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A reporter with the Nigerian Television Authority (NTA), Benin, Mr. Lawrence Okojie, was allegedly shot dead by gunmen on Saturday night in Benin.
Okojie was said to have been killed around Ogunola Junction, off Siluko Road.
The spokesman of the State Police Command, DSP Moses Nkombe, who confirmed the report, said one person had been arrested in connection with the incident.
Late Okojie, who was dropped off by NTA staff bus at Ogunola Junction around 8: 00 p.m. on Saturday, had called his wife on phone and informed her that he was on his way home.
NTA
It was, however, several hours later that the wife, after repeated calls to his phone without any response raised an alarm that her husband, who was supposed to have arrived home could not be reached.
It was gathered that some of his colleagues at NTA who were joined by some family members on a search mission, discovered his corpse in a morgue in Benin on Sunday night.
As at press time, the circumstances surrounding the death of the reporter are still sketchy.
The police have, however, promised to thoroughly investigate the matter.
Okojie's death brings to five the number of journalists killed in the state in the last six years.
A total of 95 Ethiopian rebels surrendered to Ethiopian authorities over the weekend, Ethiopia's state owned news medium, Ethiopian Broadcasting Corporation (EBC), reported on Monday.
The EBC said the rebels are members of an ethnic rebel group, Benishangul Gumuz Liberation Movement (BGLM), operating in Ethiopia's border regions adjoining Eritrea and Sudan.
Ethiopia alleged BGLM and other rebel groups were supported by arch rival Eritrea.
Ethiopian rebel fighters
Eritrea in turn accuses Ethiopia of supporting Eritrean rebel groups and running an international campaign to isolate the Red Sea nation.
Eritrea had been a province of Ethiopia from 1952 to 1993, until a bitter 30-year armed struggle and a referendum in 1993 gave the Red Sea nation independence from Ethiopia.
The two nations fought a border war between 1998 and 2000 that left an estimated 70,000 people dead from both sides.
Since then, the common border between Eritrea and Ethiopia has had an uneasy calm punctuated by sporadic armed flare ups.
Coordinator, Center for Happy Elderly People CHEP, a non-governmental organisation which specializes in giving care to the elderly citizens, Mrs. Lilian Jiringho, has urged the government to include gerontology in the school curriculum in order to educate students on how to give care to the aged.
Mrs. Jiringho disclosed gave the advise during the World Elderly Abuse Awarenes Day (WEAAD) which took place recently in Lagos.
Speaking, Mrs. Jiringho said there is no gerontological course studied in schools here in Nigeria, except in masters programme. " We are campaigning to promote education on gerontology in Nigeria, because of the lack of awareness of the course, we have visited schools to do career awareness on gerontology, to mark the World Elderly Abuse Awarenes Day (WEAAD).
Mrs. Joringho who decried the recent agitations for break up in Nigeria said division in the country may not enable the elderly citizens come together to carry out their usual checkups, meet each other and stay as happy as they have always been.
"Just as we are here, we have a social group called CHEP elders forum, they are of different tribes and religions, if there is division in the country, this means that they will not want to come together, they are putting heads together to promote unity in the Nation, they also pray for the unityand the improvement of the Nigerian Economy".
While encouraging young people to give support to the elderly citizens, the coordinator said patience is key to dealing with the elderly, advising that anyone who has an encounter with the elderly should be tolerant.
She explained that the trend of extension of life expectancy at birth and at the age of 60 as well as the decreasing fertility rate changed the demographic structure of countries across the globe in 21 century, saying this is a triumph of development, through a challenge that the society must face.
"Countries across the world will have to adapt their policies, economic, health and social services to the needs of older people, in other to ensure quality of care, secure income and access to goods, more flexible employment, better inclusion and participation of older people in all the segments of the society.
It is especially important to ensure respect of human rights of older people, population of ageing is a global trend and it demands urgent action in all the segment of society.
In 1980, the ratio of world population above 60 was 86%, statistical data shows that since year 2000, the ration of people over 60 was higher I global population than the ratio of children under five, predictions state that by 2050, the ration will be higher than that of children under 15." She said.
The Hope Democratic Party (HDP) in Anambra has called on the state government to embark on massive intervention works at the erosion sites across the state.
Chief Sam Oraegbunam, Chairman of the party in the state, made the call in an interview with newsmen in Awka on Monday.
He said that the government was not doing enough to address the menace of erosion which, he added, had rendered many homeless, while endangering properties.
Recall that the Commissioner for Environment, Dr Romanus Ejikeme, recently said that there were not less than 600 active sites, out of the about 950 geo-referenced erosion sites in the state.
