PLUS NG: Daily Media Summary, Wednesday June 19, 2019

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SEC Okays Lagos Commodities Exchange To Start Operations – Nation, Page 37

NIGERIA’S apex capital market regulator, Securities and Exchange Commission (SEC) has finally approved the commencement of operations of the Lagos Commodities and Futures Exchange (LCFE) as a full fledged commodities and futures market. The final approval followed the initial approval-in-principle granted by the Commission to LCFE. With the latest approval, the commodities and futures market is set to leverage the assembled best talents to commence operations as an influential brand, established to unlock its true potential in the financial market. LC FE plans to trade on four broad ranges of assets that promise to open up enormous wealth across the country. These include agricultural commodities, currencies, solid minerals and oil and gas. The LCFE is being promoted by the Lagos State Government and Association of Securities Dealing Houses of Nigeria (ASHON). Besides, SEC has also approved the appointment of the top management team to drive the operations of the new Exchange.

MPC: Loan Write-Offs Raise Financial Soundness Indicators – Nation, Page 12

Major financial soundness indicators (FSIs) have improved in April 2019 due mainly to loan recoveries, disposals and write-offs, a member of the Monetary Policy Committee (MPC) and Central Bank of Nigeria (CBN) Deputy Governor, Edward Lametek has said. In his personal statement on the last MPC Meeting released yesterday by the apex bank, Lametek said  the industry capital adequacy ratio (CAR) increased marginally to 15.60 per cent in April from 15.14 per cent in February, while Non-Performing Loans (NPLs) decreased to 10.95 per cent from 11.28 per cent. He said the NPLs ratio is still higher than the prudential limit of five per cent. “Other vulnerabilities in the industry include high concentration and contagion risks as well as significant FX exposure. These conditions have tended to increase averseness to risk in the industry leading to some form of asset substitution. It is especially concerning that credit to the private sector is declining and this needs to be halted and possibly reversed to strengthen economic activity and job creation,” he said.

Bearish Sentiments Drag Stock Market Index Further By 0.4% – Guardian, Page 23

The reign of bears continued unabated on the trading floor of the Nigerian Stock Exchange (NSE), as more bellwether stocks depreciated in price, resulting to a further decline in the All-share index by 0.4 per cent. Yesterday, the All Share Index (ASI) shed 117.53 absolute points, representing a dip of 0.4 per cent to close at 29,818.80 points. Similarly, the market capitalisation lost N52 billion to close at N13.140 trillion. Tuesday’s performance was influenced by price depreciation in medium and large capitalised stocks, among which were, Nestle Nigeria, Okomu Oil, Chemical and Allied Products (CAP), Julius Berger, and International Breweries. Analysts at Afrinvest Limited maintained a bearish outlook for subsequent trading sessions, but were optimistic that investors would continue to position in undervalued stocks with good fundamentals.  Also, analysts at Cordros Capital Limited, stated: “In the absence of a positive catalyst, we guide investors to trade cautiously in the short term. However, stable macro-economic fundamentals and compelling valuation remain supportive of recovery in the mid-to-long term.” Market breadth was negative with 20 gainers against 21 losers. Champion Breweries recorded the highest price gain of 10 per cent to close at N1.32 per share. NEM Insurance followed with 8.78 per cen, to close at N2.23, while Unity Bank rose 8.57 per cent to close at 76 kobo, per share.

FG To Auction N100bn Bonds June 26 – Punch, Page 33

The Debt Management Office has said the Federal Government will auction N100bn worth of bonds by subscription on June 26. A circular by the DMO on Tuesday showed the breakdown of the figure to include a N30bn five-year reopening bond that would mature in April 2023 and be offered at 12.75 per cent; another N40bn 10-year reopening bond that would mature in April 2029 and be auctioned at 14.55 per cent; while N30bn 30-year bond would mature in April 2049 and be auctioned at 14.8 per cent. According to the DMO, the auction date is June 26, while the settlement date is June 28. Recall that the Federal Government’s bond for the month of May worth N100bn was oversubscribed by over N171.11bn.  Recent trends in the FGN bonds also showed that investors had a preference for long term bonds. Total bids received from investors for the May bond was N271.11bn. The DMO had stated that the trend of oversubscription at the FGN bond auctions for the year continued, after the three instruments for five, 10 and 30-year tenors, of N35, N35 and N30bn respectively.

