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Obinna Chima

results of 11 banks, comprising the five tier 1 banks and six tier 2 lenders, showed that the tier 1 banks continued to control a significant chunk of the market in terms of assets, gross earnings, loans and advances, customer deposits and profit before tax.

The tier 1 bank results reviewed were those of Zenith Bank Plc, Guaranty Trust Bank (GTBank) Plc, United Bank for Africa (UBA) Plc, FBN Holdings Plc and Access Bank Plc. On the other hand, the six tier 2 bank results reviewed

comprised Fidelity Bank Plc, Stanbic IBTC, Sterling Bank, First City Monument Bank (FCMB), Ecobank and Wema Bank. It is worthy of note that Diamond Bank Plc and Union Bank of Nigeria Plc notified the Nigerian Stock Exchange

(NSE) of further delays in the release of their respective results, saying that their audited financial statements would be ready this month. The review conducted by THISDAY showed that the total assets of the 11 banks increased to N34.631 trillion at

the end of 2017, higher than the N30.665 trillion recorded in 2016. But the five tier 1 banks listed above, at N22.355 trillion, accounted for 64.5 per cent of total assets in 2017, while the

The full year 2017 audited results of banks have shown that the gap between the tier 1 and tier 2 banks in the country, in terms of market share, has continued to widen. A review of the audited

Continued on page 8

Don't Turn to Propaganda Poster Boy, PDP Tells Osinbajo… Page 57

Poster Boy, PDP Tells Osinbajo… Page 57 T R U T H & R

PDP Tells Osinbajo… Page 57 T R U T H & R E A
PDP Tells Osinbajo… Page 57 T R U T H & R E A
T R U T H & R E A S O N

Monday 7 May, 2018 Vol 22. No 8418. Price: N250

A S O N Monday 7 May, 2018 Vol 22. No 8418. Price: N250 APC Asks
APC Asks Aggrieved Members to FileAppeal After Marred Congresses Party to conclude Ekiti guber primary,
APC Asks Aggrieved Members to FileAppeal After Marred Congresses
Party to conclude Ekiti guber primary, 27 aspirants kick
Don’t turn state to war zone, Fayose warns
Fayemi threatens to sue if results are annulled
Onyebuchi Ezigbo in Abuja
and Victor Ogunje in Ado Ekiti
Saturday, was disrupted midway
grievances that trailed last
bid to address the
Saturday’s ward congresses
of the All Progressives
Congress (APC) in several
states of the federation, the
party has appealed to those
with complaints to direct them
to the appeal panel.
The party has also directed
that its primary for the Ekiti
State governorship ticket
should continue from where
it stopped.
But this bid not go
down well with 27 of the
governorship aspirants
who called for the outright
cancellation of the primary
and the conduct of a fresh
The primary, which held at
the Oluyemi Kayode stadium
in Ado Ekiti, the state capital on
Continued on page 8

UnidentifiedGunmenKill 45 inKaduna

John Shiklam in Kaduna

It was yet again another day of tears and sorrow at Gwaska village in Birnin Gwari Local Government Area of Kaduna State, after the community was attacked by unidentified armed bandits on Saturday, leading to the deaths of 45 residents and several injured. The incident was said to have occurred at 2:30 a.m. and happened barely 48 hours after the Inspector General of Police, Mr. Ibrahim Idris and the General Officer Commanding (GOC), 1 Division, Nigerian Army, Kaduna, Maj. Gen. Mohammed Mohammed had visited Birnin Gwari. The IG had during the visit ordered for the immediate deployment of an additional 200 policemen in Birnin Gwari to tackle the continuing raids by armed bandits who have been killing, kidnapping and robbing people in the area. A source within the Birnin Gwari Vanguard for Security and Good Governance, who pleaded anonymity, said the gunmen came from neighbouring Zamfara State. “The armed bandits came from neighbouring Zamfara

State and encircled Gwaska up to neighbouring Kuiga village shooting sporadically.” The source said most of those killed were those that tried to fight back, including women and children who could not escape. He added that several people were injured during the invasion and were taken to a hospital in the Doka district. “We will continue to appeal to the authorities to take urgent steps to forestall further attacks and the extinction of communities in Birnin Gwari Local Government Area,” he said. A combined team of Nigerian troops and members of the local vigilante group were said to have rushed to

the village when the incident occurred, but by the time they arrived the community, the bandits had fled. The vigilante group source said: “We were in Gwaska together with the military around 7 p.m., but the commander asked the soldiers to retreat because it was getting dark.” He said several people were still missing, adding that

Continued on page 10

people were still missing, adding that Continued on page 10 DOGARA SHOWS RANCHING CAN WORK… Speaker


Speaker of the House of Representatives, Hon. Yakubu Dogara, inspecting livestock at his farm at the weekend

CAN WORK… Speaker of the House of Representatives, Hon. Yakubu Dogara, inspecting livestock at his farm



MONDAY MAY 7, 2018













MONDAY MAY 7, 2018






MONDAY, MAY 7, 2018 T H I S D AY



total assets of the tier 2 lenders stood at N12.276 trillion during the same period. In 2016, the total assets of the five tier 1 banks stood at N19.581 trillion while those of the six smaller lenders accounted for N11.083 trillion of total assets in the same period. Also, while the 11 banks realised combined gross earnings of N4.205 trillion in 2017, up from N3.515 trillion from the previous year, the five

tier 1 banks alone accounted for N2.681 trillion or 64 per cent of total earnings in 2017, as against the N2.200 trillion recorded in 2016. But in the year under review, the above-mentioned tier 2 banks reported gross earnings of N1.525 trillion (36%) in 2017, higher than the N1.316 trillion in 2016. Findings also showed that total loans and advances of the 11 banks whose results were reviewed stood at

N14.665 trillion in 2017, slightly higher than the N14.528 trillion recorded in the previous year. Just like other indicators, the five tier 1 banks gave out 63 per cent of the loans and advances as they accounted for N9.197 trillion in 2017, lower than that of N9.277 trillion in 2016. However, the tier 2 banks in all gave out N5.468 trillion in 2017, higher than the N5.251 trillion recorded in 2016. Similarly, while total

customer deposits of the 11 banks stood at N21.132 trillion in 2017, higher than the N19.644 trillion they realised in the previous year, at N13.321 trillion, the five tier 1 banks accounted for 63 per cent of total customer deposits. The tier two banks, on the other hand, posted combined customer deposits of N7.810 trillion or 37 per cent in 2017, higher than N6.996 trillion in the previous year. In the same vein, of a total

of N838.719 billion posted as profit before tax (PBT) by the 11 banks in their combined full year 2017 results, higher than the N633.286 billion recorded in the previous year, the five tier 1 banks accounted for 77 per cent or N645.864 billion of the PBT they made in 2017, up from N525.813 billion in 2016. The PBT of the six tier 1 bank in the year under review, however, stood at N192.855 billion, up from N107.473 billion in 2016.

Managing Director, Afrinvest Securities Limited, Mr. Ayodeji Ebo, attributed the yawning gap between the tier 1 banks and tier 2 banks to the fact that the bigger Nigerian lenders have been riding on economies of scale and larger branch networks. “Because of these, the tier 1 banks have been squeezing out their tier 2 counterparts. What the latter can do is to ride on technology to improve their market share,” he explained.


by suspected thugs owing to the alleged irregularities that dogged the exercise. Some agents working for other aspirants had accused the former governor of the state and Minister of Mines and Steel Development, Dr. Kayode Fayemi of colluding with the security agencies and members of the Governor Tanko Al-Makura-led primary committee to skew the outcome of the primary in favour of the minister. This came as the Kayode Fayemi Campaign Organisation threatened to sue the party if the results of the inconclusive Ekiti primary are annulled. Stepping into the imbroglio, however, the state governor, Ayodele Fayose of the Peoples Democratic Party (PDP) warned the opposition in his state not to turn Ekiti into a war zone, given the violence already displayed by APC members during the

primary. The APC last Saturday had organised ward congresses in 33 states of the federation and the Federal Capital Territory (FCT). While the exercise was hitch-free in a few states, there were protests and incidents of violence in many others, resulting in deaths in Rivers and Delta States on the eve of the congresses and on Saturday,

respectively. But in a statement issued yesterday by the party’s National Publicity Secretary, Bolaji Abdullahi, APC hailed the congresses, describing them as “highly successful”. “APC wishes to congratulate all its members for the generally peaceful conduct of the party’s ward congresses which took place across the country over the weekend. “The party especially commends members who served in the congress committees for their dedication and impartiality. “We, however, acknowledge there were some issues arising from the conduct of the elections in some states. “With this in view, the party had set up various appeal committees which will begin sitting from Monday, May 7, 2018. “We, therefore, call on all party members to remain law-abiding and where there are issues, they should seek redress through the appeal committees in their respective states,” the party said. The APC also directed that its primary for Ekiti State governorship ticket should continue from where it stopped on Saturday. The national leadership of the APC said that it had resolved the “issues and that the election can now proceed”. Another statement by Abdullahi yesterday said the primary election committee had been asked to go back and complete the exercise. The party said the exercise should be completed as soon as possible but did not give a date for the resumption of the

primary. The APC statement read: “The situation in Ekiti is regrettable. The issues have been resolved and it is our hope that the exercise can now continue from where it stopped.

“The primary election chairman has spoken to the national chairman after consulting with the aspirants. “The position is that the process should resume as quickly as possible. The issue of indefinite postponement does not arise,” the party said.

27 Aspirants Kick

But the statement by the APC

contrasted sharply with several

of the aspirants, as 27 of the 33

governorship aspirants in Ekiti State yesterday called for the

disbandment of the Al-Makura-led committee, alleging open bias and incompetence exhibited in the conduct of the suspended election in the state. The aspirants posited that the shoddy way the committee handled the primary was what led to the violence that marred the exercise on Saturday. In a communiqué issued and read by one of the aspirants, Dr. Mojisola Yaya-Kolade, after

a marathon meeting, the 27

aspirants expressed regret over

the unfortunate incident that led

to the protest and subsequent

disruption of the primary. They alleged that members of

the primary committee, headed

by the Nasarawa State governor,

Al-Makura, had compromised the

integrity of the poll, noting that this had invalidated its outcome. The aggrieved aspirants alleged that they noticed lopsidedness and bias on the part of the committee members, and called on the national leadership to smoothen


rough edges for the poll to be

re-conducted. “We want the committee to be disbanded completely and our National Working Committee

should set up a new committee

to conduct another primary that

will meet international standards,” the aggrieved aspirants said. The also claimed that many of those on the panel for the conduct

of the primary were friends of

a particular aspirant, who they

failed to name, adding that this could vitiate the outcome of the election. “We are determined to win the Ekiti governorship election, but

the right thing must be done for a candidate that will command the respect of everybody to emerge,” they added. They suggested that the fresh primary should be conducted

in an enclosed environment to

prevent natural occurrences like rain from disrupting the process

as witnessed on Saturday. “Apart from that, no aspirant should have more than one agent because many of those who gained entry under the guise of being agents to some aspirants were used to perpetrate evil,” they stressed. Also, the state chairman of the APC, Chief Jide Awe, called for the annulment of the suspended primary, saying:

“There is no way you can conduct

a primary without allowing the

State Executive Council having

a say in the process. “The aspirants were not happy. There are a lot of lessons to learn from the process as a party. “One of the cardinal principles

of a free and fair election is for the electorate not to have doubt. When a system is doubted in an election it becomes invalid. “When a system is disrupted,

it becomes invalid. An invalid

primary cannot produce a valid candidate. We want to have a credible election so that the electorate will be able to vote for us at the main election. “With what happened, we believe sincerely that the committee was culpable and

the security agencies were compromised. So the thugs that disrupted the election, it was some people that allowed them in,” he said.

Fayemi Threatens Law Suit

But even as the party moved to resolve its fractured ward congresses and go ahead with the Ekiti gubernatorial primary, the Kayode Fayemi Campaign Organisation earlier yesterday threatened to sue the APC if

the results of the inconclusive Ekiti governorship primary are annulled.

Addressing journalists in Ado Ekiti yesterday, Fayemi’s agent, Mr. Samuel Abejide, said five local government councils had voted before the uprising that led to the abrupt suspension of the exercise, saying the results from the local government areas were valid in the face of the law and the Electoral Act. Naming them, he said the elections in Ekiti East, Moba, Ilejemeje, Ado and Ijero Local

Governments had been concluded when the primary was disrupted. Other delegates, who expressed their preparedness to sue the party at the press conference included Dada Sunday Ebenezer, Emmanuel

Adekunle and Jimoh Azeez. They said the party owed them

a duty to protect the rights of its members, noting that their voting rights should not be an exception

in this case.

Abejide also accused the security agencies of being compromised, wondering why the perpetrators of the violence that took place were allowed to go scot-free in the presence of more than 200 security forces deployed for the

primary. Fayemi’s agent also denied allegations that the Al-Makura-led committee had apportioned more than the required number of agents

to the minister to the detriment of other contestants, saying this was not possible under the structures

put in place at the venue. “We believe the process of the election was free, fair and credible and that is why the results should be sustained. “If they knew that they were leading, why should they ask for cancellation?” he asked. Reinforcing the position canvassed by Abejide, Azeez stated that it would amount to an abridgement of the rights of voters if the results from the

primary were annulled. “I am a delegate of the APC

and I voted during the election. The process in those mentioned local governments was free and fair, so I don’t expect the party to annul it.

“Should the party go ahead and do that, I will not hesitate to go to court to seek redress,” Azeez stated.

