Guinness Records N1.7 Billion Profit in Q1

Guinness Nigeria Plc, one of the leading breweries, has announced a profit after tax (PAT) of N1.743 billion for the first quarter ended September 30, 2013, showing a marginal decline of 3.5 per cent compared with N1.807 billion recorded in the corresponding period of 2012. Considering the performance of the company for the full year ended June 30, 2013, where Guinness recorded a decline of 17 per cent in PAT, the Q1 results have been seen as an improvement.
Guinness reported revenue of N22.409 billion in Q1 of 2013, showing a decline
of 5.4 per cent from the N23.692 billion in Q1 of 2012. Profit before tax fell by 20 per cent from N2.657 billion in 2012 to N1.868 billion in 2013. However, a 85 per cent reduction in tax payment, from N850 million to N125 million, improved the bottom- line of the company. As a result, PAT recorded a marginal fall of 3.5 per cent from N1.807 billion to N1.743 billion. A further analysis of the results, showed that the company also reduced its financing cost marginally by 3.5 per cent from N777 million to N747 million in 2013.
Realising that the company’s performance for 2103 was affected by high interest charges, the Managing Director of the Guinness Nigeria Plc, Mr. Seni Adetu, had promised that the company would work to reduce its interest expenses. He said: “Our growth was bolstered by the strength of our brands, our successful innovation launches and our
continued investment in capacity and improving route to market strategy. Having said this, our profitability and margins were being impacted by higher finance charges arising from the current interest rate environment. In addition to this, the market remained challenging with continued decline in beer volumes. “We are also positive that our improving interest expense management will be reflected in a more efficient net interest margin in the coming period. Guinness Nigeria is a business with strong fundamentals and growth strategy and we will continue to focus on our route to market and delivering great consumer experiences to strengthen our position going forward,” he said.

Crude Oil Sales: House Probes NNPC, Oil Revenue

Disturbed that a shortfall of $13 billion between January and August this year is yet to be accounted for by the Nigerian National Petroleum Corporation (NNPC), the House of Representatives Thursday raised an dhoc committee to find out the volume
and value of crude oil sales by the corporation for the whole year. The committee was also mandated to probe remittances into the federation account by the NNPC within the same period. This is as the House directed the committees on Petroleum Resources (upstream and downstream), National Planning and Finance to widen its dragnet by investigating the effect of dwindling oil revenues as a result of the development of the technology of tracking in the hydrocarbon industry globally. Moving the motion for the probing of the NNPC, Hon. Haruna Manu, who also
noted that the revenue that accrue to the corporation from the sale of oil is the collective patrimony of the federal government that must be remitted in accordance with section 162 (1) of the constitution, expressed worry that there was lacuna in the declaration of the corporation in this regard.

Details to follow

Boko Haram: SSS Bursts New Cell in Kogi

The State Security Service (SSS) Wednesday in Abuja paraded a suspected commander and a spiritual leader of Boko Haram and four members of his cell.
The suspects, who were being held by the SSS over the alleged plots to carry out attacks in Kogi State was led by a Ph.D holder, who lectures at the Kogi State University, Anyangba, Kogi State. According to the SSS, spokes lady Marilyn Ogar, the five extremists were planning to attack the Igala ethnic community. The new cell, which the service uncovered was plotting to launch violent attacks in Igala land. They include Muhammad Nazeef Yunus, 44 – Spiritual Leader and Recruitment Coordinator; Umar Musa, 37 – Head of Operations/ Instructor (Munzir); Mustapha Yusuf (a.k.a Habib) 21, – Armourer/Chief Courier, Ismaila Abdulazeez, 19, Foot soldier; and Ibrahim Isah (a.k.a One in Town) 22 – Foot soldier. All the arrested persons were the natives of Kogi State and attended Islamic schools, where they were indoctrinated by Yunus, himself a lecturer at the Kogi State University, Anyingba. He had graduated at the University of Medina and hold a Ph.D in Islamic Studies, and had been the Chief Instructor to the Boko Haram adherents, especially on the supremacy of the Sharia legal system, and on how to use the Jihad to topple governments. The SSS urged Nigerians to be vigilant and report any suspicious moves and persons to the security agencies, stressing that the war on
terror was still on.
“This Service in collaboration with other security agencies will not rest on their oars until we rid our society of all criminality. We must all remember that we are not terrorists we are Nigerians," Ogar said. He said the battle against the insurgents was a must win, adding that this would be done fast as delaying was not in the best interest of anyone. “Within few weeks we must be able to win the fight against the insurgents" calling on his men that the oath to preserve the integrity of the nation is sacred and they must continue to demonstrate absolute loyalty to the country.” He said he was happy with “the resolution of all Nigerians to deal with this issue (terrorism). Terrorism is not the way of life of Nigeria.”
Iherijika argued that Nigeria is a democratic country and “anyone who is aggrieved can join any of the political parties to express their grievances,” insisting that room would not be given for dissent and lawlessness.