He then said that the state government, within the limits of resources available to it, was carrying out intervention works on 10 sites.
Newsmen, however, report that the Anambra Government has paid N1 billion as counterpart fund for Nigerian Erosion Watershed and Management Project (NEWMAP) intervention work in the state.
However, Oraegbunam urged Gov. Willie Obiano's administration to follow up on the payment made on the World Bank-assisted project and ensure that the people of the state got value for it.
"It is a known fact that the South East zone is erosion-prone and Anambra is a state at great risk, just as the state government has been telling the world.
"The problem is that out of the numerous erosion sites, government says it is only working on 10 of them, that is to tell you how pitiable the situation is because no tangible work is being done at the sites.
"When compared to the enormous resources put into the erosion issue in Anambra through NEWMAP, it shows that there is still a lot to be done.
"Government should also empower its agencies to clear the drains and increase the citizens awareness on how to curb erosion; these can aid efforts to tackle the menace," he said.
In a bold move aimed at repositioning the Party, the National Chairman of the newly registered party, Advanced Peoples Democratic Alliance (APDA), Mallam Shitu Kabir Mohammed yesterday announced the dissolution of the Media and Communications Committee of the party. In a Press Release personally signed by him, Mallam Mohammed also debunked reports of the existence of a Board of Trustees for the party, stating that the Board had not been constituted.
According to him, the "Advanced Peoples Democratic Alliance (APDA) wishes to inform the general public that only two of the three statutory organs of the Party namely National working committee (NWC) and National Executive Committee (NEC) have so far been constituted by the party while the Board of Trustees Committee is yet to be constituted until we find men and women of impeccable characters that had served our country meritoriously with unblemished track records to occupy the exalted body".
Dokpesi, others float new political party APDA
He said the Party would soon constitute the Board of Trustees, Council of Elders and the remaining organs of the Party as soon as possible.
While announcing the dissolution of the Media and Communications Committee of the Party, the National Chairman said the decision was informed by the need to avoid conflict of interest.
"APDA wishes to inform general public that due to the inclusion of some practitioners who are in paid employs of some Media Houses, which has resulted in conflict of interest, the party has therefore resolved to dissolve the Committee with immediate effect. A new committee will be constituted shortly"
Mallam Mohammed in the Press Release encouraged Nigerians especially the youths to take advantage of the party in its robust offer of 30% of all elective and appointive party positions to women, 25% to youths and 5% to persons with Special Needs respectively by coming out to register en-masse
Emma Ujah, Abuja Bureau Chief The Governor, Mr Godwin Emefiele the Central Bank of Nigeria (CBN), has vowed to fight money laundering with all vigour.
Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele
He spoke at the Regional Course on “Combating Money Laundering and other Financial Crimes" organised by the West African Institute for Financial and Economic Management (WAIFEM), in Abuja, Monday.
According to him, the apex bank has put in place, strategies to forestall using Nigerian banks for the movement of illicit funds, across the globe.
“One of the core functions of the CBN is to promote a sound and stable financial system in Nigeria and combating money laundering to ensure that the financial system is safe and steady.
“Because of that, we have embarked on a number of initiatives.
“We have issued circulars to Security Compliance Officers at banks; we have also issued circulars on the importance of KYC (Know Your Customer) before any account is opened.
“Also, the recent BVN is all geared towards ensuring that the financial system is stable, to make sure that depositors in the banks are known depositors and not those that will use the banking system as a platform to carryout illegal activities,'' the CBN governor who was represented by the Director, Financial Policy and Regulation Department, CBN, Mr Kelvin Amugo, said.
He disclosed that Nigeria was on its way to becoming a member of Financial Action Task Force on Money (FATF) which would boost the fight against corruption in the country.
In his remarks, the Director-General, WAIFEM, Prof. Akpan Ekpo, described money laundering as a major threat to financial stability of every country, urging that steps must be taken to tackle it.
“A number of predicate offences for money laundering are common in our region and these include drug trafficking, human trafficking, arms trafficking and counterfeit to name a few,'' he said.
President of the Nigerian Stock Exchange (NSE) Aigboje Aig-Imoukhuede has called for unity and integration in the social sector, maintaining that such will make for an improved humanity.
Aigboje gave the advise while presenting a keynote address at the just concluded ACT Foundation breakfast dialogue, held in Lagos.
Speaking on the theme "Connecting the Dots: Partnerships that work," Aigboje noted that all humans have an innate desire to do good to improve humanity. He urged Non Governmental Organizations to form a united front to promote oneness and harness growth.