Oyegun’s Integrity at Stake

Also reacting to the outcome

of the primary, former Ekiti State

governor Segun Oni yesterday, called on the national chairman of the party, Chief John Odigie-Oyegun and the National Working Committee (NWC) to investigate the errors that led to the inconclusive

primary. Oni, former APC national deputy chairman (south) and governorship aspirant of the party, said the way some people who were discovered to be friends of a particular aspirant were nominated to the primary committee, calls to question the integrity of the party’s national leadership. Oni spoke in Ifaki, Ekiti yesterday while reacting to the violence that marred the APC governorship primary. Oni, however, saluted Al- Makura for doing a thorough job

only for his efforts to be allegedly sabotaged by unscrupulous elements around him. He described the violence as very unfortunate, insisting that Oyegun must investigate how the secretary of the committee, Hon. Mogaji Aliyu, a known ally of one of the aspirants, was made

a member of the panel. Like the aggrieved 27 aspirant, Oni did not name the favoured

aspirant. “Those who have a penchant for cheating and fraud structured the primary to favour a particular aspirant. I was the APC national deputy chairman for four years, despite that I never used my position to influence anything

about a primary I was directly

involved in. “When you have a penchant for fraud or cheating the system,

it makes democracy looks sour

and uninteresting. “How would one feel to get to the field of play and find out that the referee was nominated by one of the teams? We found out that the secretary of the committee was nominated by an aspirant, and Governor Al-Makura later got to know about this and dropped him from functioning as the returning officer. “Even the fraud permeated the ranks of the security agencies. I quite appreciate the fact that violence was not the right way, but it was caused by the pent-up

anger. “That is why the NWC led by Chief Oyegun owes all of us a thorough explanation on how Mogaji found himself on the committee and how to prevent such in the future, except we are hiding under democracy to fool ourselves. “Whether I will be governor or not or hold political office in the future, I think enough is enough with respect to the desperation by people to get to certain positions, because we must give confidence to our people,” he said. When asked whether a consensus will be a better option,

Oni said he supported the idea

but it would be difficult to achieve given the current fierce rivalry among the aspirants. “I support consensus but that is now impossible because the perception of the society makes

it difficult for politicians to reach

a compromise. “Politicians are always under pressure from their admirers, so announcing to them that you have stepped down for someone else could create a bad impression for you. It will be difficult to achieve at this level,” he noted. Meanwhile, Fayemi and Senator Babafemi Ojudu, another APC aspirant exchanged barbs yesterday over who was responsible for the disruption of the primary. While Fayemi accused Ojudu and Hon. Bimbo Daramola of being the masterminds behind the violence that caused the suspension of the primary, Ojudu said the former governor was too desperate to get the ticket, saying his antics would fail this time.

A statement yesterday by

Fayemi’s media aide, Yinka Oyebode claimed that the

disruption of the primary election was the height of desperation on the part of some aspirants, who having seen defeat staring them in the face, conspired together to ensure that the exercise was not concluded. The minister was quoted in the statement to have said that the

aspirants had resorted to violence

and destruction, having realised that he was already in a clear lead in the five local government areas that had cast their votes.

“If the quest for a political

position is to serve, then one wonders why the desperation being displayed by the likes of Femi Ojudu and Bimbo Daramola.” But Ojudu dispelled the allegation, describing it as a spurious and senseless accusation coming from those that were averse to democratic ideals.

Addressing journalists in Ado Ekiti on the issue, Ojudu clarified that he was not desperate and that accounted for why he did not go to the election venue with party supporters, saying: “I even hate seeing thugs around me. “They said I was desperate, let us ask ourselves, who among the aspirants took delegates to Igbara Oke and Owo in Ondo State to camp? It was Fayemi. He was the one who compromised the committee and bought over the security agencies to compromise the process. “I brought him to Ekiti, I did

a lot for him to be governor, so

I have always known him to be desperate and we were getting video clips on how he offered bribes to delegates and how he was making calls at the election venue to the top security brass in Ekiti and Abuja to cheat the

system. “Let me tell him, all these antics will not work. The primary will be conducted and it must be free, fair and credible,” he said. But even as the APC governorship aspirants engaged in

a blame game over the suspended

primary, the state governor yesterday said what was witnessed

was a show of shame. Fayose warned the APC in

his state not to turn Ekiti into a war zone, given the violence displayed by its members during the primary. He expressed concern that the

APC could replicate the violence

on July 14 during the governorship election. According to Fayose, “It is

a sad day for democracy in

Nigeria, especially from a party


as progressive.

“It is a clear indication that APC will fail woefully in the July 14 governorship election because apart from its rejection by Ekiti people, the party has become a house divided against itself, its centre can never hold.” Fayose, in a statement he personally signed, also said:

government that prides itself

“We thought that we have gone beyond the era of ballot box stuffing and snatching as well

as violence and killings during

elections until yesterday’s show

of shame.

“This development should be of great concern to all well-meaning

Nigerians as we approach the Ekiti and Osun governorship elections

as well as the 2019 elections. “Another worrisome

development is the information



to disrupt the PDP primary election scheduled for Tuesday, May 8, 2018, so as to create the impression that violence is common to all political parties. “I, therefore, call on the

security agencies to act decisively

to nip this sinister plan in the

plotting to sponsor thugs

my disposal that the APC

bud. The police should not shy away from its responsibilities. “Ekiti was adjudged by the

police as the most peaceful state

in Nigeria, it must remain so.

“In the last three years, our state has been peaceful and never witnessed any sponsored political violence or killings until this APC desperation set in.



the international community

focus their attention on Ekiti

“I also call on Nigerians, as well

State from now on. Ekiti people must be allowed to choose their next governor under a free and fair atmosphere,” he stated.































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See details on Page 35







Many Wins of Buhari‘s US Visit

Last week’s bilateral meetings between President Muhammadu Buhari and US President Donald Trump at the White House, including Buhari’s meetings with top executives of some US companies, got a lot of wins for Nigeria. Tokunbo Adedoja writes

For the better part of last week, global media focus was on Nigeria as United States President Donald Trump hosted President Muhammadu Buhari in the White House. Buhari’s visit to the White House, the first by any sub-Saharan Africa leader since President Trump assumed office over a year ago, enjoyed days of media blitz. Expectedly, the keen interest in Buhari’s visit among U.S. media outlets was somewhat tied to the alleged vulgar remark made by Trump a few months earlier about African countries. From the preview of his arrival in the U.S. to the joint press conference in the Rose Garden, coupled with the warm handshake by both leaders and that remarkable photo opportunity with Trump grinning and leaning over Buhari’s shoulder while (Buhari) was signing the visitor’s book in the Oval Office, images and clips of the visit went viral on the internet. The reports, images and video clips of the leader of the free world and the largest economy with the leader of Africa’s biggest democracy and its biggest economy sent an unambiguous message about the strategic partnership between Nigeria and the U.S. A week after the visit, the media have not stopped appraising Buhari’s engagements in Washington. The common thread in all the reports was the conclusion that he returned home with a basket full of wins for Nigeria. Prior to the visit, both the White House and Nigerian State House had released statements on issues that would come up for discussion. The statements listed security, trade and governance as key focal points of the bilateral talks. These issues were discussed at the meeting between the two presidents in the Oval Office, at the working lunch of 1+10 on each side at the White House, and emphasised at their joint press conference. Investment and financing opportunities were also explored at the meetings Buhari held with top executives of some U.S. companies at the Blair House where he stayed during the visit. The round-table discussions provided the opportunity for top Nigerian companies and business leaders to interface with top executives of U.S. companies, where Nigerian policymakers, led by the president, were seated. There couldn’t have been a better demonstration of Nigeria’s commitment to the investment talks.

Even before their departure from the U.S., members of the Nigerian delegation were confident that the engagements they had were fruitful and beneficial. They were of the view that they got all they wanted. “It was a good meeting and it’s a win-win for both Nigeria and the U.S. There were a lot of wins,” Foreign Affairs Minister Geoffrey Onyeama enthused.

“Today has been a good day for the United States and it’s actually

a good day for Nigeria,” Industry, Trade & Investment Minister Ikechukwu Enelamah said, adding that in those meetings,

“businesses were literally striking deals”. One of such business deals was struck two days before the arrival of Buhari in Washington. It was

a deal with the GE Consortium,

comprising SiniHydro, Transnet and APM Terminals for the interim phase of the Nigerian narrow-gauge railway concession. That interim agreement would last for 12 months during which remedial works will be carried out on part of the narrow-gauge rail line system to make it technically and economically operable. Ajoint operation will also be established between the consortium and the Nigeria Railway Corporation with an initial supply of 10 locomotives

and 200 wagons. The second phase will revamp the existing rail network and

build new ones. The first phase

is valued at over $40 million while

the second phase is $2billion. There were also several expressions of interest in investing in Nigeria at the meetings held at the Blair House with top executives of some U.S. companies, including those in agro-businesses. For example, John Deere - a U.S. company that manufactures agricultural, construction, and forestry machinery - was said to be looking into assembling and supplying tractors in Nigeria. It will start with a few hundred, then thousands and its full expression, it is expected to exceed 10,000 tractors. Another major win for Nigeria was the unambiguous expression of support for the battle against terrorism without preconditions. Efforts by Nigeria in the past to get military hardware from the US had met with several hurdles involving allegations of human rights abuses and lack of corporate governance. Though prior to the visit, Nigeria had secured America’s nod to purchase 12 Super Tucano aircraft for deployment in the ongoing counter-insurgency and

for deployment in the ongoing counter-insurgency and President Muhammadu Buhari (middle) chairs a meeting between

President Muhammadu Buhari (middle) chairs a meeting between top U.S. company executives (sitting on the right) and the

Nigerian delegation (on the left) at the Blair House, Washington D.C

last week

anti-terrorism campaign and had

even partly paid for the aircraft, the meeting between Buhari and Trump erased fears that it was

a one-off deal. Trump emphatically stated, in response to a question on how soon those aircraft would be delivered, that those reasons that denied Nigeria access to such military hardware were not tenable.

“Part of the problem is you weren’t allowed to buy helicopters in our country and now you are.

I worked that out so that now

you can buy the helicopters that you want.

“They weren’t allowed to buy the helicopters for various reasons, which frankly weren’t good reasons. Now they get them, and they get them very quickly, and they are the best helicopters in the world. “We are also helping our Nigerian partners by facilitating intelligence cooperation and providing training and military equipment to Nigerian forces. For example, we recently sold to Nigeria 12 US A-29 Super Tucano aircraft, great aircraft, in the first-ever sale of American military equipment to Nigeria,” Trump said. Trump’s acknowledgement of the effort to redeem Nigeria’s “massive reputation of corruption” through the current anti-corruption crusade, which had been faulted severally by critics as a witch-hunt and one-sided, was a big win for Buhari. Coming at a time when there were allegations of selective application of his anti-corruption crusade, the thumb’s up from Trump will be a talking point for the regime as it approaches the 2019 election. Buhari’s visit to Washington

also raised the possibility of Trump visiting Nigeria “soon”. At the joint press conference with Buhari, Trump said he would love

to visit Nigeria, although he did not provide specific timelines. A visit by the U.S. president places the country visited under global media attention. If Trump does, then he will be the first U.S. president to visit Nigeria in a decade. Foreign Affairs Minister Onyeama noted that presidents’ schedules were usually tight and

that it could take a year to plan such visits. He, however, said:

“Maybe sometime next year we could envisage something like that.” The United States got its own wins, so did President Trump. One of such wins was the call for the removal of trade barriers which has now been brought to the front-burner of discourse between the two countries. The balance of trade between Nigeria and the U.S. shows Nigeria has a bigger balance sheet, but that is because of Nigeria’s oil exports to the U.S. Trump canvassed for the removal of trade barriers that affect U.S. agriculture produce, but that could also aid Nigeria’s agriculture exports. Nigeria does not seem to be averse to Trump’s call. Industry, Trade & Investment minister said: “The important thing is that the balance of trade should grow on both sides and it should be a win-win. And that is exactly what will happen based on what we see today.” Former U.S. Ambassador to Nigeria, John Campbell, said Buhari’s visit to Washington was a small win for Trump. He said Buhari’s response to a question on Trump’s derisive description of some African

countries as “shithole countries” took that issue off the table and provided a venue for Trump to appeal to his own political base, with his remarks on the killing of Christians by Islamist groups and the call for the removal of trade barriers, which his business friends in America would want to hear. “Among other things, Buhari’s visit may have at least partly defanged criticism of Trump that he is racist vis-à-vis his alleged derogatory remarks about Africa. However, the Buhari visit is likely to have only a limited impact on American domestic politics in the run-up to the mid-terms in November,” the former U.S envoy said. Campbell further noted: “For Buhari, the trip was a win in ways that are more concrete. President Trump reaffirmed Nigeria’s regional leadership role, promised security cooperation, and promised that the attorneys general of the two countries are looking for ways to return stolen Nigerian funds, estimated at $500 million, parked in the United States.” In the Nigerian government circles, optimism about concretising the outcomes of the bilateral meetings is high. This is because the engagements in Washington had the fundamental ingredients required for successful outcomes. Drawing from his experience of engagements with nations and businesses as trade and investment minister for close to three years, Enelamah posited that economic cooperation requires working at it from three levels, and those three levels must click for cooperation to go far. He listed the three levels as

a government to government

cooperation; government to business cooperation; and business to business cooperation. “At this particular meeting, the government to government level involved not only the two presidents meeting but also cabinet members were

there,” he noted, adding that for the government to business

level, President Buhari met with various businesses and had very productive and engaging discussions with them. “I think the necessary thing now is follow-ups. We stay engaged and build on what we know to be a good relationship between Nigeria and the U.S.

I think what happened just

underscored it and we will not take it for granted,” Enelamah said. Already, follow-up meetings have commenced. Attorney General Abubakar Malami met with his U.S. counterpart Jeff Sessions last Tuesday in Washington to work out modalities for the return of Nigeria’s stolen money. Those discussions are expected to culminate in the repatriation of over $500 million stolen from Nigeria and stashed in banks in various jurisdictions. In a couple of weeks, Enelamah will also be meeting with U.S. Secretary of Commerce Wilbur Ross to look at the commercial and investment dialogue in details. The call for the removal of trade barriers would be part of the discussions. More of such follow-up meetings will hold on other issues discussed in the bilateral meetings in the coming weeks and months to fully concretise the outcomes of the bilateral talks.


arrangements were being made to evacuate more people who had sustained injuries from gunshots. When contacted, the spokesman of the Kaduna State Police Command, Aliyu Mukhtar, said in a text message that he “will get the details and get back”. Speaking on the latest attack

on Birnin Gwari, the Kaduna State governor, Mallam Nasir el-Rufai commiserated with its residents over the killings. He disclosed that the security challenges facing the area would soon be over as a permanent battalion of the Nigerian Army and a Police Area Command will be established in Birnin Gwari. The governor said President

Muhammadu Buhari has already given approval to that effect. In a statement by Samuel Aruwan, his spokesman, el-Rufai said the police IG had already approved the establishment of the Police Area Command and two new Divisional Police Headquarters in Birnin Gwari. The statement said in part:

“The state government received

with sadness reports of the murder of our citizens by armed bandits in Birnin Gwari. “The Kaduna State Government is deeply committed to overcoming the unfortunate criminality and banditry being carried out against innocent citizens in Birnin Gwari Local Government Area. “The engagements

between the state and federal governments have yielded results. President Muhammadu Buhari has approved the establishment of a permanent battalion of the Nigerian Army in the Birnin Gwari general area. “The new security arrangements also involve policing. The Inspector General of Police has already announced

the creation of the Birnin Gwari Police Area Command and two new Divisional Police Headquarters. “The State Emergency Management Agency (SEMA) has also been directed to provide relief materials with immediate effect to the affected communities,” the governor said.