NAMA: Private Jet Operators Complying with New Aviation Charges

The Managing Director of the Nigerian Airspace Management Authority (NAMA), Mr. Mazi Nnamdi Udoh, Wednesday said a great number of private jet operators had complied with the payment of the newly-introduced charges and were, therefore, carrying out their non-scheduled flight operation without hindrance. Making the clarification in a statement made available to journalists, Udoh said: “For the purpose of emphasis, all foreign registered aircraft engaging in non-scheduled operations would pay $3,000 while Nigerian registered counterparts will pay $ 2,500 for every departure. Round trips without changes in passenger manifest will however attract no additional charge.” Udoh, while also reacting to a newspaper publication on the issue, added: “Our attention has been drawn to a misleading news story in some newspapers today alleging that non- scheduled airlines (private jet operators) have shut down their operations in protest against the new aviation charges introduced for the use of general aviation terminals at the nation’s airports.” According to him, the allegation in the publication was false, adding that non-scheduled operators were
still operating their normal flights at our various airports. The few operators who could not operate are those who are yet to comply with the new regime.
He said: “As of midday today, more
than 30 operators have paid the requisite fee and are freely enjoying our services. The charges are in compliance with section 30(2) (9) and (c) of the Civil Aviation Act of 2006.” The charges, Udo added, were jointly collected on behalf of all the agencies that provide services at our newly-constructed and designated private terminals in Lagos, Abuja and 11 other airports, where these private terminals would be constructed. “In the past, non-scheduled airlines paid different charges to different aviation agencies for the services they render them, with the attendant bottlenecks associated with such arrangement. Today, when a non-scheduled airline pays this new charge, it does not need to pay other separate charges to any of the service-providing agencies anymore.
“The new charges constitute a luxury tax, which is acceptable internationally for the type of services offered by private jet operators, and it is used to maintain highly exclusive facilities provided at these luxury terminals, including limousine services (as in the case of Nnamdi Azikiwe International Airport, Abuja). “All the necessary notification was done through the issuance of AIC and newspaper advertorials two months ago. The consultations resulted in the downward review from $5,000 and $4,000 to $3,000 and $2,500 for foreign and local operators’ respectively.” he said.

Money Laundering: Journalists Ask Lamido to Resign

Jigawa State veteran journalists led by a former president of the Nigeria Union of Journalists (NUJ), Mallam Sani Zorro and a former state Director of Information, Alhaji Ishaq Hadejia, have demanded the immediate resignation of the state governor, Alhaji Sule Lamido, following the arrest of two of his sons Aminu and Mustapha over alleged money laundering by the Economic and Financial Crimes Commission (EFCC). In a statement made available to journalists in Kano Monday, the two journalists said: “We demand the immediate, unconditional resignation of Governor Sule Lamido of Jigawa State, to pave the way for comprehensive and unhindered investigations into the allegations, and also provide the governor with the opportunity to clear himself of the allegations.” They said the call became imperative in view of the magnitude of the allegations and gravity of the charges levelled against Lamido’s sons by both the Department of State Security (DSS) and the EFCC, adding that their demand for the governor to step aside was without ulterior motive, but for the allegations to be investigated without interference by the governor. The journalists said their action became necessary because they were informed and responsible citizens with insight into the conduct of governance in the state, urging all Nigerians and anti-corruption organisations to take keen interest in these unfolding revelations of what they described as unspeakable proportions. “In the alternative, all members of the Jigawa State House of Assembly should cooperate to facilitate the governor’s immediate impeachment, to salvage the integrity of our innocent citizens, failing which we will be compelled to embark on necessary measures to retrieve the collapsing image and glory of the state.” They further warned against the use of the resources of the state to facilitate the legal defense of the two accused persons, stating that they had no legal status whatsoever, and were, therefore, being charged in their individual capacities. They said they were not surprised by the allegations levelled against the governor’s children, because their involvement in government activities and transactions were an
open secret.

