24 11.14 98.34 98.6416.00 29-JUN-2019 29-Jun-12 16.00 351.30 29-Jun-19 4.83 11.25 11.18 117.30 117.607.00 23-OCT-2019 23-Oct-09 7.00 233.90 23-Oct-19 5.15 11.34 11.25 83.41 83.7116.39 27-JAN-2022 27-Jan-12 16.39 600.00 27-Jan-22 7.41 11.76 11.71 122.45 122.7514.20 14-MAR-2024 14-Mar-14 14.20 281.35 14-Mar-24 9.54 11.90 11.85 112.90 113.2015.00 28-NOV-2028 28-Nov-08 15.00 75.00 28-Nov-28 14.25 12.45 12.41 116.75 117.0512.49 22-MAY-2029 22-May-09 12.49 150.00 22-May-29 14.73 12.49 12.45 99.94 100.248.50 20-NOV-2029 20-Nov-09 8.50 200.00 20-Nov-29 15.23 12.54 12.48 72.83 73.1310.00 23-JUL-2030 23-Jul-10 10.00 591.57 23-Jul-30 15.90 12.15 12.10 85.00 85.3012.1493 18-JUL-2034 18-Jul-14 12.15 70.00 18-Jul-34 19.89 12.15 12.10 100.00 100.30

4,591.19

4,686.99

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 0.17 1.00 11.96 97.99

24-May-10 0.00 24.56 24-May-15 0.73 2.63 13.71 90.6903-Apr-12 17.25 3.30 03-Apr-17 1.35 2.27 13.51 104.7509-Dec-11 0.00/16.00 112.22 09-Dec-16 2.28 2.00 13.23 101.0520-Apr-12 0.00/16.50 116.70 20-Apr-17 2.64 1.00 12.23 99.4906-Jul-12 0.00/16.50 66.49 06-Jul-17 2.85 1.00 12.23 97.02

1,301.621,278.47

Sub-National BondsA-/GCR NIGER 15-Oct-09 14.00 6.00 15-Oct-14 0.13 3.29 14.12 99.89A+/Agusto KADUNA 31-Aug-10 12.50 8.50 31-Aug-15 1.01 4.44 15.69 97.14A/Agusto *EBONYI 30-Sep-10 13.00 6.08 30-Sep-15 0.61 3.23 14.24 99.54Nil *BENUE 30-Jun-11 14.00 6.27 30-Jun-16 1.13 4.46 15.71 98.65A+/Agusto *IMO 30-Jun-09 15.50 7.37 30-Jun-16 1.13 3.48 14.73 101.26A+/Agusto; A+/GCR LAGOS 19-Apr-10 10.00 57.00 19-Apr-17 2.64 5.59 16.82 85.88A-/Agusto *BAYELSA 30-Jun-10 13.75 29.92 30-Jun-17 1.68 1.00 12.24 102.52A/Agusto EDO 30-Dec-10 14.00 25.00 31-Dec-17 3.34 1.79 13.03 102.51A+/Agusto; A+/GCR *DELTA 30-Sep-11 14.00 37.25 30-Sep-18 2.31 1.80 13.03 102.05A-/Agusto; A-/GCR NIGER 04-Oct-11 14.00 9.00 04-Oct-18 4.10 1.00 12.25 105.49A/Agusto; A-/GCR† *EKITI 09-Dec-11 14.50 14.96 09-Dec-18 2.51 1.00 12.23 104.97A-/Agusto *NIGER 12-Dec-13 14.00 11.13 12-Dec-18 2.51 4.78 16.01 96.22A/Agusto; A-/GCR *ONDO 14-Feb-12 15.50 27.00 14-Feb-19 2.89 1.00 12.23 105.28A/Agusto; A-/GCR *GOMBE 02-Oct-12 15.50 17.28 02-Oct-19 2.96 1.00 12.24 108.07Aa-/Agusto; AA-/GCR LAGOS 22-Nov-12 14.50 80.00 22-Nov-19 5.23 1.00 12.36 108.03A/Agusto; A-/GCR *OSUN 12-Dec-12 14.75 28.37 12-Dec-19 3.02 2.74 13.98 101.87A/Agusto *OSUN 30-Sep-13 14.75 11.40 30-Sep-20 3.64 1.00 12.24 107.01Aa-/Agusto; AA-/GCR LAGOS 27-Nov-13 13.50 87.00 27-Nov-20 6.25 1.00 12.63 103.63A-/Agusto; BBB+/DataPro KOGI 31-Dec-13 15.00 5.00 31-Dec-20 6.34 1.94 13.59 105.79A/Agusto *EKITI 31-Dec-13 14.50 4.78 31-Dec-20 3.82 1.44 12.68 105.33A-/GCR *NASARAWA 06-Jan-14 15.00 4.79 06-Jan-21 3.85 1.95 13.19 105.27

484.10493.27

Corporate BondsA+/Agusto; AA/GCR LAFARGE WAPCO 07-Oct-11 11.50 11.80 07-Oct-14 0.11 1.00 11.76 99.92Aa/Agusto GTB 18-Dec-09 13.50 13.17 18-Dec-14 0.30 5.21 16.35 99.05Nil µNGC 01-Apr-10 17.00 2.00 31-Dec-14 0.34 8.71 19.81 98.94Bbb-/Agusto *UPDC 17-Aug-10 10.00 3.61 17-Aug-15 0.72 4.88 15.96 96.21A-/Agusto *FLOURMILLS 09-Dec-10 12.00 13.62 09-Dec-15 0.80 1.00 12.12 100.47BB+/GCR *CHELLARAMS 06-Jan-11 14.00 0.60 06-Jan-16 0.88 2.63 13.80 100.69A+/Agusto; A-/GCR NAHCO 29-Sep-11 13.00 15.00 29-Sep-16 2.09 1.00 12.23 101.35A-/Agusto FSDH 25-Oct-13 14.25 5.53 25-Oct-16 2.16 1.34 12.57 103.04A/GCR UBA 30-Sep-10 13.00 20.00 30-Sep-17 3.09 1.00 12.24 101.89BBB-/GCR *C & I LEASING 30-Nov-12 18.00 0.73 30-Nov-17 1.90 1.88 13.12 109.29BBB+/DataPro†; BB+/GCR *DANA# 09-Apr-11 16.00 7.20 09-Apr-18 1.86 3.48 14.72 102.37A-/DataPro†; BB-/GCR *TOWER# 09-Sep-11 18.00 3.27 09-Sep-18 2.03 5.20 16.43 102.84AAA/DataPro†; A+/GCR *TOWER# 09-Sep-11 16.00 0.90 09-Sep-18 2.03 5.06 16.29 101.68A/Agusto; A/GCR UBA 22-Sep-11 14.00 35.00 22-Sep-18 4.07 1.35 12.60 104.34Bbb+/Agusto; BBB+/GCR *LA CASERA 18-Oct-13 15.75 2.70 18-Oct-18 2.14 2.29 13.52 104.39BBB-/DataPro†; BB+/GCR *CHELLARAMS# 17-Feb-12 17.00 0.41 17-Feb-19 2.47 6.11 17.34 99.44BBB/GCR *DANA 01-Apr-14 16.00 4.50 01-Apr-19 3.34 2.16 13.40 106.78A+/Agusto; A-/GCR NAHCO 14-Nov-13 15.25 2.05 14-Nov-20 6.21 2.76 14.38 103.43

142.08144.96

Supranational BondAAA/S&P IFC 11-Feb-13 10.20 12.00 11-Feb-18 3.46 1.00 12.24 94.38

12.0011.33

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 4.63 4.48 111.62 112.48

BB-/Fitch; BB-/S&P 12-Jul-13 5.13 500.00 12-Jul-18 3.89 3.67 104.37 105.17

BB-/Fitch; BB-/S&P 12-Jul-13 6.38 500.00 12-Jul-23 4.96 4.85 110.02 110.85

1,500.001,630.07

Corporate EurobondsB/Fitch; B-/S&P AFREN PLC I 01-Feb-11 11.50 450.00 01-Feb-16 3.34 3.34 111.13 111.13

B+/Fitch; B+/S&P GTBANK PLC I 19-May-11 7.50 500.00 19-May-16 4.72 4.07 104.50 105.60

B+/S&P ACCESS BANK PLC 25-Jul-12 7.25 350.00 25-Jul-17 6.78 6.78 101.20 101.20B/Fitch; B/S&P FIDELITY BANK PLC 09-May-13 6.88 300.00 02-May-18 8.73 8.15 94.25 96.01B+/Fitch; B+/S&P GTBANK PLC 08-Nov-13 6.00 400.00 08-Nov-18 6.08 5.80 99.71 100.74B/Fitch AFREN PLC II 08-Apr-12 10.25 300.00 08-Apr-19 8.52 7.95 106.46 108.68B+/Fitch; BB-/S&P ZENITH BANK PLC 22-Apr-14 6.25 500.00 22-Apr-19 6.16 6.16 100.35 100.35B/Fitch; B/S&P DIAMOND BANK PLC 21-May-14 8.75 200.00 21-May-19 9.00 8.75 99.02 99.96B-/Fitch; B/S&P FIRST BANK PLC 07-Aug-13 8.25 300.00 07-Aug-20 7.42 7.42 103.01 103.01B-/Fitch; B/S&P AFREN PLC III 09-Dec-13 6.63 360.00 09-Dec-20 7.31 7.31 96.60 96.60B-/Fitch; B/S&P ACCESS BANK PLC II 24-Jun-14 9.25 400.00 24-Jun-21 8.72 8.56 102.88 103.72B-/Fitch; B/S&P FIRST BANK LTD 23-Jul-14 8.00 450.00 23-Jul-21 7.53 7.53 101.48 101.48

B-/S&P ECOBANK NIG. LTD 14-Aug-14 8.75 250.00 14-Aug-21 8.61 8.46 99.71 100.52

4,760.004,851.74

DTM Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%) 13 11-Sep-14 10.50 10.25 10.5420 18-Sep-14 10.50 10.25 10.56 Tenor Rate (%) 27 25-Sep-14 10.35 10.10 10.43 O/N 11.1250 Spot 162.40 162.5034 2-Oct-14 10.70 10.45 10.81 1M 12.5564 7D 162.50 162.7641 9-Oct-14 10.35 10.10 10.47 3M 13.4597 14D 162.76 163.1048 16-Oct-14 10.65 10.40 10.80 6M 14.3868 Tenor Rate (%) 1M 163.43 164.1155 23-Oct-14 10.60 10.35 10.77 Call 10.83 2M 164.51 165.7062 30-Oct-14 10.55 10.30 10.74 1M 12.09 3M 165.68 167.4269 6-Nov-14 10.10 9.85 10.30 3M 12.85 6M 169.31 172.9876 13-Nov-14 10.60 10.35 10.84 6M 13.73 1Y 176.78 184.1583 20-Nov-14 9.35 9.10 9.55 Tenor Rate (%) 90 27-Nov-14 10.75 10.50 11.04 1M 10.497397 4-Dec-14 10.10 9.85 10.38 2M 10.7460104 11-Dec-14 10.70 10.45 11.04 3M 10.8378 NA :Not Applicable118 25-Dec-14 10.85 10.60 11.24 6M 10.8435 * :Amortising Bond # :Floating Rate Bond132 8-Jan-15 10.80 10.55 11.24 9M 11.0392 µ :Convertible Bond ***: Deferred coupon bonds146 22-Jan-15 10.50 10.25 10.96 12M 11.6706 AMCON: Asset Management Corporation of Nigeria160 5-Feb-15 10.50 10.25 11.01 FGN: Federal Government of Nigeria †: Bond rating expired174 19-Feb-15 10.40 10.15 10.94 FMBN: Federal Mortgage Bank of Nigeria188 5-Mar-15 10.35 10.10 10.93 IFC: International Finance Corporation223 9-Apr-15 10.20 9.95 10.88 LCRM: Local Contractors Receivables Management237 23-Apr-15 10.30 10.05 11.04 NAHCO: Nigerian Aviation Handling Company NGC: Nigeria-German Company251 7-May-15 10.15 9.90 10.91 BID($/N) 162.2525 O/N: Overnight UBA: United Bank for Africa342 6-Aug-15 10.40 10.15 11.52 OFFER ($/N) 162.3525 UPDC: UAC Property Development Company

WAPCO:West Africa Portland Cement Company

# 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 1,038.78 983.07 35.02 34.56 0.35 16.35 11.23 119.0428 1,130.66 13.0664 3<5 1,146.77 951.30 33.89 38.15 0.34 34.53 11.61 136.0749 1,152.23 15.2230 >5 820.48 872.92 31.09 27.29 0.31 49.11 12.07 103.7309 1,210.10 21.0104

Market 3,006.03 2,807.29 100.00 100.00 1.00 100.00 11.77 120.0532 1,140.38 14.0378

NIFEX

Current Price ($/N)

*from the Amortising bonds, the average life is calculated and not the duration

FMDQ FGN BOND INDEX

O/N 11.13

REPO

NITTY

NOTE:

:Benchmarks

Money Market Foreign Exchange (Spot & Forwards)NIBOR

OBB 10.88 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 VALUE

TOTAL 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 29-Aug-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 1, 201440 business | CAPITAL MARKET

The Nigerian Stock Market Exchange as at August 29, 2014

Daily Summary as of 29/08/2014Printed 29/08/2014 14:43:04.004

Published by The Nigerian Stock Exchange © Page 1 of 11

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 3 0.50 300,000 150,000.00OKOMU OIL PALM PLC. OKOMUOIL 14 34.50 221,065 7,616,256.10PRESCO PLC PRESCO 17 36.30 293,090 10,646,809.99

Crop Production Totals 34 814,155 18,413,066.09

Livestock/Animal Specialties Symbol No. of Deals Current Price Quantity Traded Value TradedLIVESTOCK FEEDS PLC. LIVESTOCK 27 3.28 1,456,049 4,710,449.75

Livestock/Animal Specialties Totals 27 1,456,049 4,710,449.75

AGRICULTURE Totals 61 2,270,204 23,123,515.84

CONGLOMERATESDiversified Industries Symbol No. of Deals Current Price Quantity Traded Value Traded

A.G. LEVENTIS NIGERIA PLC. AGLEVENT 6 1.47 155,000 227,820.00CHELLARAMS PLC. CHELLARAM 1 3.95 867 3,259.92JOHN HOLT PLC. JOHNHOLT 1 1.13 250 270.00TRANSNATIONAL CORPORATION OF NIGERIA PLC TRANSCORP 475 6.10 80,743,089 488,055,304.43U A C N PLC. UACN 44 59.00 917,450 53,782,015.60

Diversified Industries Totals 527 81,816,656 542,068,669.95

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Daily Summary (Equities)

Activity Summary on Board EQTY

CONGLOMERATESCONGLOMERATES Totals 527 81,816,656 542,068,669.95

CONSTRUCTION/REAL ESTATEBuilding Structure/Completion/Other Symbol No. of Deals Current Price Quantity Traded Value Traded

COSTAIN (W A) PLC. COSTAIN 17 1.08 1,963,524 2,120,365.92Building Structure/Completion/Other Totals 17 1,963,524 2,120,365.92

Infrastructure/Heavy Construction Symbol No. of Deals Current Price Quantity Traded Value TradedJULIUS BERGER NIG. PLC. JBERGER 29 65.00 125,269 7,891,674.74

Infrastructure/Heavy Construction Totals 29 125,269 7,891,674.74

Real Estate Development Symbol No. of Deals Current Price Quantity Traded Value TradedUACN PROPERTY DEVELOPMENT CO. LIMITED UAC-PROP 31 15.60 297,655 4,530,327.54

Real Estate Development Totals 31 297,655 4,530,327.54

CONSTRUCTION/REAL ESTATE Totals 77 2,386,448 14,542,368.20

CONSUMER GOODSBeverages--Brewers/Distillers Symbol No. of Deals Current Price Quantity Traded Value Traded

GUINNESS NIG PLC GUINNESS 93 185.00 134,593 24,502,478.15INTERNATIONAL BREWERIES PLC. INTBREW 10 28.00 125,380 3,510,334.70NIGERIAN BREW. PLC. NB 181 177.00 13,653,583 2,434,382,226.75PREMIER BREWERIES PLC PREMBREW 2 2.08 51,119 106,298.81

Beverages--Brewers/Distillers Totals 286 13,964,675 2,462,501,338.41

Beverages--Non-Alcoholic Symbol No. of Deals Current Price Quantity Traded Value Traded7-UP BOTTLING COMP. PLC. 7UP 46 134.00 98,173 13,877,677.64

Daily Summary as of 29/08/2014Printed 29/08/2014 14:43:04.004

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Daily Summary (Equities)

Activity Summary on Board EQTY

CONSUMER GOODSBeverages--Non-Alcoholic Symbol No. of Deals Current Price Quantity Traded Value TradedBeverages--Non-Alcoholic Totals 46 98,173 13,877,677.64

Food Products Symbol No. of Deals Current Price Quantity Traded Value TradedDANGOTE FLOUR MILLS PLC DANGFLOUR 31 7.00 99,721 692,869.20DANGOTE SUGAR REFINERY PLC DANGSUGAR 46 8.74 1,656,528 14,460,830.00FLOUR MILLS NIG. PLC. FLOURMILL 48 68.11 86,045 5,722,897.28HONEYWELL FLOUR MILL PLC HONYFLOUR 32 4.17 1,005,186 4,181,345.11NATIONAL SALT CO. NIG. PLC NASCON 27 10.19 189,085 1,854,468.60N NIG. FLOUR MILLS PLC. NNFM 2 19.95 2,340 48,960.00UNION DICON SALT PLC. UNIONDICON 3 14.11 6,054 81,184.14

Food Products Totals 189 3,044,959 27,042,554.33

Food Products--Diversified Symbol No. of Deals Current Price Quantity Traded Value TradedCADBURY NIGERIA PLC. CADBURY 36 59.85 49,292 2,844,504.80NESTLE NIGERIA PLC. NESTLE 50 1,079.99 50,179 51,594,552.91

