The Nation Newspaper

Tag: bad

  • Giving a dog a bad name …

    It is a doggone tale that Hardball has been condemned to tell here today. Because everyday has its own dog, the wise would never mess around with those canine creatures; indeed it is always better to let sleeping dog lie because if you stir it, you never know, you may be left licking your own wound.

    That is probably what a certain fellow called Joachim Iroko, initially known as Joe Fortmose Chinakwe (Joe for short) did, – he chose to lie down with dogs and as is natural, he rose with fleas. You must know the story or a variant of it: about this man who chose to name his dog BUHARI. But more momentous is that he has roused in Hardball, a litany of canine idioms and metaphors for your enjoyment. Here:

    Like a dog with a bone, Joe, a trader in Sango – Ota area of Ogun State, was not content with christening his canine Buhari, he had to boldly inscribe the name on the dog. Now truth be told, Hardball cannot confirm whether he did so on the two sides of the dog or just one. That distinction would surely portend distinct imports wouldn’t it?

    Now the point of divergence: Joe insists he loved President Muhammadu BUHARI; happy with him like a dog with two tails, he named his beloved pet dog after his president. But he never explained why he had to emblazon the name on the mangy as if it were a national carrier. Yet again, he was said not to have stopped at that, he proceeded to take his dog on a parade through the Hausa section of the Ketere market in Sango Ota.

    But a dog fight ensued when a fellow in his neighbourhood called in the police to arrest Joe, complaining that he disparaged the name of his father, Alhaji BUHARI. And trust the Nigeria Police, it is like throwing bones to dogs – they have been going at Joe with the ferocity of junkyard dogs.

    No explanation would do; the dogs have been let out. Instinctively, like running dogs, they had turned him upside down, detained him and passed him through the hoops even before they came to the realisation that there was a statue for the offence. They later remembered to charge him to court for conduct likely to cause a breach of the peace.

    Now Joe must find sureties to stand bail for him; he has to get a lawyer; he has to endure a long-drawn court case and so on. Joe the hot dog, he must have his tail between his legs now. If only he had listened to Fela’s classic, Palava. It says, when trouble sleep, yanga go wake am, wetin e dey find, palava you dey find. Poor Joe, he would kick his dog now.

    Well, let’s not cry for him yet, perhaps he is a dogged fighter. But what trader would cross seven (?) seas, all the way from the Niger Delta (as initial reports claim) to Ogun State only to engage in a dog fight. To what end?

    Verdict: play safe, just call him bingo!

  • ‘How banks hide bad debts’

    ‘How banks hide bad debts’

    Local and foreign investors rely on the integrity of financial statements to make decisions. To the Financial Reporting Council of Nigeria (FRC), only a financial statement that meets the International Financial Reporting Standards (IFRS) will inspire them to invest in a company.  FRC’s Chief Executive Officer Jim Obazee said this and more in an interview with SIMEON EBULU and COLLINS NWEZE during his visit to The Nation.

    How has Financial Reporting Council streamlined financial reporting by companies?

    The FRC was established by the FRC Act 6, of 2011. Prior to this, there was the Nigerian Accounting Standards Board (NASB). The NASB in itself had some histories. Prior to the indigenisation, there were different companies, coming from different countries into Nigeria. And when they come, the rules that govern who they report their income and expense; assets and liabilities, were provided for by the standards issued by their home countries.

    So, you have companies from the United Kingdom (UK) reporting UK’s standards, and those from the United States, reporting based on US standards.

    We had a lot of mix ups. You can actually report fair results following those standards, but when you report, people who are interested in investing in your company, may be relying on very faulting foundation if both were given the same rules.

    How?

    For instance, a very smart managing director that is making loses will likely want to adjust the figures. Don’t forget that in some companies, the Managing Director’s emoluments are tied to percentage of the profit of the company. So, such MD is not interested in losses. So, he could gather smart guys in the office and say, gentlemen, our numbers are not looking right, what can we do? So, they are no longer discussing the business concept, they are discussing earnings management.

    It is actually fraudulent financing reporting. So, he would say, gentlemen give me some ideas, we cannot show our shareholders this result. He is not telling them the major problem which is the fact that he is not happy because he cannot get good salary. So, somebody needs to create the opportunity for him.

    Then a young man, would raise up his hands and say, you know the car we bought for N100,000 and the policy of this organisation is that the estimated useful life of the car is for four years. So, every year, we write off 25 per cent against profit. So, we write off 25 per cent of N100,000 which is N25,000. So, let’s change the policy to say the car will last for 10 years.

    So, if we are going to rely on 10 years, instead of writing N25,000 this year, we should write off N10,000. By adopting that structure, the company beefs up its profit by N15,000. This will now change the bottom line to look very healthy, even when there is no value underlining the result.

    What does that mean for investors?

    The investors will rely on the result to their own detriment. But don’t forget that the N15,000 brought into the profits, the Managing Director is entitled to a percentage of it. It was at that point that organisations in Nigeria decided to establish a new standards reporting setting body.

    So, eight organisations led  by the Central Bank of Nigeria, Securities and Exchange Commission, Institute of Chartered Accountants of Nigeria, among others, came together and formed the NASB on September 9, 1982. They were churning out standards which lacked legal backing. The institutions were simply persuading companies to comply. Prior to that time, there were the Companies and Allied Matters Act, 1990.

    The promoters of NASB went to those putting together the CAMA, brought in Section 335 sub-section 1 of CAMA Decree 1990, which stipulates that financial statements prepared in Nigeria, must comply from time to time, with the statement of accounting standards issued by the NASB to be constituted by the Minister of Trade and Industry.

    So, they got legal backing by which the minister would constitute the board. The Minister of Trade and Industry constituted the NASB to become a parastatal of the Federal Government of Nigeria, reporting to the Minister of Trade and Industry in 1992.

    How was FRC formed?

    It was under the former President Olusegun Obasanjo that there were all forms of attempts to form the FRC, but it did not see the light of the day. When I was appointed the CEO of NASB, I made the formation of FRC my priority. Before then, the World Bank came and promised to assist Nigeria, provided there is a Financial Reporting Council, where you can have an all embracing structure.

    Firstly, I was the chairman of a committee on the adoption of IFRS in Nigeria and we needed to deal with the law. Before the 2005 banking consolidation, I said that only seven banks were healthy. My view came after I analysed the results of the banks and discovered that there was a problem. I needed to deal with what I saw then, which was institutional weaknesses.

    Tell us about those institutional weaknesses?