Nigeria Losses About N127bn To Cybercrime Annually- Thisday, Page 16

The Director General of the National Information Technology Development Agency (NITDA) has disclosed that Nigeria losses about N127 billion to cybercrime as a result of the country’s inability to properly secure her information system, adding that the global IT industry is expected to hit $5 trillion by the end of 2019.  He made this known yesterday in Abuja during the stakeholders’ engagement for the review of the guidelines for information system audit and software testing Speaking through the Director, e-Government Regulatory Department of the Agency, Dr Vincent Olatunji, the DG said Nigeria needs adequate guidelines to protect her cyberspace. “The Cyber Security Experts Association of Nigeria (CSEAN), has estimated that Nigeria loses about N127 billion to cybercrimes yearly. This is caused in part by our inability to adequately secure our Information Systems. “Therefore, securing our information systems is a must if we want to guarantee the safe delivery of our services. The proposed Guidelines for Information Systems audit by the agency is one of the tools to guarantee this safety”, he said Speaking further, he said on assumption of office, the agency realised that it did not have any instrument that stipulates a clear process for issuance of regulatory instruments, saying a Rulemaking Process Regulation was therefore issued on January 25, 2019.

BDC Rates – BusinessDay,  Page 1

USD              361

GBP              464

EUR              407

Stock Market Report – June 17

ASI29,818.80
DEALS3,324.00
VOLUME2,912,251,523.00
VALUEN11,225,160,894.69
EQUITY CAPN13,140,291,270,102.59
BOND CAPN12,511,210,016,208.40

Airtel Nigeria Files Application For Listing On NSE – Punch, Page 33

Airtel Nigeria has officially filed an application with the Securities and Exchange Commission for the listing of its shares on the Nigerian Stock Exchange. It was gathered from top sources at the commission on Tuesday that the telecom company’s application was filed two weeks ago. It was learnt that SEC was presently examining the application in line with its rules and regulations, the News Agency of Nigeria reported. The source said SEC would continue to protect the interest of investors in the market in line with its mandate to regulate and develop the capital market. The source added that the application would be given express consideration if the company met all the requirements for listing on the nation’s bourse . The parent company of the telco, Bharti Airtel, in its filing in London on Monday, said that it intended to list the shares on the NSE at the same time with the listing of its Africa unit at the London Stock Exchange. It, however, said its plans were subject to regulatory approval of the SEC and the NSE. Its African unit had been set at a share price of 80 to100 pence a share for its initial public offer on the LSE to raise about $750m. According to the India-based network operator, the offer is expected to comprise approximately 595.2 million to 744.0 million new shares to be issued by the company.

Standard Chartered Unveils Women In Tech Programme – Nation, Page 12

STANDARD Chartered Bank (Nigeria) Limited has launched the SC Women in Tech Incubator. The scheme is to support and promote the economic and social development of women in Nigeria through innovation or technology led entrepreneurship. Through this initiative, the bank will be focusing on capacity building for women-owned small enterprises and see this as a great opportunity to support greater diversity in gender representation within technology entrepreneurship for women in the country. The Standard Chartered Women in Tech programme will target female-led entrepreneurial teams and provide them with training, mentorship and seed funding. There will be an open call for participation leading to a final selection of up for the top 10 contestants with the most compelling ideas. At the end of the training period, up to five winners will be chosen and each winner will be awarded up to $10,000 to invest in their business.

Dangote Sugar Targets Increased Shareholder Value – Punch, Page 36

Dangote Sugar Refining Plc has expressed its resolve to soar higher and create more value for stakeholders despite economic challenges. The Chairman, Dangote Sugar Refinery, Aliko Dangote, said the company posted a profit before tax of N34.6bn with a turnover of N150.4bn for the 2018 financial year. He told the shareholders at the company’s Annual General Meeting on Tuesday in Lagos that Dangote Sugar was able to weather through the economic downturn in 2018 because it pursued its backward integration plan aggressively by focusing on issues that had been bogging down the plan and subsequently adjusting the timelines. “2018 was quite a challenging year for the company with several negative activities, which include influx of smuggled sugar into the key markets nationwide coupled with the Apapa traffic gridlock, which continue to affect evacuation of products from the refinery,” Dangote said. He explained that prior to the traffic gridlock at Apapa, the company could move up to between 60 and 70 trucks out of the refinery daily but that since the problem started, it could hardly move up to 20 trucks out of the refinery. Dangote said the company had to revise its backward integration timeline to mitigate against unforeseen challenges, adding that the first phase of the plan included the rehabilitation and expansion of the Savanna Sugar, the Lau/Tau project in Taraba state and the Tunga sugar project in Nasarawa State.