INEC Deploys Six Commissioners, 15 RECs for Anambra Guber Poll Tomorrow

Ahead of the governorship election scheduled for tomorrow in Anambra State, the Independent National Electoral Commission (INEC) has said that it would deploy six National Commissioners and 15 Resident Electoral Commissioners to supervise the governorship election in the state, in which 23 political parties will be fielding candidates. In a statement signed by Nick Dazang, Head of INEC Publicity Division, the commission stated that the election would take place in all the 21 local government areas with a total of 1,784,506 registered voters. For the election, the commission said that the state has a total number of 4,608 polling units and 326 registration areas. Also, Anambra State has 120 Super Registration Centres (RACs) and 6,851 Voting Points. Dazang said INEC will be deploying 12,622 election officials (permanent and ad hoc) to conduct the election. Giving further details, the commission said: “There shall be one returning officer for the governorship election; 21 local government collation officers; 326 registration area collation officers; 326 supervising presiding officers; 120 registration area (RA) supervisors; 4,608 presiding officers (NYSC/ FTI); and 6,851 assistant presiding officers.
“The number of supervisors (including National Commissioners, Resident Electoral Commissioners (RECs) and Directors are as follows: National Commissioners - 6; RECs - 15; Registration Area (RA) cluster supervisors – 120,” INEC said. Meanwhile, as voters go to the polls tomorrow, the All Progressives Congress (APC) has asked President Goodluck Jonathan to make good his promise of a free and fair election by ensuring there is a level playing field for all the parties. The party said Jonathan's claim that the country had witnessed an improvement in the electoral architecture under his watch, had so far not been proven in the elections in Ondo and Delta States. In a statement issued yesterday by APC’s interim National Publicity Secretary, Alhaji Lai Mohammed, the party alleged nothing in Anambra so far points to the fact that Saturday's election will be free, fair and transparent, despite the president's promise. “Rightly or wrongly in our country, institutions of state take a cue from the president’s body language. They know that members of the ruling PDP who engaged in electoral malfeasance and brigandage during last month's Delta Central Senatorial election were not punished. “They know that security agencies that turned themselves to the armed wing of the PDP were not sanctioned. In this context, therefore, the president's promise of a free and fair election will not mean much to those bent on repeating same in Anambra,” it said. APC also pointed to the apparent inaction exhibited by INEC over the glaring electoral offence by one of the candidates in tomorrow’s election, Willie Obiano of the All Progressives Grand Alliance (APGA) through his
proven multiple registration, saying that it does not give anyone much confidence that INEC can indeed be trusted to ensure a level playing field for all the parties. “President Jonathan should be careful about staking the credibility of his high office on these elections. His promise of free and fair elections in Ondo did not materialise, as the world knows, and the unprecedented electoral heist in Delta does not back up his administration’s claim that the country's electoral architecture has improved under his watch. “That is why we say the president must walk the talk. He should know that talk is cheap. If the institutions of state that have any role to play in the election fail to live up to that role, and the ruling party continues to engage in the flagrant abuse of office by stealing votes in the most blatant of manners, then the president's promise of a free and fair election would have been rubbished,” the party said. The party warned that the world will be keenly watching tomorrow to see how INEC, the police and other security agencies carry out their roles, to see how the PDP, which is not even in a pole position going into the polls, wants to emerge victorious, and to see whether all that matters to the president is a free and fair election - as he has promised – or the rubbishing, at all cost, of the APC. But in a quick riposte to APC, the PDP dismissed the opposition party, saying it was merely crying wolf ahead of the Anambra governorship election because it knows that the people have rejected them. The PDP, in a statement by its National Publicity Secretary, Olisa Metuh, yesterday also
said it was proud of the president’s stand on electoral transparency and credible polls at all levels across the country. “The APC is now living in morbid fear because the people of Anambra State and the South- east in general have rejected it on account of its tribal stance and hatred for the region as demonstrated in its sectional and anti-people policies, including the recent deportation of Anambra State indigenes from Lagos. “This resulted in untold hardship and death of some of the victims, who were severally tortured before being dumped at Upper Iweka Head Bridge in Onitsha in the dead of the night,” PDP said. The PDP, which described the APC as a party of propagandists and the deceitful also wondered why they restricted themselves to criticising elections only in states in which they lost such as Ondo and Delta, but saw nothing wrong in states where they won such as Edo, even when stakeholders in such states had raised credibility issues. PDP stressed that contrary to claims by the opposition, the president has remained resolute in his commitment to a free and fair election as reflected in his mantra of one man, one vote, noting that the drastic reduction in electoral disputes under his administration were a clear testimony in this regard. Lashing out at the APC for not imbibing the spirit of sportsmanship when it is defeated as demonstrated by the PDP on many occasions, the PDP said the president has remained open and objective on election issues, adding, “It is on record that the president has always congratulated candidates who won in free and fair elections irrespective of the parties they belong.” The PDP, therefore, advised the opposition to “wake up to the reality of its rejection by the people and look elsewhere to cast its lame vituperations.”

'ASUU Should Not Hold Students to Ransom'

The Academic Staff Union of Universities (ASUU) has been urged not to hold students to ransom anymore, while bargaining with the federal government for improved conditions of service. Chairman, Board of Trustees Students in Nigeria Re-awakening Initiative (STINRI), Mr. Nathan Ogunike, told THISDAY in an interview yesterday, a situation where students' future was jeopardised because of the teachers' agitation was reprehensible. He spoke just as stakeholders attending the 28th Conference of the Association of
Vice-Chancellors of Nigerian Universities (AVCNU) yesterday in Akure said everybody was a loser in the lingering dispute between ASUU and the federal government that had led to the closure of universities since July. Nathan called on the union to hasten up the process towards the reopening of the universities by calling off the strike in the interest of the students. According to him, his group will mobilise the people for a protest if both the federal government and ASUU failed to resolve their differences.
He added that the federal government should honour the agreement it entered into with ASUU, while the union should go back to the classroom for the sake of the youths. Meanwhile, as the 28th conference of AVCNU opened yesterday in Akure, stakeholders lamented that everybody would be a loser on the long run in the face-off between the federal government
and ASUU. The conference, hosted by the Federal University of Technology, Akure (FUTA), drew participants from the 129 public and private universities in Nigeria and other stakeholders such as the Institute of Chattered Accountants of Nigeria (ICAN) and the National University Commission (NUC). In his welcome address, FUTA Vice- Chancellor, Prof. Adebiyi Daramola, expressed regret that the nation has lost four months to the ASUU strike, adding that the dispute was already having negative effects on the universities.