    Many of the banks had started opening up insurance companies to hide their bad loans. If a bank is owed N1 billion and the customer is not able to pay, the CBN would check the bank’s account and ask if it has been fully provided for. The bank would be asked to take the bad loan off its assets and profit and that would constitute a big problem on its balance sheets.

    What the banks did was to set up  insurance companies and, for instance, factor the N1 billion to the insurance company, and subsequently claim that the insurance company had bought the N1 billion bad debt. The insurance company buys the bad loan at N900 million, with the understanding that when it recovers the debt, it will make N100 million gain. So, the N900 million will now be quoted in the bank’s books, so that when the CBN comes for checks, the bank will be applauded as doing very well.

    The CBN is inspecting banks, not insurance companies, while the National Insurance Commission that inspects the insurance companies, do not check the books of the banks. You see, when I said banks should not own insurance companies, you can now understand why.

    What impact has the FRC Act had on companies’ reporting formats?

    The establishment of the FRC Act has brought sanity to companies’ reporting of their financial statements, and made it difficult for them to manipulate their earnings, as all accounts are now reported using the International Financial Reporting Standards (IFRS). With the new reporting format, the practice where companies that are supposed to make losses, manipulate the result to post huge profits, would be difficult. Prior to the coming of the FRC Act, regulatory agencies, including the CBN, never took financial reporting seriously. No Nigerian demanded for the CBN account, let alone analysing what is inside. Because if you pick the financial statement of the CBN, and you have eagle eyes, you will raise several questions that they will beg you not to ask the questions. The law empowered FRC on some broad areas. First, financial reporting generally, which includes valuation of standards, auditing accounting standard both private and public, and then actuarial standard. It also empowered us to develop and co-ordinate corporate governance. Hitherto, there was no law governing the corporate governance in Nigeria. Now, it is only in the FRC Act that you see corporate governance. The FRC Act also says we are responsible for Corporate Governance Code in both public and private sector. Finally, FRC Act gave us power to check audit quality.

    What’s the impact so far?

    The FRC is committed to making Nigeria corporate reporting investment friendly. The FRC Act and its implementation is providing protection for investors. That is why you are seeing a lot of the fight. The judges themselves, when people started taking us to court, did not understand the type of organistion we are. Overtime, when they started understanding what we are doing, they started to embrace and know that we are bringing sanity.

    Does the National Assembly need to legislate on the National Code of Corporate Governance?

    It is not something you can legislate upon. It is a Code of Corporate Governance. It is like legislating on integrity.  We want to know, what are the roles of people that are entrusted with the direction, control and supervision of an entity? That is what Corporate Governance is all about. It is not an issue meant for the National Assembly. The Code of Corporate Governance for the public sector is talking about boards. All the boards of Ministries, Departments and Agencies of government, are already captured within the enabling laws of these institutions.

    Since they are already captured, it means you cannot bring a code that can override that law. Instead, it has to go to the Federal Executive Council through the Minister of Trade and Investment, so that a guideline, saying that the structure and composition of the board should defer to that of the national code. That is what we want to do. The reason is not far-fetched. Firstly, the code is talking about international best practices, and  reviewing the laws will take a lot of time.

    Tell us about the Code of Corporate Governance for Not-For-Profit organisations?

    The code of corporate governance for Not-For-Profit organisations has received very heated debates. Not-for-profit people are saying they are not ready yet. The reason is that the code will require them to be accountable. They must have financial statements before having a corporate structure. They are not happy with the committee structure because we are insisting there must be three committees.

    What about the extended audit report that FRC is canvassing?

    Very soon, we shall be inviting six big firms to a meeting. We want to talk to them on extended audit report. It will focus on key audit matters. The audit report will look at observations. We need to protect stakeholders, protect minorities and also grow the market.

    We have three major challenges. We have board concentration. All your board members are all friends. This leads to group thinking, where everybody thinks alike, nobody thinks at all. So, in board concentration, there is no healthy debate. We are campaigning that after one has served as Managing Director of a company for 10 years, such person should not immediately transmute as the Chairman. There should be a cooling off period. Immediately you transmute as the Chairman, you will become Managing Director one, the new Managing Director will become Managing Director two.

    We also have what we call ownership concentration. In the Nigeria capital market, we have just 20 per cent free float. We also have audit concentration. The four big firms are the ones auditing the companies.

    Are you having challenges with shareholders’ associations?

    Shareholders associations are also challenging us, saying we have brought out a rule, saying for you to be a Chairman of audit committee, you must be a professional accountant. Our reason for that remains that audit committee members should understand accounting.

    In our registration, we said one cannot sign a financial statement as a Chief Financial Officer unless the person is a member of the ICAN or the Association of National Accountants of Nigeria (ANAN). The moment foreign investors know that the companies are being policed; they will come and invest in our country. The first direction in fighting corruption is to ensure there are financial statements. Tell all government agencies to prepare their accounts, you will see there is a problem. Government agencies should have accounts.

    Are you still receiving 2015 financial accounts from banks?

    Yes, but Section 8 of the FRC Act says that public entities are to file their financial statements with the FRC not more than 60 days after approval by the board. So, they still have a two-month window. They are submitting their accounts and we are receiving them. But if the accounts are qualified, you cannot announce that account until we have looked at them. These are the things people worry about, saying – why is the FRC policing us. You need to be policed. The moment foreign investors know that the companies are being policed, they will come and invest in our country.

  • Diamond Bank loses N35.7b to bad loans

    Diamond Bank loses N35.7b to bad loans

    •CEO under pressure to deliver better returns

    Diamond Bank Plc has reported after-tax loss of N9.9 billion, driven by 206 per cent year-on-year rise in loan loss provision to N35.7 billion, in the fourth quarter of last year.

    Analysts at FBN Quest, an investment and research firm, said although pre-provision profit grew by eight per cent, while operating expenses declined by 17 per cent, the negative on the provisions line proved more significant and led to a pre-tax loss of N11.5 billion.

    The result, already published on the Nigeria Stock Exchange (NSE), showed that funding income fell by 10 per cent year-on-year. The pre-provision profits grew by 39 per cent quarter-on-quarter, driven by the strong growth (212 per cent) in other income.

    On a full year, 2015 basis, profit before tax fell by 75 per cent year-on-year, largely driven by a 109 per cent rise in loan loss provisions to N55.2 billion. The analysts said the decline on the profit after tax line narrowed to 69 per cent due to a positive result of N2.2 billion in other comprehensive income.