Food Products--Diversified Totals 86 99,471 54,439,057.71

Household Durables Symbol No. of Deals Current Price Quantity Traded Value TradedVITAFOAM NIG PLC. VITAFOAM 11 4.15 213,262 885,087.30VONO PRODUCTS PLC. VONO 9 1.05 300,000 321,500.00

Household Durables Totals 20 513,262 1,206,587.30

Personal/Household Products Symbol No. of Deals Current Price Quantity Traded Value TradedP Z CUSSONS NIGERIA PLC. PZ 34 35.00 212,980 7,149,319.96UNILEVER NIGERIA PLC. UNILEVER 30 48.55 5,019,056 245,827,495.57

Daily Summary as of 29/08/2014Printed 29/08/2014 14:43:04.004

Published by The Nigerian Stock Exchange © Page 5 of 11

Daily Summary (Equities)

Activity Summary on Board EQTY

FINANCIAL SERVICESBanking Symbol No. of Deals Current Price Quantity Traded Value Traded

WEMA BANK PLC. WEMABANK 19 0.97 2,352,871 2,250,631.34ZENITH INTERNATIONAL BANK PLC ZENITHBANK 262 24.60 11,014,655 271,744,353.96

Banking Totals 1,442 103,837,707 1,638,372,588.75

Insurance Carriers, Brokers and Services Symbol No. of Deals Current Price Quantity Traded Value TradedAIICO INSURANCE PLC. AIICO 16 0.80 1,564,642 1,251,863.70CONTINENTAL REINSURANCE PLC CONTINSURE 15 1.00 3,375,000 3,326,450.58CORNERSTONE INSURANCE COMPANY PLC. CORNERST 1 0.57 500 280.00EQUITY ASSURANCE PLC. EQUITYASUR 1 0.50 185,000 92,500.00INTERNATIONAL ENERGY INSURANCE COMPANY PLC INTENEGINS 8 0.52 215,507 111,908.57LAW UNION AND ROCK INS. PLC. LAWUNION 2 0.50 16,500 8,250.00MANSARD INSURANCE PLC MANSARD 7 2.50 300,500 753,308.00MUTUAL BENEFITS ASSURANCE PLC. MBENEFIT 9 0.52 695,659 366,682.27N.E.M INSURANCE CO (NIG) PLC. NEM 24 0.81 7,992,701 6,468,845.13PRESTIGE ASSURANCE CO. PLC. PRESTIGE 1 0.50 1,650 825.00STANDARD TRUST ASSURANCE PLC STACO 1 0.50 100 50.00UNITY KAPITAL ASSURANCE PLC UNITYKAP 1 0.50 100 50.00UNIVERSAL INSURANCE COMPANY PLC UNIVINSURE 1 0.50 5,000 2,500.00WAPIC INSURANCE PLC WAPIC 51 0.79 3,936,293 3,098,691.20

Insurance Carriers, Brokers and Services Totals 138 18,289,152 15,482,204.45

Micro-Finance Banks Symbol No. of Deals Current Price Quantity Traded Value TradedNPF MICROFINANCE BANK PLC NPFMCRFBK 11 1.00 405,450 406,584.00

Micro-Finance Banks Totals 11 405,450 406,584.00

Daily Summary as of 29/08/2014Printed 29/08/2014 14:43:04.004

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Daily Summary (Equities)

Activity Summary on Board EQTY

ICTComputer Based Systems Symbol No. of Deals Current Price Quantity Traded Value Traded

COURTEVILLE BUSINESS SOLUTIONS PLC COURTVILLE 4 0.57 40,100 22,055.00Computer Based Systems Totals 4 40,100 22,055.00

IT Services Symbol No. of Deals Current Price Quantity Traded Value TradedNCR (NIGERIA) PLC. NCR 2 13.50 2,740 37,390.00TRIPPLE GEE AND COMPANY PLC. TRIPPLEG 1 1.88 200 358.00

IT Services Totals 3 2,940 37,748.00

Processing Systems Symbol No. of Deals Current Price Quantity Traded Value TradedCHAMS PLC CHAMS 13 0.50 9,251,000 4,625,500.00E-TRANZACT INTERNATIONAL PLC ETRANZACT 1 2.21 5,000 10,500.00

Processing Systems Totals 14 9,256,000 4,636,000.00

ICT Totals 21 9,299,040 4,695,803.00

INDUSTRIAL GOODSBuilding Materials Symbol No. of Deals Current Price Quantity Traded Value Traded

ASHAKA CEM PLC ASHAKACEM 66 33.50 3,054,075 101,395,276.42BERGER PAINTS PLC BERGER 8 9.00 41,000 357,530.00CAP PLC CAP 13 39.05 20,433 798,761.08CEMENT CO. OF NORTH.NIG. PLC CCNN 44 14.30 733,527 10,569,277.46DANGOTE CEMENT PLC DANGCEM 33 225.00 188,664 42,495,038.05

Daily Summary as of 29/08/2014Printed 29/08/2014 14:43:04.004

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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

DN MEYER PLC. DNMEYER 6 1.15 56,965 63,881.35FIRST ALUMINIUM NIGERIA PLC FIRSTALUM 2 0.50 20,000 10,000.00PORTLAND PAINTS & PRODUCTS NIGERIA PLC PORTPAINT 34 5.25 840,010 4,362,253.50LAFARGE AFRICA PLC. WAPCO 24 117.01 187,515 22,131,930.26

Building Materials Totals 230 5,142,189 182,183,948.12

Electronic and Electrical Products Symbol No. of Deals Current Price Quantity Traded Value TradedCUTIX PLC. CUTIX 3 1.84 61,666 115,198.80

Electronic and Electrical Products Totals 3 61,666 115,198.80

Packaging/Containers Symbol No. of Deals Current Price Quantity Traded Value TradedBETA GLASS CO PLC. BETAGLAS 2 18.85 21,940 416,860.00

Packaging/Containers Totals 2 21,940 416,860.00

INDUSTRIAL GOODS Totals 235 5,225,795 182,716,006.92

OIL AND GASEnergy Equipment and Services Symbol No. of Deals Current Price Quantity Traded Value Traded

JAPAUL OIL & MARITIME SERVICES PLC JAPAULOIL 37 0.51 4,251,137 2,192,693.39Energy Equipment and Services Totals 37 4,251,137 2,192,693.39

Integrated Oil and Gas Services Symbol No. of Deals Current Price Quantity Traded Value TradedOANDO PLC OANDO 351 27.45 9,323,872 253,052,692.85

Integrated Oil and Gas Services Totals 351 9,323,872 253,052,692.85

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Daily Summary (Equities)

Activity Summary on Board EQTY

OIL AND GASPetroleum and Petroleum Products Distributors Symbol No. of Deals Current Price Quantity Traded Value Traded

CONOIL PLC CONOIL 72 65.05 391,009 25,779,326.25ETERNA PLC. ETERNA 19 3.72 501,400 1,874,074.82FORTE OIL PLC. FO 64 229.00 190,167 43,529,999.02MOBIL OIL NIG PLC. MOBIL 12 175.00 22,306 3,910,792.50MRS OIL NIGERIA PLC. MRS 17 55.96 104,712 5,920,287.89TOTAL NIGERIA PLC. TOTAL 30 180.00 253,740 45,681,230.00

Petroleum and Petroleum Products Distributors Totals 214 1,463,334 126,695,710.48

Exploration and Production Symbol No. of Deals Current Price Quantity Traded Value TradedSEPLAT PETROLEUM DEVELOPMENT COMPANY LTD SEPLAT 34 680.00 271,231 185,763,897.00

Exploration and Production Totals 34 271,231 185,763,897.00

OIL AND GAS Totals 636 15,309,574 567,704,993.72

SERVICESAutomobile/Auto Part Retailers Symbol No. of Deals Current Price Quantity Traded Value Traded

R T BRISCOE PLC. RTBRISCOE 13 0.87 488,460 426,043.20Automobile/Auto Part Retailers Totals 13 488,460 426,043.20

Courier/Freight/Delivery Symbol No. of Deals Current Price Quantity Traded Value TradedRED STAR EXPRESS PLC REDSTAREX 7 4.80 17,583 80,178.48

Courier/Freight/Delivery Totals 7 17,583 80,178.48

Employment Solutions Symbol No. of Deals Current Price Quantity Traded Value TradedC & I LEASING PLC. CILEASING 2 0.50 40,000 20,000.00

Daily Summary as of 29/08/2014Printed 29/08/2014 14:43:04.004

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Daily Summary (Equities)

Activity Summary on Board EQTY

CONSUMER GOODSPersonal/Household Products Symbol No. of Deals Current Price Quantity Traded Value TradedPersonal/Household Products Totals 64 5,232,036 252,976,815.53

CONSUMER GOODS Totals 691 22,952,576 2,812,044,030.92

FINANCIAL SERVICESBanking Symbol No. of Deals Current Price Quantity Traded Value Traded

ACCESS BANK PLC. ACCESS 144 9.90 17,927,301 175,976,470.70DIAMOND BANK PLC DIAMONDBNK 115 6.10 16,448,071 101,009,621.02ECOBANK TRANSNATIONAL INCORPORATED ETI 167 16.90 19,324,958 324,607,469.53FIDELITY BANK PLC FIDELITYBK 46 1.98 784,752 1,555,999.05GUARANTY TRUST BANK PLC. GUARANTY 385 29.90 22,659,441 685,786,049.82SKYE BANK PLC SKYEBANK 64 2.90 2,735,167 8,019,046.76STERLING BANK PLC. STERLNBANK 20 2.26 1,278,207 2,889,530.68UNITED BANK FOR AFRICA PLC UBA 158 7.60 5,705,819 42,795,590.41UNION BANK NIG.PLC. UBN 57 8.10 2,629,544 21,249,364.98UNITY BANK PLC UNITYBNK 5 0.50 976,921 488,460.50

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Daily Summary (Equities)

Activity Summary on Board EQTY

SERVICESEmployment Solutions Symbol No. of Deals Current Price Quantity Traded Value TradedEmployment Solutions Totals 2 40,000 20,000.00

Hotels/Lodging Symbol No. of Deals Current Price Quantity Traded Value TradedIKEJA HOTEL PLC IKEJAHOTEL 17 0.77 1,173,000 932,590.00

Hotels/Lodging Totals 17 1,173,000 932,590.00

Printing/Publishing Symbol No. of Deals Current Price Quantity Traded Value TradedACADEMY PRESS PLC. ACADEMY 2 1.55 3,500 5,285.00LEARN AFRICA PLC LEARNAFRCA 3 1.58 40,000 64,200.00UNIVERSITY PRESS PLC. UPL 30 4.35 650,778 2,775,326.90

Printing/Publishing Totals 35 694,278 2,844,811.90

Road Transportation Symbol No. of Deals Current Price Quantity Traded Value TradedASSOCIATED BUS COMPANY PLC ABCTRANS 9 0.68 53,034,059 36,063,521.71

Road Transportation Totals 9 53,034,059 36,063,521.71

Transport-Related Services Symbol No. of Deals Current Price Quantity Traded Value TradedAIRLINE SERVICES AND LOGISTICS PLC AIRSERVICE 6 2.09 340,246 706,534.60NIGERIAN AVIATION HANDLING COMPANY PLC NAHCO 36 4.95 416,330 2,068,933.08

Transport-Related Services Totals 42 756,576 2,775,467.68

Support and Logistics Symbol No. of Deals Current Price Quantity Traded Value TradedCAVERTON OFFSHORE SUPPORT GRP PLC CAVERTON 6 5.32 9,441 49,293.18

Support and Logistics Totals 6 9,441 49,293.18

Daily Summary as of 29/08/2014Printed 29/08/2014 14:43:04.004

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Daily Summary (Equities)

Activity Summary on Board EQTY

SERVICESSERVICES Totals 131 56,213,397 43,191,906.15

EQTY Board Totals 4,587 355,923,777 6,132,653,494.94

Equity Activity Totals 4,587 355,923,777 6,132,653,494.94

Daily Summary (ETP)Exchange Traded Fund

Name Symbol No. of Deals Current Price Quantity Traded Value TradedNEWGOLD EXCHANGE TRADED FUND (ETF) NEWGOLD 2 2,020.00 102 206,020.00VETIVA GRIFFIN 30 ETF VETGRIF30 2 18.88 25,000 471,755.00

Exchange Traded Fund Totals 4 25,102 677,775.00

ETF Board Totals 4 25,102 677,775.00

ETP Activity Totals 4 25,102 677,775.00

Daily Summary as of 29/08/2014Printed 29/08/2014 14:43:04.004

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Daily Summary (Equities)

Activity Summary on Board EQTY

FINANCIAL SERVICESMortgage Carriers, Brokers and Services Symbol No. of Deals Current Price Quantity Traded Value Traded

ASO SAVINGS AND LOANS PLC ASOSAVINGS 1 0.50 300 150.00UNION HOMES SAVINGS AND LOANS PLC. UNHOMES 1 0.50 1,000 500.00

Mortgage Carriers, Brokers and Services Totals 2 1,300 650.00

Other Financial Institutions Symbol No. of Deals Current Price Quantity Traded Value TradedAFRICA PRUDENTIAL REGISTRARS PLC AFRIPRUD 38 3.36 338,851 1,137,695.81CUSTODIAN AND ALLIED PLC CUSTODYINS 14 3.92 343,211 1,353,310.06FBN HOLDINGS PLC FBNH 390 15.04 10,710,251 160,816,724.24FCMB GROUP PLC. FCMB 38 4.25 21,925,530 93,074,464.43STANBIC IBTC HOLDINGS PLC STANBIC 25 30.00 787,953 23,638,630.00UBA CAPITAL PLC UBCAP 46 2.20 1,854,651 4,132,446.14

Other Financial Institutions Totals 551 35,960,447 284,153,270.68

FINANCIAL SERVICES Totals 2,144 158,494,056 1,938,415,297.88

HEALTHCAREPharmaceuticals Symbol No. of Deals Current Price Quantity Traded Value Traded

EVANS MEDICAL PLC. EVANSMED 8 2.05 219,647 445,077.24FIDSON HEALTHCARE PLC FIDSON 7 3.33 259,375 861,205.00GLAXO SMITHKLINE CONSUMER NIG. PLC. GLAXOSMITH 15 65.99 14,020 887,507.65MAY & BAKER NIGERIA PLC. MAYBAKER 24 1.42 1,336,537 1,820,479.79NEIMETH INTERNATIONAL PHARMACEUTICALS PLC NEIMETH 10 1.04 126,452 136,632.68

Pharmaceuticals Totals 64 1,956,031 4,150,902.36

HEALTHCARE Totals 64 1,956,031 4,150,902.36

Daily Summary as of 29/08/2014Printed 29/08/2014 14:43:04.004

Published by The Nigerian Stock Exchange © Page 6 of 11

Daily Summary (Equities)

Activity Summary on Board EQTY

FINANCIAL SERVICESMortgage Carriers, Brokers and Services Symbol No. of Deals Current Price Quantity Traded Value Traded

ASO SAVINGS AND LOANS PLC ASOSAVINGS 1 0.50 300 150.00UNION HOMES SAVINGS AND LOANS PLC. UNHOMES 1 0.50 1,000 500.00

Mortgage Carriers, Brokers and Services Totals 2 1,300 650.00

Other Financial Institutions Symbol No. of Deals Current Price Quantity Traded Value TradedAFRICA PRUDENTIAL REGISTRARS PLC AFRIPRUD 38 3.36 338,851 1,137,695.81CUSTODIAN AND ALLIED PLC CUSTODYINS 14 3.92 343,211 1,353,310.06FBN HOLDINGS PLC FBNH 390 15.04 10,710,251 160,816,724.24FCMB GROUP PLC. FCMB 38 4.25 21,925,530 93,074,464.43STANBIC IBTC HOLDINGS PLC STANBIC 25 30.00 787,953 23,638,630.00UBA CAPITAL PLC UBCAP 46 2.20 1,854,651 4,132,446.14

Other Financial Institutions Totals 551 35,960,447 284,153,270.68

FINANCIAL SERVICES Totals 2,144 158,494,056 1,938,415,297.88

HEALTHCAREPharmaceuticals Symbol No. of Deals Current Price Quantity Traded Value Traded

EVANS MEDICAL PLC. EVANSMED 8 2.05 219,647 445,077.24FIDSON HEALTHCARE PLC FIDSON 7 3.33 259,375 861,205.00GLAXO SMITHKLINE CONSUMER NIG. PLC. GLAXOSMITH 15 65.99 14,020 887,507.65MAY & BAKER NIGERIA PLC. MAYBAKER 24 1.42 1,336,537 1,820,479.79NEIMETH INTERNATIONAL PHARMACEUTICALS PLC NEIMETH 10 1.04 126,452 136,632.68

Pharmaceuticals Totals 64 1,956,031 4,150,902.36

HEALTHCARE Totals 64 1,956,031 4,150,902.36

Sanctity of Truth

Monday, September 1, 201441BUSINESS | GLOBAL NEWS

Malaysia Airlines to cut 6,000 staff after disasters

Brazil has suffered a reces-sion in the first half of the year as investment plunged and the coun-

try’s hosting of the World Cup suffocated economic activity, a major blow to President Dil-ma Rousseff ’s already dimin-ishing hopes for re-election next month.

Latin America’s largest economy has suffered stag-nant growth for over three years under Rousseff ’s left-leaning policies, which have dented consumer and business confidence and caused heavy losses for financial investors.

The second quarter contrac-tion was worse than expecta-tions of a 0.4 per cent contrac-tion, according to the median forecast of 47 analysts polled by Reuters.

The economy took an even bigger downturn in the second quarter, contracting 0.6 per cent from the first quarter, accord-ing to government statistics agency, IBGE. The agency also revised down its estimate for first quarter activity to a 0.2 per cent contraction, meaning the economy entered a recession.

