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Apex bank says move ‘fantastic’, considers deadline extension

HOPE MOSES-ASHIKE

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head of the full implementation of the new capital requirement for Microfinance Banks (MFBs) next year, the National Association of Microfinance Banks (NAMB) is planning to float a National

MFB licence with N10 billion capital base.

The move is to absorb those MFBs who may not meet the new capital requirement announced by the Central Bank of Nigeria (CBN).

“As soon as we set up the National MFB, we will list it on the Nigerian Stock Exchange (NSE)

before the end of the year,” Rogers Nwoke, president of NAMB, told BusinessDay exclusively.

Nwoke said his team was at the NSE last week for a closing bell ceremony where he discussed with the Exchange on how the members of NAMB could come to the market.

But the move by NAMB may

also have been informed by the plan by the CBN and the Bankers Committee to establish a National MFB across the 774 local government areas of the country using Nigerian Postal Service (NIPOST) facilities.

According to the National Continues on page 38

Investors see clarity for Nigerian economy despite Atiku’s planned legal challenge ENDURANCE OKAFOR

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nvestors will carry on with business in Nigeria regardless of the decision by Atiku Abubakar, candidate of the People’s Democratic Party (PDP) in the February 23, 2019 presidential election, to challenge the outcome of the election in court, analysts told BusinessDay Continues on page 38

Inside L-R: Jide Idris, commissioner for health, Lagos State; Julius Adelusi-Adeluyi, chairman, MTN Foundation; Agboola Dabiri, commissioner for youth and social development, Lagos State; Nonny Ugboma, executive secretary, MTN Foundation; Ibanga Akanidomo, national project officer, UNODC, and Dennis Okoro, director, MTN Foundation, at the roundtable discussion of the MTN Anti-Substance Abuse Programme, in Lagos, yesterday.

Beware! Landlords, agents scamming new tenants with fake P. 2 electricity bills

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All On grants scholarship to 120 Niger Delta solar entrepreneurs ISAAC ANYAOGU

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ll On, a Shell-funded offgrid energy impact investment company, says it is funding scholarships for up to 120 professionals affiliated to the Niger Delta to give them skills to run solar installations at a training institution ran by Rubitec Solar, a Lagos-based solar energy firm.

The funding for the scholarships will benefit people from the ‘greater’ Niger Delta; South-South including Imo, Abia, and Ondo, as well as people working in the off-grid energy sector in the Niger Delta region, the company said.

“The All On Niger Delta Off Grid Energy Scholarship Programme supports All On’s mandate to build an enabling environment in which the off-grid energy sector can thrive, in this case through providing badlyneeded human capacity,” Wiebe Boer, CEO, All On, said in a release.

Boer also said the programme will ensure that an adequate skilled pool of men and women affiliated to the Niger Delta are developed to support the scaling of the sector.

According to All On, the scholarship which funds up to 50 percent of the cost of distributed solar training programmes provided by the Rubitec Academy is open to indigenes of the Niger Delta region and persons working within the region. The training will enable them to participate in the emerging off-grid/clean energy sector while improving their chances for economic independence.

“We are proud to be part of the Nigerian energy revolution through renewable energy, and it is an honour

to be selected by ALL ON as partners on this initiative,” Bolade Soremekun, CEO of Rubitec Solar, said during the signing of the agreement.

“This scholarship will help bridge the identified gap of available skilled personnel due to increasing demand for renewable energy products and services,” Soremekun said.

Established in 2004, Rubitec Solar says it wants to bridge the energy gap in Nigeria through the provision and deployment of renewable energy solutions to communities, businesses, and public institutions.

Rubitec commissioned its first mini-grid in Gbamugbamu community in Ogun State Nigeria in February 2018 and will be using this expertise to train successful candidates in solar PV installation, mini-grid design, installation and operation amongst others.

Interested applicants have been invited to visit Rubitec’s website for more information on the training and scholarship opportunity.

All On, an independent impact investing company, was seeded with funding from Shell and works with partners to increase access to commercial energy products and services for under-served and un-served offgrid energy markets in Nigeria, with a special focus on the Niger Delta.

The company invests in off-grid energy solutions spanning solar, wind, hydro, biomass and gas technologies deployed by both foreign and local access-to-energy companies that complement available grid power across Nigeria and help bridge the significant energy gap. It recently signed an agreement with Bank of Industry to fund off-grid projects in the region.

VAT data show Nigeria’s offshore operations stagnating ... 40bn barrels reserve by 2020 not feasible STEPHEN ONYEKWELU

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ull-year 2018 value added tax data published by the National Bureau of Statistics (NBS) show Nigeria’s offshore operations have been stagnating in the last five years.

Offshore operations contributed N2.20 billion to a VAT pool of N298 billion in 2014; N2.67 billion out of N759 billion in 2015; N2.12 billion out of N777 billion in 2016, and N2.27 billion out of a total of N972 billion in 2017. In 2018, offshore operations contributed N2.26 billion to a record total of N1 trillion.

A value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. VAT compensates for the shared services and infrastructure used in the development of a product or service, provided in a certain locality by a state and funded by taxpayers.

The NBS’ full-year 2018 VAT data show there has been little value addition going on in Nigeria’s offshore operations. Experts say that with the degree of risks, pressure, temperature and costing associated with deep offshore projects, the provisions of current laws, such as the Petroleum Act, were grossly inadequate to address the concerns of would-be investors. This has practically cut off new investments into the segment.

This also means the Federal Government’s drive to increase crude oil reserve by one billion a year to 40 billion barrels by 2020, from 37 billion currently, may not be feasible given paucity of new investments. The Nigerian National Petroleum Corporation (NNPC) had announced the target in its outlook for 2018.

“There are funds everywhere open for access, but the problem we have is our wrong laws. Investments cannot be attracted with such laws; rather, potential investors will migrate with their funds to climes where the right laws exist,” Andrew Ejayeriese, president, Nigerian Association of Petroleum Explorationists (NAPE), said in an interview.

A report in May 2018 said International Oil Companies (IOCs) operating in Nigeria may have devised means to compel the Federal Government into changing its fiscal policy on the Petroleum Industry Governance Bill (PIGB).

The IOCs have deliberately put on hold the Final Investment Decision (FID) on five offshore oil and gas projects to make government alter fiscal terms in the new bill deemed unfavourable to deep-water projects, some analysts have said.

Already, the FIDs on the 225,000bpd Bonga Southwest-Aparo project; 120,000bpd Zabazaba-Etan project; 140,000bpd Bosi

Continues on page 38

Solar Capacity Building: Bolade Soremekun, CEO, Rubitec Solar, and Wiebe Boer, CEO, All On, after signing an agreement for All On to fund scholarships for professionals associated with the Niger Delta taking Rubitec Academy solar technical training courses.

Beware! Landlords, agents scamming new tenants with fake electricity bills ... Verify bill, register before moving in, DisCos warn ISAAC ANYAOGU

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chenna Chibike (not real name), a marketing executive at an insurance firm, was elated when his agent took him to a two-bedroom apartment in Gbagada Phase 1, a Lagos suburb now bristling with new developments.

Tarred roads, relatively peaceful area with more residential buildings than commercial ones, a good drainage system and a functional borehole system made it attractive.

The rent was N750,000 per year and Chibike was guaranteed of up to 10 hours power supply a day. He paid that same day because his agent convinced him three other intending tenants had indicated interest.

“It felt like a steal,” he told our correspondent while sitting in the waiting hall of the local office of Ikeja DisCo at Anthony, Lagos.

“It probably was a steal. It never occurred to me to confirm the electricity bill found hanging on the meter that had a debt of just N7,000.

The house checked off all that was important on my list. I did not even sign an agreement,” he said.

Two weeks after Chibike moved

into the property, officials of Ikeja DisCo disconnected his power. The demand notice issued urged him to pay 30 percent of the debt before he could be reconnected. The total debt on the meter was N765,000. The bill found hanging on the meter belonged to a different apartment. The agent said it was placed there in error.

Like Chibike, many Nigerians have fallen victim to a scam perpetrated by landlords in active connivance with greedy property agents in busy cities including Lagos, Abuja and Port Harcourt.

When seeking for a house, the tenant is often concerned with the facility and the environment, but many pay little attention to the electricity bill. When they ask for the bill, many do not confirm the authenticity by checking it against the meter number or going to visit the local DisCo office.

As a result, they are saddled with huge electricity debts after moving in. The landlord absolves himself of responsibility on the grounds that he leased the apartment, and the tenant is left carrying the bag. Investigations show that crooked landlords and agents sometimes hide the authentic bill from the intending tenants.

“I rented a family house in Somolu. It was the landlord’s child that lived in the apartment, so he was not paying electricity bills and no one told me until I paid for the house,” said Fikayo Sanni, an engineer who found himself with a demand notice to pay N480,000 after moving into a house in Somolu, Lagos.

Another victim, a lawyer, sued Ikeja DisCo and the DisCo settled the matter out of court by cancelling the debt. In some cases, tenants have agreed to pay the debt and requested that it be removed from their rent, but landlords have often refused.

The Nigerian Electricity Regulatory Commission (NERC) has a regulation that places liability on the tenant leaving the apartment, but it is not enforced.

“It shows the failure of our systems that nothing can be done to recover debt from the previous tenant,” said Odunayo Oyasiji, a lawyer.

“The only recourse is litigation which is expensive and time-consuming.”

DisCos are warning customers moving into a new apartment to make sure the apartment is not in debt.

•Continues online at www.businessday.ng

What Nigeria can learn from Gambia’s tourism industry ENDURANCE OKAFOR

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igeria has a worthy role model in The Gambia if it must succeed in diversifying its economy through

tourism.

Despite being one of the smallest countries in Africa with about 2 million people and occupying an area of 10,689 square km, Gambia has a tourism industry that directly contributes 9 percent to the country’s economy.

This is 7.1 percentage points higher than what Africa’s largest

economy is able to get from its tourism sector, which directly contributes 1.9 percent to its Gross Domestic Product (GDP).

Nigeria depends on crude oil export for foreign earnings, accounting for about90percentofthecountry’sforeign exchangereceipts,whereasGambia’soil is the country’s tourism industry.

Unlike Nigeria’s oil sector which is not labour-intensive, Gambia’s tourism industry contributed more than 7.4 percent to the country’s employment rate in 2017, as against the 1.8 percent of total employment

it contributed in Nigeria, data from the World Travel & Tourism Council (WTTC) show.

Hamat Bah, The Gambia’s minister of culture and tourism, said the first important aspect of tourism is security and stability. This is because people who are on holiday want to go to secure and safe places.

“We thank God that Gambians believe in and love peace; they cherish the atmosphere they live in and the government is also doing everything possible to preserve it,” Bah told

Continues on page 38

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L-R: Cyprian Ofodum, credit analyst, Diamond Bank plc; Teresa Aligbe, PR director, Phenom Communication; Ayodele Olojede, head emerging business, Diamond Bank plc, and David Ita, team lead, non-financial services, emerging business, Diamond Bank plc, during the Diamond SME business workshop in Lagos, yesterday.

Okowa’s aide takes peace message to Delta communities to boost economy MERCY ENOCH, Asaba

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elta State government under Governor Ifeanyi Okowa has built over 317 roads across the state with the aim of opening up the state for investors, but the administration believes that without peace the efforts may not produce the desired result.

Hence, it has embarked on another round of peace tour, taking the message of peace to the communities, letting the people, especially the youths to see reasons why they should embrace peace during and after the 2019 general elections.

The tour is organised

by Niger Delta Youth Council (NDYC) in conjunction with Indomitable Youth Ambassador of Delta State through the Office of Special Assistant (SA) to the Governor on Youth Mobilisation, Kennedy Ochei.

In an interview with BusinessDay in Asaba, Ochei said, “We want our people to go beyond talking peace to living peacefully.”

Ochei, who doubles as NDYC director-general, recounted how negative perception on the state on issue of peace had continued to scare investors away.

“I could remember vividly that I had brought one of the Chinese companies that wanted to come in and invest in

the production of baby diapers into Asaba.

“The first thing they told the man was that they (Deltans) kidnap.

So, the Chinese ran away from investing in the state,” he said.

He noted that if not the information given to the Chinese, he would had invested in the state and that would mean a lot of job opportunities for the youth and people of the state as well as a boost to the state’s economy.

He further lamented, “I have a lot of investors from the United States of America (USA) who want to invest in the state but I’m still trying to be very careful so that what happened to the Chinese investor would not repeat itself.”

According to Ochei, with that experience, his team is not leaving any stone unturned in winning the hearts of Deltans to go beyond talking peace to living peacefully during, before and before the elections.

“We started the tour few days ago with some villages, we met their traditional rulers. We intend to sensitise our youths on why they should not fight throughout the elections and after the election because when there is peace, the people will see development and that is when Deltans will enjoy the governor’s SMART Agenda,” he said.

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Pic by Olawale Amoo

Nigeria begins fuel import from China with 51,000mt in January 2019 DIPO OLADEHINDE

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atest data from China’s General Administration reveal that Nigeria, Africa’s largest oil and gas producer, imported its first consignment of petrol from China of about 51,000mt in January 2019.

According to reports from S&P Global Platts, Nigeria was the fourth-largest buyer of Chinese gasoline in January and also the only buyer outside Asia last month.

Platts noted Nigeria was the second country in Africa to have received gasoline from China, with the first being Togo that got 50,000mt of petrol in April 2018.

The report noted that PetroChina, China’s largest petrol exporter, had in 2018 set up an office in Nigeria, which

could possibly point to the first gasoline cargo landing in the country.

Platts disclosed that China’s petrol exports to African countries also continued to grow, with Mozambique and South Africa climbing to the top 10 destinations in January, receiving 147,000mt and 82,000mt of petrol, respectively.

This compared with zero in December and a year earlier for both countries. Exports to Mozambique jumped to 316,000mt last year from just 7,000mt in 2017, to be among top 10 destinations for China’s gasoil export.

Over the years the cost of importing fuel seems to be taking a toll on Nigeria economy as the country spent N995.835 billion on the importation of Premium Motor Spirit, PMS, also known as

petrol, in the first half of 2018, according to data released by the National Bureau of Statistics (NBS).

Meanwhile, Nigeria’s Gross oil receipt, at N1.4 trillion or 60.7 percent of the total revenue, was below the proportionate quarterly budget estimate by 23.7 percent, but higher than receipts in the third quarter of 2018 by 5.1 percent.

“Despite the increase in crude oil price, oil revenue declined relative to the proportionate budget owing to shortfalls in crude oil production and exports, arising from maintenance at various NNPC terminals,” CBN Quarterly bulletin said.

Furthermore, the sum of N70 billion was shared as Excess crude/PPT revenue from which Federal, State and Local governments received

N32.08billion, N16.27billion, and N12.55billion, respectively. The balance of N9.10was distributed among the oil-producing states Nigeria’s crude oil production, including condensates and natural gas liquids, averaged 1.86mbd or 171.12million barrels (mb) during the review quarter representing an increase of 2.2per cent, compared with 1.82mbd or 167.44million barrels at the end of the third quarter of 2018.

“The estimated increase in production was attributed, largely, to gains from sustained partnership with government and stakeholders in the Niger-Delta region and the security measures put in place to forestall production disruption and losses through pipeline vandalism,” CBN Quarterly bulletin said.

Royal Power deepens Nigeria’s power sector with renewables Police disrupt pro-Agbaje press conference SEGUN ADAMS

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igeria’s power sector is believed to be deepened by Royal Power and Energy (RPE), a power solution provider, from its power revolution across the country.

As an ISO 9001 certified company, with over 12 years industry experience and more than 10,000 installations of various capacities, the company’s power quality portfolio encompasses a comprehensive offering of power management solutions from a single-source provider in Nigeria.

The company was recognised in the recent London Stock Exchange Group ‘Companies to Inspire Africa 2019’ report, a report that covers fast growing and vibrant businesses across Africa with the potential to transform the African economy.

“We are very proud that our reputation for excellence and growth has been noticed,” Sasha Israni, managing director of RPE, said, noting, “We have a great team and being part of the power industry in Nigeria is both exciting and challenging but this report indicates that as a company we are moving in the right direction.

“Power outages to a business can create a significant economic impact. The longer a business is without power, the greater the economic loss.

When these unexpected situations occur, backup power provides a source to support the equipment loads via (UPS) uninterruptible power supplies, battery-storage systems and solar energy.”

UPS systems and solar energy are an appealing option for the power sector because of the flexibility they provide.

A UPS can dispatch power instantaneously, which makes

them a valuable resource to help smooth out sudden spikes or drops in power supplies. Solar energy can daily be utilised to patch the shortfall in electricity production.

“As the country grows rapidly the scarcity of electricity will only deepen. Nigeria has a lot of opportunities for solar energy and we at Royal Power and Energy would like to unlock this potential,” Israni said, “increasing renewable energy and moving away from fossil fuels would also reduce carbon emissions significantly.”

The big increases in electricity consumption is part of the reason corporate firms have embraced renewables.

Solar energy offer firms two primary benefits: They help companies meet their sustainability goals while providing a hedge against diesel prices. Solar locks in diesel costs, meaning they offer electricity buyers long-term energy price certainty.

JOSHUA BASSEY & INIOBONG IWOK

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olicemen on Thursday besieged Airport Hotel, Ikeja, venue of a press conference called by the Free Lagos Orange Movement and barred people and journalists from gaining access to the airport.

It was gathered that before the arrival of the heavily armed policemen at about 10:30am in six vans, persons suspected to be political thugs had also gone to the venue of the press conference, ostensibly to disrupt it.

It was learnt that the police were called in to avert a possible clash between the political thugs suspected to be working for the power brokers in Lagos and members of the Free Lagos Movement Some members of the Free Lagos Movement at the hotel were seen trying to

force their way in but were resisted by the policemen who fired several tear gas canisters.

Journalists and some groups’ members who had gained access before the arrival of the security agents waited for hours for the commencement of the programme, slated for 10am.

Mark Adebayo, one of the conveners, had apologised for the late start of the press conference, blaming it on “serious security situation.

“We are sorry for the delay, we are having a very serious security situation.

Some people are trying to stop us from holding this programme.

“We are resolving the issue with the police. We are on top. Please, bear with us, we will soon start.”

But a little after Adebayo made the announcement, a re-enforcement team of policemen arrived the scene,

firing shots into the air, as people scampered for safety.

Also affected were businesses around the immediate environment of Awolowo Way, Ikeja, as well as guests within the hotel, as some were seen in a panic mood.

Normalcy, however, returned to the hotel later as the gate was open for movements after all buses conveying people into the venue had all been turned back.

Adebayo later addressed journalists within the hotel premises after the calm.

Chike Otto, spokesperson of the Lagos Police Command, reacting to the development, said the security agents took the step to prevent threats to peace at the venue.

He said the action did not have any political undertone as police responded to a call that some hoodlums were coming to the venue to unleash violence.

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Success: The role of extraordinary work ethics

EIZU UWAOMA

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eyond results, we forsake the process which is usually the most important factor. Those that know and have mastered the process can always duplicate their results irrespective of the terrain.

I believe grit and process is something this generation might never really understand due to advent of fast paced technology and generational dynamics. People are getting lazier, busier and crazier by the day. We all want pleasure and love without doing the work.

Like I love to say “Baby, what’s love without money?” Let’s be real, even romance without finance is a nuisance.

I recently read a book on Steve Jobs written by his first girlfriend, Chrisann Brennan. The book is a memoir about her time with the tech giant. It’s called “The Bite in the Apple”. I think you should read it.

According to the book, Steve Jobs was a boring guy. The kind that ladies would not notice in high school. However, Steve jobs at 23 made his first 1 million dollars; at 24, 10 million dollars; and at 25, 100 million dollars. Now, even to my mother, that will be sexy.

Swag is cool, but class and success are better. Men are to be providers. Men

are like bank accounts; without a lot of income, they don’t generate interest.

As business people, master the art of delayed gratification. I mean, don’t let pleasure distract you from where you are going to. Don’t lose your stamina on the fast lane, keep that conversation of growth always in your head and persevere till you get there.

I love the game of golf and I have observed that you can hardly play golf and not be successful. Not necessarily from the network but because of the stamina, conversations and perseverance you learn from it. The sport requires perseverance, maturity and staying emotionally intelligent from a standard 18 holes.

A wise man at a golf game once told me, “Eizu as you grow, comfort and distractions may set in. But never let a win get to your head and a loss to your heart”.

You will never reach your destination if you stop to throw stones at every dog that barks at you. Don’t let offence or pleasure distract where you are going to.

Success is all about work process and ethics. Stay true to you. Extra ordinary work ethics means hard work and commitment. And commitment means staying true and loyal to what you said you will do – long after the mood and situations you said it in has left you.

I do not advocate for all work and no play. As a young team at Hexavia!, we sometimes “turn up”. However, I once had to suspend a colleague because he could not wake up early enough for a client’s session, after we had gone out to have fun a night before.

Never allow pleasure affect work.

You can’t splurge away your own

income. You can’t get high on your own supply.

Most artists usually have their first albums as their best album. This is because they stopped being what made them great. They have become uninspired. What actually happens is that success has begun to eat away the depth of hunger.

Think! What keeps Dangote awake and makes him sleep only 4 hours a day for all these years? How about the extraordinary work ethics of the likes of Tiger Woods, Beyonce, Usain Bolt, Pele, Serena Williams? These are ordinary people with extra-ordinary work ethics. They set and break their own records.

Having interacted with successful people and clients over these years, I have come to the conclusion that great guys are really not “extra”-ordinary geniuses. They all seem to follow the same trend of thought process and work ethics. They put in “extra” work!

I love to use the likes of Tiger Woods, Beyonce, Usain Bolt, Pele, Serena Williams as case studies of grit.

Now, these are ordinary people with extra-ordinary work ethics. They play hard, work harder. They set and break their own records.

Pele of Brazil was among the first set of players to win two world cups.

However, in 1970, he became the first footballer to win a 3rd world cup medal, a feat yet to be equalled by any footballer.

Tiger Woods in his 20s made over 500million. But in less than a decade, he doubled it. He moved on to 14 major championships and 79 PGA tour victories. He is the first athlete to reach 1 billion US dollars career earnings.

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What distinguishes the merely talented from the truly great is drive — the willingness to get in earlier, stay later, and do more than everyone around them

Usain Bolt nicknamed ‘Lighting Bolt’ set a 9.69s world record and broke the record himself in Berlin 2009 with a 9.58s new world record. Before he retired in 2017, he promised to continually break his own record.

Serena Williams’s Wimbledon 2016 crown was her 9th grand slam title since reaching her 30th birthday. No other female player has won more than 3 grand slam singles titles after turning 30 years of age.

Beyonce just before the end of 2013, toured the whole of United states in less than two months. It was almost impossible and just when we felt sorry for her fatigue, she released, about that same time, an entire album with 17 music videos kept secret. She shot those videos even as she was on a world tour.

My dear friends, to double your success, it’s simple: Be the best, and then the next time, get better at that best. It might take some time though. Just like pregnancy, some things just take time, resources, tests and requires discipline and commitment. It takes an average of 9 months to give birth. A baby can’t be delivered in 1 month by getting 9 women pregnant!

What distinguishes the merely talented from the truly great is drive — the willingness to get in earlier, stay later, and do more than everyone around them.

This is why at Hexavia!, our slogan is “Go Further Ahead…”And our cliché is, “If what you’ve done yesterday still looks big to you today, then you haven’t done much today”.

Uwaoma is a start-up, corporate restructuring and strategy consultant. He writes via contacteizu@gmail.com

What guides the CEO’s behaviour?

‘Uju Onwuzulike

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here is hardly any organization anywhere in the world that does not have set of core values. These core values are important and are carefully chosen by organizations to guide and drive their behaviours. Sadly, most of the problems we face today in organizations like accountability issues, commitment issues, integrity issues and others exist because the established core values have been pushed aside and were never seen as a breathing document that organizations cannot do without.

If organizations are guided or expected to be guided by their core values as explained above, what then guides or drives a CEO or a leader? In the world of today, competence or learned skills might not stand a leader out in troubled situations. Not also enough to build a lasting relationship and enhance performances. This is because most leaders are building themselves up with the required

skills and competency and as such require something more to stand them out and also guide their behaviours. What leaders need today that will guide or drive their behaviours is “personal values” synonymous to organization’s core values.

I am yet to see a leader who has a set of personal values and who also lives by them that have not turned out to be highly remarkable. I had a personal experience that reinforced to me the need not to compromise one’s personal values especially as a leader.

On June 27, 2015, I and two other speakers were scheduled to speak in the Ace Graduate School Conference in Enugu. I have only known one of the speakers and did not know the third speaker. On that day, as soon as our 7am flight landed, I was “unnecessarily” in a hurry to get out from the airplane. In trying to get my bag from the baggage compartment, it slipped and tapped a passenger’s shoulder.

Surprisingly, another passenger who was not affected by this incident said to me: Why are you in a hurry to go? Why don’t you wait a bit for the line to clear up?

Essentially, the man who was affected by the incident had accepted my apology and was fine, so what is the business of this third party? Sincerely, it is not the other man’s business to get involved in something that did not concern or affect him. So, when he said those things to me, two thoughts came into my mind. The first was “remember you teach people attitudinal change transformation”, and the second and most important was that “you cherish ‘relationship’ so much as one of your personal values. Immediately, I stopped

what I was doing sat back in my sit, and said to him, “you were right”, I would have waited.

He looked at me and smiled.

Here comes the shock of my life. Lo and behold, when we got out of the plane, the cab man who was to take me to the conference venue also warmly greeted the man who spoke to me on the plane. Do you know what? The man was the third speaker whom I did not know. Behold, we were inside the cab together going to the conference venue, and he said to me: you are a great man. That the way I behaved was exemplary. He said most people would have misconstrued him and end up giving him the insult of his life.

Within me I asked myself a key question: what if I had quarreled with this man who I was going to share the podium with? I would have felt seriously bad and disappointed in myself. But more importantly, I would not have been able to speak courageously and tell the audience my message of “how they can be the best”, when their facilitator could not even handle a minor situation on the plane.

This is a big lesson for everyone.

When a leader is guided by his or her personal values, he would be able to surmount lots of challenges that would have gotten him/her or others into trouble. Same also for organizations: When they live by their core values, growth and sustainability are accelerated. The only reason why I did not create an unwarranted scene on the plane (that would have backfired against me) was not because I was smart, or I had people management skills, but because I was more interested in fostering better relationships

with people – driven by my personal values.

As a leader or manager, do you have list of personal values that guide your behaviour and performance? If you do, do you see them as something you don’t have to cut corners with or settle for less? The world is looking for that leader who is driving results based on the right values, who sees his or her values as non-negotiables.