    “Diamond Bank’s results imply a Return on Average Equity (ROAE) of 3.7 per cent. This ranks among the lowest within our universe of bank stocks. Given the weak set of results and the year-on-year decline on the funding income line, we would expect the line to be one of the focal points of discussions on the bank’s conference call. We also expect the impairments and cost of risk to come under some scrutiny,” the analysts said.

    The analysts also expressed concerns that the lender’s asset quality are likely to linger.

    Afrinvest West Africa Plc’s report on the bank’s fiscal year 2015 and first quarter 2016 showed that while gross earnings growth slowed to record low, N55.2 billion, credit impairment charges also led to a 77.8 per cent decline in net income. This was triggered by huge exposure of loan portfolio to Oil & Gas (29 per cent) and General Commerce (20 per cent), which accounted for 13 per cent and 42 per cent of non-performing loans respectively as at nine-month results.

    The bank’s 2015 result was weakened by asset quality deterioration, which translated into higher cost of risk (CoR) ratio, which increased to 6.7 per cent from 2.4 per cent in prior year, as impairment charges jumped by 109.2 per cent. The bank’s shares have declined by 35.2 per cent year-to-date, worse than the 13.4 per cent return on the All Share Index.

    The result, analysts said, put the bank’s CEO, Uzoma Dozie, on the hot seat as he struggles to keep the mid-tier lender profitable in the face of significant weakness in the assets quality traceable to poor credit risk management strategy.

  • Bad faith

    •Nigerians must resist senators’ bid to amend CCB, CCT acts and ACJA 

    The senate is strangely claiming patriotic instincts in its ongoing attempt to amend the provisions of the law on the Code of Conduct Bureau (CCB) and the Code of Conduct Tribunal (CCT), both creations of the 1999 constitution. According to the sponsor of the bill, Senator Peter Nwaoboshi (PDP Delta), their effort is to remove the tribunal from the office of the secretary to the government of the federation. According to media reports, the bill has hurriedly scaled the second reading, even as the presiding officer of the senate, Senator Bukola Saraki, is standing trial at the tribunal.

    Furthermore, Senator Isa Misau (Bauchi APC) has also sponsored a bill to amend the Administration of Criminal Justice Act (ACJA); which has helped put to proper trial, those who have allegedly committed crimes against the Nigerian state. In this group, include Senator Saraki, and other politically exposed persons in the immediate past regime, who are standing trial or have been accused of one infraction or another. With the proposed amendment, those involved would jump at the opportunity to tame the law, which has now enforced criminal trials, instead of the seedy interlocutory applications that was the order of the day, for years.

    So we ask, in whose interest is the Nigerian senate making the furious efforts to amend the relevant laws that have brought a modicum of seriousness in holding public officials accountable? With the senate president standing trial before the tribunal, is it not self-serving and a flagrant abuse of privilege for the senate to now seek to scuttle the trial, already sanctioned by the Supreme Court, through legislative intrusion? Unless the mores guiding the senators are different, has it not occurred to them that what they are engaged in was tantamount to an act of bad faith, in the circumstance?

    Again, unless the senators are reading a different constitution, our search has not shown the claims made by the senate that the CCB and CCT are under the control of secretary to the Federal Government. Evidently, the provisions of the constitution are unequivocal about the independence of the two bodies. For instance, section 157(1) and (2) provides that the chairman and members of the Code of Conduct Bureau can only be removed by the President acting upon address supported by two-thirds majority of senate, praying that the person be so removed.

    Furthermore, by the provisions of the fifth schedule, part 1 paragraph 15(3), the chairman and members of the Code of Conduct Tribunal shall be appointed by the president in accordance with the recommendation of the National Judicial Commission. Section 17(3) also provides for security of tenure, as the chairman or a member of the tribunal can only be removed by the president upon an address supported by each House of the National Assembly.

    So, where is the provision guiding the performance of the CCB and CCT that the senate complained about? Even as the senate may lack the ability to unilaterally amend a constitutional provision for a self-serving purpose, we urge Nigerians to keep watch over this senate that has shown a single minded determination to scuttle the legitimate trial of its president.

    Unless the senate can show publicly that the proposed amendments are intended to further strengthen the ACJA, which as we earlier argued has brought some sanity to criminal trials in our country; the fear out there is that they are seeking to weaken the act, to serve very narrow interests. With the glaring bad faith so far shown by this senate with a tainted leadership now seeking to make laws to preserve that leadership, Nigerians should get ready to get the senators to account.

  • Bad losers at work

    The long knives are out again at the Nigeria Football Federation (NFF). Failed football administrators and those who lost their positions in previous restructuring of the Glasshouse are back at their old game. They want the house flattened because they are no longer there. It doesn’t matter if this distraction costs Nigeria the right for her flag to be hoisted at the 2017 Africa Cup of Nations in Gabon.

    Sadly, even those who have been indicted by probe panels over their nefarious activities when they were at the NFA, as the body was then known, are now shouting at the roof top concerning the body’s maladministration. If those disturbing the media with their warped comments had set the right templates for growth during their time, we won’t be faced with the systemic problems inherent in the Glasshouse.

    Indeed, such unguarded utterances by failed NFF members and staff gave credence to the new accounting order by Muhammadu Buhari administration meant to seal some of the flaws in the system. Now that the administration has come to grasp with the uniqueness of funding sports which must compete with other nations with discerning templates for revenue generation, it should do everything possible to get the National Assembly to pass the NFF Act. That way NFF would be run by professionals, whose pedigree in business is profound, not this setting where jobbers, influence peddlers and lickspittles seize the unfriendly environment arising from a defeat to heat up the polity.

    This crossfire of tales not backed by facts put the NFF in bad light, making it extremely difficult to woo investors to do business with it. No credible firm will associate its goods and/or services with a product mired in controversies. These cynics must learn how to take defeats on the chin. There are three results in the game of soccer- wins, losses and defeats, which most times help such teams to know their strengths and weaknesses. The NFF has suffered yearly reorganisations which have done us no good in terms of results, largely because we are bad losers.

    Need I restate my previous argument that a body which bankrolls 11 national teams every year cannot be solvent, especially with its critics heating up the polity with frivolous claims and craving that these teams win all their matches?

    Unfortunately, policy summersaults, including frequent changes in the personnel at the Glasshouse, have made it difficult for anyone to do business with the body. One of such policy changes is the TSA, which accounted for the delays in paying Oliseh’s wages. And the coach wasn’t convinced by Sports Minister Solomon Dalung’s plea that he would be paid soonest. The minister met his promise but Oliseh’s mind was made up and he quit the job. Sports in Nigeria, especially football, need a four-year budget meant to ensure that cash is available over the period to adequately prepare the sportsmen and women like it is done in other climes.