OAU Professor of Nuclear Physics Missing Again

Just after ten years a Professor of Nuclear Physics of the Obafemi Awolowo University, Ile-Ife was kidnapped and later released, his family yesterday made it known that the renown academician had been declared missing again .
It was reported Tuesday evening that Professor James Bolarinwa Olomo lodged into Hotel Farlem situated at 8, Archibong Street, Afaha Ukwu, Eket, in Akwa Ibom State on Thursday, October 17, before his disappearance three days later. It would be recalled that Olomo was kidnapped on July 16, but was released on August 16, of the same year after spending 31 days in his abductors’ den. A statement issued by his family, the Olomo family of Risawe Anlerin Compound
in Otan Ayegbaju, Boluwaduro Local Government Area of Osun State titled: ‘Please Save Professor James Bolarinwa Olomo’ and made available to journalists in
Osogbo Tuesrday stated that, Professor Olomo travelled to Eket for an engagement as Radiation Safety Adviser (RSA) by an oil company based in Eket before his sudden disappearance and since remained incommunicado as his suspected abductors refused to pick his calls. The statement signed by six family members of Olomo including a traditional Chief, Risawe of Otan Ayegbaju, High Chief A. O. Olomo, the brother of the victim revealed that the matter had been reported at the Eket Divisional Police headquarters where police detectives have sworn into action to unravel the mystery surrounding the disappearance. The statement reads: “James Bolarinwa Olomo, a professor of Physics at the Obafemi Awolowo University, Ile-Ife undertakes safety advice for oil companies. "He was in Eket for one of such engagements as Radiation Safety Adviser, (RSA), when this unfortunate incident happened. He (Prof. Olomo) flew into Calabar, from Lagos by Arik Air, on that Thursday and approached Eket by road. He was in Eket, where he lodged into a hotel called Hotel Farlem. “The family, in conjunction with his employers, OAU has made efforts to establish contact with him since October 20, without success. The matter has been reported at the Eket Divisional Police headquarters and all security agencies in the area have instituted an investigation into the incident, but the family is disturbed that, though authorities are working on the possibility of a kidnap, for three weeks now nobody has contacted the family neither has any news been heard about him.” Professor Olomo was said to have told the staff of the Hotel on the morning of October 20, that he was going out briefly to return later, but never came back to the hotel and could not be reached on phone. It was also revealed that when family representatives reported at Eket police station on October 26, a team led by the Divisional Police Officer, Mr. Sunny Digha, who went in search of him only met his belongings in the hotel. Consequently, the perturbed family who has intimated the Osun State government and traditional institutions in the state with the development appealed to well- meaning Nigerians to assist the family, the university and the police in the efforts to locate Prof. Olomo and bring him back to them alive.

Suspect: I Sold Cannabis to Feed My Three Wives

A fisherman in Bayelsa State has admitted selling cannabis in order to support the welfare of his three wives and five children. Yoto Seibokuro, 27, according to the British Broadcasting Corporation (BBC) ,was arrested in the city of Yenagoa last month for dealing in cannabis. He and six other suspects - three men and three women - were paraded before journalists with the drugs allegedly found in their possession, including a 14.4kilogram haul found at the home of a suspect who said it belonged to an unnamed friend. Seibokuro is reported as saying he started selling drugs two years ago to augment his
income. "My income from fishing was no longer sufficient to take care of my large family," he said. Two other suspects in the custody of the National Drug Law Enforcement Agency (NDLEA) also said they only started selling cannabis when they got into financial difficulty. "I pray God to give me good business to leave this drug business," said the civil engineer, Simon Obru.

Professor Iyayi Killed by Kogi Governor’s Convoy

Tragedy struck Tuersday when the former President of Academic Staff Union of Universities (ASUU), Professor Festus Iyayi, was killed in a ghastly motor accident.
The former ASUU president was said to be on his way to Kano with three other members of ASUU, University of Benin chapter, when the vehicle they were travelling in was hit by a police escort vehicle in the convoy of the Kogi State Governor, Capt. Idris Wada, around Lokoja,
the state capital. Following the impact, the vehicle was knocked off the road and somersaulted three times, killing the professor of Business Administration instantly. The unfortunate incident happened at Banda village yesterday when the governor was returning from an official engagement in the Federal Capital Territory, Abuja. In a statement by Jacob Edi, Special Adviser to the Governor, Media, the Kogi State Government said the convoy was moving at 80 kilometers per hour when a bus collided with the escort vehicle. The condition of Iyayi’s three other colleagues was also described as critical at press time yesterday, as they were said to be in a coma. The statement added that at least six victims with varying degrees of injuries from both sides are currently hospitalised, Edi said Wada ordered a full-scale investigation into the accident, when he paid a visit to the injured. An ambulance was said to have been dispatched from Benin to Kogi State to convey Iyayi's body to Benin. Iyayi was part of the ASUU negotiating team, which met with the federal government last week, and was travelling to Kano in continuation of efforts to resolve the logjam that had ensued over the strike with his colleagues, before his death. His death yesterday threw ASUU and the University of Benin community into mourning. Reacting to Iyayi's death yesterday, President Goodluck Jonathan commiserated with the leadership and members of ASUU over his tragic death. He equally extended sincere condolences to Iyayi’s family as well as his colleagues, friends and associates across the country and beyond.
In a statement issued by his Special Adviser, Media and Publicity, Dr. Reuben Abati, the president joined them in mourning the renowned academic and award-winning writer. “Iyayi rose to national prominence in the 1980s with his courageous leadership of ASUU in its struggle for a better working environment for teachers and academics in the nation’s university system,” the president observed. Jonathan said he was particularly dismayed by the fact that Iyayi had sadly lost his life while going to contribute to efforts meant to finally resolve the current ASUU strike which has unfortunately disrupted academic studies in most of the nation’s universities for over four months. Jonathan prayed for God to comfort all who mourn Iyayi and grant his soul eternal rest. Also, the Speaker of the House of Representatives, Hon. Aminu Waziri Tambuwal, condoled the Nigerian academic community and the family of Iyayi on his tragic death. In a statement by his Special Adviser on Media and Public Affairs, Malam Imam Imam, Tambuwal described the deceased as a respected teacher and unionist who gave his all for the progress of the education sector. According to the speaker, late Iyayi's lifetime of struggles would no doubt inspire many upcoming lecturers and unionists to render selfless services to their country.
While urging ASUU and the Federal Ministry of Education to immortalise the late professor, Tambuwal prayed to the Almighty God to give his family the fortitude to bear the irreparable loss. In the same vein, organised labour yesterday expressed shock over the death of Iyayi.
A statement by the Vice President of the Nigeria Labour Congress (NLC), Issa Aremu, said the Nigeria labour movement had indeed lost a tested and committed activist of decent work in the universities and Nigerian labour market. The statement said Iyayi would be remembered for the honesty, commitment and abundant energy he brought to the struggle of working men and women for improved working and living conditions. It added that the death of Iyayi was a reminder to the federal government to urgently bring to a permanent end the persistent crisis of funding of public education. “Late Festus would be remembered for the honesty and commitment, as well as abundant energy he brought to the struggle of working men and women for improved working and living conditions. “The fact that he tragically died while reportedly travelling for the resolution of the four-month long strike of university lecturers was an eloquent testimony to his
life and deeds; service to the working people and humanity! “Fighters and comrades like comrade Festus hardly say goodbye. In literary and metaphoric terms, Festus is the latest major casualty of Nigeria's crisis of governance.
“Accidents are the norm (not exception) along the notorious Kogi-Lokoja road which for well over a decade remains under permanent ‘construction’ and ‘rehabilitation’ despite serial awards of contracts by various governments,” the NLC lamented. In another statement on the tragedy, the Chairman, University of Ibadan branch of ASUU, Dr. Segun Ajiboye, who regretted the incident, said it was a sad day for the union, which has lost a rare gem and a great leader with an impeccable character. Asked if the union will still go ahead with its planned National Executive Council (NEC) meeting today, he said members of the union were in deep mourning (all Nigerians should be) and were not thinking about anything at the moment, except the loss the past leader. In his reaction, Prof. Friday Okonofua, of the University of Benin, held Wada for being responsible for Iyayi's death. “It is the governor of Kogi that killed him. He was killed by a reckless convoy. He killed one of our most distinguished academics who had won laurels from all over the world. We would hold the governor of Kogi responsible for his death,” Prof. Okonofua said.