BoI Disburses $82m For Ship Procurement – Nation, Page 11

The Bank of Industry (BoI) has disbursed $82million to some indigenous investors for the purchase of ships. The cash covers support for companies involved in ship repairs and allied investments. The money represents a part of the $200million fund under Nigeria Content Intervention Fund (NCIFUND). The Managing Director of BoI, Kayode Pitan, who spoke at the maiden edition of Nigeria Maritime Finance Fair in Lagos, said the funds provided have created 3,117 jobs across the country. The forum was organised by the Association of Maritime Journalists of Nigeria (AMJON), with: Banks/Private Sector Participation as a panacea for dearth of investment in the Maritime Industry as theme. Represented by a senior official of the Bank, Victor Agina, he explained to stakeholders that companies with about 51 per cent Nigerian equity, and which also sources at least 40 per cent of its raw materials locally, are eligible for the bank’s loans.

Security Chiefs To Go As Governors Seek New Ideas – Nation, Page 1

Governors are set to push for a major overhaul of the nation’s security architecture, The Nation learnt yesterday. A National Economic Council (NEC) meeting is to hold tomorrow. It will discuss the mounting security challenges that have seen kidnapping, armed robbery and terrorism on the rise. Also, to tackle the problem, President Muhammadu Buhari may soon order a military shake-up. There has been pressure on the President to rejig the military apparatchik, thereby allowing fresh ideas. Some of the Service chiefs have indicated interest to quit having been in office at the discretion of the President  after their mandatory 35 years in service. Investigation by our correspondent revealed that the governors have been notified of the Thursday meeting with security as the main agenda. It was learnt that the governors, who are members of NEC, are worried that the security problems nationwide are affecting the economy. They feel that they should join hands with the Federal Government to resolve the security challenges. A source, who spoke in confidence, said: “The NEC members are certainly uncomfortable with the security challenges in the country. We want to brainstorm on Thursday (tomorrow) because we do not want to leave it to the President alone. “There are many options, including FG-State joint financing of security initiatives; outstanding report on recommendations for state police; a major overhaul of the nation’s security architecture; more investment on intelligence; agitation for the shake-up of the military; increase in manpower in the police, military and security agencies;  and the involvement of locals in security network.

Soldiers’ Inadequate Commitment Affecting Insurgency War – Buratai – Punch, Page 2

The Chief of Army Staff, Lt. Gen. Tukur Buratai, has lamented that some officers and men’s insufficient commitment is affecting the success of the counter-insurgency operations in the country. Buratai who spoke on Tuesday at the opening of a five-day leadership workshop for mid-level officers and soldiers in Abuja, said the rising terrorist attacks were due to “insufficient commitment to a common national and military cause by those at the frontlines.” The army chief noted that there were proven cases of soldiers unwilling to carry out assignments given to them, adding that reluctant troops should leave the service as the army would no longer tolerate them. Buratai said, “It is unfortunate, but the truth is that almost every setback the Nigerian Army has had in our operations in recent times can be traced to insufficient willingness to perform assigned tasks or simply insufficient commitment to a common national and military course by those at the frontlines. “Many of those on whom the responsibility for physical actions against the adversary squarely falls are yet to fully take ownership of our common national or service cause. And this is the reason why I have always ensured that the promotion of army personnel is essentially based on professional considerations only.

Nigeria Seeks Fair Share Of $1.7tn Global Data Economy – Punch, Page 34

The National Information Technology Development Agency says that Nigeria can get a fair share of the global data economy valued at more than $1.7tn, if it adopts and faithfully implements the National Smart Initiative Policy Framework. In a draft copy of the policy obtained by our correspondent in Abuja on Tuesday, NITDA said that the policy would also help the country to resolve security and unemployment challenges. In the framework, NITDA said, “Core to the adoption and use of smart solutions to address global challenges is the data they generate and the potential value of such data. The value of data in today’s digital economy cannot be over-emphasised. “The data economy report by Digital Reality in 2018 showed that data contribute more than $1.7tn to the world’s seven richest economies. Further, International Data Corporation, a market-research firm, predicts that data monetisation will become a major source of income. “Nigeria is at a critical stage where it needs informed and properly analysed data to take decisions on how best to tackle its ever-increasing national challenges, which includes corruption challenges, diversification and growth of its economy, insecurity and terrorism challenges, job creation and youth empowerment.