    Perhaps, the government needs to adopt the community-based sports sponsorship programmes and see how it can constitute a sports lottery board to have enough cash to run the industry. It also could set up a probe panel to find out how money sourced under previous lottery schemes was spent. Of course, such funding will be adequately monitored and those given the money made to account for.

    Sunday Oliseh’s resignation has stoked the fire, with fifth columnists creating incredible scenarios as if the incumbent NFF board members weren’t the same people who piloted the country to a back-to-back FIFA U-17 World Cup wins by the Golden Eaglets and guided the U-23 Olympics Eagles squad to winning the African Championship, for the first time, in Senegal, among several laurels that we have recorded.

    Oliseh has the right to resign. He is free to spit venom at his employers, provided his facts are correct. But he must remember that Nigeria is bigger than he is. And having helped to raise the country’s profile in the game, it would be a travesty if he destroys such a legacy on the altar of getting back at a few people who he feels has hurt him.

    If Oliseh feels strongly that his contract was breached, he should seek redress at the appropriate quarters. I’m glad that NFF men have apologised for the error in recruiting Oliseh, if indeed it was. I’m excited too that the NFF didn’t flinch in naming Samson Siasia, Emmanuel Amuneke, Salisu Yusuf and goalkeeper Alloy Agu to lead the Eagles through their two-legged ties against Egypt in Kaduna on March 25 and Cairo on March 25.

    It is true that the first-place team in Nigeria’s group will immediately qualify for the 2017 AFCON. What is equally true is that Nigeria stands the best chance of being the best loser among the qualifiers, if the Eagles beat Egypt in Kaduna and win her remaining two games against Tanzania in Nigeria and against Niger. So what is the fuzz about Oliseh’s resignation that has brought out the beast in most interlopers in this issue?

    Is this the first time that Nigeria has changed coaches deep inside the qualifiers? So, what makes Oliseh’s case different? After all, Shuaibu Amodu has got us qualified several times from more difficult settings. So, why is Oliseh likened to Pep Guardiola by many fifth columnists who keep harping on the refusal of the NFF chiefs to consider the coach’s conduct before employing him, as if it is a criterion for picking coaches? If NFF ignored Oliseh for another person, these same people would have cried wolf, given the way they stampeded the Glasshouse chiefs to making Oliseh the only candidate for the job after Stephen Keshi was eased off.

    I hope that Oliseh can learn from Siasia’s return. I recall telling Siasia in one of my columns here to withdraw his law suit against the NFF when he was sacked because he could return to the job. I urged Siasia to learn from “sacked” Amodu and Adegboye Onigbinde had been brought back to the Eagles job anytime there was a crisis in the team? Siasia, are you not back to the Eagles job despite the harsh words you used against me at a press conference? Such is life Oliseh. It isn’t too late to put all that has happened behind you and focus on watching Nigeria at the 2017 Africa Cup of Nations than being linked as one of the remote causes of Nigeria’s absence (God forbid) at the tournament in Gabon.

    If Oliseh sticks to his guns, then Siasia will write his name in gold if he pulls the Eagles through the games against the Pharaohs of Egypt in Kaduna and Alexandria. Siasia said he is used to this pressure cooker setting. All he needs is the support from everyone. And they can’t but back Siasia in this daunting task.

    The biggest fillip in his favour ahead of the two games is the assurance from the players that they would fight for the points in the two games as if their lives depend on them. Well said guys but please save the commentaries for the pitch. Anytime our players run their mouths before matches, I panic. I hope their battle against the Pharaohs will be different. The players should strive to scale the Egyptian hurdle to stabilise the workings at the Glasshouse.

    I’ve seen Siasia’s 42 men, comprising 20 stars from the foreign legion and 22 domestic league players. The interesting aspect of those selected is that they represent close to 80 per cent of the good players that we have. It won’t be difficult for Siasia to pick his best 23, having worked with many of them. He also has seen them play.

    Siasia’s three goalkeepers, Carl Ikeme, Daniel Akpeyi and Ikechukwu Ezenwa from outside Nigeria, can do the job in Kaduna and Alexandria. I admire his choice of defenders, except that I don’t see how he can play younger boys from the domestic league. Well, it is his job and he has it cut out for him. Good luck, Siasia.

    The defenders hold the key to our qualification for the 2017 Africa Cup of Nations, especially in the second leg tie in Alexandria, where I expect the Egyptians to deploy all the tricks in the books to win. I expect the Egyptians to fall freely even from the sound of Nigerian defenders tracking them in any of their onslaughts. Defenders Abdullahi Shehu, Elderson Echiejile, Efe Ambrose, Godfrey Oboabona, Stanley Amuzie and Kenneth Omeruo are experienced to know how to keep the tricky Egyptians out of the vital areas. Mistakes shouldn’t be made.

    How many countries in Africa have the quality of midfielders that Siasia wants to use to inflict pains on the Egyptians over the two legs? Oguenyi Onazi, John Mikel Obi, Kelechi Iheanacho, Okechukwu Azubuike, Alex Iwobi, Aminu Umar and Aaron Samuel are some of the best that any team needs to rev its attacking onslaughts – only if they are focused. The strikers are Ahmed Musa, Victor Moses, Moses Simon, Odion Ighalo and Fernando Adi. These strikers have been scoring goals with aplomb in Europe.

    No expertise is needed to know that the home-based lads are training materials, who will hold fort until the arrival of the big boys. However, some of them such as Aggrey, Chikatara, Etebo and Mohammed could make the cut as reserves or possibly additions to the squad for them to watch the big boys pull the chestnuts out of the fire in Alexandria.

    For me, it doesn’t matter who plays. What is sacrosanct is the unity of purpose among the players before, during and after the two matches. Up Nigeria! Up Super Eagles!

     

  • Bad news

    • A dip in oil and gas calls for urgent diversification of the economy

    Two reports, from New York Times and Reuters, should raise, by a bar, the adrenalin levels of the managers of the beleaguered Nigerian economy.

    The first, from New York Times, is that the American oil major, Chevron,  is planning to axe 7,000 jobs, in addition to the 8,000 it announced earlier in the year.

    Reuters, on its part, also reported that the Anglo-Dutch oil firm, Shell, also seeks to shed a massive 1,000 jobs globally – a figure said to be different from the 6,500 it earlier pencilled to be laid off in July.