CBN Designates Eight Banks ‘Too Big to Fail’

The Central Bank of Nigeria (CBN) has designated First Bank of Nigeria Limited, Guaranty Trust Bank Plc (GTBank), Zenith Bank Plc, United Bank for Africa Plc (UBA), Access Bank Plc, Skye Bank Plc, Ecobank Nigeria and Diamond Bank Plc as “too big to fail”, owing to the fact that their failure could pose a systemic risk to the banking industry and the larger economy. The eight banks alone account for 75 per cent of the banking sector in terms of earnings, profitability assets, customer deposits and branch networks. Owing to their size and importance, THISDAY learnt that the CBN has adopted a more robust regulatory regime to monitor and scrutinise the eight banks, in order to ensure that they are healthy.
In furtherance of the objective, the central bank has asked the eight banks to increase their capital base in order to give them a buffer against internal and exogenous shocks. The Deputy Governor (Operations), CBN, Mr. Tunde Lemo, who confirmed the development, described the financial institutions as systemically important because of their size.
Lemo pointed out that any bank that accounts for five per cent of the banking system is systemically important. “What that means is that we have to take a closer look at them. It doesn’t mean that they are weak, it is just that we have to focus more attention on them because, God forbid, if something happens to any of them, it may affect the entire system,” Lemo said. When quizzed on the capital base that the respective banks are expected to have, the CBN deputy governor said: “It is not that they were asked to raise their capital base, it is just that when an institution is designated as systemically important, it is required to have more capital.” For Zenith Bank, its recently released results for nine months ending September 30, 2013 showed that its profit after tax stood at N64 billion with loans and advances of N1.1 trillion. The bank also reported gross earnings of N255 billion at the end of September 2013, up by 11 per cent from the N229 billion recorded in the corresponding period in 2012. Zenith Bank’s total market capitalisation on the
Nigerian Stock Exchange (NSE) stood at N675.024 billion yesterday. Also, GTBank’s profit after tax stood at N69.24 billion at the end of September 2013, as against N63.734 billion earned in the same period in 2012. GTBank’s total assets also stood at N1.875 trillion, compared to the N1.73 trillion as at December 2012. Its share price on the NSE closed at N25.99 per share yesterday, giving it a market capitalisation of N764.916 billion. In the same vein, UBA’s unaudited results for the nine months ending September 30, 2013 also revealed that its profit after tax climbed to N37.37 billion. With a market capitalisation of N257.255 billion on the NSE, its share price closed at N7.80 per share. For Access Bank, its recently released unaudited nine-month results showed gross earnings of N154 billion at the end of September 2013. Its profit before tax also stood at N35 billion. Access Bank’s market capitalisation on the NSE was N213.269 billion yesterday, while its shares closed at N9.32 per share. Skye Bank Plc’s gross earnings rose to N102 billion at the end of September 2013, while its profit after tax stood at N11.650 billion. Diamond Bank also posted a profit before tax of N25.6 billion, while its total assets stood at N1.377 trillion at the end of September 2013.
First Bank of Nigeria Limited is yet to release its third quarter results because of its holding company structure.