"In 2015, America donated 2.1 percent of its Gross Domestic Product (GDP) which is over $300 billion to charitable organisations because of the structure and leadership in the system. This is not because Americans are more charitable but because of the structure they have." He said.
From L-R: Keynote speaker, Aigboje Aig-Imoukhuede; Chairman, ACT Foundation, Tunde Folawiyo CEO, ACT Foundation, Osayi Alile; MD/CEO, Access Bank, Herbert Wigwe and ACT Foundation Board Member, Clare Omatseye at the maiden edition of ACT Foundation’s breakfast dialogue on Friday, July , 2017.
"Leadership is required for an organization or society to develop and the social sector is not an exception. They must have a structure as well as strong governance for the sector to grow and attract funds." Aigboje added.
He also harped on the fiduciary responsibility of the third sector to the society in order to promote accountability as well as attract support, capacity building and funding from the public and private sectors.
He noted that NGOs must be excellent as they connect the dots in all spheres of their business from recruitment to funding, implementation and reportage.
The breakfast dialogue also hosted a panel discussion comprising veterans in the third sector such as Country Director, International Finance Corporation (IFC), Eme Essien; Regional Director, West Africa, Ford Foundation, Innocent Chukwuma; Country Director, ONE Campaign, Serah Makka-Ugbabe; Executive Director, The Initiative for Equal Rights, Olumide Makanjuola; Senior Special Assistant to the President on Industry, Trade and Investment, Jumoke Oduwole; and Ini Abimbola, CEO, ThistlePraxis.
The discussant addressed issues such as the scalability and sustainability of projects, funding, self regulation, partnership and collaboration as well as leadership in the social sector.
Also speaking at the event was the Chairman, Baord of Directors, ACT Foundation, Tunde Folawiyo who called on improved collaboration amongst NGOs for better impact. Folawiyo said "partnership is the bedrock for greater support and sustainability in the third sector and there is immeasurable value when NGOs work together."
Speaking on the essence of the breakfast dialogue, CEO, ACT Foundation, Osayi Alile said there is need for NGOs to come together to discuss issues in the third sector and the foundation is willing to raise the bar and lead the social sector.
"We want to make sure that the sector begins to prosper the way it is, and when I talk about prosperity, it is not in terms of financial prosperity but the value we are bringing into Nigeria and Africa at large.
"So when people come in, they know the sector, they understand the sector, and so we can say these are people in education, health, leadership and we know exactly what they are doing." Alile said.
"This discuss would proffer solutions on ways to handle issues we the players in the social sector face and this is just the beginning of the conversations in our sector" Alile added.
ACT Foundation is a grant making non-profits organisation, established to support local, national and regional non-profit organisations working to address challenges and associated vulnerabilities in the African continent.
Ekiti State Governor, Mr Ayodele Fayose has said that the All Progressives Congress (APC) and the Presidency cabal is in a state of dilemma as to whether to bring President Muhammadu Buhari back to the country with his present state or leave him in London, adding that; "The President has become a bad business for the cabal that imposed him on Nigerians."
Ayodele Fayose
Governor Fayose, who insisted that Nigerians must be told the truth about the President's state of health, said; "I told Nigerians then that President Buhari was a black-market packaged by the APC cabal that was only interested in seizing power by whatever means and now, I have been vindicated."
In a statement issued on Monday, by his Special Assistant on Public Communications and New Media, Lere Olayinka, the governor said; "For a President who has spent 113 days abroad taking care of his health out of the 191 days in 2017, it is time for Section 144 of the 1999 Constitution of the Federal Republic of Nigeria to be invoked."
He said "President Buhari left Nigeria for London on May 7, 2017 and today is July 10, 2017, 64 clears days since Nigerians saw their President or heard anything from him. Even the President's handlers are keeping Nigerians in the dark.
"Even though the number of days that a president can spend outside the country is not specified in the 1999 Constitution (as amended), the makers of the laws of Nigeria envisaged this kind of situation and made provisions for how to resolve it in Section 144.
"It has therefore become pertinent that the Federal Executive Council (FEC) must invoke Section 144 of the 1999 Constitution by passing a resolution declaring that President Buhari is incapable of discharging the functions of his office."
Governor Fayose, who insisted that he was not interested in President Buhari's death, said freeing Nigeria from the hands of those who are presently holding the country to ransom should be the major concern of all well-meaning Nigerians.
"They are always quick to tell Nigerians that there is an Acting President in person of Prof Yemi Osinbajo and as such, no vacuum government. However, we all know the limitations of the Acting President. We know that there are so many things Prof Osinbajo cannot do and Nigerians are the ones bearing the consequences of a bedridden President."