    That the global oil industry as a whole currently faces an uncertain future can only pass for an understatement. Indeed, not with the trio of Chevron, Shell and Eni reported as collectively posting $12 billion losses in three months: Chevron, $3.6 billion; Shell, $7.4 billion and Eni, the Italian major, $1 billion.

    In the circumstance, the future of the oil economy – as indeed the fortunes of international oil companies (IOCs) – can only be described as bleak.

    At this time, the number of our compatriots to be affected by the massive job cuts is not exactly known. However, given the vastness of the nation’s industry and the scale of the trio’s operations in Nigeria in particular, it is not hard to imagine that a sizeable number of our nationals would be affected by the planned shakedown.

    For the economy, in which unemployment is at a record high; and the individual families and their hordes of dependants, that cannot be anything but bad news.

    What makes the situation particularly regrettable is that the economy at this time has neither the capacity to absorb those to be laid off, nor can it boast of alternative outlets through which their specialized skills could be productively deployed.  It is unfortunate that Nigeria is again forced to bemoan a situation, not only predictable but actually predicted.

    For years, the nation’s leadership hugged the enclave economy of oil and with it, its restrictive, narrow and opaque ways. They went on wild, unproductive expenditures, not caring about the future.

    But with the reality now firmly set, it seems hard to imagine we have lost the whole of a decade to lay a solid foundation for a truly diversified economy.  What is more?  We had enough time to put in place world class infrastructure; and to enact policies very friendly to business.  All of these could have gone a long way to mitigate the impact of the negative developments on the economy and the individual.

    The pathway out of the quagmire, of course, remains that path not taken:  diversification, in its broadest sense, to expand the nation’s productive base.

    As always, we believe that the pathway is massive investment in the critical infrastructures of power and transportation to drive down the cost of doing business. We may well add that small and medium scale businesses remain key; as they are best placed to create jobs.  Hence, they deserve special incentives: access to cheap, long-term funds and allied business-supporting policies.

    Finally, for far too long, the Federal Government has neglected to heed the imperative to harness and optimise the linkages inherent in the hydro-carbon value chain – despite our vast endowment in this area.

    That explains why the nation is currently a net importer of every conceivable foreign manufacture, not the least petroleum products, which it imports at a premium, after exporting crude oil it now has in quantum, on the cheap.

    Therefore, massive investment in petrochemicals and allied industries seems to us as the surest path: not only to cut down on the nation’s huge import bill, but also to create jobs on a massive scale.

  • Residents deplore bad roads

    The state of roads in the four local government areas of Akoko in Ondo state has become a matter of concern to indigenes.

    Residents described the development as a serious set back to the socio-economic development of the area.

    A chieftain of the All Progressives Congress (APC)in Arigidi-Akoko, John Ogunleye, said many indigenes living outside the state are uncomfortable with the situation.

    He said: Many of our sons and daughters have decided to stay away from home because of the unmotorable nature of roads in Akokoland.

    “They are not happy to come home and investors have stayed away”

    Ogunleye said the Ugbe-Simerin-Epinmi Road is the worst, noting that a toll gate was erected on a bridge illegally by touts, who collect between N50 and N200 depending on the size of the vehicles.

    He said the bridge was made of wood and posed a danger to users.

    The APC chieftain said the Oke-Agbe-Afin-Ese Road  contract was awarded 16 years ago.

    “It is still the same way. Only motorcyclists can ply the road and they charge  exhorbitant fares.

    ”Ajowa-Igasi-Eriti-Omuo-Oke-Ekiti is the worst as passengers trek with loads on their heads to the markets.

    “Ikare-Oke-Agbe-Omuo and Ikun-Ipe  are also calling for quick attention.

    “There can never be meaningful development without motorable roads,the government  should emulate Ekiti with good road network.”

  • In bad taste

    No wonder many decent people are  running  away from politics; it is not that they are not  interested in the game, what they are afraid of is the mudslinging. Some politicians are crude; so crude that  they are not better than motor park touts, to borrow the words of President Goodluck Jonathan.  They use intemperate language unmindful of the damage they may cause. These ill-mannered politicians believe that all is fair and foul in politics. But should it be so?

    In this age, we should be playing politics without bitterness as espoused by the late Ibrahim Waziri of the defunct Great Nigerian Peoples Party (GNPP), who despite defecting from the Nigerian Peoples Party (NPP) in 1979 remained friends with his former party members and used no curse words against them.

    Decent people will continue to shun politics if our politicians continue to behave the way they do. What is in politics or the contest for power that a politician will wish another dead? There is no way any same person can defend the advertorial placed by Ekiti State Governor Peter Ayodele Fasyose in The Punch and the Daily Sun last Monday, on the All Progressives Congress (APC) presidential candidate, Alhaji Muhaamadu Buhari.

    The advert does not show that we have grown politically as a nation. The essence of any campaign is for the contestants to show who is the best among them. It is not a forum for abuse or mudslinging; neither is it one for twisting biblical passages in order to satisfy inordinate desires. Election is not a do or die. You contest and lose to contest again.

    You do not contest to die; you contest to live and see where you missed it so as to become a better candidate in future. None should know this better than  Fayose, the harbinger of the hate advert. And what is Buhari’s offence? He is contesting the February 14 presidential election against Fayose’s political leader, President Goodluck Jonathan. Fayose wants to remain in Jonathan’s  good books and as such he is ready to do anything to satisfy his master.

    But the president should know people like Fayose for what they are – they will support you today because it pays them to be on your side and abandon you when the tide turns against you. Fayose knows that his bread will remain buttered as long as he is on the president’s side. Perhaps, he is acting with the benefit of hindsight. A president got him out of office in 2006 because he was found to be cantankerous. Fayose does not want history to repeat itself  almost nine years after. To avoid that bitter experience, he has thrown all what he has into supporting Jonathan against Buhari to protect his political future

    There is nothing bad in his support for Jonathan, but  everything  about his hate advert against Buhari is bad. His advert, which I find nauseating  to reproduce here was uncalled for. That is not how to campaign for your candidate. Fayose went too far in that advert and it calls to question the sanity of some of those we call our leaders. Is it not a shame that such a figure is a governor in Nigeria? Fayose could have found better ways of campaigning for Jonathan instead of descending so low with such a cheap advert.