MONDAY MAY 7, 2018






T H I S D AY MONDAY, MAY 7, 2018


Group Politics Editor Tobi Soniyi Email 07054786260 SMS ONLY



Buhari Alone Isn’t the Problem

Though there is enough proof to justify the claim that President Muhammadu Buhari has fallen short of expectations, the challenge of transforming Nigeria goes beyond the president, write Tobi Soniyi, Segun James and Shola Oyeyipo

write Tobi Soniyi , Segun James and Shola Oyeyipo President Muhammadu Buhari Chief Justice of Nigeria,

President Muhammadu Buhari

Segun James and Shola Oyeyipo President Muhammadu Buhari Chief Justice of Nigeria, Walter Onnoghen Senate President,

Chief Justice of Nigeria, Walter Onnoghen

Muhammadu Buhari Chief Justice of Nigeria, Walter Onnoghen Senate President, Bukola Saraki M any are disappointed

Senate President, Bukola Saraki

M any are disappointed today because the president, Muhammadu Buhari has not been able to transform Nigeria into a new country where

everything suddenly becomes functional. Nigerians expected so much from the president. His party, the All Progressives Congress promised so much and is deliver- ing so little to the disappointment of many. As 2019 general election approaches, we are beginning to make the same mistakes. We are hoping that whoever becomes president should be able to correct all the structural imbalances afflicting the country. But the bitter truth is that this is not going to happen. The best we can get is some opaque tinkering with the existing structures which will not fundamentally change the country. So, we should begin to lower our expectations. Just like the president, we all have our fair share of the problem.

Buhari Is a Problem

But the president is a problem for many reasons. No doubt, a president is in a vantage position to steer the ship of the country to eldorado. And from the look of things, this president isn’t doing that. Just like his predecessors, and Nigerian past leaders, Buhari is turning out to be a disappointment. This much was stated by Nigerian foremost novelist, Professor Chinua Achebe when he wrote: “The trouble with Nigeria is simply and squarely a failure of leadership. There is nothing basically wrong with the Nigerian character. There is nothing wrong with the Nigerian land or climate or water or air or anything else. The Nigerian problem is the unwillingness or inability of its leaders to rise to the responsibility, to the challenge of personal example which are the hallmarks of true leadership.” Many had hoped that because of his

spartan lifestyle, Buhari would make all the difference. With his abysmal performance so far, Buhari obviously isn’t the messiah Nigerians have been waiting for. Some of his shortcomings include: He is insensitive to the needs and feelings of the people he governs, his poor handling of the economy (allowing the naira to depreciate to as low as N350 to a US Dollar for instane), making appointments that ignored the ethno-religious setting in the country, his aversion for due process and rule of law. Under his watch, in the last four months of this year, over 1000 persons have been killed in various parts of the country by herdsmen and, all the president did was to lament. Since the killings began, the presidency was not only in denial but was also de- fending the atrocities. Those who should help him stop the killings are themselves bereft of ideas. Apart from the herdsmen, militias have been on a killing spree in the northern part of the country. The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye who usually refrains from commenting on political issues is unable to hold himself back after news broke out that some gunmen went into a church and killed people. He said: “It doesn’t matter the denomi- nation…by the special grace of God, all Christians in Nigeria call me daddy. So when any of them dies, it’s my son or

Many wrongly assume that Nigeria will become a better place once Buhari is no more at the helms of affairs, the truth, however is that this is not going to be the case

daughter that is dead. “It’s a terrible thing. A nation may survive a civil war, but no nation can survive a religious war and remains the same.” He therefore called on the president to do more to stop the killings. The Christian Association of Nigeria, (CAN) also called for a national day of protest to draw attention of government to the killings. Jolted by the killing of two priests and 17 worshippers of St. Ignatius Catholic church, Mbalom, Gwer East LGA of Benue State, CAN President, Rev Olasupo Ayokunle, urged Christians to hold the peaceful protests within their church premises on Sunday April 29, 2018. He said: “CAN urges Christians in Nigeria to hold peaceful protest on the set aside date, in the premises of their churches asking the Federal Government and the security agencies to stop the unending killings and bloodshed in the country. “Christians are to carry placards with inscriptions meant to address issues about sustained killings, attacks and destruction of their property in Nigeria. “The inscriptions on placards could read, “Enough of bloodshed in Nigeria”, “Enough of unlawful killings in the country”, “FG, Release Leah Sharibu from the bondage”, “FG, Stop Herdsmen Killings”, “CAN rejects FG’s poor handling of insecurity”, etc. “Government should be called upon to perform their constitutional responsibility of protecting citizens now. No excuse should be given for this wicked act again and perpetrators must be brought to book now.”



Many wrongly assume that Nigeria will become a better place once Buhari is no more at the helms of affairs, the truth, however is that this is not going to be the case. If we remove Buhari and elect someone else as the president, will that person be able to stop the National Assembly





from continuing milking the country? Even when the country is not earning enough to take care of the citizens, the lawmakers don’t love the country enough to make concession and reduce what they take from the country. It will take our willingness as a people to do that which is right and good for the people before the country can be on a path to development. Leadership is important, but we are wrong to keep on focusing on the Presi- dency as a place where this will happen. Not necessarily. History is replete with stories of those who changed their country even when they are not occupying any leadership position. If we remove Buhari, will that solve the problem of electing into the National Assembly people who don’t understand what they do there? This reaction of Senator Abu Ibrahim (Katsina- APC) during the debate on whether to impeach Buhari for paying $469m to the United States of America to buy fighter jets without appropriation raises the question whether the Senator should he there in the first instance. The Senator accused senators of the People’s Democratic Party (PDP) of conspiring to impeach Buhari. He justified the president’s decision to make the withdrawal on precedence. “He took action based on national interest, that’s why he authorised this payment. As far as I’m concerned, this is the first time that money drawn from excess crude oil account is being brought to the National Assembly. Since they begin to operate this account, I have never seen any expenditure that was brought here for approval. “$17.7 billion was drawn by (ex-President) Obasanjo to pay the Paris Club without National Assembly approval. Obasanjo left N9.3 billion in excess crude account but former President Goodluck Jonathan …the money with no recourse to the National


T H I S D AY MONDAY, MAY 7, 2018









It will take our willingness as a people to do that which is right and good for the people before the country can be on a path to development

Assembly. The account was increased to

over $20 billion in 2008 and decreased to less than $4 billion by Jonathan in 2010.

It never came to National Assembly for


“$2 billion was used by the previous PDP administration to fight Boko Haram

in 2014. Governor Godswill Akpabio was

the one who moved the motion at the National Economic Council to get the money. $5 billion was taken for power generation, funding was also sourced for Niger Delta, the same process was not

taken by (ex-President Yar’ adua). It was later taken to the National Assembly and

it was approved.

“This is a PDP conspiracy. I will like PDP to tell us which of their governors has taken the money released from excess

crude oil account to the state assembly for approval. If this is a PDP conspiracy to tarnish the image of Muhammadu Buhari, they will not be able to do it because we are coming out with figures.” People voted Buhari because they thought he would not be a Jonathan or an Obasanjo. Besides, this idea of defending our tribesmen even when they have done what is wrong has become a part of our politics. The Southwest did that when Olusegun Obasanjo was president. The South-south and the South-east rationalised and justified all the wrong things Goodluck Jonathan did as president. No one should be surprised, the north is defending il- legality perpetuated by Buhari. Those who should defend democracy and the people are busy defending their tribesmen. The question is, if we get a new president, will this culture of tribalism suddenly disappear? Will loyalty to ethnicity disap- pear if Buhari leaves will our attachment

to our ethnic group which often prejudices

our approach to issues disappear?

Will the new president be able to stop states’ governors from stealing funds meant for their states and local government areas? One of the recurrent frauds the Economic and Financial Crimes Commission has had to deal with is the issue of governors diverting and stealing funds meant for local government areas. Not one of those governors has been convicted. This isn’t

a Buhari’s creation. If we have a new

president, will this stop to be the case? The states are already terrorising local governments, they withhold their funds, meddle in their affairs and determine who become chairmen and councillors. Yet the same states want true federalism.

If we change the president, will the new

president be able to stop this invasion of councils by states? Will the new president be able to make

the judiciary to become fast and efficient

in justice delivery?

We like to blame the president for all the woes in the country. But is it the president that is making it difficult for the judiciary to stop the practice of taking notes in long hands which results in wasting valuable time doing what technology has taken care of in other climes? Nigerian judges waste enormous time writing down everything the lawyers say. And Nigerian lawyers are very verbose. So our judges are writing themselves to death. But they don’t travel to Saudi Arabia or London on horseback. They fly. They like the fact that technology has revolutionized how we travel but they refused to embrace

has revolutionized how we travel but they refused to embrace Chief Emeka Anyaoku electronic recording of

Chief Emeka Anyaoku

electronic recording of court proceedings. They keep the nation backward and allow litigants to die before the courts determine their cases. But we all blame the president! If the president moves in to help with this, it will become interference in the affairs of the judiciary. Nothing is going to change in the judiciary regardless of who becomes the president unless those in charge become bold and introduce the necessary reforms. We need innovators and reformers in all segments of our society but what we get are people who tinker with the structures and make incremental improvements. If Buhari leaves, and a new president comes in, will our attitude to obedience to law change? Has anyone asked why drivers did not obey traffic laws during Jonathan and are still not obeying the law now that Buhari is there? Has anyone asked why the Nigerian Immigration Service’s offices nationwide collected more than the required fees to issue passports during Jonathan regime and they are still doing it now that Buhari is there? When Jonathan was there, we paid for drivers’ licenses but we did not get the licenses Today, we still suffer the same problem. The reality is that it will take more than a president to change this country.

History is replete with stories of those who changed their country even when they are not occupying any leadership position

When will the people be able to have the courage to insist on what is right from those who hold power in trust for them? If Buhari leaves will our politicians suddenly become democrats? Or will it suddenly inculcate in all of us democratic values? While it should be conceded that there is no basis for comparing Nigeria with advanced democracies, there is noth- ing wrong with adopting that which is good from these countries. When you are given a job to do and it turns out that you can not do the job, you should honourably resign. Everyday, people are killed in outrageous circumstances, yet, the minister for defence is holding on to his appointment. The Inspector General of Police is safe in his job. If Buhari leaves or a new government takes over, will this stop to be the practice? There are democratic values that are not written in any law which are observed in the interest of the people and the country. Nigeria is racing towards another general elections, the likelihood is that the result will not produce any significant difference unless the electorate begin to act differently. In this regard, the advice of a former Secretary General of the Commonwealth, Chief Emeka Anyaoku is very timely and relevant. Speaking on the theme ‘Leadership and the Future of Nigeria’ at a symposium to mark the ten years anniversary of the death of Senator Abraham Adesanya, Anyaoku said: “Now that national elec- tions are approaching in 2019, I would like to end by urging all intending voters to regard a firm unambiguous and time- specific commitment to the restructuring of Nigeria’s present governance architecture, as the pre-requisite for voting for any political party and its candidates.” The electorate should stop basing their decision on primordial sentiments. They should stop mortgaging their future for peanuts. They should dig into the past of

those aspiring to rule them and ensure that only people that demonstrate exception- ally leadership qualities are elected into public offices. Again, we refer to the attributes of a good leader as identified by elder statesman, Anyaoku. He said: “A leader must, in my view, possess to a good degree inter alia the following attributes: the capacity to inspire and form affinity with the people that the leader is leading; the capacity to have and articulate a vision of where he/ she plans to take the country concerned; the capacity to deliver electoral promises; and the capacity to identify with and be seen to be tackling the challenges facing the people he/she is leading. Hence, leadership is primarily about service, and servant leadership enables the building of trust with bonding and continuing inspiration of the people. A good leadership must be defined by discipline, resilience, persever- ance, determination, unyielding devotion, and, above all, a strong political will to act without deference to sectionalism. “It is not always easy to find a conver- gence of all these attributes in a single individual.” He mentioned three examples of leaders whose performance in their countries had demonstrable achievements, especially in putting their countries on the global map and in some cases, lifting them from the nadir of developmental challenges “A common feature of their successful leadership is their capacity, during electoral campaigns and on assumption of office, to spell out in clear and unambiguous terms the goals and guiding principles that would define their tenure in office”, he added. Nigerians will have to begin to do things differently to expect a different result. Everyone has got a role to play. Nation building is not for those elected into offices alone, the citizens should not accept the status quo as it. They have to continue to strive for a better country.




Acting Features Editor Charles Ajunwa Email

Experiencing GTB’s Food and Drink Fair

Kids and teens who participated in the third edition of the GTBank Food and Drink Fair had real-time culinary experience and great fun, writes Peter Uzoho

F oremost African financial institu- tion and lifestyle bank, Guaranty Trust Bank Plc (GTB), staged for the third time, its Food and Drink Fair which succeeded in attracting tens of thousands of Lagosians to the

bank’s event centre at the Water Corporation Drive, Oniru, Lagos. Organised every year as part of the bank’s corporate social responsibility, the fair is designed to celebrate Nigeria’s vibrant food culture and promote enterprise in the small business sector of the food industry by bringing together SME operators, global renowned chefs and food lovers from across the world. Held for two days in the last two editions, the third and 2018 edition was extended for three days and featured different activities. There were adult and children masterclasses in the art and business of foods and drinks where renowned chefs delivered a host of live cooking demonstrations of their favourite delicacies. Arriving at the venue the first day, Sunday, this reporter was stunned by the heavy crowd on ground right from the outdoor area to the experience centre as people jostled to find their way in and out. However, having already anticipated this kind of multitude, the bank’s logistics team put up measures to ensure there were no issues. On the wall as one entered the experience centre was the floor map which helped everyone locate the different areas with ease. Carefully curated section of small food businesses offered best culinary experiences in Lagos and beyond. There were spaces for street foods offering the best local delicacies, as well as Farmer’s market where SMEs involved in agriculture sold fresh and organic farm products. Attendees enjoyed diverse range of gastro-

nomic delight from restaurants and outdoor grills well-known for setting taste buds on fire with exciting mix of eclectic cocktails and pastries. Happening alongside eating and drinking were five masterclasses of 60 minutes each delivered by some of the finest chefs in the world. Chef Imoteda took the audience on the art of plating; Chef Lorraine Pascale took them on making the perfect deserts; Chef Sunny Anderson lectured on home cooking made easy; Chef Scott Winston focused on support and advice for small food businesses; the last class for the featured first winner of the Great British Bake Off and TV presenter, Chef Edd Kimber, who took his enthusiastic audience on making pastries and sweet things. On the second day, boisterous school children from different schools in Lagos appeared in company of their teachers to take part in the culinary classes. On their arrival, they were led to the children’s play area were they engaged themselves in some recreation activities. This reporter was actually attracted to the children’s play area where high octane actions were taking place. The area never experienced a dull mo- ment as kids had ample time to have fun and taste familiar and new food and drinks. All the facilities needed for their play were available:

the bouncing castle, the merry-go-round, the makeshift hospital and supermarket were all there for them to recreate a new school world. They were tutored on how to use the ATM for cash withdrawals, how to bargain and buy items in the market, and how to prepare certain foods. This, as explained to this reporter, was to teach them, the future generations, all the good values and qualities they need to learn before they grow older. As they were done at the children’s play area, the pupils and students were taken to the masterclass hall where one of Nigeria’s experts in the world of cooking, Chef Muneera Tahir simply addressed as Chef Muse, took them on how to make sandwiches, pancakes and how to bake chocolate cookies. Eager to understand every bit of the lessons, the children asked and asked and dozens of questions filled the

children asked and asked and dozens of questions filled the School children at Chef Muse's class

School children at Chef Muse's class

filled the School children at Chef Muse's class Kids shopping at the makeshift supermarket arena, putting

Kids shopping at the makeshift supermarket

arena, putting Muse on hot seat. But as part of her job, Muse took time to respond to all the posers to her students’ satisfaction. The third day being a public holiday recorded an upsurge in attendance. Foodies and fun-seekers who couldn’t make it the first two days due to work and business schedules showed up. Parents took their kids to the show to have fun to their fullest. The kids were also engaged in a masterclass where Chef Crofie practically taught them how to bake cupcake. They were so excited and could not hide their joy.