*calls for support for Acting President By Levinus Nwabughiogu ABUJA-Former Minister of the Federal Capital Territory, FCT, Senator Bala Mohammed has washed his hands off the allegations of any conspiracy to unseat Acting President Yemi Osinbajo from office.
Bala Mohammed
Reacting to reports linking him to such plot in Saudi Arabia, Mohammed said that such could only emanate from “political opportunists and agent provocateur” especially from the ruling All Progressives Congress (APC).
He urged his detractors to “spare the nation this embarrassing conspiracy narrative that is domiciled in their party”.
Mohammed who in a statement explained that his mission to Saudi Arabia was to fulfill his religious obligations however called for sundry support for Osinbajo, stressing that the Acting President has already done so much in stabilizing the heated polity in the absence of President Muhammadu Buhari.
He said: “I was not invited to such a meeting, if it held at all. And even if I had been invited I would not have attended for reasons that are all too obvious. My antecedents are so well established that to associate me with a clandestine parochial project aimed at subverting the constitution will negate everything that I stand for and cherish.
“No matter how anybody feels, it must be acknowledged that Yemi Osinbajo is today occupying the position of acting President and Commander-in-Chief of the Federal Republic of Nigeria by the grace of God. Therefore, political opportunists and agent provocateur especially those of his All Progressives Congress (APC) should spare the nation this embarrassing conspiracy narrative that is domiciled in their party.
“When tempers are flaring up dangerously and fear has become the order of the day, what is required is for all stakeholders, notwithstanding personal ambitions, party affiliation or sub-national interests, to join hands with the Acting President in stabilizing the ship of state.
“Unless we are being hypocritical, Professor Osinbajo is doing his best to bridge the leadership vacuum created by the absence of the President, a vacuum that has triggered all kinds of dangerous political permutations.
“The country's leadership is expected to galvanize all stakeholders while the political class is expected to rally behind it to fashion a way out of the present crisis. I would want to say that Professor Osinbajo has demonstrated courage in the face of danger, commendable sobriety in spite of provocation and focus in the midst of distraction to the extent that, I am confident, President Buhari will be very proud of him. I make this comment with every sense of responsibility and without prejudice to my loyalty to my party, the People's Democratic Party (PDP) and my personal ambition and aspirations as a politician!”
The former FCT Minister who recalled his roles in a similar situation during the administration of former President Musa Yar’adua in 2010, stated that as a serving Senator then, he spearheaded the National Integrity Group (NIG) in the Senate that saw the emergence of the then Vice President Goodluck Jonathan as Acting President under the “Doctrine of Necessity”, asking why he would condescend so low now.
He reminded his opponents not to waste their time and resources, launching a campaign of calumny against his person and political ambition, saying he remained unshaken in the midst of adversities.
“Why would I then descend from that high moral pedestal, from the status of a statesman, to the nadir of political juvenility and rascality at a time that summons all patriots, to join forces to stabilize our tottering nation-state.
“Consequently, it is therefore axiomatic that, no amount of cheap blackmail, no level of persecution and no subterfuge by Sahara Reporters and its promoters will diminish my resolve to continue to play constructive and patriotic roles in serving the good people of Bauchi State and our dear country Nigeria.
“Like all false witnesses, God will cut them down at the point of their successes. In this regard, my faith in God remains unshaken and my commitment to a united Nigeria anchored on equity, justice and fair play as bedrocks of a true federation remain sacrosanct.
“Finally, I implore all Nigerians to continue to pray for the good health of our President and for God to grant Acting President Osinbajo the wisdom to lead the country in the right direction until the President returns”, Mohammed said.
Reacting to the constitutional powers of the senate to confirm Ibrahim Magu as the chairman of Economic and financial crimes commission, EFCC, and the stand off between the two arms of government, senator Dino Melaye, representing Kogi West constituency, angrily said that M.A.G.U came for a job interview and failed and as a result he was rejected by the senate of the federal republic of Nigeria.
Sen. Dino who equally spoke on the negligent of the National Assembly’s power by the Executive said that God will never allow the powers of the senate to be eroded during Saraki’s time.
The Malian Army on Monday sought the support and cooperation of its Nigerian counterpart in training its personnel, especially in the areas of armour and artillery.
The Malian Army Chief of Staff, Col.-Maj. Abdrahamane Baby, who sought the cooperation when he visited the Chief of Army Staff, Lt.-Gen. Tukur Buratai in Abuja, said the call was imperative to enable his country to tackle insurgency and terrorism.