    It cost money to place that advert but its message was too cheap for such a price. So, has money not been put to shame? What is the point in spending a fortune on an advert only to come up with a message that rankles? Since Monday, Fayose has been under fire for carrying his sacrifice beyond the house of worship. The good he wanted to do Goodluck Jonathan through that advert has turned to bad for him. He is the one to make a choice now – does he want bad luck – as he has brought upon himself with his advert – to remain his portion or will he mend his ways for good luck to locate him?

    Fayose went overboard in that advert; no wonder Nigerians have been cutting him to size over it. But then he who the gods want to destroy they first make mad. This is what we are seeing in this case. To the leadership of the Advertising Practitioners Council of Nigeria (APCON), the advert was a killjoy. It said : ”You know, sometimes it looks as if life plays a cruel game. The Punch of today has an advert reportedly sponsored by Ayo Fayose. Now going by Facebook (FB) responses alone, the advert has attracted many negative responses…

    “From a professional standpoint, it’s not an issue of whether the advert is good or bad. It is simply unconventional, shocking, controversial, and perhaps even embarrassing, and has certainly annoyed a few people. And by the way, the reference to portions of the Bible introduces a curious twist…

    “Now I am sure that wherever he is, the president must be wondering about his Ekiti enfant terrible. These are really interesting times!” Indeed, they are. If they were not, Fayose will not be putting his name on such a despicable advert when we are talking of the Abuja Peace Accord.

    How can we  ensure a hitch free election with such hate spewed forth from the Fayose advert? It is the worst worded advert I have ever read. It was too provocative  and did not do the Abuja Peace Accord any good and  I daresay the papers should have erred on the side of caution in carrying it. The media should not be too conscious of money; yes we are in business to make money but we must be wary of the antics of politicians who do not mean well for the country.  Otherwise we will allow them to blow up the country with their hate mongering under the guise of electioneering. There is no better word to describe Fayose than that of APCON – an effant terrible. What an effant terrible!!

    Will the president and PDP call him to order? I doubt if they will  because it pays them to pretend as if they did not see this evil which their beloved son has committed. A free, fair and peaceful election as agreed to under the Abuja Accord  starts with those close to the corridor of power not doing anything  to breach that pact.

    Mbu the ‘lion’

    MANY are agitated over Assistant Inspector-General (AIG) Joseph Mbu’s deployment to the Zone 2 Police Command comprising Lagos and Ogun states. And they are rightly so. Mbu, the self-styled lion,  parades an unenviable record as a police officer. The atrocities he committed  as Rivers State Police Commissioner and AIG Zone 7 Abuja are still fresh in the people’s memory. Was he deployed to Zone 2 to intimidate the highly vociferous people in his command as we get set for next month’s elections? Time will tell. Let him have these words of wisdom at the back of his mind : ”If you are sent on a servant’s errand, you deliver it as a freeborn”.

     

  • The good and bad stocks of 2014

    The good and bad stocks of 2014

    The immediate past year saw a major reversal for the stock market. With average return of -16.14 per cent, quoted equities loss a whooping N1.75 trillion during the year.  Aggregate market value of all quoted equities closed 2014 at N13.226 trillion as against its opening value of N11.477 trillion for the year.

    The All Share Index (ASI), the value-based common index that tracks prices of all quoted equities on the Nigerian Stock Exchange (NSE), indicated average full-year return of -16.14 per cent, implying that an average investor lost some 16 per cent of the opening value of his portfolio.

    Sectoral review indicated that most investors recorded higher losses than the average benchmark. All the major group indices at the Exchange, with the exception of the NSE Oil and Gas Index, closed on the negative. The NSE 30 Index, which tracks the 30 most capitalised companies, recorded a full-year return of -18.03 per cent. The NSE Banking Index, which tracks the most active sector, recorded average loss of 21.53 per cent. The NSE Consumer Goods Index, which tracks large manufacturers of fast moving consuming goods, recorded above-average return of -17.88 per cent.

    The NSE Lotus Islamic Index, which tracks Islamic compliant ethical stocks, recorded average loss of 21.63 per cent. Meanwhile, NSE Insurance Index recorded the lowest loss of -2.11 per cent while the NSE Industrial Goods Index posted average return of -15.98 per cent. The Oil and Gas Index rode on the back of gains by Forte Oil and Seplat Petroleum Development Company to retain a positive average return of 11.84 per cent.

    The performance in 2014 contrasted sharply against the exceedingly bullish performance in 2013. Investors pocketed some N4.25 trillion in capital gains in 2013. The 2013 business year set the stock market on a new high with average full-year return of 47.19 per cent, its best performance since 2007.

    Aggregate market capitalisation of all quoted equities on the Nigerian Stock Exchange (NSE) closed 2013 at N13.226 trillion as against its opening value of N8.974 trillion for the year. This represented a whooping increase of N4.252 trillion.

    The main index at the NSE, the ASI recorded full-year return of 47.19 per cent rising from its opening index for the year of 28,078.81 points to close the year at 41,329.19 points.  The performance in 2013 significantly surpassed the much applauded return in 2012 when equities posted average return of 35.45 per cent, equivalent to capital gains of N2.44 trillion.

    Stock-by-stock analysis of the 2014 pricing trend showed that Caverton Offshore Support Group, upstream oil and gas services company that was listed during the year, recorded the highest loss of 63.26 per cent. Champion Breweries followed with a loss of 58.7 per cent while National Salt Company of Nigeria placed third with a loss of 58.51 per cent.

    Other top losers included UACN Property Development Company, with a loss of 50 per cent; Jos International Breweries, -53.91 per cent; Dangote Flour Mills, -55.61 per cent; Flour Mills of Nigeria, -54.94 per cent; United Bank for Africa, -51.69 per cent, Academy Press, -53.73 per cent and UAC of Nigeria, which recorded full-year return of -49.25 per cent.

    The Nation’s check indicated there were 61 stocks with above-average loss. Meanwhile, 18 stocks recorded double-digit positive return during the period. Premier Breweries recorded the highest capital appreciation of 392.2 per cent. It was followed by Ikeja Hotel with a gain of 374.36 per cent. Forte Oil placed third with a gain of 133.15 per cent. Seven-Up Bottling Company trailed with full-year return of 131.65 per cent while Beta Glass recorded a gain of 92.52 per cent.

    With the New Year starting with a loss of N241 billion on Monday, the market is still suffering from the hangover of the previous year. Analysts were less optimistic about the prospects of the stock market in 2015. Analysts said equities will remain on the downtrend in the months ahead as quoted companies grapple with macroeconomic challenges and investors gauge the continuing impact of the declining crude oil price and political transition on the economic outlook.