I feel good coming here because I’ve always wanted to learn the

recipes for cooking and I’m happier because I now know how to make chocolate cookies. I enjoyed the teaching by Chef Muse. I would like to be a chef in future.


GTBank for putting up this event for us

say thank you to

With such awesome experience, the children shared their overwhelming joy with this reporter. Master Ozezele Okharedia, 11 years old pupil of the Temple Preparatory School, Ilupeju:

said: “I’m happy, I’m having fun here with my friends. We’re riding bicycle and I’m the director. I like this place, it’s so nice. I’d like to say thank you to GTBank for giving us this opportunity to have fun.” Eleven-year-old Master Fola Odejano, from Readington School said: “I feel happy and glad and I think I just learnt how to use the ATM to withdraw cash. I’m so eager to learn how to cook because I normally watch my Mummy cook and I’d like to start preparing food myself. I also want to make some friends here. I say a big thank you to GTBank for organising this programme and I want God to bless them.” Miss Chantelle Offor, nine-year-old grade five pupil of Jewels and Pearls Private School: shared her excitement. “Coming here is so exciting, especially because I haven’t been here before. So I feel happy. They are going to be teaching us how to cook and I want to learn. I want to learn how to bake cake and how to make pounded yam and lots more. I say thank you so much to GTBank for this opportunity. It has been so good.” For Miss Valencia Erediauwa of the Learning Place Schools, Lekki: “I feel good coming here because I’ve always wanted to learn the recipes for cooking and I’m happier because I now know how to make chocolate cookies. I enjoyed the teaching by Chef Muse. I would like to be

a chef in future. I say thank you to GTBank

for putting up this event for us.” Miss Adaora Nwosu, 11-year-old Primary six pupil enthused: “It was a very fun filled experience, I learnt a lot which I didn’t know before and I got to taste the chocolate the chef prepared. I’m happy I came here, I’ve learnt new method of making sandwiches. This is

my first time of attending this kind of event and it will certainly not be my last. I enjoyed Chef Muse’s class because she explained how to do a lot of things. She was very informative and she’s temporal as well. I say a very big thank you to GTBank because the event is full of fun and they planned it very well.” Miss Chisaa Opara, 12, and JSS1 student of Vivian Fowler Memorial College for Girls,

said: “It was nice because I’m a girl and I have to learn how to cook and I was watching the chef to know how to do some of those things.

I cook at home and I know how to prepare

rice and stew very well. The way the pancake was done here was actually different from the way I prepare it, and for the sandwich, I’ve never prepared it before but now I know how to prepare it. “I’m even more excited that the chef had to pick me to join her in the presentation, and when I came back my friends were like, wow! Her teaching was nice because you can actually understand what she was trying to say and you will like to put it into practice. Thank you GTBank for allowing us to have this experience and God bless them.”




Five-year-old Master Faizu Gombe of Meldow Hall Nursery/Pimary School, Lekki: “I feel happy that I’m here. They’re teaching us baking; Auntie Crofie has taught us how to make cupcake, cupcake is sweet. I can make it now when I get home. I say thank you to our auntie. I say thank you to GTBank.” Master Ikechi Esiaba, nine, and primary four pupil of Child Ville School, Ogudu, said: “I feel very excited being here. This place is so amazing and nice and I like it. Thank you GTBank.” Ten-year-old primary six pupil of Pelgen Primary School, Shomolu, Miss Ijeoma Ilochi, said. “I’m so excited, I’ve seen a lot of my friends here. I’ve learnt how to make cupcake and it’s not hard, so easy to learn and I’m glad I’m here to learn it. I came with my parents and they bought me food and drinks; they said I should enjoy myself. I want to say a big thank you to GTBank and God bless them.” For Miss Abisola Akingbade, eight, and year four pupil of Caleb International School who came with her brother, Tobi said, “I feel happy, I’m having fun with my friends here. It’s so nice coming here. I’ve learnt how to make cupcake. My Mummy brought us here. I say thank you to GTBank.” Giving her experience with the children, Chef Crofie said: “It’s nice teaching children. You know when you’re with them you find out that they can do better than what you think they can’t be able to do. So I’ve found out that they are so eager to learn and they paid much attention to instructions. They are lovely children, so I enjoy being with them. And I encourage parents to try and give them opportunities to do some things at home, especially cooking, to prepare them ahead of time.” Earlier, a teacher at Readington School, Lekki, Mrs. Esther Akintimehin, who brought her pupils to the fair, said they wanted the children to have more experience and practicalise the things they were being taught in school. “I believe today they’re also going to see different foods and drinks and I guess they will learn how to cook some of those foods at the end of the class. Apart from that, they are going to meet their peers from other schools, make friends, gist and have fun. So it’s going to be a lovely experience for them and for us as well,’ Akintimehin said. She added: “Sincerely, I thank GTBank for organising this programme and making it possible for our kids to have some unique experience. They’ve done so well, so I encourage them to keep it up.” The Managing Director/Chief Executive Officer, Guaranteed Trust Bank, Mr. Segun Agbaje, who was cornered by this reporter, expressed his gratitude to God for making the programme to happen. “I’m really grateful to God because all these we can’t do without Him. Truly, I feel very fulfilled, I see lots of people, I’m seeing the small businesses who are the vendors, who

It’s nice teaching children.You know when you’re with them you find out that they can do better than what you think they can’t be able to do. So I’ve found out that they are so eager to learn and they paid much attention to instructions.They are lovely children, so I enjoy being with them.And I encourage parents to try and give them opportunities to do some things at home, especially cooking, to prepare them ahead of time

at home, especially cooking, to prepare them ahead of time School kids riding bike at the

School kids riding bike at the children's play area

time School kids riding bike at the children's play area School kids at the play area

School kids at the play area

at the children's play area School kids at the play area School children at Chef Muse's

School children at Chef Muse's masterclass

the play area School children at Chef Muse's masterclass Kids in the baking class with Chef

Kids in the baking class with Chef Crofie

are the people we do this for, to give them a platform; I see them sell things, I see people know them, I see great masterclasses where

people have been very engaging, asking very intelligent questions. So truly I’m very fulfilled,” Agbaje said. Explaining why the masterclasses were ar-

ranged for children, he said: “Children are the future. Children are the future of any society. So we’ve got to teach them all the right qualities and all the right things they need to know.”




Group Business Editor Chika Amanze-Nwachuku

Email 08033294157, 08057161321




















L-R; Company Secretary, FSDH Merchant Bank Ltd, Mrs. Aidevo Odu-Thomas; Chairman, Mr. Femi Agbaje; and Managing Director/ CEO,

Mrs. Hamda Ambah, at the 6th annual general meeting of FSDH Merchant Bank Ltd in Lagos


etop ukutt



Obinna Chima

Inflation rate in the country has been projected to drop further in April, thereby inching towards

a single-digit rate. Analysts at FSDH Merchant Bank Limited stated this in a report. They anticipated that inflation rate (year-on-year) would drop to 12.43 per cent

in April 2018, from the 13.34 per

cent recorded in the month of March. The National Bureau of Statistics (NBS) is expected to release inflation rate for April on May 13, based on the data release calendar on its website. The investment bank said despite the increase recorded in the prices of some food and non-food items, the base effect of the Composite Consumer Price Index (CCPI) in April 2017, would depress the inflation rate. It indicated that the value of


the naira depreciated at both the Nigerian Autonomous Foreign Exchange (NAFEX) and parallel

markets. According to the report, the value of the naira depreciated by 0.09 per cent and 0.14 per cent to close at US$/N360.17 and US$/N363 respectively at the NAFEX and parallel markets

at the end of April. “The rise in the international prices of food coupled with the marginal depreciation in the value of the naira led to an increase in the prices of imported consumer goods in Nigeria between the two months under review. “The prices of certain seasonal food items we monitored ap- preciated in April 2018, leading to 0.86 per cent increase in our Food and Non-Alcoholic Index. “This index increased year- on-year by 14.71per cent, up from 234.39 points recorded in

April 2017. We also observed an increase in the prices of Transport and Housing, Water, Electricity, Gas & Other Fuels divisions between March and April. “We estimate that the increase in the CCPI in April would produce an inflation rate of 12.43 per cent lower than the 13.34 per cent recorded in March,” it added. Also, the Financial Derivatives Company Limited projected infla- tion rate for April to reduce to 12.7 per cent, adding that food inflation likely to reach point of inflection soon. It, however, identified likely risks to further drop in inflation to include the passage of 2018 budget, increased election spending and growth in broad money supply (M2). Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele recently said the central bank would continue to work towards a single-digit inflation rate.

“We would love as much as

possible to have inflation as low as possible. Last month, inflation was 13.43 per cent. “We are hoping that in 2018, we should achieve a very low double digit inflation level and

if we are lucky, high single-digit.

“And I think with that we should be seen to be moving in the right direction,” Emefiele had explained. The Food Price Index (FPI) from the Food and Agriculture Organisation (FAO) for April 2018 showed that the Index averaged 173.5 points, 0.25 per cent higher than the revised value for March 2018, and 2.72 per cent higher than the April 2017 figure. According to the FAO, sugar prices recorded the highest drop; vegetable oil and meat prices also declined. However, prices of dairy and

Continued on page 24

Despite NNPC’s Massive Importation, Marketers Still Sell Petrol Above Official Ex-depot Price

Ejiofor Alike

Despite the flooding of the Nigerian market with petrol by the Nigerian National Petroleum Corporation (NNPC), which has led to the sale of the product at official pump price, some depot owners are still selling above the official ex-depot price, THISDAY’s investigation has revealed. THISDAY gathered at the weekend that while filling stations were selling at pump price of N140 –N145 per litre, which comply with the retail price band of N135 – N145 set by the Petroleum Products Pricing Regu- latory Agency (PPPRA), most of


the depot owners were yet to revert to the N123.28 – N133.28 indicative ex-depot price set by the pricing agency. It was gathered that apart from the major oil marketers, about 12 other depots had stock of petrol at the weekend. The major marketers include:

Oando Plc, Total Nigeria Plc, Mobil, Forte Oil, Conoil, and MRS. The major oil marketing companies traditionally sell at N145 per litre at the depots but to only their dealers, who are also

provided with special offers to ensure that they sell at the same N145 per litre in their branded filling stations. Apart from the major market- ers, petrol was also available in about 12 other depots – AA Rano, Chi-Pet, First Royal, Folawiyo, Heyden Petroleum, Integrated Oil and Gas, MRS, Obat, African Tanker, T-Time Pet, and Wosbas. THISDAY’s investigation revealed that ex-depot price was different in many of these 12 depots, where products could be accessed from third party at ex-depot prices of N133.50 – N136.50, compared to the indicative ex-depot price

of N123.28 – N133.28 recom- mended by the PPPRA via the circular with reference number A.4/9/017/C.2/IV/690 of May 11, 2016.

One of the marketers, who spoke to THISDAY off the record, blamed the situation on NNPC’s role as the sole importer of petrol. “Marketers are finding it difficult with NNPC as the sole importer, because NNPC buys at

a higher cost at the international

market than the private marketers.

If the private marketers are given

the same incentives to import like NNPC, they will buy at cheaper

Continued on page 24


A Step in Right Direction

A Step in Right Direction Emefiele







cereal continued to trend upward. The FAO Dairy Price Index was up by 3.4 per cent between March and April. Increased demand for all milk products, coupled with reduced exports supply, led to the increase in the Index. The FAO Cereal Price Index also appreciated by 1.7 per cent from the previous month, on the heels of improved prices of wheat, coarse grains and rice. On the flip side, the favour- able supply glut in the market, and a weaker Brazilian currency (Real) continued to weigh on the prices of sugar. Hence, the FAO Sugar Price Index fell by 4.8 per cent in April to a 31-month low. The FAO Vegetable Oil Price Index was down by 1.43 per cent, driven by a fall in prices of palm and soy oil, the key commodities in the Index. The FAO Meat Index was down by 0.94 per cent driven by the decrease in the prices for bovine and pig meat.


cost and the ex-depot price will come down,” he said. However, despite these price differentials, investigation revealed that some independent marketers even sell below N145 per litre, while the major market- ers stick to N145. The NNPC had flooded the whole country with petrol, forcing the marketers to devise various kinds of incentives to woo customers and prevent glut in the market. Some of companies are providing special offers to their dealers to boost turnover and avoid glut. THISDAY had reported that exactly six months after the NNPC assumed the sole importer of petrol in October 2017, the corporation had finally normalised the supply of the product. The corporation’s inability to bridge the supply gap created by the refusal of the private marketers to import petrol, had led to fuel crisis, which marred the Christmas celebration and lingered into the first quarter of 2018.

