BD Wenkender Magazine 10 Edition

G I N 0!

AT T 6 BR A LE IA CE GER NI

EDITION 10 I 03, OCTOBER 2020

WHO INVENTED THE CHAPMAN? Interview

Fashion

Formation: The Making of Nigeria, from Jihad to Amalgamation

Nigerian Fashion designers you should get to know Businessday.ng

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Contents

SATURDAY 03, OCTOBER 2020

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C O N T E N T S

7 5 things we discovered this week

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ENERGY Nigeria@60: Past, Present, and Future of Harnessing Nigeria’s Energy Potential for sustainable development

NIGERIA AT 60 Nigeria at 60: A Blast from the Past Formation, The Making of Nigeria from Jihad to Amalgamation

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SPORTS Nigeria @ 60: Poor policies hindering Nigeria’s sports development

LEADERSHIP Think character and attitude when choosing your next leader

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CHILDREN & FAMILY Nigeria, we have a problem

BREAK FREE Breaking free of the cubbyhole

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MODERN ART Independence and Modern Nigerian Art

NIGERIAN BEAUTY If you cannot serve, you cannot lead - The Business of beauty with Theodora Mogo

FASHION Nigerian fashion designers you should get to know

LOVE AND MONEY The point of it all (Personal finance in relationships/ marriage)

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HEALTH TODAY 5 Symptoms of heart disease you should never ignore

CULINARY DELIGHTS Tips on how to select props for Food Photography

RELATIONSHIP Is marriage a feasible business?

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Editorial

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Editor’s Note SATURDAY 03 OCTOBER 2020

PUBLISHER/EDITOR IN CHIEF Frank Aigbogun MANAGING DIRECTOR Ogho Okiti EDITOR BUSINESSDAY Patrick Atuanya EDITOR BUSINESSDAY SATURDAY Lehlé Balde EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha

Dear Weekender family, I hope you are all doing well and staying as safe and healthy as you possibly can.

EXECUTIVE DIRECTOR, STRATEGY, INNOVATION & PARTNERSHIPS Oghenevwoke Ighure

Can you believe we are already in October? The thought of the week for me is ‘reflection’! As Nigeria celebrates 60 years of independence, this edition of the Weekender invites you to take a look back and also take a hopeful look ahead.

MANAGER, CONFERENCES & EVENTS Obiora Onyeaso

For many African citizens, whenever independence comes around, it can leave some feeling nostalgic, indifferent, hopeful, and others somewhat angry. Whatever emotion you are feeling, I hope that, as you turn the pages of the Weekender this Saturday, you feel inspired. I have to say I experienced a first when planning this edition, a very emotional feeling came over me while writing our lead story, which reinforced in me the importance of telling our own stories, and of this Saturday paper which is a platform created to tell impactful stories pertaining to business, lifestyle, and living. Our lead story this weekend is about the drink named Chapman. Most of you readers have tasted the delicious non-alcoholic cocktail which most Nigerians thoroughly enjoy. What do you know about the origins of the Chapman drink? When we researched ‘Chapman’ on the internet, we found quite a lot of misinformation: for example, one source said, ‘it was invented by a man called ‘Chapman’, and another indicated, ‘it was invented at the Ikoyi Club in Lagos’.

COPY SALES MANAGER Florence Kadiri

These are all untrue, as established by BusinessDay when we were able to get in touch with the inventor’s family and others. In this Independence Day edition of the Weekender, we are proud this part of history. Hopefully, this will serve as a reminder of how important it is for us, Africans, to get in the habit of telling our own stories and trademarking our inventions where possible.

Our special independence edition is one that celebrates all things Nigerian and Made in Nigeria. In this edition, we take a trip down memory lane to the period between 1804 and 1914 during which the character of Nigeria was formed; factually and faithfully following the most important characters, events, and influences in what is the least understood, most mythologized, and most politicized era of the country’s history. We also highlight the most innovative Nigerian tech companies of the decade, fashion designers to look out for, history of Nigerian sports, photography, art and business people and much more.

Here a bit of what you can expect in our news roundup: We explore how Nigerian celebrated Independence Day, court fines Senator Abbo N50 million for assaulting a woman in an adult toy shop, the whatsapp voice note that led to a death sentence in Kano State. Stocks drop as President Donald Trump and first lady Melania Trump test positive for the coronavirus.

In happy news: Simi Nwogugu becomes CEO of JA Africa, Togo appoints Victoire Tomegah Dogbe as the first female prime minister.

Have a restful weekend and Happy October. Thank you for reading.

With gratitude, Lehlé Balde is the Editor of BusinessDay Weekender email: lehle.balde@businesssday.ng | social: @lehlelalumiere Businessday.ng

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MANAGER, ADVERTS Ijeoma Ude

DIGITAL SALES MANAGER Linda Ochugbua HEAD OF DIGITAL SERVICES Onyinye Eze HEAD, HUMAN RESOURCES Adeola Obisesan DESIGN AND ART DIRECTION Orasopee Communications Ltd. CONTRIBUTORS Anthony Nleblem Frank Eleanya Art X Lagos Toju Akpa Fola Fagbule Feyi Fawehinmi Oluwafadekemi Areo Ayesha Feisal Oliver Enwonwu ArtByOye Osse Sinare Dr. Monisola Adanijo FMCP Anjola Awosika Toyosi Lawalc Titilade Oyemade Titi Adewusi Weyinmi Eribo Oluwafadekemi Areo Oluwamayomikun Deji-Omotayo Toyosi Lawal Faruq Suaad Oluwatetisimi Akande Daniel Junowicz Mercy Ayodele Favour Olarewaju PHOTO CREDIT Freepik, Google Images ENQUIRIES lehle.balde@businessday.ng samuel.anyanwu@businessday.ng ADVERTS Ijeoma Ude +2348033225506 PUBLISHED BY BusinessDay Media Limited The Brook, 6 Point Road, GRA, Apapa, Lagos, Nigeria.

01-2799100 www.businessday.ng LEGAL ADVISERS The Law Union

SATURDAY 03, OCTOBER 2020

By Favour Olarewaju

News Roundup

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How Nigerians celebrated Nigeria’s 60-years independence

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n the relaxation mode given the public holiday and work-free day, Nigerians had mixed reactions to celebrating the nations’ independence as some were either indoors or outdoors.

Both domestic and international bodies congratulated Nigeria on her celebration including the Consulate General of the United Arab Emirates, the Queen of England, the Pan Niger Delta Forum (PANDEF) and the Movement for the Actualisation of Sovereign State of Biafra (MASSOB) among others. Although some Nigerians remain hopeful for a better Nigeria, others recognised the nation’s struggles, including the need for restruc-

turing and moral revolution with less reliance on government.

On Thursday, October 1 2020, President Muhammadu Buhari released a statement that lower foreign exchange earnings, internal revenues and 60 percent decline in government revenues

stemming from 40% drop in oil prices and steep economic activities, served as rationale for further increasing petroleum prices to survive current global realities of the COVID-induced recession.

The president then compared Nigeria with other oil-producing countries such as Chad, Niger, Ghana, Egypt and Saudi Arabia who charge N362, N346, N326, N211 and N168 per litre. This statement however incurred the wrath and dampened the spirits of many Nigerians who are already reeling in hardships, and faulted his comparison as gruesome since these countries’ minimum wage greatly surpasses Nigeria.

Alongside Nigeria’s Independence, Flour Mills of Nigeria Plc celebrates 60 years of feeding Nigerians

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t is thrilling to know that Flour Mills of Nigeria Plc (FMN Group) also celebrated 60 years of feeding growth and productivity in Nigeria’s food value

chains on the same day that Nigeria gained her Independence from the British colonial rule, which was 60 years ago, precisely on October 1st 1960.

The FMN Group, which is one of the largest and most successful conglomerates in Nigeria, mills flour, manufactures and sells pasta, cement, fertilizer blending, bags, and other packaging materials. FMN aspires to continue feeding communities, improving infrastructure and empowerment for sustainable food security.

Court fines Senator Abbo N50 million for assaulting woman at sex-toy shop

Stocks slide as President Donald Trump and first lady Melania Trump test positive for Coronavirus

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he United States’ President, Donald Trump announced at around 1am on Friday October 2, 2020 that he and his wife tested positive for COVID-19. This is rather unsettling for global stability given the global pandemic and future uncertainties, particularly in the final loop of his reelection campaign, during which he openly disregarded experts’ guidance on preventing the disease’s spread.

This appears to be the most severe known health threat to a ruling American president in decades especially given that he is 74 years and obese, thereby increasing complications risk from the disease which has claimed the lives of over 200,000 Ameri-

cans and over a million persons worldwide.

Already, within the space of less than 6 hours after Trump’s announcement, USA’s stock market has started dwindling as Dow (INDU) futures drop by more than 400 points, precisely 450 points or 1.6%; S&P 500 (SPX) futures declined by 1.6%, and Nasdaq (COMP) futures were down 1.9%.

The US stock futures already started dipping when Trump’s top aide and adviser, Hope Hicks tested positive for the virus this week.

Also, Asia Pacific stocks have also slid on the news as Japan’s Nikkei 225 (N225) wiped prior gains with 0.7% decline. Australia’s

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emember the video clip of the alleged assault of the female sextoy attendant by Senator Abbo?

Well, on Monday, September 28, 2020, Justice Samira Bature of Maitama’s High Court of the Federal Capital territory (FCT) ruled for N50m damages to be paid as compensation to Osimibibra Warmate, a female attendant at a sex-toy shop whom he had an earlier clash with.

Back in 2019 when the police brough the charge before the magistrate court in Zuba, Abuja, the presiding magistrate, Abdullahi Ilelah, dismissed the case. Nonetheless, Warmate and her legal team persevered to sue Abbo before the FCT High Court where they eventually won the case.

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News Roundup

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SATURDAY 03, OCTOBER 2020

Health Plus: A good deal gone bad

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Simi Nwogugu becomes CEO of JA Africa

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MERCY AYODELE

t is a scary feeling for most people when they are about to lose something they worked hard to get or build. This must have been the feeling for Bukky George when she heard she has been replaced as the CEO of Health Plus, the company she founded in 1991.It was a hot topic in the business circle on September 25th when a leadership tussle sparked up between Bukky George, the founder of Health Plus and Alta Semper Capital (ASC).

About Health Plus Health plus is a leading pharmacy chain and retailer of beauty supplies in West Africa.

Health plus has over 90 retail outlets, employing over 850 people including more than 150 pharmacists. The founder, Mrs. Olubukunola Adewunmi (Bukky) George is a Nigerian and UK-trained pharmacist with over 25 years’ experience in the pharmaceutical industry. She founded the company with the goal of achieving universal healthcare coverage geared towards increasing life expectancy for all Nigerians.

About Alta Semper Capital Alta Semper capital is a London-based private equity manager that invests flexible and strategic capital across select African growth markets. This means that they provide financial backing and make investments in private equity of startups or operating companies.

The WhatsApp voice note that led to a death sentence

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n intense argument recorded and posted in a WhatsApp group has shockingly given way to a death penalty sentence by hanging on August 10 2020 of Yahaya Sharif-Aminu, a music studio assistant. This was after his family was torn apart as their family house was burnt, making his father flee and Sharif-Aminu to go into hiding before being arrested by Hisbah Corps, the religious police force that enforces Sharia law in Kano state for allegedly insulting Prophet Mohammed, as convicted by an Islamic court in northern Nigeria.

Shariff-Aminu who was greatly admired by his friends as kind, religious and dutiful admitted the charges of blasphemy during his trial but said he made a mistake. His lawyers and advocates from the Foundation for Religious Freedom (FRF), a non-profit establishment said that he was not allowed legal representation before or during his trial in contrast to Nigeria’s constitution.

Togo appoints Victoire Tomegah Dogbe as the first female Prime Minister

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ICPC exposes more corruption to the tune of N5.17bn in COVID-19 palliatives

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he Independent Corrupt Practices and Other Related Offences Commission (ICPC) has discovered a total of N5.17b in form of COVID-19 palliatives with N2.67bn school feeding funds found in private accounts and another N2.5bn in deceased agricultural ministry staff’s account. In response to this, Buhari reiterates his determination to end corruption in all sectors. The ICPC is a Nigerian agency that was inaugurated on September 29 2000 following the recommendation of President Olusegun Obasanjo.

Anger, disappointment trails NLC and TUC’s suspension of strike

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n Monday, September 28 2020, Togo’s President Faure Gnassingbe appointed Victoire Tomegah Dogbe as the country’s first female prime minister to about 8 million people. Dogbe has now replaced Komi Selom Klassou who resignedon Friday since being in office from 2015.

Dogbe, a well-respected figure, has held several positions under Gnassingbe’s government in the past 10 years including being his chief-of-staff, director of his cabinet, Minister for youths and grassroots development and working with the United Nations Development Programme (UNDP).

urrently the CEO, with 23 years of experience as volunteer, board member and executive director at Junior Achievement (JA) Nigeria, Simi Nwogugu becomes the Chief Executive Officer of JA Africa to be effective November 2020. This landmark achievement signifies new and valuable consulting knowledge, entrepreneurship, leadership and partnerships to promote JA’s education and digital skill development programs. Born and raised in Nigeria, Simi helped to bring JA into Nigeria in 1999 and is a graduate of Mount Holy-Oke College in Massachusetts and Harvard Business School as well as Goldman Sachs alumna.

Having taken over from his father who had ruled Togo for 38 years since 1967, Gnassingbe who has been ruling since 2005 despite his controversial reelection in 2019, oversaw the anticipated cabinet reshuffle that was delayed by the unexpected coronavirus pandemic, thereby leading to Dogbe’s appointment.