Baby said the visit was to seek the cooperation of Nigerian army in that regard, as both countries are facing the same enemy of insurgency and terrorism.
He added that "the aim of this visit is to explore further cooperation between the Nigerian Army and Malian Army.
"We are facing transnational threat of terrorism and we believe we need to get closer to see what we can learn from each other."
Chief of Army Staff, Lt-Gen. Tukur Buratai
The army chief said that was why Malian army personnel were sent to Nigeria for training "so as to garner experiences in the areas of armour and artillery."
Baby said the armies of both countries needed to share pieces experience and knowledge "as we both fight terrorism.''
Responding, Buratai assured his counterpart that the Malian personnel would be given slots in armour and artillery training schools in Nigeria.
He also assured that the Nigerian Army would cooperate with Malian Army "in all aspects as both countries tackle similar security challenges."
Buratai noted that terrorists in both countries adopted same method of attacks, hitting soft targets and government installations.
He added that "Nigeria Army is ready to collaborate with Malian Army in checking attacks.
"This is because, the threats of insurgency and terrorism in Northern Mali is also a threat to Nigeria."
A former Secretary of the Nigeria Football Federation (NFF), Taiwo Ogunjobi, has described the duo of Nwankwo Kanu and Austin Jay Jay Okocha as the best two players Nigeria has ever produced.
Ogunjobi said this in an interview with newsmen on Monday in Lagos.
Kanu and Okocha
The former secretary lamented that Nigeria currently lacked extraordinary up-and-coming talents that could emulate the astounding roles that were played by the two ex-internationals.
"As soon as we are able to get the young ones to step in to their shoes, when they do, they will start winning laurels and honours for the country. Definitely they will be in a position to replace them.
"But for now, because of what they've done before, that's why we are still celebrating them and we will continue to celebrate them.
"While we are looking for the young ones that will take over from them, of course it's going to take time, there is no doubt about that it's going to take time."
Manchester United has confirmed the signing of Romelu Lukaku from Everton on a five-year contract, with an option to extend for a further year.
Lukaku
The 24-year-old Belgian international striker will join the team in LA ahead of pre-season training.
Jose Mourinho speaking on the club’s latest acquisition said: “Romelu is a natural fit for Manchester United. He is a big personality and a big player. It is only natural that he wants to develop his career at the biggest club. He will be a great addition to the group and I know they will make him very welcome. I am really looking forward to working with him again.”
“I would like to start by thanking Everton and the fans for the last four wonderful seasons, I have made some special friends and we have shared some amazing moments. However, when Manchester United and Jose Mourinho come knocking at the door it is an opportunity of a lifetime and one that I could not turn down”
“You could see the fight, determination and the spirit in this team during the Europa League final and I want to become a part of that. I cannot wait to run out at Old Trafford in front of 75,000 fans but before that pre-season is where the hard work starts and I am looking forward to that first training session” Lukaku told the club’s official website
The President, National Association of Small Medium Enterprises (NASME) Mr. Degun Agboade, has called on the Federal Government to domesticate the provision of Sustainable Development Goals, SDGs, 16.5 to mitigate the issue of corruption in the country.
The SDGs' goal 16.5 is aimed at substantially reducing corruption and bribery in all their forms.
Speaking at the 3rd United Nations Global Compact Anti-Corruption workshop for Micro, Medium and Small Enterprises (MSMEs), he said: "We can achieve reduction in corruption and institutionalize global best practices and good governance for MSMEs by domesticating the provisions of SDGs 16.5
"Corruption like the cankerworm has been the bane of social-economic development in our society. To say the least, it has done so much harm to our economy and our psyche as a people it has impeded development and worsened growth indicators.
"This has resulted into poor and currently collapsing infrastructural facilities. It has become a big enterprise with people seeking to benefit immensely from this unlawful criminal and unethical act.
"Government should establish a credible funding window that specializes on MSME funding at unit digit 4 to 5 percent interest rate. Commercial Banks are currently not willing to lend to MSMEs because of perceived risks and uncertainties. Government is promising us that the newly established Development of Nigeria (DBN) will be dedicated to MSMES
"Putting the right structures and appropriate legislative intervention to unleash economic opportunities for MSMEs is expected to create a positive ripple effect in the economy
"MSMEs should be encouraged to join Business Membership Organizations (BMOs) of their choice for a louder advocacy result. This will enhance collective action to achieving tangible incentives such as overcoming specific challenges of MSMEs," she added.