Group Business Editor Chika Amanze-Nwachuku AgriBusiness/Industry Editor Jonathan Eze Comms/e-Business Editor Emma
Group Business Editor Chika Amanze-Nwachuku AgriBusiness/Industry Editor Jonathan Eze Comms/e-Business Editor Emma
Group Business Editor Chika Amanze-Nwachuku AgriBusiness/Industry Editor Jonathan Eze Comms/e-Business Editor Emma

Group Business Editor

Chika Amanze-Nwachuku

AgriBusiness/Industry Editor

Jonathan Eze

Comms/e-Business Editor

Emma Okonji

Capital Market Editor

Goddy Egene

Senior Correspondent



Chinedu Eze (Aviation) LindaEroke (Labour) Eromosele Abiodun (Maritime) EjioforAlike (Energy) JamesEmejo(Nation’sCapital) ObinnaChima(MoneyMkt) ChinemeOkafor(Energy)


NumeEkeghe (MoneyMarket) NosaAlekhuogie(AgriBusiness)

NCC Shuts Down Firms over 5.4GHz Deployment

Emma Okonji

The Nigerian Communica- tions Commission (NCC), the telecoms industry regulator has extended its ongoing enforcement plan to Uyo in Akwa Ibom State, and Calabar in Cross River State, where it sealed up operations of most telecoms firms for violating the guidelines for the deployment of 5.4GHz frequency band in the states. The enforcement team led by the Director, Compliance Monitoring and Enforcement, Mr. Efosa Idehen, took the NCC compliance monitoring to the states on April 26 and 27, 2018 to enforce compliance with its guidelines for the deployment of service in the 5.4GHz frequency band. The Commission, based on the guidelines for the deployment of service in the 5.4GHz frequency band, had issued a public notice dated April 3, 2018, warning unlicensed operators and the general public to vacate illegal transmission in the 5.4GHz frequency band within 14 days. The deadline for vacation ended on April 17, 2018, fol- lowing which the enforcement team visited the states and shut down the operations of Hot Minet Services located on 80 MCC Road, Calabar and United Bank for Africa (UBA) on Udo Udoma Bank- ing layout, Uyo, for failing to comply with the guideline and the public notice issued by the Commission. The team also confiscated the non-type approved equip- ment used by the operators in

providing the alleged illegal services. The enforcement team directed them to obtain the requisite license before their premises would be unsealed. Consequent upon the enforcement action, the radio equipment used in the provision of the service was

removed and held in custody of the Commission. The team had to order for the arrest of officials of the bank for their resistance. According to Idehen, “It is pertinent to state that it’s a criminal offense to provide service in frequency band not validly assigned or

licensed by the Nigerian Communications Commission. This position is supported by the provision of Section 121 and 122 of the Nigerian Communications Act, 2003.” The punishment for the said violation is a fine for the initial fee for the relevant license; a fine not exceeding

ten times the fee for the rel- evant license; imprisonment for a term not exceeding one year; or both such fine and imprisonment, Idehen added., He said the suspects have been handed over to the relevant security agency for discreet investigation and possible prosecution.

agency for discreet investigation and possible prosecution. UNVEILING OF HAJJ SAVINGS SCHEME L-R: Chairman,Tafsan


L-R: Chairman,Tafsan Investment Limited, Alhaji Adebiyi Bamgbose; President, NASFAT, Alhaji Yomi Bolarinwa; Divisional Head, Commercial Banking, Sterling Bank Plc, Tunde Adeola and Chairman, Tafsan Tours and Travels Limited, Alhaji Sheriff Yusuff, during the Sterling Bank’s formal launch of Hajj Savings Scheme in Lagos…recently

Nigeria, SA Top African Airlines’ Passenger Traffic Record

Chinedu Eze

African airlines recorded 11.2 per cent in March 2018, indicating the regional carriers currently enjoy very strong demand compared to the same period last year. The International Air trans- port Association (IATA) said this is more than twice the five-year average pace of 4.8 per cent, noting that airlines in Africa

are seeing healthy growth on routes to/from Europe and Asia, while the region’s two largest economies, Nigeria and South Africa continue to improve. According to IATA, capac- ity climbed 6.7 per cent, and load factor strengthened 2.9 percentage points to 71.0 per cent. IATA said global passenger traffic results for March 2018 showed that demand (mea-

sured in revenue passenger kilometers, or RPKs) rose 9.5 per cent, compared to the same month a year ago, the fastest pace in 12 months. The world body noted that capac- ity (available seat kilometers, or ASKs) grew 6.4 per cent and load factor climbed 2.3 percentage points to 82.4 per cent, which set a record for the month, following on the record set in February. All regions

except for the Middle East posted record load factors. “Demand for air travel remains strong, supported by the comparatively healthy economic backdrop and busi- ness confidence levels. But rising cost inputs—particularly fuel prices—suggest that any demand boosts from lower fares will moderate going into the second quarter,” said IATA’s Director General and

CEO, Alexandre de Juniac. March international pas- senger demand rose 10.6 per cent compared to March 2017, which was up from 7.4 per cent year-over-year growth recorded in February. IATA said all regions showed strong increases and total capacity climbed 6.6 per cent, and load factor improved 2.9 percentage points to 81.5 per cent.

FAAN Adopts Digital Payment System at All Airports

Chinedu Eze

The Federal Airports Authority of Nigeria (FAAN) has said it would commence cashless transactions across airports in the country in order to foster ease of payment, create payment options and improve the speed and convenience of payment The General Manager Corporate Communications, Mrs. Henrietta Yakubu, in an interview in Lagos, said all necessary arrangements have been made for the smooth take off of the exercise bid to

commence across the airports soon. According to Yakubu, the cashless transactions would reduce the cumbersome cash movement as transactions would be made in different ways such as POS, money transfers, adding that Remita agents have also been posi- tioned strategically at various points across the airports. She explained that the initiative was designed under the Presidential En- abling Environment Business Council (PEBEC) to ensure convenience and curb corrup-

tion, noting that car parks, cargo section, chartered / unscheduled flights among others would be affected by the introduction. “It will help FAAN to eliminate leakages and further increase revenue base of the organisation. No government official will handle cash dur- ing transactions when the exercise takes off. We are soliciting the cooperation of all airport users, conces- sionaires and the general public to ensure a hitch free exercise,” Yakubu said. She further added that the

decision to adopt digital pay- ment was as a result of the success of the Executive Order of the Federal Government in a bid to create enabling business environment in the country, especially within the airports as entry points into the country. The new payment system, she stressed, was to ensure that those doing business at the airports were not harassed but are provided with accurate information on what and where to pay at every point in time. Yakubu said visa on arrival

which has commenced at the international airports was part of the Ease of Doing Business, remarking that the digital payment was another feat to be achieved. She observed that at the end, it would be a win - win situation for both FAAN and customers adding that the agency has been repositioned to provide improved services for customers. The agency is sensitising the public about the new payment system through jingles in the broadcast and other media.



Nigerian Bourse Pares Gains on Profit Taking

Goddy Egene

Profit taking in bellwether stocks prevented the Nigerian equities market from sustaining the gains recorded the previous week as the Nigerian Stock Exchange (NSE) All-Share Index fell

marginal by 0.06 per cent to close at 41.218.72. Also, market capitalisation shed N9.5 billion to close the week lower at N14.931 trillion. The market had appreciated by 1.05 per cent the previous week due to bargain hunting activities and investors’ reactions improved to first quarter results by some companies. The market could not record another positive close last week as the benchmark indicator sagged under the pressure of profit taking. However, the NSE Premium, NSE Banking, NSE Industrial goods, and NSE Pension indices appreciated by


per cent, 1.56%, 1.06 per cent and


per cent respectively.

Analysts at Meristem Securities Limited said in spite of gains recorded in the banking and industrial goods space, the market closed downbeat. “The market’s performance was majorly dragged by selloffs across counters in the oil & gas, consumer goods and insurance sectors,” they said. In their own opinion, analysts at Cordros Capital Limited said: We look for return of gains on the bourse in the medium to long term, amidst fast-declining yields in the alternative fixed income market. More so, as macroeconomic fundamentals continue to impress.”

Daily Performance

The market consolidated on the positive performance of the previous week on when trading resumed on Monday. The benchmark index rose by 0.06 per cent to close at 41,268.01, while market capitalisation ended higher at N14.95 trillion. The appreciation recorded in the share prices of FBN Holdings, Dangote Cement, Fidelity Bank, Zenith Bank, and GTBank Plc propelled the growth.

Similarly, activity level trended higher as volume and value traded improved

41.1 per cent and 77.4 per cent to

450.5 million shares and N5.0 billion respectively. The three most actively traded stocks were Mutual Benefit (130.96 million share), UBA (67.75 million shares) and FBN Holdings (53.61 million shares). In terms of sectoral performance, two of the five tracked indicators, however, appreciated. The NSE Industrial Goods Index recorded the highest gain, rising by 0.6 per cent following appreciation recorded by in Dangote Cement and CCNN. The NSE Banking Index trailed rising 0.4 per cent due to buying interests in GTBank and FBN Holdings. On the negative side, the NSE Consumers Goods Index led with a fall of 0.8 per cent following losses posted by Nestle, Dangote Sugar Refinery and Dangote Flour Mills. The NSE Insurance Index and NSE Oil & Gas Index shed 0.2 per cent and 0.1 per cent in that order. The market sustained the positive performance on Wednesday, growing marginally by 0.09 per cent to close at 41,306.02, driven by gains in the share prices of Union Bank, Dangote Cement, Access Bank, Zenith Bank and UBA. The market capitalisation also appreciated same margin to close at N14.96 trillion. Ex-Dangote Cement the market would have closed 0.85 per cent lower. But activity level was mixed as volume traded declined by 38.7 per cent to 276.2 million shares while value traded trended up 38.9 per cent to N6.9 billion. Wednesday’s top traded stocks by volume were UBA (52.3 million shares), GTBank (42.3 million shares) and Zenith Bank (30.1 million shares) while most active stocks by value

Bank (30.1 million shares) while most active stocks by value were Dangote Cement (N2.1 billion), GTBank
Bank (30.1 million shares) while most active stocks by value were Dangote Cement (N2.1 billion), GTBank

were Dangote Cement (N2.1 billion), GTBank (N1.9 billion) and Zenith Bank (N832.4 million). Unlike the previous day, three of five went up led by the NSE Oil & Gas Index with 1.2 per cent. The NSE Banking Index trailed with a gain of 0.6 per cent, just as the NSE Industrial Goods Index chalked up 0.3 per cent. Conversely, the NSE Consumer Goods Index led laggards as losses in Nestle and Nigerian Breweries dragged the

index lower by 1.1 per cent. The NSE Insurance Index shed 0.59 per cent. The bears returned to the market on Thursday reversing the gains posted in the previous trading sessions. Specifically, the index fell by 0.48 per cent to close at 41,107.81. Profit taking in International Breweries, Dangote Cement, Nigerian Breweries, Unilever, and Dangote Sugar was mainly responsible for the decline of the day. However, activity level was mixed as

volume traded rose 16 per cent to 320.4 million shares while value traded fell by 30.9 per cent to N4.8 billion. Top traded stocks in volume terms were:

UBA (79.9 million shares), Access Bank (57.0 million shares) and E-Tranzact (20.3 million shares) while the top traded in value were UBA (N935. 2 million), Access Bank (N644.4 million) and Zenith Bank(N488.3 million). Despite the bearish trading, two of the sectoral indicators bullish. The





% of Volume




















































Top 10 Total Volume



NOTE: The top 10 Stockbrokers are responsible for 60.52% of the total volume between 30/04/2018 and 04/05/2018


Top 10 Brokers by Value






% Value




















































Top 10 Total Value



NSE Banking Index appreciated by

0.8 per cent, while the NSE Insurance

Index rose by 0.2 per cent. On the contrary, the NSE Consumer

Goods Index fell 1.5 per cent due to selloffs in International Breweries Plc, Nigerian Breweries Plc and Unilever Nigeria Plc. The NSE Oil & Gas Index trailed, shedding 0.8 per cent, just as the NSE Industrial Goods Index shed

0.2 per cent.

The recovered on Friday with the benchmark index rising 0.27 per cent to close at 41, 218.72 per cent, while market capitalisation ended higher at N14.93 trillion. However, the gain on Friday was not enough to save the market from

closing the week with a decline. In all, the market shed 0.06 per cent in the review week.

Market Turnover

In the four-day trading sessions investors traded 1.331billion shares worth N20.835 billion in 18,695 deals compared with 1.825 billion shares val- ued at N24.653 billion that exchanged in 23,148 deals. The Financial Services Industry led the activity chart with 1.042 billion shares valued at N11.275 billion traded

in 9,665 deals, thus contributing 78.32 per cent and 54.11 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 84.124 million shares worth N4.322 billion in 3,691 deals. The third place was occupied by Oil and Gas Industry with a turnover

of 51.918 million shares worth N596.463

million in 2,307 deals. Trading in the top three equities, UBA, Mutual Benefits Assurance Plc and Access Bank Plc accounted for 457.930 million shares worth N3.784 billion in 1,469 deals and contributing 34.41 per cent and 18.16 per cent to the total equity turnover volume and value respectively. Also traded during the week were

a total of 709,058 units of Exchange Traded Products (ETPs) valued at N3.845 million executed in 10 deals, compared with a total of 56,260 units valued at N376,387.48 that was transacted the previous week in six deals. Similarly, a total of 80,152 units of Federal Government and State Bonds valued at N82.543 million were traded last week in 14 deals, compared with a total of 725 units valued at N660,984.55 transacted the previous week in 10 deals.

Price Gainers and Losers

Meanwhile, 37 equities appreciated in price during the week, higher than 33 in the previous week, while equities depreciated in price, lower than 41 equities in the previous week. C & I Leasing led the price gainers with 29.5 per cent, trailed by Unity Bank Plc with 20 per cent. Veritas Kapital Assurance Plc chalked up 17.8 per cent, just as Cement Company of Northern Nigeria Plc and Beta Glass Plc garnered 14.6 per cent and 10.2 per cent respectively. Other top price gainers included:

Livestock Feeds Plc (9.0 per cent); NPF Microfinance Bank Plc (8.5 per cent); Mutual Benefits Assurance Plc (8.3 per cent); Union Bank of Nigeria Plc (7.2 per cent0 and Vitafoam Nigeria Plc (6.4 per cent). Conversely, Dangote Flour Mills Plc led the price losers with 18.5 per cent,

trailed by Eterna Plc with 13.0 per cent. Prestige Assurance Plc shed 11.7 per cent, while Dangote Sugar Refinery Plc went down by 11.2 per cent. Other top price losers included:

Regency Alliance Insurance Plc (10 per cent); Oando Plc 8.7 per cent); Chams Plc (8.7 per cent); Japaul Oil

& Maritime Services Plc (8.0 per cent);

WAPIC Insurance Plc (7.0 per cent); Niger Insurance Plc (6.6 per cent).