APC Govs Back Off, Say Ministerial Appointments, Buhari’s Prerogative – Thisday, Page 1

Governors on the platform of the All Progressives Congress (APC) yesterday in Abuja described the process of constituting a new cabinet by President Muhammadu Buhari as the president’s exclusive preserve. The governors made the disclosure while answering questions from journalists after meeting with the president behind closed-doors in the State House over the outcome of last week’s National Assembly leadership elections. The meeting started at 11.37 a.m. and lasted for only about 27 minutes. The governors are perceived to be putting pressure on the president to allow them make input into the selection of his cabinet. But speaking after the meeting, the forum chairman and Kebbi State Governor, Senator Atiku Bagudu, said the governors visited the president to congratulate him on the victory of the party’s candidates at last week’s National Assembly leadership elections. Asked whether issues bordering on appointments of ministers were discussed in the meeting, Bagudu said it was not mentioned because it is the president’s exclusive initiative. “No. It’s an executive decision,” Bagudu said.

Terrorism: UK Cautions Citizens Against Travelling To 21 States – Thisday, Page 1

The Foreign and Commonwealth Office (FCO) of the United Kingdom has issued a security travel alert to British citizens, cautioning them against travelling to 21 states in Nigeria. The alert issued by Home Secretary, Sajid Javid, said terrorists were planning to kidnap foreigners and urged them to also avoid some Niger Delta states. The alert warned against spiraling insecurity in Nigeria occasioned by the activities of the terrorist groups, Boko Haram, and Islamic State for West Africa (ISWAP) in the North-east and banditry in the North-west. The security environment in the North-east has deteriorated since 2018 and there is a heightened risk of kidnap. Kidnaps in the North-east have included humanitarian and private sector workers. “There is also a high threat of criminal kidnap in the Niger Delta region and Kogi State,” said the alert. The travel advisory listed the states to include Borno, Yobe, Adamawa, Gombe and the Niger Delta States of Bayelsa, Delta, Rivers, Akwa Ibom and Cross River states. “If you travel to areas to which the FCO advise against travel, you are particularly at risk and will need a high level of security. “If you are working in northern Nigeria, you should make sure your employers provide an adequate level of security where you live and where you work; make sure they regularly review security arrangements and familiarise yourself with those plans,” it said.

2019 Elections Report: EU Decries Low Level Of Voter Participation – Punch, Online

The European Union Election Observation Mission has stressed the need to urgently improve the electoral process in Nigeria. The EU EOM Chief Observer, Maria Arena, said this on Saturday in Abuja at a news conference on the release of the final report of the 2019 General Elections. Arena who said the EU final report contained 30 recommendations to improve future electoral processes in Nigeria, said there was a need to address systemic failure in the elections. The Chief Observer said that the mission also observed that there was a relatively low level of voter participation which she said showed the need for fundamental electoral reform. “Such reform needs political leadership that is dedicated to the rights of Nigerian citizens, and an inclusive process of national dialogue involving state institutions, parties, civil society and the media. “This needs to be urgently undertaken to allow time for debate, legislative changes and implementation in advance of the next elections,” she said.

Huawei Predicts $30b Revenue Shortfall, Growth Decline – Guardian, Page 26

The Chief Executive Officer, Huawei, Ren Zhengfei, has admitted that the current challenge facing the company will cost the firm at least $30 billion in revenues for 2019 and 2020. Speaking during one of the interview sessions, broadcast by Chinese state-owned, CGTN, with the theme, ‘A coffee with Ren’, organised to demonstrate once more how open Huawei is. It was also to demonstrate how willing it is to engage with the global community, Zhengfei said the firm doesn’t hold the current challenges against companies, especially from the U.S, saying they’re just doing what politicians tell them. According to Telecoms.com, Zhengfei put some numbers on the bottom line effect of all this for the first time, unprompted. “In the next two years I think we will reduce our capacity. Our revenue will be down by around $30 billion compared to forecasts, so our sales revenue this year and next will be around $100 billion. By 2020, we may regain our growth momentum, to contribute more to human society. “In the next two years, we’re going to do a lot of the switch over of different product versions, that will take time but after that step we will be stronger… We are strong, I think that there is no way we can be beaten to death.”