In her opening remarks, the Co-Chairman of the Global Compact Nigeria Steering committee Ms Omobolanle Victor-Laniyan shared that the focus of the 3rd edition, was to increase business integrity, improve transparency for businesses and advance the "Anti-Corruption Agenda" which is Goal 16 of the SDGs of the United Nations.
She said that, "The fight for corruption among SMEs is progressing. One of the things that have changed is that, more MSMEs are now fully aware of the harm of corruption, which is the foundation of most of the problems they are having.
"We will continue to canvass on the need to end this cankerworm called corruption through our meetings with MSMEs. We are going sector by sector to ensure that corruption is mitigated to the barest minimum. We can keep waiting on the government. We need to start from the grassroots.
"The next workshop is at the end of this month, we have two in August, and it will continue, so we are starting and we want to maintain the momentum to make sure that we have the impact we are looking forward to," she added.
Everton returnee, Wayne Rooney believes he still has the fire power to go for a few more years and is “not coming into a retirement home” at Goodison Park.
Wayne Rooney
The former Manchester United captain who left the club in 2004 still feels he has a lot to offer at the age of 31.
Although he had other options, he opted for Everton once the club made their interest known
“I always play like I have got a point to prove,” Rooney said at his presentation on Monday. “I’m not coming into a retirement home. I want to play, I want to win. It is a challenge I need at this point in my career.
“You play football to try to win trophies and of course that is the target. We don’t want to just limp round in the season.
“I was at the FA Cup final in 1995. It would be a special moment to win a trophy at Everton.
“I know we have got the right man to lead us. A manager like Ronald and the career he’s had, once I knew he was interested in bringing me back, it was really a no-brainer, it was where I wanted to come and play.
“There were other options there but once I knew Ronald wanted to bring me back, it was the only place I was going to be playing.”
Rooney hopes to join other recent signings Jordan Pickford, Michael Keane, Davy Klaassen and Sandro Ramirez, in their bid to better their last season’s seventh-place Premier League finish.
“I don’t feel fit at the minute but that will build up over the next few weeks,” said Rooney.
“It feels great to be back. I was excited this morning to go in and meet the lads and get going.
“It’s an exciting time for myself and Everton. We are moving forward, signing the right players and we are all hoping this can be a very good year for us.
“We want to keep pushing and try to bring trophies to the club. It’s what we all want. The manager will have his ideas on which players he wants to bring in and we will all pull together to make sure we give everything.
“There are tough early games so we need to get pre-season right.
“You will have to wait and see [my position]. The big thing was coming back here to play. The manager will assess the training sessions.”
THE much awaited full year 2016/17 financial results of Flour Mills of Nigeria Plc (FMN) was released late last week with revenue coming in 53 per cent higher year-on-year (YoY), less than significant deviation from analysts' estimate of N524 billion.
The impressive performance was driven by strong topline growth across the Group's major business segments with Agro-Allied business segment growing by 72 per cent YoY, Packaging at 71 per cent YoY and Food segment by 51 per cent YoY.
However, the surge in revenue is largely attributable to price increases but with significant contribution by volume growth in the period.
Earnings were further supported by improvement in costs which saw operating profit rise to N41 billion from N9 billion.
Gross margin expanded by 170 bases points (bps) to 12.7 per cent supported by product price increases implemented to protect margin and support earnings.
Another positive to earnings was a moderation in net operating losses to N1.5 billion from N11.7 billion in 9M'16/17 largely due to a N7.5 billion decline in exchange losses.
Outstanding ex-overdrafts
However, interest expense rose by 36.9 per cent YoY to N29.0 billion given the Company's huge debt profile (N192.6 billion debt outstanding ex-overdrafts as at FY'16/17) and elevated cost of debt.
Despite reporting impressive YoY growth in operating profit, Profit After Tax (PAT) went down by 39 per cent YoY to N8.8 billion as against N14.4 billion recorded in 2015/16 financial year. The PAT decline was within estimate of N8.7 billion by Cardinal Stone Partners, a Lagos based investment house, but slightly above consensus estimate of N8.5 billion.
Analysts at Vetiva Capital, another Lagos based investment house, had noted that the YoY decline in PAT is not a fair comparison given that bottom line in the prior year was bloated by a N23 billion exceptional item arising from the sale of its subsidiary, UNICEM.
Vetiva analysts, consequently stated: "Save for the exceptional item, we highlight that prior year's bottom line would have come in at a N12.2 billion loss before tax."
Analysts at Cardinal Stone Partners concurred, stating: "We however highlight that the prior year was a high base where FMN reported N23.7 billion from the sale of its stake in UNICEM. Excluding the gain, the company would have reported a loss after tax of N9.3 billion in FY'15/16. Therefore, current earnings performance of N8.8 billion is an improvement over FY'15/16."