26 T H I S D AY A view of Lagos financial district AKINWUNMI IBRAHIM Boost

A view of Lagos financial district


Boost for Nigeria, China Trade

Obinna Chima

Since the inclusion of the Chinese currency among basket of reserve currencies that have special drawing rights (SDR), by the International Monetary Fund (IMF), the government of China has continued to see it as a reflection of the importance of its currency in the world’s trading and financial systems. The country’s expanding role in global trade and the substantial increase in the international use and trading of the Renminbi (RMB) has seen it increasingly enter into currency swap agreements with a lot of countries. Some of the countries include the United Kingdom, Belarus, Malaysia, South Africa, Australia, Armenia, Surinam, Hong Kong, Pakistan, Thailand, Kazakhstan, South Korea, Canada, Qatar, Russia, the European Union, Sri Lanka, Mongolia, New Zealand, Argentina, Switzerland, Iceland, Albania, Hungary, Brazil, Singapore, Turkey, Ukraine, Indonesia, Uzbekistan, and the United Arab Emirates, with the deal totalling over RMB3.137 trillion. And last week, it finalised its currency swap agreement with Nigeria, valued at $2.5 billion. Central Bank of Nigeria’s (CBN) spokesman, Mr. Isaac Okorafor, who announced this, said the CBN Governor, Mr. Godwin Emefiele, led CBN officials while PBoC Governor, Dr. Yi Gang, led the Chinese team at the official signing ceremony. He said the deal was sealed the preceding Friday after over two years of painstaking negotiations by both central banks. According to the CBN, the transaction, which was valued at 16 billion RMB, was aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, thereby reducing the difficulties encountered in the search for third currencies. The CBN said among other benefits, the agreement is expected to provide naira liquid- ity to Chinese businesses and provide RMB liquidity to Nigerian businesses respectively, thereby improving the speed, convenience and volume of transactions between the two countries. “It will also assist both countries in their foreign exchange reserves management, enhance financial stability and promote


broader economic cooperation between the two countries. “With the operationalisation of this agree- ment, it will be easier for most Nigerian manufacturers, especially small and medium enterprises (SMEs) and cottage industries in manufacturing and export businesses to import raw materials, spare parts and simple machinery to undertake their businesses by taking advantage of available RMB liquidity from Nigerian banks without being exposed to the difficulties of seeking other scarce foreign currencies. “The deal, which is purely an exchange of currencies, will also make it easier for Chinese manufacturers seeking to buy raw materials from Nigeria to obtain enough naira from banks in China to pay for their imports from Nigeria. “Indeed, the deal will protect Nigerian business people from the harsh effects of third currency fluctuations. “With this, Nigeria becomes the third African country to have such an agreement in place with the PBoC,” it explained. THISDAY exclusively reported that First Bank of Nigeria Limited, Stanbic IBTC, Standard Chartered Bank (SCB) and Zenith Bank Plc had been appointed the settlement banks for the bilateral currency swap agreement. With their appointment, the four banks will be responsible for settling the trade transactions between importers and exporters from both countries, likely to take off just before next month. The reason the four financial institutions were chosen was because StanChart and Stanbic already have operational offices in China, while Zenith and FirstBank have representative offices in Beijing. However, whereas StanChart and Stanbic can start operations immediately as settlement banks, Zenith and FirstBank will be required to upgrade their representative offices to full operations in China. While SCB already has a presence in China through its Standard Chartered Bank (China) Limited, Stanbic has been trading in the country through its affiliate, the Investment

and Commercial Bank China (ICBC).However, FBN and Zenith Bank were also appointed because they already have representative offices in China. So, while SCB and Stanbic can start im- mediately, it would take FBN and Zenith Bank some time to join the settlement arrangement because they would have to convert their representative offices to operational offices. The settlement banks are expected to handle the trade obligations that would enable an importer in Nigeria, after filling the required documentation, to easily exchange the naira for the Renminbi (RMB) instead of resorting to third currencies such as the U.S. dollar, while the reverse will be the case for importers in China that trade with Nigerian businesses. Commenting on the bi-lateral agreement, Research Analyst at FXTM, Lukman Otunuga,

pointed out that sentiment towards the Nigerian economy was elevated after the nation finally signed the agreement with China. According to him, the move will not only improve the speed, but also the convenience of transactions between both nations. “There is a possibility that the naira will strengthen from the currency swap deal, as the demand for dollar drops,” he said. To analysts at Cowry Assets Management Limited, the currency swap deal wouldfacilitate trade between the two countries, by provid- ing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses, thereby sidestepping

a third currency -the US dollar. “We expect the arrangement to ease pressure on the limited dollar supply at the Investors’ & Exporters’ forex window (I&E)and hence, enhance stability of thenaira/dollar exchange rate,” the firm added. But the Head, Global Research, Standard Chartered Bank, Razia Khan, said she does not expect the bilateral agreement to have any immediate impact on Nigeria’s forex reserves.

“Even if the swap were to be drawn on in the future, it would likely show up as

a liability on the CBN’s balance sheet.

However, the swap is still significant in that it provides greater international liquidity to the CBN, reducing the need for the CBN to hold an especially high level of

precautionary USD FX reserves. “Given the rebound in oil earnings, Nigeria’s reserves are at an increasingly comfortable level. With the swap arrangement in place, it will however be possible for the CBN to draw on this in order to provide the CNY liquidity needed to support Nigerian import demand from China, without having to convert that to US dollar demand first. “So, in all, this should support expectations of forex stability in Nigeria, even as importer demand recovers. It is a small positive, which is reinforced by the greater positive of rising forexreserves because of the rebound in oil prices and exports,” Khan said. Also, the Director General of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf, said the deal would positively impact trade and investments between Nigeria and China. “It will impact on trade positively between Nigeria and China, because it would make the payment system easier. However, it can only last if the exchange rate remains stable. This is because if there are issues with the exchange rate, it may affect it,” he added. CBN Governor, Mr. Godwin Emefiele had explained that Nigeria was not the only country that had agreed to a currency swap with China, as several other countries – developed and emerging markets – with growing trade volumes with China had entered into similar currency swaps with the Asian country. “The agreement on the currency swap with China will definitely benefit Nigeria because the essence of the mandate is to ensure that Nigeria is designated as the trading hub with China in the West African sub-region for people who want the Renminbi as a currency denomination. “Also for us, we believe that using the renminbi will improve trade with China, as this will encourage importers to open L/Cs in the Chinese currency for the importation of raw materials, equipment and machinery from China, rather than other trading regions, so the agreement will encourage trade between both countries,” he had explained. This arrangement is also expected tocontrib- ute towards stabilising the country’s balance of payments (BoP) position.



Dell: Digital Transformation, Key to Business Growth

Chairman and CEO, Dell Technologies, Michael Dell, spoke with journalists in Las Vegas on how the technology company is driving digital transformation in work places, as well as providing data protection and security through innovative tech solutions in the digital era. Emma Okonji who was there presents the excerpts:

What are the benefits of digital transforma- tion to organisations and what role will technology convergence play in the whole process of digital transformation that is currently sweeping across globe?

Digital transformation is about the use of technology to change the way businesses operate

and making businesses much more efficient and

profitable. It transforms economics of scale to

drive smart cities, while taking real time decision. Technologies are converging to offer better solu- tions for business agility. Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) are going to drive convergence in

the technology space. What this development

means to us at Dell is that the globe needs to generate more data to catchup with the rapid

technology growth that convergence is bringing. Organisations must also invest in AI, IoT and

ML to benefit from the digital transformation.

How will Dell Technologies help emerging markets in African countries catch up with digital transformation, considering the low

level of technology infrastructure in the African region? African countries need to embrace the global technology transformation and invest in technolo-


such as AI, IoT and ML to catch up with


speed of technology development. They


need to invest in infrastructure, especially

broadband infrastructure. What I think every country should do, is to use local technology partners to develop local technologies that will address organisational and societal challenges, while they still invest in modern technologies.

What Dell Technologies could also do is to develop

the local markets and offer them opportunities

to grow their businesses and economies, using technology solution.

How will Dell Technologies help telecoms companies to deliver innovative and quality services to their customers, especially in Nigeria where subscribers are faced with poor service quality? Dell Technology is a technology solutions

company, developing solutions that will drive business efficiency across various sectors of the economy, including the telecommunications sector. So we have invested in private and public cloud and we have solutions that will enhance telecoms business in Nigeria and the

rest of the world.

What is your advice for the African market, with regards to digital transformation? Developed economies of the world are deploy- ing technology to enhance businesses and promote economic development. African nations must do same and embrace digital transformation. Every

African nation must see it as a necessity to grow its economy through the digital transformation that is currently sweeping across the world. Digital transformation has enhanced businesses,


every business is looking for ways to deploy


best of technology solutions in every aspect

of their operations to drive growth, new business partners, relationships as well as products and services. Technology is now top on the agenda for businesses globally because technology strategy is about business strategy, and every business must embrace it. We will continue to innovate each day to enhance customer’s business. Today’s success story is different from the success stories of the past because technology has become the game changer. We need to use data, Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) in a way that will drive speed of business. Technology transformation is the way to go and data is the fuel that will drive global technology transformation. Dell will continue to support innovations that will drive

IoT, AI, and ML, through our public and private

cloud solutions that we offer for business growth.

How will you address the fears of most organisations who are still skeptical about investing so much in technology business?

skeptical about investing so much in technology business? Dell A recent research survey conducted by Dell


A recent research survey conducted by Dell shows that 42 per cent of the global population does not know whether they can cope with digital

African countries need to embrace the global technology transformation and invest in technologies such as AI, IoT and ML to catch up with the speed of technology development.They also need to invest in infrastructure, especially broadband infrastructure.What I think every country should do, is to use local technology partners to develop local technologies that will address organisational and societal challenges, while they still invest in modern technologies. What DellTechnologies could also do is to develop the local markets and offer them opportunities to grow their businesses and economies, using technology solution

transformation, 51 per cent is still struggling to keep up with the digital technology space, while 93 per cent is faced with the barriers of digital transformation. But in all of these, digital transformation must drive Information Technology (IT) transformation, workplace transformation and security transformation. Organisation must therefore summon up the courage to continue to invest in technology to drive their business because the gains are enormous.

What is your view about technology regulation across globe?

Regulation is important provided it does not stifle technology growth. Technology has brought a lot of disruptions in recent times, yet some people are still afraid about the social impact of technology. What country regulators must know about technology regulation is that technology advancement could be used to propagate good and evil, depending on the mindset of the people at the centre stage, and we will not stop innovating just because some people use technology for harmful and selfish gains. The truth is that technology is the game changer and has brought about a lot of business growth and agility and we will continue to innovate. When fire was invented in the early years, some people felt it was a destructive technology but many saw it as a solution for industrial and domestic use, and today fire is used in homes in different ways. When the internet was first developed, many countries condemned it, saying it is evil but today the internet has revolutionise the entire globe, it has created lots of jobs and businesses and many are benefitting from it. What matters is about using technology in a responsible way.

In promoting digital transformation, what is Dell Technologies doing about data protection and security? One of the biggest accelerator in digital transformation is the ability to protect and secure the growing amount of critical data. Security transformation therefore must come with solutions that are resilient, adaptable and

unifiable. Vmware for instance, can accelerate business innovation by forming a consistent digital foundation, so that any device can ac- cess any application from anywhere. We also have the Dell EMC workforce transformation and how to keep data of organisations safe. At Dell Technologies, we engineer security in every of our product and solution. On top of that we we lead the market in security and digital transformation. In 2014 we envisioned the combination of Dell EMC and Vmware to provide robust server and storage and virtualisation and in 2016, the combination helped customers in the area of data security and it has enhanced the tremendous growth of Dell Technologies by several billion dollars and we are growing faster than we planned.

How will 5G technology help in driving digital transformation within organisations? 5G technology is about speed in accelerating business transformation and digital transformation comes with the fastest delivery of products and services to enhance business performance and returns on investment. So 5G is an accelerator that will further drive cloud solutions to boost digital transformation.

How will the combination of Dell EMC drive digital transformation, using Internet of Things and Artificial Intelligence? Internet of Things (IoTs) and Artificial Intel- ligence (AI) are the next generation of technology solutions that are driving digital transformation and organisations need a lot of data to effectively use IoTs and AI to drive their business. They need to generate data, aggregate the data to take fast and instant decision that will turn around the organisation in a more efficient way.

How will you assess the growth of Dell Technologies as a technology company? I started Dell Technologies about 34 years ago and the company has witnessed tremendous growth since inception. Today the company worth billions of dollars and we are still growing and acquiring new companies as the need arises.

At the Dell Technology World 2018, new solutions were announced. What are these solutions about and how will they enhance organisational growth in the African emerging markets? Dell Technologies launched several new breakthrough at the Dell Technology World 2018. One of them is the Dell EMC storage and server products backed by a comprehensive services portfolio. This solution raises the bar to power up the modern data centre and these new products are designed to address a wide range of traditional and emerging data centre workloads to help customers drive better business outcomes. We also unveiled the new Dell Wyse 5070 thin client, the company’s most versatile and scalable thin client platform that enables organisations to select just the right configuration based on employees’ needs. In addition, Dell Technolo- gies is expanding Dell EMC’s VDI Complete Solutions, powered by VMware Horizon, to include support for 14th generation PowerEdge server infrastructure and virtualised graphics options for high-performance workloads. Both solutions lower the barrier to VDI adoption, making it easier than ever for organisations to plan, deploy, and run desktop and application virtualisation within their IT environments. Again VMware outlined its vision for the future of networking, and unveiled the Virtual Cloud Network, which enables organisations to create a digital business fabric for connecting and securing applications, data, and users across the entire network in a hyper- distributed world. To deliver on this vision, VMware announced the VMware NSX networking and security portfolio to enable consistent, pervasive con- nectivity and security for apps and data across software- defined data centre, branch, cloud, and telco environments.