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he Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) has suspended their planned nationwide protest and strike which was to start on Monday, September 28, 2020, owing to the recent hike in electricity tariff and petrol pump price. As revealed by the Minister of State for Labour and Employment, Festus Keyamo, through a tweet post on his twitter handle, an agreement was reached by the parties involved to suspend the increased electricity tariff for 2 weeks, while the new petrol price remains unchanged.

SATURDAY 03, OCTOBER 2020

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Salt Lagos

things we discovered this week

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This list is curated by Lehlé Balde

Made in Nigeria edition

As we celebrate Nigeria at 60 this edition our column of cool products and services this week has a special focus on Made in Nigeria items.

Salt Lagos to many is synonymous with Lagos celebrations.

I first found out about Salt Lagos in 2017, when I was looking to buy a cake for a friend. I love the play on words with the name ‘Salt’ as it is the complete opposite of the sweet tasting pastries they have to offer. My favourite cake is the strawberry cheesecake. Its super fresh, tasty and hits all the right spots. Modupe Emmanuel is the Head Chef of Salt Lagos, which is based in the city of Lagos, Nigeria. It is popular for its unique desserts as well as cakes in Nigeria, by raising the standards of luxury desserts in Nigeria. It is one of my go to bakeries for sure. You can make your orders here https://saltlagos.com/

Marte Egele Is a fun and geometric limited leather goods carefully handcrafted by Artisans in Africa from locally sourced local materials. The brand is owned by Uche Egele. Her brand has been worn by countless celebrities including Beyonce Knowles. The young Nigerian, who studied Fashion Design (Womenswear) at The Fashion Institute of Design and Merchandising (FIDM), Los Angeles, CA, and Marketing and Sales at the University of Houston, Texas, in the United States, I got this bag as a gift for someone earlier this year and she absolutely loved it. You can make your orders here: https://www.marteegele.com/

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Natural girl Wigs Oluremi Martins, is the founder of Natural Girl Wigs, a hair company that produces hair to match black hair texture. She started this company as a side hustle while working at a Digital Agency in Lagos.

Like most entrepreneurs she started the business out of her own need and leveraged her 6 years of experience in content and growth marketing to connect with black women using social media and influencer marketing.

These channels have helped her and her team to connect with their target audience. They create our designs and produce in Lagos and Ghana with a team of local stylists and ship worldwide. They produce a variety of hair textures both in faux and virgin human hair products. In 2019 they delivered to 7,000+ women in over 30 countries. I have one of their wigs and absolutely love it. I find that it blends really well with naturally textured hair. Make your order on their website: www.naturalgirlwigs.com

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Olu did it Gift and stationaries Oludidit is a mix of Yoruba and English language meaning “God did it”. Oludidit is a creative enterprise that thrives on creative invention; transforming imaginations into tangible products in the arts and crafts industry. Their products range from a variety of interior decor accessories to crafts, and stationeries with a rich blend of African and western elements. I got a box with an Ankara covered picture frame, African proverbs calendar and notebook which I quite liked. You can find them on Instagram here: www.instagram.com/oludidut

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Nails by Orobosa

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Nails by Orobosa is a nail technician in Lagos that also offers home services. The company offers manicure and pedicures at an affordable price. Stella Orobosa is the nail tech behind this business is extremely professional, talented and creative. I find that I still do not want to go into hair salons and nail salons just yet so I find her service very useful and convenient. I never used to care about doing my nails but I find that ever since I met Stella, doing my nails is a fun experience which allows me to reflect my mood through nail art. I am currently rocking a natural French manicure. You can give her a call on +234 7082477604 or follow her on www.instagram.com/ nails_by_orobosa Businessday.ng Businessday.ng

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Lead Story

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SATURDAY 03, OCTOBER 2020

WHO INVENTED CHAPMAN? LEHLE BALDE SOLA ALAMUTU

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here are many popular cocktails such as Tequila Sunrise, Pink Mimosa, and also Nigeria’s very own Chapman cocktail, also known as the non-alcoholic punch. The Chapman is known around Nigeria and in many parts of the world and it carries fond memories for many Nigerians. On the occasion of Nigeria at 60, it is important to highlight all things that are dear to Nigerians and the Chapman is one of them.

If you live in or have visited Nigeria or most parts of the world for that matter, chances are that you have tasted a Chapman or, at the least, heard of it. You can go into any restaurant and ask for a Chapman and the bartender will know exactly what you’re asking for.

But who holds the rights to this invention and recipe?

The Chapman is on almost every menu in the country and is loved by millions across Nigeria, Africa, and many parts of the world but unfortunately, like many indigenous inventions, the origin of the Chapman on the internet is overshadowed by a lot of misinformation.

Like many popular dishes and cocktails, there’s a longstanding debate over who actually created this cocktail. One theory that is widely believed is that the cocktail originated in Ikoyi Club, Lagos, Nigeria, and was created by a bartender at the country club who was asked to make something special for his favorite British customer named ‘Chapman’.

The beginnings Before I go any further, let me take you out of … the mystery: The Chapman drink was not created in Ikoyi Club and it was not created for or by a Mr. Chapman. The Chapman was created by a man called Mr. Sam Alamutu who was later to become known as Apostle Samuel Alamutu of Ogun State.

He was one of the select young Nigerians to be offered a Businessday.ng

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scholarship to study in the UK - as part of Awolowo’s program of educating the Western region - and studied Catering and Hotel Management at the Huddersfield Polytechnic, Huddersfield, Yorkshire, England before returning home in 1958. He later also obtained a Postgraduate Diploma at the Centre for Management Development, University of Cambridge, England, and became a prominent professional Hotelier.

The kindness of love and the creation of the Chapman As a prominent hotelier, Mr. Samuel Alamutu spent most of his time in top Nigerian hotels. The nature of his work and position afforded him many opportunities to wine and dine with his family and friends both at home and in his workplace. Mr.Samuel Alamutu attended a lot of functions and was a connoisseur of top-quality wine and champagne from around the world. According to his daughter Sola Alamutu who provided the context for this piece “, he was quick to pop open a bottle of wine or champagne on special occasions.” Mr. Samuel Alamutu was a family man and when he was out with his beloved wife, she would turn down any offer of alcoholic drink and instead ask for soft drinks - either Fanta, sprite, or ginger ale. This became a huge bother for Mr. Samuel Alamutu, which prompted him to gather a handful of people and decided to create something a little more exotic that his wife could have at functions, especially those functions hosted by him. He started experimenting with different drinks and eventually came up with a mix of lemon and orange drink with a dash of Angostura bitters (which are from Trinidad and Tobago) and always on the rocks! Et voilà! His wife loved it and so did everyone else. With the positive reviews that he had garnered, he took it a step further and garnished it with cucumber, a lemon slice and topped it off with a cherry on a toothpick, and that is how the famous drink was created and spread across the world, thanks to a man’s love for his wife.

Lead Story

SATURDAY 03, OCTOBER 2020

The kindness of love and the creation of the Chapman As a prominent hotelier, Mr. Samuel Alamutu spent most of his time in top Nigerian hotels. The nature of his work and position afforded him many opportunities to wine and dine with his family and friends both at home and in his workplace. Mr.Samuel Alamutu attended a lot of functions and was a connoisseur of top-quality wine and champagne from around the world. According to his daughter Sola Alamutu who provided the context for this piece “, he was quick to pop open a bottle of wine or champagne on special occasions.” Mr. Samuel Alamutu was a family man and when he was out with his beloved wife, she would turn down any offer of alcoholic drink and instead ask for soft drinks either Fanta, sprite, or ginger ale. This became a huge bother for Mr. Samuel Alamutu, which prompted him to gather a handful of people and decided to create something a little more exotic that his wife could have at functions, especially those functions hosted by him. He started experimenting with different drinks and eventually came up with a mix of lemon and orange drink with a dash of Angostura bitters (which are from Trinidad and Tobago) and always on the rocks! Et voilà! His wife loved it and so did everyone else. With the positive reviews that he had garnered, he took it a step further and garnished it with cucumber, a lemon slice and topped it off with a cherry on a toothpick, and that is how the famous drink was created and spread across the world, thanks to a man’s love for his wife.

Mr. Samuel Alamutu

How the Chapman spread across the world According to his daughter Sola Alamutu, Ikoyi Hotel in Lagos was the first place the Chapman was created for the public. Samuel Alamutu also introduced it to other hotels

across the country, in addition to the Ikoyi hotel and the others in the NHL chain of hotels which he managed covering Jos, Lagos, Kano (Central Hotel), Sokoto, Maiduguri (Lake Chad Hotel), Calabar. This is how the Chapman drink started to spread in Nigeria and the world. As a very welltraveled man, he formed relationships with hotels and restaurateurs in countries such as Ghana, Sierra Leone, Gambia, and other African countries. During his travels to the UK, he enjoyed visiting different restaurants and made many friends. At the time, many of the top hotels were indeed occupied by British guests, which is the root of the confusion that it is a British invention.

Everybody loved the Chapman and many British people did spread the gospel of the infamous drink.To set the record straight, let us clearly state here that the Chapman is a Nigerian invention created by Mr. Samuel Alamutu of Ogun State.

About Mr. Samuel Alamutu Samuel Alamutu, MON, FIH (UK), FNHCI also fondly called ‘Daddy’ Alamutu by his children, was born on the 13th of November 1933, at Ifo Town near Abeokuta, Ogun State. He was the 4th of 5 children of the Late Mr. Ameen Badru Oreitan Alamutu of Mokola, Ilugun, Abeokuta, and the late Alhaja Asimohu Subuol Abeke (nee Akinlawo of Ikija, Abeokuta). He attended primary school at the Holy Trinity and later the famous Abeokuta Grammar School, Oke-Igbein, Abeokuta, Ogun State from 1947 to 1952 under the principalship of the late indefatigable educationist - Rev. I. O. Ransome-Kuti.

In December of 1952, he passed the Cambridge Overseas School Certificate Examination when he left Abeokuta Grammar School and worked briefly from 1953 to 1955 at the Nigerian Railway Corporation and the Federal Board of Inland Revenue Department of the Federal Civil Service, respectively, before proceeding to the United Kingdom in 1955 to study with the scholarship obtained from the Western Region Government.

From 1955 to 1958, he studied Catering and Hotel Management at the Huddersfield Polytechnic, Huddersfield, Yorkshire, England as part of Awolowo’s program of educating the West and mingled with catering specialists such as Ade Adefeso and Wale Akinrinade. He collected an array of impressive credentials before returning home to Nigeria in August 1958. He later obtained a Postgraduate Diploma at the Centre for Management Development, University of Cambridge, England, and became the most

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prominent professional Hotelier.

In September of 1958, he joined the Nigeria Hotels Limited (the largest - Federal Government-owned group in Nigeria) and worked there in various capacities for 25 years of meritorious service, until his voluntary retirement in October 1983 from the position of Managing Director and Chief Executive of the Company. He then became the director of the Lagos Hotels Limited, Hill Station Hotel Limited, Jos, Western Hotels Limited, and Cross River Hotels Limited.

From 1960 to 1965 he also served as Training Consultant to the Sierra Leone Government for their Paramount Hotel and Cape Sierra Hotel, Freetown respectively.

He was also the director of Nigeria Tourist Board and the first National President, Nigeria Hotel and Catering Institute, the Chairman of Nigerian Tourism Development Corporation and the pioneer Chairman, Hotel and Personal Services Employers’ Association of Nigeria.

In 1978, he was conferred with the National Honours Award of M. O. N. (Member of the Order of the Niger) for his pioneering work and dedication to the Hotel, Catering, and Tourism Industry in Nigeria.

Mr. Samuel Alamutu was the longestserving Managing Director/Chief Executive of the Nigeria Hotels Limited before retiring to establish his own Hotel Management and Consultancy Company - Modern Hotels Limited – for which he was Executive Chairman.

Between 1988- 1998 he owned and managed Park restaurant, in central Lagos. The restaurant was renowned for its haute cuisine and first-class international service. His daughter, Sola Alamutu aka Green queen who, incidentally, also studied Hospitality management like her father, was the restaurant manager. BD

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Independence Art

By Toju Akpa: An Illustrator and an animator with a passion for financial literacy and entrepreneurship.

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SATURDAY 03, OCTOBER 2020

History of Nigeria Energy

SATURDAY 03, OCTOBER 2020

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Nigeria@60: Past, Present, and Future of Harnessing Nigeria’s Energy Potential for sustainable development UJUNNWA OJEMENI IKE CHUKWU ONYEKWELU

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igeria has vast energy resources with the potential to become a net exporter of energy products across Africa. However, in the last sixty years of independence, the country has struggled to make this dream come true.

Nevertheless, there are emerging signs that the energy sector is reinventing itself.

From refining giant to net importer of petroleum products On September 28, Festus Keyamo, Minister of State for Labour and Employment tweeted that the Federal Government and Nigeria’s labour organisations had reached an agreement: the two resolutions were that the deregulation of retail petrol prices would stay, as government rolls out palliatives for labour while the electricity service reflective tariffs were to be suspended for two weeks.

These two issues show the inefficiencies and potentials in Nigeria’s energy sector. The Federal Government has been subsidising both petrol and electricity consumption for years.

Nonetheless, in his independence speech on Thursday October 1st 2020, President Muhammadu Buhari said that Nigeria cannot afford to maintain subsidies on petrol. He attributed this to the fall in Federal Government revenues by 60 percent, due to the coronavirus pandemic and an over 40 percent fall in oil prices.

The situation is compounded by the fact that Nigeria exports nearly all the crude oil produced in the country and imports nearly 100 percent of the petrol consumed locally.

What this means in reality is that rather than develop a local petroleum industry that refines crude oil and exports petroleum products, Nigeria has remained a crude oil exporting country.