Final note: Everyday leaders, business owners and managers face situations that often times may lead them to compromise their personal values. When they are in that situation, some leaders compromise while others do not.

When personal values are compromised, our behaviours and directions are allowed to hang loose. We simply go to the direction of the wind and not where we ought to go. The truth is that compromising leaders would always end up having subordinates that will take after them. This explains why lots of organizations find it difficult to live up to their core values. When we compromise on our personal values it will be difficult to be guided by the organizational core values. Ultimately, the organization suffers.

I would be glad to welcome your comments, questions or requests.

Uju Onwuzulike is Nigeria’s leading authority on Systems Thinking and Strategic Management. He was a Steve Haines trained strategy and systems thinking expert and a former global partner of Haines Centre for Strategic Management, California, USA. He is the founder and Chief Results Officer of MCL – a strategy and outstanding performance specialist firm. He can be reached on 09091142093 or uju.onwuzulike@mclgroup.net.

Jude Adigwe

Friday 01 March 2019

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Human resource management: Thinking beyond micro issues Jude Adigwe

C

ase 1:Sola Chinyere Tanko is certified by 4 top HR institutes. She is a star in the HR department of the company she works for. She gets tasks executed in a timely manner and her outputs has excellence written on them.

She designs excellent HR templates and frameworks. She is affable in the discharge of her duties. Sola Chinyere Tanko comes across to her contemporaries (within and outside her organization) as the model HR professional but somehow she is still found wanting by the upper echelon of her organization.

She just does not have what it takes to sit at the ‘table’.

Case 2: George E. Ogunyemi is the head of the HR department of the company he works for. He is also certified by top HR institutes. He meets his departmental objectives in a timely and effortless manner. He gets along well with members of the management board. He is adept at organizational politics. He comes across as very powerful because of his ‘connections’. The company is planning to expand its operation by establishing a branch overseas…someone else was chosen though many thought he would be chosen. He was expectant… but he lacked some non-negotiable qualities to function at that level.

Standing out in the HR profession is beyond having a mastery of one’s job, bagging countless certificates as well as discharging one’s duty in a timely and effortless manner. It is largely about harnessing relevant resources from the macro environment and integrating them seamlessly with operations in the micro environment with a view to delivering value to the business in question. Building on our knowledge of microeconomics and macroeconomics while making slight modifications, micro environment in this context means occupational and departmental domains while the macro environment speaks to a more robust scope -- international, national and state (as captured by government policies and legislations), industry and even the corporate domain (bearing in mind the robust operational scope of the organization). Being exceptional in the HR profession transcends functioning optimally at occupational and departmental levels -- a professional is expected to pay keen attention to corporate, industrial, national and international matters and use relevant details and resources from these domains to add value to his or her company’s business. At this point, it is important to unpack the reasons why attention should be paid to macro issues.

Corporate/organizational issues.

The essence of human resource management is to efficiently and effectively manage the human resources (management and staff ) to achieve organizational objectives. This is the reason why the strategic flavour of the HRM profession should not be lost in the thick of daily activities. Having one’s fingers on the pulse of corporate activities means that as one discharges one’s duties, one ought to pay attention to corporate objectives and strategies -what is the nexus between your job and the corporate objectives and strategies?

Also, it is important to understand the financial situation of your company so you can work strategically in ways that reduce costs and maximize profits.

Furthermore, HRM professionals must understand that their efforts would amount to nothing without effective leadership, a healthy organizational culture et cetera. As we discharge our duties, we must make efforts aimed at influencing organizational factors like leadership, culture etc to make occupational and departmental successes sustainable.

Industrial issues. Every organization operates within an industry and the issues therein affects its operations.

Really, it is a bi-directional influence.

It is crucial to keep an eye on industrial trends and integrate findings in the planning and execution of work projects. Thinking outside the box and taking proactive steps to propose initiatives that influence industry dynamics is laudable. Now, I understand that taking such initiatives might be hard given the culture of micromanagement and subservience in some organizations nevertheless one can make efforts and present such in ways that makes acceptance almost impossible.

National issues. It is a given that business activities are regulated by government through policies and legislations. These policies and legislations could be enabling or constraining. HRM professionals ought to pay keen attention to what is going in the national domain especially matters that impact directly or indirectly on business activities. One must be able to make connections especially where clear relationships do not exist. For instance, a certain government policy might impact the education sector however (upon assessment) you can clearly establish a connection showing the implication of such policy for the labour market, expansion drive for your

‘

Being exceptional in the HR profession transcends functioning optimally at occupational and departmental levels

company and of course, profitability.

Global issues. ‘The world is a global village’ is a cliche that has been overflogged yet its relevance remains undiminished. The talk about global best practice I believe is well understood so I will move on to something else. One of the key reasons to pay close attention to global issues and trends is to position the company strategically for possible internationalization through HR exercises among other things. Thinking global is non-negotiable.

This piece is an attempt to raise the bar of HRM practice -- there is need to pay attention to activities in the macro environment (corporate, industry, national and international) while discharging duties in the micro environment (occupational and departmental levels). Sola Chinyere Tanko would need to do more than having certificates, designing HR templates and frameworks et cetera -- she needs to discharge her duties in ways that reflects a seamless alignment between micro and macro issues. She needs to show that she can sit at the table and have robust engagements that reflects a strategic integration of the aforementioned domains. George E. Ogunyemi will have to do same. He must go beyond playing politics and show strategic and thought leadership.

Both must show consistently through words and actions that human resource management is robust and strategic, a profession beyond the occupational and departmental domains.

PS. The above cases were crafted strictly for illustrative purposes.

Adigwe is a certified Human Resource Management (HRM) professional and an IndustrialOrganizational Psychologist. He is the Human Resources and Administration Manager at Sharemind Lagos. adigwejudeobi@gmail.com

Alternative lenders: An opportunity for power and infrastructure development in Nigeria FEMI NWANNI

G

oing by general consensus, there is a positive relationship between the growth of the power/infrastructure sector of an economy and its overall development. The importance of these sectors cannot be overlooked as they directly affect the wellbeing and productivity of any country.

Very few sectors have a bigger impact in the world today compared to power and infrastructure as it provides light, mobility, heat, and it makes our lives better. It enables us to commute - through roads, railway transport system, ports, power, and airports, study and learn, use our smartphones, PCs, etc.

Research has however shown that only approximately a third of people have access to electricity and quality infrastructure in Sub-Saharan Africa. Nations that have quality infrastructure and electricity are more likely to exceed the forecasts of development analysts.

In the face of this evidence, it is imperative for Sub-Sahara African nations to raise various means for power and infrastructure development. There is the need to purposefully and methodically build reservoir of funding as regards the development of electricity and infrastructure with the critical stakeholders.

Nigeria remains at the centre of Sub Sa-

haran Africa’s growth story with a constantly increasing population rate and abundant natural resources. Strong demographic growth, increased technological innovation, and fast urbanisation also continue to shape the future of Nigeria. However, her huge infrastructure and power deficit has constrained economic growth and development, thus inhibiting her ability to improve the quality of life as envisaged by her governments at several levels.

The need and opportunity for power and infrastructure development in Nigeria is enormous. However, one of the major challenge faced in this regard is funding as the Nigerian economy is dominated by short-term financing of three to five years terms, traditionally provided by domestic commercial banks and the infrastructure sector is long term finance based. The infrastructure and power sector is long-term finance based and requires seven to ten year loan tenure usually with participation from international banks and development finance institutions, and in some cases with risk guarantees from multilateral organisations like the World Bank. The question that arises therefore is, how can the power and infrastructure sector be funded to induce development?

During the Hogan Lovells 5th annual Africa Forum themed “Africa Fit for the Future’’, one of the key sector sessions was led by ShaliniBhuchar, an asset finance partner, who chaired a panel of leading industry experts in African

banking and finance. The panel included AdesuwaOkunbo, Partner and Managing Director of Syntaxis Capital Africa and the Forum’s keynote speaker, Mrs IbukunAwosika, Chairwoman of First Bank Nigeria who proffered insights to the financing of Africa’s future. They represented views from across the banking and finance mix, which, as an industry, is critical for stimulating economic growth, especially in Africa. So when challenged with the task of deciding ‘Who is taking the Lead in Lending?’ there was sure to be some healthy discussions on the subject.

There is demand in these sectors but the challenge is the bankability of start-ups due to, among other things, the risk of failure and bankruptcy. IbukunAwosika echoed this sentiment and also cited the reluctance of certain banks to invest in oil and gas, especially given that there have been notable instances where banks have been unable to recoup returns on their investment.

As part of its discussions, the panel was of the opinion that this need for power across Africa has opened up specific opportunities for SMEs in the energy sector and for alternative lenders to fund power producers, fuel traders and other energy infrastructure. Often, with this initial backing, an SME can feed into large established corporates and global traders to build a solid credit record.

Asides the conventional commercial bank debt, alternative lenders include DFI lending, debt capital markets solutions and private

credit all have a role to play. Commercial banks will however continue to take the lead at a local and regional level and, together with DFIs, act as catalysts to facilitate sustained growth in liquidity in the loan and debt capital markets. Whilst the volumes of private credit deals may not be at par with the USA or Asia, private credit is a much needed alternative lending class in Africa and is indeed on an upward trajectory.

Nigeria will not be able to sustain her current levels of population and economic growth without enhancing her infrastructure.

Investing in infrastructure will drive economic growth, provide jobs, and deliver vital services to the country and the majority of its citizens.

As Nigeria continues to grow and its cities seek to become more competitive, sustainable, smart, and resilient (given demographic and social changes, climate change, resource scarcity, and rapid urbanisation rates), the opportunities to invest in both core and social infrastructure will continue to grow.

Funding African SMEs can by its nature have a positive impact – growing businesses and increasing employment, allowing SMEs to step up their business to compete internationally and in accordance with best practice from a social and environmental perspective. There are many great stories, and this is an exciting space to be in.

FEMI NWANNI writes from Lagos

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Leah Sharibu: A scar on Nigeria’s conscience

L

eah Sharibu, the only teenager negotiated away by the federal government on the basis of her religion, remains in captivity while the government and the country have moved on to other important matters. In his Democracy Day speech, President Muhammadu Buhari was quick to reel out the achievement of his administration including the release of captives held by the Boko Haram terrorists, including 106 Chibok and 104 Dapchi girls. But he remained silent on the fate of the only remaining Dapchi girl still in captivity, negotiated away by the federal government, and which the president and his top security officials have promised severally in the past to secure her release.

We are still at a loss as to why the government will agree to leave out Miss Sharibu in the negotiations that secured the release of the 105 girls that were kidnapped by the Boko Haram.

First, in a religiously sensitive country like Nigeria, it was a big blunder and a failure in strategic negotiations – and the government should feel ashamed of itself. It reflects very badly on the image of the government and its ability to manage Nigeria’s diverse religious and ethnic differences. We may even accept the views of the Catholic Secretariat which described Miss Sharibu’s continued detention by the terrorist sect as a demonstration of increased hostilities against the Christian religion in Nigeria.

Secondly, we are at a loss as to why the government has failed to secure the release of Miss Sharibu close to a year after going by the so-called understanding and trust built between government’s negotiation team and the terrorists to such an extent that the terrorists were cleared to drive back into Dapchi the same way they came in the first time - in a convoy - to return 105 of the 110 girls abducted from the town. The terrorists were even given the freedom to preach

and parade round Dapchi before their exit to loud cheers from the local community.

During the preaching rounds, they were even said to have apologised for taking the girls saying they would not have taken the girls if they realised they were Muslim girls!

Immediately after, the presidency released a statement giving the president’s pledge to ensure that “the lone girl is not abandoned.”

“The Buhari administration will not relent in efforts to bring Leah Sharibu safely back home to her parents as it has done for the other girls...President Buhari is fully conscious of his duty under the Constitution to protect all Nigerians, irrespective of faith, ethnic background or geopolitical location and will not shirk in this responsibility, the statement signed by Garba Shehu, said.

Three days later the Inspector General of Police said Miss Sharibu will be released in a matter of hours.

Since then however, the girl is yet to be released, the government or the president has

not said anything more about her, and even when listing his achievements including the release of the Chibok and Dapchi girls, conveniently left her out of the narrative.

Sadly, even the Christian Association of Nigeria (CAN) that should be at the forefront of pressurising the government to fulfil its promise to secure the release of Miss Sharibu and the over 100 remaining Chibok girls, is mired in political, leadership and monetary squabbles and has not been able to do much beyond issuing ineffectual statements. How shameful!

We commend the Bring Back Our Girls (BBOG) movement and other Nigerians that have continued to put her issue and those of the other abducted Chibok girls in the front burner and for always demanding for their release. We encourage them and many other Civil Society and religious groups to continue to put pressure on the government to live up to its promise to bring back the girl and the over hundred Chibok girls still in captivity.

Bashir Ibrahim Hassan

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Standard Chartered expands presence in Africa, unveils digitally-led retail banks

Pg. 15

C o m pa n y n e w s a n a ly s i s a n d i n s i g h t

INDUSTRIAL GOODS

Dangote Cement posts 91% profit growth to N390bn in 2018 amid CFO’s OLUWASEGUN OLAKOYENIKAN

D

a n g o t e Cement P l c , Ni g e r i a’s l a r g est listed company both by assets and market capitalisation, almost doubled profit after tax in the 12 months to December 2018, the company said in its audited financial statement released We d n e s d ay by t h e Ni gerian Stock E xchange in Lagos.

Net profit rose 91 percent to N390.33bn from N204.25bn it e a r n e d a y e a r e a r l i e r, according to the statement.

Announcement of the earnings came before the company informed the investing public about the resignation of Brian Egan,

its Chief Financial Officer (CFO), effective Feb. 28.

Egan, who doubled as an E xecutive Director of Dangote Cement, voluntarily resigned to return to Ireland and sp e n d m o re t i m e w i t h his family, according to a notice sent to the NSE. Increase in the profit was driven by sales g row t h, i n c re a s e d o p erating profit, lower finance costs and high income tax credit to the firm.

R e v e n u e ro s e 1 1 . 8 7 p ercent to N901.21bn, from N805.58bn a y e a r e a r l i e r. D e s p i t e the cost of g oods s old rising to N383.31bn from N351.29bn, the cement manufacturer grew gross profit by 14 percent to N517.90bn as against N454.29bn achieved in 2017.

Dangote Cement recorded a pre-tax profit of N300.81bn in 2018, indicating a marginal i n c r e a s e o f 3 . 8 7 p e r-

cent from N289.59bn realised in the previo u s y e a r, w h i l e e a r n i n g s p e r s h a re a l m o s t doubled to N22.83 in

2018 from N11.65.

Although Dangote C e m e n t ’s s h a r e s r e mained unchanged at N192.50 by the close

of trading in Lagos We d n e s d a y , t h e s t o c k has returned 1.48 perc e nt s i n c e t h e st a r t o f the year.

MARKET

Nigeria’s bond market rallies after Buhari’s re-election OLUWASEGUN OLAKOYENIKAN & SEGUN ADAMS

F

ollowing the declaration of President Muhammadu Buhari as the winner of Nigeria’s 2019 presidential election, yields on the country’s domestic and Eurobonds fell after the close of trading on Wednesday.

As a result, dollardenominated government bonds rose to the highest in five to seven months, with yields on the instruments shedding 1.81 percent to an average yield of 6.87 percent, Wednesday, from 6.99 percent recorded in the previous trading day.

Indicative of foreign portfolio investors’ interest in Nigeria’s bond market to take advantage of high yields as a

possibility of a foreign exchange move in the next six months remains uncertain.

In the day’s trading, yields on benchmark sovereign domestic bonds declined, as 5-year bonds fell c.37bps to 14.13 percent ; 10-year dropped by c.12bps, while and 20-year eased by c.31bps to 14.12 percent.

The benchmark sovereign domestic bonds offered much higher yields at the start of the year, with the 5-year offering 15.14 percent ; 10-year, 15.57 percent and 20-year, 15.54 percent, each.

An auction same Wednesday of oneyear Nigerian treasury bills received N611 billion worth of demand, showing that the government security

was oversubscribed more than N52 billion offered on waned election risk.

However, Nigeria’s stock market is yet to respond positively to President Buhari’s reelection, rather equity investors lost N86 billion in the first trading session on the Nigerian Stock Exchange after his victory was announced.

The market capitalisation of listed equities, which opened,

Wednesday, at N12.11 trillion, dropped to N12.02 trillion, to extend losses recorded in the market in the previous session.

Consequently, the benchmark index of the Nigerian Stock Exchange (NSE), the All Share Index (ASI) shed 0.71 percent to 32,244.24 points, indicating the biggest loss by the Lagos bourse since the first phase of polls held on Saturday.

President Buhari of

the ruling All Progressives Congress (APC) was declared the winner of the Saturday’s poll, having garnered 15,191,847 votes to defeat former vice president Atiku Abubakar of the main opposition Peoples Democratic Party (PDP), who polled 11,262,978 votes.

Atiku, however, promised to challenge the results of the poll as declared by the Independent National Electoral Commission (INEC) in court, citing irregularities, which according to him, cast a shadow over the integrity of the election.

Equity analysts had expressed confidence of a rebound in Nigeria’s stock market regardless of the outcome of the election but warned that

Edited by LOLADE AKINMURELE (loladeakinmurele@gmail.com) Graphics: CHINEDUM ONYEMA

protracted court cases after the polls could hamper the extent of its recovery in the shortto-medium term.

Fola Abimbola, an analyst at Lagos-based FBN Quest, said with Buhari’s re-election, “we will go back to business as usual,” adding that it would breed continuity.

After the close of trading, Wednesday, Neimeth was the highest gainer after rising 9.84 percent to settle at 67 kobo. It was trailed

by PZ which gained 9.35 percent to close at N13.45.

On the other hand, Union Diagnostics and Clinical Services closed at 28 kobo after shedding 9.68 percent to top the losers’ chart, while Oando followed with 9.66 percent loss to close at N6.55.

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COMPANIES & MARKETS INTERVIEW

‘Nigeria’s population, taste hold huge market for furniture in Africa’ Lifemate Nigeria Limited, a leading furniture company in Nigeria, has in its 17 years of operation seen more reasons to expand its reach than not. Its plan to establish the biggest one-stop home furnishing outlet by 2020, Annan Pung Fu, the sales manager, in this interview with TEMITAYO AYETOTO, says is a sign of its readiness to tap the huge market potential in furniture making.

W

hat has Lifemate been up to recently?

We have been in Nigeria since 2002.

We also have our company in Ghana and other African countries. Right now we are focused on furniture business for home furniture, office, outdoor and kitchen.

We want to build a furniture mall that is a one-stop solution centre for people by 2020; so that they can get everything they need from Lifemate when they want to build their houses.

In Nigeria now, we have 14 branches in locations including Lekki, Abuja, Warri, Port-Harcourt and Ibadan.

This year we plan to extend our branches. We are going to have a new branch in VI and we are going to have another office showroom in Ikeja.

Also, we have a big factory that is about 36,000 square metres in Mowe, Ogun state to support out 14 branches.

For some of the branches, we bought the land and built the mall ourselves and some were rented.

Our dream is to make Lifemate for every family in Nigeria. And we want to bring the health and pleasurable life to Nigerian people.

People are really under very big pressure. So when you go back home to laugh, relax and have your loved ones in your house, you will have the very nice environment which our company can supply.

We are very careful about how we select the materials. Nigeria has very quality woods. We use some woods from Nigerian companies and also we import some materials from different countries. You know some materials are of low quality.

For example, if it’s the bed, you sleep on it. You spend half of the day sleeping on it but if the quality is not good, then there could be some health problems in the future. So we started bringing massage chairs, last year.

However because of the election, the economy is not as good as before. Even with the situation we still

want to invest. That’s why we have the plan to increase our branches. We want to invest for our factory. We want to supply more jobs for Nigerians. We know Nigeria has a big population in need of jobs. We have supplied 500 jobs and we are going to offer more this year.

Before all the management members were from China, but now, we have begun to focus on Nigerians because we notice Nigerians have ability. Because they are local people, they know better than Chinese and know what Nigerians want. So we want to focus on looking for Nigerian staff to head the management of the company. That’s the plan for this year.

What are thos e factors motivating expansion plans?

You know the population of Nigeria is huge. Another reason is that I have been to different African countries but Nigerians are more passionate, want to enjoy their lives and they work very hard for it. They even can fight the government to get their right so it’s very good. So the population and the taste of Nigerians drive our company to invest more.

How big is the furniture market from what you’ve experienced?

Every family needs furniture. The population size shows how big the market is.

Right now there are so many furniture companies here.

Before, we targeted highlevel customers to give them quality life that matches their demand. But now we want to focus on the people who cannot afford it. This year we are going to divide our products into different categories. For high capital customers, we will use royal. For middleclass, we will tag them simple. These sets of people are very young. They don’t like royal bogus furniture.

So we are going to give them very fashionable and simple ones that the price would not be as high as royal products.

For low-income customers, we will produce for them as well. We want to tap into these low-income customers because they also need good

Annan Pung Fu

life. So we are going to have these kinds of customers to meet these needs. Before, we didn’t have these kinds of customers. What we sold before was targeted at highlevel but now we want to do some middle and low level but our standard will be high.

How does your sale reflect this expansion?

It is still growing. Every year, our total amount of sales climbs. Why we still want to invest now is because we believe the market is still big. That’s why our budget for advertisement in the media increases every year. We want to let more and more people to know about us. Also, our customers refer us to their friends and families. That’s why every year, our sales climb last year.

Lifemate now is not only a furniture company. We have a food company and we are also going to have a decoration company. If you’ve been to our Lekki Mall, it’s very nice. We did everything ourselves.

How big is your market share?

We are still the leading furniture company in Nigeria. I can say we cover about

50 percent of the market.

Why I say that is because from the design, if you’ve been to Bedmate, Leatherworld or Life Master, the

Our dream is to make Lifemate for every family in Nigeria. And we want to bring the health and pleasurable life to Nigerian people. People are really under very big pressure

speed to update our design is much faster. Nigerians’ taste is growing and our target customers are within the age 40 and more. These people want some traditional furniture but some companies will not like a change. They just want to do the tradition.

We invest a lot of money in new items to give customers more choice.

In your array of products, which demand leads the most?

We have office and home furniture. But home furniture sells the most. And most of the sales are from high-end consumers. In terms of quantity, the bed and the dining table will be more than sofas. But from the total amount, sofas will be more than others because it is more expensive.

What are the factors driving this demand?

People are looking for a better life. So they know the quality. But the economic stability is important. For instance, during this election, sales have not been moving fast, unlike 2018 which was a lot better.

How much of local content do you incorporate in your production?

We make them all here.

That’s why I said we have 36,000 square metre factory from which we can supply many jobs for Nigerians. If we import it from China, the cost will be very high and it is not even allowed. So we do local manufacturing here but we import the materials.

We are very strict in material selection. We import some leather materials from Italy and as you know, Italian leather is very good. And in Nigeria, the wood is of high quality. We use both Italian leather and Nigerian wood.

We have more than 1,000 staff in Mowe.

How has the operating environment treated Lifemate?

The environment is quite difficult for us. First is the language, and then the policy or the law. That’s why we are looking for Nigerian managers to help us do it well. The environment for investment is good but for a company to run isn’t easy.

What challenges do you face?

It’s political uncertainty.

For instance this year, we don’t know who will be the president and weather it is safe for us to continue the business (This interview was conducted before the presidential election result was announced). If the political environment is not safe, we can’t run our business. So we are also watching how the election is going.

Electricity is still a problem to Nigeria. How do you survive?

We run on generators 24 hours to supply electricity to our factory. We have been doing that in the last 17 years. All the cost goes to the products, which means our price will be high. If we are to produce a sofa and we spend about N100, 000, then we can sell like N150,000 or N120,000. But if we use N200, 000, of course everything will be added, like light generator and labour. We are looking for a situation where electricity will be stable. That will make us reduce cost and our price will reduce too and more and more people can afford our furniture.

How will you rate the performance of your branches?

Definitely, Lagos is the best, then Abuja. Lagos, I think, will take like 50 percent, then Abuja will take like 25 percent. Others like Warri and Ibadan will take like 25 percent.

Where is Lifemate headed in the next five years?

We have a big plan. Like I said, we have furniture and we are going to have food.

We are building our biggest exhibition centre which will be done by the end of this year. We want to get some investors from China. We want to give them a platform to show their companies. We invite different companies to come for the exhibition themselves. We want to bring this kind of resource to Nigeria and let them invest here.

By that, we can have more cooperation with them. Also we have bought a land at the Lekki Free Trade Zone where we are going to build our factory.

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BANKING

Standard Chartered expands presence in Africa, unveils digitally-led retail banks ISRAEL ODUBOLA

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tandard Chartered Plc, a British multinational banking and financial services company, has announced the completion of a simultaneous multi-market launch of its digitally-led retail banks in Ghana and Tanzania.

The international financial services provider also revealed that its digitally-enabled retail bank in East Africa’s giant, Kenya, will be completed in the first quarter of 2019.

This is coming after the bank launched its digital offerings in Ivory Coast and Uganda, a reflection of the digital transformation strategy of the bank in Africa.

The latest roll-outs would give residents of Tanzania and Ghana access to the mobile-enabled digital bank platform, which has numerous benefits such as quick opening of account (in local cur-

rency/US dollars), zero-cost on bill payment, cost-free monthly ledger, no minimum balance and free initial ATM cards.

According to the bank, customers stand to benefit from over 70 client services, client on-boarding express within a quarter of an hour.

Customers would also enjoy special retail, travel and dining experiences through the bank’s strategic local partnership.

Sunil Kaushal, Regional Chief Executive Officer of the bank in Africa and Middle East, remarked that efforts to digitalize Africa are paramount to the strategic transformation of the bank.

“We are constantly looking for ways to push the boundaries, by providing our customers with innovative solutions and technologies “Ultimately, it is about listening to what our clients want and meeting their banking needs by offering a digital platform to do their banking anytime and

anywhere, through the channel they prefer”, Kaushal said.

It would be recalled that the bank unveiled its digital-led bank in Ivory Coast in March 2018. Customers were able to account on Standard Chartered mobile app.

It is expected that bank accounts take-up, driven by digital would increase rapidly in Ivory Coast before 2024.

The bank presently has roll outs in four African countries namely Ghana, Tanzania, Ivory Coast and Uganda, with work on-going in Kenya.

Standard Chartered Bank, headquartered in London, operates a network of more than 1, 200 branches and outlets (including subsidiaries, associates and joint ventures) in over 70 countries.

Despite its base in the United Kingdom (UK), it does not conduct retail banking in the UK, and more than 85 percent of its profits come from Africa, Asia and Middle East.