Plot against Amaechi Thickens as PDP Joins Forces with Omehia

The Peoples Democratic Party (PDP) Monday joined forces with the sacked Governor of Rivers State, Celestine Omehia to ask the Supreme Court to dismiss the appeals filed by the incumbent governor, Chibuike Amaechi and a chieftain of the party, Cyprian Chukwu, in relation to the renewed dispute over Amaechi's
tenure. Amaechi and Chukwu, are by their appeals before the apex court, seeking to void the leave granted Omehia by the Court of Appeal, Abuja, to appeal an earlier judgment of the Federal High Court, Abuja in respect of when Amaechi's first tenure ought to have ended. Chukwu had in 2010 applied to the Federal High Court, Abuja, for an interpretation of the 2007 judgment by the Supreme Court in determining when the governorship election was due in Rivers State in 2011.
Omehia was removed from office as the Rivers
State governor in October 2007 on the basis of a Supreme Court judgment, thus paving the way for Amaechi to assume office. In deciding Chukwu's case, Justice Abdulkadir Abdul- Kafarati of the Federal High Court, held that by virtue of the Supreme Court's judgment, Amaechi's first tenure ended on May 28, 2011 and not in October 2011. Justice Abdul-Kafarati held that since the Supreme Court had ruled that it was the PDP that won the election, and the election having not been set aside, the tenure began to run on May 29, 2007 even though Omehia wrongly occupied the office. Dissatisfied, the Independent National Electoral Commission (INEC) appealed the judgment by Justice Abdul-Kafarati. Shortly after, Omehia, who was not a party in the suit at the trial court, applied to the Court of Appeal
to be made a party to enable him also appeal the judgment. Despite opposition by Amaechi and Chukwu, the Court of Appeal granted Omehia’s prayer a decision they (Amaechi and Chukwu) found objectionable and consequently appealed to the Supreme Court, questioning the rationale upon which the Appeal Court allowed Omehia to be joined to the suit. Yesterday, the parties adopted their briefs of argument, following which the court adjourned to February 7 next year for judgment. The PDP had at the Court of Appeal, initially opposed Omehia's move to be made a party to the suit, but yesterday made a U-turn and chose to side with Omehia and urged the court to dismiss both appeals.
Lawyers to Amaechi and Chukwu, Lateef Fagbemi (SAN) and Rickey Tarfa (SAN), respectively, drew the Supreme Court’s attention to a change in the position of the lawyer representing the PDP, Olusola Oke. Fagbemi and Tarfa wondered why Oke appeared to have changed his position, having earlier aligned with them at the lower courts. Oke had while adopting his brief urged the court to dismiss both appeals and uphold the decision of the appellate court, which granted Omehia leave to appeal the judgment by Justice Abdul-Kafarati.
He urged the Supreme Court to ignore the technicalities raised by the appellants in seeking to void the leave granted Omehia. Oke argued that the Court of Appeal was in order in granting Omehia leave.
Earlier, Tarfa had urged the court to allow the appeal and void the leave granted Omehia on the grounds that the appellate court acted in error. He argued that Omehia did not place sufficient materials before the court to warrant the leave granted him. Tarfa further argued that Omehia's application was wrongly filed because he applied for permission about 200 days after the trial court delivered its judgment. Fagbemi argued that as an interested party, who sought to appeal the decision of a case that he did not participate in at the trial stage, Omehia failed to comply with the necessary constitutional requirements.
He also queried Omehia’s locus to appeal the trial court’s judgment on the grounds that he failed to satisfy the court that he had a special interest to protect. He argued that Omehia’s claim of being interested in contesting the 2011 governorship
election was not sufficient grounds for the appellate court to have granted him leave because he was just one out of the several people who were interested in contesting the election. Fagbemi argued that Omehia hid from the court the fact that he actually participated in the 2011 election under the banner of the All Progressives Grand Alliance (APGA). He contended that having enjoyed the benefit of the trial court's judgment by contesting the 2011 governorship under APGA, he could not turn around to attack the same judgment.
Fagbemi also argued that Omehia was left with no interest to protect, having contested the 2011 election under another party. Omehia's lawyer, Nnaemeka Udechukwu (SAN) argued in a similar manner as Oke and prayed the court to dismiss the appeals. Udechukwu said that Omehia was a party in the Supreme Court judgment which the high court interpreted and that his client was adversely affected by the Supreme Court’s judgment.

Dangote Targets 1.5m Tonnes of Local Sugar Production

Towards meeting the national sugar master plan, Dangote Sugar Refinery is actively pursuing a backward integration master plan with a target of producing a total of 1.5 million tonnes of sugar per annum locally from its subsidiaries. Savannah Sugar, one of its subsidiaries, at present is capable of producing 50,000 metric tonnes of sugar per annum. The nation’s foremost sugar refinery has increased its market share of the Nigerian sugar market in the nine months ended September 30 2013 as part of the strategies to grow the company both locally and globally. The company is planning to resume exports to selected West African countries in the first quarter of 2014. The management of the sugar refinery in a statement pledged to continue to strengthen output, sales and distribution through large distribution network, even as the sugar refinery has six warehouses and 350 own trucks to ease distribution to distributors. It plans an additional investment of N180 billion for 4 factories in Sokoto and Kebbi States and has 150,000 hectares of land allocated for the project in Kogi, Kwara, Jigawa, Sokoto, Taraba and Kebbi. Dangote Sugar acquired the moribund 50, 000 tonnes per annum capacity sugar producing factory - the Savannah Sugar Company Limited in Numan, Adamawa State in 2002. The buy- over, midwifed by the Bureau of Public Enterprises (BPE), was the fallout of the failure of several attempts made by the federal government to reposition the nation’s foremost sugar company. Dangote Industries Limited emerged as the preferred bidder and core investor and after which it quickly went into turnaround activities in the company. To put the company back in shape, Dangote began investments of several billions of naira. Specifically, N12 billion initial investments were made by Dangote Group as core running expenses into the business after the take-over in the first five years. The areas that gulped the money included factory and estate rehabilitation; purchase of vehicles, trucks and heavy duty equipment; salaries and wages; farm inputs like fertilisers and chemicals, among others; spare parts for factory and heavy duty equipment and payments in the form of Sugar Development Levy. Dangote has embarked on expansion of the plant enhancing the integrated sugar cane farming and sugar milling through increased plant capacity from 50,000 tonnes per annum to 200,000 tonnes. This necessitated procurement of new machinery and new factory. This is to enhance the integrated sugar came farming and milling. Today, total production hovers between 15,000 and 16,000 tonnes down from 30,000 tonnes per annum recorded after the completion of initial turn around project due to issues with the community. Savannah Sugar cultivates a total of 18,000 hectares. It employs approximately 20,000 people made up of direct
employees and farmer out growers. As a front line player in the backward integration policy, the Savannah sugar’s projection is to produce one million tonnes of white sugar by 2015, cultivating 100,000 hectares in about six states of Sokoto, Kebbi, Jigawa, Taraba, Kogi and Kwara, employing over
50,000 Nigerians.