This is despite having four state-owned refineries of a combined operational capacity of 445, 000 barrels a day. None of these refineries have worked at 20 percent capacity in the last five years. In the last two years, they have worked at zero capacity but continue to consume N10 billion monthly, on average, for utility bills, staff salaries and miscellaneous expenses.

With 50 percent equity each, Shell and British Petroleum built Nigeria’s first refinery in 1960 with 38,000 barrels a day capacity. They built the refinery because they were major marketers of petrol, kerosene and cooking gas. As soon oil was

found in commercial quantity, a strong business case emerged to refine locally.

Two years after, they increased the capacity to 60,000 barrels per day.

When Nigeria joined the Organisation of Petroleum Exporting Countries, (OPEC), it took 60 percent equity in the Port Harcourt Refining Company and by 1978, Nigeria had 100 percent ownership.

The Warri and Kaduna Refining and Petrochemical Companies were built in 1978 and 1979 respectively. Today, they are both are at zero capacity utilisation.

Interestingly, from 1990 to 1991, Nigeria was completely self-sufficient in all products, and was exporting products

Nigeria, a gas nation?

Nigeria is endowed with abundant gas resources far more than with oil. As at January 2019, the Department of Petroleum Resources (DPR) reported that Nigeria’s proven gas reserve was 200.79 Trillion Cubic Feet (TCF) and about 600 trillion cubic feet unproven gas reserves.

Nigeria therefore holds the largest natural gas reserves on the continent and the ninth largest gas reserves in the world.

Recently, government is being more deliberate in the formulation and implementation of gas-centric policies and programmes.

In 2017, the Federal Executive Council

to West Africa. Unfortunately, since 1991 to date, the refineries have not been adequately maintained as and when due.

One of the promises the government made through the Nigerian National Petroleum Corporation to labour on September 27, 2020 was to rehabilitate the refineries, and to reach 50 percent capacity at the Port Harcourt refinery by 2021.

However, the current view among experts is for the refineries to be operated using the Nigeria Liquefied Gas Limited model where government owns minority equity and private sector operators own majority shares.

With the Dangote refinery expected to come on-stream with 650,000 barrels a day refining capacity by 2021, Nigeria may be on a path of self-sufficiency in local refining capacity.

(FEC) approved the National Gas Policy (NGP) aimed at ensuring the development of the gas sector to drive gas-based industrialisation in Nigeria. This succeeded the Nigerian Gas Master Plan (NGMP) of 2008. The NGMP was approved to serve as a guide for the commercial exploitation and management of Nigeria’s gas sector aimed at growing the Nigerian economy with gas and guaranteeing long-term energy security of Nigeria. Three other key government programmes for sectoral development, include the Nigeria Gas Transport Network Code (NGTNC), the ongoing Nigeria Gas Flare Commercialisation Programme (NGFCP), and various efforts to increase Domestic Liquefied Petroleum Gas (LPG) Penetration.

Indeed, Timipre Sylva, the Minister of State for Petroleum Resources declared Businessday.ng

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History of Nigerian Energy

2020 as ‘the year of gas for the nation,’ an announcement that set the theme for the year and also coincided with the Final Investment Decision (FID) on the Train 7 project by the Nigeria Liquefied Natural Gas Ltd (NLNG).

The Federal Government appears to be keen to sustain this momentum as the Guidelines for the Establishment and Operations of Downstream Gas Facilities in Nigeria (liquefied petroleum gas (LPG), compressed Natural Gas (CNG) and liquefied natural gas (LNG)) was recently issued. Even more interesting is that this contains the Guideline for the establishment of an AutoGas Refuelling Station and Add-On Gas Facility in Nigeria which is expected to potentially drive the use of natural gas for vehicles in the country to reduce emissions.

As always, the implementation of these policies and plans would tell how successful Nigeria’s move to maximises its gas resources will be.

A grid-connected power sector gasping for breath Seven years ago, the Nigerian government undoubtedly completed what can be described as the largest power sector privatisation in Africa but the industry is failing to harness vast opportunities that the market offers.

Additionally, fifteen years ago, Nigeria enacted the Electric Power Sector Reform Act (EPSRA), which established a regulatory authority, the Nigerian Electricity Regulatory Commission (NERC) for the Nigerian Electricity Supply Industry (NESI). The EPSRA enabled the unbundling of the electric power sector into generation, transmission and distribution with separate operators.

Nigeria has an installed capacity of 12,500 megawatts (MW), however, Nigeria’s highest peak generation as at 28 September, 2020 was 5,420MW, with an average output of 3,375MW. With a population of over 200 million people, only 56.50 percent of Nigerians had access to electricity as of 2018. Even more, there are about six million unmetered customers, of the over 10 million registered customers, from a population of over 200 million people. This gap presents a business opportunity in the sector.

However, the Nigeria’s electric power sector continues to grapple with severe liquidity challenges. This stems from the fact that the downstream collections (tariffs) from electricity distribution companies (Discos) do not cover the cost of electricity sold to the end-users. There are also technical losses as a result of old and obsolete infrastructure.

The shortfalls from tariff collections mean that Discos are unable to satisfy the cascading upstream obligations from the Transmission Company of Nigeria, the Nigeria Bulk Electricity Trading (NBET), the generation companies (Gencos) and down to the gas suppliers.

As at April 2020, distribution companies owed NBET at least N173 billion. As of 2019, the exposure of Nigerian banks to the power sector was about $1.70 billion, representing one fifth of non-performing loans. The Federal Government’s has intervened in the sector to the tune of N1.5 trillion so far.

Most recently, service reflective were introduced to enable the Discos increase tariffs to ease the liquidity challenges in the sector.

The idea of tying the level of tariffs to the ability of Discos to meet certain service parameters is, prima facie, a brilliant idea: it acts as an incentive for Discos to improve service levels for electricity supply in order to benefit from higher tariffs and also ensures greater customer satisfaction by ensuring that customers pay for the quality of services they are provided. As always, the key to success is in the implementation, which has now been halted for a 2-week period.

Over the years, there have been policy efforts to fix the power sector. For instance, the Power Sector Recovery Programme (PSRP) 2017 – 2021 issued in January 2018 set out a series of policy actions, operational, governance and financial interventions to be implemented by the Federal Government of Nigeria over the period to restore the financial viability of Nigeria’s power sector, improve transparency and service delivery, resolve consumer complaints, reduce losses and Businessday.ng

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SATURDAY 03, OCTOBER 2020

energy theft, and to reset the Nigerian electricity supply industry for future growth. The World Bank Group was ready to provide Nigeria with support of $2.50 billion to finance the programme.

By 2018, the implementation of PSRP had little steam. But in 2019, the Nigerian Electricity Regulatory Commission appeared to be reviving the PSRP when it requested that the eleven Discos submit performance improvement plans for the next five years.

NERC also carried out minor tariff reviews in September 2019.

A major event in the sector was when in July 2019 the Federal Government signed a Memorandum of Understanding with Siemens to implement the Nigeria Electrification Roadmap (NER). The plan is to increase the power delivered to Nigerians to 7,000 megawatts (MW), 11,000MW and 25,000MW in phases one, two and three respectively. The third phase is expected to have been reached by 2025. In July 2020, the Federal Executive Council (FEC) approved the release of N8.648 billion as counterpart funding for the deal with Siemens AG. The Off-grid sub-sector rising to the challenge Studies conducted showed that Nigerians and their businesses spend almost $14 billion (N5 trillion) annually on inefficient generation that is expensive ($0.40/kWh or N140/kWh or more), of poor quality, noisy, and polluting. To bridge the grid supply gap, reduce this spending and emissions from the inefficient alternatives, the off-grid renewable energy sector in Nigeria has become a keen area of focus by industry players. The sub-sector which complements the grid and, in some cases, acts as a substitute is said to be a $9.2B/year (N3.2T/year) market opportunity through mini-grids and solar home systems that will save $4.4B/year (N1.5T/year) for Nigerian homes and businesses.

The Rural Electrification Agency (REA) which was established through the EPSRA has been a keen driver for the off-grid sector.

Through its 2016 Rural Electrification Strategy and Implementation Plan (RESIP), it has been at the forefront of coordinating funding and implementation of rural electrification expansion in Nigeria. Indeed the World Bank and the African Development Bank are working with the Federal Government through the REA on the Nigeria Electrification Project (NEP) providing $350 million and $200 million respectively for this program. BD is an energy expert, a development finance executive and gender inclusion advocate in the energy sector with an aim to help Africa achieve SDG 7 by 2030. At the Office of the Honourable Commissioner for Energy & Mineral Resources Lagos State, she drives policies, investments opportunities and implementation strategies to deliver reliable energy to the citizens of the State. She is also an Advisor with the Private Finance Advisory Network (PFAN) and has coordinated several gas and power development opportunities as well as energy funds worth over $400 Million. She was selected as one of 60 young African Clean Energy Leaders by Enel Foundation, and a finalist at the IFC Sustainability Exchange Contest in 2019. ujunwa ojemeni

Ujunwa is the founder of African Women in Energy Development Initiative (AWEDI Network). She has spoken on several regional and international platforms and her articles have been published both locally and internationally

by Forbes, Devex and BusinessDay. She holds a Master’s degree in International Development - Development Finance and a first-class degree in Banking and Finance from the University of Nigeria, Nsukka. stephen ikechukwu onyekwelu is the energy reporter at BusinessDay Media (Nigeria)

Limited. He finds good stories and transforms them into great ones. He is a datadriven and an insightful journalist who is passionate about growing teams and dreams. His joy is in telling impactful stories that give citizens a voice; highlight business, finance and economy trends; and interrogate governance structures both in businesses and economies.When he is not sniffing out great stories to be told, he is out with family and friends on the beaches of Lagos, Nigeria playing monopoly, or having a great time with his wife. He also review great philosophical classics and simply imagine the best possible world. I enjoy sipping good wine too: red or white.

Nigeria at 60

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Nigeria at 60: A Blast from the Past Formation, The Making of Nigeria from Jihad to Amalgamation FOLA FAGBULE AND FEYI FAWEHINMI

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here is grave insecurity across the land. Banditry, violence, kidnapping, civil unrest and armed insurrections are rife. A militant political movement which claims its origins in Islam is ravaging large swathes of the lands below the Sahara desert. The main export commodity of the land has lost favor internationally, with a collapse in its demand driven by a technological and industrial revolution that is transforming the way the global economy works. An important election has been concluded, in which two men named Muhammadu Buhari and Abubakar Atiku have contested for the highest office in their country.

The above paragraph must sound very familiar to you, dear reader. If you think we are describing the state of affairs within the largest Black country in the world - Nigeria - in the early 21st century, you would be wrong. Actually, in one respect you would be correct, because the description does refer to occurences in the lands now known as Nigeria. However, all that was described above happened nearly 200 years ago, in the predecessor countries and lands that now make up Nigeria, during the 100 years immediately before the official formation of present-day Nigeria in 1914.

So, how is it that so much of our national history continues to repeat itself, and yet we are not taking important lessons from the past to chart a more advantageous future for the humans of Nigeria? This is one of the many reasons we decided to write a book about the pre-colonial countries that now make up Nigeria. Neither of us is trained as a historian. We are both banking and finance professionals. But we share a belief that a deep knowledge of history is fundamental to shaping the future.

Our research revealed to us that the one hundred year period preceding the formation of Nigeria was a fascinating crucible during which the character of the modern country Nigeria was formed. Those years are also the most mythologized and least analyzed part of our history, certainly by the modern generation of young Nigerians who now carry the responsibility for the future of our country. We were convinced that a new conversation about the future of Nigeria needs to begin among the members of this modern generation, nearly half of whom are still younger than 18 years old, according to the most recent statistics.

This is why we have written Formation, The Making of Nigeria from Jihad to Amalgamation, which has been acquired by the leading publisher Cassava Republic, and will be released first in Nigeria this month, and in the rest of the world from January 2021.

Our story in Formation is not just about a century of violent crisis and devastation. In exactly the same way, the story of modern Nigeria is not just about insecurity and economic crisis.

Formation is also a story of resilience, and of opportunity, and of

the remarkable achievements of so many Black people in the creation and development of the country that would later come to be known as Nigeria. Our narrative partly covers a period of several decades that we have now christened the “Clapham Sect Era”, during which the indigenous agency, blood, sweat and entrepreneurship of so many local people temporarily formed the driving force in the development of Nigeria.

In our writing we adopted a deliberately apolitical lens, but we were keenly interested in the perspectives of non-traditional actors whom we believe have been overlooked in the historical narrative. These include the indigenous people, women, ethnic

minorities, and the generally less fortunate or less privileged individuals of history, whose stories too often get overlooked or whose achievements are unfairly downplayed.

In the end, our story is just the start of the conversation. Our greatest hope for Formation is that it forms the beginning of many delightful and nuanced journeys into the history of Nigeria’s culture, politics and economics. We hope that the modern generation of young Nigerians embraces and engages with the story and its many lessons, because the only way we can craft a better future for ourselves is by understanding “where the rain began to beat us” in the immortal words of Nigeria’s greatest storyteller, Chinua Achebe. BD

fagbule and fawehinmi are the Co-Authors of “Formation, The

Making of Nigeria from Jihad to Amalgamation” which is being published by Cassava Republic Press this month.

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Leadership

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ANTHONY NLEBEM

Nigeria @ 60: Poor policies hindering Nigeria’s sports development

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igerian Sports since independence has continued to lag behind other sectors in the country unlike developed nations of the world where sports business has become a major revenue earner and contributes significantly to the GDPs of those countries.