MONDAY MAY 7, 2018







LCCI Names Rack Centre Winner of Local Content in ICT

The Lagos Chamber of Com- merce and Industry (LCCI) has announced Rack Centre, Africa’s Premium Tier III certified Data Centre as the winner of its local content in Information and communication Technology (ICT). The recognition announce- ment was made at this year’s commerce and industry awards held recently in Lagos. Director General of LCCI, Mr. Muda Yusuf, while ex- plaining the rationale for the awards, which is in its fifth edition, said: “The objective

is to recognise, celebrate and promote private and public institutions that have exhibited the core values of best business practises, business sustainability and have positively impacted the society.’’ The Chamber said the award to Rack Centre and other winners was “an outcome of painstaking selection process from numerous entries received for the award category and backed by feedback from industry’s market intelligence.’’ Director, Advocacy and Enterprise Development, LCCI,

Vodacom Business Nigeria Wins at Beacon of ICT Awards

Vodacom Business Nigeria has been honored with three major accolades at the Beacon of ICT (BoICT) Awards 2018. Adding to the list of accolades, Vodacom, received awards for Enterprise Solutions Provider of the Year, an award conferred on the company consistently since 2013; Internet of Things (IoT) Focused Company, owing to its pioneering and visionary endeavors in this area in the past two years. A third award was also given to Vodacom for Enterprise Broadband Services Provider of the year. The BoICT awards is a merit based celebration organised by Nigeria CommunicationsWeek, which aims to recognise out- standing contributions to the growth and development of ICT in Nigeria. This year, over two million readers of Nigeria Communica- tionsWeek voted in different cat- egories and Vodacom emerging as the clear winners in the three categories; Enterprise Solutions Provider of the Year, Internet of Things Focused Company and Enterprise Broadband Services

Provider of the Year, a new category introduced this year. Speaking at the award ceremony, which took place in Lagos at the Eko Hotel & Suites, Victoria Island, Lagos, recently, Managing Director for Vodacom Business Nigeria, Lanre Kolade said: “Winning these three awards elicits two very distinct emotions today, pride and humility. Pride in the achievements of our dynamic and tenacious team over the years, and humility because we would be nowhere without our customers who continue to trust us to meet their total communications needs and keep them connected 24/7.” According to him, “These awards are an affirmation of our diligence and commitment to delivering the highest quality enterprise-grade total communi- cations solutions in the industry. We assure our customers that we will not relent in our pursuit of innovative technological solutions that accelerate business growth and profitability, with unwaver- ing determination to turn their challenges into solutions.”

Aruna Appointed First Nigerian Tetra Pak MD

Tetra Pak West Africa has confirmed the appointment of Oshiokamele Aruna as the new managing director(MD) of the company. The appoint- ment of Aruna, makes him the first Nigerian to attain this position in the history of Tetra Pak, a leading processing and packaging solutions provider. “My ambition is to reinforce Tetra Pak’s leadership in West Africa, and support our partners and customers in their respective projects. West Africa has a great development potential and I’m glad to become more involved in my native region,” Aruna said. Communications Director, North & West Africa of the company, Tawfiq Agoumi, said the appointment “is a reflection of Aruna’s impeccable pedigree and competence, and confirms the strategic importance of the Nigerian market, one of the most dynamic in the Middle East and Africa region.”.

Aruna, a graduate of Chemical Engineering is also a Chartered Accountant. He has attended various courses in top management schools including IMD in Switzerland. He has over 18 years’ work experience spanning various senior manage- ment roles including Tetra Pak West Africa, a company that he joined in 2005. His last position was Finance Director from 2011 until his recent appointment. Tetra Pak is a global leading food processing and packaging solutions company. Working closely with its customers and suppliers, the company provides safe, innovative and environmen- tally sound products that each day meet the needs of hundreds of millions of people in more than 170 countries around the world. With more than 23,000 employees based in over 85 countries, the company believes in responsible industry leadership and a sustain- able approach to business.

Dr. Vincent Nwani, said: “Rack Centre has made sustained and dedicated commitment to the Nigerian’s economy by its huge investment in data centre and network connectivity thereby saving the Nigerian’s economy millions of foreign exchange on an annual basis, and providing the much needed employment for the youth while also enhancing data security and reliability for corporations across the African continent. “We are very proud of Rack Centre and LCCI in its 2018

Commerce and Industry Awards; we recorgnise and celebrate the company for its value addition to the Nigerian Economy.” The LCCI, which has grown from a membership strength of 14 in 1888, to 1, 500 as at today, prides itself as a credible platforms for such awards, which cuts across all the sec- tors of the Nigerian economy and was to showcase those organisations that “have made remarkable contribution to the development of commerce and industry and the economy at

large’ ’adding that corporate governance’ ’was also a major consideration in the evaluation of nominees for the award.” Managing Director of Rack Centre, Mr. Ayotunde Coker said: “We are delighted and honoured to win this award from the LCCI, a great busi- ness institution in Nigeria. Rack Centre is developing world class technology so that businesses do not have to host their data abroad, or spend scarce resources building data centres locally and our Cloud-on-Ground of-

fering brings a comprehensive range of cloud services to our doorstep, providing access to a comprehensive range of computing and network interconnect services locally.” Rack Centre is the state-of- the-art, Tier III Constructed Facility Certified data centre offering carrier neutral coloca- tion services. It has connec- tion to over 27 of the major carriers and Internet Service Providers (ISPs) in the country and direct connection to all undersea cables serving the South Atlantic Coast of Africa.

undersea cables serving the South Atlantic Coast of Africa. CAPACITYBUILDING Regional Bank Head, Victoria Island,


Regional Bank Head, Victoria Island, Fidelity Bank Plc, Chinwe Ighodalu (fourth from the left), with female entrepreneurs at Impact Her Workshop after delivering a lecture to them on ‘Loan Readiness For Women in Business’ which took place at Canton Concourse, Maroko in Lagos recently

ESETWins BoICT 2018 Information Security Company Award

ESET has emerged the Best Information Security Company of the Year at Beacon of ICT awards 2018, for its dedication to developing high-performing security solutions for home users and corporate customers. ESET is known for predicting, preventing, detecting and reme- diating all known and emerging forms of cybersecurity threats. The Company took home the prestigious award two years in a row after topping other challengers during the online voting, the BoICT Awards organisers said. ESET is notable for her exten- sive line of solutions which protect across all types of environments and platforms from computers and servers to mobile devices, helping their clients maintain maximum protection across all types of environments. Founder/Editor In-Chief, Nigeria Communication- sWeek, Mr. Ken Nwogbo, said the superior detection capabilities, low system requirements of the company’ solutions, coupled with the local presence and premium support services to their clients, irrespective of the company size, came to play even as the products are priced among independent anti-malware testing organisations. Nwogbo further described the award as a testament to array of talents at ESET Nigeria

who are constantly innovating and contributing their quota to the growth of the ICT industry, adding “we are at Communica- tions Week Media are happy that Nigerians have recognized ESET’s hard work, sincerity and dedication towards the defense of the of industry.” Commenting shortly after receiving the award, Country Manager, ESET, Mr. Olufemi Ake, dedicated the award to the numerous ESET loyal customers in the country. He also appreciated the team for their consistency and resilience over the years. “We are happy that Nigerians rec- ognized our efforts in offering a full range of business and consumer products. In fact, more than 95 per cent of our customers in Nigeria are retained annually. This says a lot about our commitment to providing proactive protection and enviable technical support service to existing customers,” Ake said. Our product ranges from Endpoint Security, Server Security (both File Server and Mail Security for Exchange Server), Access Protection (Two- Factor Authentication), Data Loss Prevention, Encryption, Mobile Device Management, Patch Management and Threat Detection & Management.

Etisalat, Intel, Ericsson Celebrate 5GVarsity Contest Winners

Etisalat and Intel, together with Ericsson have congratulated students from the American University of Sharjah for dem- onstrating innovative 5G use cases as part of the recently concluded university competition. The Information and Com- munication Technology (ICT) giants joined forces in February this year to launch the university competition, targeting engineering students from renowned UAE universities, under the theme of ‘Driving the Future of 5G Innovation’. Over 20 teams from the American University of Sharjah, Khalifa University and New York University Abu Dhabi competed to best demonstrate 5G use cases. Five of the 21 teams were shortlisted and invited to present their innovative ideas in front of a prestigious jury of industry executives: Khalifa Al Shamsi, Etisalat Group Chief Strategy & Corporate Governance Officer, Petter Järtby, Head of Etisalat Global Customer Unit at Ericsson, and Taha Khalifa, Sales Director, EMEA Territory at Intel evaluated the shortlisted projects. Abdullah Ahmed, Jay- roop Ramesh, and Saad Aldeen from the American University of Sharjah won first place after presenting their ground-breaking idea of Decentralized Peer to Peer Mobile Devices Cloud computing using 5G technology. Runner up position went to

students Baleegh Ahmad and Doovaraha Maheswarasarma from NYU Abu Dhabi who proposed a solution based on 5G, augmented reality and robotics to optimize and automate operations in the cargo industry. Finally, Bashar Al Jabery, Marawan El Bardicy and Mustafa Al Jassim from the American University of Sharjah came in third place with their “Wear Hear” use case around using smart glasses, 5G and Edge computing to help individuals with hearing disabilities better communicate and integrate in the society. The winning teams will all receive valuable prizes including internship opportunity in Etisalat or Ericsson as well as a one of its kind enrollment opportunity to a tailor made three-month coaching program from Ericsson Garage, which will be kicked off by a full week trip to Ericsson Stockholm. Senior Vice President, Mobile Network, Etisalat, Saeed Alzarouni, who commented on the students’ entries at the awards ceremony, said: “We believe innovation is the future of human investment which is why our vision as a company is in line with the national agenda that emphasizes its importance across sectors where innovation, research, science and technology will form the pillars of a highly productive and competitive economy.”



SES Increases Reach in Nigeria to over 11m TV Homes

Emma Okonji

SES, a global satellite service provider, significantly increased its technical reach in Nigeria to over 11 million TV homes in 2017, up from three million in 2015. The growth figure was obtained from the recent Satellite Monitor research, a market study commissioned by SES that provides insights on the broadcasting industry and on SES’s reach in the country. The smonitor results reveal that SES now reaches over 11 million TV homes, of which 3.5 million are directly served by its satellite fleet - a twofold increase compared to 2015. This means SES now directly serves 37 per cent of satellite TV homes in Nigeria. Digital Terrestrial Televi- sion (DTT) homes fed indirectly by SES also contributed to the increased reach. The prime orbital position at 28.2 degrees East was a key driver for the growth of SES’s direct reach, with three million TV homes directly served via this orbital slot, up from 1.3 mil- lion in 2015. This video position

hosts SES’s premium free-to-air TV platform for Nigeria, giving broadcasters access to the highest technical reach in West Africa. The growth of SES’s reach was also driven by direct satellite broadcasting and feeding DTT head-ends via five degrees East. According to the survey, there are 35 million TV homes in Nigeria, of which close to 10 mil- lion are served by satellite, and the rest are served by terrestrial networks. The penetration of digital TV has expanded to 25 million homes receiving digital TV signals, which represents 35 per cent growth compared to 2015. Analysing the survey results at a press conference, Vice President, Sales and Market Development for Africa, SES Video, Mr. Clint Brown, said:

“SES has been committed to driving the growth of digital TV in Nigeria for many years, and local partners in the country appreciate the Satellite Monitor study as a token of our com- mitment. “We are particularly excited by our growing technical reach

Teniola Re-elected ATCON President, Harps on Broadband Access

Emma Okonji

affordable services to the consumers. This will drive huge data as required as well as provide access to broadband infrastructure for those outside Lagos,” Teniola said. Commending Globacom for the planned takeoff of Glo2, Teniola said it would help to advance broadband capacity to the hinterlands, outside of Lagos for easy access. Pleased with the conduct of the election, Nnamani said the new excos would review the current ATCON policies, with a view to upgrading some of the policies that are still relevant in today’s digital era, and discard those that are not. “Digital technology and convergence have created some disruptions in the technology space, and we must align our- selves with the global realities of today’s digital era. Today we see a new set of technology activities from Value Added Service (VAS) providers and the FinTechs, creating new line of businesses that drives efficiency and profitability. The newly elected excos will address the new development and ensure that member companies benefit from them. We will come up with new advocacy that will enhance members’ businesses and promote stable economy,” Nnamani said. Addressing the issue of multiple taxation in the telecoms industry, Nnamani said ATCON would continue to engage with the relevant authorities at the federal, state and local governments to arrive at a consensus on how best to levy telecoms operators and still make them competitive in their business.

The Chief Executive Officer of Kinten Telecoms, Mr. Olusola Teniola has been re-elected as President of the Association of Telecoms Companies of Nigeria (AT- CON), while the CEO of Medallion Communications, Mr. Ikechukwu Nnamani emerged the new First Vice President of ATCON. Other members of exco that emerged at the election, which took place last week, were, Mr. Muyiwa Ogung- boye of eStream Networks as Second Vice President; Myke Ofili of Coloplus Worldwide Services Lim- ited as National Secretary; Aderonke Adeyegbe of Comercio Limited as Fi- nancial Secretary; Anucha Hyacinth of GTS -Infotel Nigeria Limited as Trea- surer and Adanna Nosiri of IHS Nigeria Limited as Publicity Secretary. Others were Ezekiel Egboye of Rack Centre Limited as Coordinator, Equipment Dealers; Osondu Nwokoro of ntel as Coordinator, Telephone Operators, among others. Addressing the media shortly after the election, Teniola assured Nigerians of the resolve of the newly elected excos to vigorously pursue broadband penetration and ensure that all Nigerians have access to broadband at affordable rate. “We need competition in the industry that speaks to the open access so that our Internet Service Providers (ISPs) and other industry operators can gain access to the right capacities and pricing so as to provide

at 28.2 degrees East, which broadcasters and content programmers will be able to leverage to increase their audience via our Nigerian TV platform. In addition, the results show that the hybrid

DTH/DTT approach is the winning strategy to deliver TV entertainment to the highest number of TV homes.” While presenting the survey statistics, Vice President, Market- ing at SES, Mr. Paul Freeman,

said in addition to the growth of homes reached in Nigeria, the study also showed that there was an increase from two million to four million homes reached in Ghana, Ethiopia, Uganda and Tanzania, which

were being included in the Satellite Monitor for the first year, account for an additional seven million homes reached by SES. According to him, SES has also expanded its reach to 30 million TV homes across Africa.

expanded its reach to 30 million TV homes across Africa. HONOURWELLDESERVED


L-R:AssistantBusinessDevelopmentManager,PriorityCommunications,AanuoluwapoAgboola;EngineeringManager, Olujide Idowu and former Executive Vice Chairman, Nigerian Communications Commission (NCC), Dr. Ernest Ndukwe, at the BoICT Award,

where Priority Communications was announced as IT Services Provider of the Year, which held in Lagos


Infinix Mobile Holds Smartphone Photography Masterclass

Emma Okonji

Following the recent release of its latest smartphone flagship device, the Hot S3, Infinix Mobile, last week, held a smartphone photography master class to share knew knowledge on the use of selfies to capture best moments. The master class, which was well attended, validates existing facts that the brand is one of the biggest mobile brands in Nigeria that can be trusted to deliver every time there is a need for great invention in the mobile tech space. The photography master class,

which held in collaboration with Deola Adebiyi of Omoge Mura, a blogger, explored latest trends on how to capture great moments with selfies. Remarkably, Infinix mobile is among the mobile brands that are fully aware of how much selfies have become a part of our everyday existence as Nigerians. Through the master class themed: “How A Selfie Focused Phone Can Help Lifestyle blog- ging,” Infinix has only gone on to re-echo the multiple possibili- ties that can be attained using its device in finding expression for business and style in a photo

centric society. She lectured participants on how to take quality selfies by finding the light, using grid lines and not being afraid to edit. “This is a welcome initiative other brands should emulate. I thought I knew it all when it comes to smartphone photography, but this master class has taught me that there are a lot of things I didn’t know about smartphone photography’ said,” Shola Adebiyi, an excited participant. Also speaking at the master class was Infinix Hot S3 Product Man- ager, Andy Wang, who spoke on some of the amazing features of the new phone. They include

the amazing 20MP Low Light selfie with a bokeheffect and the beautify mode, 18:9 infinity display and a huge 4000mAh battery capacity. “The Infinix Hot S3 provides seamless multitasking with its huge 3GB RAM and can store

a lot of data such as songs,

HD movies, images with its 32GB ROM which is expandable up to 128GB. On the camera department, we have set this device up to compete with the best with it 20MP+13MP with bright flash which is at par with a professional camera. So, users have nothing to worry about,” Wang said.