L-R: Joseph Yobo and Folarin Falana (Falz), brand ambassadors, Trophy; Annabelle Degroot, MD, International Breweries; Tolu Adedeji, marketing director, International Breweries; Femi Adebayo, brand ambassador, Trophy and Michael Daramola, corporate and legal affairs director, International Breweries, during the media launch of Trophy 5-a-side Field of Honour in Lagos.

OIL AND GAS

Seplat set to host conference call, issue full year 2018 results next week OLUWASEGUN OLAKOYENIKAN

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eplat Petroleum Development Company Plc, a leading Nigerian indigenous oil and gas company, is set to host a conference call and webcast to present its full-year 2018 financial results on Wednesday, March 6.

According to the Nigerian upstream exploration and Production Company, the conference call and webcast would be held at 09:30 AM Nigerian time.

Seplat, which is listed on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE), made this known, Tuesday, in a notice by the company’s Chief Financial Officer, Roger Brown, and filed at the NSE. “At 08:30 am GMT (London) and 09:30 am WAT (GMT+1)

(Lagos) on Wednesday 6 March 2019, the Executive Management team will host a conference call and webcast to present the Company’s results,” the notice read.

The oil company further noted that it would provide access details for the call on the day of results disclosure, adding that a link to the webcast would also be made available on its website the same day.

Seplat shares have remained unchanged at N619 since Friday, Feb. 15 after it announced a closed period in the run up to the announcement of its 2018 full year results, bringing the stock to 19.04 percent close to its 52-week low of N520.

As at the close of trading, Wednesday, Seplat’s price-toearnings ratio stood at 2.71x, this is lower when compared with its peer in the upstream energy

sector, Eterna, at 2.86x.

Besides, the company’s stock is selling for less than the actual worth of its assets as investors are willing to pay only 64 kobo for every naira of its book value.

In the first nine months in 2018, Seplat’s gross profit grew 145 percent to N93.51 billion from N38.08 billion in the same period in 2017.

The oil company pulled itself out from a pool of losses as it made N27.97 billion as profit in the review period compared with a loss of N1.62 billion recorded in the corresponding period of 2017.

This was triggered by over 396 percent surge in its operating profit to N80.76 billion, while finance income rose to N2.05 billion in the nine months to September 2018 from $483 million in the previous year.

L-R: Abiodun Olatoye, representative of Oyo State Agricultural Development Programme (ADP); Joseph Alloh, CEO, Kings Apple; Christine Kreye, country manager, African Cassava Agronomy Initiative (ACAI); and Godwin Atser, digital extension and rural advisory services specialist, International Institute for Tropical Agriculture (IITA), during a seminar on scaling 6 steps to cassava weed management, in Ibadan, Oyo State.

NAN

TECHNOLOGY

Swift Networks recognised as a company to inspire Africa in 2019 Jumoke Akiyode-Lawanson

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wift Networks Limited has been listed by the London Stock Exchange Group as one of the 360 companies to inspire Africa in 2019.

The ‘Companies to Inspire Africa 2019’ report from the London Stock Exchange Group (LSEG) picked out 360 high-performing companies for recognition, spanning 32 countries and a range of sectors with the report launched recently at the London Stock Exchange. Although over 5,000 companies were nominated for inclusion, the final list was selected based on set criteria such as growth, transparency, and innovation.

The company says this is a further attestation to the visible impact it makes in Nigeria’s technology and telecommunications industry.

Charles Anudu, managing director of Swift Networks Limited, expressed the company’s appreciation to all stakeholders for their continued partnership over the years which he said has been largely responsible for the success of the brand in the Nigerian market.

He noted that 2018 was a very positive year for the company despite a difficult recession the country was emerging from.

“The company in addition to providing excellent broadband internet service to its teeming enterprise and consumer customers launched various segmental value propositions including Swift unlimited and Swift SME to address the specific needs of certain segments,” he said.

While Swift unlimited targets heavy internet users with need for streaming a lot of movies, music and games, Swift SME wraps its arms around the peculiar needs of SMEs who are poorly catered

for by the telecommunications industry. The offering includes high speed internet and low cost business software on a rental basis as this category of customers find it steep to acquire and maintain the ownership of the requisite software to run their businesses and grow.

The company also launched the Red Cheetah Free internet app and Red Cheetah news portal in keeping with its core values of being at the forefront of innovation in the industry.

Anudu revealed that the Red Cheetah app, which provides access to free Wi-Fi at Swift’s 460 hotspots in public places across Lagos has helped in bridging the gap of access to the internet for over a hundred thousand users especially students and young workers whose disposable income cannot conveniently carry the burden of their data needs in this knowledge economy that is heavily dependent on access to the internet.

Kemi Kaka (r), regional manager, primary sales, Globacom Abuja, and Adebayo Daniyan (l), shop manager, Gloworld, presenting a cheque to Lewechi Timothy, one of the winners of #GLOIN60SECONDS social media talent, at the presentation of cheques to winners in the competition in Abuja.

L-R: Azeezat Olaoluwa, Nifemi Oguntoye, Ngozi Alaegbu, Mike Okwoche and Veronica Onuchi; all lead anchors at TVC News, during the unveiling of a brand-new high definition news studio at its headquarters in Lagos, recently.

16

BUSINES DAY

Friday 01 March 2019

Friday 01 March 2019

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BUSINESS DAY

ManagementDigest

17

The big idea: rethinking retraining Willy C. Shih and Colleen Tapen

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he conventional wisdom on retraining older workers is they are too old or set in their ways to learn new things and update their skills. We don’t agree. We think this is a narrow view that overlooks the significant value these people can bring to the economy.

Unfortunately, we tend to conflate proposals for retraining older workers with the ways in which we prepare young high school graduates for direct entry into the workforce. But older workers who have been in the workforce for many years may need a different approach.

There are local or regional programs in different areas of the United States that have a proven track record in retraining older workers. In order to identify the common denominators that contribute to their success, we conducted structured interviews across seven states during late 2017 and the first half of 2018.

We talked to people in community and technical colleges, large and small businesses, nonprofits that specialize in retraining and regional economic development agencies. While many of these organizations serve all age groups, most focus on recent high school graduates. Therefore, we identified older workers who had successfully gone through retraining and categorized common features of their programs.

SHORTER WORK-BASED PROGRAMS Older workers who are suddenly displaced often have little interest in extended programs.

The people we talked to often had family responsibilities and were focused on quickly replacing their lost income streams.

On-the-job programs can take different forms and provide a multitude of benefits. Handson training both boosts student engagement and provides immediate feedback to the school on needed skills. It helps students cement their understanding of what they learn in class.

Crucially, students — many of whom are struggling financially — get paid. Finally, work-based learning can offer an on-ramp to a job at the host company, often translating into employment upon program completion.

STACKABLE CREDENTIALS The most successful retraining programs, as measured by completion rates, incorporate “stackable” credentials. These are short-term, industry-recognized credentials offered by certificate or nondegree programs that allow workers to balance the demands of the training program with work or family responsibilities. This learning strategy focuses on building core capabilities and then layering on additional skills in steps. This can take the form of a series of short programs, each focused on a particular skill set, that can be taken sporadically over months or years. The beginning of the sequence is focused on an industry-recognized credential so students can find work quickly.

Once they start working, they can return to school to pursue training at the next level.

Several states have mandated stackable credential programs.

In response to a 2007 law, Ohio’s board of regents and department of education have developed a system of pre-college and college-level stackable certificates.

Virginia’s New Economy Work-

force Credential Grant Fund and Program, created in 2016, requires participating institutions to offer a “noncredit workforce credential.”

WRAPAROUND SUPPORT Several of the people we spoke with used the term “wraparound services.” They had borrowed it from the health care industry, where service providers work together to identify and provide patients with the formal and informal support that help make a treatment program more successful. Many students face multiple personal financial challenges. Former Midlands Technical College President Marshall “Sonny” White recalled a 50-year-old single mother who was trying to go back to school but was short of financial resources and had a host of transportation issues. “I remember taking her back and forth myself to her home a number of times because she had to walk over a mile to get to a bus that only ran infrequently to bring her to the college,” he said.

The staff at Midlands said that financial challenges were the biggest cause of students dropping out. Pell Grants, the largest source of federal student aid, have historically been available only for traditional bachelor’s and associate’s degrees. The Aim Higher Act, a bipartisan bill introduced in the House of Repre-

sentatives this past July, would allow the use of Pell Grants in certificate and other alternative credentialing programs.

If more community colleges in the United States had wraparound services, the lackluster graduation rate for all their students, not just for older learners, would be higher.

MATCH SUPPLY WITH DEMAND Some schools add a “supply limiter” feature to match the supply of graduates with the actual demand by employers, which prevents saturating the market with qualified applicants and leaving some students without jobs. Obviously, this requires a very good knowledge of the current needs of local employers.

CONVINCE CANDIDATES OF THEIR POTENTIAL Older students in retraining programs often underestimate what they are capable of. A hallmark of effective programs is building trainees’ confidence, which program leaders achieve by a combination of high expectations and individualized coaching. Beyond coaching students, some of the best programs recruit a broad range of students and convince them that they are candidates for retraining.

FEDERAL PROGRAMS CAN PROVIDE INGREDIENTS, BUT

2017 Harvard Business School Publishing Corp. Distributed by The New York Times Syndicate

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THE DESIGN MUST BE LOCAL We asked people on Capitol Hill whether retraining displaced workers is a public good and should receive public funding, or a private good that should be the responsibility of either employers or employees. While there seems to be general agreement across both sides of the aisle that there is a mismatch between the skill set of our current workforce and the skills employers need, there is no consensus on how to fix the problem and who should be held accountable.

The key to designing effective programs is to understand local needs and connect them to federal and other support. While federal programs can provide the ingredients, a local leader needs to match the resources to the needs of employers and retrainee candidates in their area.

GRASSROOTS LEADERSHIP We found that successful programs are run by community leaders who work from the bottom up. These people possess a deep civic spirit and take personal initiative to create new opportunities to find, and then help, displaced workers. They assemble a complete program and tailor it to the specific needs of people in their communities.

Also vital to the success of the retraining programs we observed were the people who chased after the newly displaced, trying to give them hope and put them on the path to develop new skills.

The world of work is changing rapidly, and careers will increasingly face disruptions brought on by technological change and globalization. As a nation, we are going to require a more flexible workforce — one that can continuously learn and adapt in the face of change. Effective retraining programs are crucial to filling this need.

Willy C. Shih is a professor at Harvard Business School. Howard Rudnick is a consultant at Bain and Company. Colleen Tapen specializes in delivering insights through data science

18 BUSINESS DAY

CHIDINMA AARON, (current Miss Nigeria)

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hidinma Aaron, the 42nd Miss Nigeria, hails from Anambra State. She is an entrepreneur, a Business Administrator, a Chef, and a Transformational Speaker. She graduated with Honours from Lead City University, Ibadan, Oyo State where she majored in Business Administration.

She is an Associate Member of IPD-CRM, also certified in COMPTIA Project Management and Customer Relationship Management.

She is a go-getter who is enthusiastic about education, food and all forms of creativity. She has worked in television, fashion, hospitality and the food industry as a presenter, model, actress and chef. Outside of work, she loves to read and engage in outdoor activities such as hiking and swimming. As Miss Nigeria, Chidinma automatically takes up the role of representing and presenting young Nigeria women to the World through the Miss Nigeria Organisation Green-Girl project. She hopes to make an impact in transforming the ideology of women’s empowerment through her role as Miss Nigeria.

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3 queens, 3 crowns, 3 stories yet, they all inspire. In this interview with KEMI AJUMOBI, CHIDINMA AARON (Current Miss Nigeria), DAMILOLA OTUBANJO (First Sisi Oge of Lagos state) and OMOWUNMI AGUNBIADE (Former Miss Grand Nigeria) share their intriguing stories where there told it all. able Energy Department at the Board and was in charge of the Operation and Maintenance of 213 solar systems across 172 secondary schools and 11 primary healthcare centres in Lagos State. She resigned from service after 5 years to pursue full time, her passion for fashion.

Life’s journey Growing up has been quite an uphill task. A lot has happened to me to shape me to be the woman I am today. I grew up with my dad and I’m glad I did. It’s been tough, rough, exciting and very emotional in between. Just like most kids raised by a single parent, but still peculiar because we are all going on separate journeys in life.

Reason for choice of course I studied Renewable Energy Engineering because I wanted to understand some other form of Engineering asides the typical ones. I was particularly fascinated by how energy can be harnessed from the wind and sun. I found that aspect of science relatable and knew I’ll do well in it. It didn’t matter to me that we were just 5 ladies in a class of full of over 40 guys.

I never for once felt special or out of place. It was simply my interest that informed my choice, period.

Pink Dove Initiative The PinkDove Initiative is an NGO I set up in 2008 shortly after my reign as the 1st Sisi Oge of Lagos. It was set up to be a safe haven for the total wellbeing of young people. We had had series of engaging projects and programs that targeted

young people, and had trained substantial amount of students as peer educators to be role models in their own sphere and circle of influence.

Life after reign as queen Life has been challenging and exciting. The beauty of it is we don’t understand what tomorrow holds but we can be equipped enough to handle the flow of the current of life. After my reign was when I went to the UK to study for my Masters. It was upon my return I took up the job with the Lagos State Government and I resigned after 5years of active service. I have unremittingly continued to influence people around me, both young and old, either male or female. I take responsibility for the people in my employment and established a relationship that’s beyond employees and employer relationship.

Beauty and brains…your opinion A beauty without brain is like a beautiful Rolls Royce without an engine, it’s a waste. Beauty for me has to be skin deep. It can’t just be superficial. It must have depth, deep content, that’s what attracts people to beauty. A woman with a beautiful appearance who doesn’t strive to develop content to me isn’t beautiful. The strength of your character, the development of your personality, the depth of your knowledge in any chosen specialised field is what makes your beauty really rich and valuable.

Why did you resign? Have you ever looked back?

I resigned from Service because I felt underutilized.

I had too much residual energy and wanted more expression of self. Besides, I joined Service with the goal to serve for 5years only and once it was time, I left. I had no desire to resign as a permanent secretary or to run 35years of my life in civil service.

No! that wasn’t my agenda, so when I felt it was time to leave, I left.

Why the decision to go into fashion? How challenging has it been?

Fashion for me is a passion. I love to express myself through my outward appearance and most times the tailors/fashion designers I had engaged did not do justice to what I expected after sessions of drafting and describing my style. I wanted flexibility in my dressing. I wanted simple yet elegant apparels, outfits that command attention yet not vulgar. And because of my perfectionist nature, I just never got satisfied with what was made for me, so I decided to take the bull by the horn and start sewing my own outfits. It has been pretty challenging but it has been fun!

Final words Always strive to be the best version of yourself. Be willing to take risks and you will learn valuable lessons on the other side of fear if you dare to act in spite of uncertainties.

OWOWUNMI AGUNBIADE (former Miss Grand Nigeria) Biography rincess Omowunmi Agunbiade is an exbeauty queen, a humanitarian and a budding entrepreneur. Her most recent project, The Princess Agunbiade Spelling Bee volume 1 earned her the “Queen of Queens award” at the 2018 NAESIM awards, an addition to other awards such as NAESIM National Queen of the year award, Nigerian Fashion and Style Awards: Most Fashionable Queen of the year, and several others.

In her one year reign as Miss Grand Nigeria, after representing Nigeria at the Miss Grand International Beauty Pageant held in Vietnam, she worked tirelessly with different charity organisations to encourage children to stay in school, especially the under-privileged kids; actively trying to reduce the growing rate of illiteracy and semi-literacy among youths. She holds a BSc. degree in Industrial Chemistry from the prestigious University Of Port Harcourt and was raised in Port Harcourt alongside her six siblings.

Asides charity, modelling and pageantry, Princess Agunbiade runs a facility management company, 503 Global Nigeria limited which she plans to grow into a multi-million naira business in a few years. She also has a fashion clothing brand, 503 fashion which she is set to launch in two months.

She has plans to start more businesses over the years and is open to owning joint businesses with like-minded people.

P careful with my words and actions) and I have a more in-depth knowledge of the inner workings of some issues in our country and this has led me to be more empathic in my dealing with individuals.

I am also more self-aware, as I witness personal growth every day and in every beautiful way.

What is your take on beauty and brains?

For me, “Beauty and brains” connotes the state of a female who possesses so much light and love within that it shines forth for all to feel and share while she is also regarded as an intelligent female.

It is an awesome state of being.

Experience culminating to being crowned I would say the period leading up to my corona- What will you want to be remembered tion taught me patience, resilience, allowed me for after your reign? grow in faith, character and more. I knew when I would love to be remembered for being a beam to take a break (from University) but I didn’t stop pushing; I kept believing. It paid off and blessed me with my crown as the 42nd Miss Nigeria. Now, Damilola Otubanjo I get to work on making the lives of ladies in my country better through the Green Girl project (1st Sisi Oge of Lagos on girl’s empowerment while inspiring all and sundry.

What has changed for you since becoming queen?

A number of things are different now. While I’m still myself, I would say, first, my account balance has witnessed a major positive change (smiles), my address has changed (following my move to Lagos), I have gained popularity (hence, I’m more

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Beyond their crowns, they inspire

Being A Chef The idea of becoming a chef wasn’t something I nurtured for too long. I was inspired when I realized that there were a lot of people out there who didn’t have access to tasty hygienic meals. I decided to take advantage of that and go into partnership with my Mom which birthed “Yumme Meals”.

What winning Miss Nigeria means to me It is me literally living my dream. It gives me the opportunity to work, on a large scale, towards building a better Nigeria via Nigeria’s longest standing pageant platform. I’m grateful for my office.

Friday 01 March 2019

LeadingWoman

My life Growing up for me was mainly beautiful. I was born into an average Nigerian Christian family. I had all the basic things I needed to lead a lovely life and I’m grateful for that. My upbringing taught me to stay positive, be love, stand by what is right and be open minded; to mention a few.

Green Girl project The Green Girl project was rolled out by Miss Nigeria Organisation three years ago because the organisation believes in sustainable projects. The project started by promoting sustainable environments with the past queens. It will now include Girls Empowerment through which I will be mobilising girls to address issues pertinent to them including feminism and sexual abuse and harassment and also giving them opportunities to empower themselves.

With this, I hope to see societies and ultimately, a country where her girls are more informed and better equipped to lead their best lives.

Friday 01 March 2019

Biography amilola Otubanjo, is the Creative Director to Milolar Signature, a Contemporary Clothing line that provide premium ready to wear and bespoke outfits for women.

She has a 1st degree in Physics with Electronic from Olabisi Onabanjo University and a 2nd degree in Renewable Energy Engineering from Kingston University, London.

D

of light to many; the expression of love for humanity and an inspiration and driving force to every individual who needs to ignite/reignite their fire or drive for life. So help me God. How important is it to be a pacesetter for young girls/ladies?

I believe being a pacesetter for young girls is very important as they could really benefit from more positive examples from women in our society. I find that they could see a woman inspire them in one way and yet another woman break grounds in various spheres of society. This would stir their faith and increase their level of aspiration.

This would, in turn, spell hope for an even better future for the next generation of women and consequently, hope for a better country.

She was crowned the 1st Sisi Oge of Lagos in 2007 and reigned as a queen through 2008. During her reign as a cultural beauty queen, she had a pet project on creating awareness on the prevalence of HIV/AIDS amongst young people and was advocating on the effect of stigmatization and discrimination of people living and affected by HIV. Shortly after her reign, she started an NGO called The PinkDove Initiative, it was established to be a safe haven for the total well-being of young people.

After her degree in Engineering, she took a job with the Lagos State Government and worked in the Ministry of Energy and Mineral Resources and also Lagos State Electricity Board. She was the Head of Renew-

Story of my life Growing up for me was fun. I was born into a large but close-knit nuclear family. I have six siblings but there was a lot of love and attention to go round for everyone. I also remember being misunderstood a lot by my parents, I’ve always had an independent mind, and sometimes they mistook it for rebellion. My parents were strict to an extent, they wouldn’t allow us socialize with other kids, so we didn’t have a lot of friends growing up. I think that made me learn to enjoy my own company.

The Princess Agunbiade Spelling bee The Princess Agunbiade Spelling bee is a project that is very dear to my heart. It was born out of my passion for charity, children and education.

School competitions where academic excellence is rewarded not only encourages students to stay in school, it also helps develop their study skills, self-confidence, communication skills, cognitive skills and makes learning overall fun for them. The first edition was held in Lagos State on the 26th of September, 2018 and saw the participation of ten schools.

Miss Grand International Miss Grand International is one of the top 5 beauty pageants in the world. It focuses on the advocacy “Stop the war and violence” and seeks to crown a queen who would travel the world, spreading the message of world peace. Winning Miss Grand Nigeria was an unexplainable experience.

Although, I didn’t spend a lot of time celebrating as I had very little time to prepare for Miss Grand International. Representing Nigeria at the Miss Grand International beauty pageant in Vietnam was quite a journey, a challenging but fulfilling one I must say. I did learn a lot about myself, my country and I was honoured to be the window through which Nigeria was seen by the other 77 contestants and the entire team at Miss Grand International.

for as long as I remember. Charity has become a big part of my life. In the past five years, I’d spent a part of my birthday at orphanages. I also volunteer for different charity organisations. I’m looking to set up my foundation soon.

Your view on Beauty and Brains “Beauty and Brains” is a phrase I find too cliché.

Also, I don’t think beauty and intelligence are mutually exclusive so I find it somewhat offensive when people say “Beauty with Brains” as though it is something that occurs in rarity. A lot of beautiful women are intelligent.

Living a life of inspiration especially to female youths I’m trying to live life abiding by my personal principles, yet reaching for everything that I want or have ever wanted. I try to be as transparent as possible, and those who follow my journey would learn from it that life is in stages and you can be as big as you allow yourself dream, with smart work and determination.

Importance of girl child education Girl child education is as important as any other gender’s education. I look at countries, states and families still preventing the education of the girl child and I wonder if they know how much they’re losing in future Presidents, Doctors, and Teachers and so on. They are not only limiting those young girls, but also depriving themselves of the greatWhat do you remember and appreciate about ness those girls have to offer. your reign?

During my reign, I remember and appreciate all Final words the people I was able to meet and discuss with Do not let anybody tell you what you are or are because of position as Miss Grand Nigeria. Also, not capable of. Nobody knows you like you do, I appreciate how fascinated children were each so you can be anything that your mind wants to be. Just be ready to put in the work and you shall time they saw me wearing my crown and sash. be celebrated by those same people who doubted in the first place.

Love for charity I’m tempted to say it is inbuilt. I honestly can’t Stories continue on www.businessday.ng pinpoint when it all started, but it’s been there

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19

MoneyInsight Access and Diamond Bank: A 2019 must watch for Nigeria’s financial sector FRANK ELEANYA

N

ow that the elections have come and gone, we can look to some of the events that could help shape the different industries in Nigeria in 2019.

For the financial sector, the much expected merger between Access and Diamond Banks is a must watch.

The merger has implication for controls the customer share, digital banking innovation and who owns the sustainability narrative in financial services.

Prior to the official announcement in December, global interest in the industry was piqued as news filtered in about the impending merger. While most were concerned about whether it was really a merger or not, others, especially competitors, were shaken as such collaboration could only mean one thing - an industry takeover. And expectedly, it is fast proving to be one.

Since the announcement at the Access Bank Headquarters, stakeholders all over the world – investors, customers, staff, most especially, the average Nigerian – should realise the advantages of witnessing such momentous transformation in the financial industry. It is obvious to everyone that there has been a renewed effort to not only become the largest retail bank in Africa, but to also provide the best of service for their customers - 21 million of whom started the new year with a cancellation of the N65 ATM charge by both banks.

The concept of mergers is not exactly a new one. Businesses daily form alliances to strengthen op-

erations, improve performance and meet growing demands. The banking industry in the United Kingdom and United States have jointly recorded well over 100 major company mergers since the early 19th century, but the wave hit Nigeria after Professor Charles Soludo, the former Governor of the Central Bank of Nigeria (CBN), announced in June 2004, after a meeting with bank chiefs in Abuja, the need to increase capital base from N2 billion to N25 billion by December the following year.

Many, especially financial analysts and players in the banking industry, had thought the government, through the CBN, would back down on the policy given the many unstable policies it had pursued before then. It was not until former President Olusegun Obasanjo publicly showed support for the policy that it became apparent the need to take it serious and conversations about merger became common place. Subsequently, the 89 banks

reduced to just 26.

But what really will this merger mean for customers of Access Bank?

Access Bank Group Managing Director/Chief Executive Officer, Herbert Wigwe and Diamond Bank Chief Executive Officer, Uzoma Dozie have always maintained that the reason for this merger is primarily to promote the best interest of its stakeholders including employees, customers, depositors, and shareholders.

In November 2017, Access Bank increased its total assets at a compound growth rate of 18 percent annually and delivered shareholder returns of 90 percent, grew its customer base to over eight million and had opened 351 new branches.

With the new merger in 2019, the bank will have 27 million customers - which is the largest customer base of any bank on the continent; 33,000 point of sale (PoS) terminals; 3,300 Automated Teller Machines (ATMs) and many more.

Access Bank’s value chain ap-

proach, which incorporates trade finance, treasury and corporate finance, massive credit assessment and risk management capabilities, combined with Diamond Bank’s leadership in digital and mobile-led retail banking will accelerate Access Bank’s strategy as a significant corporate and retail bank on the continent and also generate new growth opportunities for Diamond Bank’s existing 17 million customers.

As both banks have a clear focus on innovation, financial inclusion and sustainable banking, this explains why there has been a deluge of customer centric initiatives since the announcement of the merger, especially with an enhanced W Initiative to better offer female-led businesses a platform to succeed.

Access Bank has repeatedly proven itself in Nigeria’s financial industry by successfully acquiring and integrating Marine International Bank and Capital International Bank over the past 2 decades, however, this merger with Diamond Bank might just be one of the most important projects it has embarked on, as the advantages and benefits will ensure that the bank is perfectly positioned to deliver exceptional value to its stakeholders across its key markets.

Access Bank has proven its leadership pedigree in effective and sustainable mergers, seeing the success it has recorded in its processes with Marine International Bank and Capital International Bank.

With the many available benefits inherent in this coming together, perhaps the most beautiful merger ever witnessed in the country has just been born.

Start-ups need clearly defined business plan to attract angel investors STEPHEN ONYEKWELU

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t is important as a start-up to ask yourself whose money you will use in the process of making your business idea a reality.

Would you fall back on your own nest egg to fund your start-up, this means you have saved up some money over time. It appears not many young entrepreneurs have nest egg to fund their start-up.

Now, will you go the route of debt financing? In other words, will you take out loans and pay them back with interest? This is an option to be considered with great care.