News of the recession, Bra-

zil’s first since the global finan-cial crisis of 2008-09, will give a powerful weapon to Rousseff ’s opponents in the October 5 elec-tion at precisely the moment that her candidacy is at its most vulnerable.

Polls over the last week have shown Rousseff falling behind centrist candidate, Marina Silva, in the event of a second-round runoff, which appears likely. Silva and the other main candidate, Senator Ae-cio Neves, have hammered Rousseff for being weak on inflation and ruining the eco-nomic momentum that made Brazil a Wall Street darling last decade.

Civil construction and man-ufacturing especially suffered during the second quarter, data showed. Brazil hosted the World Cup in June and July, which caused a slowdown at many factories and retailers as cities declared public holi-days on game days to prevent logistical problems such as heavy traffic.

Yet economists said Brazil’s problems go beyond any short-term considerations such as the Cup. They blamed govern-

ment policies that have relied too much on stimulating do-mestic demand while failing to attract investment.

They said that the data underscored that the next president - whoever it may be - would need to undertake deep reforms.

“The recovery from here will be slight,” said Eduardo Velho, chief economist at INVX Global, an investment fund in Sao Paulo. “We need a new economic programme based on fiscal tightening, monetary flexibility, and im-provements in productivity.”

Investment plummeted 5.3 per cent in the second quar-ter compared to the previous quarter, its worst performance since early 2009. Industry also suffered its fourth straight quarterly decline, down 1.5 per cent.

Following the data, some economists said that they would revise down their fore-casts for full-year economic growth to zero.

Rousseff has blamed the slowdown on continued eco-nomic weakness abroad, such as in Southern Europe.

Brazil suffers recession in half year

World Bank’s private-sec-tor financing arm has launched $2.5 billion,

rupee-denominated bonds in the Indian market to fund infrastructure projects, after raising $1 billion in offshore bonds for the sector last year.

The International Finance Corporation (IFC)’s bond pro-gramme comes at a time when both the Indian government and the Reserve Bank of India are stepping up measures to at-tract global investors to deepen the local bond market.

“Bonds offered under IFC’s rupee financing programme of-fer a safe investment alternative for domestic pension funds and

other investors, while mobilis-ing capital to address India’s infrastructure needs,” said Jin-Yong Cai, IFC’s Executive Vice President and CEO, in a statement.

Under the programme, IFC will use a combination of rupee-denominated bonds and swaps to raise local-currency financ-ing of up to $2.5 billion, or 150 billion rupees, over the next five years.

According to Reuters, IFC’s mandate includes the develop-ment of local capital markets across the world, and the multi-lateral body remains committed to play a role in India’s onshore market.

Last year, IFC issued a $1 billion offshore global rupee-linked bond, to fund infrastruc-ture projects that attracted a broad range of international investors.

“Issuance of onshore bonds by IFC in the Indian bond mar-ket, with offer of longer-tenor bonds, will deepen the bond market,” Finance Secretary, Arvind Mayaram, said.

IFC invested $1.2 billion in India during the 2013/14 fiscal year that ended in March.

As of end June 2014, the IFC’s India portfolio contained 239 projects, amounting to com-mitted and disbursed exposure of $5.3 billion.

IFC launches $2.5b rupee-denominated bonds for Indian projects

Malaysia Airlines is to cut 6,000 staff as part of re-covery plan after being

hit by two disasters this year.The reduction in staff num-

bers represents around 30 per cent of its workforce of 20,000.

It was learnt that relevant as-sets, operations and liabilities of Malaysia Airlines will be transferred to a new company by July 1, 2015.

The airline will become com-pletely state-owned, and a new chief executive will eventually be put in place.

Investigators continue to hunt for flight MH370, the Kuala Lumpur to Beijing flight which went missing in March.

The MH17 air crash in east-ern Ukraine is also under in-vestigation. The plane was shot down on July 17, with the loss of all 298 people on board.

The recovery plan will cost about 6 billion Malaysian ring-git (£1.1billion, $1.9billion).

Khazanah Nasional, the state investment company that owns a 69 per cent stake in the trou-bled firm, will take 100 per cent ownership.

“The combination of mea-sures announced today will en-able our national airline to be revived,” said Khazanah’s man-aging director, Azman Mokhtar.

“Success is by no means guaranteed - while it is im-perative that MAS (Malaysia Airlines) as a critical enabler in national development is re-vived, public accountability for the use of the funds mean that it cannot be renewed at any cost,” he added.

Long-haul routes will be slashed, and the airline aims to return to profitability by 2018.

Recovery plan to cost $I.9b

Malaysia Airlines had warned that it had seen a sharp decline in weekly bookings fol-lowing the two air disasters.

However, the company has been in trouble over the past few years, and has lost billions of ringgit in that time.

The firm will be completely delisted from the Bursa Malay-sia stock exchange by the end of 2014.

The current chief executive, Ahmad Jauhari Yahya, will con-tinue to lead the firm until the new company is formed next year.

According to BBC, travel expert Simon Calder said that the staff cuts and business re-organisation should allow the company to turn its fortunes around.

“There is a slice of business to have, but nothing like the scale and dominance it once enjoyed,” he said.

Competition from low-cost airlines for short-haul flights, coupled with the expansion of long-haul Gulf carriers, had eaten into the firm’s profitabil-ity in the past, he added.

Sanctity of Truth

Monday, September 1, 201442

Many people say that the problem of aviation stems from lack of good aviation policy. How best can aviation policy be to achieve its objective?

The National Civil Aviation Policy must be revisited; what we have now is a bastardised version. The domestic carriers should be seen to be increas-ing, not dying sudden death which we have been seeing in the last two years. So, obnoxious policy of government should be rid of double entry designa-tion and multiple entry designation should be revisited. When a foreign airline is allowed four entries - Abuja, Lagos, Port Harcourt and Kano - and our (domestic) airlines cannot recip-rocate, it is killing the airlines. Nige-ria loses about $15 billion annually as capital flight by foreign airlines. When the airlines cannot afford aviation fuel, it tells on them. Therefore the issue of continuous high cost of Jet 1 should be addressed.

Is the lack of willpower to address man-power development and other issues in aviation also linked to a defective civil aviation policy?

There is the need for a maintenance, repair and overhaul (MRO) facility here in Nigeria – a situation where airlines cannot maintain aircraft lo-cally entails a lot of money which jerks up cost of operations astronomically. This is a country that has qualified professionals who are competent to be employed in the industry, yet you have more of expatriates in the airlines’ workforce and the pilots are roaming the streets because the jobs have been taken by foreigners. I believe that the new Minister of Aviation, Osita Chi-doka, should look into that, ensuring that before new airlines are given per-mit, there should be an agreement of

employment - for one expatriate, three Nigerians to be trained to take the job.

Is Lagos airport a hub of aviation?

We cannot have a hub until we have dominant flag carriers. I do not believe in a national carrier, but several flag carriers. We must involve PPP for in-frastructural development in the in-dustry so that government can use its money in other areas like health.

What is the likely effect of Ebola Virus Disease on travel restriction on passen-gers?

It is rather very unfortunate that the journey could be so circumvented and the ease in moving around is now going to be punctuated by this unfortu-nate disease. Passengers had difficulty moving around the region and this is even going to complicate it the more. Many airlines are being monitored; some have been suspended from their routes. The effect is that it is going to start exposing people to go by ortho-dox, unorthodox modes of transpor-tation such as ship, road and others, instead of the usual pleasure of just flying across and it’s going to be more restrictive. Secondly, because authori-ties would be screening from border to border, entry point to entry point, it’s going to be a lot of inconveniences to passengers. However, it is for their own interest, but passengers, in line with our own industry thinking about facilitation to see the ease with which they can move from one place to the other is going to be more complicated. The inconvenience, you can’t quantify it in time, in loss of money. You might get to some borders, they might be closed, they might even decide to put everybody on quarantine. There would be a lot of loss of time and money, and

business |INTERVIEW

time is money. That is on the part of the traveling public, but the sum total is that there would be a lot of economic loss because people will now have to safe up in case you are stocked some-where. You have to make extra money available to be able to make ends meet.

What will be the impact on operators?

On the part of operators, economic loss would be unprecedented. First, aircraft utilisation will now be much lower, which means that those who lease or even own the aircraft for their operations…. anytime an aircraft is sit-ting on the ground, you know it is a loss of revenue. Whether the aircraft is sitting down on ground, you will still run expenses; ground insurance, maintenance, but most especially that utilisation is very essential because once an aircraft is not doing what is meant to do, you are losing money. Now, passengers, because of the lim-ited choices, will now be fighting for space and they might now have to pay premium for their fares because an air-line that is not suspended right now

and still flies there, may want to catch in on it, pass on the extra cost to the public. For those who are suspended already, there would be a loss of repu-tation when they want to come back, people would be very sceptical about their operations. Then, government would now be forced to get their pri-ority right, they will now be forced to make resources available for disease control and prevention while stopping of the spread of the disease will now have to be budgeted for and when that happens, the tendency is that some other areas may be neglected.

Responsibility of airlines, regulatory authority

It is already an emergency situa-tion and has to be a joint responsibil-ity between all agencies and operators. There must be a ready flow of informa-tion from the airlines to authorities. The airlines need to make sure that their personnel are given some crash programmes to get the history of any passenger the moment they are book-ing. You will want to know where they have been in the last three days and weeks because the disease you are talk-ing about may not show any sign at all for the first three weeks and when it does show up, within two to three days, the person is dead. So you need experts to be able to come up with a follow-up to where people have been, who they have been associating with. It is the airline that wants to carry them that must take that step and whatever it is, it’s going to cost more money. For the regulatory authorities, this is the time they need to approach government for more funds. The aeromedical depart-ment of the authority needs and emer-gency expansion because you must expand the areas you can quarantine

If we don’t have enough manpower at the airport

and Seme border, including Idi-Iroko, the best thing

is to find a way of putting people there. We are only

looking at the airport now, what about other borders?

Capt. Dele Ore, director and training coordinator of Aeroconsult/Dele Ore Associates partnership, is a graduate of Britain Air University (AST), Perth Scotland, Oxford Air Training School, Mannin University, U.K. He is currently, President, Aviation Round Table (ART), a pressure group that has been agitating for a vibrant aviation industry in Nigeria. In this interview with WOLE SHADARE, the former presidential air fleet commander spoke on myriads of problems bedevilling the industry, the Ebola disease that has done incalculable damage to air travel in West Africa, among other issues. Excerpts

‘We lack enough manpower to man both safety and security of our aviation’

Ore

Sanctity of Truth

Monday, September 1, 201443

people, where you can observe people. This is also re-echoing what we said when we took it upon ourselves on the remodelling of terminal as their pri-ority and we said no, this is the time money should be made available to do other things that are safety and secu-rity related.

Also, we mooted it then that if they didn’t do anything at all, aeromedi-cal directorate in NCAA should have been given a large chunk because their responsibility to keep sanity in the industry, make sure they are able to monitor crew, passengers and even the environment is enormous and they are not provided the resources. This is a challenge now. I think that government itself should just not fold its hands. Should ensure that all our international obligations as laid down by ICAO are followed and implement-ed without mincing words because it can get to a stage where an emergency could be declared, when it reaches that point, government must not hesitate to do the right thing.

The Civil Aviation Act made provi-sion for what the authority must be doing and that is actuated and elabo-rated upon in Part 15, section 64, the authority have a right to do what they are doing now to make sure that this disease, which is very contagious, does not spread. Also, Section 65 of the Act also enunciate it that if there is a need to declare an emergency, they must go ahead to declare it. Also, when government finds out that the people are in violation of the Act, they must not interfere with what the regulatory authority is empowered to do.

What about flight restrictions?

In a situation like this, it is the air-lines themselves that can decide to stop operations into those areas. There is a lot of implication if a country or an aviation authority takes that kind of drastic action against an airline if there was no pre-warning. If there had been a pre-warning to an airline on the issue, it’s a good step. What is the qual-ity of the control we have at the border posts? If we have not been able to have a very good quality at our border posts, all we need to do is to enhance them, if we don’t have enough manpower at the airport and Seme border, including Idi-Iroko, the best thing is to find a way of putting people there. We are only looking at the airport now, what about other borders? Immigration, Customs and others should do their job, but how much of Port Health people do we have at the border posts. Those are the things I think we should be doing. What I think we should be doing now is to increase the number of personnel at our border posts. We have always been saying that we don’t have enough man-power to man both safety and security of our aviation and we need to improve their training too.

How do you perceive the effect of sus-pension on the travelling public?

Airlines on their own can suspend operations and you can’t do anything about that. The effect depends on how much traffic they are taking out of those areas. The airline operators too are afraid themselves of contaminat-ing their staff; crew and even the en-vironment they are going to stay and even they are afraid of contaminating

business |INTERVIEW

The yellow cards do not solve the problem at hand. We should have facilities

at the border posts to quickly check everybody that is coming from West

African countries

other passengers they are going to take because they don’t fly direct, they fly into other places before they go there.

We shouldn’t make the mistake of banning flight. What I’m looking at is that you are not allowed to pick passen-gers from Liberia direct to this country. I think that is what NCAA should have done, but then, how do you guarantee safety because it is not full proof that every passenger you carry in West Afri-ca has not been contaminated because there are too many passengers around the countries.

How about the port health and yellow cards?

The yellow cards do not solve the problem at hand. We should have fa-cilities at the border posts to quickly check everybody that is coming from West African countries. That is why the quality of the control is very important to find out whether there are contacts with any victim in the past weeks. The passengers should not just be those that are coming in from Liberia, even from Ghana, Dakar and others because you cannot guarantee that other coun-tries that share borders with them had not have contact with them in the past, especially with the ECOWAS passport that everyone is carrying around now.

Can you quantify the losses?This is going to be very difficult

for me. I need to now the number of passengers they are carrying from Li-beria or Sierra Leone daily or weekly. When you know that, you will be able to quantify the losses. Definitely, it’s going to have an adverse effect in terms of economic and social relationship of that sub-region because those who are transacting business along the re-gion, it would have the revenues from that areas, but however, I’m so much afraid that this thing is very deadlier than HIV/AIDS and government is try-ing to take a precautionary method by restricting some airline’s movement. It will definitely affect the industry, coupled with the fact that we have a shortage of airlines from Nigeria go-ing to that region before now. However, I think government should intensify its actions and precautionary measures as to attack the disease. Internationally, that is why we have the ports health, im-munisation and vaccination and most of the air travellers don’t take the yellow cards while some of the countries too are too relaxed over the yellow cards. I think they should intensify action and make it compulsory for every air travel-ler to get the yellow card to reduce the disease we have around. Airlines too have a responsibility when checking in their passengers. Yellow cards must be scrutinised too apart from the tickets and the passports. This will prevent transmitting a disease from one country to the other. That is WHO (World Health Organisation)’s recommendation. It is a sad one and similar to what happened to the Asian countries with Severe Acute Repository Issues. The only difference is that their own was in the summer, which is the peak of travel and it is in this period that you have the highest seats, but sadly, that is the period we have to cut flights. I expect passengers of some airlines to suffer significantly and some others going to West Africa because there will be lull in the number of passengers going to that region.

Don you think it will also cause losses for aviation agencies?

It’s also a loss of revenue to the agen-cies themselves and coupled with the pas-sengers who had already booked for flights with the airlines, asking for refunds while some have to reschedule their travels. I know that Gambia tourism is severely af-fected and that has caused a lot of damage to the economies of several countries. It’s a sad one. My only drawback is that the Nigerian government reacted a little bit late. I said so, I thought they would have been a little bit proactive by writing all the airlines to start inspecting or quarantine their passengers before they board from those countries that have this outbreak rather than wait for the first Liberian to come down here before we started react-ing. It is better late than never. They have reacted now and have started the process, we should intensify it and I expect ev-eryone to cooperate.

Will passengers continue to go to the west coast after the crisis?

It will take some time because all the passengers would be careful. We are talking about a disease that is not curable as at today. Even if it is clear now, it will take some time before the West Coast market returns to normalcy

What is the responsibility of airlines and NCAA

In some airlines, their cabin and cockpit crew are bold enough to say that they are not going to operate into those places. First, you have to protect your aircraft, passengers, crew and staff and in doing that, you must start from the point of take-off in a form of screening before they board. That is what the airlines should do. I think FAAN has got it right by setting up a screening point at the airport. I think that with those things in place, we can be sure that we are home, safe and dry.

Ore

Ore

44 Sanctity of Truth

Monday, September 1, 2014business | NVESTMENT OPPORTUNITIES

It is worthy to note that a major factor making the difference between success-ful and unsuccessful busi-

nesses today irrespective of Capital input, is the ability of a business owner or Entrepre-neur to draw the line between a laudable, creative and inno-vative “Business Idea” and a “Business Opportunity”. Many person’s today howev-er educated they are in busi-ness have missed this vital consideration and sincerely they have paid darely for it through loses and financial frustrations.

A business idea is the starting point but it is never enough if you must get returns on your investment, it is vital and impendent that you be able to translate your business idea into a business opportunity. At this point one question may be pondering through your mind and that would be, ”how can I translate that stunning and smiling brilliant business idea into business opportunity(ies) so I don’t run into business loses and frustration?” The solution is what is contained in the next few paragraphs of this article and I enjoin you to follow through with uninterrupted attention as these few points have the potential of making you the next household name

as it applies to business success.First, it is important that we

understand what a business idea is apart from a business opportunity. A business idea is the starting point of a new business creation process. As an aspiring entrepreneur, you can have an idea with potential for success in the market place. It is rather unfortunate to identify at this point that not all such ideas can translate into viable, feasible and applicable business opportunities. Transforming a business idea into a business opportunity requires that the idea be able to offer a viable solution to a problem or need experienced by the potential consumer or customers and not just this, it must prefer a solution for which they are willing to pay. This as simple as it may seem can be the reason for your last failed business attempt. No matter how remarkable and innovative a business idea, it cannot be a business opportunity if the customers are unable to sue it’s added valve and are therefore unwilling to pay for it (Business idea + Ability to add value + Meet customers needs + Provide needed solution = Business opportunities). The “idea” is that concept you have thought about and inherent in that idea is the “opportunity” which is

transforming that idea to satisfy consumers and produce profit for the entrepreneur.