With the Board of Directors proposal of a ¦ 1.00 per share dividend, same as 2015/16, the stock shows up with a current dividend yield of 4.0 per cent.
Quarterly perspective
Looking at the quarter-on-quarter (QoQ) performance, however, FMN reported a quite dismal fourth quarter (Q4'16/17) result with most line items trending below estimates.
Whilst revenue remained flat QoQ and 8.0 per cent above Vetiva estimate, earnings were knocked by a moderation in gross margin at 287 bps QoQ and an uptick in operating expenses (OPEX) to sales ratio at 294bps QoQ amidst high conversion and administrative costs respectively.
With foreign exchange related losses moderating from N13.3 billion in 9M'16/17 to N5.7 billion at full year, these pressure points were offset by a 57 per cent reduction in the accumulated FX losses. But a rather unexpected 119 per cent QoQ surge in financing costs brought profit before tax (PBT) to a modest ¦ 0.2 billion, about 88 per cent QoQ decline.
With a N1.3 billion tax credit FMN was able to squeeze in a profit after tax (PAT) of N1.4 billion for the quarter.
Analysts worry over internal risks
Still commenting on the FY 16/17 results the analysts at Vetiva Capital stated: "Whilst the YoY performance for FMN remains impressive, the Q4 numbers look quite disturbing and we are wary as to how well the company will leverage the improvement in the operating environment amidst prevalent internal risks which could quickly derail earnings prospects.
"We are specifically most concerned about FMN's debt levels. Following a 29 per cent YoY rise in total borrowings in FY'16/17, the company has an elevated debt to equity ratio of 187 per cent and interest expenses take up almost 80 per cent of operating profit realized.
"We believe the company needs to look at deleveraging its balance sheet and given the recovering equity market, Management may speed up equity capital raising plans given that the company obtained Shareholders' approval to raise N40 billion through a 3- year shelf program in Q1'16/17.
"Further supported by an improving macroeconomic environment, we remain optimistic about revenue growth, particularly in the Food and Agro-Allied segments, and forecast a 9.0 per cent rise in topline in FY'17/18.
"We however revise our EPS (Earnings Per Share) for the period lower given our more cautious stance on cost efficiency and an upward revision to interest expense estimate.
"Our FY'17/18 EPS is revised to N4.16 (Previous: N5.40) and 12-month Target Price is cut to N31.71 (Previous: N34.63)."
THE volatility in cost of funds in the interbank money market will persist this week as the Debt Management Officer (DMO) issues FGN Bond of N135 billion. The market experienced wide swings in short term cost of funds, last week, due to funds outflow occasioned by Central Bank of Nigeria's (CBN) liquidity mop-up through treasury bills and dollar sales.
As a result, average short term interbank interest rate rose sharply to 79 per cent in the early part of the week from 5.4 per cent the previous week, before dropping to 15.10 per cent at the close of the week on Friday.
Data from Financial Market Dealers Quote (FMDQ) showed that interest rate on Collateralised lending rose from 5.33 per cent the previous week to 75.8 per cent on Wednesday but dropped to close at 14.5 per cent on Friday. Similarly, interest rate on Overnight lending rose from 5.75 per cent the previous week to 80.58 per cent on Wednesday but dropped to close at 14.9 per cent on Friday.
Financial Vanguard analysis of treasury bills trading showed that the CBN offered to sell N302 billion worth of bills while subscription stood at N287.2 billion, with the apex bank selling N230.6 billion. In a bid to mop up liquidity the CBN issued N125 billion worth of secondary market bills (Open Market Operation, OMO) which was undersubscribed by 30 per cent as total subscription stood at N75.8 billion, while the CBN eventually sold N53.6 billion.
At the Primary Market, where fresh bills are issued, the apex bank offered N177 billion worth of bills which was oversubscribed by 19.4 percent, with subscription at N211.4 billion, while the CBN sold N177 billion. The above, coupled with outflow for dollar purchase during the week, nullified the impact of inflow through payment of N68 billion for matured bills earlier in the week.
Consequently market liquidity (idle cash) dropped from N130 billion at the beginning of the week to zero balance at the end of the week. This precarious liquidity situation will be aggravated this week due to N135 billion bond issue by the DMO. The bond issue which is scheduled for Tuesday with settlement on Friday comprise N35 billion worth of five-year bonds, N50 billion worth of 10-year bond and N50 billion worth of 20-year bond.