One of the benefits of using your own money is that you retain the profits and all control of your business if it succeeds. Your other option is to seek equity financing from angel investors, venture capitalists and others. In this business model, you owe less money, but you will share the profits with your investors. You are basically trading equity in your company for

cash.

Going this route enables you to raise large sums of money for your start-up without going into debt. You will lose a bit of your control, giving your investors a “say” in your company. After all, they do expect a return on their investment.

There is catch.

Intending entrepreneurs brimming with confidence in their business ideas tend to believe all they need to take-off is see capital from venture capitalists. For venture capitalists the story is different because they are aware that nine out every ten start-up fails, they understand that funding is usually not the most important thing to consider when starting a business but structure.

Venture capitalists want clear answers to questions about who the business targets as customers, market size and how the business plans to grow and expand.

David Tele, managing director at Seedstars Academy, a seed capital venture firm at a Career Fair organised by BusinessDay in 2017 said that they evaluate start-ups

approaching them for seed capital based on the Content, Process and Results (CPR) method. The content dimension of the evaluation is data driven: customer, market size and projected revenue.

Process entails setting clear specific, measurable, ambitious, and time bound goals. It starts with setting annual goals, broken into monthly goals, then down to weekly and actionable daily goals.

Results comprise outcome from the two preceding phases and the cycle is repeated. Therefore, a start-up needs to do substantial due diligence before it approaches a seed venture capitalist. Below are a few things a start-up must do to attract seed capital.

Have a Business Plan The first item on your list is to create a business plan. Venture capitalists deem this your most important task, because without a business plan, they are flying blind. You must create a plan that presents your overall business summary and a description of how it will make money.

In addition to your business plan, your investors will appreciate seeing one, three and five year plans. They want to see your goals and strategies for growth. They are looking for your “staying power.”

Conduct Market Research Your investors want to see your market research. They want validation that the market can sustain your business and that your start-up is viable. This is the “proof” that your business plan is sound and provides you with numbers to back up your claims that your start-up will be successful.

Prepare Financial Models Venture capitalists and angel investors are smart, and they know how to drill through your materials to the proof that your business can actually make money.

Your financial models should include spread sheets of projected costs, acquisitions, sales and revenue, profit margins and growth rates. Bottom line: they want to know when they can start seeing a return on their investment.

Visa, PayMate expand regional B2B payments to optimize transaction cycle CALEB OJEWALE

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isa and PayMate, a leader in India’s Business-to-Business (B2B) payments landscape, have announced an expanded collaboration to provide Visa’s issuing financial institution clients in the Central and Eastern Europe, Middle East and Africa (CEMEA) region with access to PayMate’s proprietary payment platform for their corporate customers’ payments needs.

This move according to a statement by Visa follows its 2017 initial launch along with PayMate in India.

PayMate’s cloud-based platform digitizes the entire procurementto-payment cycle for businesses and helps large enterprises and SMBs to transition from traditionally slow and costly forms of payments like cash and checks to real-time and efficient digital payments. The platform is built to help its business customers automate and seamlessly manage vendor payments (Payables), customer payments (Receivables) and invoicing, thus improving process efficiency and providing greater transparency of cash flows.

Rakesh Khanna, vice president, head of Visa Business Solutions, CEMEA Visa said the company has a significant focus on digitization of B2B payments and is teaming up with companies like PayMate to help simplify payables and receivables processes for businesses of all sizes.

According to Khanna, the initial foray with PayMate in India resulted in a large number of Enterprises and SMBs making payments using Visa commercial cards across industry verticals, contributing to significant B2B payment volume growth in the country.

“We are keen to extend this alliance to enable our financial institution clients in CEMEA to streamline the B2B payments process for their corporate customers. At the same time, we are introducing secure, fast and efficient digital payments to the sellers to help optimize their cash flows,” he said.

Ajay Adiseshann, CEO, PayMate on his part, said in the statement that there is an ever increasing demand for automation and digitization of the entire procurement to payment cycle to help save cost, time and effort. Paymate according to him, has a comprehensive payments platform that reduces expenses and time for processing payments, thus helping buyers pay earlier and helping sellers receive payments faster.

“We are thrilled to expand outside India with Visa and offer our platform to businesses operating in CEMEA region,” Adiseshann said.

20

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21

INSIGHT

Africa’s richest man makes a $17bn bid for immortality Aliko Dangote’s plan to reduce Nigeria’s dependency on fuel imports will carve out an even bigger slice of the nation’s $376 billion economy for his empire.

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he best way to appreciate the scale of Aliko Dangote’s empire is to hitch a ride on one of his private jets.

A half-hour after his Bombardier Challenger 605 takes off from Lagos Airport, it descends into a seemingly desolate area of Kogi State in central Nigeria, dusty fields and clusters of trees stretching to the horizon.

Suddenly a tangle of exhaust stacks, silos, and kilns pierces the sky to the left of the aircraft as Dangote Cement Plc’s Obajana plant comes into view. It’s already the biggest in Africa, churning out enough sacks of cement to fill 1,000 trucks a day.

A fifth production line now under construction will make it one of the world’s largest.

The cement plant and its two sister factories in Nigeria have long been the bedrock of Dangote’s fortune, Africa’s biggest. But Dangote’s future—and, as he likes to say, that of the entire continent’s economy—lies to the south on the Nigerian coast.

About 40 miles east of Lagos, on more than 6,700 acres of former swampland

bound by a lagoon and the Atlantic Ocean, contractors are putting the finishing touches on a fertilizer plant valued at $5 billion. Next to it, construction of a vast oil refinery—a $12 billion project—is under way.

If all goes according to plan, the complex will immortalize the 61-year-old Nigerian businessman as Africa’s most prominent industrialist, vaulting Dangote Industries’ annual revenue from $4 billion to about $30 billion, roughly 8 percent of Nigeria’s gross domestic product.

Oil industry experts such as Londonbased CITAC have questioned the project’s timeline, citing logistical and financial challenges. But Dangote insists the refinery, which will be Africa’s largest, is on track. “By 2020 I will finally dispatch oil,” he says during a January interview at his Lagos home.

Despite controlling the world’s 10thlargest oil reserves, Nigeria has only four aging, inefficient state-owned refineries, leaving it almost wholly reliant on imports for its fuel needs.

Dangote says his massive refinery could end that dependency and lift electricity generation in a nation plagued by blackouts: “It will change the entire economy of Nigeria.”

The fertilizer plant, which Dangote

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Nigeria’s natural gas prices are the lowest in the world, meaning Dangote’s fertilizer will likely be profitable even in the competitive export market

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Tom Metcalf & Devon Pendleton

says will come online in a few months, will be capable of producing up to 2.8 million metric tons of urea a year. “It’s probably the largest-volume urea plant ever executed at one time,” says Alistair Wallace, head of fertilizer research at Argus Media in London.

Nigeria’s natural gas prices are the

lowest in the world, meaning Dangote’s fertilizer will likely be profitable even in the competitive export market. “It will generate hard currency and bring in dollars. It will be a good look for the administration and for Dangote,” Wallace says.

Born into a wealthy Muslim family of traders in the north, Dangote incorporated his own business selling cement at 21.

He shifted to manufacturing the building material in the 1990s, convinced his homeland, the world’s seventh-most-populous country, could meet its own demand for staples.

Dangote factories churning out sugar, flour, and salt followed. A vertical integration push gave rise to other businesses, including oil, property management, packaging, and port operations.

Four publicly traded companies under the Dangote Industries umbrella account for about a third of the value of the Nigerian stock exchange. While shares of Dangote Cement tumbled 26 percent in the past year amid a sell-off in emerging markets, the fertilizer plant has helped boost Dangote’s net worth to $17 billion, according to the Bloomberg Billionaires Index. (No value is attributed to the refinery in Bloomberg’s analysis because it’s still under construction.)

Nigeria’s $376 billion economy is, by some measures, Africa’s largest, but the operational challenges for companies are also outsize. The World Bank assigns the country a lowly score of 53 on ease of doing business (Kenya gets a 70, and South Africa a 66).

Besides an overabundance of red tape and weak protections for investors, the country is perceived to be more corrupt than many of its neighbors. Nigeria’s chronic logistical logjams, infrastructure failings, and political risk are why CITAC says Dangote’s 2020 timeline for the refinery may not be feasible.

Even the so-called smart money has stumbled here. Five years after pledging to invest $5 billion in infrastructure alongside Dangote, Blackstone Group LP is in the process of exiting an African subsidiary called Black Rhino Group because of a dearth of suitable opportunities, a person familiar with the matter has said. KKR & Co. disbanded its Africa deal team in 2017.

Dangote, for his part, has decades of experience negotiating Africa’s pitfalls.

Yet even by the continent’s standards, the refinery project could be characterized as a heavy lift. Dangote Industries bought the plot for $100 million at the end of 2013, but it ultimately took almost three years—and many truckloads of sand—to prepare the swampy ground for construction.

The company erected a jetty and widened and reinforced roads to accommodate shipments of cranes and other equipment.

Dangote’s existing empire gives him advantages. The new refinery is a big customer of Dangote Cement, and the roads to and from the surrounding quarries are clogged with his trucks.

Also, his timing was fortuitous. The project geared up during a recession, giving him more bargaining power over contractors keen to land work. Plus its location inside a free-trade zone means the complex should be better insulated from the Nige-

Dangote at the construction site for the refinery .Photographer: Andrew Esiebo For Bloomberg Businessweek

A Dangote Cement truck on the Eko Bridge in Lagos Island. Photographer: Andrew Esiebo For Bloomberg Businessweek

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While Dangote has confined his business activities to Africa so far, he expects to expand beyond his home continent after revenue tops $30 billion

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Dangote fertilizer plant under construction near Lagos

Aliko Dangote’s Personal Holdings In many ways, Dangote’s ascension recalls that of Gilded Age tycoons such as Andrew Carnegie and Cornelius Vanderbilt, who accumulated great fortunes as they created industries.

While the emergence of a new generation of business titans that includes Amazon.com’s Jeff Bezos and Facebook’s Mark Zuckerberg has drawn attention to rising income inequality in the U.S. and elsewhere, Dangote’s net worth is particularly disproportionate to the lot of ordinary Nigerians, almost half of whom live in extreme poverty.

Critics have attacked him for holding much of his wealth offshore and say he’s a shrewd monopolist who has plied his political connections to secure an advantage over competitors. They claim his marketdominating cement company squeezes local consumers with prices three times the global average while slashing prices in neighboring markets to crush rivals.

A World Bank report published in 2016 found that African cement prices averaged $9.57 per 50-kilogram bag, compared with $3.38 globally. Dangote’s cement business has also been accused of exploiting a government-run investment promotion program to secure generous tax breaks.

Dangote shrugs off such criticism, while preaching the gospel of markets as the best way to narrow the divide between the haves and have-nots. “China in 30 years has taken almost 500 million people out of poverty,” he says.

Soft-spoken and unfailingly polite, he offers up his chair in meetings to guests and serves food for others during a lunch in an office conference room. But the courteous chief executive officer is also a hard-driving manager. “Not possible’ aren’t words he understands,” says Giuseppe Surace, chief operating officer of the refinery project, as our convoy of Toyota Land Cruisers sets off on a four-hour tour of the site. “In his own way, he is very tough.”

rian political scene, according to Dangote’s lieutenants. “We’re an island,” says Surace, an Italian who previously worked at oil services company Saipem.

Talk to ordinary Nigerians and plenty crack smiles at the mention of Dangote, who’s featured in internet memes, while a recent single by Nigerian singer Teni plays on his wealth. It’s the kind of name recognition any politician would envy.

Results from Nigeria’s Feb. 23 general election, which was marred by delays, technical glitches, and violence that killed at least 39 people, saw President Muhammadu Buhari beating his main challenger, Atiku Abubakar.

But Dangote, who’s long avoided playing political favorites and deflected questions on the election throughout the campaign, says he’s not interested in governing. “If I exit from business and go into politics, nobody can actually sit in Dangote Group and take the kind of risk that I can, because I’m the owner,” he says. “My real job is to see how do I transform Nigeria and Africa and to take this kind of risk.”

While Dangote has confined his busi-

ness activities to Africa so far, he expects to expand beyond his home continent after revenue tops $30 billion. There’s not “capacity to be able to invest that kind of money just in Africa,” he says.

Signs of his burgeoning fortune abound.

His namesake foundation spends as much as $100 million a year on projects such as hospitals and malnutrition, according to its CEO Zouera Youssoufou.

Dangote’s offices feature photos of him with Bill Gates and Barack Obama, and he says he’s in the process of setting up a family office that will have outposts in London and New York. Carlyle Group’s David Rubenstein is helping set it up and the unit will invest alongside the private equity firm, Dangote said.

Rubenstein, who hosts a show on Bloomberg Television, declined to comment.

“It’s very much on paper now,” Dangote says.

He could even acquire that archetypal billionaire trinket: a professional sports team.

An Arsenal fan, Dangote says he’s prepared to stomach the multibillion-dollar price tag the English soccer club would command once the refinery is finished.

“I will go aggressively after Arsenal,” he says.

For now, though, his focus is on the vast project taking shape on the Atlantic coast.

The last time I see Dangote, it’s past midnight at his Lagos home. He’s sitting at the head of the dining room table, near a barely touched bowl of fish stew and a chunky Casio calculator.

He turns his head, with closely cropped hair flecked with gray, toward the accounts in front of him.

He’s absorbed. Seconds tick by in silence, then minutes. Finally he’s satisfied. He signs off and—ever the host—patiently fields a few more questions before seeing me and his other guests out before heading to bed.

Waiting for my ride, I turn back and see Dangote, the $17 billion man, climbing the stairs.

He’s back on the phone, still working.

22

Friday 01 March 2019

BUSINESS DAY

CITYFile

APC supporters celebrating re-election of President Muhammadu Buhari in 2019 Presidential Election in Kaduna on Wednesday.

Edo vaccinates 1,745,241 persons against yellow fever

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do State government said it vaccinated 1, 745,241 persons against yellow fever in 2018.

The state immunisation officer, Charity Usifo, released the figures during a meeting in with the deputy governor, Philip Shaibu.

Usifo said 2,256,370 doses of yellow fever vaccine were supplied to the state and 1,903,170 of the vaccine distributed with the period under review.

She said 687 vaccination teams were deployed for the exercise across 13 local government areas of with persons from nine to 44 years of age as target.

She explained that mass immunisation, usually termed Reactive Mass Vaccination (RMV) campaign constituted the most important and effective measure of end yellow fever.

NDLEA nabs 36 for drug abuse in Kwara …says inhaling of pit latrine now a trend among youths

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o fewer than 36 youths among them three females, have been arrested by the Kwara State command of the National Drug Law Enforcement Agency (NDLEA) in connection with drug abuse in the past two weeks, Ona Ogilegwu, state commander of the agency has disclosed.

Ogilegwu told newsmen in Ilorin on Wednesday that the suspects were

Living below poverty line:

48-year old widow needs help to secure children’s future

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hristiana Rufai, 48-year old mother of six has little or nothing to cater for herself and her children.

Rufai claims she regularly suffers verbal abuse from her husband’s relatives. She currently hawks sachet water (pure water) and soft drinks which she collects on credit from suppliers.

She is seeking support to expand her business or go into a new line of business to enable her train her children. Rufai recently suffered a burn on her hand in the course of day to day struggle to eke out a living.

The widow says she needs some support to lift her petty business and put her children through school so as to secure their future and rescue her family from extreme poverty and illiteracy.

NAN

Rufai

between 14 and 25 years of age.

“We arrested 25 people for drug abuse a week before the election, while the remaining 11 were arrested four days to election in 16 different spots within Ilorin metropolis, in areas like Asadam, Maraba motor garage, Idiape and Oko-olowo “We usually counsel those that consume Indian hemp and prosecute the dealers,” he said.

The NDLEA officer said that more

youths were involved in abuse of drugs such as Tramador, Indian hemp, and even inhaling pit latrine.

He said: “Three months ago, acting on information from a reliable source, we seized over three tonnes of compressed Indian hemp, coming into the state from Ghana.”

Ogilegwu added that the NDLEA would intensify effort to stop drug abuse in the state and ensure sanity among the youths.

Ekiti: 10 arrested for dumping waste on road median AKINREMI FEYISIPO

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en person have been arrested by the environmental task force of Ekiti State ministry of environment for dumping waste on road median The permanent secretary in the ministry, Ibitoye Adeyiola said that the culprits were caught in the early hours of Wednesday on Iworoko Road while dumping waste on the median.

According to him, some of the offenders even rode long distances on their motorcycles (okada) to dump waste on the road.

Adeyiola, who frowned at the unhealthy disposition of the offenders, warned the residents to desist from the illegal act.

He said that the present administration in Ekiti remained committed to providing clean and hygienic environment for the people in order avert an outbreak of epidemics.

He warned that anyone caught dumping refuse on the road or any other unauthorised locations would be made to

face the wrath of the law.

Meanwhile, the state government is to embark on aggressive house-to-house collection of waste in Ado-Ekiti metropolis and Ikere-Ekiti to in order to promote a clean and hygienic environment.

Adeyiola disclosed this while playing host to the state House of Assembly committee on environment in his office in Ado. He explained that Ado metropolis and Ikere would be divided into different zones to facilitate the exercise, as the government is set to partner private companies to ensure the success of the scheme.

He also disclosed plans by the state government to review the state’s environmental laws to forestall indiscriminate dumping of refuse and make the illicit act a thing of the past.

Chairman of the house of committee on environment, Olasanya Olarewaju said the visit became necessary to familiarise members with the ministry.

The chairman promised that the committee would support the ministry in carrying out its responsibilities.

24

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How poor regulation threatens Nigeria’s booming N17bn IVF market While Nigeria IVF market is seeing a boom, lack of regulation is creating room for quacks which endangers the sector, writes ANTHONIA OBOKOH.

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hen Ladi Okeowo was married at the age of 28, she thought she had plenty of time to start a family. After all, she said, “My parents had me after 17 years of marriage.”

When at 33 she and her husband decided to start a family, they discovered that nature refused to cooperate. Four physically exhausting I.V.F. cycles (and two attempted donor egg cycles) later, they remained childless.

“The success rate is consistently low, it is more of 20 percent success and 80 percent failure, she said. “My husband and I have invested millions in the effort.

My happiness is, we can afford it and I believe I will have a baby to be called my own someday,” she added.

Ladi is fortunate her partner understands the situation and has been with her, but same cannot be said of Miriam who has not only experienced the griming pains coupled with infertility, but has been extorted from quack fertility centres.

“My husband and I went through IVF after we tried to conceive naturally for more than three years,” she says. “It was a long road of trying and losing before we explored IVF. We have run into quacks. Most of my pregnancies, we realise, failed,” Miriam recounts.

“I had to do plenty of research on clinics before moving forward with another IVF clinic. The one I ended up choosing did cycles and procedures according to when my body was ready and we had success with our second round. I’m currently pregnant with our first child,” she said.

This experience shows how more Nigerian families are turning to the In-Vitro Fertilization (IVF) procedure. More partners now agree that if they experience a delay in pregnancy, they can still

have babies through I.V.F. IVF is a complex series of procedures used to treat fertility or genetic problems and assist with the conception of a child. During IVF, mature eggs are collected (retrieved) from a woman’s ovaries and fertilized by sperm in a lab.

Then the fertilized egg (embryo) or eggs are implanted in the uterus.

One cycle of IVF takes about two weeks.

IVF techniques range from using ultrasound scans, blood and urine tests to accurately pinpoint if and when ovulation is occurring to the more complex Intra Cytoplasmic Sperm Injection (ICSI) where an egg is assisted to be fertilised by injecting a single sperm into each egg using a microscopic technique.

According to the World Health Organisation (WHO), a woman below 35 should be equipped to do at least two IVF cycles. Study confirms that women who are undergoing IVF do have a reasonable chance of getting pregnant, noting that rates of success are higher for younger women. The study says however that IVF can never guarantee a 100 per cent chance of success.

However, more Nigerian families are turning to the IVF procedure, a development that has led to a boom in a market valued

at over N17 billion as improved awareness fuels greater patronage. But medical experts say that absence of efficient regulation has become a threat to the practice.

BusinessDay gathered that the cost of the procedure is competitive in Nigeria in comparison with other countries. A single cycle IVF treatment ranges between N870, 000 and N1, 760,000.

The complete cycle in clinics of comparable quality aboard indicates that the average cost in the United States of America $12,146 (N4.3million) Saudi Arabia $6,475 (N2.3million), and the United Kingdom $4,190 (N1.5million).

Kemi Ailoje, chief medical director of Lifelink Fertility Clinic explained that the cost of IVF treatment depends on the diagnosis.

Some patients require the use of their own egg or sperm while others may benefit from donors and some may even need a surrogate.

Between 5,000 and 10,000 couples annually turn to the procedure, according to figures given by practitioners at the 7th International Conference on Fertility and Reproductive Health held in Lagos last year. The participants noted that Nigeria has both the technology and expertise to compete globally. At an average cost of N1, 706,000 for full a procedure and estimated 10,000 couples per year,

the local IVF market has conservative value of N17 billion yearly.

Globally, the IVF market is expected to reach $27 billion by 2022, according to a report by Grand View Research, Inc, a U.S.-based market research and consulting company.

The number of couples seeking the procedure may have doubled according to observations by half a dozen doctors interviewed for this story. They warn however that without a regulator, many couples are turning to quacks who, at a lower costs offer poor service to couples concerned about the social stigma of childlessness in Nigeria.

“Increasingly, IVF treatment is becoming more acceptable and the market size is growing, but couples need to be discerning about who they turn to as no one is properly regulating it at the moment,” said Jide Ojo, chief executive officer, the Bridge Clinic, a fertility centre based in Lagos.

Ojo further said a new body, the Association for Fertility and Reproductive Health (AFRH), is working out regulations for operating clinics. This uptick in IVF procedure in Nigeria is attributed to a rise in the number of married couples suffering from infertility, owing to urbanisation, pollution, stress, and lifestyle patterns.

“Men are beginning to realise that infertility is not female issues alone, so they now submit themselves for treatment,” Ojo said.

Ailoje also believes that there is an increased level of awareness about IVF now in Nigeria with less stigmatisation “and the success rate has also increased which makes it a viable option in the field of infertility management.”

Ailoje also harped on the need to improve regulation, pointing out that in the last few years, the Lagos State government has had joint meetings with practitioners to ensure the policy is formulated and implemented by ART practitioners.

Abayomi Ajayi, the managing director, Nordica Fertility Centre, says better financing arrangement will reduce recourse to quacks. “In Nigeria, we pay out of pocket and majority of Nigerians may not afford multiple cycles, but one of the ways we have encouraged them is to have packages that they can afford. Apart from reducing the price, we also provide emotional support and give couples enough information before they even start to let them know the success rate,” he said.

“We also enlightened them that if the IVF fails, the best way to go about it is to embark on multiple cycles. The more the cycles that they do, the better their chances of success,” Ajayi added.

Advanced ART facilities in Nigeria, experts say, have reduced medical tourism for IVF purposes.

Clinics in the country have introduced newer techniques, which can offer a better success rate at an affordable cost.

However, in as much as success and failure rates exist, it means there are also risks in carrying out IVF. One of such risks is that it increases the chance of multiple births if more than one embryo is implanted in the uterus. A pregnancy with multiple foetuses carries a higher risk of early labour and low-birth weight than a pregnancy with a single foetus does.

Another risk is that while the rate of miscarriage for women who conceive using IVF with fresh embryos is similar to that of women who conceive naturally — about 15 to 25 percent — the rate increases with maternal age. Use of frozen embryos during IVF, however, may slightly increase the risk of miscarriage.

Stress is another risk in the use of IVF as it can be financially, physically and emotionally draining. However, support from counsellors, family and friends can help couples through the ups and downs of infertility treatment.

Weight loss surgery prevents non–communicable disease, improves life expectancy ...as specialists brainstorm on scaling up surgical care in Nigeria ANTHONIA OBOKOH

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h ro n i c n o n - co m municable diseases related to diet and nutrition is presenting the greatest public health burden to Nigerians and medical experts are advocating surgical procedures to manage weight and improve healthy living.

Bariatric or weight loss surgery comprises a number of gastro-intestinal procedures. The surgery is specifically most suited for those individuals who need to achieve an amount of weight reduction that diet and exercise only cannot provide.

However, the benefits of

weight loss extend widely from positively affecting control of high blood pressure, high cholesterol, heart disease to resolution of diabetes, and many others.

“In broadening the medical landscape and redefining standards of healthcare practice in Nigeria, the need to offer the evidence based weight management options solve the prevalence of obesity, diabetes and should not be overlooked,” said Abuchi Okaro, a surgeon, who works as consultant at Laparoscopic Upper GI and Bariatric Surgeon.

He said obesity predisposes people to cardio-

vascular diseases, which are the leading cause of death, type 2 diabetes, musculoskeletal disorders, cancers, infertility, erectile dysfunction, sleep apnea, low quality of life, mental illnesses, such as clinical depression, anxiety and other mental disorders.

Okaro added that to create local demand for bariatric surgical procedure in Nigeria, there is a need to create awareness in order to reduce demand from western country and reduce the direct cost to medical tourism.

The Team of local and international clinical professionals from Euracare Multi-Specialist Hospital’s

in Lagos offers services to patients in Nigeria which comprise Bariatric surgeon and anaesthesiologist, endocrinologist, cardiologist, pulmonologist and Bariatric dietician.

However, this highly qualified and motivated team are central to the patient’s journey, which starts from the first consultation all the way through surgery to months and years after surgery.

Speaking on the importance of Bariatric surgery in preventing cardiovascular diseases, Tosin Majekodunmi, Medical Director and Chief Cardiologist, said it helps to control blood pressure in the heart, re-

duces hypertension, pains in the body and prevents mortality.

“Hypertension is a major problem in Nigeria. One in two adults suffers from hypertension and its complications. Bariatric surgery serves as a key component in solving these problems,” he said.

The weight loss and Bariatric service has extended its reach to improve patient’s information and experience by establishing a voluntary surgical weight loss patient driven support group. This allow for direct patient to patient interaction with the potential benefit this offers.

Glenn de Villiers, managing director Euracare

Nigeria, who spoke on the role of their weight loss/ Bariatric service said, “As the leading multi-specialist hospital in Nigeria, we are committed to providing excellent healthcare to our patients. We continue to develop and refine our services so that the complex operations we offer such as Bariatric Surgery are available and delivered to the highest possible quality and standard right here in Lagos Nigeria.

“Already, we have successfully completed over 75 major bariatric procedures at Euracare, I am pleased to say with no death or serious post-operative complication,” he added.

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Friday 01 March 2019

Ade Alakija

D

uring the last decade, the cruise industry has been the tourism sub-sector with the highest growth rate. In spite of the Titanic, Zebrugge and Estonia disasters, the travellers on high standard luxury liners are usually quite safe.