The Statistician-general of the federation, Yemi Kale, has rated sports’ contribution to Nigeria’s economic low, saying the sector accounts for 0.005 percent of the country’s GDP. He said Sports is valued at $500 billion globally, however, the sector accounts for 0.005 percent of Nigeria’s GDP which is not good enough.

Kale described sports as a small business in the country, but insisted that the sector has a capacity to stimulate economic growth and urged nation’s sports managers to agree on sporting activities that would constitute and focus on data integrity.

“Sports remains a small business in Nigeria, but has the potential to be much bigger. We need to agree on what sporting activities should constitute and focus on data integrity, collaboration with relevant agencies and most importantly ensuring Businessday.ng

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the steady funding for data computing as related to the sports industry,” Kale stated.

Sunday Dare, Minister for Youth and Sports Development, noted there is a need to look into the 2009 National Sports Policy document.

“In 2009, we had the National Sports Policy. Prior to that, we had a policy on Sports and Social Development. The latest one we have which is in 2009 is devoid of a business model.

It is essentially sports development devoid of a business model. When you put that at par with other sporting regimes across the world, you would see that we’re clearly behind and that has been the bane of sports development,” the minister noted.

The minister highlighted possible potentials to explore for Nigeria to reap from sports as business.

“We have not been able to leverage private funding. We have not been able to turn sports into a business. So, the National Sports Industry policy, work has been ongoing for three years before I became a minister. What I’ve done is to accelerate that process towards developing a business model around our sports. And in June, the Federal Executive Council

(FEC), actually reclassified sports from mere recreation to business. You go to Jamaica, you go to Brazil, South Africa, countries where sport is built around a business model you see the returns.”

The minister added that a proper policy framework can attract private funding and thus help to grow the sports industry and make it a revenue drive for the nation.

“If you know how policy works, when sport was classified as recreation, it had no budget line, it was not seen as business activity, it was not contributing to the GDP. The kind of government investment needed for that industry was unavailable under the three ‘I’s and one ‘P’: Policy to drive investment on the part of government and private sector, incentives on the part of the government for investors, and developing infrastructure across the country. If we have these pillars, the necessary funding will come from the public and private sector.”

Amaju Pinnick, president, Nigeria Football Federation (NFF), believes the potential in Nigerian sports is limitless, adding, however, that the government needs to create an enabling environ-

Sports

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ment for sports industry to thrive.

“Twenty five years ago, the British government invested £200 million in the Premier League and today, the EPL is worth £8 billion. If we create an enabling environment with proper structure, sports can contribute significantly to Nigeria’s GDP more than any other sector,” said Pinnick.

“We must engage reputable brands to drive sponsorship for the national team. If every geopolitical zone concentrates on its strengths and harness them properly, Nigeria will fly the flags high at international competitions and thus get global attention for investors to come in and invest,” he added.

Mitchel Obi, seasoned sports commentator, lamented that since 1960 till date the sports sector has remained unchanged in terms of growth and development.

Obi insisted that for sports to thrive, Nigeria must act on the Vision 2020 document that highlights, objectives, strategies, implementation and expected results of the Vision for sports.

“When Nigeria was 50 years, my views are still there, nothing has changed, no policy in place to drive the sector. I don’t know anything about the way forward, it has been explicitly stated in so many visions; Vision 2010, Vision 2020 and now Vision 2030,” he said.

“The way forward is there, the vision 2020 tells you our sports master plan.

We said by 2020 Nigeria should be in a position to, at least, come home with 10 gold medals at the Olympics and host the FIFA World Cup by 2020; we were visioning based on our capacity, capability and the surrounding elements of nationhood”, he said. He added that with the growing population in the country, sports if well harnessed could contribute significantly to the economy.

“It’s sad that at this stage, the leadership of this country does not consider sports as a catalyst for her developmental effort; that is the fundamental drawback.

Sports is a veritable attraction for the teaming Nigerian youths.”

He advised that the government should change the approach and have a right system with functional policy in place for sports business to grow.

“Even Nigeria is a signatory to the United Nations Programme for Sustainable Development Goals, were sports was defined as an enabler, but we have not concretized that. Sports cannot operate in isolation, it’s a culture and about the people.” BD

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Guardiola rules out City spending before transfer deadline

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ep Guardiola is not expecting to make any more additions to his Manchester City squad before next week’s transfer deadline. The City manager insists further signings have not been ruled out but this week’s club-record deal for defender Ruben Dias looks to be the last for the time being.

Dias joined City from Benfica on Tuesday in a deal worth £62m plus a potential £3.2m in add-ons.

His signing followed those of fel-

low defender Nathan Ake and winger Ferran Torres earlier in the summer for £40m and £20m respectively.

“I think it will be over,” said Guardiola, whose side eased into the quarterfinals of the Carabao Cup with a 3-0 win at Burnley on Wednesday.

“I don’t know - maybe someone will want to leave. So we will see what happens until the end.”

The arrival of Dias, soon after bringing in Ake from Bournemouth, ends City’s long search for central defensive reinforcements.

City’s lack of depth in the position last season, following the departure of Vincent Kompany and injury to Aymeric Laporte, proved costly as they failed to mount a strong title challenge to Liverpool.

Guardiola is confident Portugal international Dias, 23, will prove a huge success at the club.

He said: “We know his personality and I’m pretty sure he will be an incredible player for this club for the next five, six, seven years.

UCL Draw: Man Utd to face PSG, Barcelona draw Juventus

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anchester United will face Paris St-Germain, RB Leipzig and Istanbul Basaksehir in the Champions League group stage this season. Premier League champions Liverpool will have to negotiate a group containing Ajax, Atalanta and Danish side Midtjylland.

Chelsea will play Europa League winners Sevilla, Krasnodar and debutants Rennes.

Manchester City are in Group D with Porto, Olympiakos and Marseille.

Meanwhile Cristiano Ronaldo and Lionel Messi are set to face each other after Juventus and Barcelona were drawn in Group G, while holders Bayern Munich will face Atletico Madrid in Group A. The draw, which also saw Real Madrid and Inter Milan paired in Group A, took place without club officials present due to

the ongoing coronavirus pandemic.

And it was a particularly tough draw for Manchester United, who will play last term’s finalists Paris St-Germain, as well as 2020 semi-finalists RB Leipzig.

Holders Bayern will face Atletico Madrid and will also have a short trip across the border to Austria to take on Salzburg in Group A.

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Leadership

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Think character and attitude when choosing your next leader OLUWAFADEKEMI AREO

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ven from primary school days, our teachers chose the class captain based on the character and attitude of the particular student. The class captain was seen as the neatest, the most punctual, and most definitely the best student in terms of academic performance.

The above makes us understand that the word ‘leader’ is used at levels asides politics and government. As long as there is a setting of two or more people gathered for a purpose, there must be a leader.

In defining who a leader is, I love to go with one of John Maxwell’s definitions which say that “a great leader is someone who has genuine willingness and a true commitment to lead others to achieve a common vision and goal through positive influence.”

It therefore means that the basis for choosing your next leader at any level lies in their character and attitude.

My mentor, Ibukun Awosika, the first female and current Chairman of First Bank of Nigeria said “the things we choose to look at before choosing our leaders are not rocket science, it is revealed in their attitudes, words, diligence, and commitments.”

The norm most of us are used to is making leadership choices based on sentiments or who the public has accepted as the right choice. To ensure that we choose leaders who will serve us aright, we need to start looking beyond public persona and diligently interrogate the character and attitude of whom we want to choose.

The truth is, the points here go both ways. What I mean is that it is one thing to look for good virtues in our leaders but it is another thing to develop our own character and attitude to emerge as good followers and maybe leaders some day.

One important step in the interrogation of the character and attitude of your next leadership choice is to see how trustworthy they are and how well they have diligently kept to their commitments in time past.

In the words of my mentor “do not give a man credit for being popular, make sure that you find the substance to justify whether he has earned your trust.” The public persona of a Businessday.ng

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person should not be taken at face value, choose your next leader after you have properly interrogated their persona.

The next step if possible is to go back in time to look at the life, work and relationship history of the person. When you follow their life trail you will find their mistakes, but look further to see how they built themselves from their mistakes.

In past leadership positions they held, what was their attitude to work and how did they relate with their follower? These are questions that need answers as who your leader really is plays a crucial role in your life as a follower.

Ensure that you find out their guiding principles and what they are known for by digging deep into their lifestyle.

If a person does not uphold integrity even if he/she took an oath or a covenant in the church or court, then it just shows that this person cannot keep to a contract.

Choose a leader who shows empathy to the people he leads and ensure that he/she is someone you are willing to work with. Some leaders forget the place of service and are instead driven by the arrogation of power.

How the person you want to choose as your leader treats the people serving him/her will reflect their leadership style.

This is because if you do not treat the people serving you well you would always look at the people you serve with disdain.

In conclusion, you might be saying you do not have the time to properly interrogate the character and attitude of your next leadership choice. If you are in this category, it only means that you want to continue to see things deteriorate around you and not ensure that you put the right persons in positions to fix issues.

The leaders we choose at all levels, in our schools, offices, communities and nation at large are very important to us. So do not continue with the lazy approach to selecting leaders that we are used to. Make a choice today to diligently approach your next leadership choice. BD is an Economics and Markets Analyst at BusinessDay Media Nigeria.

Asides speaking to and writing about economic and financial issues, she has a knack for exploring and explaining matters surrounding the human mind and psychology. She strongly believes that in a world where everyone puts themselves in other people’s shoes, win-win solutions will always be created to every problem. areo

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Art of the Week

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Ayesha, Feisal, The Things We Don’t Say. Acrylic on canvas, 100 x 150 cm Image courtesy of TAFETA Gallery and ART X Lagos - West Africa’s Premier International Art Fair.

Learn more at www.artxlagos.com Businessday.ng

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Nigerian Photo of the Week

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Three Bridges

By ArtbyOye

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Modern Art

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Bruce Onobrakpeya Man and Two Wives II : A Revisit of the Sunshine Period (1960 - 70) Serigraph Print on paper 55.9 x 76.2cm

Independence and Modern Nigerian Art OLIVER EN WONWU

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his October, Nigeria celebrates the 60th anniversary of her independence. Bearing this in mind with a focus on stylistic development, BusinessDay Weekender takes a look at the growth of the visual arts over the last 6 decades in this 2-part feature.

Modern art in Nigeria borrows from the geometric shapes of classical African sculpture. Amongst these globally recognised forms are Nok terracottas, Ife and Benin bronzes. They share several distinguishing features including; a

disregard for anatomy and psychological expressiveness. Their influence on the emergence of modern art in Europe in the late 19th Century is profound, especially following the sacking of the Benin Kingdom by the British in 1897 and the looting and movement of bronze pieces to the ethnographic museums of the West.

C o l o n i a l i s m , C h r i s t i a n i t y, industrialisation, technological advancements, Western patronage and formal education also impacted heavily on modern art in Nigeria. Aina

Onabolu studied in Paris and is the first academically trained Nigerian artist.

He was radical in departing from the classical canons of African art and adopting European academic formalism.

However, modern art itself is defined by a break from academic practice and Slade-trained Ben Enwonwu is widely credited for first laying the foundations of a modern visual art language by merging indigenous aesthetics with Western techniques and conventions of representation. Running parallel to Businessday.ng

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History of Art

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Ben Enwonwu Agbogho Mmuo dated‘BEN ENWONWU/ FROM 1949“AFRICA DANCES’ oil on canvas 59 x 49.5cm

Yusuf Grillo Three Friends circa 1963 oil on board 79 x 106.5cm

Enwonwu’s practice in Lagos were the Oye-Ekiti workshops of the 1940s led by Fathers Frank Mahoney and Kevin Caroll.

The establishment of universities, polytechnics, and colleges of education led to the rise of many art schools, styles and movements.

The most significant of these schools was established in 1959 at the then Nigerian College of Arts, Science and Technology, now Ahmadu Bello University, Zaria. Early graduates include members of the Zaria Art Society like Uche Okeke, Demas Nwoko, Bruce Onobrakpeya and Yusuf Grillo whose collective proposed the theory of ‘Natural Synthesis’ that built upon Enwonwu’s direction.

Together with Enwonwu, they were preoccupied with propagating a visual language that exemplified their aspiration in defining their new nation. Working outside the Zaria school but achieving much the same fusion were significant artists like Ben Osawe, Erhabor Emokpae, Clara Ugbodaga-Ngu, TheresaLuck Akinwale and Afi Ekong, In Benin, Ovie Idah, later Felix Idubor and Festus Idehen reinterpreted the best of ancient Benin sculpture. The Osogbo workshops of the 1950s and 60s led mostly by Ulli Beier produced work immersed in Yoruba mythology. Participants include Twins Seven-Seven, Jimoh Buraimoh and Muraina Oyelami.

Today, art in Nigeria is largely pluralistic; contemporary interpretations of traditional archetypes, works in a modern idiom, conceptual art, performance art, photography, video and new media all exist side by side. Artists are no longer concerned with nationalist ideals but regard themselves as world citizens, eager to prove the artistic merits of their work while responding to pressing global issues. Many of them are educated at the most prestigious institutions in the world and represented by leading international galleries. Other developments include the increasing volume of professionally-run galleries and the emergence of a thriving domestic secondary art market, that has in turn enabled successful international auctions of Nigerian art. These events have given rise to a rising number of exhibitions with accompanying Businessday.ng

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Ben Osawe 1986 Man with Hat Bronze 83.8 cm high

publications containing critical text, an art fair, the Lagos Biennale, residencies and art foundations and several alternative spaces.

As Nigeria embarks on the next 60 years, it becomes more imperative to set sustainable structures. These include public and private sector partnership in funding the visual arts, legal framework to protect Intellectual Property and artist’s secondary resale rights, the embellishment of public buildings/ spaces, enterprise development including export assistance and art/technology hubs. BD Art historian, publisher, and curator, Oliver Enwonwu is the director and founder of Omenka Gallery, as well as president of the Society of Nigerian Artists.