Business opportunityA business opportunity

can be an opening, a gap or a need or demand that arises due to market imperfection, economic imbalance; change in preference that if effectively harnessed can be profitable to the entrepreneur.

Business opportunities abound all around us and the catch comes by identifying when, where, how and when to look for them. All economics provide opportunities at every point in time but it would not

be profitable to take advantage of such opportunities at just anytime, therefore proper timing is essential if business opportunities must turn out to be profitable. It is essential that the entrepreneur survey and conduct adequate research to gain mastery of timing. The same business opportunities would be unequally profitable if executed at different times. Every entrepreneurial event occurs in real time, when the clock can either be a friend, an enemy or both. Time therefore is crucial in every entrepreneurial situation.

Sources of opportunities A business opportunity can

either be found or created. Business ideas which can be transformed into business opportunities are sourced from just about any where and anything including current events, self discovery ( your skill, talent, passion) invention of a new product or service, Adding value to a existing product or services, franchising, customers complaints, exhibition expose and trade fair/ shows, barnstorming, work experience, mass media, market surveys. Opportunities are created on a foundation of ideas and entrepreneurial creativity.

Facts about opportunity

•Being there first not a guarantee for success .Being the first to conceive a business idea or take hold of an opportunity does not guarantee success. Therefore unless having the best idea first is backed up with the capacity to block other competitors by capturing a significant share of the market or erecting insurmountable barriers to entry, being the first can mean proving to the competition that the market exists to be snared

•Opportunities work with time. Opportunities may exist or are created and they possess what is termed a window of opportunity. To seize an opportunity as a entrepreneur, ensure that the window is opened, not closing and that window must remain open long enough to be used

•Opportunities are influenced by market structure such as the number of sellers, size distribution of sellers, the differentiation of products, the condition of entry and exit, the number of buyers etc.

Ogbeide, is a business consultant, columnist and MD/CEO of Business Builders Limited. He can be reacted via email excelogbeide@yahoo.com

Ogbeide

Kunle Ayeni

The remote-on-us automated teller machine (ATM) with-drawal charge of N65 just introduced by the Central

Bank of Nigeria (CBN) effective September 1, 2014, is to ensure better services for customers, increase healthy competition among banks, reduce wear and tear on the ATM machines, so that they can serve the customers longer, and checkmate increase in cash transaction, which ne-gates the cash-less policy.

These are the reasons behind the introduction of N65 remote-on-us ATM charges, which will only be charged after the third remote-on-us ATM withdrawal in a month according to the apex bank.

Remote-on-us withdrawal is the case when a card holder goes to the ATM of a bank other than his bank to withdraw cash.

This charging of fee on interbank network, a global best practice, is a widely acceptable practice globally and it is used to pay the cost for the remuneration of the switches, ATM monitoring and fit-notes processing. Not charging of this fee is already causing discouragement to banks and this poses a threat to financial interoperability.

To address this and as a responsible central bank, the Godwin Emefiele-led CBN in meeting his regime’s objective of entrenching macroeconomic stability and engendering economic development in Nigeria, came up with this policy.

According to the CBN Director, Cor porate Communications Department, Mr Ibrahim Mu’azu, between 2012 and recently when the review was done, it was discovered that unexpected wear and tear on the machines caused by incessant withdrawals have created a huge cost burden for banks and it was becoming discouraging to them.

T h i s u n i n t e n d e d consequences made the CBN to take the latest decision and it should be pointed out that even at the charge of N65, the banks have forgone their income of N35 that they made in old N100 per remote-on-us withdrawal apart from bearing N65 each on the first three remote-on-us withdrawals in a month, as a form of service to their customers in this new policy. It is obvious that the policy of outright cancellation of the charge had resulted in substantial cost burden incurred by banks in defraying the cost for the service.

And it should be stressed that the initial policy of N100 is on every remote-on-us ATM withdrawal, while the new policy is free on the first three made in any calendar month as the customer only pays from the fourth remote-on-us withdrawal and that the issuing bank does not make any thing. But by going to other ATMs to make withdrawal, the customer incurs cost of N65, which goes to the switches and the owner of the ATM that the customer

used.Nevertheless, a customer

can still withdrawal 10 or more times on ATM in a month free of charge provided such withdrawals are done on the ATM machines of his bank where he kept his money.

Consequently, the charge is not punitive as banks cannot fully bear the burden of a cost that is outside of their operations; and getting customers to use their own banks’ ATM machines, which is free, no matter the number of times the customers withdrawal in a day or a month, promotes financial discipline.

Going forward, there are many advantages in this new policy that the customers, banks and the Nigerian economy will benefit from. These include:

1. Check excess uses of ATM and remove the associated cost, which will ensure that customers do not incur unnecessary costs

2.Consolidate financial inclusion as the policy aims to ensure that customers are appropriately charged and not indirectly charged

3. Encourage financial discipline from the customer by watching his cost

4. Encourage savings, as no customers will be indirectly charged. This will increase the capacity of the number one economy in Africa to increase his capital formation, which will help not only the entrepreneurs but all customers in particular long term

5. Increase the financial

intermediation capacity of banks in economic promotion

6. Work towards the much anticipated and needed reduction in interest rate, which will empower entrepreneurs to create more jobs for the economy thereby meeting the job creation goal of the new CBN Governor and improve the country’s growth and development

7. Indirectly reduce the risk of ATM transaction and negate threats to financial system stability, financial inclusion, cashless policy and systemic risk in the industry

8.Increase healthy competition amongst banks in deploying more ATM machines for the benefits of their customers in order to guide against customer porting, which will in the medium to long term, meet the CBN Governor’s mission of a people-centred central bank

9. Provides the platform to reduce financial tightening in the system as cost of operation

becomes low, which will be in tandem with the CBN’s core mandate of ensuring monetary and price stability and a sound financial system as well as development initiatives for the nation

10. Customers can still engage in remote-on-us withdrawal three times in a month at no cost to them, which means that the usage of other banks’ ATM machine is not cancelled only that frivolous remote-on-us withdrawals are discouraged but could still be done only that the customer will bear the cost rather than his bank after all, the customer is the one collecting money from where he did not keep it.

Expectedly, there are positions against this policy as Centre for Social Justice, through its Lead Director, Mr Eze Onyekpere, said that there is no justification for the new policy and that the policy would unduly burden bank customers, discourage the unbanked from using the banking system and also negate the cashless policy.

These positions have obviously been defeated by the above details.

For instance, the CEO of Financial Derivatives, Mr Bismarck Rewane, a frontline economist, said: “It makes a lot of sense to return the charges for the ATM as you cannot keep your money with Bank A and always keep collecting it from Bank B; that will be a case of working for John Bull and collecting salary from Afamako company.

Ayeni, an economist and public commentator, writes from Kano

Another look at the N65 ATM charge

How to discover business opportunities

PERSPECTIVE

Emefiele

45NEWSSanctity of Truth

Monday, September 1, 2014

Alaafin in London, exols Yoruba icons

Allow FG to ratify confab decisions, says Olugbo

Belgore: Nigeria not moving in right directionAPC keeps watch on Osun Election Petition Tibunal

Sola AdeyemoIBADAN

Alaafin of Oyo, Oba Lami-di Olayiwola Adeyemi

111, yesterday called on Yoruba residents in Lon-don to exploit all available opportunities to advance the cause of the Yoruba in particular, and Nigeria in general.

The Alaafin made the call in his acceptance speech during the confer-ment of an award on him by the Oyo State Council (OSC) in conjunction with Ar-Rahman Association in the United Kingdom.

The award ceremony, according to a statement made available to New Telegraph and signed by the monarch's Media Assis-tant, Azeez Fehintola, took place at Oasis 6-8, Thames Road, Barking Essex, IG11 0HZ, United Kingdom.

The monarch recalled

that the United Kingdom, home of the nation's colo-nial masters, had produced so many Nigerians who studied in the country and who used the privilege of that education to advance the cause of independence for Nigeria and the promo-tion of good governance, freedom, liberty and egali-tarianism.

Recalling the efforts of the likes of the late sage, Chief Obafemi Awolowo, and his group through the formation of ‘Egbe Omo Oduduwa’ in 1945, and how it metamorphosed into a political party in the first republic, which became a reference point in the nation’s political history, Alaafin said: “The aim of the group was to galvan-ise the Yoruba nation into action and to provide a forum in which problems, common to the Yoruba as a whole, could be considered.

Yekeen NurudeenABUJA

A pro-democracy group, Governance Watch Ini-tiative, has warned the

leadership of the Peoples Democratic Party (PDP) not to interfere in the work of the Osun State Election Petition Tribunal set up to entertain complaints from the August 9 governorship election in the state.

The group in a state-ment issued yesterday by its National Coordi-nator, Rotimi Ogunwuyi, said the PDP, following

its failure in the election, has been trying to tamper with the work of the elec-tion tribunal by seeking to compromise its Chair-man, Justice M. I. Bako.

It argued that while efforts to bend the chair-man of the tribunal to do its bidding has failed, the PDP has been seeking to use a proxy to tarnish the image of the chair-man in order to have him removed and replaced with a pliable personal-ity, especially since some members of the tribunal are not as principled as the chairman.

Governance Watch Ini-tiative alleged that PDP has approached one of the candidates in the last election to petition the President of the Court of Appeal to remove the

tribunal chairman on the grounds that his party has no confidence in him.

“We have therefore de-cided to alert all good peo-ple of Nigeria in general and the good people of Osun in particular to the shenanigans, and to warn against any attempt to use the back door to thwart the will of the people of Osun State.

"The people of Osun spoke loud and clear on August 9 that they are sat-isfied with the good work that is being done by Gov-ernor Rauf Aregbesola and would want him to continue for another four years. By doing so, they also rejected all those who have nothing to offer but thuggery, violence, person-al interest and ego as well as sheer incompetence."

Sola AdeyemoIBADAN

Chairman of Yoruba Obas Conflict Reso-

lution Committee, the Olugbo of Ugboland, Oba Obateru Akinruntan, has called on Nigerians to al-low the Federal Govern-ment determine the mode of ratifying the decision of the just concluded na-tional conference.

The monarch, who spoke with some jour-nalists at the weekend in Ibadan, said Nigerians should leave the decisions for the government to take, adding; “Whatever method would be used to ratify the decisions reached at the conference, must be determined by the government."

Against the call by

many that the decisions should be subjected to a referendum, the monarch said: “Be it through refer-endum or parliamentary approach, the govern-ment, which surprised everybody by convening the conference, should be allowed to determine the way forward.”

Oba Akinruntan, who called for the involve-ment of royal fathers in the governance of the country, commended the government for giving the delegates the free-dom to deliberate on the country’s problems.

Speaking on the role being played by mon-archs in governance, the Olugbo said the present advisory role was not enough, stating that Obas are custodians of truth.

Biodun OyeleyeILORIN

From the Chairman of Assets Management

Company of Nigeria (AM-CON), Alhaji Kola Belgore came over the weekend a grim verdict: Nigeria is not moving in the right direc-tion.

Beyond this, he also expressed concern that people are "quiet" over the situation.

As evidence of the national malaise, Bel-gore pointed at the Ajao-kuta Steel Mill, where he claimed the Federal Gov-ernment is wasting N3.4bn monthly to workers 'for do-ing nothing".

The AMCON boss, who spoke in Ilorin, Kwara State at an award cer-emony in honour of the Acting Inspector-General of Police, Sulaiman Abba;

AIG Ambrose Aisa-

bor; Corps Marshal of the FRSC and three other alumni of the Nigeria Institute of Policy and Strategic Studies (NIPPS) Kuru, Jos, said his com-ments were devoid of po-litical interests.

"The country is virtu-ally static. Things are not moving in the right direc-tion and everybody is keep-ing quiet. It has nothing to do with politics; it has to do with our collective inter-est", he said at the event which was put together by the immediate President of Association of Alumni of Institute (AANI) and chairman, LUBCON Group of Companies, Al-haji Jani Ibrahim.

Belgore lamented that despite the huge potentials of Ajaokuta Steel Mill, it remained unproductive, yet the nation continues to fund its operations.

His words: "There are

2500 engines mounted and engineers and 6000 em-ployees and we are paying them every month a total of N3.4bn. That is what we paying for doing nothing monthly".

He lamented that Ni-geria still imports fuel despite being an oil-pro-ducing country, saying it was ridiculous and the development has made Nigeria a laughing stock among comity of nations.

He announced that AM-CON is the only corpora-tion with over six trillion naira without a record of loss and blamed the un-employment problem on closure of companies and businesses in the country.

His words: "The honest truth is that we are not happy and if here we say we are happy, it is because most of us are in a comfort zone of the society. We are privileged in the society."

Ex-NMA president lauds Jonathan for recalling doctors Cajetan MmutaBENIN

Former President of the Nigeria Medical Association (NMA), Dr. Osahon Enabule-

le, yesterday commended President Goodluck Jona-than, for his decision to unconditionally reverse the Federal Govern-ment's earlier directive to suspend the Residency Training Programme (RTP) and the sack of 16, 000 resident doctors in the country.

Enabulele also ex-pressed appreciation to the Senate President, David Mark, for the pa-

triotic, dependable and objective role he played alongside other people of goodwill, including the Governor of Delta State, Dr. Emmanuel Uduaghan, the Speaker of the House of Representatives, Rt. Hon. Aminu Tambuwal, Senator Tunde Ogbeha, Senator Ifeanyi Okowa, and Senator Chris Ngige respectively.

The ex-NMA boss and Vice-President, Com-monwealth Medical As-sociation, in a statement in Benin, Edo State, urged the Federal Government to adopt, in the future, a more positive approach towards resolving the

challenges confronting the country’s health sec-tor.

He said such approach would “promote con-structive engagement, best practices and profes-sionalism” in the sector.

Enabulele further ap-pealed to the Federal Gov-ernment to honestly and responsibly respect all past and present agree-ments it willingly signed with the Nigerian Medi-cal Association.

According to him; “I commend President Goodluck Ebele Jona-than, for his decision to unconditionally reverse the Federal Government's

earlier ill-advised direc-tive to suspend the RTP and sack 16, 000 resident doctors.”

He said: “While I hope that this latest directive of the President will be immediately commu-nicated to the various Chief Medical Directors and Medical Directors of Nigeria’s federal tertiary health institutions for immediate and uncondi-tional implementation, I urge the Federal Govern-ment to honestly and re-sponsibly respect all past and present agreements she willingly signed with the Nigerian Medical As-sociation.”

L-R: Member, House of Representatives, Hon. Amuna Kahdi; Minister, Federal Capital Territory, Senator Bala Mohammed; Chairman, Aso Savings and Loans Plc, Mr. Tunde Ayeni and Managing Director, Aso Savings and Loans Plc, Mr. Hassan Usman, during the inauguration of Aso Grove Estate in Abuja...at the weekend

MONITOR Group keeps tab on election petition tribunal chairman

€101.5mThe total amount spent on players transfer by Athletico Madrid as at August 18, 2014.

Source: Goal.com

38,000The number of adults and children estimated

to be living with HIV in Eritrea in 2008.Source: Blatantworld.com

3.79mThe total population of women

in China, Hong Kong in 2012.Source: Un.org

NEWS Monday, September 1, 2014Sanctity of Truth46

Kaduna State Deputy Governor, Ambassador Nuhu Bajoga (left), receiving his new e-passport from the Coordinator, Nigeria Immigration Service, Kaduna State Command, Comptroller Nuhu Apang Takung, in Kaduna …yesterday

Ebola: NYSC sets up screening centres in camps

Politicians using UNEP report as campaign tool, says Ogoni network

Regency tussle: Monarch warns kingmakers against breaking tradition

Amosun gets knocks for closing OOU

Boko Haram: Group cautions ACF against attack on military

Philip NyamABujA

A group, the Nigeria Security Watch Forum (NSWF) has advised northern

socio-political group, the Arewa Consultative Forum (ACF), to be more circumspect in its appraisal of the security situation in the country.

NSWF in a statement issued by its National Coordinator, Mallam Abubakar Danbaki, said the security crisis the nation is currently grap-pling with was as a result

of the policies and lega-cies bequeathed to Nige-ria by former northern leaders.

Danbaki particularly mentioned General Ibra-him Babangida and the late General Sani Aba-cha, as responsible for the problems confronting Nigeria today.

The forum, in its re-action to the recent posi-tion of the ACF in which it condemned the perfor-mance of the Nigerian military in cracking down on the Boko Ha-ram sect, noted that the leadership of the ACF deliberately buried the truth by standing it on its head.

It also said: “General Babangida destroyed the armoured corps of the Nigerian Army and bastardised the entire army to stop it from plot-ting coups. The army is yet to recover also from

this deliberate destruc-tion policy.

“Similarly, General Babangida was known to have said that he was not an advocate of air power and therefore de-liberately crippled the Nigerian Air Force from being one of the best in Africa to what it is today.

“As a result, war planes were abandoned and were never serviced for years just as fighter pilots were not sent on training. The develop-ment has not allowed the air force to recover till date.”

NSWF also noted that; “General Abacha’s regime continued the policy of crippling the military in order to per-petuate himself in office. So, rather than fund the military, General Abacha created a Strike Force un-der the supervision of Major Hamza Al-Musta-

pha. The consequence of these actions is what the nation is grappling with presently.”

It therefore advised that; “rather than the ACF con-tinue to play the ostrich, it should be asking some very important questions. For example, of the so called trillions budgeted for defence, how much was actually released. What per-centage of the so-called tril-lions went into the funding of the armed forces?