Of the 1,326 million(1.326 billion) international tourist arrivals in 2017, the highest growth in international tourist arrivals in seven years since 2010, up 7 percent on 2016, about 27.2 million cruise ship passengers are estimated to sail in 2018.

The types of cruises include Family, Adventure, River, Transatlantic and World cruises. The average age of a passenger is gradually declining, now 45-50 years of age, however cruises of longer duration attract older travellers who are more likely to have chronic health conditions such as heart and lung disease.

The most commonly reported on board health problems are respiratory tract infections, injuries, motion sickness and gastrointestinal illness.

The schedule of events and activities on board, and excursions in port can be tiring and arduous and travellers are advised to be as fit as possible.

The sheer magnitude of cruise ships and the number of passengers can approach the size of a small town with all its attendant health problems.

They may range from as little as five-people cruises on a small sailing boat where medical facilities will be zero, to large ‘city’ ships where a doctor and other key medical staff are available but medical services are still

limited and in some cases for example blood transfusion, surgery. Medical evacuation will be needed and is dependent upon the ship’s position at sea, the sailing itinerary and the next port of call.

That is why you should prepare yourself properly for such trips by consulting your travel health consultant or family physician before the trip.

Ensure you have adequate supplies of your medication before you board the ship and appropriate travel insurance which should cover repatriation. Also carry along a summary of your condition and a copy of your prescription with a letter from your practitioner attesting to your need for the medicines.

Most cruise ships do not have assigned space for a dental office and very few have resident dentists. Cruises are increasingly becoming popular in allowing for adventure along with good accommodation, food, security and many other facilities. Ships’ movements are inherently unstable due to sea swells and currents. Accidents are common due to falls on deck and staircases (wet surfaces).

People tend to drink alcohol excessively and are more prone to accidents both on deck and in the pool. Passengers tend to put on weight because of the easily available and abundant excellent food. In hot and tropical regions especially, try to avoid sunburn and UV Light reflection from water as well as from the direct sun, this being more likely at sea. Extremes of heat and cold (including cooling effects of sea breeze) depending on itineraries can occur. Suitable clothing is advised. Try to drink a lot of non- alcoholic fluids to prevent dehydration.

Because some cruise ships are not suitable for frail, elderly or handicapped travellers, try to ascertain the suitability of the ship before you book

Korean research director cautions women against high fructose intake SIKIRAT SHEHU, Ilorin

he Director of the Cardiovascular Research Institute, School of Medicine, Kyungpook National University, South Korea, Inkyeom Kim, (Prof), has cautioned women, especially mothers, against the consumption of foods that contain high fructose, as such foods are can cause a multigenerational inheritance of cardiometabolic syndrome.

The Korean don explained that the cardio-metabolic syndrome carries a two-fold increase rate of developing stroke and heart diseases, pointing out that the maternal exposure to high fructose increases blood glucose and blood pressure in offspring’s.

Kim, who gave the warning on Tuesday while delivering a lecture entitled “Multigenerational Inheritance of Cardio-metabolic Syndrome after Maternal Exposure of High Fructose” at the Symposium on “Epigenetics and Cardio-metabolic Syndrome” organised by the College of Health Sciences, University of Ilorin, added that the maternal exposure to high fructose causes gender-dependant developments of cardio-metabolic syndrome and multigenerational inheritance of cardio-metabolic syndrome.

The guest speaker, however, advised mothers to imbibe interventions such as involvement in calorie

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nutrition and the intake of citrus juice which is good for stopping multigenerational invasion.

In his presentation, the second Guest Speaker, Mayowa Owolabi (Prof), from College of Medicine, University of Ibadan, stressed the need to obtain research funding to do cutting-edge researches.

Speaking on “NIH grantsmanship in Nigeria: Succeeding Despite the Obstacles”, Owolabi, who is the Dean of the Faculty of Clinical Sciences and Director for Genomic and Precision Medicine, College of Medicine, University of Ibadan, stated, “Grantsmanship is extremely key to make ground breaking discoveries and you need to have great ideas to attract grants so that you can do good research and create more knowledge”.

Owolabi, said that to craft a grant, researchers should thoroughly digest the call for applications, identify a compelling need for their research, develop compelling research questions and clear objectives of their research in a way that resonate with the mindset of the funders.

Other tips given to participants to craft a grant include the need to show evidence of collaboration, display track record of leadership, expertise and productivity, assemble a suitable multidisciplinary team to accomplish the objectives synergistically and to be innovative in the presentation.

your trip. Make sure special facilities are available on board for your condition. Over indulgence in alcohol, food and lack of exercise can worsen heart conditions. Over exposure to the sun can increase the possibility of stroke. The elderly with poor balance are at higher risk of injury from falls especially in rough weather, due to their slower reaction time and reduced agility. Check your vaccination status with your travel consultant depending on the regions you are visiting.

In cruises outside Europe and North America, Hepatitis A vaccination is usually necessary for the non-immune because hepatitis A is so easily spread(most Nigerians will not need this).

Food on cruise ships is usually safe because great care is taken to prevent outbreak of food poising, but rarely contaminated food may be taken on board during stopovers. If you eat when you go onshore at a stopover, take care to avoid risky foodstuff and contaminated water. Remember that stopovers may have more risk than being on board and insect bites with the accompanying diseases (like malaria) and infections can be picked up.

Because a large number of people are together in close proximity, influenza outbreaks can occur.

The elderly and those with medical conditions that can be made worst with an influenza infection should be vaccinated. They should also receive pneumococcal vaccines if not previously given. A very popular outbreak of disease amongst passengers is the ‘epidemic vomiting disease’ often due to the Norovirus. It is spread via the respiratory route and through fomites and is very difficult to control.

Large number of passengers may be infected but the illness is usually

Dependence on imported drugs exposes Nigeria to medical security risks ANTHONIA OBOKOH

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igeria depends significantly on imported drugs to take care of the health needs of its over 190 million people. Okey Akpa, managing director of SKG Pharma Limited, an indigenous pharmaceutical company has said this exposes Nigeria to avoidable national security risks.

Akpa said the Federal Government and other tiers of government need to adopt and implement the concept of Medicines Security which is a strategic document developed by the Pharmaceutical Manufacturers’ Group of the Manufacturers Association of Nigeria (PMG -MAN).

The concept ensures that the pharmaceutical industry in Nigeria is encouraged through policy and political will to produce adequate, quality and affordable drugs locally for the health needs of the Nigeria.

“Local production which now stands at 35percent is not a reflection of the skills and capacity of local industries but will need government intervention in several areas to boost the capacity of local pharmaceutical companies,” Akpa said in Lagos while receiving the President of the Manufacturers’ Association of Nigeria (MAN) Mansur Ahmed

and his team in his office.

Medicine Security is based on the National Drug Policy 2005 as amended which stipulates among other things that 70 percent of the drugs consumed in the country should be produced locally while 30 percent is exported.

“The Federal Government should adopt a system of “smart protection”for the pharmaceutical industries which involves giving incentives in the areas where the indigenous drug manufacturers has acquired capacity and also prevent the dumping of sub-standard and fake foreign drugs in the country” Akpa said.

“I call on the Federal Government, through the Central Bank of Nigeria to set up N300billion Pharmaceutical Expansion and Export Fund which will provide soft loans to upgrade, improve the factories and increase capacity among indigenous drug manufacturing companies,” he advised.

However, while responding, the president of MAN, Mansur Ahmed, acknowledged the challenges facing manufacturers and the difficult environment they operate noting that the association is engaging the government to ensure that there is support along the pharmaceutical value chain.

‘

Don’t forget your fully charged roaming mobile phone. Whatever you do, don’t fall overboard into the ocean (Laugh)

BUSINESS DAY

25

mild and self-limiting. Practise good personal hygiene to reduce the spread of the virus and other faeco-oral diseases.

More than 100 disease outbreaks have been identified in the past 30 years. This is probably an understatement because many outbreaks are not reported or detected. Outbreaks of measles, rubella, varicella, meningococcal meningitis, hepatitis A, legionellosis and other respiratory and gastrointestinal illness amongst ship passengers have been reported.

A valid yellow fever certificate of vaccination may be needed for cruises to the Caribbean, South and Central America and sub-Saharan Africa or you might not be allowed into the ship if you do not have one.

Consult your doctor on possible malaria risk and take necessary precautions if the need arises. It is not necessary for most cruises. Sexually transmitted diseases from casual sexual relationships among passengers and among passengers and crew are reportedly quite common. It is better to abstain, and if you must have sex, practice safe sex to prevent HIV infection, Hepatitis B, Herpes.

Have a fun Cruise. Don’t forget your fully charged roaming mobile phone. Whatever you do, don’t fall overboard into the ocean (Laugh).

The next topic will be the travellers’ Diarrhoea.

Visit reference sites below. https://wwwnc.cdc.gov/travel/yellowbook/2018/conveyance-transportation-issues/cruise-ship-travel www.istm.org.

Ade Alakija, medical director Q-Life Family Clinic, Email: adealakija@hotmail.com Website: www.qlifefamilyclinic.com

Hygeia HMO launches financing for IVF treatments in Nigeria through Access bank ANTHONIA OBOKOH

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bout 20percent of Nigerian couples are involuntarily childless and cannot fulfil their dreams of a child of their own.

This percentage may be even higher as the 20percent prevalence of infertility in Nigeria is for couples that are officially married. Couples facing infertility often try many different fertility boosting methods delivered by untrained provider’s, risking their life and getting exploited in different ways. This is because of relatively few reputable treatment centres and the very high cost of funding these treatments.

With one cycle of IVF treatments costing up to N1.5 million, Hygeia HMO is launching financing opportunities for these treatments to couples and women trying to conceive.

The financing will cover post investigation, technical fees, drugs, donor eggs and donor sperm cells as required in each case.This reduces the financial burden and with Hygeia HMO providing in-house doctors to guide clients through the process, there is also knowledgeable, emotional support by default.

Speaking on this, Obinna

Ukachukwu,Head of Business Development and Strategy at Hygeia HMO stated that “Hygeia HMO identifies unique healthcare problems in Nigeria and develops solutions to solve them. This is why we have a wide range of personal and family healthcare plans available to everyone across the different socio-economic strata of the society. Our goal is simply ‘Healthcare for all’.”

Ukachukwu said that to take advantage of the IVF financing, interested clients send a request to Hygeia HMO through email address and will receive direct information including the partner clinics available and requirements of Access Bank, adding that Clients will choose a clinic and get investigations done at the clinic to confirm eligibility.

“Once confirmed, Access Bank will disburse funds to eligible clients within 72 hours and treatments can start once Hygeia HMO receives the funds,” he added.

Hygeia HMO as Nigeria’s leading health insurer is delighted to be able to expand access to its HyMama IVF planwith this financing arrangement with Access Bank. This allows the HMO rated as Nigeria’s favourite HMO brand to help more couples trying to conceive to achieve their dream family.

ANTHONIA OBOKOH and ANI MICHAEL / Reporters. Email: obokoh.anthonia@businessdayonline.com I David Ogar, Graphics

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Company Review

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Samsung’s Galaxy S10 gets in-built cryptocurrency wallet FRANK ELEANYA

S

amsung has given the usability story of cryptocurrency a major boost – albeit a pricey one - by integrating within the Galaxy S10 models, a wallet function for like Bitcoin (BTC), Ethereum, Enjin and Cosmo Coin. The feature is to be called Samsung Blockchain KeyStore.

The Samsung Blockchain KeyStore, which was announced at the ongoing Mobile World Congress (MWC) in Barcelona, is essentially a cold storage – not connected to the internet - that can be used to store the three cryptocurrencies.

A cryptocurrency cold storage refers to keeping a reserve of cryptocurrencies offline, a necessary security precaution particularly with large amounts of cryptocurrencies.

The Galaxy S10 also supports select decentralised apps (DApps). Cosmochain, a South Korean blockchain startup behind the Cosmo Coin will be Samsung’s initial DApp partner with its COSMEE DApp. COSMEE, is a blockchainbased beauty social media platform that rewards users with Cosmo coins for leaving

beauty reviews in the app.

The coins can be transferred from COSMEE to Samsung’s crypto wallet directly. Among the four cryptocurrencies on Samsung’s list, COSMEE is the only DApp service.

“Samsung Electronics’ blockchain has been looking for a widely-used DApp service, and so it was possible

for COSMEE to be selected as a partner,” says Howon Song, CEO of Cosmochain.

Samsung also disclosed at the MWC that it will support contactless payments using cryptocurrency. Back in December 2018, the company was rumoured to have in development a bitcoin app with a cold wallet

to save cryptocurrencies.

That app was said to use PIN as well as fingerprint as the options to secure its operations.

Although the Galaxy S10 comes with a price tag starting from $899 (N324,008), its cryptocurrency wallet feature is sure to shore up adoption and usage of the four cryp-

tocurrencies it is expected to enable.

“If Samsung integrates crypto to Galaxy S10, I think it may have a bigger impact than ETF and Bakkt combined,” says Joseph Young, a crypto and fintech expert with 95,000 followers on Twitter. “Partially because no one really knows what kind of exposure (an)

ETF and Bakkt will bring… while millions of people use Samsung phones daily.”

Since the announcement was made on Monday the price of bitcoin and Ethereum has stayed bullish climbing to $3,809 and $137 on Wednesday.

The South Korean smartphone giant is one of the few companies that have launched blockchain related phones, and its participation in the trend could influence other players in the market.

The Verge reports that Sirin Labs unveiled the Finney phone with a wallet for storing cryptocurrency, which costs $1,000.

Then there is the HTC Exodus, which has been available for preorder since last October and can only be purchased with cryptocurrency. The Exodus has a wallet for storing digital tokens as well that is notably partitioned from the rest of the phone for greater security.

Samsung is not dabbling in the crypto space for the first time as the company had last year announced that its foundry business was making application specific integrated circuit (ASIC) chips for mining hardware companies. Experts say it could be an indication of a future where phones with built-in wallets become commonplace.

Virtual accounting firm tasks Nigerian SMEs on financial data, reporting

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n view of the challenges small and medium enterprises (SMEs) face in scaling their businesses, Pundit Bookkeeping Services, a virtual accounting firm with headquarters in Lagos, has reiterated the importance of maintaining financial data and reporting.

Financial data consists of pieces or sets of information related to the financial health of a business. The pieces of data are used by internal management to analyse business performance and determine whether tactics and strategies must be altered.

At a meeting with entrepreneurs and business executives in attendance, Jovita Madojemu, chief executive officer of Pundit Bookkeeping Services noted that failure to pay attention to financial data and reporting is behind many of the problems SMEs face.

“An adequate account record will show a business owner their strength and weak-

ness; it will put in a clear picture which services or products bring the most income,” says Madojemu. “This will help a business focus or build more on their strength and work on their weakness.”

Aside from pointing out strength and weaknesses, people and organisations outside a business will also use financial data reported by the business to judge its credit worthiness, decide whether to invest in the business, and determine whether the business is complying with government regulations.

Part of fiscal responsibility is when a company pays and files for tax irrespective of its level of income, says Madojemu. Failure to remit tax is a legal offence in Nigeria.

Combined with fulfilling their legal obligations, businesses also not take more they can handle at a time. Layi Adetona, a director at Pundit Bookkeeping Services said starting small, prioritising time and staying nimble are vital to

succeeding as a startup.

Time consciousness promotes productiveness and reduces the chances of procrastination. Often times, business owners want to put every

great idea they have to work or put them up on their website.

They want a discussion board, a blog, a store, a chat room, a directory of professionals in their business, resources, links,

an archive for their newsletters, audio and video, the list goes on and on. That could quickly lead to confusion and eventually fatigue sets in.

According to Madojemu,

Pundit Bookkeeping Services is a platform small businesses can leverage to bring clarity and coordination to their operations. Many startups, for instance, which may not have financial power to employ a full-time bookkeeper even though this is critical to their business can take advantage of the part-time but very qualified bookkeeper service that Pundit runs. This allows the startup to save significant cost.

“Pundit Bookkeeping Services is a company of chartered accountants and accounting technicians leveraging IT to ensure that the entrepreneur’s entire business position and performance can be seen at a glance at every point in time,” a statement from the company noted. “We understand that bookkeeping is a universal point of pain for entrepreneurs, hence the dedication of our team of experts to changing this. We call ourselves the entrepreneurs’ internal accountant.”

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Send in Commentaries to caleb.ojewale@businessdayonline.com

Seven things Buhari needs to fix in agriculture over the next 4-years (1) Stories by CALEB OJEWALE Twiiter: @calebtinolu

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s d e c l a re d by t h e Independent National Electoral Commission ( I N E C ) , P re s i d e nt Muhammadu Buhari is to continue for another term of four years as Nigeria’s president.

However, while his administration has like its predecessors, attempted to make agriculture a cornerstone in Nigeria’s economy, results in the last four years have not been entirely sterling. There are myriads of issues still bedevilling the sector, and there are some, which would require not only urgent, but also innovative solutions. Seven of these have been identified.

Farmers-Herdsmen clashes “If one had no reserve, by now one would have committed suicide,” said Olumide Abayomi, as he recalled losses incurred after crops on his 450-acre farm in Osun state, where he invested N110 million got eaten up by cattle, which according to him were brought by Fulani herdsmen.

In Abayomi’s case, there was no reported violent confrontation, but others have not been so lucky.

A report by Mercy Corps, sponsored by British Department for International Development (DFID) noted that, the farmersherdsmen conflict in Nigeria has lasted for more than a decade with no gaze on a lasting solution.

The conflict has further worsened

the prevailing insecurity in the nation, contributing immensely to poverty and food insecurity even in regions, such as Benue, Kaduna, Nasarawa, Plateau and Taraba state purported as the food basket of the country.

The report also noted that, since 2006, more than 1,400 people, including farmers, herdsmen, and locals from the host communities, have been killed as a result of the clashes related to cattle grazing (including more than 70 farmers recently killed in Benue - January 2018), and over 100,000 casualties in form of farms, houses and other valuables, have been recorded over the years with property worth $14 billion lost between 2013 – 2016 only.

The herdsmen-farmers violence has been discussed exhaustively in recent time, with

a lot anger being expressed at the loss of lives and property.

Equally important however, is the need to map out innovative, feasible alternatives in the cattle business, and what stands out is that; cattle rearing needs to become a business, one driven by the private sector, and not by the government setting up ranches.

The debate over the best approach to this crisis may have gone silent in the weeks leading to the election, but the problem surely has not been solved.

Tomato Policy and Customs’ obstinate stance The implementation of a federal government policy to stimulate increase in tomato production has remained stalled since May 2017, when BusinessDay first reported it in

Methyl Bromide remains permissible for crop pest control in Nigeria, says NAQS

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ontrary to some warnings noted to have been issued by the National Agency for Food and Drug Administration and Control (NAFDAC), the Nigerian Agricultural Quarantine Service (NAQS) has said the use of Methyl Bromide for crop pest control remains permissible in Nigeria.

The agency in a statement provided to BusinessDay, said its attention has been drawn to some warnings issued by NAFDAC to the effect that the agro-chemical, methyl bromide, has been phased out and its use in Nigeria is now prohibited because of the impact of the substance on climate change, particularly the depletion of the ozone layer.

The said announcement, according to NAQS has caused concern and panic among farmers and exporters who rely on Methyl bromide as potent option for the control of certain agricultural pests.

NAQS stated in the interest of clarity that relevant stakeholders should note Methyl bromide is a widely used gas fumigant for the control of insect pests, termites, rodents, weeds and some soil borne diseases. Whereas the use of methyl bromide is known to have some deleterious effect on the environment, it is acceptable for controlled quarantine use

because of the lack of comparably efficacious alternatives. For example, under the International Standard for Phytosanitar y Measures (ISPM) 15, the use of Methyl bromide for the treatment of wood packaging in international trade is allowed.

The agency also stated that the use of methyl bromide is sometimes set as a precondition for the treatment of agro-commodities intend e d f or e xp or t. S ome destination countries specifically request for its use in the fumigation of a number of agricultural produce meant for export to their market.

A case in point : Mexico, as a nation, explicitly requested that all Hibiscus shipments from Nigeria to their country must be treated with Methyl bromide. This is a clear and categorical precondition for the export of Nigerian Hibiscus to Mexico. It is worthy to note that healthy compliance with that prerequisite enabled Nigeria to earn over $35 million in foreign exchange within seven months in 2017 alone.

“For the avoidance of doubt, all agro-chemicals are potentially harmful; if used contrary to their original purpose or if applied arbitrarily,” emphasised NAQS. The agency also reiterated that it is the statutory agricultural

quarantine authority in Nigeria.

It is mandated to promote and regulate sanitary and phytosanitary measures in order to minimize the risk to agricultural economy, food safety and the environment.

It is within the sole purview of NAQS to make pronouncements on the permissibility or otherwise of the use of methyl bromide and other agro-chemicals for the phytosanitary treatment of agrocommodities, the statement read.

Furthermore, NAQS asserts it is the National Plant Protection Organization (NIPPO) for Nigeria under the International Plant Protection (IPPC) guidelines. The Agency is thus responsible for ensuring that Nigeria conforms to all relevant international protocols on agro-commodities that are consistent with the overall interest of the Nigerian agricultural economy.

Consequently, farmers are advised that the healthy use of methyl bromide for control of agricultural pest remains permissible in Nigeria especially for export of Hibiscus to Mexico.

According to NAQ S, any possible announcement of a change in the regime of the use of methyl bromide for agricultural pest control in the future will emanate from the agency.

August last year. As it appears, the Customs service has continued to disregard the policy which would have opened up investments in greenhouse farming, address the annual challenges faced in tomato production, including pests, diseases, erratic price fluctuations, and severe post harvest losses.

The price-based measures for tomato policy, which took effect 30 days after April 7, 2017, stated that Greenhouse equipment is classified as Agricultural equipment and should attract Zero percent import duty. However, eight months later, the policy has remained comatose.

“The Greenhouse concession has not been respected by the Nigerian Custom Service,” said Emmanuel Ijewere, chairman Best Foods Limited, in an emailed response to BusinessDay enquiries.

“They (Customs service) still insist on a letter from the Federal Minister of Agriculture every time you bring in a shipment. Such letters take upwards of 3 months; meanwhile the green houses are accumulating demurrage that is usually far higher than the duty waived. Apparently this defeats the intention of bringing down the price of a green house. Actual it is now worse of,” bemoaned Ijewere, who is also vice president of the Nigeria Agribusiness Group (NABG).

Humphrey Otalor, marketing c o m m u n i c a t i o n s m a n a g e r, Dizengoff Nigeria, which holds a significant market share in agricultural equipment imports, also corroborated the views of

non-compliance by the customs service, when BusinessDay first reported it. “ Ev e n a f t e r t h e Fe d e r a l Government has announced the zero percent duty on greenhouse equipment, it is still yet to be implemented by the relevant government agency (Customs service), several months after,” s a i d O t a l o r i n a n e ma i l t o BusinessDay. He explained that importers of greenhouses were still required to pay 20 per cent duty outside the government mandatory 5 per cent VAT. This, because of the simple excuse, that HS Code on greenhouses still attract 20 per cent duty, and until it is corrected on the HS code, the Custom (asserts it) has the constitutional right to continue with the 20 per cent charges.

“Someone also brought in greenhouses and was charged.

Government has said what it wants, but it is not being effected,” Africanfarmer Mogaji, CEO, X-Ray Farms said at the time.

As Otalor noted, the additional charges are passed unto the end users (that is, Farmers).

Invariably, most times, importers of greenhouses are constrained on the number of greenhouse to import every season, due to the heavy charges involved.

Consequently, the quantum of tomato (and other crop) production which ought to have been achieved takes a hit.

• Continues next week...

AfDB and partners unite in major push against malnutrition −‘the silent killer’

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or every $1 invested in nutrition, as much as $138 is generated in better health and increased productivity, says the African Development Bank as it intensifies efforts to stamp out malnutrition on the African continent.

Africa according to AfDB, has 20 of the 24 countries with stunting rates of over 40 percent. This includes Antonio, a little boy from Madagascar, whose story amplifies the urgency of action, and has been adopted by Akinwumi Adesina, AfDB’s president.

The boy was one of several kids from the village who rushed to where the AfDB delegation was during the a visit to a major irrigation project for rice the bank had financed.

Adesina had mistaken the boy for a five-year old, but the child’s deep voice easily gave him away even before he said his age. Alas, he was 11 years old, stunted from malnutrition. His dream was to grow to become a medical doctor, but this would be difficult with this level of malnutrition.

Touched by this, Adesina and his wife immediately adopted Antonio and took him out of the village to a new school in the city. Good food and nutrition were provided in abundance.

“Today, he is growing up tall, healthy and is doing very well in school. Antonio’s problem was stunting: when a child is too short for their age.

That problem is widespread across the continent,” Adesina said, as he recounted the story at the launch of the Continental Nutrition Accountability

Scorecard on the sidelines of the 2019 AU Summit in Addis Ababa.

The Continental Nutrition Accountability Scorecard, described as a ‘game changer’ by stakeholders, was developed to measure progress made

by African Union member states to achieve nutrition security.

“As you take a look at the Nutrition Scorecard in front of you, you will notice there’s a lot of red: which means we are not making progress. The red colours and the statistics they carry are more than numbers,” Adesina told the audience. “These colours speak: they speak of the cries, hopes and aspirations of millions of malnourished kids asking us to make the right decisions for them, to secure their future. The scorecard speaks, and if you listen very carefully you can hear the voices of these children.”

Healthy children learn more and better, and people with adequate nutrition are more productive and can create more opportunities to break the cycles of poverty of hunger.

About 58 million children in Africa under the age of 5 years are too short for their age (stunted); about 14 million weigh too little for their height (wasted) and 10 million are overweight.

Africa already loses $25 billion per year in costs attributed to child morbidity and mortality, impaired cognitive, physical, and economic development caused by malnutrition.

Yet these losses are almost entirely preventable.

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INTERVIEW

‘Nigeria has one of the best tourism sites in the world’ Hamat Bah is the Gambian Minister of Tourism and Culture. In this interview with BusinessDay’s Endurance Okafor, he shares insight on how Gambia is able to benefit largely from tourism and what the next leader of a country like Nigeria, which according to him could have also been one of the world tourist countries, should do to grow its tourism industry. Excerpt: Tell us about yourself and about Gambia tourism industry am honorable Hamat Abah, the Minister of Tourism and Culture of the Gambia and by extension the leader of the National Reconciliation Party which is also party of the collation government of President Adama Barrow.

Tourism has been very much in the Gambia since the 1960s and subsequent governments of the Gambia have also done a lot to promote tourism, particularly the post-independent government.