Enwonwu is also CEO of Revilo Company, publishers of Omenka, Africa’s first art, business and luxury-lifestyle magazine and Network, the bi-monthly magazine of the Nigerian-British Chamber of Commerce. A third generation artist, he is the son of late Professor Ben Enwonwu MBE, Africa’s pioneer modernist artist.

He is a Fellow of the Institute of Management Consultants (CMC, FIMC) and sits on the board of several organisations including the Reproduction Rights Society of Nigeria, the Lagos Biennial and Alliance Française Lagos, where he serves as Vice President. Recently, he was appointed by the Federal Government as Chairman, Visual Arts Sub-Committee of the Post-COVID-19 Initiative for the Creative Industry.

Interview

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Formation:

The Making of Nigeria, from Jihad to Amalgamation LEHLÉ BALDE When Dan Fodio’s jihad erupted to life one Tuesday in February 1804, hardly anyone could have anticipated that this motley crew of amateurs would still be alive in one week, never mind triggering the birth of a nation.

It was the first in a series of unlikely and mostly unrelated events across the globe, which would snowball over the next hundred years into the formation of the largest black country in the world. As Nigeria turns 60, it is inevitable to look back at what has been while looking hopefully towards the future. In this interview with authors FEYI FAWEHINMI and FOLA FAGBULE authors of Formation: The Making of Nigeria, from Jihad to Amalgamation. The story of the hundred-year time period between 1804 and 1914 during which the character of Nigeria was formed; factually and faithfully following the most important characters, events, and influences in what is the least understood, most mythologized, and most politicized era of the country’s history. The much-anticipated book will be released in Nigeria on October 22nd, 2020. Excerpts.

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Interview

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ola Fagbule is a banker and investment professional focused on infrastructure in Africa. He currently serves as a Senior Vice President and Head of Financial Advisory with overall responsibility for mergers, acquisitions, capital raising, and other technical advisory assignments at the Africa Finance Corporation (AFC) Feyi Fawehinmi is a qualified accountant with over a decade’s experience working in the UK’s financial services industry across banking, asset management, private equity and insurance. His professional experience has involved the implementation of large regulatory changes in the financial services industry and statutory reporting across a broad range of financial entities.

He has written a long-running blog on Nigerian socio-economic issues and his writing has featured on numerous publications.

What inspired you to write the Book Formation? Why now?

Feyi: Fola and I always talked about Nigeria every time we hung out together.

We have both always felt that in many ways, the country is flying blind and our generation could benefit from a retelling of our history. We both felt that the precolonial period was the least known period of Nigerian history even though there is more than enough material available to tell a compelling story.

Fola: Yes, we had both read a lot of African history and Nigerian history, and we just couldn’t find one single document that contained the pre-colonial history of Nigeria in a concise document that was easily accessible to the modern-day reader. We decided to help reignite this conversation by offering Formation as that book. So, our biggest inspiration is the hope that Formation will help to spark a conversation about what it means for Nigeria to exist as a country and how Nigeria came to be.

What do you love most about being Nigerian?

Fola: We both love the creative energy and the sheer cultural power of the new generation of young people who are busy redefining what Nigeria means both at home and globally, just by living their lives and following their dreams. You’ll find it in everything from music to movies to the arts, fashion, technology, business, and Businessday.ng

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Fola Fagbule the various professions. It’s defiant energy which rejects all the limitations that have been placed before it and insists on being seen and heard, on being excellent and on prospering. I absolutely love it.

What do you wish you could improve about the state of the nation?

Feyi: The education system. One of the conclusions we came to after writing Formation is that human capital development is the most beneficial and long-lasting change anyone can bring to Nigeria. Unfortunately, our long history as a resource nation has distracted us from having the necessary focus on this critical type of development.

Formation is a book that is stripped of myth and agenda of the pre-Colonial history of Nigeria. Why do you think history is often distorted and has gaps?

Fola: History is a lot like news reporting,

which you are very familiar with.

Perspective matters, and the agenda of the writer is fundamental to understanding the historical record. Nigerian history has been richly documented in numerous books, academic papers and oral traditions. But the perspective from which the stories have been told, and the agendas of the writers have often created distortions, both intended and otherwise. Gaps have also typically emerged from a simple lack of focus on the perspectives of less powerful people, minorities and women.

In Formation, we made a deliberate effort to be conscious of these perspectives, gaps and agendas on every page and with every word that we wrote. That is what we mean when we say Formation is stripped of myth and agenda.

You go into a lot of detail in this book.

The chapters contain many scenarios including a description of the River

Interview

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curse of crude oil, or tribalism, among other things. Our contention in Formation is that none of these is the original source and that we have to look further back into history to understand ourselves better.

Niger and the lay of the land in 1800, Dan Fodio and the Fulani Jihad, The Arrival of Europeans, and much more. Do you think readers will be surprised by some of the stories?

Feyi: Oh, definitely. There are some interesting and surprising details about some characters and events in the book that came as a surprise to us. We hope readers will find them as enlightening as we did. Ultimately, as Nigerians, we have not told our stories enough. Also, Nigeria being a country with a very young population means that a lot of people will be hearing these stories for the first time.

Do you think Nigeria has done enough to recognize and the wrongdoings done to particular groups of people?

Fola: That is a heavy question and unfortunately, I do not think we have done enough as a country. In Formation, we show how so many modern-day crises that we are still dealing with in Nigeria have their origins in unresolved cycles of political violence beginning long before the modern country was ever conceived, never mind formed. I think that this type of understanding is important to creating a future country that is deliberately focused on justice, reconciliation, and peace. This is the most important foundation for economic development and wealth creation. We hope that Formation can also help in achieving this objective.

Fola: Absolutely. It was so important for us to bring this story to a new generation of young readers who may be engaging with Nigeria’s precolonial history for the first time.

I think this group of readers in particular will benefit from a new perspective as to the raison d’etre of Nigeria. Our biggest hope is that this will help us all chart a more advantageous future for the people of the country.

What do you think needs to be improved about the way in which Nigerian history is taught in schools? What needs to be reviewed?

Fola: My understanding is that history is actually not taught at all anymore in Nigerian schools (certainly at primary and secondary levels), which is a tragedy and a disaster, if true. So the most important improvement must be to re-introduce the subject into the curriculum. But I do think it needs to be a carefully thought-through re-introduction. For example, the history teachers themselves need to be properly educated about the real history of Nigeria.

Feyi and I both remember being taught as children that a White man named Mungo Park “discovered” the source of the River Niger, which is one of the most ridiculous things I have ever been taught in my life.

I was very happy that we were able to retell a more accurate version of the Mungo Park story in Formation. So, things like this need to be more carefully considered in the development of the curriculum as the subject is being reintroduced. We certainly hope that Formation can be an important part of that process. Creating

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the proper context for our national story is a critical civic responsibility that we owe to the coming generation.

Your aim with this book is to retell a story from an increasingly forgotten part of Nigeria’s history. Much of Nigeria’s most popular history has covered the colonial and postindependence period, but you think that the pre-colonial period has many interesting stories and lessons for us today. Can you elaborate on this without giving too much away?

Fola: Our research led us to conclude that Nigeria’s modern-day character was formed long before the establishment of a country called Nigeria. We believe that events and occurrences during the century immediately prior to the formation of Nigeria in 1914 provide a very important key to understanding our country today. Many scholars and thinkers have often attributed key elements of our national character to colonial rule, or military rule, or the

Who is this book for and what do you hope to contribute with this publication?

Feyi: This book is for any Nigerian and any person who wishes to understand the complexity of Nigeria. We have tried our best to write it in an engaging style that is very easy to read. We hope that anyone who picks it up will enjoy it and be enlightened. Our biggest hope is that Formation will help bring about the start of a new conversation about Nigeria’s past, and a new future that is only possible from a better appreciation of that past.

Where can the public purchase the book?

Feyi: The book comes out October 22nd in Nigeria but those who have pre-ordered online will get it slightly earlier than that.

It will be available in all good bookshops across Nigeria and subsequently in Europe and America as well. Formation can still be ordered online from the Cassava Republic website. BD Fola Formation is already available on Amazon (UK) as well as several good online booksellers.

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Photo of the week

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Kilwa Osse Sinare Content Creator | Youtuber | Photographer www.ossegrecasinare.com Instagram | Twitter | Linkedin | Youtube

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26

The Business of Nigerian Beauty

SATURDAY 03, OCTOBER 2020

IF YOU CANNOT SERVE,

YOU CANNOT LEAD - The Business of beauty with Theodora Mogo LEHLE BALDE

THEODORA-ANNE MOGO is an award-winning entrepreneur with multiple businesses across the beauty and fashion industry. She is the CEO of Doranne Beauty, Nailicure Nail Salon, DAF jewelry and co-founder of The Beauty Hub. Extremely passionate about helping women reveal their inner beauty, she has been able to redefine the standard of the makeup artistry and services offered across each of her businesses.

Over the past 7 years in the industry, her businesses have partnered with local and international brands such as; youtube NG, Phillips NG, Guerlain Paris, UBA, Zaron Cosmetics, Uber NG, Genevieve, Cointreau, and many more, in creating remarkable campaigns that inspire, educate, and entertain. Her drive to add value to the Nigerian beauty industry brought about several initiatives such as; The Beat by Doranne Master Classes in Lagos, Abuja and Ghana, The Beat by Doranne Annual Cancer survivors master class in partnership with COPE Foundation, Monthly Youth Makeup Training classes. In this interview with LEHLE BALDE, BusinessDay Weekender Editor she talks about how her businesses were affected by the COVID-19 pandemic, building a lasting business and turning passion into profit.

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The Business of Nigerian Beauty

SATURDAY 03, OCTOBER 2020

How would you say the COVID-19 pandemic affected your business? heodora: I’ll be honest with you, there was a lockdown for about 2 months where I didn’t make a single dime, (like many businesses) but as a businesswoman, I had to get creative, with Beauty Hub, I had to start doing virtual make up training because people were at home with nothing to do.

Even prior to offices reopening, a lot of things were halted to a 100%, and there was the thought that it will be over in 2 weeks or in 1 month and everything will be back to normal. I don’t think that the reality of the pandemic really hit people. It was a good opportunity for me to take advantage of the fact that people were at home doing nothing, just eating and some people wanted to be productive, or just feel like they were learning something new. And there is a huge make-up enthusiast audience of people that are not necessarily learning makeup because they want to be a makeup artist.

Every woman is supposed to at least be able to do their makeup, some women don’t care, but a lot of others do, so we started our online makeup classes on Zoom that now worked for the makeup business. For the nail salon, it was a bit tricky, because it was a case of do we want to start doing home calls, how do we ensure the safety of our staff, how are they moving around, there were too many factors to consider. We eventually started a skeletal structure, and we started doing home manicure and pedicure kits, so people could have their nails done. For me, that is one of the beauties of being an entrepreneur, finding new opportunities and ways to at least, stay afloat or more importantly, feel in the gap and create value. Now things are fully operational, the make-up studio is fully operational as well but not as they used to be with the make-up studio, but things are looking up.

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Tell us about your jewelry brand Theodora: I am barely a year into the jewelry, I just pick pieces from a jeweler that I work with that has quality pieces and I bring in and sell so my audience is young, as I’m not doing the complete piece for older women, there is a millennial focus. When I first started, I was a bit skeptical, because it’s quite capital intensive be-

cause I’m doing diamonds, real gold, I was a bit anxious about it in the beginning and what I also realize is that most of the people I know that do jewelry here in Lagos, do it for much older women, with more disposable income. The people doing precious stones are doing like a heavy set, very grand, aso-ebi like type mature pieces.

I wanted to do was create pieces for young people in their early 30s, more trendy pieces.

What advice do you have for people who want to monetize their passion?

Theodora: I always advise people to work somewhere, the discipline that

you get from working in corporate organizations because I believe it helps.

A lot of creative people are not business people, and that is one of the reasons why it’s hard for SMEs to scale up. I definitely always advise people to work under somewhere, to work and learn, because if you cannot serve, you cannot lead. In terms of turning your passion into a business, the first question is what value are you creating, if the first thing you are thinking of is how to make money, you’ll will always be short-termed, get frustrated.

We live in a country where things don’t work, you’ll realize that the sys-

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tem is made to frustrate you and you are going to get tired doing different things. You have to think about how your passion can make you money and that’s how you can turn it into a money-making venture.

Where do you see your business in the next 5 – 10 years, how do you hope to grow and expand?

Theodora: For Beauty Hub, I hope to get a much bigger space and open space somewhere in West Africa, Ghana. For the jewelry business, I want to brand my pieces, and then create our own signature pieces in the long run, also start sourcing my own

stones for my pieces. For the makeup industry, there will always be a need for makeup, unless technology takes over, where there are robots that can do makeup, and I don’t know if people are ready for that, because there is a personal touch and experience you get from where a person is doing the makeup. The nail salon will be in a much bigger space. BD balde is the Editor of BusinessDay

Weekender

email: lehle.balde@businesssday.ng | social: @lehlelalumiere

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Health Today

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5

Symptoms of heart disease you should never ignore

DR MONISOLA ADANIJO

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eart disease is the leading cause of death all over the world, accounting for more than a third of all deaths worldwide; more than cancer and HIV. Heart disease can be congenital (you were born with it) or acquired (you developed it as an adult). Congenital heart diseases are more common in children and may not be preventable.