10 Killed in Benue, Taraba Communal Clashes

At least 10 persons were killed in separate attacks Sunday on communities in Benue and Taraba States. Six of them were killed when gunmen attacked five farming villages in Benue State, during which they torched many houses. Four others were killed at Amar village in Karim Lamido Local Government Area of Taraba State as violent clashes erupted between Fulani herdsmen and the Tarok people from Plateau State. "Five Agatu villages were attacked yesterday by suspected Fulani cattle herdsmen who killed
six people," Benue State Police Command's spokesman, Mr. Daniel Ezeala, told AFP.
He said "many houses" were razed during the violence, the latest on mainly ethnic Tiv people, who are predominantly farmers. Local media however said 36 people were killed
in the mayhem.
Ezeala said police and troops had been deployed to the trouble spot.
"The situation is now under control as security forces are patrolling the affected villages to ensure there is no resurgence of violence," he said. In the incident in Taraba State, which claimed the lives of four persons, scores of others sustained varying degrees of injuries in the attack and are currently receiving treatment in various hospitals in Taraba, Gombe and Adamawa States. The herdsmen were said to have invaded the community from Wase Local Government Area of Plateau State to launch a reprisal on the Tarok people resident in the village. There have been incessant clashes between the Fulanis and Tarok in recent times, which have claimed several lives and led to the destruction of property whose value is yet to be ascertained.
Yesterday's clash at Amar village was a spillover of violent clashes between the two groups while hundreds of people were said to have fled the community over fears a recurrence. Wase Local Government Area, where the two groups have been engaging each other in violent clashes, shares a border with Karim Lamido Local Government Area of Taraba State and not a few Taroks engage in farming in the village. Narrating their ordeal, an indigene of the village told THISDAY that the community was caught unawares by the attackers just as he expressed disappointment over the inadequate
security in the area.
Chairman of the local government, Mr. Simeon Mohammed Abbere, who also spoke to THISDAY, expressed worry over inadequate security in the area.

Sweden coach backs Golden Eaglets to win U-17 World Cup

Coach of Sweden’s Under-17 team, Roland Larsson, is tipping the Golden Eaglets of Nigeria to defeat Mexico in the final of the U-17 World Cup on Friday and become champions.

Larsson could not nothing from the bench, as the Eaglets ran riot against his boys in Tuesday’s semi-final, beating them 3-0 to qualify for the grand finale.

“I think they are the favourites to win the trophy,” Larsson told a correspondent of Vanguard in the UAE.

“They have been so unbelievable here playing some good attacking football, they are my favourites to win the Final and hope they achieve all the success they can get because they deserve it.

“I believe the Nigerians are the world champions already and expect them to justify it having defeated Mexico once in the group stage.”

If Nigeria wins the competition, it will be for a record fourth time.

Senator: ASUU's Outrageous Demand Spurred by Nigerian Politicians' Earnings

PDP Clears All 15 Chairmanship Seats, 181 Councillorship Seats in Kwara LG Polls

PDP

Peoples Democratic Party (PDP) candidates have won all the 15 chairmanship seats and 181 councillorship seats in Kwara in the Oct. 26 local government election held in the state.

The Chairman of the state Independent Electoral Commission, Dr Uthman Ajidagba, announced the result at the commission's headquarters on Sunday in Ilorin.

According to Ajidagba, the PDP chairmanship candidate in Asa Local Government Council, Malam Saka Obalana, polled 43,748 votes, while his counterpart in Baruten Local Government, Mohammed Bio, scored 76,478 votes.

Alhaji Abubakar Tshonga of Edu Local Government scored 61,291 votes, while his counterpart in Ekiti Local Government Council, Akintoba Fatigun, got 23,888 votes.

The PDP candidate for Ifelodun Local Government, Babatunde Salami, scored 74,299 votes, and his counterpart in Ilorin East Local Council, Abdullateef Okandeji, polled 89,416 votes.
Usman Ebedi, the PDP candidate for IIorin South scored 63,267 votes, while his counterpart in IIorin West , Tajudeen Zulu-Oloje, polled 129,885 votes.

The party's candidate in Irepodun Local Government, Lukman Owolewa, scored 41,187 votes, and the candidate for Isin Local Government, Moruf Thanni, got 21,144 votes.
The flagbearer for Kaima Local Goverment, Alhassan Bagudu, scored 43,747 votes, while Abdulganiyu Ajibola of Moro Local Goverrnment polled 46,493 votes.