Most of the laws were enacted and a lot of programmes ventured into using the World Bank-supported development of tourism and as a result Gambia has been very successful in developing its tourism sector and of course it has never been a top priority in national development as it is today under Adama Barrow.

President Adama Barrow has taken tourism and culture as some of his top priority development projects under the Gambia National Development Plan (NDP).

In the last two years, a lot of efforts have been invested in promoting the Gambia internationally. That has also given us an edge, and I think we have witnessed the biggest tourist attraction this year than we have done in the past and since independence.

So we have not been sleeping.

We have been fighting hard to keep the destination strong, and also to make sure that we reach out to our partners and then of course market the country as much as possible and so the country has been making progress.

They can only do that when the infrastructure is on ground, particularly movement, as air transport is very expensive; very difficult and it is a nightmare in the continent. But if we develop a very strong railway network, a very strong transport network in Africa, we can spend our money within and as such develop our own tourism, in what is called inter-state tourism.

Unfortunately, what we currently see in this part of the world is that it is easier to travel to London than to travel to our neighbouring country like Nigeria. These are some of the things that we have recognized and we are working on it. There is a summit coming up in Cape Verde in March 2019 and it is going to be centered on this issue, as ministers of information and tourism will be meeting to see how they can address it.

I

can see, like the beautiful sight, beautiful places, are connected to history. I’m sure you most have heard about the movie: Roots (with main character known as Kunta Kinte), these and many more are the things about Gambia that people come down to see and the standard also is there.

Government ensures that it gives quality services; it does not compromise in that aspect of tourism.

What can other African countries that are viable for tourism like Nigeria learn from Gambia?

To be honest with you, Nigeria has one of the best tourism sites in the world. Nigeria could be one of the countries that can benefit largely from tourism in the world, but I think the discovery of crude oil distracted Nigeria from developing tourism.

The foreign earnings from crude oil really distracted the development of agriculture and tourism for that matter because many sectors became victims in Nigeria when there was oil boom.

It was only about 3-4 years ago that Nigeria started thinking about really diversifying the economy but I think that should have been done a long time ago.

All the policies that were en-

acted towards development of tourism in Nigeria, as far as I know up to 2007, were all done under Obasanjo administration. When he was a military leader, he enacted policies that were geared towards tourism; when he became also a civilian president, he did a lot to support tourism.

I think Obansajo is really one of the leaders who put a lot of energy into tourism. He needs to be appreciated for that. If you go back and look at your records, because I chaired the tourism, culture and education committee in the ECOWAS parliament and I did some work with Nigerian officials, a little bit of research into the development of tourism in Nigeria.

But I can tell you that Obasanjo is

one of the leaders in Nigeria who have really promoted tourism.

Whoever is elected as the next president, we believe should know very well that tourism is the way forward, as it is in Britain, America and all over the world because it accounts for 10 percent of the world GDP, and employs 10 percent of the world employees.

Although it is one of the most vibrant sectors but it is very competitive because everybody is into it, and I think really Africa countries need to develop communication transport, and linkages to promote tourism and that would reduce Africans going to spend holidays in Europe, America, Asia and Australia, as they would rather spend holidays in Africa.

‘ The foreign earnings from crude oil

really distracted the development of agriculture and tourism for that matter because many sectors became victims in Nigeria when there was oil boom

‘

Apart from the nice weather and the beautiful beach, what are the key structures the government has put in place in attracting tourist to the country?

The first important aspect of tourism is security and stability because people who are on holidays want to go to secured and safe places and we thank God that Gambians believe in and love peace and they also cherish the atmosphere that they live in and the government is doing everything possible to preserve it. And other than that also, we are one of the most-friendly nations in the world. I am not talking about the happiest people but we are one of the most-friendly people in the world and we have one of the mildest climates in the world.

We are called the smiling coast of Africa, so everyone that comes here comes to enjoy the beauty of this country.

So a lot of things that you

Hamat Bah

In Gambia, what have been the key challenges of the sector and how have you managed them?

There are challenges; marketing has become very expensive, you must understand that in the same source market where we are, there are other countries there.

They have bigger muscle, bigger resources and they are pumping a lot of money into it to promote their countries, and these are some of the issues we need to work on.

Also, tourists are willing to pay less and want to enjoy more, which means that the demand for services is getting higher while the willingness to pay is getting lesser and people are competing more.

These are some of the challenges we have to deal with and we are using our expertise and knowledge to develop our sectors but we still need money to get that done.

What are your plans to further take your country tourism sector to the next level?

Right now we want to create more hotel beds, as we are short of hotel beds at the moment and they must be quality beds too and we hope that we will be able to get that done soon because we floated plans for people to apply and for us to support them to build five-star hotels in this country. So that is on the way and we hope we get there.

What’s your last word for other African countries with regard to developing their tourism sector?

Africa needs to move forward and the only way to move forward is by integrating, making sure that we work together by creating the necessarily atmosphere that will give the jobs that our youth need to move the continent forward.

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Hotels A look at the new Marriott Bonvoy OBINNA EMELIKE

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n August 2018, Marriott International, the largest global hotel chain, announced plans for a unified loyalty programme. The Maryland, USA-based hospitality giant assured that the reward programme would be the largest in the global hospitality landscape.

Starting from this February, Marriot International is replacing Marriott Rewards, The Ritz-Carlton Rewards and Starwood Preferred Guest (SPG), its three reward system, with Marriott Bonvoy.

Now unified under Bonvoy, the reward programme will give Marriot’s 110 million members access to the largest, most extraordinary and diverse collection of properties in the world, to seamlessly book, earn and redeem for the first time ever across 29 participating brands and 6500 hotels in 127 countries and territories.

As well, the new programme offers the best of the three rewards programmes.

While Marriott Rewards offered great rewards for all guests, particularly for members with modest number of stays, SPG provided particularly attractive rewards for travelers at the upper tiers. Under Bonvoy, Marriott has stepped up its game by combining the best of both, with attractive offerings at each tier. In addition, Bonvoy increases the number of points earned for each dollar spent and offers additional opportunities for members to earn points.

The loyalty programme

is unmatched in the world because of the additional 110,000 new experiences on Moments in 1000 destinations and Moments Live, a collection of premiere musical and culinary events powered by Marriot’s partnerships with iconic brands.

Also, members of the loyalty programme who love travel to pursue their passions or seeking out incredible experiences that will last a lifetime can share with friends and family and on social media.

However, Marriott International has launched a global marketing campaign that is introducing Marriott Bonvoy (MarriottBonvoy.com). The campaign celebrates Marriott Bonvoy as a travel programme with the tag line “Rewards Reimagined” through its 30 hotel brands, extraordinary experiences and rich member benefits. The comprehensive campaign encompasses advertising across television, digital video, mobile, print, social media, out of home, and cinema, as well as, special events and member access to partner experiences around passion points like sports and entertainment. In addi-

tion, Marriott’s websites and mobile apps, co-branded credit cards and original content such as Marriott Bonvoy guest-room television and digital publication Marriott Bonvoy Traveler, all reflect the new name.

“Marriott Bonvoy expresses the joy of ‘good travel’ made possible by our unmatched portfolio of hotels, culture of hospitality and unique member benefits,” said Karin Timpone, global marketing officer, Marriott International.

“Our aim is to build awareness for Marriott Bonvoy and to inspire more people to travel.”

Highlighting the campaign will be television spots directed by Oscar-nominated filmmaker Jean-Pierre Jeunet in conjunction with Marriott creative and content marketing and the agency Observatory Marketing. Each whimsical television spot is filmed in a magical realism style, which is Jeunet’s signature, with twotime Oscar-winner Janusz Kaminski overseeing the cinematography. The results are short vignettes filmed at Marriott International properties including The Ritz-Carlton, Kyoto, W Verbier, JW Marriott Nashville, The Westin Golf

Resort & Spa Playa Conchal, Sheraton Grand Hotel, Dubai and the Courtyard by Marriott Sedona. Each hotel vignette shares the joy of good travel using one word, “Bonvoy!”

The Marriott Bonvoy campaign will span 22 countries pulsing media throughout the year and will take advantage of major cultural events to further showcase the new travel programme around the world.

The campaign will include television advertising and digital video in the U.S., as well as, in other global markets in Asia, Europe, North America and South America. The initial television spot premiered in the U.S. during the 91st Oscars and in another first will be featured within an insulated commercial pod during the broadcast on ABC. The media was planned by Marriott One Media, a dedicated unit within Publicis Groupe.

In Nigeria, members can take advantage of the unified loyalty programme at the four Marriot International hotels including; Sheraton Lagos Hotel, Sheraton Abuja Hotel, Four Points by Sheraton Lagos and Le Meridien Ogeyi Place. The hotels participate in Bonvoy programme and members can earn and redeem their points while staying at these hotels.

Speaking in an interview on the importance of the Nigerian market and what it stands to benefit from the unified loyalty programmes, Neal Jones, chief sales and marketing officer, Middle East & Africa, Marriott International, said, “Our history and legacy on the continent has given us great insights into the market and the consumers in this part of the world.

Delta International Design unveils hospitality innovation in Nigeria

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elta Designs International is set introduce innovations that will take Nigeria’s hospitality and interior landscapes to the next level.

Speaking on the innovations, Gillis Grant, renowned interior designer, project and procurement management specialist, says as a leading figure in the business of interior designs of hospitality facilities around the world, his company is berthing in Nigeria to fill the gap in the offering of quality interior designs, especially in the hospitality industry.

Grant, who is an interior designer that has worked extensively in the hospitality and allied industries, says the essence of his theory as a designer is that a venue that is well-designed and functional will not only add to the customer experience, but will directly impact on

maximizing potential revenues and return on investment (ROI).

According to Grant who is recognized as a leading figure in the business of interior designs of hospitality facilities around the world, being a hostage negotiator in the industry means understanding his capacity as an operator that produces results directly related to the infrastructure, design and flow before him”.

“A designer’s job is to

increase opportunities for maximizing potential; or in other words, to negotiate for greater financial yield for the customers”.

He feels that all too often hotels and restaurants are designed around aesthetics at the cost of functionality.

“Although there are many amazing architects designing incredible looking buildings and venues, very few, truly accommodate the flow patterns essential for maximizing an

owner’s investment”, he says.

For industry stakeholders, this knowledge and practice of the interior design industry is not surprising, considering it is not often you meet someone who has 32 years’ experience in the hospitality industry, and, who with a boyish grin, regards and introduces himself first as a hostage negotiator.

“From a design perspective, I negotiate between the owner of the venue, on the one hand, and the architect and the contractor on the other. This us/them dichotomy can essentially apply to any property developments and office space where landlords and tenants face pretty much the same issues.

Grant says negotiation is inevitable in the business of world class interior/ hospitality industry design business.

Top BusinessDay Partner Hotels

Four Point Hotels (Oniru Chiefatancy Estate,Lekki)

Transcorp Hilton Abuja 1 Aguiyi Ironsi Street Maitama, Abuja Tel: +234-708-060-3000

The Wheatbaker #4 Onitolo(Lawrence Road), Ikoyi, Lagos.

Tel: 01 277 3560

Hawthorn Suites by Wyndham Abuja 1 Uke St, Garki, Abuja.

Tel: +234 9 4603900, +234 805 7522500

Lagos Continental Hotel Plot 52, Kofo Abayomi St, Lagos Tel: 01 236 6666

Radisson Blu Hotel Ikeja #38/40 Isaac John St, Ikeja GRA100271, Ikeja Tel: +234-908-780 5555

Best Western Hotel Hotels 12, Allen Avenue C/O Funmi (Front Office Manager)

Radisson Lagos Ikeja #42-44 Isaac John Street, GRA Ikeja, Lagos

Radisson Lagos Ikeja #42-44 Isaac John Street, GRA Ikeja, Lagos

Radisson Blu Anchorage Hotel 1A,Ozumba Mbadiwe,Victoria Island.

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Eda Boi; artiste to watch this year Stories by OBINNA EMELIKE

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few years ago, the burgeoning Nigerian music industry welcomed a new kid on the block.

Since then, Emmanuel Arong, the emerging talent who stages as Eda Boi has been around trying to make his mark in the music scene.

His story is worth hearing, “I have always loved music from age three; I was very active in my church choir. I officially went into music in 2010, and from that time till date I have managed my educational pursuit and music career successfully till I graduated now”.

Of course, the year 2010 was eventful for him. That year, he did a song titled: A letter To the devil, which was Alaba mix. That same year he also did something with Hot FM and Capital FM Abuja.

His genre of music stretches across the spec-

Emmanuel Arong

trum of R&B, hip-pop and what he likes to denote as ‘a little dash of party jams’. His passion for music definitely rings true in his tracks,

while his inspiration comes from musicians such as; Whiz Khalifa, Jay-Z, 2Pac, Fela Anikulapo Kuti, 2Baba, Wizkid, Yemi Alade, Davido

among others.

The intrigue and a testimony to his handiness is the ability to successfully combine his university

Baby Mamas, spotlight on the joys, woes of single mothers

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f you what to know what I means to be a single mother, especially in Africa, then watch the movie, Baby Mamas. The exciting movie features four women who share all their experiences on the joys and woes of being single mothers, while still searching for true love.

“Our generation is fortunate to have the privilege of being able to tell our story ourselves, so the first thing I’m going to do is always to tell the other side of our unique African story”, Stephina Zwane, director of the movie, explained.

Baby Mamas, the first ever South African film to show in Nigeria is set to premiere in Lagos on the 1st of March, 2019 at all Filmhouse Cinemas’ locations.

Baby Mamas follows the daily lives, loves, and drama of four professional women - who are all in different stages of their own real baby mama drama.

The term “Baby Mamas” is a term that has now been permanently included in pop culture and colloquial language to mean a mother

who is not married to her child’s father or is not currently involved with her child’s father. As the four women explore the many dynamics of being baby mamas, they open themselves up to pain, healing, sorrow, joy, friendship and indeed, love.

The writers and director of the movie, both South African women (Stephina Zwane and Salamina Mosese) are passionate about changing the narrative! As young black women, they are able to bring to the fore topics in their films, that are relevant to society, in a fun and unique way, and

in this way, they are have developed into storytellers who are bringing to the fore stories that are both entertaining, thought provoking and compelling.

With an ensemble female cast of Salamina Mosese, Thembisa Mdoda, Dineo Ranaka, and Kay Smith, with Stephina Zwane in the director’s seat, the film makes a strong case for sisterhood, female empowerment, and pure black girl magic. Many of the themes explored in the film are the journey to motherhood, the stigma, and shame that comes with pregnancy out of wedlock, the pain of deal-

ing with a failed relationship, the courage to leave an abusive situation and of course, dealing with the absence of a child’s father. A sisterhood develops among these four very different women, as they find in each other the strength and courage it will take to navigate the treacherous waters of the relationships, good and bad, that they have with the men in their lives.

These various themes explore in the film thus birth incredibly honest and vulnerable performances that are really relatable, heartwarming and quite moving.

The film comes at just the right time because of the many conversations in recent times, and the director of the film believes there is need to take control of the narrative.

The film highlights the fact that none of us are really that different ; we generally go through the same things and it’s important that we remember to connect as human beings and be kind to one another for we are all struggling to make it through each day.

education with his passion for music.

While as an undergraduate at Houdegbe North American University in Benin Republic, the emerging music talent who hails from Cross River State squeezed out time for several studio sessions. That commitment was rewarded when Edima Studio, a music production and recording studio in Cotonou, signed him under its label in 2015.

‘Fine Woman’, his debut track and a dance track produced by Bahbow and mixed by Swaps in 2017 still woos listeners and fans.

Obviously, every beat of the track leaves listeners and dancers wanting to move their feet to the tune. ‘Fine Woman’ also subtly samples Ed Sheeran’s ‘Shape of you’, and is still a hit today.

As well, ‘Fine Woman’, which won Eda Boi new fan-base, was also Edimas Music’s first single signing to be released.

If you listen to the track, you will notice that the feel is groovy, with a hint of pizazz as the beat is particu-

larly catchy. ‘Fine Woman’ is the perfect hype song when sitting in traffic or looking to have a good chill session with your buddies.

It definitely comes alive and could be whatever you decide to make of it.

Eda Boi, who is now a graduate of Computer Science, is set to hit the music scene bat swinging once again and even bigger with new releases soon.

“I will be dropping lots of singles soon. I am also, working on my debut album, and works are already ongoing”, he assured.

He looks forward to a fulfilling working experience with 2Baba, Wizkid, and Davido.

Now that he has more time to himself, he is confident of making a mark in the Nigerian music scene with his style and music from the heart.

While he sings hip pop, he styles in dreadlocks marking him out from the rest. “I wear dreadlocks and it is my style because I love reggae music, and especially Bob Marley”, he said.

Wing of Dove impresses audience in Los Angeles movie festival

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ing of Dove, Omoni Oboli’s latest movie, premiered at the Cinemark Baldwin Hills and XD Theater, Los Angeles in California as part of the ongoing Pan African Film Festival in Los Angeles this February to the audience’s delight. The award-winning actress and mother of three is ready to take the message of her new movie to every corner of the world.

The new movie addresses the issue of early marriage in the Nigerian society with highlights on the negative effects on victims and even the society in general. It also emphasizes the importance of educating the girl child.

It is an emotionally charged story of two young Northern Nigerian girls who were married off to much older men at the age of 13 and 14 years but all they want is freedom to be children. The movie takes you on an emotional roller coaster of the loss of childhood innocence, the consequences of being in a

forced, arranged marriage and the hopes and dreams of a future that is stolen from them.

The star studded movie showcases a menace in different parts of Africa and certain parts of Nigeria.

Many have described bringing the movie to the discussion table through Omoni Oboli’s work of art as a welcome development. The movie screened on February 10 and 11 at the festival.

Before now, Omoni Oboli has made other masterful works such as Being Mrs Elliot, First Lady, Wives on Strike, Mums at War and Okafor’s Law. The wife and mother has been making moves and gaining recognition in the industry.

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Family Business or Not? (1) Business etiquette

Janet Adetu Is your business a family run business? o venture into business as an entrepreneur is a brave task which entails a lot of courage, risks, challenges and at times technicalities and sacrifices. I give credit to those who have been able to develop an empire after so many years and are still standing. It is even more credible when after all that hard work such people are able to hand the business over to a family member most likely a child who represents the next generation leader, while they go on that well deserved retirement. I was intrigued when I recently attended the 40th anniversary of the business of a dear friend to the family. His dynamic leadership and management style has grown his business to great heights to date. He has since passed the business leadership to his first son who commended his father for allowing him to embark on modern day changes without any disapproval.

He gave him the free hand to run the business how he best deemed fit. I applaud this act because I have seen incidences where the owner/ founder of the business becomes so possessed with the structure, the proceedings and the entire modality not wanting anything to change but to remain stagnant inspite of the changing times. This is one reason why family

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businesses do not always succeed from generation to generations being the beginning of multiple family squabbles.

Some people are born into family businesses not out of choice but by design. A thriving law practice will almost want all the children to become lawyers. The same applies to the medical practice, where a huge investment is made in establishing a hospital or clinical practice, child’s career is almost predetermined due to the act of deliberate succession planning. Though from experience this is not entirely the case, the process of running a family business is not automatic in this new age where generations are telling you what they want and not what you want. Many millennial have out rightly refused to have a career chosen for them by their parents or in line with the family business. Today choices are free and fair but the question remains what happens to the business outside family intervention.

There have been many reasons

why family businesses have failed, faced with huge challenges and sudden collapse. It is all about the missing processes, procedures and policies.

Dilemma of running a family business Blurred Vision Many businesses tend to start with some element of passion before it experiences a metamorphosis into a business. For instance many have

started from the kitchen table or the living room. Alternatively others go into business because it appears there is money in it and they are looking for fast turnover and profits. Over the years by divine luck the business booms and becomes pleasantly successful. If in the cause of the growth period there was no deliberate effort to design the vision, mission and map out the future goals of such a business, lines will be blurred and the objectives of the founder or visionary will be lost. A family business must be taken like any other corporate entity with all goals spelt out clearly to all from the onset. Some children jump into a family business and believe they do not need to put any effort into its success leading to the downfall of all past efforts.

Privilege Vs Productivity By natural positioning some people have automatically been given a position of leadership in the ongoing family business. Some may say this is a stroke of luck while others will see it is as a privilege to have that opportunity. Unfortunately this does not in any way make this person suitable for the said assignment. We have seen cases where that person clearly lacks the technical knowhow or lacks the required experience to take on certain prominent roles. The privilege also is at times abused and taken for granted. We see this in appearance, in behavior and in communication style. I have heard a family squabble over how the first son attends board meetings late, he does not deliver assignments on scheduled time and is very lackadaisical about the business, thereby completely failing in productivity. Many times where a board exists they tend to vote such people out with apt justification.

‘

He has since passed the business leadership to his first son who commended his father for allowing him to embark on modern day changes without any disapproval

Conflict of Interest Family businesses tend to experience

multiple conflicts of interest their daily affairs. From wrongful employee selection where hiring is not based on skills, qualifications or technical know how but based on favours, who you know and payback time. Procurement malpractices are also quite common as well as unethical processes in favour of self. A good family business can only thrive on trust and correct due process. The moment elements of trust are flouted and doubt begins to set in, this calls for an immediate arrest of the situation as businesses fall downhill very fast if allowed to continue. Unfortunately again many businesses have gone bankrupt due to such conflicts of interest.

Sibling Rivalry When running a family business it is not expected that all family members will be part of the day to day affairs.

Some members may benefit based on shares and dividends while others may receive salary in addition to profit sharing. Care must be taken here as there are always underlining dislikes that do not come out in the open. Siblings have been known to rival each other for very flimsy reasons. Things like what was said, how it was said and who said it can spark unnecessary tension. Other cultural factors may prompt rivalryd like age, family background, polygamous nature of family set up and much more.

Serious caution must be practiced here as this is a very delicate zone.

Many squabbles are usually based on financial issues not the growth of the business.

Watch out for Part 2 Please be kind to share your experience. Follow me on all social media platforms @Janetadetu.

Send me an email at janet.adetu@jsketiquetteconsortium.com

Movie Review of “THE UPSIDE”

Linda Ochugbua

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or the comedy lovers, “The Upside” is here to not just thrill you but help you relax.

As usual if you have being following Kevin Hart for a few years now, you will agree with me that he hasn’t failed in releasing hilarious movies in January of every year since 2015. But this time around he wasn’t with Dwanye Johnson, he worked with Bryan Cranston. I loved the movie because it made me laugh and also taught a few life lessons. I am sure most people would enjoy this movie, nothing serious just something to unwind with.

The movie is based on a true life story, a unique comedy about a recently released ex-convict “Deli” (Kevin Hart) who suddenly became so closed to a paralyzed billionaire “Phil” (Bryan Cranston).

It has similarities to the hit 2011 French film called “Intouchables” written by Jon Hartmere and directed by Neil Burger.

I loved the way the story transitioned from one scene to the other. To understand this movie you have to start from the very beginning, so you don’t get lost. I was also pleased at the way the movie ended, for me happy endings are important and help me feel better about a movie.

Kevin was a young man who was sent to jail for living a reckless life; a few years later, he was granted bail and was released on the basis that he will find a good job to take him off the street and be able to fend for his wife and son, who earnestly looked up to him. The truth was that he just initially wanted someone to sign his employment sheet and then return back to the streets, but this time the paralyzed employer “Phil” liked him, felt pity for him and wanted to genuinely help him by giving the job. Kevin initially didn’t want to take up the job, but when he heard the remunerations and benefits that came with it, he had no choice but to accept it.

At this point, the movie moved on quickly as Kevin had to learn on the job because he had no prior experience of care giving. He made everyone laugh so hard and every scene was hilarious as he always

had something ridiculous to say or do.

He had to be available for his employer 24/7, to give him all he needed - from a bath, to a shave, to feeding, cleaning and every other thing that needed to be done.

It was nice to see him adjust and survive, he is a typical example of the popular saying “What doesn’t kill you only makes you stronger”, the truth was that he became better on the job and they both became best friends, this friendship transformed

Kevin’s life for good.

Verdict: The Upside gets an 8/10 on my scoreboard; it is a well acted movie with a simple storyline, pure drama and a bit of comedy.

If you are looking for a good way to unwind, then do make sure you catch up with this in the cinema, before it is taken down.

Will I recommend this movie? Of course!

Movie Credit: Cast: Bryan Cranston, Kevin Hart, Nicole Kidman, Julianna Margulies, Aja Naomi, Tate Donovan and many more Genre: Comedy& Drama Director: Neil Burger Ratings: PG-13 (for some suggestive content and drug use) Written by: Jon Hartmere Runtime: 126 minutes Studio: STX Films Feel free to review any movie of your choice in not more than 200 words and share with via mail - linda@businessdayonline.com You also stand a chance to win a free movie ticket when you answer the question of the week on social media.

Linda Ochugbua @lindaochugbua

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Rangers stock up on Steven Gerrard’s appointment Stories by Anthony Nlebem

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angers have announced a £5.2m overall profit in their unaudited trading results for the six months to December.

The club say a Europa League run and increased income following Steven Gerrard’s appointment as manager contributed to revenue of £35.3m.

Revenue of £19.4m and a loss of £926,000 had been posted for the same period in the previous year.

For the full year the club expect to be “close to break even” before interest, tax, depreciation and amortisation.

Amaju Pinnick, NFF President with Gernot Rohr, Super Eagles Technical adviser

Nigeria Pitch Awards set for 6th edition

“This period also includes an issue of £12.6m of ordinary shares, which raised £1.5m in cash and converted £11.1m of interest-free loans to equity,” the Ibrox outfit added.

“Given that the bulk of the club’s income falls into the first six months of any season, the board is satisfied that the results for the full year will be good.”

Trophy kicks off 5-a-side football tournament to unearth hiding talents

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rophy lager, one of the national treasures from the stable of International Breweries Plc, a proud part of the AB InBev family, has kicked-off a football tournament for lovers of Trophy beer called ‘Trophy 5-aside Field of Honour’. 5-aside football is a variation of association football, in which each team has five players, with four being outfield players and one goalkeeper.

The launch, which took place at the Fun Turf in Lekki marks the beginning of a 10week long football tournament organised by International Breweries, makers of Trophy lager. The maiden edition of this event is expected to cover four states: Lagos, Ogun, Osun and Oyo States with the team recruitment. While the super fans of Trophy Lager beer will be selected nationwide. After the knock-out stages which will hold in all participating states, the semi-finals and finals will take place in Lagos State. The winning team will go away with N3 million and qualify for the all expense paid ‘Africa 5 tournament’ regional finals in Tanzania.