“It will interest ACF to know that since the pres-ent democratic dispensa-tion, there have not been any major equipment purchases for the entire armed forces, a fact that the military high com-mand has been shouting about for years.

“It will interest ACF to know that every nation gets the kind of armed forces it is willing and ready to pay for.”

Babatope OkeowoAKure

The National Youth Service Corps (NYSC) has said that it will set

up Ebola Virus Disease (EVD) screening centres in orientation camps across the country in order to stem the spread of the dreaded disease.

Director General of the corps, Brig-Gen. Johnson Olawumi, who disclosed this at the weekend, during the in-auguration of the NYSC/Ondo State government committee on environ-mental exercise, said the corps has been taking

measures to ensure the safety of corps members and members of staff during the orientation programme.

Olawumi said the corps was determined to ensure that corps mem-bers deployed from vari-ous states are free from the deadly virus.

He told the corps mem-bers at Democracy Park in Akure, the state capi-tal, that at the recently concluded orientation camp, the NYSC was in-volved in many preven-tive measures with hand sanitisers provided in the camps, where the orientation programmes

were held.Olawumi also said the

organisation has ensured that its' clinics in the camps are stocked with drugs and that the medi-cal staff are on ground to provide the needed services.

Speaking on the sani-tation programme, he said it was part of the move to achieve his vision for the NYSC scheme, which is ‘to in-crease the impact of the scheme and expand its value to critical stake-holders.’

He said the pro-gramme would enable corps members render

selfless service by help-ing to maintain a safe and sustainable environ-ment in the country.

Governor Olusegun Mimiko, said the collabo-ration with states govern-ments would further en-hance a healthy society. The governor, who spoke through his Chief of Staff (COS), Dr. Kola Ademu-jimi, noted that the gov-ernment had been at the vanguard of the campaign for a clean and safe envi-ronment for people to live.

According to him, this had eventually paid off with the state being ad-judged the cleanest in the country.

emmanuel MashaPorT HArCourT

Politicians in Rivers State were yesterday

accused of using the non-implementation of the United Nations En-vironment Programme (UNEP) report as a cam-paign tool to boost their chances of winning elec-tions in 2015.

The Ogoni Social Democratic Network (OSDN), which stated this through its Presi-dent, George Kilsi Nubari, said such poli-ticians were hammering on the UNEP report “as a tool to discredit the Federal Government and gain political mile-age."

He said some very prominent and outstand-ing civil society groups

(names withheld) that are championing the rights of the Ogoni peo-ple, have recently been paid huge sums to stop clamouring for Ogoni cause.

“We are deeply con-cerned about recent claims by politicians, who hitherto have pub-licly vowed to frustrate every effort of the Ogoni demand for self-deter-mination, now meta-morphosing into Ogoni clean up campaigners,” he said.

Nubari noted that: “Another group has been responsible for the spon-sorship of individual campaigners, who use so-cial networks and media organisations to launch this campaign of calumny, all targeted at discrediting the Federal Government."

Adesina WahabADo-eKITI

The Olukere of Ikere-Ekiti, Oba Ganiyu

Obasoyin, has warned kingmakers in the town against flouting the tra-dition and custom of the town in the bid to appoint a regent, following the de-mise of the Ogoga, Oba Adegoke Adegboye.

He also warned that the burial rites of the late monarch must follow due process and the tradition of the town and must not be allowed to polarise the community.

Briefing the press in Ikere-Ekiti, at the week-end, the monarch said the reported crisis be-tween two daughters of the late Oba Adegboye over the regency title was needless, saying regency was a mere ceremonial position without execu-tive powers.

“The 1933 Intelligence Report written by N. A. C. Weir, former District Of-ficer of Ikere-Ekiti, under the old Ondo Province, made it clear that only Sa-petu, who is the head of the kingmakers, can exercise executive powers in the ab-sence of the Ogoga.

“So being a regent is mere ceremonial and I ad-vise whoever gets there not to go beyond her bounds by usurping the power of Sapetu. The regent cannot even go to the public under the guise of representing the town as a regent. It is just a ceremonial position,” the Olukere clarified.

Oba Obasoyin, who sym-pathised with the indigenes of the town over the death of Ogoga, who is seen by many as a rival king to the Olukere, said the peace of the town was very para-mount to him “being the founder of the town and the chief priest.”

Sola AdeyemoIBADAN

A governorship aspirant on the platform of the

Peoples Democratic Party (PDP) in Ogun State, Hon. Kayode Amusan-Jelili, yesterday came hard on Ogun State Governor, Ibi-kunle Amosun, over his administration’s closure of Olabisi Onabanjo Uni-versity (OOU), Ago-Iwoye.

He described the clo-sure as unwarranted, an-ti-people and oppressive, adding that it was meant to deprive majority of the youth of formal educa-tion.

Amusan-Jelili in a re-lease made available to New Telegraph yesterday said it was such anti-peo-ple policies that triggered off the student-public pro-

tests that led to the closure of the institution.

The governorship as-pirant said the high tu-ition paid by the students amounted to an attempt by the government to de-prive the youth of formal education.

According to him, Chapter 2 of the Nigerian Constitution guarantees the rights of the people to qualitative and functional education by the govern-ment, not creating unnec-essary impediments.

He claimed that Gover-nor Amosun had, in his pre-election campaigns, promised to ensure a congenial atmosphere in tertiary institutions by not imposing unneces-sary burden on parents and guardians, as well as students.

SeCurITYGen. Babangida and Abacha are fingered as responsible for the poor state of the armed forces

Monday, September 1, 2014Sanctity of Truth 47

L-R: Mr. Kabir Aregbesola, Managing Director, Osun State Investment Company Limited; Alhaji Bola Oyebamiji, President, Lagos Chambers of Commerce and Industry; Alhaji Remi Bello, National President Nasrul–Lahi- Fathi Society [NASFAT]; Alhaji Sherrif Yussuf and Governor Rauf Aregbesola, during a thanksgiving prayer over Aregbesola's victory organised by NASFAT at Mowe, Ogun State ...yesterday

Abia 2015: Oti waxes stronger, Ufomba lifts studentsIn a statement signed

by its Director of Media and Publicity, Chief Nwa-ka Inem, the group said Otti had set in motion the process of rebuilding the economy of Aba prior to this time through the Diamond bank facility to Geometric Power plant in Aba to the tune of $465mil-lion.

“As part of the realiza-tion of that dream, Dia-mond bank has injected over $465 million into the Alaoji Geometric Power plant with a view to pro-viding steady power to Aba. In no distant time Aba and environs will be enjoying light 24 hours a

day, 7 days a week and 365 days a year”, Inem said.

The Group therefore rejected the zoning can-vassed by some leaders in the state, describing it as anti-democratic.

“We rightly are of the opinion that zoning as being canvassed by some opinion leaders is retro-gressive and anti-demo-cratic. Zoning promotes mediocrity, and as such we must elect a governor based on his antecedents and record of perfor-mance.

It is against this background that we are strongly convinced that Dr. Alex Otti will do a

KEENThe race to Government House Umuahia gets hotter

PDP accuses Fayemi of illegal sale of state assets

Adesina WahabADO-EKITI

The Peoples Democratic Party (PDP) in Ekiti State has raised the

alarm that valuable assets and properties of the state are being sold at give away prices by the outgoing ad-ministration of Governor Kayode Fayemi.

The PDP also alleged that the properties are be-ing sold to chieftains of the All Progressives Congress (APC) and cronies of the governor.

In a statement on Sun-day by the State Publicity Secretary, Pastor Kola Olu-wawole, in Ado-Ekiti, the PDP also

accused some top offi-cials in the state's Housing Corporation and the Direc-torate of Lands and Plan-ning of conniving with APC leaders and top functionar-ies of the administration to perpetrate the fraud.

The PDP added that the fraudulent sale of proper-ties included government

assets in the state, as well as some located in Abuja and Lagos.

It listed the affected properties to include piec-es of land and houses at Irewolede Estate Phases I and II, Ado-Ekiti, as well as pieces of land and houses at Obasanjo Housing Es-tate, Ikere Road, Ado-Eki-ti, while vehicles and state properties in Abuja and Lagos were not left out.

In a swift reaction, the Commissioner for infor-mation, Mr. Tayo Ekun-dayo, said the PDP was only raising a false alarm, adding that the govern-ment was above board in its dealings.

"It not true, they should show proof. I am not aware of such and if they are sure of their fact, they should wait till October 16 when they take over and revoke such properties. But I don't think a sensible govern-ment would say because it is leaving, it will start selling properties of the state. Such allegation is senseless and

unsubstantiated and should not be taken seriously."

However, the PDP said: "Lands at Irewolede and Obasanjo Estates are for Housing Development Scheme, not Site and Ser-vice, with Certificates of Occupancy (C of O) of the estates already used by the Ekiti State Housing Corpo-ration to apply for N1.5 bil-lion mortgage facility from the Federal Mortgage Bank Of Nigeria (FMBN) out of which less than N1 billion has been approved, waiting for payment to the Ekiti State Housing Corporation.

"Now, a plot of land at Irewolede Phase II and Obasanjo Estate is being sold to Fayemi's cronies at a very ridiculous price of N200, 000, while the hous-es at Irewolede Phase I are being allocated to political appointees and Fayemi's cronies at a give away price of N6 million instead of the N12 million placed on the property by the official valuer.

"By selling the lands,

Fayemi is wickedly deny-ing Ekiti people the op-portunity of getting the FMBN facility with which the incoming PDP govern-ment will build houses at the estates and sell to the people at affordable prices.

"Even Fayemi's aides who bought Maisonettes at Irewolede Phase I in 2012 are now being asked to pay N6 million as against N12 million that the building was allocat-ed to them."

The party added: "The same black market sale is being carried out on government lands at the Obasanjo Housing Estate along Ikere-Ekiti Road built during Dr. Ayo Fayo-se's first term as governor of Ekiti State in 2005."

The PDP further not-ed that virtually all gov-ernment vehicles both new and fairly used were being fraudulently auc-tioned at an unimagina-ble prices that could not be justified by any stand-ard.

Igbeaku OrjiUMUAHIA

A group known as Abia First 2015 Pro-ject has endorsed the candidature of

the Group Managing Di-rector (GMD) and Chief Executive Officer (CEO) of Diamond Bank plc, Dr. Alex Otti, for the 2015 gov-ernorship election saying

he is in the race to ensure the overall development of Abia and Aba in par-ticular.

The group said Aba, the commercial nerve center of the state, “has been abandoned for so many years”, adding that Alex Otti has the where-withal to restore the eco-nomic and social glory of the city.

“About 60,000 indus-tries are dead in Abia with the concomitant loss of jobs. I want to assure you that with his eco-nomic blueprint, those industries will come alive and provide jobs for our youths”, it said.

Publisher of Abuja Tempo dies at 75Lateef IbrahimABUjA

Publisher of the defunct Abuja Tempo Newspaper,

Prof. Raymond Nnadozie Okafor-Nwanya is dead.

Prof Okafor-Nwanya passed on in Abuja at the age of 75 after a brief illness.

The publisher's last ap-pointment was the Chair-man, Board of College of Education, Ehe Amufu.

The late Prof Okafor- Nwanya was born on February 29, 1940 to the famous Nwanya family of Enugu Ukwu in Anambra State.

After his early educa-tion in Eastern Nigeria, he travelled to the United States of America and Paris, France, where he bagged a doctorate from the Universite’ de Paris, Sorbonne.

He taught Literature at the Universite’ d’Abidjan, Ivory Coast for several years and he was also a visiting -Lecturer at the

Universite’ de Ouagadou-gou, Burkina Fasso.

On his return to Nigeria in the mid-70s, he joined the University of Port Harcourt where he became professor of French and Comparative Literature at early age.

He was reputed to be the first Professor from Enugu Ukwu.

The late University don cum publisher ventured into politics when he con-tested the Anambra Cen-tral senatorial seat in the aborted third Republic.

He however returned to the services of the Uni-versity of Port Harcourt where he manned his duty post till his exit into private business as publisher/ Edi-tor in Chief of Abuja Tempo weekly newspaper which at that time was the only au-thentic voice of the FCT.

When in Port Harcourt, he was President of Nigeri-an Association of Franco-phone Studies and Editor of its journal, JOFRAS.

better job than all other interested aspirants”, the group said.

Abia First 2015 Project maintained that what the state needs is a governor who will not only consol-idate the achievements of Governor Theodore Orji but open a new vista of development process in the state.

Meanwhile, over 250 undergraduates drawn from various tertiary institutions across the country have benefited from the Ochiagha Rea-gan Ufomba 2014 bursa-ry/scholarship award.

Besides, Ufomba has trained 48 graduates who

have completed their cours-es and currently has 198 undergraduates under his scholarship scheme. Also 103 persons would benefit next year.

Disbursing the cheques to the beneficiaries in his office in Umuahia, the pol-itician and businessman said he was motivated to give the bursary by the poverty in the land which makes it difficult for most parents to adequately pro-vide for their children and wards. He said the process of selecting the beneficiar-ies was transparent and urged those who did not benefit to wait for next year’s award.

UNIZIK VC tasks S’East govts, alumni on developmentTony OkaforAwKA

The Vice Chancellor of Nnamdi Azikiwe Uni-versity, Awka, Anam-

bra state, Professor Joseph Ahaneku has urged the people and governments in South East to show more commitment in the pro-gress of the university as a mark of honour to the late statesman whose name the school bears.

Ahaneku stated this when Awka branch of the institution’s alumni paid him a courtesy call.

He said the University would build an alumni Re-source Center for effective networking and mobiliza-tion of both human and material resources of its past students in other to re-position the institution.

Ahaneku who described the University as one of the legacies of the hero of Nige-rian Independence struggle,

and the late Owelle of Onit-sha, Dr. Nnamdi Azikiwe, called on people and govern-ments of South East zone to come to the need of the institution, the way Zik of Africa rescued Nigeria from the clutches of colonial rule.

The Vice Chancellor also urged the Alumni Association to be more visible in the activities of the institution as manage-ment was set to partner with its former students who are genuinely inter-ested in working for the progress of the University.

In a remark, the branch chairman of the alumni association, Mr. Bona Oraekwe stat-ed that University ed-ucation system would greatly improve if uni-versity authorities could develop strategic plans of incorporating Alum-ni associations into the management of the in-stitutions.

lwe are above board - Fayemi's aide

4848 NEWS Monday, September 1, 2014Sanctity of Truth

COLLISIONKwara group wants to bring Mr. President and former president to the ring again

No imposition of heavy taxes, says Aregbesola

Jigawa set for 2014 hajj operations

S/East leaders may endorse Jonathan in three weeks

Al-Makura condemns crisis, vows to prosecute perpetrators

Uduaghan condoles with Niboro over mother’s death

‘Jonathan not responsible for Nigeria’s woes’

Wale Elegbede

A socio-political group, the Kwara Restoration Agenda (KARA), has absolved President

Goodluck Jonathan, of all the challenges facing the country currently, saying that such woes were not his making.

The group called on for-mer President Olusegun Obasanjo, to stop blaming President Jonathan for the problems facing the country, saying that most of the problems started when Obasanjo was the

military Head of State be-tween 1976 and 1979 and also when he was Presi-dent between 1999 and 2007.

In a statement issued and signed by its Director of Media and Publicity, Kehinde Ayanwale, the group urged Obasanjo to support Jonathan's government which he la-boured to put in place, ad-vising him to be a leader and statesman like the respected late president of South Africa, Nelson Mandela.

While urging the for-mer president to stop instigating the public against the Jonathan ad-ministration whenever he (Obasanjo) had personal scores to settle with the president, the group said comparing the late dicta-tor, General Sanni Aba-cha’s government with

Jonathan’s administra-tion, was like comparing darkness with light, add-ing that General Abacha did what he could for the country during his tenure by reducing the pump price of petroleum then.

The KARA spokesper-son added that the present administration has been working round the clock to solve the problems fac-ing the country.

“The group believes that all the problems fac-ing the country presently were not orchestrated by Jonathan's government, but it will soon be a thing of the past in the land.

“We want to urge for-mer President Olusegun Obasanjo to see himself as the father of the nation and no issue should affect his sense of judgement on any issue affecting the progress, development

and growth of the country, because his recent state-ment on the President Jonathan’s administra-tion was faulty.”

Meanwhile, KARA said it has endorsed Sheriff Shagaya, son of the popu-lar business woman, Al-haja Bola Shagaya, for the Ilorin West and Asa House of Representatives seat under the platform of the ruling Peoples Democratic Party (PDP).

Describing Sheriff Shagaya as a formidable economist, who is forth-right, amiable and very friendly to the people of the area and Kwara State at large, the group said the choice of Shagaya would bring robust representa-tion at the lower chamber of the National Assembly to people of the area in the next political dispen-sation.

Adeolu AdeyemoOSOgbO

Contrary to specula-tions that the admin-istration of Gover-

nor Rauf Aregbesola in Osun State would make life unbearable for the people through the im-position of heavy taxes, the state governor yes-terday assured the peo-ple that his administra-tion will not impose any arbitrary tax on them.

He described those behind the rumour as enemies of the APC-led government.

Governor Aregbeso-la charged members of the public to disregard such speculations, call-ing them attempts by the opposition to run his ad-ministration down.

Speaking through the Chairman/CEO,

state Internal Revenue Service (IRS), Mr. Dayo Oyebanji, in a statement made available to news-men in Osogbo, the gov-ernor said such claims were untrue.

He, however, added that; “In a bid to make the payment of taxes convenient for the peo-ple, the government has deployed Point of Sale Terminal machines (POS) at the State Wa-ter Corporation reve-nue offices to enhance their performance in revenue generation.”

The governor said the POS terminals were deployed not only to block leakages in rev-enue, but to also make the payment of taxes convenient for tax pay-ers as well as enhance accessibility to tax sta-tions.

Dahiru SuleimanDUTSE

All is now set for the 2014 hajj operations in

Jigawa State as the Dutse International Airport constructed by the state government is ready for use to ensure the success of this year’s operations.