The PDP candidate in Oke-Ero Local Government Council, Aminat Yusuf, got 23,957 votes, while her counterpart in Oyun Local Government, Jimoh Alao, scored 34,783 votes and  Uthman Mohammed of Patigi Local Government polled 36,294 votes.

Ajidagba did not however disclose the scores of the 181 councillorship candidates of the party in the election.

He thanked traditional rulers, the media and the people of the state for their support toward the successful conduct of the poll.

The News Agency of Nigeria (NAN) reports that Labour Party (LP) and the Social Democratic Party (SDP) which also participated in the election did not score any vote in the election. (NAN)

Borno Govt. to Rebuild 200 Houses Destroyed by Insurgents

Damaged House


Borno government is to re-build about 200 houses destroyed last week in Kawuri village of Konduga Local Government area in Borno, by suspected insurgents.

Deputy Governor of the state, Alhaji Zannah Mustapha, gave this indication on Sunday when he visited the village to commiserate with the community over the incident.

He said government would also compensate traders who lost their shops during the attack.
Mustapha directed the Konduga Local Government Caretaker Committee, to prepare a list of all those affected for immediate action by the government.

He said that since attacks by insurgents had become a daily affair in remote areas, the affected communities must form vigilante groups to defend themselves.

``I am here to condole the community over last week's attack by suspected Boko - Haram militants.
``I want to appeal to all those who suffer loses to take it as an act of God, because it is only Him who gives or takes away.

`` Communities who are vulnerable to this kind of  attack, must begin to introduce a kind of community policing to prevent future attacks.

``What I am saying is that individuals must come out to form vigilante groups to defend themselves against attacks.

``The best form of security is community policing. People must be ready to fight and defend themselves against Boko Haram, through the formation of vigilante groups,'' he said.

While assuring that government would collaborate with security agencies to beef up security in the area, Mustapha urged the community to copy from the experience of Maiduguri, the state capital, which used to be the strong hold of the insurgents.

The News Agency of Nigeria (NAN) reports that about 18 persons were injured after suspected insurgents attacked the community last week, destroying about 200 houses, 50 shops, and many vehicles.(NAN)

Massive Turnout at Kwara LG Polls

The Local Government Council elections held in
the 15 Local Government Councils of Kwara State
yesterday witnessed a massive and peaceful
outing . The voters, according to THISDAY checks, were
seen in large numbers coming out to exercise
their civil right.
A visit of our correspondent to some of the wards
in Ilorin West, Ilorin East, Ilorin South, Moro,
Irepodun, Ifelodun Local Government Councils, among others, voters were seen in queue waiting
to vote for the candidates of their choice. At Baboko, Gbabiabidun, Akanbi 1, Akanbi 2,
Okelele, Ajikobi wards, voters lined up to cast
their votes without any hindrance. Men of the state police command, civil defence
corps, Immigration officials among others were
at hand to provide security at all the polling units
across the affected Local Government Councils
where the election was being held. Also, voting materials were at the various polling
units at the appointed time for the electoral
officials.
Speaking with newsmen yesterday, the national
chairman of New Peoples Democratic Party (PDP),
Alhaji Abubakar Kawu Baraje, said the election was held in a peaceful manner devoid of any
hindrance.
According to him,”The party will win 100 per
cent. We have done it before. We are still doing
it”
He said “Kwara State is a unique state that delivers right from the grassroots to the national
level 100 per cent for PDP.” Similarly, former Governor of the State and
Senator representing Kwara Central, Senator
Bukola Saraki, described the election as free and
fair. He said that the large turn-out of the voters for
the election testified to the commitment and
belief of Kwarans in the state PDP leadership. In his comment, the lawmaker representing Ilorin
East/ Ilorin South federal constituency, Hon. Ali
Ahmad, described the coming out of the voters as
unprecedented in the political history of the state.
Ali , who is chairman, House Committee on
Justice, said “the PDP is a party to beat in Nigeria in view of the love of the party for the
nation’s masses.”

Lagos Goes for More Loan

Despite the fact that Lagos has the highest debt profile among all states in Nigeria, the state is still
seeking more loans. On Thursday, President Goodluck Jonathan wrote the Senate to approve the second tranche of $600 million loan approved by the World Bank under a development policy operation (DPO) scheme for which Lagos applied in 2010 and approved by the National Assembly. The scheme, according to Jonathan’s letter, is to be implemented in three tranches by the state government. It accordingly said the first tranche of $200 million from the $600 million loan agreement with World Bank had been obtained by the state in 2011. The state is now seeking approval to take the second tranche of another $200 million in the borrowing plan, which the president said was not captured in the 2012-2014 medium term borrowing plan, which he earlier submitted to the parliament.
“The World Bank has therefore embarked on restructuring of the project in the face of current realities in a manner that would release US$200 million for allocation to Lagos Development Policy Operation II. This is an action that the World Bank with the support of its board can undertake. They propose that the US$200 million DPO would enable the state complete some critical infrastructure projects,” Jonathan said.
However, many people would query why Lagos maintains the highest debt profile in the country, whilst it has the largest internally generated revenue (IGR) of about N29 billion a month. As at September 2013, the Debt Management Office (DMO) put Lagos debt at N193.44 billion at the ratio of N155.4 percent. But the state’s huge debt is not unsustainable. DMO DG Nwankwo recently said no state in the country at present has debt that is unsustainable and in the case of Lagos, he says evidence abounds as to what it is using the money for.