The football matches are open to all customers of Trophy Lager beer. Interested players will be recruited as 10-man teams through accredited bars across the four states. Details of participation are available

in major bars. The tournament will kick-off with the teams representing their communities in a round-robin stage, after which winners will proceed to the knock out stages. The 10-week-long campaign will produce a final winner by May 12, 2019.

In her remarks, BU President – West Africa, International Breweries Annabelle Degroot, said, “At International Breweries we put our customers first and strive to give them all round value whether in an experiential manner or otherwise. That is why we are happy that the Trophy 5-a-side Field of Honour tournament will resonate well with our people who are also football lovers.”

Shedding more light on the tournament, Marketing Director, International Breweries, Mrs Tolu Adedeji, said, “We all know that Nigeria is a football-loving nation and the Trophy 5-a-side Field of Honour campaign is not just another soccer tournament. It is designed to create an opportunity for our customers to celebrate and represent their communities.” She added that the unique tournament is also “designed to tap into the passion many Nigerians have for soccer as they enjoy the beer they love.”

According to Adedeji “Aside from taking home the winning prize of N3 million, the winning team will be meeting Samuel Eto’o, the renowned African

football superstar, and also have bragging rights as the best 5-a-side football team and an opportunity to participate in the continental finals taking place in Tanzania later this year.”

The teams will be selected via in-bar recruitment. Although this first edition is happening in four states, fans will also be recruited across the country. Football loving Trophy customers will be recruited as ‘Super-fans’ across the country via weekly questions and sweepstakes thereby availing customers outside the four states, the unique opportunity to participate in the tournament as fans. Kindly follow our social media pages to get updated on this live.

In addition to the grand prize of N3 million, winners at the knock-out stages will also cart home various consolation prizes and memorabilia, in appreciation for their participation.

Ex-Super Eagles international Joseph Yobo was unveiled as the campaign ambassador. Folarin Falana (Falz the Bahd Guy), will be joining Femi Adebayo as ambassadors for Trophy lager. Joseph Yobo has had a distinguished career as a professional football player, and his knowledge and experience will be very pivotal to his role as an Ambassador of the unique Trophy 5-a-side Tournament.

The choice of Falz the Bahd Guy, as a Trophy Ambassador, added Adedeji, was deliberate as both Falz and Trophy represent bringing honour to Naija. Especially as Trophy, only recently, celebrated 40 years of facilitating goodwill, honour and celebration The high point of the launch was the novelty match between IB Plc team and Sports Writers Association of Nigeria, SWAN, team.

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rganizers of the prestigious Nigeria Pitch Awards have announced that elaborate and innovative plans have been put in place to stage a glamorous and historic 6th edition of the awards in May 2019. Shina Philips, President, Nigeria Pitch Awards, stated this while speaking in Lagos.

‘The 6th edition is historic because we are adding two key pre-award events which will further help define the character of the awards. For the second time, there will be a Nomination Dinner in March 2019 which will attract football stars, music stars and Nollywood celebrities,’ Philips said ‘There will also be an award

lecture on ‘The Role of the Media and Security in Football Development.’ The lecture will be attended by stakeholders and sponsors of Nigerian football, top sports journalists, security personnel and members of the football community.’ Philips further stated.

Shina Philips stated organizers will continue to complement the efforts of the Federation to ‘make our football more competitive in order to get the best out of players and officials’.

‘This is why we introduced the Football Journalist of the Year (Online Media) and the Sportsmanship Awards which was introduced to identify and honour any Nigerian public official or personality who has exhibited the spirit of

sportsmanship in the conduct of his/her business or duties,’ Philips said.

The first edition of the Nigeria Pitch Awards was held in Calabar, Cross Rivers State capital in November 2013.

Since the inaugural edition, the organizers have continued to reinforce the quality of the award process which many have described as credible and transparent.

Each year, winners are picked by a team of over 100 sports journalists spread across the 36 states of the country. These set of highly experienced and professional journalist vote online. The voting process is coordinated by SIAO Partners, one of Nigeria’s top indigenous accounting and auditing firm.

Bolton Wanderers owner agrees deal to sell club

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olton Wanderers says an agreement in principle has been reached for owner Ken Anderson to sell the club.

BBC Sport understands businessman Parminder Basran, alongside businesswoman Sharon Brittan and entrepreneur Jeff Thomas lead the consortium.

The Championship side are scheduled to appear in the High Court on 20 March after being issued with a windingup petition by HM Revenue & Customs.

“A period of due diligence has now begun,” said a Bolton statement.

“Once this process has been completed and the re-

quirements of the EFL have been satisfied a further announcement will be made to supporters.”

Anderson owns 94.5% of club through his Inner Circle company and said in January that he was “doing his utmost” to find a buyer amid fan protests.

Basran is the founder of investment firm VGC Partners and runs a private equity fund backed by Eduardo Savarin, one of the co-founders of Facebook.

The club were placed under a registration embargo in January, meaning an agreed permanent deal for on-loan Forest Green striker Christian Doidge collapsed.

The subsequent disagreement between the clubs led to Forest Green selling “No Ken Do” T-shirts - in reference to Anderson - with all profits going to the Championship club’s Supporters’ Trust.

Anderson first bought a stake in the club during a takeover in 2016 along with former striker Dean Holdsworth, taking majority control the following year after acquiring Holdsworth’s company’s shares after it went into liquidation.

Bolton were beaten 2-1

by Leeds United on Saturday which left them second-frombottom of the Championship and four points from safety.

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Odunayo Oyasiji

The use of Power of Attorney in land transactions

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t is very common to hear that power of attorney is being used to transfer interest in landed property from one person to another person. It must be noted that a power of attorney does not transfer interest in land. The Supreme Court in the case of Chime v Chime (2001) LPELR24858(SC) (at page 33, paras.

D-E) stated that - “… A Power of Attorney is a document, and may be under seal, which authorises a person to act for another person as his agent. The person who donates the power is called the ‘donor’ while the person donated is called the ‘donee.’ The power conferred on the donee may be either general or special”.

From the above, it is clear that power of attorney is more of an instrument which empowers another person to act on behalf of the person giving him the instrument. Most times, the powers of the person acting are expressly stated in the instrument. Therefore, attention must be given to the powers granted to the person acting under the instrument.

This will help to know the extent to which the person can act on behalf of the donor of the power.

When it comes to land transaction, the proper use of the instrument can only empower a person to act on behalf of the owner of the land. The power to act can be with regards to negotiation and signing of the instrument that will transfer ownership right to the person that is buying. Therefore, the power of attorney itself is not an instrument that transfers owner-

Legal Nuggets O

ne of the necessary steps to take when buying a land is to conduct search at the Lands Registry to confirm the whether the person that wants to sell the land is the real owner and whether there is no encumbrancemortgage etc. The importance of taking this step cannot be overemphasized as it goes a long way to prevent a buyer from been duped or buying an encumbered land. Many land matters would have been avoided if the buyers conducted search before buying the land. The services of a legal practitioner can be engaged to do this. The process involved is explained belowHow to conduct search at the Lands Registry in Lagos StateThe following documents are needed to conduct search- copy of the certificate of registration of the land, evidence of payment of search fee and application letter addressed to the Registrar of Titles.

The steps highlighted below are to be taken-

• Pay the sum of three thousand, seven hundred and fifty naira as the search fee at the bank and collect the electronically generated receipt.

• make a photocopy of the teller you filled to make payment for the search fee and the electronically generated receipt as the copy and your application letter will be collected by the officer on duty at the Land registry.

• A form will be given to you to fill.

• You will then be allowed to have access to the scanned copy of the original certificate and all the necessary information on a computer.

You should take note of the following• Name and address of the owner • Root of title • description of the land • Year of grant • Type of grant • Check if there is no encumbrance • Term of years of the grant.

ship of land.

A power of attorney can be revoked. The implication of this is that the person (donee) loses the right to exercise the powers delegated under the power of attorney. The revocation can be express, implied or by operation of law. In case of express revocation, it is usually communicated in writing that the powers granted have been revoked. The form it will take depends on the mode of creation i.e. if it was created by deed then the revocation is

expected to be by deed.

Implied revocation on the other hand deals with a situation where the person that grants the power goes on to do things that will not enable the donee to exercise the powers granted.

An example is where power of attorney is granted empowering a person to be collecting rent on behalf of a landlord and the landlord sells the property.

The grant of power of attorney does not stop the donor from exercising the powers granted to the donee. However, where the donee exercises the power before the donor then the donor cannot exercise the same power again. The Supreme Court in the earlier cited case of Chime V Chime noted that - “… The better view is that so long as the donee has not exercised the power comprised in the Power of Attorney it is clearly open to the donor to exercise the same power. Therefore, where the donee has in fact exercised the power under the Power of Attorney the donor’s power in this regard expires.”

Revocation by operation of law deals more with conditions that will naturally incapacitate the donee from exercising the powers. Example of such is death, insanity, bankruptcy etc.

The power of attorney will be automatically revoked in such situations. The only exception is where an interest is attached to the grant of the power of attorney e.g. where the power of attorney is given to a person to collects rents from the donor’s property till when the debt the donor owes the donee is fully set off. In such situation, the power granted is not revoked until the debt owed the donee is fully repaid through the rent collection.

In conclusion, power of attorney is not an instrument that transfers interest in land. Rather, it confers the authority to deal in land on a person- on behalf of the person that give it. Focus and attention should be given to the powers conferred on the donee by virtue of the powers of attorney. This will help to determine the extent to which one is to deal with the donee

Directors - appointment and removal D

irectors of a company are the people entrusted with the day to day running of a company. Therefore, how they get to the position and the process of their removal matters. Directors get to the position either as first directors (in the course of incorporation) or as a subsequent director (after incorporation).

The first directors are usually appointed by the subscribers to the memorandum and article of association of a company. They are usually named in the memorandum and article of association of the company-Section 247 of CAMA. Under Section 248 of CAMA, appointment and removal of subsequent directors is within the power of the shareholders of a company. The power is usually exercised at the annual general meeting. However, by virtue of section 249 of CAMA, directors can appoint a director to fill casual vacancy (maybe as a result of death of a director). The appointment is still subject to the approval of the shareholders at the next annual general meeting.

As for the removal of a director, the procedure is in section 262 of CAMA. It must be noted that ordinary or simple resolution is all that is needed to suc-

cessfully remove a director. The procedure as stated under section 262 is broken down below1. A special notice shall be required of any resolution to remove a director under this section, or to appoint some other person instead of a director so removed.

2. The company shall forthwith send a copy of the notice to the director concerned, and the director (whether or not he is a member of the company) shall be entitled to be heard on the resolution at the meeting.

3. A notice of a general meeting at least 21 days before the date of meeting to all members of the company. This notice will

be accompanied by the representation if any made by the director concerned.

4. The company must give audience to the director concerned and read his representation (if any) at the meeting to members in the meeting in case same was not delivered to all the members at the meeting.

5. To remove the director, an ordinary resolution is passed by a simple majority of votes cast at the general meeting 6. The company is to notify CAC of this removal by filing Form CAC 7A.This must be done within 14 days of the removal.

Late filing fee will be charged if it was not done within 14 days.

34

BUSINESS DAY

NATIONAL DISCOURSE

OLUWASEGUN OLAKOYENIKAN

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he re-election of President Muhammadu Buhari last Saturday, has been greeted with mixed reactions from the electorate across the country, but what guarantees applause from Nigeria’s business community is what direction his policies take going forward in ensuring businesses thrive in Africa’s largest economy.

At 146, Nigeria relatively ranked well in the ease of doing business index by the World Bank Group when compared with an all-time high record of 170 in 2015 when Buhari took over as Nigeria’s fourth president. In spite of this, the business community believes the feat could be brought lower even beyond 2008 level of 120.

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What the business community expects from Buhari’s second term To achieve this, policies such as high taxes, tight lending rate, subsidy removal, security and fixed exchange rate, need to be reviewed to allow existing businesses heave a sigh of relief and attract new ones.

Year after year, Nigeria keeps recording an increasing number of taxes payable by businesses across the country. This number rose from as low as 37 in 2014 to 54 as of December 2018. This poses a serious threat to businesses in the country as it could hamper their ability to make reasonable profits and could result in their closure.

The shut-down of Procter & Gamble’s $300 million consumer goods plant in Agbara, Ogun state, in July 2018 is still fresh in our memory as it does reflect the challenges facing manufacturers in the country.

The company, which was set up in 2014 and tagged as the biggest U.S non-oil investment in Nigeria, folded up within four years of operation, citing restructuring as its main reason.

Similarly, the few existing businesses hope the woes which have bedeviled the nation’s power sector and compounded by successive governments would be washed off partially if not totally in Buhari’s sec-

ond term. The expectation would not only be beneficial to business owners, but also to the Nigerian economy, as jobs would be created and the challenges of rising unemployment rate seen during the president’s first term in office would be drastically reduced.

But besides having a long list of taxes to remit to the government, the businesses still face the challenges of power supply to keep their operations going, no thanks to 1,108 megawatts loss witnessed in the nation’s electricity generation to 3,456 megawatts between February 19 and 24, according to data obtained from the Nigeria Electricity System Operator.

The Central Bank of Nigeria (CBN) key lending rate is not providing necessary succour for the business in the country either, the apex’s bank monetary policy rate (MPR), which is the benchmark interest rate in the country has remained at an all-time high of 14 percent for almost two years with no end in sight.

Even at that, deposit money banks lend to businesses including the micro, small and medium scale (MSMEs) enterprises as high as 25 to 35 percent. In fact, in the six months of 2018, the average inter-

est rate charged to Nigerian manufacturers stood at 22.9 percent, representing 0.25 percentage points higher than 22.65 percent recorded in the same period in the previous year, according to the Manufacturers Association of Nigeria (MAN).

A low interest implies banks would most likely reduce rates charged on loans to customers and also to the real sector of the economy, which includes agriculture and manufacturing, a move that could help fast-track growth in Nigeria’s economy.

But with the high rates, it indicates the Nigerian business environment is struggling and its challenges are worsened with interest rate pressure capable of strangulating businesses faster, when compared with African peers.

The current repo rate – central bank lending rate to commercial banks – in South Africa is now at 6.75 percent while the prime lending rate – lending rate to customers – is at 10.25 percent.

Rwanda’s interest rate is at 5.5 percent, Morocco at 2.25 percent, while Kenya’s interest rate remains at 9 percent, even as Kenyans now borrow at an interest of 13 percent from 13.5 percent in line with lending rate policy limiting rates to 4

percentage points above the CBR. Little wonder why South Africa was ranked 82; Kenya, 61, Morocco, 60, and Rwanda, 29, while Nigeria takes 146th position among the 190 economies considered in the 2018 ease of doing business ranking.

Also, Buhari is expected to improve on successes achieved in the fight against insurgency in the northeastern part of the country, including Borno and Yobe, and help restore the confidence of companies formerly domiciled in this region but left over insecurity.

In Buhari’s second term, business owners expect him to remove fuel subsidy and allow prices of premium motor spirit, otherwise known as petrol, to find its level, while the fixed foreign exchange regime should end to allow the naira reflects its true value.

All these may not pose good results in the short to medium term as the naira may escalate significantly, but the move could help attract investors seeking to take advantage of lower currency value in promising markets such as Nigeria come into the country to invest. This would boost foreign direct investment inflows into the country and make the naira strong again.

How female pilots can take over the cockpit CAPTAIN EVAREST NNAJI

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viation has been a man’s game for decades — despite women’s significant contributions from the beginning.

But now, aviation leaders say they want to ensure more leading roles for women.

The ‘boys club’ of aviation is a result of many decades of neglect, relegation of women’s contributions, creation of artificial hurdles and mixed-messages to young girls, especially in advertising.

The fact is that women have played a pivotal role in the growth of aviation from the beginning and, particularly, during times of war.

They have piloted, helped build, and maintained aircraft. They have even helped build the systems that keep aircraft flying safely.

In time past, aircraft piloting was more of science, technology, engineering and mathematics (STEM) subjects concepts, but technology has twisted and turned that around.

With nimble fingers and a wellorganised mind, electronics computers have put flying in the hands of anybody with basic education as well as articulate mind and the passion to fly.

Many people know of Amelia Earhart, whose mysterious disappearance while crossing the Pacific Ocean continues to garner specula-

tion, but other women who accomplished great things in aviation are, sadly, less well known.

Willa Beatrice Brown was the first African American woman to earn her pilot’s license in 1938 and a commercial pilot’s license in 1939. She was also the first African American woman officer to serve in the US Civil Air Patrol and the first woman in the US who was qualified both as a pilot and as an aircraft mechanic.

She even helped found the Cornelius Coffey School of Aeronautics. In her spare time on the ground, Brown was also the first African American woman to run for Congress. This suggests lots of capabilities among women that would require encouragement Over the past ten years, the number of women successfully gaining their ways into the cockpit around the world, and in Nigeria too, is overwhelmingly encouraging. This can be attributed to the fact that the factors that had hindered ladies into the cockpit have been completely eliminated with modern-day science and greater awareness in the society.

With hydraulic system enhancement and computerisation of flight controls, flying no longer requires so much of physical human power.

You now need more articulate and multitasking minds to excel in the modern-day cockpit.

In the hierarchy of attributes required to fly an aircraft in our mod-

AVIATION ern world, male special attributes like higher physical strength now occupies nowhere. Conversely, multitasking ability, which is found more in women, is in the upper echelon of the hierarchy.

Ladies are also considered to have less societal pressure and are naturally endowed to be much calmer. These also occupy a higher space in the hierarchy of attributes.

Human intelligence, which sits atop all the attributes, is shared equally by both genders. Therefore, male pilots can no longer, realistically, be said to have better chances to cockpit in the modern-time aviation world.

In our own Nigeria society, given the nature of boldness with which our women have embraced the challenges to measure up to the current world order, be it business, politics, art and fashion etc, the only identified inhibiting factor that might militate against having near equal number of gender in our cockpits over the next twenty years, would be the cost of training and selflimitations. But that has also, always, been a factor to both gender. At the moment, it costs as high as $100,000 to $200,000 to train an initial pilot up to commercial flight. And very few families can afford that cost in our society, especially with the current economic downturn. But this is again

where women have advantage if one considers that aviation investors are more likely to invest in initial training of female pilots than male, reason being that research has shown that ladies when drawn on an agreement to serve the sponsoring organisation for a given period to offset training costs, are more likely to do so than their male counterparts without resorting to rancours which have, over the years, discouraged investors from sponsoring initial trainings for pilots.

There is a push-back from all corners in the past to helping women develop and grow in aviation, both out of a concern for equality and for economic reasons. Airlines now realise that they are going to run critically short of the ‘manpower’ they need to grow, and are making a priority of recruiting and training more women to take charge.

Considering these factors, business of aviation, like every other highly technical commercial adventure where consistency and reliability is key, as well as a commercial enterprise where income and return to investment, is also a critical success factor. Women in our modern world stand the brighter chance of taking their full share of the aviation cockpit.

Motivating factors for pilots are second to none if one considers that an average captain earns as high as $10,000 per month in the industry today. Of course you cannot earn that high in your first year as pilot but it is

something that can happen within a few years as a pilot, all things being equal. It is also a highly dignified profession capable of rubbing away completely any iota of inequality or lack of self-esteem, especially for women in our third world environment.

Rigorous enhancement professional trainings; ranges of safety awareness; system functionalities; geographical and climatic condition as well as highly technical communication precision, as well as trainings and retraining associated with the art, position aviation pilots men and women to live out their lives fulfilled anywhere in the world.

In conclusion, where financial resource is not a factor and excellence is desired, and boldness resides in the mind, distaff is most desired in the cockpit for the safety, reliability and consistency in our current aviation world where glass ceiling has already been shattered and history is being made on daily bases.

Commercial aviation investors crave for more stability in their everchallenging operations. Ladies are generally more cool headed, a noteasy-to-find quality among male pilots, especially nowadays. So, ladies are more likely to get pilot job position if the opportunity is placed between two equally qualified male and female.

So, opportunities for female pilots in Nigeria are matchless.

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35

Ogun guber poll: How Amosun-Akinlade alliance may swing victory for APM Iniobong Iwok

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efore the Presidential and National Assembly elections last Saturday, the permutation was that the All Progressives Congress (APC) may lose Ogun State following the crisis-ridden presidential campaign in the state a few days to the election.

Analysts had predicted outright victory for the People’s Democratic Party (PDP), since, according to them, the aggrieved members of the APC and Allied People’s Movement (APM) could settle for protest votes.

But, having delivered on the Presidential and National Assembly Elections, all eyes are now on Governor Ibikunle Amosun as the state prepares for the gubernatorial election on March 9, 2019.

The situation on ground points to a 3-horse race. The battle will be fought among three parties- the APC, PDP and APM. And it is believed that the outgoing Governor Amosun holds the ace.

Amosun has continued to express the optimism that Adekunle Akinlade, the gubernatorial candidate of the APM, would emerge the winner. The governor had campaigned vigorously for him, urging the people to honour him with their votes in that regard.

“In addition to APC and PDP, another potential winner in the state is the Allied Peoples Movement (APM), a party that came alive in the state in the aftermath of the internal crisis foisted on the

Adekunle Akinlade

Dapo Abiodun

state APC chapter by the national leadership of the party. Suffice to say, the whole nation knows that in Ogun State today, Amosun is the soul of both APC and APM. He is in APC (in fact, he won the Senatorial contest for Ogun Central on the APC platform) and his political family populate and enliven APM in the state,” an Abeokuta-based political commentator said.

Recall that following the crisis that erupted from the governorship primaries in the state last year, Amosun had adopted Hon. Akinlade as his own candidate as against the anointed APC candidate, Dapo Abiodun.

Akinlade, candidate of the APM, is seen as a serious threat to Abiodun going by the outcome of last Saturday’s elections in the state.

Recall also that APM adopted Buhari as its presidential candidate and contributed immensely to his

victory.

An analyst said: “That collaboration between APM and APC saved the ruling party from being disgraced by PDP in the state last Saturday. While candidate Buhari won throughout the LGAs in Ogun Central and Ogun West – two Senatorial Districts that are controlled jointly by the Amosun political family camped in both APC and APM – the party was trounced by PDP in most of the LGAs in Ogun East where the political strength of the Vice President and the APC governorship candidate appear to be unable to withstand the combined PDP muscles that dictate political tone in the Ijebu/Remo divisions.”

If the voting pattern is anything to go by, there is every indication that the gubernatorial contest in the state on March 9 will be hotly contested, and may tilt in favour of APM.

Onnoghen: Cross River heads to Supreme Court MIKE ABANG, Calabar

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gainst the backdrop of unconstitutional suspension of the Chief Justice of Nigeria (CJN), Walter Onnoghen, the Cross River State Government has has taken the Attorney-General of the Federation to Supreme Court and asked him to interpret the doctrine of Separation of Powers.

Cross River State Attorney-General and Commissioner for Justice, Joe Oshie Abang disclosed this on Wednesday while speaking to our reporter in Calabar, the state capital.

Abang further said that the case in question is a selective justice and that due process should be followed.

“The CJN was accused of abuse of office for not filling his Code of Conduct form on time. But you see, the Attorney-General of Cross River State took the Attorney-General of the Federation to the Supreme Court interpret the Doctrine of

Separation of Powers between the Judiciary, Executive and the Legislature”.

Joe Abang further said: “Our fear is that due process was not followed

by Mr. President. He is not the prosecutor but the Attorney-General of the Federation who prosecutes all crimes and then you cannot put the cart before the horse”.

According to him, “Due process needed to be followed through petitions, investigations and trial before the commission and communicated same to the National Assembly.”

The Attorney-General explained that this has never happened before and that where a similar incident like that happened in Pakistan, the President of the country was impeached for breaching the Doctrine of Separation of Powers.

Abang also said: “In law, you can never be a judge in your own case and that whatsoever was done in Onnoghen’s matter is wrong in democracy.”

The State Commissioner for Jus-

tice further explained that his office and the Cross River State Government were taking this stance, not because Onnoghen is their son, but because what happened was strictly a constitutional and legal matter that could happen to any Nigerian.

“If it happens to citizen A and citizen B keeps quiet, when it happens to citizen B, don’t expect citizen A to protest. So, we are just crying for justice, the Doctrine of Separation of Power has been tempered with. That is our grouse, not because Onnoghen is our son,” he said.

“The message to Nigeria is that it is not because Onnoghen is our son, even if that was the reason, let due process be followed. If our son has done something wrong, let him be treated accordingly to face the law. Let the same punishment given to others is similar situation be meted out to him. What has just happened is to us a selective justice. It is unacceptable,” he further said.

One observer puts it this way: “Any honest evaluation of happenings across the three Senatorial Zones of Ogun State today could reveal that APC, just like PDP, has continued to hemorrhage from the acrimonious process that threw up its candidate, Dapo Abiodun, who has ceaselessly been rejected by the camp of the incumbent governor. As things stand with the party in the state, the Amosun camp controls the key strata of its structure in Ogun Central and Ogun West. So, without the support of this camp, APC is effectively tossed in the state.

“The planting of a huge majority of Amosun’s foot soldiers and political associates in APM has however, created another vibrant and veritable vote-winning machinery for Amosun and his group, thus enhancing their huge tentacles across the grassroots segments in the state.

APM, to all intents and purposes, appears to be eminently placed to be used by the Amosun camp to send a political message in the direction of the APC national leadership.”

It was also gathered that with the victory of the President, a large number of APC members in the state are set to formally cross over to APM to vote massively for Akinlade.

“The game plan, I think, is that after Akinlade must have been sworn in, he would now move back to the APC where he originally belonged.

All those who would be crossing now to APM would return to their party. They just want to achieve a purpose,” a source who claimed to be in the know of the goings-on in the party said.

The source further said: “Gov-

ernor Amosun is APC in flesh and blood. His friendship with the President has spanned many years. So, nobody should think he is dumping the APC, particularly now that the President has secured a fresh mandate. He is a man of his words. What he is doing is just to make a statement that he was not fairly treated. At least, as a sitting governor, he should have input in who succeeds him. It was when he was told he has no powers to make such contribution that he felt insulted and began to show what he can do. That is how I understand what is happening here in the state.

It is all about politics.

“Unless a major change happens, it is difficult to predict that majority of APC members, especially in Ogun Central and Ogun West Senatorial districts, would work for the party’s victory in the governorship elections given the suppressed bitterness at the process that produced Dapo Abiodun as the party’s governorship candidate in a manner that showed perceived sense of injustice and high handedness of the national party exco. From now on, everybody appears primed to vote their conscience in the governorship and State Assembly elections.”

The calculation is that the votes from Ogun West would be overwhelmingly shared between Akinlade of APM and Gboyega Isiaka of ADC. Both are Yewa indigenes.

However, Akinlade has proved to be more accepted by the masses, given his appropriation of the well-oiled Amosun grassroots machinery and his highly successful door-to-door campaign across the zone.