Acquired heart disease however is generally preventable if we control the risk factors (hypertension, diabetes, high cholesterol, obesity, sedentary lifestyle, smoking, and so on). These risk factors usually precede heart disease and are usually symptomless. However when heart disease develop, these symptoms may occur. An individual may experience one or more of these symptoms: 1. Chest pain: Chest pain due to heart disease is located in the middle of the chest, or the left breast area. It can also be felt along the jaw and/or down the left shoulder. It is typically brought on by activity or strong emotion like anger, and relieved by rest. The pain is usually described as heavy, dull or gripping; although some report a peppery kind of pain. You may feel like vomiting and there may also be sweating.

2. Awareness of heart beat (palpitations): Our hearts have been beating since we were in our mothers’ wombs and we are generally unaware of the sound of our heartbeat. Sometimes, we can actually hear or feel the thumping of the heart in our ears or in our chest.

This may be accompanied by excessive urination or breathing difficulty. It’s important to note that there are other causes of palpitations which include: fear/anxiety, use of stimulants like coffee, tea, energy drinks, some “fat burning pills”, kolanut, and herbal preparations.

3. Difficulty in breathing: This is a common symptom of heart failure. It usually starts with waking up suddenly in the middle of the night gasping for air, or with a “chocking feeling”. It may then progress to difficulty in breathing when you lay flat and would need 2-3 pillows to feel better. Some people may find they can

SATURDAY 03, OCTOBER 2020

only find relief if they sleep sitting up!!! There may also be difficulty breathing when carrying out day to day activities like bathing, cooking, dressing and so on.

Difficulty in breathing at rest may also occur.

4. Body swelling: Swelling of both ankles/feet may also be a feature of heart disease and it may progress to involve the legs up to the thigh, groin and private part. The swelling is usually painless and if you press it your finger will leave a dent OR, youThere may also be swelling of the abdomen and prominent veins in the head and neck. Body swelling may also manifest as rapid weight gain due to water retention.

5. Fainting/passing out: When there are problems with the heart’s electrical system, (yes your heart is powered by a battery), there can be episodes of fainting attacks.

If you have one or more of these symptoms, it is important you talk to your doctor immediately who will order a series of investigations to determine the cause. If he/she establishes that you have a heart condition, they will refer you to a heart doctor (Cardiologist). While it is understandable that a heart disease diagnosis can be extremely scary, getting care early is very important to prevent further deterioration of your symptoms and complications will set in. BD

dr adanijo fmcp a Cardiologist and the Medical Director at Naveen Healthcare.

With experience spanning over 20 years, she built her pathway in medicine and cardiology working in reputable medical centres such as Mecure Healthcare Limited, Barnes Hospital, Lagos University Teaching Hospital, University College Hospital, Ibadan, Chevron Hospital, Lagos to mention but a few. Her passion for preventive cardiology led her to convene the Naveen Healthcare 10,000 Hearts Project, in order to help individuals detect, protect and correct cardiovascular diseases. Skilled in cardiovascular diagnostic procedures and treatment, a fellow of the National Postgraduate Medical College of Nigeria, a member of Nigerian Cardiac Society, American College of Physicians, Hypertension society of Nigeria and an international associate of the American College of Cardiology. She also has a Diploma in Leadership and Management from the University of Washington, USA. As a Continuous Medical Education (CME) provider, she has worked with the likes of Trigen Healthcare Solutions, Pfizer GP Academy, Diamond Helix Medical Assistance, Pfizer Pharmacy Academy, Global Health Project and Resources, Sanofi-Aventis Nigeria, Novartis Nigeria and Servier International. She has helped build capacity in Electrocardiogram interpretation, preventive cardiovascular diseases, management of heart failure, patient education and more. She launched the first TeleElectrocardiogram project in Nigeria and West Africa and does her part in contributing to good health and wellbeing, a Sustainable Development Goal (SDG3) of the United Nations. moni.adanijo@naveenhealthcare.com I www.naveenhealthcare.com I Instagram: https://Instagram.com/moni_adanijo I https://Instagram.com/naveenhealthcare I Linkedin: Monisola Adanijo

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Culinary Delights

SATURDAY 03, OCTOBER 2020

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Tips on how to select props for Food Photography ANJOLA AWOSIKA

F

ood photography props can be defined as materials used in photographing food. Plates, cutleries or silverware, napkins, glassware, background surface, raw foods, and so on are some of the materials classified as props. The process of selecting props can get a bit complicated when you’re limited by the color of the plate or pattern that takes away the beauty of the dish. It can be more daunting when the dish does not match the size of the prop and many other factors. In today’s write-up, I will be sharing tips on how to select props for food photography.

of more human and light reflection. Depending on your taste and style, you can decide on what’s best for you.

Acquire more neutral-colored props Neutral colors are unarguably the best type of color in food photography and they enhance your ability to create mouthwatering food photos. Any type of dish can be photographed on a neutral-colored plate or cup.

Glassware Glassware is used for drinks and semiliquid foods. The same categories for cutleries apply to glassware. Sometimes, the vintage version of glassware has beautiful patterns that add to visual appeal. One day, I walked into a large grocery store, selected all the glassware options they had, and paid for it.

You can be like me if you’re that adventurous.

Shapes and Sizes Food familiarity goes a long way in understanding shapes and sizes. Round shaped plates are more appealing to the eye but due to some type of dishes, you should consider acquiring some square-shaped props. For instance, a bread loaf pan would be great to tell a fresh out of the oven photo story or a cooling rack for a brownie and so on.

Cutleries or Silverware There are two classifications of cutleries in food photography. They are vintage and modern cutleries or silverware. Vintage cutleries are the old cutleries from the 1900s to the late 1980s. They are beautifully crafted with patterns and visually appealing. Vintage cutleries are used frequently due to their matt quality and ability to stop light reflection while modern cutleries are known for their lovely shapes, they do not have the matt finish hence the possibility

Napkins My mum is a napkin lover. In my early days as a child, she would hoard beautiful napkins for special days like Easter Sunday and Christmas Day. When they make their special appearance, I always admire them. Napkins add an interesting perspective to your food photo. The best types are the cotton ones either plain or patterned.

I discovered that one of the best ways to navigate props selection is by creating a mood board for every shoot. While going through your mood board, you can pay attention to the types of props used in photographing the dish. Don’t forget I’m a DM away if you need further clarification. BD Hi! I am Anjola Awosika and I love food. My love for food birth the idea to photograph it. I am self-taught, a graduate of YouTube. I started shooting food professionally in 2018. Since then, I have shot hundreds of dishes. Currently, I work as the official photographer for Livvy’s Twist Cake Company. Also, I have worked with notable chefs in Nigeria like Chef Fregz including SMEs in the food industry. Storytelling and creative innovation are my forte. I am passionate about the food industry in Africa and I want to be among the game changers. I live in Lagos, Nigeria.

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Book Review

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SATURDAY 03, OCTOBER 2020

Book Title: Investment Clubs Author: Tomie Balogun Year of Publication: 2018 Number of pages: 173 Category: Investment

Put your Money to Work: A Review of Tomie Balogun’s Investment Clubs TITILADE OYEMADE

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any people do not invest, either because they are scared, think it is too risky, don’t understand the essence of investment or believe their resources are too limited for that purpose. However, investment opportunities abound in Nigeria but only a few are financially literate. That is why Tomie Balogun’s Investment Clubs provides greater understanding on wealth creation and how to avoid investment pitfalls.

Instructional, educational and positive, Investment Clubs helps the reader understand that money is a tool to create wealth beyond their pay cheque by investing with others. In her personal statement, the author explains she wrote the book as a clear and in-depth guide expanding on answers to the frequent emails and direct messages, she receives on how to start and manage an investment club.

In almost 180 pages which include the appendix and notes, Investor Balogun takes the reader through her life as well as how she and four of her friends started an investment club, their mistakes, and her successful investment journey.

This book is simple, easy to read and storifies what might otherwise have been a boring read. Investment Clubs also contains quotes from various writers including Robert Kiyosaki, Stephen Covey and Neil Kennedy and also presents charts, worksheets and templates designed to get the reader take action on investing, join or start an investment club.

In this must-read for anyone seeking to live above average, the author shares the benefits of joining an investment club and the 4-step process to starting, managing, and growing an investment club. She deals with all the fears of investment clubs by providing solutions and occasionally adding that it is best to put a legal structure in place in addition to basic guidelines for selecting the right members for your club.

Balogun points out that with clear goals and a good understanding of various factors that influence investment, individuals can make investment decisions, based on our personal philosophy. She insists that personal investment philosophies cannot be generic; they must be specific and tailored to our lives.

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We are a bit too quick to come up with excuses and procrastinate on investing with others but Balogun believes that if you work well in teams and don’t mind getting on an investment journey with like-minded people, then an investment club is right for you.

Some of the pieces of advice and wise nuggets from the Investment Clubs include the need to never stop learning from experts; that consistency yields result; it is vital to learn from your failure; change is constant, so be dynamic.

For the most part, this is an utterly convincing book that posits that investment clubs are a good idea. Looking for a book that will help you put your money to work? Then Investment Clubs by Tomie Balogun is what you need. BD oyemade is a business execute in a leading organisation and holds a degree

in Russian Language. She’s the convener of the Hangoutwithtee Ladies Event and the publisher of Hangoutwithtee magazine. She spends her weekends attending women conferences, events and book readings. She loves to have fun and to help other women have the same in their lives.

Email: titi.oyemade@gmail.com Social: @tiipree

Children and Family

SATURDAY 03, OCTOBER 2020

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Nigeria, We Have A Problem TITI

ADEWUSI

“Change in history, always depends on the Youth” – Sheikh Anwar Al Awlaki

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Nigerian child that thinks the favourite sport of Nigerians is karate. And one that doesn’t know the current president of Nigeria, not to talk of the governor of Lagos State.

Watching children of middle-class parents play 9ijakids Nigerian Citizenship Game made it glaring that there is a major gap in some of our children’s education.

The same game played by children from less privileged backgrounds revealed a different result. For those that could read, they fared significantly better in the game. They knew how many states there are in Nigeria and the capital of Nigeria. Also, these kids displayed a strong level of resilience. They did not give up easily when they encountered difficult questions and were eager to keep trying the game till they got it right and high scores. Thomas Edison who invented the light bulb said “the most certain way to succeed is to just try one more time.”

As parents, we need to ask ourselves some difficult questions. Are we providing the right foundation for our children to be leaders of Nigeria of the future? Are we doing a bit too much for them thereby crippling important character traits such as drive, determination, perseverance and can-do attitude? Are we imbibing the notion that anything Nigeria is not worth learning about or bothering about?

Today, my kids go to a school with a mix of British and Nigerian curriculum.

Sometimes, I question the Nigerian part though, because they are barely touching the surface of creating a deep wealth of knowledge and pride in being Nigerian.

Despite living in Nigeria, our kids are becoming coconuts – black on the outside but completely white on the inside.

Our kids would most likely name more states in America than they can in Nigeria. They know all major landmarks in London, America, Paris and South Africa but have never been to Olumo Rock or heard of Yankari Games Reserve. They

know all the Presidents of America but maybe only 1 or 2 past Nigerian Presidents. They learn about King Henry VIII but never heard of Queen Amina of Zaria or King Jaja of Opobo.

“Education is the most powerful weapon which you can use to change the world” – Nelson Mandela We cannot undo the mistakes of the past but we should start now to entrench our children in our culture and a sense of pride in being Nigerian. Our children are the future leaders of tomorrow. How can they lead a country they are ashamed of or have been taught to despise or taught little or nothing of? As a parent, what do you say and do to make your children proud to be Nigerians? Do you tell only the bad narrative about our great country? Do you make it seem like nothing good can come out of Nigeria? Do you throw away the baby with the bath water?

“Your pride for your country should not come after your country becomes great. Your country becomes great because of your pride in it.”

– Idowu Koyenikan Let’s change our narrative with the future generation. Let’s start to imbibe the knowledge and values that would promote good citizenship.

“Patriotism means more than holding your hand over your heart during the national anthem. It means more than walking into a voting booth every four years and pulling a lever. Patriotism is a love and a duty, a love of country expressed in good citizenship” - John McCain Let start to build love of country in the next generation that they in turn may build a great nation.

Happy Independence Day Nigeria. BD is Co-Founder, 9ijakidsS; an EdTech company - a fun learning company. that has developed over 250 educational fun interactive games to help children ages 3-13 years understand and retain knowledge as well as excel in school. She is mother to two boys 9 and 12 years and is always looking for fun places to take her children. She believes children learn best through play. adewusi

Email: titi@9ijakids.com Instagram: @titilopeadewusi LinkedIn: titilopeadewusi

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Break Free

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SATURDAY 03, OCTOBER 2020

BREAKING FREE OF THE CUBBYHOLE WEYINMI ERIBO

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inu had been sitting at the local airport in Lagos for almost 5 hours after her return flight was delayed twice. She woke up that morning still confused about the incident that happened the day before. Tinu was excited about her trip to Lagos, it was a trip that could change the trajectory of her life forever. From her bedroom in Benin City, she designed what was going to be the next big thing in female underwear, from locally sourced fabric with enough stretch, but firm enough to hold the body in place. She had already gained massive traction in her home base and recently started shipping out to Warri, Lagos, and Abuja, she knew it was time to scale. Having been selected into an acceleration program that promised pitching opportunities with investors at its completion, she was beyond excited at the possibility of her business expanding as she found her way to Lagos.

Tinu walked into the room with all the confidence she could muster. After pitching, projecting sales and potential revenue numbers, customers testimonials, as well as sending samples around the room, the 4-man panelists said it was not something they would be interested in investing in.

Her flight was finally announced. As she ascended the stairs to the aircraft, she was welcomed with the bright smile of the pilot. She had never flown with a female pilot and was elated!