Discos Want Measures To Drive Power Sector Investment – Thisday, Online

Electricity Distribution Companies (Discos) in Nigeria have called for the creation of an enabling environment to ensure cost recovery and further drive investments in the nation’s power sector. The Chief Executive Officer, Association of Nigerian Electricity Distributors (ANED), umbrella body of Discos, Mr Azu Obiaya, made the call at a Performance Improvement Plan (PIP) seminar in Abuja. The seminar had representatives of Manufacturers Association of Nigeria (MAN), Generation Companies (Gencos) and multilateral institutions. The Discos had been directed by the Nigerian Electricity Regulatory Commission (NERC) to submit their PIP, which would be a key input for major review of electricity tariff – the Multi Year Tariff Order (MYTO) 2020, expected to take off by January. Obiaya said the Discos were not against re-capitalisation as being speculated in some quarters. “Rational investors will need to see a pathway of recovering their investment for them to make the leap. “It is my hope that the PIP guidelines, if implemented faithfully, efficiently and consistently, will provide this pathway, as necessary to re-orient the sector towards commercial viability and sustainability,” Obiaya said.

EFCC Nabs Three Suspected Internet Fraudsters, Two Others – Punch, Page 5

The Economic and Financial Crimes Commission, Ibadan zonal office, on Tuesday, arrested three suspected Internet fraudsters. They were picked up at Ologuneru and Olodo areas of Ibadan, the Oyo State capital, after days of surveillance mounted by the operatives of the anti-graft agency based on allegations of fraudulent activities and flamboyant lifestyle of the suspects without tangible sources of income as levelled against them in petitions authored by their neighbours. The suspected Internet fraudsters are Biola Ajaguna, 27; Nafiu Moshood; and Anuoluwapo Olasupo, 22. At the time of his arrest, Ajaguna, who claimed to be an undergraduate of the Polytechnic, Ibadan, was said to be in possession of a 2008 Toyota Camry car, two laptops, one iPhone X, two Internet modems and one smart wristwatch. Moshood claimed to be a student of the Emmanuel Alayande College of Education, Oyo State. Items recovered from him were an iPhone 8 plus, a Tecno phone and one laptop.

Panic As NNPC Gas Pipeline Explodes On Lagos-Ibadan Expressway – Punch, Page 4

Tragedy was averted on Tuesday as a gas pipeline belonging to the Nigerian National Petroleum Corporation exploded on the Lagos-Ibadan Expressway. PUNCH Metro gathered that the incident, which caused panic among motorists, residents and traders around Ibafo in Ogun State, happened when an excavator being used by Julius Berger Nigeria Plc accidentally burst the pipeline. This caused gas leakage, which resulted in traffic obstruction on both sides of the road. A project staff member of the Federal Ministry of Power, Work and Housing, who spoke to one of our correspondents on condition of anonymity, said the man who operated the excavator was the hero as he saved the situation. He said, “We were using an excavator at the time, but we did not know that there is a pipeline running through that area. Suddenly, around 2pm, we heard an explosion, which lifted all of us off the ground. “Thank God for the operator of the excavator; he is our hero. He was the one who started using his equipment to pour sand on the spot to prevent a fire outbreak. He could have died while trying to save us but we thank God that we did not lose anyone.

80m Nigerian Women, Girls’re Victims Of Gender-Based Violence – Vanguard, Page 16

Country Representative of the United Nations Population Fund, UNFPA , Dr Eugene Kongnyuy yesterday said that despite the progress made by the Nigeria government, approximately 80 million women and girls are still victims of Gender-Based Violence, Speaking at the Private Sector High Impact Summit organized by Access Bank Plc to commemorate UNFPA 50th anniversary and ICPD at 25, Kongnyuy said that the statistics shows that women still have a long way to go before attaining economic parity, social equality, agenda setting powers and political power sharing. He explained that NDHS 2013 and MICS 2016 shows that 28 percent experienced physical abuse, 7 percent sexual abuse, 62.6 percent child marriage and 25.3 percent women with female genital mutilation.