    Investment pundits said quoted equities would in the immediate months continue on the downward trend, although share prices may recover in the latter months of the year.

    Analysts at Bismarck Rewane’s Financial Derivatives Company (FDC) in their latest review stated that quoted equities would struggle with local and global challenges this year, leaving the market mostly on the negative in the first half.

    “The stock market may be in for a prolonged stay in the bear territory due to mounting global and domestic uncertainties. In 2015, a lower return trajectory is anticipated since the market is in for a bumpy ride and some companies would be left behind,” FDC stated.

    According to analysts, the stock market is expected to dwindle further all through the first half and subsequently bounce back in the second half of the year.

    Analysts noted that the likely increases in the United States and euro zone interest rates raises the threats of capital flow reversal and erosion of funds from the equity markets, which, in addition to growing macroeconomic risks, may result in a series of adjustments and prompt a cohesive movement of sectors and stocks prices.

    “The year 2015 is expected to be a mixed year for the equities market as the outcome of a plethora of external and internal events unfold. A possible interest rate hike in the United States and the possibility of a sustained period of low oil prices are significant risks. The outcome of the 2015 elections would also determine investors’ participation and sentiments. The anticipated loosening monetary stance of the Central Bank of Nigeria (CBN) post elections will also have its impact on price and currency stability,” FDC stated.

    They pointed out that returns in 2015 will depend on selecting the right companies in the right sectors, rather than relying on a broad-based approach that depends on the gathering momentum of the overall market position.

    They said the performance of the market might be coloured by the general elections starting on February 14.

    According to analysts, in addition to the global oil market dynamics, the prospects of the Nigerian economy in 2015 hinges on the electoral calendar, and this will mainly determine the macroeconomic outlook during the year.

    “With stocks currently trading at their multi-year lows, we expect an upward trend in the beginning of the year. The anticipated loose monetary stance will be expected to channel additional liquidity to the stock market. However, Investors sentiment will be weighed down by political tensions leading to the 2015 general elections. The tension between the Peoples Democratic Party (PDP) and its major opposition All Progressive Congress (APC) is expected to lead to a lull in the equities market as investors, mostly foreign evaluate the electoral process and outcome whilst fearing post-election violence. Foreign portfolio investors are expected to remain wary of the local bourse until the elections are concluded and possible violent fallouts curbed,” analysts pointed out.

    They noted that with oil prices projected to trend between $50-$70, the global crude price will be negative for the Nigerian economy and in turn the capital market, with the oil stocks expected to bear the brunt of declining oil prices given the thinning out of the sectors profitability.

    Besides, analysts noted that as the US economy gains traction, there could be an increase in interest rates in 2015, which is expected to have a negative effect on emerging and frontier economies. This will lead to heavy portfolio reversals, as investors will opt for safety and security in a much developed market. This may lead to a selloff in local equities as foreign investors exit. However, this may be cushioned by increased participation of local investors as stocks become increasingly attractive.

    “The state of security in the country especially in the north eastern part of Nigeria continues to be worrying. Its effect continues to weigh on the profitability of consumer goods companies as consumer spending in these areas remains weak. It has also in-creased the cost of doing business in these areas. Profits that will be declared, if any, in the financial year 2014 by most companies are likely to be below investors expectation. Most sectors; banking, consumers, oil and gas, conglomerates will not be insulated,” analysts said.

    Analysts said the macroeconomic outlook will likely change significantly depending on the outcome of the general elections pointing out that 2015 will be distinctly divided into different phases including pre-election phase, handover phase and post-election phase.

    In the pre-election phase, policymaking will be overshadowed by political campaigns and the elections in this period. As a result, most macroeconomic indicators are likely to be influenced by speculative market activities to hedge any unfavourable outcome. The intensity of political activities towards the election could increase security concerns and result in the hike of consumer prices, dampen economic output as well as growth. This is likely to have negative impact on investors’ confidence and increase dollar demand pressure.

    Analysts noted that the immediate period after the elections would still be overshadowed by concerns as parties debate the election results. These challenges will likely affect the macro environment and policies options while the level and intensity of uncertainties will heighten the level of insecurity in most part of the country. Hence, movement and transport of goods and services become difficult leading to an uptick in the inflation rate to above 10 per cent and poor economic output. Investors’ confidence is likely to also decline and lead to an increase in currency pressures as the naira slides to N190-195/$ at the interbank market.

    “In general, the Nigerian macroeconomic environment is expected to be mixed and highly influenced by developments in the global oil and financial markets. However, the medium and long term prospects of the Nigerian economy depend on developments in the oil section, political events as well as enforcement of tax compliance to boost revenue,” analysts stated.

    One of the positives apart from the obvious that the Nigerian economy has to be less dependent on oil is that prices in the stock market may have hit rock bottom. Current stock prices appear attractive at the moment, but we advise cautious investing with a focus on long term value as opposed to speculating and searching for short term gains. We also expect some volatility over the coming months until after elections. A return to normalcy, the stability in oil prices and the Naira will return some calm to the markets.

  • SPORTS IN NIGERIA AT 54: THE GOOD, BAD, URGLY

    SPORTS IN NIGERIA AT 54: THE GOOD, BAD, URGLY

    Today makes it a little over five decades since Nigeria gained independence from the United Kingdom. But will sports be celebrating?

    While some sports enthusiasts would claim that Nigeria is yet to gain its pride of place in the global sporting fraternity, others believe the country has not fared badly. Notwithstanding the divergent views, however, arguments persist that more can still be achieved in the industry at 54. Credit must, however, go to athletes for putting the country in the limelight.

    Those who have been saddled with the task of running sports in the country have, however, been criticised for their lack of commitment. In the past, sports was shepherded by administrators with keen interest in and vision for sports which explained why it was possible to lay the foundation for the industry’s growth.

    After 54 years of competing as a nation on the international scene, what is Nigeria’s score card in sports?

    ALL AFRICA GAMES

    Even though it has never topped the medals table at the All Africa Games since Congo Brazzaville hosted the first edition in 1965, Nigeria has done well at the tournament. With 10 appearances at the continental games, Team Nigeria has won uncountable number of medals and holds the record as the first nation to host the games twice, first in 1973 and in 2003. Nevertheless, the country has always played second fiddle to Egypt and South Africa.