She took selfies and immediately posted on social media with the various women supporting women hashtags.

Mid-air, the flight got turbulent and you could feel the fear.

Tinu’s first thought was, would this woman be able to fly this plane, is there a male pilot there with her? Thankfully, the flight landed safely. Later, in a taxi heading home, Tinu replayed the incident in her head. She recognized how quickly she undermined the skill and expertise of the pilot, simply because she was a woman. A weak smile creeping up her face, she had realized how her unconscious bias had influenced her reactions and for the first time understood what had possibly happened in the room with the investors.

It’s obvious that we react differently to the same incident when responding to different genders. Generally, culture portrays women as passive and so we do not assume that women can be as proactive as men. Our brains are generally wired to believe that women take care while men take charge. When incidences occur, our brains may take short cuts and do what it is already used to or seen as normal, these are patterns we have been exposed to all our lives by default. Do we ever stop to examine our own behaviors and reactions to people simply because we have Businessday.ng

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bought into a predefinition of them or our own expectations? Or find ourselves reflexively laughing at offensive jokes?

We walk into spaces and based on how we feel and look, we judge and are judged simultaneously as Intelligent, friendly, smart but also not enough. In the hiring process, some employers prefer men who are married because the assumption is that they are more responsible but cannot be assured that women who are married will be committed to their jobs. In another instance, if she is parenting on her own, it is presumed that she may be too emotional. Society goes on to tell us that men are better drivers than women but also says women are better cooks than men, women are better care givers than men, so when these exceptions arise our biases influence our reactions. However, these are stereotypes that have been perpetuated for too long and continue to inadvertently inform our unconscious biases. Gender should not determine anyone’s probability of success.

Unfortunately, these biases are unconsciously transferred to the next generation because we do not intentionally challenge them. So many women have been held back by their own thinking, because it is simply not lady-like to be assertive and constantly face backlash for acting in a way that society deems too manly. The new culture of celebrating women who are pushing past these stereotypes must continue. It is not about making it to the news but showing younger generations that there is another narrative. There are not enough women at the table, and therefore we are slowly progressing at flipping these biases. If Tinu pitched to an investor group of equal men and women, chances are that the outcome may have been different.

We must become intentional about our conscious reactions to ensure that we do not keep ourselves and others from reaching full potential. We are all casualties of our limited thinking; we must admit that we are all bias and consciously challenge these stereotypes. Society cannot continue to have little faith in women yet in the face of the COVID”19 pandemic, statistics show that countries with women in leadership have fared better. Society is you and I; we can do better. BD is a development expert with special focus on Gender, Financial Inclusion and Enterprise Development. She has over 8 years working experience across several sectors – oil and gas, extractive sector, not for profit management, leadership, and the entrepreneurial ecosystem. She is the founder of Wevvo Nigeria, a resource and community-based platform that supports single female breadwinners. weyinmie

Fashion

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Nigerian Fashion designers you should get to know OLUWAMAYOMIKUN DEJI-OMOTAYO CURATED BY LEHLÉ BALDE

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he creative industry in Nigeria over the last decade has witnessed so much growth and every year, it opens up a lot more to the world. The fashion industry is one of the industries at the forefront of Nigerian global recognition and we cannot but celebrate the amazing talents we turnover yearly. These are some of the Nigerian-owned fashion brands and designers that are the rave in recent times and for notable reason too.

What a time to be fashion forward and Nigerian!

Orange Culture Mimi’s Kreationz

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range Culture is an emerging favourite for the fashion forward. It is a movement carving a niche for menswear in Nigeria and encouraging bravery with the creative ideas in men’s fashion. The brand, however, also caters to women, who have established a dominating presence in the brand. Orange culture designs are unique with an androgynous twist, creating the opportunity to cater to a wider range of people looking to tell whole stories with the way they dress themselves.

Orange Culture stands out as one of the first Nigerian brands to have inspired collaborations within the fashion industry and some of theirs include collaborations with Huawei, Rokus London, Maxivive, Dennis Osadebe and many more. The brand has attracted global attention and been featured in esteemed international publications including Vogue (US, UK, Italy).

All pieces produced by the brand are manufactured in Lagos and fabrics are also sourced from local Nigerian fabric makers.

The designs are intricately designed for an African touch, where culture meets class and the new emerges out of the old in their contemporary urban streetwear.

The Creative Director, Adebayo

Oke-Lawal, launched Orange Culture in 2011 to bring his unique vision to fruition after having worked with several Nigerian designers prior to that time. He worked as the fashion editor for WOW! Magazine and done other editorial work for Vogue Italia, Nataal and others. He has styled many celebrities like Kate Henshaw, Ice Prince, Rita Dominic and more.

Orange Culture has showcased at the Lagos Fashion & Design Week, the International Fashion Showcase organized by the British Council during London Fashion Week and on the runway at London Fashion week under Fashion Scout. The brand is celebrating for having been the first Nigerian brand to stock at Selfridges. Orange Culture is currently stocked in Lagos, Paris, London, New York, Hollywood and Kenya and they are not stopping there.

Orange Culture to the world!

Orange Culture Website: orangeculture.com.ng/shop/ Instagram: @orangecultureng Instagram: (Adebayo Oke-Lawal): @theorangenerd Email: Info@orangeculture.com.ng Sales@orangeculture.com.ng

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imi’s Kreationz is simply “fashion for boss babes”. It is a ready-to-wear and bespoke brand which caters to the fashion needs of boss ladies and women who desire to feel powerful with a fashion statement. In 2019, Mimi’s Kreationz won the Nivea Nosos Fashion Competition and was awarded the Rotary Youth Leadership Award Prize of Honor for Fashion in the same year.

From launch till date, this star brand has dressed countless style icons across the globe with their versatile pieces, inclusive of renowed women in media such as Lehle Balde, Ife Agoro of Diary of a Naija Girl, Dakore Egbuson, Chika Ike, Waje, Tomike, Beauty Queen Unoaku Anyadike, Mimi Onalaja and Kaylah Oniwo.

The Creative Director, Mimmi Nwosu, started her pursuit of the art of fashion designing in 2008 and after a number of years of experience as a Customer Service and Telesales Team lead in an e-commerce company, she decided to follow her passion and branch on her own. She launched Mimi’s Kreationz officially in 2019 and the brand has gained notable traction since then.

Definitely a brand to look out for!

Mimi’s Kreationz Address: 23 Opebi road, Opebi, Lagos Whatsapp/Telephone: 08131124958 Instagram: @mimis_kreationz Email: mimiskreationz@gmail.com Businessday.ng

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Fashion

34

SATURDAY 03, OCTOBER 2020

Zephans & Co

CLAN

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LAN is a premium versatile brand offering a range from business wear to everyday clothing. It focuses on the modern day woman and caters to her urban, social, corporate needs. The brand was established in 2011.

With CLAN, less is more. The minimalist aesthetic of the designs, interwoven with an African undertone has caught the eye of the industry. The designs are carefully needle-crafted and employ the use of authentic techniques for distinct pieces.

CLAN appeared at its first international showcase in 2014 at the Mercedes Benz New York Fashion Week. Since then, the brand has gained traction and attracted international attention.

The Creative Director, Teni Sagoe, is the daughter of renowned Nigerian fashion designer, Deola Sagoe, and one of the three sisters, Abah and Tiwa who founded CLAN. She is passionately breaking barriers and re-inventing fash-

ion for the Power Woman.

CLAN Store: Plot 292F Ajose Adeogun Street, Victoria Island, Lagos Telephone: +234 818 449 4904

Z

ephans & Co is another fabulous ready-to-wear brand for the modern woman. From a wide range of designs from gorgeous dresses to playful short sets, Zephans & Co stays winning and has dressed some of our favourite celebrities including Tiwa Savage.

The Zephans & Co woman’s style is timeless, classy, and bold. There is a fusion of vintage style with new and evolving ideas to produce ever stylish pieces.

The Creative Director, Kiki Achukwu was raised by a fashion designer mum and her passion for fashion was ignited at a young age. The vibrancy of 90s clothing is a huge inspiration for her. She’s in the business of affordable quality style.

For chic vintage style, dressing the sexy, bold modern woman, Zephans & Co has got your back!

Zephans&Co Store: Plot 25, Block 72 Adebisi Popoola Crescent Off Victoria Arobieke, Lekki Phase 1 Website: www.zephansandco.com Instagram: @zephansandco Telephone: +2348060506980 Email: info@zephansandco.com Businessday.ng

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Adéy Soile

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déy Soile is a contemporary female apparel brand that offers ready-to-wear and custom made clothing for the Nigeria working woman.

The brand’s focus is to revolutionize the working woman’s wardrobe with classic pieces that never go out of season. The brand gradually expanded from work designs to casual wear then night wear.

The owner and Creative Director, Tinuade Soile is all for empowering

women and showing off their strengths to the world. She is inspired by many remarkable women around the world and has an appreciation for diversity which reflects in her designs.

Adéy Soile for the strong woman: dressing game-changers and world shakers.

Adéy Soile Store: 18a Ahmad Tijani Street, off Victoria Arobieke, Lekki, Lagos Website: www.adeysoile.com Instagram: @adeysoile

Fashion

SATURDAY 03, OCTOBER 2020

35

Funke Adepoju – Phunk Afrique

I.N Official

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he Funke Adepoju brand with its bridge line “Phunk Afrique” was set up in 2008 and had produced its first lookbook by 2009. The brand began with bespoke pieces but as a result of rising demand, branched out into ready-to-wear designs and a children’s clothing line. In the first year after putting out its first collection, Funke Adepoju won the City People Best Designer of the Year.

The brand has participated in the MTN Lagos Fashion & Design Week, Heineken Lagos Fashion & Design Week, ARISE Fashion Week and has been features on editorial pages of reputable fashion periodicals over the years.

It is not a rarity to spot Nigerian celebrities in Funke Adepoju designs.

The Creative Director, Funke Adepoju, started out on her path to being a noteworthy designer from her days in the university where she revamped her classmates’ old clothing and gave them new life through beading and embellishment. Her first formal showcase was at a friend’s event, after which her fiery passion for fashion designing would remain unquenched.

Funke Adepoju Address: 23b, Bishop Oluwole Street, Victoria Island, Lagos Instagram: @funkeadepoju Telephone: +234 803 306 9807 Email: funkeadepoju1@gmail.com

.N Official is a Nigerian urban fashion brand that offers high quality unique apparel locally designed and produced. I.N Official is quite a Nigerian pop star favourite and many are spotted in I.N designs often.

This is one of the brands out of Nigeria redefining men’s fashion and making bold statements with menswear.

The Creative Director, Ifeanyi Nwune, started his career in fashion in 2012 after experience as a stylist at the

Arise Magazine Fashion Week in Lagos.

He launched I.N Official (named after himself ) in 2014 and has gone on to make waves in the fashion and industry. His creative direction extends beyond fashion designing and his brand includes fashion films.

He is known for his advocacy for believing in black excellence and speaking against injustice against black people.

I.N Official Instagram: @i.n.official Website: i-nofficial.in/

ASF – All Simple Fashion

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SF is an online store, established in 2017, that provides af ford able re ady-to-we ar clothing for women. Its focus is high street women’s fashion.

Thinking casual? Thinking classy?

Thinking effortlessly stunning?

Then you should definitely be thinking ASF! ASF Creative Director: Femi Ahmed Whatsapp: 08080246254 Email: allsimplefashion@gmail.com Social media: @allsimplefashion

The Nigerian fashion industry is such a gem and there are many more incredible brands doing the good work. It is amazing to see the diversity and rich culture preserved and re-invented. These awesome designers are essentially capturing the essence of the Nigerian people and creating a space for them in a dynamic world.

Nigeria is not left behind. From luxury to high-end fashion to urban streetwear, there is something for everyone.

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36 Love and Money

SATURDAY 03, OCTOBER 2020

The Point of It All (Personal finance in relationships/ marriage) TOYOSI LAWAL

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s I wind down my weekend and write this weekend’s article, a quick reminder to readers is that partnership should be safe and beautiful in the grand scheme, despite the reality that life could take you through curve balls. We’ve been speaking about how personal finance could be thought of, within the context of a long term partnership or marriage. Last weekend’s article touched on the types of needs that you could both consider jointly, how to budget for these needs if you decide to make joint goals, and the factors that could hinder your budget when life throws those curve balls.

What happens when your budget is impacted by one or both partner’s habits or an external issue? And how do you both navigate your joint financial plan despite this? Let’s focus on the three issues highlighted last weekend; Income cash-flow: Once a joint financial plan and budget has been set, a good understanding of your income cash flow could help reduce your anxiety about having enough money to meet your main obligations as at when due. For salaried workers, some companies pay monthly salaries and periodic cash benefits such as holiday allowance, leave allowance, and yearly bonus. Entrepreneurs have more flexible cash-flow schedules based on their business activity. Keeping your employment dynamic in mind, you can both actively plan towards your budget and match payments for your needs to the frequency of your income. Still with planning, your cash-flow could be impacted by independent factors such as an economic downturn, a job loss, or decreased earnings. If this happens, your emergency savings/ investments could be helpful.

Extra budgetary spending: As individuals in a partnership, you are each likely to value something that may not necessarily be a priority for your partner. To keep your individuality, there is room for treating such expenses. This is where the idea of keeping individual accounts outside of the joint account Businessday.ng

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should be considered. An example of this type of arrangement is a situation where all of your agreed joint costs are spent out of your joint account, and your individual spending done from your personal accounts. Again, your arrangement should be as unique as your joint financial goals and you as a couple.

Debt: Debt could affect your joint financial goals in different ways. It could be have been incurred prior to the relationship or be incurred during the partnership. Whichever way, an important approach to debt is transparency and vulnerability.