Go For AFCON Trophy, Pinnick Charges Super Eagles – Thisday, Page 46

After arriving in Alexandria, the venue of Nigeria’s 32nd Africa Cup of Nations Group B matches in Egypt on Monday from Ismailia, Super Eagles have been charged to win this edition of the tournament. Since winning the last edition Nigeria featured in last at South Africa 2013, Super Eagles failed to make the cut to the last two editions in 2015 and 2017. Six years after that feat at the FNB Stadium by the class of 2013 Eagles under the watch of late Stephen Keshi, President of the Nigeria Football Federation (NFF), Amaju Melvin Pinnick wants the team to wipe away the sad memories of missing the last two editions of the African football showpiece by adding Egypt 2019 as the country’s fourth AFCON title. Pinnick who incidentally is the chief executive office of AFCON 2019 gave this charge shortly after Eagles first training session yesterday at the Arab Academy for Science, Technology and Maritime Transport in the port city. “Do not take any team for granted. Easy groups exist only on paper; things are different on the pitch. The NFF will ensure you get all that is due to you. This is a very important tournament and Nigerians are fully behind you. You should do your very best not to disappoint them.

Akwa Utd, Rivers Utd Battle For AITEO Cup Last 16 Ticket – Thisday, Page 47

A very special football match will be played today at the ‘Cathedral’, the Nnamdi Azikiwe Stadium, Enugu when two grand establishments in Nigerian football, Akwa United and Rivers United go toe to toe for the right to play in the last 16 of Nigeria’s oldest football competition, the AITEO (Federation) Cup. Akwa reached this stage of the competition by beating Sokoto United 2-1 at the Old Parade Ground, Abuja in the round of 64 while Rivers United outclassed FC Timberloader 4-0 at the Lafia City Stadium, Lafia at the same stage. Wednesday’s game is extremely vital for both Nigeria Professional Football League clubs as success will mean their only route to the continent, next season, remains ajar. Akwa is a side laced with top talent; Jean Efala, Olorunleke Ojo, Ottobong Effiong, Kodjovi Dadzie Ubong Essien, Dennis Nya, Wilson Elu, Cyril Olisema and Ndifreke Effiong easily roll off the tongue. There’s also the small matter of feared marksman, Mfon Udoh who is surrounded by a stellar caste which includes Wisdom Fernando, Ocheme Edoh and Godspower Aniefiok. Akwa also have the luxury of having two former Rivers United players, Markson Ojobo and Emeka Atuloma who both represented the ‘Pride of Rivers’ in the CAF Champions League and Confederation Cup where they reached the group stages of the competition to call on, for ‘inside information’ about the Port Harcourt club.

Women’s World Cup: Oliseh, Fans Fault VAR Decision – Punch, Page 26

Former Super Eagles captain and coach, Sunday Oliseh, and fans have faulted the decision of the Video Assistant Referee in the final Group A fixture between Nigeria and France at the ongoing Women’s World Cup. The match, played on Monday, saw France defeat Nigeria 1-0 through a retaken penalty. The Super Falcons, who were reduced to 10 players after Ngozi Ebere’s expulsion, held France for most of the game but conceded a penalty in the 75th minute. Wendie Renard of France missed her first kick, but referee Melissa Paola Pastrana, after a VAR check, ordered a retake. The referee also issued a yellow card to goalkeeper Chiamaka Nnadozie for not keeping a foot on the line. However, an image that surfaced online showed that five players were also inside the box when the penalty was taken. Oliseh said, “I am extremely proud of our Super Falcons versus France at the World Cup. These girls gave it everything against a French side cheered on by a near full stadium and a doubtful retaken penalty. I am sad, disappointed, but proud of these girls!” Fans complained that the presence of the French players in the box should have also nullified the penalty.

Semenya Attacks IAAF: They Made Me Human Guinea Pig – Punch, Page 28

South Africa’s double Olympic 800m champion Caster Semenya on Tuesday accused world athletics’ governing body the IAAF of using her as a “human guinea pig”. “The IAAF used me in the past as a human guinea pig to experiment with how the medication they required me to take would affect my testosterone levels,” said Caster Semenya. The South African is locked in a bitter dispute with the IAAF over the federation’s rule requiring women with higher than normal male hormone levels, a condition known as hyperandrogenism, to artificially lower their testosterone to compete in races at distances of 400m to the mile. “Even though the hormonal drugs made me feel constantly sick, the IAAF now wants to enforce even stricter thresholds with unknown health consequences,” Semenya said in a statement. “I will not allow the IAAF to use me and my body again. But I am concerned that other female athletes will feel compelled to let the IAAF drug them and test the effectiveness and negative health effects of different hormonal drugs. This cannot be allowed to happen.”

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