    Prior to both games, the National Stadium in Lagos and Abuja were built. But the maintenance of both facilities appears to have become a burden for their owner, the Federal Government. Today, the complex in Lagos is an eyesore, same as the stadium in Abuja, once rated the best in Africa before the 2003 games. The extent of the rot at the Abuja facility was summed up by a delegation from the National Assembly which described the sprawling arena as unfit to graze cows let alone host a football match. Nowadays our administrators rely on facilities overseas to train athletes ahead of major tournaments.

    THE COMMONWEALTH GAMES

    Nigeria has competed at 13 Commonwealth Games and has a total of 212 medals as its score card. Out of this figure, 73 were secured at the 1994 Victoria Games and the recently concluded Glasgow Games. A name that will be remembered for a long time in Scotland is that of Nigeria’s Blessing Okagbare; she set a Commonwealth Games record in the 100m event.

    However, the journey has not been entirely smooth for Team Nigeria as far as the tournament is concerned. Cases of the Nigerians being suspended for testing positive to banned substances sometimes overshadowed the country’s outing. Two cases in point are that of Damola Osayomi who was stripped of her 100m gold at the 2010 Delhi Games and weightlifter, Chika Amalaha in Glasgow. Another embarrassment was the late arrival of Team Nigeria athletes’ attires and their kits for the opening ceremony at the Glasgow Games.

    The OLYMPIC GAMES

    Nigeria has won 23 medals since its debut at the Olympics in 1960 in Rome. Athletics has the highest share with 13 while the rest come from football, boxing, weightlifting and taekwondo. Nigerians will not forget the Atlanta 1996 games in a hurry; this was where the country won its first and second Olympic gold medals. Except for the 1976 Summer Games in Montreal, Canada, Nigeria has sent competitors to every Summer Olympics.

    But in 2012 in London the country returned empty-handed from the biggest sporting spectacle in the world. It was so bad that President Goodluck Jonathan had to organise a sports retreat to address the problems, so as to forestall a repeat at the Rio 2016 Olympics. The President felt the retreat had become necessary because after 52 years of independence, the story for sports in Nigeria should have been different.

    The essence of the National Sports Festival which was introduced in 1973 by the Federal Government was to discover talents for local and international competitions, but it has not really served its purpose. It is on record that the first edition of the festival in Lagos attracted about 6,000 athletes.

    FOOTBALL

    One area Nigeria has recorded some giant strides in sports is football. Two Nations Cup trophies, three Under-17 FIFA World Cup trophies and other titles, but rather than build on these achievements, administrators of the sport in the country, particularly at the national level, appear to see this as an opportunity to run the game as their private gold mine. This has led to the country’s football being enmeshed in a crisis over who controls the Nigeria Football Federation (NFF).

    For a country that was fifth on the FIFA ranking before the 1994 World Cup finals in the United States, the level of Nigeria’s football development is still a far cry from what it ought to be. More than 20 years later, Nigeria has slumped to the 32nd position. Three years ago, it ranked 46th.

    Looking at the entire scenario, a one-time President of the Nigeria Cycling Federation, Reverend Moses Iloh blamed the cancer on corruption. “There was so much excitement and hope in the 60s. The foundations were laid for the future with the hope that those who take charge will be able to build on it. But it is so awful. Nigeria as a country is not moving, and sports which was the only credible area that we could show the world is stagnant today. Those at the helm have killed sports. They have killed talents and wasted destinies. I am so pained by this development,” a hurt lloh said.

    The facts agree with Iloh, as the records show that it was in 1963 that sports began to take serious root in the country. That was when Abraham Ordia functioned as secretary of the sports ministry. The 60s was a period of laying foundations. Athletes were well catered for by the government. They did not have to do all on their own. Whatever was required to ensure they excelled was provided by the authorities.

    Shedding light on the government’s modus operandi, IIoh noted that funds were approved on time. “Unlike now that budgets meant for athletes’ training and grants are delayed, it was never so in the past,” Iloh said. “As the athletes entered their camp, the government became fully involved. They did not have to wait till the last minute. But today we read in the newspapers how athletes are starved of funds. Even where they are expected to train is unknown to them. This should not be for a country that is so richly blessed.”

    IIoh’s sentiments are shared by no other than Adegboye Onigbinde, a CAF and FIFA instructor. According to Onigbinde, the bane of sports development is the administrators. “Sports, you would agree with me, is a technical matter. As such, it must be adequately staffed with the right persons. But that is not what is happening. I am yet to come across any definite plan for Nigerian sports,” said the one-time Green Eagles chief coach.

    He wondered why Nigeria was incapable of producing enough talents in the mould of A.K. Amu and Kab Olowo who made waves in the 60s in the track and field event. Onigbinde could not be convinced that current Commonwealth 100m champion, Blessing Okagbare was a beneficiary of the system. “I can bet with my life that the likes of Okagbare made themselves and not (by) government (help). And even if they did (get assistance), l would not be surprised to learn of what they must have passed through to get to the top,” he said.

    In spite of these successes, the country’s sporting world has tasted setbacks and tragedies. Nigeria’s football suffered a major setback in 1977 when Godwin Odiye’s own-goal stopped the country from attending her first World Cup competition in 1978. Other disappointments were in 1981 and 1989 when Nigeria was stopped by Algeria and Cameroon respectively under painful circumstances.

    In 1989, FIFA’s sledgehammer fell on Nigeria and she was subsequently banned for two years from participating in age-grade competitions due to discrepancies in the ages of Nigerian cadet footballers.

    The death of Dele Udoh, Nigeria’s most promising 400m gold medal hope in 1979 took the sports community in Nigeria by surprise. He was killed by the police at a checkpoint in Lagos when he came to participate in an athletics meeting from the USA.

    Also in 1979, a clash between supporters of UCC Shooting Stars FC of lbadan and Bendel Insurance of Benin after a Challenge Cup semi-final match in Lagos in which the Benin team lost 0-2 led to the death of 26 people. Another tragedy that hit the soccer world was the death of soccer wizard, Sam Okwaraji who slumped and died at the National Stadium in Lagos during a World Cup qualifying match against Angola in 1989. It was a horrifying experience as Nigerians had begun to appreciate not only the football skills of the late player but his patriotic zeal which were unparalleled.

    Kayode Oluyemi, a member of the Nigerian silver-winning team at the 1992 Barcelona Olympics, was involved in a motor accident which claimed his life. Just two weeks ago, CAF Champions league winner with Enyimba of Aba, Michael Ochei died in India. Finally and last week, the disappearance of boxing champion, Davidson Andeh was reported by the boxer’s family and the Edo State Sports Council.

    The journey continues.