If debt was incurred before the relationship, it’ll be helpful to agree on how you are going to tackle the debt re-payment, either individually or with support from your partner. If debt is incurred in the relationship as a means to your joint financial goal, it is important to consider how it be paid back taking into account the capacity of your joint income cash-flow.

Even when life throws curve balls, it is still possible to navigate a joint financial plan. It is usually better for you both to tackle debt in a financial plan, rather than handling it alone or burying one’s head in the sand. Remember the point of it all…

I’m referring to your partnership. It’s a safe place where you can both be vulnerable and count on each other’s strengths. Pulling from the lyrics of one of my favourite R’n’B artistes (Anthony Hamilton’s The Point of it all), ‘No matter what the storm may bring, I’m fine with you. And the point of it all, is I love you.

And the reason for it all, is I love you’ - That could be your ‘why’ when jointly navigating through any of the aforementioned issues,…because life happens sometimes. BD is a Strategy & Corporate Development Professional with over 8 years of experience in the Financial Services industry. She has spent the last 3 years working at a leading investment management firm. She is passionate about sharing personal finance advice to help others build strong wealth habits.

Comments and enquiries can be sent to zolawal@gmail.com toyosi

Relationship

SATURDAY 03, OCTOBER 2020

37

IS MARRIAGE A FEASIBLE BUSINESS? FARUQ SUAAD

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very married person I meet say marriage is hard, every one of them say it’s nothing like a courtship, most women say you don’t know what you are getting into until you are in it, new brides feel like it’s a holiday and they are ready to go back home, and 85% of married men envy their single friends.

My question is, why in God’s name do we turn up every other weekend for something this complicated?

Why do we scream with glee when our friends get proposed to?

Why do we spend millions in celebrating this business?

Let’s be honest, is it even a feasible one?

You know how before any sane human goes into any form of business, they do a feasibility study to see if it would work out, and then go ahead based on the findings or decide to let it go.

Now let’s do a quick one on marriage, you meet a total stranger, whose upbringing is absolutely different from yours, your likes and dislikes, principles and values, circle of friends and allergies... all very different and for some absurd reason, the universe throws you some butterflies and you, being the gullible human aliens know you are, do decide to say I do, and for what?

To have someone to consider before you make any move for your life?

To come together to procreate little humans, and have them depend on you for the rest of your existence?

To see other people you could have some good laugh with but have sanity tell you that’d be cheating and only to get back home after a long day and feel no spark because let’s face it, those butterflies have done their part and have abandoned you to the reality your gullibility handed you...

But then again, knowing all these, knowing we are indeed stupid and the butterflies might not last forever,

knowing it won’t always be as easy as the first hours of conversation, knowing you might be making the biggest mistake of your life; you take a look at this human, you take a long breath thinking about what you are about to do and how you might be ruining your life, and then you decide they are worth ruining your life for, you see how vulnerable they make you and you choose to hand them the knife, you know you’ll indeed meet other people but you know there’s no other laughter you’d rather share, the one whom you would do absolutely anything to have their mini versions and hope they do depend on you for the rest of your existence...

You do know it’s not feasible but you look at them and decide if this business does work, there’s no one else you’d rather celebrate your successes with and if it doesn’t, there’s no one else you’d rather have tried with, because as stupid and gullible as we are, there’s no beauty deeper than the naive parts of us we let love heal, no strength braver than the weakness we allow love polish and definitely no wholeness as meaningful as the void we permit love to fill.

No, marriage is not feasible, but there are people that are absolutely worth making everything out of a non-feasible venture with... find them! BD is a young lady from Nigeria. She obtained her Bachelors degree in International Relations and Diplomacy from Afe Babalola University, Ado Ekiti. She is a youth partner for Well-being for women foundation. suaad

She has an inspirational and lifestyle blog which has many readers across the globe and inspires everyone that comes across it. Also, Faruq Suaad volunteers with the MOB foundation; a Non-governmental organization that advocates for the girl child and human rights in general.

She is an Assistant Manager, Air commerce department at Travel Port Nigeria while running her personal business; a clothing brand named Susultana. She is passionate about mental health, the girl child, women rights, self love and humanity as a whole.

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FRANK ELEANYA

Tech

38

SATURDAY 03, OCTOBER 2020

Nigeria @60: Five outstanding tech companies of the last decade

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he technology space in Nigeria has seen significant growth in terms of investment and policy direction. It has also given birth to several enterprising companies that has stood the test of time, despite a turbulent operating environment.

The five companies we have selected have established themselves as trailblazers in their various sectors. They have so grown to become companies on which other organisations depend on to succeed. Here are our top picks: Interswitch While it was not founded in the last decade - it was founded in 2002, the impact Interswitch has made during the period is remarkable. In the last ten years, the payment system provider has gone from being one of the largest payment companies on the continent to become the first tech company from Nigeria to attain unicorn status without having to IPO. The company has been nursing an ambition of listing on the London Stock Exchange in recent years. It had planned to consummate the deal in 2019. The payment company went as far as engaging JPMorgan Chase & Co., Citigroup Inc., and Standard Bank Group Ltd to work on a tentative November IPO, which was expected to value Interswitch at between $1.3 billion to $1.5 billion. The process was postponed but not after Interswitch pocketed $200 million investment that catapulted it into unicorn status, the first indigenous African fintech company to do so. The IPO move was revisited in April 2020 but the COVID-19 would not let it.

LifeBank Founded in 2016, this company has lifted a space that was once in obscurity into the consciousness of many Nigerians.

Not too long ago, Nigerians would not willingly walk into a clinic to donate blood and even when they do, getting the blood to the hospitals that need it is a very big challenge.

Nigeria needs up to 1.8 million units of blood every year, but the National Blood Transfusion Service (NBTS) collects only about 66,000 units per year, leaving a deficit of more than 1.7 million pints of blood, according to a 2017 report quoting the country’s health ministry.

Temie Giwa-Tubosun, the founder of the company solving the blood shortage in Nigeria would require a mesh of citizen education and a solution designed to connect blood banks to hospitals with the objective of decreasing delivery time from 24 hours to less than 45 minutes. LifeBank’s proposition and success has attracted to it many big corporate collaboration and most recently a partnership with Google which led to a documentary that is being aired globally.

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Co-Creation Hub From a little technology hub established in the heart of Yaba in 2010, a sub-urban part of Lagos State, Co-Creation Hub has emerged to become the biggest privately owned African technology hub with many thriving companies like LifeBank, BudgIT, Mamalette among many others birthed under its tutelage.

Apart from incubating startups, CcHub also runs one of the notable social innovation fund for startups known as the Growth Capital Fund. Since it was launched in 2019, the fund has invested in 6 Nigerian startups like LifeBank (N27.1 million); Riby Finance (N36 million); Delivery Science (N54.2 million); Edves (N21.6 million). CcHub was the first technology hub in Nigeria and Africa to make an acquisition outside the country of origin when it acquired iHub in Kenya.

MainOne MainOne changed the internet connectivity game in Nigeria and West Africa in two ways. First, it became the first West African company to lay a private subsea cable from Europe to the West Coast and deploy it to service. “We pulled it off with a strong vision, superior governance and leadership, and relentless execution,” Funke Opeke, CEO of the company once told BusinessDay in an interview.

To achieve the feat the company raised $240 million, and built a 7,000km submarine cable system with landing stations in Nigeria, Ghana and Portugal. It plans branching out units along the coast of West Africa in Morocco, Canary Islands and Ivory Coast as options to cater to the expected surge in demand in the future. The MainOne submarine cable currently delivers high speed bandwidth of 1.92 Tbps and has been proven to provide capacity of at least 4.96 Tbps. But much of the company’s capacity is yet to be taken up.

Secondly, in 2015, Mainone launched MDXI, Lekki Data Centre and Iaas Cloud Services, while pushing its Submarine Cable extension to Cameroun. In order to meet the IT needs of small businesses, Mainone launched Sme-in-a-box in 2016 and further expanded its line of services to include more Cloud Services.

Flutterwave If there is any company many analysts expect to hit the big times - acquired by a big tech company or have a big exit, it is Flutterwave. The payment system provider founded in 2015 is one of the few fintech companies in Nigeria that has raised the most funding, about N64.5 million in three funding rounds. It was valued at over $200 million in 2019. A major achievement for Flutterwave is that it has so positioned itself in Africa’s payment landscape that it is one of the go-to-platform for many global payment companies learning the market in Nigeria and Africa. Hence, the company has attracted partnerships from Ant Financial, Visa, WorldPay, Google among others.

Poem

SATURDAY 03, OCTOBER 2020

39

We Choose to Celebrate OLUWATETISIMI AKANDE

“Happy Independence Day!!”

Or not…

Where are the cheers?

The joy?

The celebration?

Instead, cries of anger and pain ring out in the streets From the elderly, who yearn for the “mythical” good old days To the young, who only see a bleak future So, really What’s there to celebrate?

But despite the challenges, the trials, and numerous tribulations We soldier on, bruised but not broken Determined to make it one day Against all odds

No matter the circumstance.

What’s there to celebrate, you ask?

I say we celebrate ourselves.

Nigerians.

A proud, happy, and vivacious people Full of life and forever brimming with hope So maybe, just maybe, all is not yet lost. graduated from Redeemers International Secondary School, Lagos in 2019 where she was the Assistant Head Girl. She took a gap year and is currently awaiting admission to the university to study Psychology. akande

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40

SME Hub

SATURDAY 03, OCTOBER 2020

How to drive SME growth post-pandemic on ‘zero budget’

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DANIEL JUNOWICZ

s economies begin to rebuild from the impact of COVID-19, the Nigerian economy’s recovery could lie in the continent’s growing digital sectors. After all, Nigeria has the most vibrant tech hub across Africa. Globally, movement restrictions have impacted businesses that traditionally operate in physical spaces but there are now more businesses learning how to find their customers online. This is a great opportunity for Sub-Saharan Africa, arguably the largest mobile-first region in the world.

For the huge swathes of small and medium businesses across Nigeria, navigating the mobile commerce space is unchartered territory, but one that can be mastered fairly quickly and relatively painlessly.

What most small businesses also have in common is a very limited budget to communicate and engage with their existing or target customers. So how can businesses recover and see growth conducting business in the mobile ecosystem without spending all their revenue on their marketing budget? Daniel Junowicz, Managing Director LATAM & Africa, AppsFlyer gives us a guide to running effective mobile marketing campaigns on ‘zero budget’.

The digital marketing mix For businesses who find themselves operating in the mobile commerce space, ensuring customers can find and buy their products with ease luckily doesn’t require too much technical know-how. A great digital marketing mix blends paid, owned, and earned media into one comprehensive strategy. Mobile web-to-app journeys, emails, and social media are all marketing channels that can significantly grow your customer numbers when used together optimally. This can result in getting customers to where you need them to find your goods or services without any friction, helping you achieve your customer acquisition goals at little to no cost.

Convert web users into loyal app users Apps are an integral part of the mobile experience for many users so tapping into this could open up a world of new opportunities for your business. For businesses with a website and a mobile app, it’s worth noting that nearly 90% of users discover brands on the web, while 70% of digital revenues occur in apps. So it makes sense to focus on attracting users to your website, and then creatively and seamlessly routing that traffic to your app. One proven way of moving users from web to app is by prominently displaying banners on your home page and on key product and category pages. Another creative way some mobile commerce businesses ensure customers are attracted to downloading their mobile app is by offering services or functionality which is only found on the app. However, it is essential to ensure that the app is easy to download, navigate and ultimately offers a better user experience overall than the website. In a Nigerian market where data is expensive and competition for engagement is high, an app that takes up too much space or uses too much data will be deleted very quickly to make room for something else.

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Raise customer acquisition and visibility with social channels The use of social channels have grown in recent years and Nigeria is ranked as having one of the most active users on social networks. Social channels are equal to websites in providing brand visibility and awareness and, with almost 30 million social media users in Nigeria and the figures set to grow to 44 million in the next five years, optimising the use of your owned media can yield great results. They also continue to rank as a top channel for user acquisition and engagement with most people accessing their social networks on mobile, on the go. So whether you’re intent on growing your app user base or engaging with existing customers, It’s important to make sure that your social channels shine with up to date, relevant, engaging and exciting content.

Analysing mobile marketing Whether using email marketing, a targeted SMS campaign or social media marketing, understanding how effective each campaign has been is essential to achieving real customer growth. It may be that your customer base responds best to SMS campaigns or that you operate in a sector where customers spend more time on social media. How likely are your customers to open your emails and what is it about each campaign that motivates recipients to take action? To answer all these questions, you need a good system in place that can provide data and analytics and helps you make sense of your digital marketing efforts.

Opportunities on mobile Whatever your business field or expertise, you need to be able to connect with the right customers for your goods or services. While print advertising, TV and radio are all very effective in the African market, these means of marketing to your audiences come with a cost that most small and medium-sized businesses can’t afford. Nigeria is the tech hub of Africa with one of the highest rates of users online and on mobile devices. This presents a great, affordable avenue to use smart, targeted digital marketing approaches to find new customers as well as retaining valuable loyal customers. BD junowicz is the Managing Director of LATAM & Africa at AppsFlyer, the global

leader in mobile attribution. Prior to joining AppsFlyer Daniel worked in the manufacturing sector in China for over six years. In 2014, Daniel brought his passion to AppsFlyer as the first employee on the Chinese team.

Holding a double BA in Business Administration and Far Eastern Studies, Daniel is also fluent in Hebrew, Spanish, Chinese and Portuguese. Currently, as the managing director in LATAM and Africa, Daniel works to bring his knowledge on digital marketing and innovation to provide a holistic view of the mobile landscape in LATAM, Africa and more.

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