While arrangements have been concluded be-tween Jigawa State Pil-grims Agency and Max Air Airliner, for the hajj operations, the Sole Ad-ministrator, Jigawa State Pilgrims Welfare Agency, Alhaji Sani Muhammad Alhassan, confirmed that everything needed to en-sure a successful hajj op-erations have been put in place.

Addressing a press conference in Dutse, Al-hassan said the prepara-tions include securing travelling visas for all the over 2, 000 Jigawa intend-ing pilgrims.

He said his agency has also made arrangements for accommodation and

transportation both in Mecca and Medina, Mun-na and Arfat, with prompt remittance of all hajj fares to the National Hajj Com-mission in Abuja, among other necessary prepara-tions.

“All our intending pil-grims for this year’s hajj were screened, vaccinat-ed, and provided with trav-elling luggage, they were also provided with Yellow Cards and Passports, and are only waiting to be airlifted from the Dutse International Airport to the holy land, assuring also that there will be no cause for alarm.”

The sole administra-tor commended the Jiga-wa State government for its support to the agen-cy’s activities towards ensuring a hitch free hajj operation, adding that “the use of Dutse Internaional Airport in airlifting the pilgrims is a welcome development, since it will reduce the cost of airlift and other commitments.”Uwakwe Abugu

ENUgU

The leaders of the South East Zone of the country

are likely to endorse Presi-dent Goodluck Jonathan to run for presidency come 2015 when they converge on Enugu in three weeks time.

Although the Forum of South East Governor which met yesterday in Enugu, capital of Enugu state did not expressly state that the endorse-ment would be the main reason for convoking a large meeting of Igbo leaders and stakehold-ers in three weeks, it was gathered after a meet-ing of the forum held at the Governor's Lodge, Enugu that the event would discuss issues concerning the zone as the nation goes into the general elections next year and that they plant

endorse the president.Chairman of the forum

and Abia State Governor, Chief Theodore Orji, told newsmen during the post-meeting briefing that "we will in the next three weeks summon a meeting of the elders' forum of the South East zone to discuss issues concerning the zone" and he did not elaborate on that hint.

Imo State Governor, Chief Rochas Okorocha, did not attend the meet-ing and he was not repre-sented, while Governors Martin Elechi of Ebonyi State, Sullivan Chime of Enugu State, Theodore Orji of Abia and deputy governor of Anambra state, Dr Nonso Okeke represented Governor Willie Obiano. Elechi left before the meeting rose and Orji said he had another urgent matter to attend to.

Cheke EmmanuelLAFIA

Nasarawa State govern-ment yesterday said that

it would organise a peace summit that would in-volve politicians, opinion leaders, community lead-ers and traditional rulers to find a lasting solution to the persistent crisis rock-ing the state.

Governor Tanko Al-Makura made the assertion at Assakio, when answer-ing questions from news-men shortly after a tour of places affected by the recent communal crisis in some parts of the state.

Al-Makura said his ad-ministration is committed

to the implementation of the white paper released on the communal crisis with a view to bringing the perpe-trators to book, adding that 58 persons indicted by the white paper on the recent crisis would be prosecuted.

The governor, who ex-pressed shock over the level of destruction at De-dere, Tududun Adabu, Ag-yaragu Tofa and Assakio, said government would do everything necessary to bring the perpetrators to book.

He wondered that de-spite spirited efforts made to bringing about peace, enemies of the state had their way to cause may-hem.

Dominic AdewoleASAbA

Delta State Governor, Emmanuel Uduaghan,

yesterday condoled with the former presidential spokesman and Managing Director of the News Agency of Nigeria (NAN), Ima Niboro, on the death his mother, Deaconess Agnes Owoma Ukeseh.

Uduaghan in a state-ment by his Press Secre-tary (Lagos and Abuja), Felix Ofou, said he shared in the pains of the former presidential spokesman over the demise of his mother.

The Governor said: “I know the pains of losing a beloved mother. I there-fore know what Ima Ni-boro is passing through. He should be rest assured

that my family and the entire Delta State are with him in this moment of grief,” he declared.

The governor said the state was delighted with Niboro’s appointment as the managing director of NAN after his tenure as Media Adviser to Presi-dent Goodluck Jonathan, noting that it was a vote of confidence by President Jonathan.

According to him; “To have served as adviser to the President and subse-quently appointed man-aging director of NAN is a vote of confidence and as a state, we are proud, knowing that he is a wor-thy son of Delta. That is why we associate with him at this moment of grief and always,” he de-clared.

Emir of Dutse, Alhaji Nuhu Muhammad Sunusi (on the floor) thanking Allah when the boeing 747 made a test-landing at Dutse International Airport…yesterday. With him are governor Sule Lamido and others

49NEWSSanctity of Truth

Monday, September 1, 2014

health professionals who are equally entitled to residency training.

“Please note that Abdullahi Bello Presi-dential Committee ear-lier recommended the commencement of resi-dency training for other health professionals since 2011. This should be implemented now,” Faniran stated.

On the post of DC-MAC, Faniran said it should be abolished be-cause it was not provided for in the Act U 15 LFN 2004 that governs Teach-ing Hospitals.

“It constitutes a drain pipe on the finances of the hospital and encour-ages fraud. We are call-ing on the ICPC and the

EFCC to set their drag nets on the various hos-pitals in Nigeria. A lot of fraud is taking place there.

“We also call on the minister of Finance, Okonjo Iweala, to do a special study on how funds are expended in the various hospitals”, he said.

He, however, con-demned the decision of the federal ministry of health which said only those professionals that register with the Medi-cal and Dental Council of Nigeria could use the designation ‘Consultant’. He stressing that is it not only a ruse, but false, in-correct, wrong and unac-ceptable.

Obinna OdohABUJA

The Nigerian Union of Allied Health Pro-fessionals has called

on federal government to expand the residency training meant only for medical doctors to in-clude other health pro-fessionals.

The president of NU-AHP, Felix Faniran who made this appeal in Abu-ja last weekend in press briefing said government should also abolish the post of Deputy Chair-man, Medical Advisory Committee(DCMAC) in tertiary hospitals which he described as illegal.

He however called on the Economic and Finan-

cial Crime Commission (EFCC) and the Indepen-dent Corrupt Practices and other related offenc-es Commission (ICPC) to flash its search light and spread its drag nets on the alleged corruption currently taking place in the health sector.

He further called on Federal Ministry of Fi-nance to institute a thor-ough study on how funds are expended in all the tertiary hospitals in the country.

“We therefore com-mend Mr. President for lifting the ban on the residency training and its ongoing appraisal, but in doing so, the pro-gramme should be ex-panded to include other

VC advises Northern leaders

‘APC likely to lose Kaduna'

Wada makes case for agric

Obi seeks support for Jonathan

Fani-Kayode hasty on defence of Boko Haram sponsor — Melaye

EFCC arrest three for attempting to defraud bank

EC brings job creation to focusPolice arrest six armed robbers in Benue

Dahiru SuleimanDUTSE

Northern leaders have been urged to have stra-tegic vision with a broad long term perspective of good governance, and human development.

This observation was made by Professor Ab-dulmumini Hassan Rafin-dadi, the Vice Chancellor,

Federal University, Lokoja while delivering a paper tagged: “Harnessing the vast Natural Resources of the North to fund Edu-cation in Northern states and the FCT” on the occa-sion of this year’s Barewa Old Boys Association (BOBA) Annual Public Lecture held in Dutse, the Jigawa state capital.

Ibraheem MusaKADUNA

The All Progressive Congress(APC) may lose Kaduna state because of the alleged selfish and personal interest of Former Minister of the Federal Capital Territory, Malam Nasir El Rufai.

Alhaji Salisu Moham-med Lukman, a guberna-

torial aspirant on APC’s platform who stated this during a press conference yesterday, alleged that the former minister is run-ning APC in the state as a personal property.

According to Lukman, El Rufai does not respect anyone’s views or opinion in the party except Gener-al Muhammadu Buhari’s.

Muhammad BashirLOKOJA

Kogi State Governor, Captain Idris Wada has charged the people of the state to embrace ag-riculture as a business to ensure food security and economic prosperity.

Wada gave the charge over the weekend in Adogo the headquarter of Ajaokuta Local Gov-ernment Area during his official visit to the council.

The governor said his administration has

focused on agriculture because of its poten-tials to create jobs and improve the lives of the people.

He pointed out that his administration has domesticated federal government agricul-tural transformation agenda which he said have yielded positive result with the ongoing establishment of staple crop processing zone at Alape in Kabba - Bunu Local Government Area of the state.

The former Governor of Anambra State, Mr.

Peter Obi has called on Igbos in the Diaspora to support President Good-luck Jonathan to be re-elected the President of Nigeria early next year.

Speaking in the USA on Saturday dur-ing the 2014 World Igbo Congress in Houston, Texas, Obi, who was rec-ognized and presented with an Award for his distinguished and com-mendable performance in public office, said for Igbos to get their due in Nigeria, they should al-ways look at what would benefit the people and not for selfish reasons. "Today, some people said we negotiated wrongly

with Jonathan in 2010 just because we moved away from the past prac-tice where people's idea of negotiation ends in nominating their chil-dren, relations or cro-nies for appointment. What we did was to go for those things that will benefit the total-ity of our people, such as request for an Inter-national Airport with full terminal building, the construction of the Second Niger Bridge, the control of some menacing erosion in the geo-political region, the reconstruction of Fed-eral roads in the region, among others", Obi said, expressing joy that Jon-athan is doing all that.

Johnchuks OnuanyimABUJA

Former member of the House of Representatives and corruption crusader, Hon. Dino Melaye has ac-cused the former Minis-ter of Aviation, Mr. Femi Fani-Kayode of been hasty and indecent in his defence of alleged Boko Haram sponsor.

Dino, a chieftain of All Progressive Congress (APC), made the attack in a statement issued yester-day. He said Fani-kayode's

position was quite differ-ent from the findings of the negotiator appointed by the Presidency and that of the Presidency as well.

Melaye said: "The Fani-Kayode defence of an alleged Boko Haram sponsor, as identified by the Jonathan Admin-istration-appointed ne-gotiator Stephen Davis, and his attempt to con-tinue pointing accusing fingers at my party, the APC is hasty, indecent and unconscionable.”

Juliana Francis Operatives of the

Economic and Financial Crimes Commission, EFCC, have arrested a syndicate of scammers for attempting to defraud a bank(names withheld). The suspects are identi-fied as Ola Lawal, Olu-mide Kayode and Abass Adekunle.

According to the EFCC spokesman, Wilson Uwu-

jaren, they were arrested following a botched at-tempt to compromise the bank’s system and steal depositors’ funds us-ing an electronic device known as Keelog Key Grabber.

Uwujaren said: “The trio’s arrest was made possible by an insider, who revealed to the bank’s management that some fraudsters were

planning to gain access to its network, using a device called Keelog Key Grabber.”

Uwujaren said that investigations showed that, a staff of the bank was contacted by one of the suspected fraudsters, who proposed a business arrangement to him on how to hack into the system of the bank. The staff subsequently in-formed the management of the bank and he was instructed to play along with the fraudster.

“In the arrangement, the Keelog Key Grabber would be used to harvest passwords of some of the key operation staff of the bank. The grabber was meant to be plugged into the computer sys-tem of the Head of Op-eration of a particular branch, to retrieve infor-mation technology con-figuration settings from the computer system and pave the way for the fraudsters to move cus-tomers’ funds out of the bank,”said Uwujaren.

Shadrack YusufAs part of its commit-

ment to reduce the high rate of unemployment among the member coun-tries, the President of Eu-ropean Commission (EC), José Manuel Barroso, to-day said job creation will be at the centre of its pri-orities.

His words: “It's impor-tant that Heads of States

and Governments discuss employment, especially youth employment. This is based on buildings of previous meetings in Ber-lin, Paris and Italy.”

According to the don, the EC will ensure a smooth transition between this and the next College of Commissioners so that the EC can take important decision in December.

Cephas IorhemenMAKURDI

The Benue State police command has arrested six suspected armed rob-bers in Makurdi, the state capital.

The commands Public Relations Officer (PPRO), Daniel Ezeala who dis-closed this in a statement said the police made the

arrest at the Ayihe village following a tip-off that the suspects were preparing for a robbery expedition.

Mr. Ezeala explained that the six suspects are members of an eight-man robbery gang, not-ing that during the raid at the suspects' hideout, two of them escaped into a nearby bush.

Niger State Governor, Dr. Mu'azu Babangida Aliyu, during the state’s senatorial bye-election in Minna…yesterday

Union urges FG to expand residency training for health professionals

50 Sanctity of Truth

Monday, September 1, 2014WORLD | NEWS

Putin seeks ‘statehood' talks on east Ukraine

Ukrainian loyalists hold their flag as they rally at the last checkpoint

The attempted assassina-tion of a top military com-mander plunged Lesotho

into further turmoil yesterday, following an apparent coup that forced the prime minister to flee to neighbouring South Africa.

Gunmen attacked the Mas-eru home of Lieutenant Gen-eral Maaparankoe Mahao, district police commissioner Mofokeng Kolo confirmed, deepening a seeming battle for control of the military. The pre-dawn attack two days ago was reportedly unsuccessful, killing only a dog, but Mahao's whereabouts is now unknown. Mahao had been appointed head of the Lesotho Defence Force by prime minister Tom Thabane shortly before he was forced to flee to South Africa in the early hours of Saturday. Previous commander Lieuten-ant General Tlali Kamoli was accused of leading a coup at-tempt against him, a charge the military denies.

Low-ranking soldiers con-tacted by AFP said it was unclear who was now giving their orders. They remain con-

fined to barracks. As some life returned to Lesotho's streets yesterday, it was not clear who was in charge of this beautiful but poor mountain-ous kingdom of two million people. Thabane is across the South African border in Lady-brand, unable or unwilling to return. "I have been removed from control not by the people but by the armed forces, and that is illegal," he said. "It is through the invitation of the South African president," who currently heads regional bloc the Southern African Devel-opment Community's secu-rity committee, Metsing said. "There is no coup in Lesotho," he insisted.

In the absence of the pre-mier and his deputy, constitu-tionally the Minister of Public Service Motloheloa Phooko is in charge of the kingdom, he added. Phooko is a member of Metsing's Lesotho Congress for Democracy party, which was in an uneasy coalition government with Thabane. The party has also denied alle-gations of involvement in the coup. Meanwhile the police

were struggling to regroup after a deadly attack by the military on key installations early Saturday, which resulted in an arsenal of weapons be-ing seized.

District police commission-er Mofokeng Kolo confirmed that one officer died in the at-tack. Twenty-four hours later the police headquarters was still abandoned and most of-ficers remained in hiding. Amid the political turmoil, Maseru's residents stocked up on food and basic necessities. "People are worried what will happen, because 'no work, no pay'," said fruit and vegetable vendor Kamele Pakisi. "There is no stability."

Worshippers filled the city's cathedral as normal, but many feared for what lies ahead, convinced this spasm of political violence was not yet over. There is concern that a mass anti-government dem-onstration that was planned for Monday could bring a new chapter of violence. "We are not afraid of today, we are just afraid of tomorrow," said Mphasa Chonela.

Fears for Lesotho's future after ‘coup'

Russian President Vladi-mir Putin yesterday raised the stakes in the Ukraine conflict by

calling for the first time for statehood to be discussed for the restive east of the former Soviet state.

The remarks came just hours after the European Union gave Moscow which the bloc accuses of direct involvement in the insurgency a week to change course or face new sanctions.

"We need to immediately be-

gin substantive talks on ques-tions of the political organisa-tion of society and statehood in southeastern Ukraine," the Russian leader was quoted by Russian news agencies as say-ing. Moscow has previously only called for "federalisation" that would grant greater rights to the eastern regions of Ukraine, where predominantly Russian-speakers live. But Putin had long sparked speculation that he may be seeking to create a pro-Russian statelet when he began

Islamist rebels blew up a car bomb and gunmen attacked a national intelligence site in

Somalia's capital where sus-pected militants are held, in an assault yesterday that left 11 people dead, government officials and the rebel group said. Three soldiers and one civilian were killed along with seven militants, includ-ing the suicide bomber who detonated the vehicle packed with explosives, Security Min-istry spokesman Mohamed Yu-suf told reporters at the site. After the initial blast, gun-men stormed the compound but did not reach the under-ground cells where suspected militants were being detained, Yusuf said.

One intelligence officer, who identified himself only as Nur, said the gunmen had entered

one building, forcing security personnel to fight room-to-room to clear them out. "All the at-tackers perished in the end." "It seems their target was to cause a mess here and thus free their militant colleagues held in the underground cells, but that will not happen," Nur said.

Sheikh Abdiasis Abu Musab, al Shabaab's spokesman for mil-itary operations, told Reuters the group was behind the attack, the latest in a series of raids in Mogadishu in recent months, including a July assault on the presidential compound. "For a long time innocent Muslims have suffered in the dungeons of that prison, subjected to tor-ture and humiliation," he said in a statement, adding the raid was "in retaliation and as just punishment for the apostate criminals."

Islamists attack intelligence site in Somalia, leaving 11 dead

to employ the loaded Tsarist-era term "Novorossiya", or New Russia, to refer to several re-gions in southeast Ukraine.

His spokesman Dmitry Pes-kov said yesterday that the Russian leader was not talking about "Novorossiya's" indepen-dence from Ukraine but "inclu-sive talks." "Only Ukraine can agree with Novorossiya," he was quoted as saying. Putin's tough talk comes as rebels have begun to reject the concept of "feder-

alisation" in recent weeks, calling for independence from Kiev, as they turned the tide on advancing Ukrainian troops by snatching a series of towns. Kiev has warned that it was on the brink of "full-scale war" with Moscow which Europe fears would put the continent at risk of conflict.

The EU agreed to take "fur-ther significant steps" if Mos-cow did not rein in its support for the rebels, with new sanc-

tions to be drawn up within a week.