This combined with outflow for dollar purchase is expected to nullify impact of expected inflow of N89.9 billion through payment of matured OMO bills. Analysts were, however, divided in their projections for the week. While analysts at Cowry Asset Management Plc and Afrinvest Plc projected improved liquidity, analysts at Vetiva Capital Management Limited and FBN Merchant Bank however projected tight liquidity condition.
According to Cowry Assets analysts: "This week there will be maturing treasury bills worth N89.96 billion in the secondary market segment. Hence, we expect financial system liquidity ease and resultant stability in interbank rates."
Vetiva Capital analysts, however, stated: "With the CBN expected to continue its OMO interventions in the coming week, we foresee more mixed trading in the T-bills space with a bearish bias as tight liquidity continues to weigh on the market".
Naira in mixed performance as CBN injects $449.3 million
The naira recorded mixed performance last week even as the CBN injected $449.3 million to boost dollar supply. While the naira appreciated at the Investor and Exporters (I&E) window, it depreciated at the parallel market.
Data by the FMDQ showed that the reference rate for the I&E window, also known as Nigeria Autonomous Foreign Exchange Market (NAFEX) dropped to N365.02 per dollar on Friday from N366.44 per dollar the previous week, translating to N1.42 appreciation for the naira.
However the naira depreciated by N1.50 in the parallel market, as the parallel market exchange rate rose to N367.5 per dollar on Friday from N366 per dollar the previous week.This was despite dollar sales of $125.8 million to the 3,145 bureaux de change (BDC) operators across the country during the week. Investigation revealed that the depreciation was occasioned by increased demand for dollars in the parallel market.
During the week, the CBN injected $449.3 million into the interbank foreign exchange market. On Monday, it offered $195 million comprising: $100 million for authorized dealers in the wholesale window; $50 million for the Small and Enterprises (SMEs) window; and $45 million for invisibles such as Business Travel Allowance (BTA), Personal Travel Allowance (PTA), tuition and medical bills.
On Friday the apex bank injected $254.3 million into the retail segment. According to the Acting Director, Corporate Communications department, CBN, Mr. Isaac Okorafor, the sale was in response to bids received from authorized dealers, on behalf of their customers, at the retail auction announced by the CBN on Wednesday, July 5, 2017. He disclosed that the $254.3m sold was for companies in the raw materials, agricultural, airline and petroleum industry.
This week, analysts projected that the apex bank is expected to sustain its intervention in the foreign exchange market hence relative stability in the exchange rate of the naira. Analysts at Afrinvest Plc stated: "In the week ahead, we expect the CBN to continue to keep rates stable at the official market whilst also boosting liquidity in the BDC/Parallel end via retail market sales."
In the same vein, analysts at Vetiva Capital Management Limited said: "We expect the CBN to continue intervening in the currency market to further improve liquidity and prop up the naira."
The Federal Government Staff Housing Loans Board (FGSHLB) will not give loans to civil servants who do not adhere to the guidelines of the board.
Dr Hannatu Fika, the Executive Secretary of the board, said this in an interview in Abuja.
Fika noted that some beneficiaries of the board's loan facility did not utilise the money for the original purpose and warned against such practice.
She explained that civil servants who had received the first instalment of their loans only get the second instalment if the first one was judiciously applied.
"The second instalment is paid when you have judiciously utilised the first payment because quite a number of public servants will collect the first instalment and use it for something else and at their own pace.
"So, where our verification exercise does not indicate that the first instalment has been judiciously used, we will not release the second one until we have substantially seen on ground that those who are beneficiaries of our loan have used the first loan well.
" It is very rare for us to start deducting second instalment without paying the second one; but when that is done and our attention is drawn to it, we quickly release the second instalment.
"We have a technical division in the board that go to the nooks and crannies of the country to ensure that civil servants who get these loans, utilise it.''
According to her, many civil servants also receive approval letters for their loan and they don't follow up.
Commenting on the N13 billion partnership between the Nigeria Mortgage Refinancing Company (NMRC) and the board, Fika said that efforts were being made to ensure the release of the money.
"We are working on a N13 billion refinancing; in anticipation of the money, we are processing approvals, so that we begin to document those who are interested in the loan.
"We don't want to do a fire brigade thing and then make mistakes that are dangerous.
"At present, we have a government that is interested in ensuring that public servants own their own homes. I encourage public servants to continue to bear with the system.
"We have developed in our office a first come, first serve system of giving loans.
"We are partnering with the Federal Mortgage Bank of Nigeria (FMBN) under the N1 million Renovation Loan.
"The loan will be given to 700 civil servants and we are targeting the Civil Service Week so that they will know that government is interested in their welfare,'' the executive secretary said.