Organisations Overhauling IT Will Leapfrog Competition, Says Dell EMC

Emma Okonji

Dell EMC has announced the results of new research con- ducted by Enterprise Strategy Group (ESG) into the benefits of information technology (IT) transformation which validates that IT transformation can result in bottom-line benefits that drive business differentiation, innovation and growth. Today’s business landscape is rife with disruption, much of it driven by organisations using technology in new or innovative ways. In order to survive and thrive in today’s digital world, businesses are implementing new technologies, processes and skillsets to best address

changing customer needs. A fundamental first step to this change is transforming IT, to help organisations bring products to market faster, remain competitive and drive innovation. Vice Chairman, Products and Operations, Dell Technologies, Jeff Clarke, said: “Data is the new competitive edge – yet it’s become highly distributed across the edge, the core data center and cloud. Organisations realise they have to move quickly to turn that data into business intelligence – requiring an end-to-end IT infrastructure that can manage, analyse, store and protect data everywhere it lives. “We’re in the business of better business outcomes, giving our

customers the ability make that end-to-end strategy a reality, driving disruptive innovation without the fear of being disrupted themselves.” ESG employed a research- based, data-driven maturity model to identify different stages of IT Transformation progress and determine the degree to which global organisations have achieved those different stages, based on their responses to ques- tions about their organisations’ adoption of modernised data centre technologies, automated IT processes and transformed organisational dynamics. Vice President of Research, Enterprise Strategy Group, John McKnight, said: “Companies

today need to be agile to stay competitive and drive growth, and IT transformation can be

a major enabler of that. It’s

clear that IT Transformation

is increasingly resonating with

companies and that senior executives recognisse how IT Transformation is pivotal to overall business strategy and competitiveness.”

At Dell Technologies World, which holds April 30th to May 3rd, 2018, experts from Dell EMC will discuss these results and demonstrate how

IT transformation creates a digital

advantage that can help busi-

nesses become more valuable to customers and more competitive

in their respective markets.







T H I S D AY MAY 7, 2018


Afreximbank Urges Infrastructure Upgrade to Enhance African Trade

Obinna Chima

Africa must urgently upgrade its maritime and logistic infra- structure in order to success- fully promote the continent’s trade, especially intra-African trade, the African Export- Import Bank (Afreximbank), has said. In an address at the Africa Shipowners Summit in Seychelles recently, the Managing Director of Afreximbank’s Intra-African Trade Initiative, Kanayo Awani, who spoke on behalf of Bank’s President, Dr. Benedict Oramah, described weak maritime and logistic infrastructure as being particularly harmful to African trade. Awani noted the continent currently has the world’s highest transportation and transaction costs.

She also pointed out that only

a few of the African countries

with access to the sea had estab- lished the right infrastructure for marine transport even though Marine transport accounted for 92 per cent of Africa’s external trade and 92 per cent of the continents imports were seaborne. According to her, Africa currently handles only six per cent of global seaborne traffic, out of which 50 per cent of the volume was handled by Egypt and South Africa. Lamenting that most African countries did not have national vessels, Awani said it was es- timated that Kenya lost about $3 billion annually in money paid to foreign shipping lines. She recommended incentives to encourage African businesses to support the development of local shipping lines and called

for investment in national/

domestic fleet through gradual and staggered vessel acquisition, terminal management, freight forwarding and logistics. Opportunities also existed in inland waterways, cruise ship services, trans-shipment, container manufacturing and repairs, dry docking and other value addition services, such as sorting, arranging, packaging/ re-packaging, cold storage and distribution, she added. The summit, organised by the African Shipowners Association, also featured the presentation of an Honorary Captain’s Award to Oramah by the organisers for Afreximbank’s contribu- tion in supporting the Blue Economy and the Maritime Sector in Africa. Awani ac- cepted the award on behalf of the President.

Access Bank Empowers 500 Female SME Operators

Access Bank Plc has disclosed that its ‘W’ Academy, in partner- ship with the Enterprise Develop- ment Centre (EDC) of the Lagos Business School (LBS), recently organised a professional business capacity-building workshop for 500 female entrepreneurs in Port-Harcourt, Abuja and Lagos. These capacity building initia- tives across the three states took place in the last four months and served as the third, fourth and fifth editions of the Second season of the bank’s Womenpreneur Business Workshop training. Speaking on the initiative, the Group Head, Product Sales of Access Bank Plc, Ope Wemi-Jones said, was quoted in a statement from the bank as saying: “Since 2006, the bank has maintained its commitment to drive women’s

economic empowerment in the nation. “The Womenpreneur Business workshop is intended to educate and enlighten Nigerian women on the fundamentals in business which will eventually help them attain their full potential.” The Womenpreneur Business workshop, a flagship training of the ‘W’ Academy under its Access Bank’s ‘W’ initiative was designed to address the lack of access to entrepreneurial skills, finance, networking, and man- agement skills; which are the key barriers to women’s economic inclusion. The objective of the Womenpreneur Business Work- shop is to provide a discounted and practical capacity building programme that exposes female business owners to the nation’s

economic reality as well as help them simplify processes and hone the requisite skills needed to grow their businesses. So far, over 2,300 business women in Lagos, Port Harcourt, Ibadan, Abuja, Kaduna & Enugu have benefitted immensely from the workshop with testimoni- als around increasing their business network, improving their business model and are thriving through the economic constraints with ease. This first of its kind workshop is highly discounted and targeted at small and medium scaled women entrepreneurs. Wemi-Jones disclosed that plans have been concluded to hold the next edi- tions of the workshop in Kano and Ibadan in July and August respectively.

Participants Hail GTBank Food Fair

Peter Uzoho

The Food and Drink Fair recently organised by Guar- anty Trust Bank (GTB) has received commendations from participants. The fair, which took place in Lagos, attracted over 300, 000 participants including interna- tional chefs, vendors, parents and guardians, school children, pleasure-seekers, amongst oth- ers, who took advantage of the three-day show to make sales, transfer and update knowledge, market individual products and services, as well as networking. Being the second in its series, the fair, which centred on promoting enterprise and showcasing unique African delicacies, had British award- winning chef and TV presenter, Edd Kimber, as the headliner and accompanied by his professional colleagues including Lorraine Pascale, Scott Winston, Sunny Anderson, Muse Tahir, Siba Mtongana, Raphael Duntoye, and Elizabeth Solaru. Masterclasses of different sessions were delivered for both old and young culinary artists and small and medium enterprises and school children who were taught the different cooking and baking skills, while food and vendors were offered ample opportunity to do business

and connect with new comers. Commenting on their experi- ences at the fair, attendees said the bank provided a perfect place for fun, business and networking. A vendor who deals on food stuff, fruits and vegetable, the CEO of Vegetalfoods, Mrs. Osaretin Okaro, said the fair enabled her to make more business contacts. “Thank God I didn’t fail to come to this fair. I made sales like never before. The most interesting thing is that it has made to add more contacts to the one I have”, she enthused. “You can see what is hap- pening here, great business opportunity. People are coming here to patronise us. So I thank the bank for this opportunity. I urge them to continue doing this every year,” she added. One of the food enthusiasts and fun-seekers, Agogo Edohor, said the programme was fantastic and amazing. “Oh my God, I feel like not leaving here again. This is so fantastic and amazing. I’m having great fun here, tasting foods and wines. “Look at the setting, so neat, so enticing. You have all you need right here. And they made

it so convenient that you have

different options for payment. I

wish this could go on beyond the three years. I give thumbs

up for GT bank for packaging such an excellent fair,” she said. The Food and Drink Fair, according to the bank, was designed to celebrate Nigeria’s vibrant food culture while promoting enterprise in the small business sector of the food industry, bringing together SMEs operators, global-renowned chefs and food lovers from across the world. The Chief Executive Officer of the bank, Mr. Segun Agbaje, said at a press confer- ence before the commencement of the fair that alongside the unparalleled culinary experience, it showcased the richness of Africa’s food culture and the vibrancy of the small businesses involved in the industry. “Apart from the amazing experiences that we create for our tens of thousands of guests, it is the personal testimonials that we receive from participants that speak to the true value of the initiative,” he said. Agbaje added: “Behind these small businesses are hard- working fathers, enterprising mothers and incredibly pas- sionate youths who when they share their remarkable stories of record sales at the fair, we see not just the impact of our

efforts at promoting enterprise but the immense capacity of our organisation as a platform to enriching lives.”

of our organisation as a platform to enriching lives.” Broad Street MARKET INDICATORS MONEY AND CREDIT

Broad Street





Broad Money (M2)


-- Narrow Money (M1)


---- Currency Outside Banks


---- Demand Deposits


-- Quasi Money


Net Foreign Assets (NFA)


Net Domestic Assets(NDA)


-- Net Domestic Credit (NDC)


---- Credit to Government (Net)


---- Memo: Credit to Govt. (Net) less FMA


---- Memo: Fed. and Mirror Accounts (FMA)


---- Credit to Private Sector (CPS)


--Other Assets Net




--Currency in Circulation





Money Market Indicators (in Percentage)



August 2017

Inter-Bank Call Rate


Minimum Rediscount Rate (MRR)


Monetary Policy Rate (MPR)


Treasury Bill Rate


Savings Deposit Rate



Month Deposit Rate



Months Deposit Rate



Months Deposit Rate


12 Months Deposit Rate


Prime Lending rate


Maximum Lending Rate



The price of OPEC basket of fourteen crudes stood at $70.66 a barrel on Thursday, compared with $70.47 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela

SOURCE: OPEC headquarters, Vienna




NAHCO to Pay N406m Dividend as Firm Records Improved Results

Goddy Egene

The Board of Directors of Nigerian Aviation Handling Company Plc (NAHCo) has recommended a dividend of N406 million for the year ended December 31, 2017. The dividend, which translates to 25 kobo per share, is expected to be approved by shareholders at the forthcoming Annual General Meeting (AGM). NAHCo, which provides

aircraft, passenger and cargo handling services and other related services surmounted challenges in 2017 to end the year with higher profit after tax (PAT). The company recorded a turnover of N7.926 billion in 2017, compared with N7.956 billion in 2016. Finance cost was reduced from N545 million in 2016 to N213 million in 2017, while PAT rose from N581 million in 2016 to N776 million in 2017, showing an increase

of 34 per cent. Earnings per share improved from 36 kobo to 48 kobo. Hence, the board of directors recommended a dividend payment of 25 kobo, which is higher than the 22 kobo paid the previous year. In the same vein, NAHCo has started 2018 on a very bright note, recording significant growth in PAT for the first quarter (Q1) ended March 31, 2018. The reported a turnover of N2.188 billion in Q1 of 2018, up from

N1.786 billion in the correspond- ing period of 2017. Finance income improved from N30.916 million to N64.495 million, while the company was able to reduce finance cost to N44.536 million, from N55.715 million in 2017. Profit Before Tax jumped to N117.405 million in 2018, compared with N1.026 in 2017, while PAT followed similarly trend to hit N97.566 million, compared with N1.026 million in 2017.

The Q1 results are the first set of results produced by the Managing Director/CEO, Mr. Idris Yakubu, who was appointed in November 2017. Stock market operators said with the Q1 performance, Yakubu, a former banker, who has an extensive experience in delivering agreed strategic busi- ness imperatives, is bringing his experience to bear in the company to the delight of all stakeholders. Shareholders of NAHCo had last

year commended the board and management for the improved results despite the challenging operating environment. They pledged their support for better future results and urged the board and management to sustain the performance. Chairman of NAHCo, Usman Bello had informed the sharehold- ers that in spite of the recession and the global weakness in the aviation sector, the company’s performance was commendable.











36 T H I S D AY Nigeria Daily Stock Market Report: Monday, May 7, 2018

Nigeria Daily Stock Market Report:

Monday, May 7, 2018



Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index







Index to













d Yield


















1 Guaranty Trust Bank PLC












2 Zenith Bank PLC












3 Nigerian Brew eries PLC












4 Nestle Nigeria PLC












5 Dangote Cement PLC












6 FBN Holdings Plc












7 Access Bank PLC












8 United Bank for Africa PLC












9 Ecobank Transnational Inc












10 SEPLAT Petroleum Development C












11 Stanbic IBTC Holdings PLC












12 Unilever Nigeria PLC












13 Guinness Nigeria PLC












14 Lafarge Africa PLC











15 Fidelity Bank PLC












16 Oando PLC











17 Dangote Sugar Refinery PLC












18 Okomu Oil Palm PLC












19 International Brew eries PLC











20 Flour Mills of Nigeria PLC












21 Transnational Corp of Nigeria












22 UAC of Nigeria PLC












23 Diamond Bank PLC











24 Total Nigeria PLC












25 FCMB Group Plc











26 11 PLC











27 Forte Oil PLC











28 PZ Cussons Nigeria PLC












29 Cadbury Nigeria PLC












30 Presco PLC












31 NASCON Allied Industries PLC












32 UPDC Real Estate Investment Tr








33 Union Bank of Nigeria PLC











34 Julius Berger Nigeria PLC