Kiev said the invigorated rebel push of the past days has included substantial num-bers of Russian regular army contingents who are now con-centrating forces in big towns across the region. "Terrorists and Russian soldiers continue to concentrate personnel and equipment in regional cen-tres," said security spokesman Andriy Lysenko.

Pro-democracy activists vowed yesterday to bring Hong Kong's financial hub

to a standstill after China's par-liament rejected their demands for the right to freely choose the former British colony's next leader in 2017. The Standing Committee of the National Peo-ple's Congress (NPC) endorsed a framework to let only two or three candidates run in the 2017 leadership vote. All candidates must first obtain majority back-ing from a nominating commit-tee likely to be stacked with Bei-jing loyalists.

The relatively tough deci-sion by the NPC - China's final arbiter on the city's democratic affairs makes it almost impos-sible for opposition democrats to get on the ballot. "This is a legal, fair and reasonable deci-sion. It is a dignified, prudent decision, and its legal effect is beyond doubt," Li Fei, deputy

secretary general of the NPC standing committee, told re-porters after the decision. Hundreds of "Occupy Central" activists, who demand Beijing allow a real, free election, pre-pared to stage a small protest late yesterday to formally launch a campaign of civil disobedience that will climax with a blockade at some time of the city's important Central business district.

"Today is not only the dark-est day in the history of Hong Kong's democratic develop-ment, today is also the dark-est day of one country, two systems," said Benny Tai, a law professor and one of Oc-cupy Central's main leaders, referring to the formula under which capitalist Hong Kong, with a population of around 7.2 million, was returned to Communist Chinese rule in 1997.

Hong Kong braces for protests as China rules out full democracy

Charles Ogundiya

Former Super Eagles goalkeeper, Alloy Agu, has called on the war-ring factions in the Nigeria Foot-

ball Federation crisis to sheathe their swords in the interest of the nation.

Speaking with New Telegraph, Agu said it will be disastrous if world foot-ball governing body, FIFA, decides to ban the country from the game due to some people’s selfish interest.

The former MVV of Holland player noted that a ban on the country a few days to two crucial matches against Congo and South Africa in the quali-fiers for the 2015 African Nations Cup would take Nigeria back to the stone age.

“I will appeal to all the factions to come together in the interest of the country. We failed to defend our Na-tions Cup trophy won in Tunisia 1994 two years later because of politics. Now we are the defending champions

and on the brink of FIFA ban again.“I want to believe that the NFF will

sort out their problems on time and FIFA will not ban us again on Mon-day,” he said.

He stated that Nigeria is a big foot-ball nation that other countries are looking up to as an example, adding that it is quite unfortunate that the nation finds itself in this type of mess.

On the two qualifiers against Con-go and South Africa, Agu advised the players to be focused and not allow

the problem in the NFF to affect their concentration.

“The players are professionals and should be able to handle the situation at hand. They should focus on the game and make the country proud.

“We need to defend our trophy next year, our generation was not given the opportunity in 1996 and I will advice this generation to grab the opportuni-ty, starting with victory against Congo and South Africa,” the Nasarawa Unit-ed assistant coach said.

51Agu advises NFF’s warring factions to embrace peace

Suarez engineered his Liverpool exit – Gerrard

Ajibade Olusesan

Super Eagles winger, Ahmed Musa, has warned teammates that they should expect a tough fight from Congo when they meet

in the Africa Nations Cup qualifier in Calabar on Saturday.

Musa said that although the African champions could beat any team; the match against Congo would not be a stroll in the park.

Nigeria and Congo have met seven

times and Eagles triumphed on five oc-casions while Congo won once with one of the encounters ending in a draw. Ni-geria have scored 10 goals against the Congolese while the Central African country has netted 5 times.

But Musa said although Congo cannot longer be regarded as a pow-erhouse in African football, they have the capacity to punish any complacent big sides.

“I am looking forward to an excit-ing match. I hope we can give our fans victory especially as we are going to

play at home,” the CSKA Moscow of Russia striker said. “I think it is not going to be an easy game and I know my teammates believe that too. You can say Congo are not big like Cote d’Ivoire, Ghana, Cameroun, but in Africa, teams are difficult to beat. But we know what our targets are because in qualifiers like this you don’t have to just drop points anyhow. So, we are not going to disappoint our fans.”

Nigeria will travel to Cape Town to play against South Africa next week Wednesday, five days after the Congo

match. Super Eagles have not lost to South Africa in a competitive match. The only loss they suffered was 2-1 de-feat in the Mandela Challenge in 2003 which was a just a friendly match.

And Musa told our correspondent that they were not ready to lose ground against Bafana Bafana, saying that they will go for the three points.

“We are going there to do our best and win the match. It is true that we have a good record against South Af-rica and we are going to make sure we maintain that record, “he said.

} p 53

That Diego Costa is the first Chelsea player to

score in his opening three league games since

Adrian Mutu

Did you know?

AUTHORITATIVE VOICE IN GLOBAL SPORTSPORT ADEKUNLE SALAMI,

DepUTY eDiTor, SporTS kunle.salami@newtelegraphonline.comadekunles@yahoo.com

NEW TELEGRAPHnewtelegraphonline.com/sports

MONDAy, SEPTEMBER 1, 2014

EaglEs must

bEwarE of Congo

-musa lSays team will sustain run over South AfricaNigeria’s Ahmed Musa scoring against

Argentina at the 2014 World Cup

52

German, Turkish clubs chase Oshoala

Supporters Club office re-openedover the weekend. Members were seen moving in and out, although the vibrancy that normally characterises the place was absent.

Secretary of the recon-ciliation and reconstruction committee, which was set up last year to ensure that the warring factions were brought together, Adaobi Ekejiuba, said the peace process was ongoing.

“You can see that our office has been opened, it shows we are working to achieve lasting peace,” she said.

“That (opening of the office) is just part of the ongoing process; the execu-tive committee of the club has another meeting again

tomorrow (Monday) to con-tinue the quest for peace,” added Ekejiuba who is also the club’s assistant secre-tary general.

The Supporters Club has been mired in crisis in the last two years, but the latest round of trouble which led to the closure of the office was said to have started when the faction loyal to the National Chairman of the body, Mr. Vincent Oku-magba, allegedly disrupted a meeting which was hold-ing at the clubhouse in Su-rulere, Lagos State, where bottles and cudgels were freely used. The ensuing melee informed the deci-sion to shut the offices to avert more mayhem.

Vincent Eboigbe

The Supporters Clubs of-fice, which was shut for

over a month, has been re-opened.

The gate to the clubhouse that hitherto had been under lock and key was open when our correspondent visited

Sanctity of Truth

Monday, September 1, 2014SPORT

Wrestling Championship: Igali slams Uzbeks over Ebola scare

year’s FILA World Wres-tling Championships, Uz-bekistan, in the aftermath of their refusal to grant Ni-gerian wrestlers entry into their country for the global competition due to the re-cent outbreak of Ebola in parts of West Africa.

Over a thousand people have died in Guinea, Li-beria, Nigeria and Sierra Leone from the worst out-break of Ebola in four de-cades, even though only a handful of these deaths have occurred in Nigeria.

Regardless of the fact that the virus has been put under control in Nigeria, the Uzbekistani govern-ment, last week, warned or-ganisers of the champion-ship not to allow wrestlers from Nigeria and Sierra Leone – the only West Afri-

Emmanuel Tobi

German and Turkish clubs are making enquiries for the services of Golden Ball and Boot winner, Asisat Oshoala, following her superlative perfor-

mance at the 2014 FIFA U-20 Women’s World Cup.New Telegraph scooped from sources close to the

player that the European clubs were thrilled by her performance in Canada where she scored seven goals.

“There have been lot of enquires about Asisat but we will advise her to consider a league where she can blossom into a real super star that she is,” the source said.

The Falconets’ midfielder who also emerged as the tournament’s best player revealed that her atten-tion is on preparation for the 2014 African Women Championship.

“My attention is now focused on the AWC in Na-mibia as I have left my manager to study and discuss the offers at my disposal,” the Rivers Angels of Port Harcourt forward added.

Musa, Ujah hit target

Mikel, Moses, Osaze dazzle

Ideye flops, Enyeama cautioned

Stories by Ajibade Olusesan

Super Eagles winger, Ahmed Musa, was

in imperious form for CSKA Moscow at the weekend as he netted twice in his club’s 6-0 win over FC Rostov in a Russian Premier League game.

The Nigerian had played five league match-es this season without

success in front of goal but he opened his goal ac-count in stunning fash-ion on Saturday.

The 21-year-old, for his first goal, struck the ball powerfully with his right foot from outside of the box to the bottom right corner of Stipe Pletikosa in goal for FC Rostov and completed his brace sev-en minutes later to hand CSKA their fourth win this term. Musa scored seven goals for his club last season.

Anthony Ujah was an-other Nigerian on target in Europe as he opened his goals account in the German Bundesliga Saturday in Cologne’s 2-0 win at VfB Stuttgart.

The 23-year-old Ujah scored the second goal for Cologne in the 33rd minute and lasted the duration of the match.

Super Eagles stars, Mikel Obi, Osaze Odemwingie

and Victor Moses posted remarkable performances for their clubs in the Eng-lish Premier League at the weekend.

Although they did not score, the duo of Odem-wingie and Moses played huge roles in Stoke City’s shock victory against Man City at the Etihad Stadium on Saturday.

Mame Diouf was the scorer of the lone goal, but Moses was clearly the tormentor-in-chief for the visitors. Osaze was pulled out in the 46th minute due to injury, but Moses stayed till 80th minute in

his league debut for his new side.

Mikel also got into ac-tion for Chelsea in the 6-3 win at Everton. The Nige-rian star was introduced in the 75th minute and he styl-ishly assisted Diego Costa for sixth goal in the dying minutes of the match.

Obiorah Nwankwo was on for the entire duration of Acedemica’s 1-1 draw at home to Victoria Setubal in the Portuguese league. The midfielder posted fantastic performance in the middle of the park for his team.

Ejike Uzoenyi finally made his debut for Mam-elodi Sundowns in the South African league on Sunday.

Brown Ideye is one of Super Eagles player

who had a forgettable weekend in Europe as the striker-fired blank in his club 3-0 loss at Swansea.

The Baggies record signing is still without a goal for the club as pres-sure continues to mount on him.

Sone Aluko who was listed in Eagles 23-man squad for the Nations Cup qualifiers against Congo and South Africa played for just 20 min-utes as Hull City lost 2-1 at Aston Villa. That was his first Premier League

action this term.Vincent Enyeama got

a 41st minute yellow card as his side, Lille, drew 1-1 with Elderson Echiejile’s Monaco. Echiejile did not even see action in the game, the Eagles left back is yet to taste ac-tion in the Ligue 1 this season.

Godfrey Obaboana was benched in Caykur Rizespor first game of the season, as they play out a 1-1 draw with Gen-clerbirligi.

Lazio did not list Og-enyi Onazi as AC Milan beat them on Sunday.

lAccuses hosts of victimising Nigerianscan countries taking part in the championship – into the country for the event which runs from September 8 to 14 in the capital city, Tashkent.

Furthermore, the Uz-bekistani government stat-ed that wrestlers arriving from other African coun-tries would be placed un-der medical surveillance throughout their stay in the former Soviet satellite state.

And this development hasn’t been received, ex-pectedly, in good faith by Igali, who feels wrestlers from Nigeria, as well as other African countries, are being unfairly treated by the Uzbekistanis.

“We are being unfairly victimised,” said Igali, in an interview with New Telegraph. “We took steps

to ensure that our wres-tlers were not in direct contact with the general public, and even the world body knows about this, but they (the Uzbekistani government) still want to keep us out.

“The world knows we have been able to contain the virus in Nigeria which is why the world body has been urging the Uzbeki-stani government to allow our wrestlers in, but it ap-pears they are hell-bent on keeping us out.

“Maybe they are just afraid that our wrestlers would prevent some of theirs from winning, but this is not the way to treat others. It is just not fair on these athletes who have toiled day and night, and have shed blood, sweat and tears just to be at the cham-pionship.”

EAGLES EURO FOCUS

Ifeanyi Ibeh

President of the Nigeria Wrestling Federation, Daniel Igali, has taken a swipe at hosts of this

Nigeria’s Odunayo Adekuoroye

Oshoala

Nigeria’s Supporters Club

Musa (left)

Kalou dumps Lille for Hertha Berlin

Sanctity of Truth

Monday, September 1, 2014 53

Hertha Berlin have signed former Chel-

sea forward Salomon Kalou on a three-year contract, the Bundesli-ga club has announced.

The 29-year-old ar-rives for an undisclosed fee from Lille, with whom he had a contract until 2016, but had not played much recently.

“After my time in England and France, I’m really excited about playing for Hertha Ber-lin in the Bundesliga now,” said Kalou on his

new club’s official web-site.

“The club really worked hard trying to get me and I held good talks with the club’s management.

“Berlin is a cosmo-politan, multicultural city and everything was right for me, not only from a sporting view-point.”

Kalou scored 30 goals in 67 games for Lille, but appeared to have fallen out of favour over the summer.

Costa delighted with Chelsea start

Conte drops Balotelli from Italy squad

Falcao denies Real Madrid tweet

Rodgers hails Liverpool after Spurs’ rout

Alonso happy with pace of Bundesliga

Monaco forward Radamel Falcao has said that an update on his Twitter account seeming to

confirm a move to Real Madrid was a “photo montage” and not written by him.

The 28-year-old’s account updated on Saturday evening with a message

saying: “Dream come true #HalaMa-drid”.

The message was only on the Co-lombian forward’s account for a mat-ter of minutes before it was deleted, and he has since denied that he wrote the message.

“I have to deny a story about a Tweet I didn’t do and which is a photo montage,” a subsequent tweet from his official account read.

Nonetheless, Falcao was not part of the Monaco squad that drew 1-1 with Lille on Saturday night, which only added further fuel to the fire that the striker is on his way out of the club.

If Falcao does move to Madrid, he will follow in the footsteps of James Rodriguez, who left the French prin-cipality to join the European cham-pions earlier this summer in a £60m deal.

Xabi Alonso said he is suited to the Bundes-

liga, after making his bow for Bayern Munich on Sat-urday.

Alonso started in a match in the German top flight for the first time in his heralded career, play-ing 68 minutes as Bayern earned a 1-1 draw away at Schalke.

The former Liverpool

and Real Madrid hero, 32, said his first taste of domes-tic football in Germany left him feeling comfortable in the thick of it, after only confirming his signing hours prior to the fixture at the Veltins-Arena.

“It feels good at the mo-ment. I wanted to come here and to have a great experi-ence,” the Spaniard said, according to the Bundes-

liga’s official website. “I’ve enjoyed La Liga and the Premier League, but it’s a big step for me now to come to the Bundesliga.

“The teams are great, the crowds are incredible and the speed of play suits me.

“So I think I’m going to have time to really enjoy this experience over the next couple of years.”

Diego Costa hopes his fast start to life in the Premier League

with Chelsea will continue as it did last season in Spain.

Costa scored twice in Chel-sea’s thrilling 6-3 win over Everton at Goodison Park on Saturday, making it four goals in three matches since his summer switch from Atletico Madrid.

His goals last season helped Atletico win La Liga ahead of Barcelona and Real Madrid, and he got off to a rapid start there as well, scoring 10 goals in their eight successive wins to open the season.

“We have started really well and it is always good to have a great start,” Costa said. “Last year we did the same and now this year too.

“It is nice to score goals but for me the most important thing is the team wins but I am happy I scored and helped the team win.

“Our team is a great team, it is really important to achieve great things and I am really happy to be here.”

Liverpool manager Brendan Rodgers has praised the per-

formance that his players put in during their 3-0 win away at Tot-tenham Hotspur this afternoon.

Raheem Sterling gave the visi-tors the lead in the eighth min-ute, before Steven Gerrard and

Alberto Moreno made sure of the outcome after the restart.

Speaking after the final whis-tle, Rodgers told Sky Sports News: “Everything that could be good in our game was there. We played the diamond in the first half and I thought we were a threat in-be-

tween the lines in midfield.“Overall our quality was ex-

ceptional, we got three goals and could have had more. We closed the game out very well and all in all it was a good three points.”

The match was Rodgers’s 100th in charge of the Merseysiders.

Costa

Alonso(left)

SPORT | EURO FOOTBALL

Steven Gerrard knew Luis Su-arez would ‘engineer’ a way out of Liverpool when he saw him bite Giorgio Chiellini during

the World Cup.The Uruguayan, who was hand-

ed a four-month ban for the offence, switched Anfield for Barcelona in the summer in a £75m move, following a superb season for Liverpool.

Speaking on Sky Sports ahead of his side’s clash with Tottenham, which Liverpool won 3-0, Gerrard re-vealed he had hoped Suarez would stay in the North West for at least one more season.

However, he was resigned to losing last season’s top scorer when he saw Suarez’s headline-grabbing actions in Brazil.

“I thought he was going to stay, I thought we’d have got another year out of him,” said Gerrard.

“I was actually already on the floor when I saw the bite because we knew we were going out. It was a double blow, knowing you’re going out of the World Cup and knowing you’re going to lose your best player.

“I knew there was no way back for him then and I knew he was going to engineer a way out.”

Antonio Conte has left striker Mario Balo-

telli out of his first Italy squad for fixtures against the Nether-lands and Norway.

Conte was appointed as Cesare Prandelli’s successor earlier this month, having enjoyed a hugely successful spell at Juventus.

The former Italy international’s first game in charge of the national side will come against the Dutch in a friendly on Thursday, before Italy’s Euro 2016 campaign begins in Oslo five days later.

However, Conte has left out Balotelli - the Liverpool striker who has 33 caps to his name and was taken to the European Champion-ship in 2012 and this year’s World Cup in Brazil by Prandelli.

Balotelli, who is sus-pended for the Norway match but could have featured against the Netherlands, recently moved to Anfield from Milan.Balotelli

Falcao

Gerrard and Suarez

Suarez engineered Anfield exit – Gerrard

Blind bids farewell to Ajax

Arsenal line up move for Sevilla’s Bacca

Chelsea grab QPR’s Remy

Chiney Ogwumike At a Nigerian traditional wedding that is running 3.5 hours late, which technically means it is running an hour behind. Lol #AfricanTime @Chiney321nnemkAdi Ogwumike Garri with salt. Yummmm. #NoIDontUseSugar @nnemkadi30

BleSSing OkAgBARe When God is in it, there is no limit... @mountain214

kAnu nwAnkwO The games are coming in fast, so is it wat you expect from your team? Wat do you think about your team good or bad so far? @papilokanu

glORiA ASumnu Sunday morning selfies..time to praise him and give thanks #churchflow #glow #thankful @Trackdiva_glo

didieR dROgBAMario: u see bro im back to the Premierleague foot-ball DD11: Told you bro, it’s the best league in the world Looool Welcome back to England @mb459 and all the best to you. @didierdrogba

dAniel STuRRidge Now were cooking!!! Well done boys!! Love that man. Great result!! Now off to England camp. Much love. #redordead… @d_Sturridge

AnThOny ujAh What a day.. First win and first goal today.. Thanks to our traveling fans. Nice weekend to you all. @ujah_9

BRighT dike Wow this Chelsea game @bbright19

RAheem STeRling Great win now off to international duty @sterling31

Sport TrendingTwiTTeR |@nTelegraphSport

Kagawa returns to Dortmund

Fernando Torres has finalised his move from Chelsea to AC Milan on a two-year loan deal.

The 30-year-old 2010 World Cup winner will now play for the Serie A side following three-and-a-half years at Stamford Bridge, in which time he helped Chelsea lift the Champions League, the Europa League and the FA Cup.

Torres told Milan Channel: “It’s an honour and a privilege to wear this shirt. I want to take the side back into the Champions League and perhaps stay here for many years.

“I know some of the players like Alex, Essien, Diego Lopez. Demetrio Albertini also spoke well of Milan and he’s a great friend of mine.

“I was close to joining Milan when I was at Atletico Madrid, but we’re talk-ing about many years ago, a long time has since passed. I know the history of the club and it is illustrious. I want to make the fans happy. I couldn’t wait to arrive and start the new season. I have already spoken to the coach.”

Torres completes Milan switch

Shinji Kagawa has re-joined Borussia Dort-mund on a four-year deal.

The 25-year-old Japan in-ternational midfielder leaves Manchester United having failed to impress new man-ager Louis van Gaal.

Kagawa moved to Old Traf-ford in the summer of 2012 having spent two years in Germany where he collected back-to-back Bundesliga ti-tles with Dortmund. He also picked up a Premier League winners’ medal at Old Traf-ford during Sir Alex Fergu-son’s final season.

However, his only appear-

ance for United this cam-paign was a 20-minute spell during their shambolic 4-0 Capital One Cup defeat to Milton Keynes Dons earlier last week. Kagawa made 57 appearances for United, scor-ing six goals that included a hat-trick against Norwich.

He told Dortmund’s official website: “I wanted to realise my Premier League dream but now I’m happy to be back in Dortmund.

“This great team, a unique environment and Dortmund are like a family. I am proud they have never forgotten me and I can belong again.”

Transfer Updates Sanctity of Truth

Monday, September 1, 201454 SPORT

Daley Blind has bid farewell to Ajax ahead of his move to Man-

chester United.United revealed on Saturday that

the Netherlands international is set to join the club, with Ajax announcing the fee to be £13.8million.

And on Sunday, Blind - who im-pressed for his country at this year’s World Cup under new-United boss Louis van Gaal - has all but confirmed his switch to Old Trafford with an emotional post on his Instagram ac-count.

“Want to thank everyone for the wonderful years I’ve had from my 7th [year] to 24th!” he posted.

“Supporters, team-mates, staff, thanks! Ajax remain my club.”

Chelsea have completed the sign-ing of Loic Remy from QPR on a

four-year contract.The France international striker

has put pen to paper on a deal until the summer of 2018, after Chelsea ac-tivated a £10.5million release clause in the 27-year-old’s contract.

Remy joined QPR from Marseille in January 2013, scoring six goals in 14 games, as Rangers were relegated from the Premier League. He then spent the 2013/14 campaign on loan at Newcastle United, where he scored 14 goals.

Remy, who had also been linked with Arsenal, told Chelsea’s official website: “I feel very happy and very proud.

“When I heard Chelsea wanted to sign me I said “let’s go” straight away because they are one of the best clubs in the world. I remember the amazing atmosphere at Stamford Bridge when I played there for Marseille and I can’t wait to play for the first time in front of my new fans.”

Arsene Wenger is poised to make a bid for Sevil-

la star Carlos Bacca in an attempt to ease Arsenal’s striker problems before the transfer window closes.

The Colombia internation-al has a 35 million euro release clause in his contract but the Spanish club, who bought Bac-ca for 7m euro last summer, would be willing to allow him to leave for around 16m euro.

The 27-year-old is a proven goalscorer and, with Olivier Giroud side-lined for three months with an ankle injury, Bacca would provide a superb option for Wenger.

The South American netted 21 times for Sevilla last season, having moved to the La Liga club 12 months ago from Club Brugge, where he scored an impressive 28 goals in 45 ap-pearances.

Remy

Torres

BaccaKagawa

Charles Ogundiya

The Local Organising Com-mittee for the forthcoming

annual Obudu Mountain Race has assured of its commit-ment to strengthen ties with the Athletic Federation of Nigeria.

Giving this assurance at the end of the committee’s fourth meeting was the state commis-sioner for Youth and Sports, Mr. Patrick Ugbe, who is the LOC vice chairman.

Ugbe lauded the partner-ship with the AFN which has lasted for 10 years while assur-ing of a more robust relation-ship between the two bodies to bring about mutual benefits

for the good of the nation.According to the commis-

sioner, the 2014 edition of the Mountain Race is unique with the addition of the youth and VIP races which have never featured in the past editions as he also promises a great competition.

Conveying a message from the leadership of AFN, the Assistant Secretary, Umar Lambu, lauded Cross River sports development efforts and thanked the state govern-ment for providing a veritable platform for the selection of athletes who have made the nation proud in the just con-cluded Glasgow Common-wealth Games.

Emmanuel Tobi

Nigeria’s Aruna Quadri has expressed satisfaction after finishing among the top eight players at the Interna-

tional Table Tennis Federation World Tour, tagged Czech Open, at the weekend.

Despite not being seeded and having to play from the prelimi-nary round, Quadri was the cy-nosure of all eyes as he fought his way to the last eight of the championship after beating two seeded players.

“I feel honoured to be the first Nigerian to get to this stage and it’s a big boost for my career espe-cially at a major classic like the Czeck Open.

“I must admit that it was a tough experience considering the fact that I struggled to pick the balls against Germany’s Patrick Baum but I hope to work on that,” he said.

Playing from group 27 in the

preliminary round, Quadri main-tained 100 percent record winning his two matches to seal a place in the main draw (Round of 64) as he defeated world’s number 38, Rus-sia’s Russia’s Alexander Shibaev 4-3.

In the round of 32, Quadri edged another Russian rated in top 80 in the world, Alexey Liv-

Novak Djokovic and Andy Murray stayed on course for

a mouth-watering US Open quar-terfinal showdown on Saturday as five-time women’s champion Serena Williams stood alone as America’s last singles title hope.

But as the heavyweights of the sport eased into the fourth round, the women’s draw was blown open again when Wimbledon champion Petra Kvitova became the fifth top 10 seed to exit in the first week.

Kvitova’s misery was shared by American tennis after John Is-ner and Sam Querrey were both knocked out in the third round leaving the hosts still without a men’s Grand Slam champion since Andy Roddick triumphed in New York in 2003.

Djokovic, the 2011 champion, brushed aside Querrey for the eighth time in nine meetings, with a 6-3, 6-2, 6-2 win taking the world number one into the fourth

round at a major for the 22nd con-secutive time.

Wimbledon champion and sev-en-time major winner Djokovic will next face Germany’s Philipp Kohlschreiber who ended US hopes with a 7-6 (7/4), 4-6, 7-6 (7/2), 7-6 (7/4) win over Isner de-spite the American 13th seed fir-ing 42 aces and 77 winners.

Williams racked up her 75th victory at the US Open when she eased past Uzbekistan-born left-hander Varvara Lepchenko, 6-3, 6-3 and will tackle tough Esto-nian Kaia Kanepi for a quarter-final berth.

Murray, the 2012 champion, hit 47 winners in a 6-1, 7-5, 4-6, 6-2 victory over Russia’s Andrey Kuznetsov, the world 96, to book a seventh appearance in the fourth round and goes on to face French ninth seed Jo-Wilfried Tsonga who beat Pablo Carreno-Busta of Spain, 6-4, 6-4, 6-4.

Djokovic, Murray sail on

Marshall, and President, Nigeria Table Ten-nis Federation ,Wahid Oshodi, said the per-formance has once again confirmed that with more support, Quadri can be among the top 20 in the world.

“We are thrilled with the performance of Quadri in Czech and for us it has gone beyond our expectation because we had thought that he will make it to the top 100 by end of the year, Oshodi said.

entsov 4-3 and Portugal’s Tiago Apolonia 4-3 who is ranked 24 in the round of 16. But his good

run was halted in the quarterfi-nal by Germany’s Patrick Baum. The German southpaw ended Quadri’s progress with a 4-1 win.

ITTF Publication Editor, Ian

Sanctity of Truth

Monday, September 1, 2014 55SPORT

Czech Open: Quadri relishes top eight finish

ENGLISH PREMIER LEAGUE

Team P GD Pts

1. Chelsea 3 7 9

2. Swansea 3 5 9

3. Aston Villa 3 2 7

4. Man City 3 3 6

5. Liverpool 3 2 6

6. Tottenham 3 2 6

7. Arsenal 3 1 5

8.Southampton 3 1 4

9. Hull 3 0 4

10. Stoke 3 0 4

11. West Ham 3 -1 3

12. QPR 3 -4 3

13. Sunderland 3 -1 2

14. Man Utd 3 -1 2

15. Leicester 3 -2 2

16. Newcastle 3 -2 2

17. Everton 3 -3 2

18. West Brom 3 -3 2

19. Crystal Palace 3 -3 1

20. Burnley 3 -3 1

PREMIER LEAGUE

Burnley 0 - 0 Man Utd

Man City 0 - 1 Stoke City

Newcastle 3 - 3 Crystal Palace

Swansea 3 - 0 WBA

West Ham 1 - 3 Southampton

Everton 3 - 6 Chelsea

Aston Villa 2 - 1 Hull City

Tottenham 0 - 3 Liverpool

Leicester City 1 - 1 Arsenal

LA LIGA

Athletic Bilbao 3 - 0 Levante

Cordoba 1 - 1 Celta Vigo

Atletico Madrid 2 - 1 Eibar

Espanyol 1 - 2 Sevilla

BUNDESLIGA

Leverkusen 4 - 2 Hertha Berlin

Hamburger 0 - 3 Paderborn

VfB Stuttgart 0 - 2 FC Cologne

Bremen 1 - 1 Hoffenheim

Wolfsburg 2 - 2 Frankfurt

Schalke 04 1 - 1 Bayern Munich

Mainz 05 0 - 0 Hannover 96

Freiburg 0 - 0 M/gladbach

LIGUE 1

Monaco 1 - 1 Lille

Caen 0 - 1 Rennes

Lens 4 - 2 Reims

Lorient 4 - 0 Guingamp

Nantes 1 - 0 Montpellier

Toulouse 1 - 0 Evian

US OPEN

Casey Dellacqua admits her stunning trans-

formation from doubles contender to grand slam singles force is “crazy”, but says she’s not done yet at the US Open in New York.

In an awesome display of unflinching counter-punching, Dellacqua de-feated rising Czech Karo-lina Pliskova 6-3 3-6 6-4 in a high-quality third-round encounter on Saturday.

The big-hitting left-hander next plays Flavia Pennetta on Monday and victory over Italy’s 11th seed would thrust her into a grand slam quarterfinal for the first time.

“It’s awesome,” Dellac-qua said after pounding 30 winners on Show Court 17.

“I’ve got to the fourth

round a couple of times at the Aussie Open before and been close (including this year), but I’d really like to make my first quarter-final.

“I really want to finish this slam off just as well as I started the year.”

After tumbling out of the world’s top 200 follow-ing a first-round defeat at Flushing Meadows last year, incredibly Dellacqua is now on the verge of cracking the top 25.

Dellacqua enjoys ‘crazy’ ride to last 16

Obudu Race: LOC strengthens ties with AFN

Robredo ends Kyrgios’ runCrafty Spaniard Tom-

my Robredo has brought Nick Kyrgios crashing back to earth with a third-round elim-ination of the teenage ace at the US Open in New York.

Robredo overcame a blistering opening from Kyrgios to grind out a 3-6 6-3 7-6(4) 6-3 victory that leaves Casey Dellacqua

as Australia’s lone sin-gles survivor at the final Grand Slam of the year.

Kyrgios lit up Arthur Ashe Stadium and had former world No.1 Jim Courier gushing in the commentary box with a dazzling first-set blitz, but paid the ultimate price for underestimat-ing Robredo’s class and guile.

lAs Serena stands up for America

lGets ITTF accolades

Quadri

Dellacqua

Djokovic

MONDAY, SEPTEMBER 1, 2014

Continued from last Monday

Technology and the digital revo-lution have opened doors for the continent to be a trailblazer for frugal innovation. For instance,

digital cinematography gave rise to Nol-lywood, making it mushroom to become the third-largest film industry by value in the world, after Hollywood and Bolly-wood. It generates an estimated UD$500 to $800 million annually and is one of the largest Nigerian employers by sector, second only to agriculture. On average, more than 2, 000 feature-length movies are made each year. A feature movie sells an average of 50,000 copies at about US $2 a DVD, offering Africans an affordable entertainment option. Nollywood’s model of rapid production and home consump-tion is now being exported across the continent, with countries such as Cam-eroon, Ghana, Kenya, and Mali adopting this model over traditional American or European features. Africa’s creative in-dustry needs now to go "digital". Research suggests that the highest growth within the creative industry is in technology-centred industries such as software pro-gramming and video games; the lowest is in music and film. While animation and game development is gaining trac-tion in some African countries, there is ample scope and opportunity to develop this further.

There is a pressing political rec-ognition that creative industries can fuel growth. Numerous international summits and publications confirm it. UNCTAD has been publishing Creative Economy Reports. Two thirds of African countries have signed the Convention on the Protection and Promotion of the Diversity of Cultural Expressions. This convention calls for greater investment in the creative and cultural industries and for creative products from the south to have preferential access to northern markets. At the continental level there are several policy documents that sup-port the development and growth of cre-ative industries: the 2008 Nairobi Plan of Action on Cultural Industries, the 2010 Abuja Declaration and Charter for African Cultural Renaissance; and the more recent Praia Declaration focusing on the potential of young Africans in the creative economy.The Future

Going forward, Governments have a key role in designing, implementing and monitoring robust institutional and reg-ulatory policies that will commercialise and support creative forces. An enabling

N150

Three things cannot be long hidden: the sun, the moon and the truth – Buddha

Sanctity of Truth

w w w. n e w t e l e g ra p h o n l i n e . c o m

regulatory framework accompanied by legal protection is essential. Piracy for instance remains a major obstacle due to weak copy and intellectual property rights as well as poor enforcement ca-pabilities. South Africa estimates that it loses 44% of DVD revenues and 15% of which is online. It is imperative that for the creative economy to grow, to operate

OMOBABA

under a functioning system of intellec-tual property rights. This will not only regulate ownership, give creators or au-thors control over the use of their work, but also facilitate trade as well as encour-age serious investment in the sector.

Strengthened partnership with the private sector and civil society would go a long way in ensuring investments in all elements of the value chain, from building human capital to strengthen-ing domestic supply capabilities. In the past, Africa has lost many artists trying to make a living and obliged to accept their work being legally or illegally stolen. This is one of the reasons many artists go live abroad. Africa can no longer afford a continued talent drain. Instead the focus must be on strengthen-ing and providing specialised education and training including entrepreneur-ial and business service skills, support for artistic development, modernizing production, strengthening distribution networks and promoting consumption and branding. Given that the majority of the enterprises in the creative industries are small, partnering and facilitating ac-

On MarbleThe innocence of childhood is like the

innocence of a lot of animals.– Clint Eastwood

World RecordThe first penalty kick ever in World Cup

history was taken on 19 July 1930 by Chile's Carlos Vidal, with Alexis 'Alex'

Thépot of France in goals. The shot was saved, so the first goalkeeper to save a

penalty was Alexis 'Alex' Thépot of France.

– The hunter now the hunted!

Printed and Published by Daily Telegraph Publishing Company Ltd: Head Office: No. 1A, Ajumobi Street, Off ACME Road, Agidingbi, Ikeja-Lagos. Tel: +234 1-2219496, 2219498. Abuja Office: Orji Kalu House, Plot 322, by Banex Junction, Mabushi, Federal Capital Territory, Abuja.

Advert Hotline: 01-8541248, Email: info@newtelegraphonline.com Website: www.newtelegraphonline.com ISSN 2354-4317 Editor: YEMI AJAYI.

EBOLA: FG CRACKS DOWN ON WILDLIFE HUNTERS - News

Creativity is the new money (2)

Victor Eze-Okwuchukwu, President, Nolly-wood Ultra- Modern Artiste' Village (NUMAV)

cess to finance, in forms of credit, grants, loans, are key.

Concluded

Two thirds of African countries have signed the Convention on the

Protection and Promotion of the Diversity of Cultural

Expressions

Dancers in a performance

Guest ColumnistCarlos Lopes