PDP demands immediate release of political detainees ANIEFIOK UDONQUAK, Uyo

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he People’s Democratic Party (PDP) in Akwa Ibom State has demanded the immediate release of political detainees arrested before and after the Presidential and National Assembly elections last Saturday.

Among those arrested include Iniobong Eking, special assistant to the state governor on Security Matters, who was reportedly picked up by the army.

The ruling party in the state said that it had before the incident raised the alarm over alleged plans by the security forces to arrest its members ahead of the elections.

In a statement in Uyo, the state capital, Ini Ememobong, the party’s publicity secretary, said many of its high ranking members have been incarcerated on the orders of the All Progressives Congress (APC).

“Before the elections, we had

notified the whole world of plans to harass, arrest and incarcerate high ranking members of the People’s Democratic Party in Akwa Ibom State, on the instigation of the All Progressives Congress,” Ememobong said.

According to him, “These arrests were made without lawful justification and for the most flimsy reasons, like wearing a PDP cap.

Most of the detainees have been denied access to their families and friends.”

With the first leg of the election completed, the party “demands that all security agencies should immediately and unconditionally release all those who were arrested for political reasons. Where there is any strand of evidence of wrongdoing against them, they should be prosecuted.

“That all security agencies should act lawfully and within the bounds of the law,” the statement added.

36

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Court stop Rivers APC’s alternative party, Accord Party conducted indirect primaries which Cole won. Thereafter, Lulu-Briggs decamped and immediately picked the ticket of the Accord Party. Now, the court says he hijacked the ticket and ordered INEC to return the ‘stolen’ ticket to Baridoo.

With this development, the threat emanating from the AP may have fizzled out as the APC can no longer rally round Lulu-Briggs in Accord to attempt to dethrone Wike.

The lawyers to Lulu-Briggs have indicated intention to proceed to the Supreme Court but time may be lost before anything good may come out of it.

The APC has however, continued to rally members saying they were sure to return to the ballot. Inside sources also said they had no intention of adopting Lulu-Briggs and AP as alternative base to fight for the governorship election in the state.

Iniobong Iwok

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federal high cour t in Port Harcourt has blocked the next bus stop where the All Progressives Congress (APC) in Rivers State eyed to move force to dethrone Governor Nyesom Wike in the fast-approaching governorship elections.

The court ruled on Thursday, February 28, 2019, that Dumo LuluBriggs was not the dully nominated candidate of the Accord Party (AP) and should not parade himself as so henceforth.

Instead, the court said Precious Baridoo was the legally nominated candidate, saying by the time the AP conducted its primaries, that Lulu-Briggs was still a member and contestant in the APC. Lulu-Briggs had rejected the consensus nomination of Tonye Cole and insisted on a contest.

The APC in Rivers State thus

Dumo Lulu-Briggs

Wike to drag Nigeria Army to International Criminal Court Ignatius Chukwu

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igeria may witness its first local matter to go to the World Court as the Rivers State Governor, Nyesom Ezenwo Wike, has stated that the State Government has written to the International Criminal Court to prosecute the General Officer Commanding (GOC) 6 Division of the Nigerian Army, Major General Jamil Sarhem for prosecution for crimes against humanity.

The Army had paraded government officials said to have been caught with election materials and offers of briber to soldiers.

Governor Wike however said instead of running in circles, the GOC should explain to Nigerians the reasons why the 6 Division stormed Collation Centres in Ikwerre, Emohua and Okrika Local Government Areas with INEC Electoral Officers, accusing him of stealing electoral materials and concocting results.

The Governor stated that the General Officer Commanding 6 Division issuing false statements will not save the GOC from prosecution.

Speaking during a media briefing in response to the allegations by the 6 Division that he tried to compromise soldiers of the 6 Division, Governor Wike described the allegation as false, malicious and diversionary.

“We are doing a petition to the International Criminal Court. We are demanding justice for all those killed by the GOC and his lieutenants. We will also send a petition to all the major embassies in the

country on the atrocities committed against Rivers people by the GOC and his soldiers. We have also ready sent a petition to the Chief of Army Staff on the criminal actions of the GOC,” he said.

Governor Wike stated that he has credible intelligence that the GOC has concluded plans to open fire on his convoy, with the objective of causing a deadly shoot-out.

He said Nigerians watched in utter dismay as three Local Government Electoral Officers of the Independent National Electoral Commission (INEC ) indicted soldiers of the 6 Division of the Nigerian Army for orchestrating electoral violence, snatching election materials and criminally colluding with APC leaders to concoct results during the Presidential and National Assembly elections. Rather than respond to these allegations, the GOC is making diversionary allegations.

“Mrs Mary Efeture Imawuya, INEC Electoral Officer of Ikwerre LGA, INEC Electoral Officer for Emohua Local Government Area, Kenneth Etah and INEC Electoral Officer of Okrika Local Government Area of Rivers State, Mr. Leo Okon who addressed the Rivers East Senatorial District Collation Centre at Elekahia were unequivocal in their indictments of the soldiers and their criminal activities during the elections”, he said.

“The major problem they should defend is the INEC officers who declared that the soldiers of the Nigerian Army abducted them, carted away materials and concocted results,” he added.

Adamawa ADC protests National Assembly election Nedo Habila, Yola

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he African Democratic Congress (ADC) in Adamawa State has staged a protest on the results of the House of Representatives election for Yola North, Yola South and Girei, saying the results declared were an outcome of over-voting, total disregard for the use of card readers and voter intimidation.

The party said that Ibrahim Mustapha, its candidate in the contest, won by a wide margin and should have been declared the winner but for rigging by the APC candidate.

The party made this known during a peaceful protest to INEC office in Yola, Adamawa State.

The ADC chairman of Yola South, Salau Amada, speaking

to newsmen said: “We are here because our mandates have been stolen and we are here to register our grievances.

“We are a peaceful people, that is why we have decided to stage a peaceful protest here.

“INEC has set guidelines for elections which prescribe that card readers would be used to authenticate voters and when that is not adhered to, rigging takes place; that was what happened in this election.

“There was massive rigging because ballot papers were thumbprinted without the voters being verified by card readers.”

The ADC members, who staged a peaceful protest to INEC headquarters in Yola, displayed placards demanding for their mandates among other demands.

Friday 01 March 2019

Abia YPP candidate happy with Anambra voters for electing Uba UDOKA AGWU, Umuahia

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ike Obi-Okezie, the Young Progressive Party (YPP) candidate for Ikwuano/Umuahia Federal constituency in the just concluded National Assembly election, has lauded Anambra electorate for voting massively for the party, which earned it its first victory.

Obi-Okezie stated this in Umuahia, Abia State while reacting to last Saturday’s Presidential/National Assembly elections where Ifeanyi Uba was declared as senator-elect in Anambra.

He said that the development has shown that the party has bright future, not only in Anambra, but in the entire South East geopolitical zone.

It would be recalled that M.N. Umenweke, the returning officer, who declared the results early last Monday at Uruagu Nnewi North Council headquarters, said Ifeanyi Ubah, the chairman of Capital Oil and Gas, polled a total of 87, 081 beat Chris Uba of the PDP; Andy Uba of the APC and Nicholas Ukachukwu, a candidate of the All Progressives Grand Alliance (APGA) to emerge the first elected senator on the platform of the YPP in Nigeria.

Okezie said Ubah’s victory, the YPP candidate in Anambra South senatorial district, indicated that YPP enjoys the support of the vibrant youths all over the country.

“The victory recorded with respect to the party’s senatorial candidate in Anambra South is well deserved, especially in relation to the enviable credentials of the presidential candidate, Kingsley Moghalu.

“It is believed that with time that the party would grow to attract the support of all the electorate who believe in the third force, with a view to enthroning good governance in our body polity nationwide.

“I convey my congratulations to Ifeanyi Ubah, the senator-elect for Anambra South”.

CUPP flays Presidential election …Says, ‘it’s a rape on democracy Iniobong Iwok

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he Coalition of United Political Parties (CUPP) has rejected Saturday’s Presidential and National Assembly election results released by the Independent National Electoral Commission (INEC), saying that the election was rigged to favour the Ruling All Progressives Congress (APC). The election, it said, was a rape of democracy.

INEC Wednesday morning announced incumbent Muham-

madu Buhari of the APC as the winner of the presidential election, defeating Atiku Abubakar, the candidate of the main opposition People’s Democratic Party (PDP).

But reacting to the conduct of the election in an interview with BusinessDay, Lagos State Coordinator of CUPP, Tunde Daramola, faulted the result released

by INEC, saying that the election did not reflect the will of Nigerians across the country.

Daramola wondered why INEC

would declare results in constituencies where voters were denied opportunity to vote, while card readers malfunctioned.

The CUPP coordinator said that the result for PDP declared by INEC in Lagos State was manipulated to favour the APC. According to him, “I am surprised and can’t believe that out of about six million plus registered voters in Lagos State less than 20 percent of the voters turned out to vote. Across the state the turnout was twice that of 2015 election.

Friday 01 March 2019

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NEWS CBN resumes OMO auction, sells N1.075.85trn

… investors scramble for longer tenure in anticipation of lower yield before year end

HOPE MOSES-ASHIKE

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entral Bank of Nigeria (CBN) on Thursday resumed its Open Market Operation (OMO) auction, selling a total of N1.075.85 trillion to investors for an offer of N400 billion.

At the opening of the auction, the CBN offered a total of N400 billion for various categories of tenure days but the investors oversubscribed it by 168.96 percent.

Ayodeji Ebo, managing director, Afrinvest Securities Limited, said due to the anticipation of lower yields before the end of the year, investors are investing in longer-dated bills to lock in on this current rate, hence the huge bid for the 364day instrument.

In addition, Ebo said the CBN had also reduced the frequency of OMO auction in the past two weeks, leading to a decline in the sec-

ondary market rates.

The summary of the OMO auction showed that N50 billion was offered for 91-day tenure, which will mature on May 30, 2019.

This was sold at 11.9 percent after the investors bided at the range of between 10.85 and 11.9 percent.

It was oversubscribed by N55.51 billion.

However, investors could not subscribe fully the N100 billion offered for 182 days tenure with maturity date of August 29, 2019.

They bided at a bid range of between 12.95 and 13.5 percent for an offer, which was undersubscribed by N92.59 billion at a stop rate of 13.5 percent.

The CBN offered N250 billion for 364 days tenure, which was oversubscribed by N1.2 trillion but the regulator was able to sell N927.75 billion at a stop rate of 14.3 percent.

Investors bided at a bid range of 13.9 and 15.00 percent for the OMO security, which matures on

February 27, 2020.

Consequently, the overnight interest rate, which is the rate at which banks borrow and lend to each other, on Thursday rose to 14.25 percent from 10.58 percent on the previous day.

Data from FMDQ revealed that the Open Buy Back (OBB), the money market instrument used to raise short-term capital, increased from 9.50 percent on Wednesday to 13.17 percent on Thursday.

Last week, the CBN conducted only two OMO auctions, which surprised investors. A report by AFrinvest indicated that at the first auction held on Monday, the Central Bank issued a no-sale result despite the 325.9 percent oversubscription to its total offer of N30bn (vs N127.8bn subscription) across the 101-, 178-, and 353-day tenors. This was to ease system liquidity on Monday (short N518.4bn).

Wema Bank to boost Nigeria’s tech sector with own Hackathon - Hackaholics

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dvances in banking and financial technology mean more efficient solutions in dealing with the demands of an evolving market. As a bank marked with an identity of innovation, Wema Bank is a proven incubator of inventions and creative ideas, traits that continue to remain the hallmark of its operations long after its establishment in 1945.

In proof of its promotion of innovation, Wema Bank launched Nigeria’s first fully digital bank, ALAT, in 2017.

ALAT redefined experiential banking, winning several awards, enough to gain Wema Bank recognition as Nigeria’s most innovative bank.

In line with its continuous support for the application of technology to society’s prob-

lems, Wema Bank is set to launch its own hackathon ‘Hackaholics.’

Hackathons are tech projects that bring together software developers and other digital creators to design solutions for everyday challenges.

Every successful hackathon harvests new solutions that will drive business ideas and scale the heights of technology in today’s world.

With Hackaholics, that bank will pull together startups and young tech professionals to develop digital solutions that will alleviate financial, institutional and social challenges. Participants will be required to analyse the given problem areas, strategise, brainstorm and develop solutions that will be screened by a reliable team of judges.

For the bank, the goal is

to avail innovators, creative thinkers and developers the opportunity to convert their visionary concepts into winning solutions, which will be nurtured into marketable products. Along with awarding the best solution with full technical support and funding up to $10,000, the hackathon will improve skills and re-echo the bank’s passion to build a community of innovators working constantly to bring safer, more convenient and profitable banking.

Are you a start-up or a tech team that has been working together for up to five years?

Do you have innovative ideas for ground-breaking solutions? Are you a programmer, coding expert or creative thinker? Register to participate in the Wema Bank hackathon by visiting www.wemabank.com/hackaholics.

Minimum wage: Sanwo-Olu to pay above N30,000 if elected JOSHUA BASSEY

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ubernatorial candidate of the ruling All Progressives Congress (APC) in Lagos, Babajide Sanwo-Olu, says he will pay workers above the recommended N30,000 benchmark if elected governor.

Sanwo-Olu, who met with Lagos civil servants at the state secretariat, on Thursday, also promised to enunciate and implement worker-friendly policies and generally improve their welfare.

The meeting with the

civil servants, it was gathered, was initially planned to involve the state governor, Akinwunmi Ambode, who was, however, absent.

Sanwo-Olu, alongside his running mate, Obafemi Hamzat, assured the workers that his administration would restore their benefits being denied them by the current administration, and as well carry them along if elected. The gubernatorial election is slated for March 9, 2019.

He stressed the need to pay attention to workers’ welfare because they would be the drivers of his

vision for the state.

“As part of the motivation, we will take the minimum wage above the level presented at the National Assembly. And the payment will not exceed the 23rd of every month. This is part of the welfare package we have for civil servants in Lagos.

“We will also ensure a car package for senior staff members that have attained directors’ status in the public service. We cannot allow workers that are required to stay back and work to start looking for bus to convey them home at night.

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38 BUSINESS DAY NEWS What Nigeria can learn from Gambia...

Continued from page 4

BusinessDay in his office in Banjul, the Gambian capital.

BusinessDay checks show the Gambian tourism industry receives over 100,000 visitors a year. Tourists mainly come from Europe with package tour operators from the UK making up over 50 percent of visitors. The others arrive from Germany, Norway, Sweden and other countries.

Tine Wesdorp, a middle-aged Swedish woman who was on a tour in The Gambia, told BusinessDay in Bakau, a town on the Atlantic coast of Gambia, that the country was her choice of destination because of “a lot of nice things” she heard about the country, adding, “And coming here, I’ve seen the people are very friendly.”

Onne-siere Johanser and her husband, Sveir Johanser, an old couple from Ireland who lodged in Cape Point, a four-star hotel located in the heart of Bakau,affirmedWesdorp’ssubmission.

“We like The Gambia because of the weather and its people; they are friendly and the country is safe,” the couple said.

“It’s our 35th holiday in The Gambia and we even have some families we are giving assistance because we see they need help,” they said.

The Gambia’s tourism sector has ripple effects on industries that deal directly with tourists, including hotels, travel agents, airlines and other passenger-transport services, as well as restaurants and leisure firms.

‘Fix It’, a multi-service store located on Kofi Annan Street, a few blocks away from the United Nation’s House, renders services from Bureau de Change to sale of airtime, SIM cards and tour guard services.

“Tourists that come to our country represent the largest number of our customers. During the peak season between October and April, our business records a boom and we get a lot of profit. And even when tourists don’t come, companies and people like you who come for training patronise our business,” a ‘Fix It’ staff on duty told BusinessDay. “Even the boys on the street don’t have jobs but when they take the tourists around the country, they make money and some of them end up marrying some of the single people that come on tour in the country,” another lady in a shop next to ‘Fix It’ said.

According to the lady who refused to say her name, the money the youths earn from the tourists takes their mind away from illegalities.

“Thishelpstoreducecrime.Theboys are happy that at least they earn money

and as such they don’t have much reason to commit crime or steal, and that makes the country very safe,” she said.

“Tourists like it here because of the cool weather and also because of the nice people of The Gambia.

Despite the fact that some of our people are poor, they are happy and contented with what they have. That is why we are called the ‘Smiling Coast of Africa’,” she added.

Fallou, a tall, dark-complexioned young Gambian man who had the Jamaican dreadlocks on his hair said he hits the streets every day in search of tourists who would like to be shown around.

“When I do this, at the end of the tour they pay me like 500 Gambia Dalasi (N3,651). Sometimes it is less than that or even more. Most times I become very close friends with them and when they want to travel back they give me gifts,” Fallou said.

The Gambian tourism industry is ranked 168th in the world in terms of absolute size, 122nd in long-term growth measured over 10 years, and 38th in relative contribution to other nations’ economies, according to the World Travel & Tourism Council.

The government, in The Gambia’s National Development Plan (GNDP) 2019-2021, said its goal is to make tourism a highly competitive and sustainable industry that is people- and culture centred and which will celebrate the nation’s cultural heritage and contribute to socioeconomic development “Key interventions will focus on policy reforms in aid of competitiveness; marketing for destination recognition and attractiveness; quality service delivery; enhanced security; product diversity; enhanced community participation and greater linkages with other sectors especially agriculture and natural resources,” the document says.

BusinessDay analysis of the 2018 World Travel & Tourism Council research shows that The Gambia is more determined than Nigeria to grow its tourism sector.

In 2017, Gambia and Nigeria made Travel & Tourism investment which represented 11.9 percent and 7.1 percent of total investments, respectively.

Bah told BusinessDay that all the policies that were initiated towards development of tourism in Nigeria up to 2007 were done under former President Olusegun Obasanjo’s administration.

“Nigeria has one of the best tourist sites in the world, just that it was distracted by the discovery of crude oil,” Bah said.

VAT data show Nigeria’s offshore operations...

Continued from page 4

project; 110,000bpd Uge project, and 100,000bpd Nsiko deep-water projects have been stalled.

Estimated at over $23.5 billion, the projects were expected to assist the Federal Government achieve its 40 billion-barrel target and daily production of 4 million barrels per day (bpd).

FIDs on these projects were to have been taken before the end of 2018 but have not been done. They may be further delayed because Nigeria on February 21 shocked oil firms with a demand of $20 billion in back taxes, which Royal Dutch Shell says will delay FID on Bonga Southwest-Aparo project.

Nigeria’s oil and gas observers have persistently called for significant reforms in the sector.

It was difficult passing a comprehensive petroleum industry bill in the past 17 years until it was broken down into four aspects – the Petroleum Industry Governance Bill (PIGB), the Fiscal Regime Bill, the Upstream and Midstream Administration Bill, and the Petroleum Revenue Bill, otherwise known as the host community aspect – with a decision to pass the less controversial ones first. But none of these has become law.

“Continued delay sends a wrong signal to current and would-be investors,” Ayodele Oni, energy partner at Lagos-based Bloomfeld Law Practice, said.

“It is either government wants to amend the laws regulating oil and gas or they don’t, and whatever it is, they should come out clear,” Oni said.

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MFBs mull N10bn national licence ahead of...

Continued from page 1 MFB establishment plan by the

CBN and the Bankers Committee, the two bodies will utilise the sum of N5 billion as equity from N60 billion AgriBusiness Small and Medium Enterprises Investment Scheme (AGSMEIS) Fund, while NIPOST will contribute its offices across the country.

The CBN in October 2018 increased the minimum capital requirements for Unit microfinance banks from N20 million to N200 million, State MFBs from N100 million to N1 billion, and National MFBs from N2 billion to N5 billion.

The new minimum capital requirement was to take immediate effect for new applications while existing microfinance banks were required to fully comply with effect from April 1, 2020, according to

CBN’s directive.

But MFB operators have been raising concern over the new capital requirement, saying it would be difficult if not impossible for many MFBs to meet.

Nwoke told BusinessDay that the existing 886 microfinance banks operating in the country have a capital base of N93 billion.

When contacted, Tokunbo Martins, director, Other Financial Institutions (OFIs) department, CBN, described the move by NAMB as “fantastic”.

Microfinance bank operators had protested the increase in their capital requirement and had written to the CBN for review of the new capital base and extension of deadline.

“We have taken all their requests on board and we are going to look at

Friday 01 March 2019

it,” Martins said.

The CBN had directed that to meet the new capital requirements, existing microfinance banks are expected to explore the possibility of mergers and acquisitions and/or direct injection of funds.

Also, the regulators said the Revised Regulatory and Supervisory Guidelines for Microfinance Banks, Code of Corporate Governance for Microfinance Banks and sectorspecific Prudential Guidelines for Microfinance Banks would be issued in due course.

Institutions that meet the capital requirements as well as demonstrate the existence of strong corporate governance in their operations, the apex bank said, would be allowed to open account at the CBN office within their state of operation. Such institutions would also be channels for micro funding activities of the CBN and the Development Bank of Nigeria.

L-R: Chuma Oruche, director, corporate affairs, Manufacturers Association of Nigeria (MAN); Joseph Otu-Oru, event manager, Clarion Events West Africa; Masur Ahmed, president, MAN, and Segun Ajayi-Kadiri, directorgeneral, at the press conference to announce the 2019 Nigeria Manufacturing & Equipment Expo (NME) in Lagos, yesterday.

Pic by Olawale Amoo

Investors see clarity for Nigerian economy...

Continued from page 1

on Thursday.

This is because the business community is now certain of who will be president of Africa’s largest economy in the next four years.

“If the election had not been conclusive, it might have affected the economy adversely,” Ayo Teriba, CEO, Economic Associates, said.

“But the election was conclusive, a winner has been declared.

And so, if he wants to go to court to challenge it, it may take 15 months, 20 months, or maybe 30 months. I just wish the man well,” Teriba said.

President Muhammadu Buhari of the All Progressives Congress (APC) on Wednesday in Abuja received a Certificate of Return from the Independent National Electoral Commission (INEC), having earlier been announced winner of last Saturday’s presidential election.

Buhari polled a total of 15.19 million votes to defeat his closest rival, Atiku Abubakar of the PDP, who scored 11.26 million votes.

Atiku on Wednesday officially rejected the result, saying he would challenge it in court. The Presidency replied on Thursday, saying it was not jittery over the PDP candidate’s

decision to go to court.

But some analysts say Atiku’s decision to go to court may not have any negative impact on the economy.

Although Ayodeji Ebo, managing director, Afrinvest Securities Limited, admitted it may cause some form of uncertainty, he, however, ruled out “any major negative impact in terms of investment and sentiment on the Nigeria economy” for some foreign investors who understand how things work in the country.

“What we all just expect is that it will be business as usual. If history is anything to go by, we have never had any situation where any presidential election has been overturned in Nigeria, so it is really going to be a very difficult one for Atiku for the Supreme Court to overturn the presidential election,” Ebo said.

Rafiq Raji, chief economist at Macroafricaintel, said “he [Atiku] has chosen to go through the proper legal process and that is a plus for the economy”.

“Of course, had Atiku conceded, it would have been a relief for likely fatigued political actors. The expression of his grievance in a civilised manner is also likely a great relief

to everyone,” Raji said.

“Atiku should go to court but he should also ask Buhari the outcome of his court cases on the elections preceding 2015. Buhari probably knew it will result to court issues, maybe that’s why there are issues with the former CJN in the first place,” a political analyst familiar with the issue told BusinessDay on condition of anonymity.

BusinessDay checks show that in 2003, 2007 and 2011 when he lost his presidential bid, Buhari had gone to court to challenge and overturn the outcome of the polls but failed.

On how the court issue may impact investors’ sentiment, Teriba of Economic Associates said an inconclusive election would have had a negative impact on investors’ sentiment. But once the election was conclusive and “a winner has emerged”, investors “will do business with the winner”.

Ayo Akinwunmi, head of research, FSDH Merchant Bank, said Atiku’s decision to go to court was better than asking his supporters to go to the street for demonstration because he didn’t win.

“I have trust in the judiciary. So if he has grievances about the outcome of the election, he has chosen the best medium to seek his result,” Akinwunmi told BusinessDay by phone.

Friday 01 March 2019

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Court stops Rivers Mining APC’s alternative party, commences Accord Party in Benue with geophysical survey IGNATIUS CHUKWU JOSEPH MAURICE OGU

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ymbol Mining commenced Induced Polarisation (IP) ground geophysical survey at its Macy Mine site, Benue State, recording encouraging initial results.

“We are extremely encouraged to see highquality targets appearing very early in the programme in and around the Macy Mine,” Tim Wither, CEO, Symbol Mining Limited, said.

The geophysical survey, contracted to SAGAX Afrique SA, aims at “directly targeting sphalerite mineralisation around the Macy Mine in Benue,” Wither said.

Initially unaware of the strike spanning 250m length underneath, the company will develop a drill mechanism to deal with the strike in the future.

“We will be developing a drill programme in the near future to test the 250m strike length north of the Macy Pit and the unusual chargeable unit, which has been observed below the pit area that we were previously unaware of,” Wither said.

Recall that Symbol Mining exported its 10 containers’ shipment in December 2018, just a month after commencing Macy Mine project in Benue.

Symbol Mining is an Australian company currently operating in Benue State through its subsidiary company, Imperial Joint Venture.

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federal high court in Port Harcourt has blocked the next bus stop where the All Progressives Congress (APC) in Rivers State eyed to move force to dethrone Governor Nyesom Wike in the fast-approaching governorship elections.

The court ruled on Thursday, that Duma Lulu-Briggs was not the dully nominated candidate of the Accord Party (AP) and should not parade himself as so henceforth.

Instead, the court said Precious Baridoo was the legally nominated candidate, saying by the time the AP conducted its primaries, that Duma was still a member and contestant in the APC. Duma had rejected the consensus nomination of Tonye Cole and insisted on a contest.

The APC in Rivers State thus conducted indirect primaries, which Cole won. Thereafter, Dumo decamped and immediately picked the ticket of the Accord Party. Now, the court says he hijacked the ticket and ordered INEC to return the ‘stolen’ ticket to Baridoo.

With this development, the threat emanating from the AP may have fizzled out as the APC can no longer rally round Duma in Accord to attempt to dethrone Wike.

The lawyers to Duma have indicated intention to proceed to the Supreme Court but time may be lost before anything good may come out of it.

The APC has however continued to rally members saying they were sure to return to the ballot. Inside sources also said they had no intention of adopting Duma and AP as alternative base to fight for the governorship election in the state.

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BUSINESS DAY

With Buhari’s re-election: NNPC charges investors to utilise Nigeria’s $48bn oil/gas investment opportunities OLUSOLA BELLO & HARRISON EDEH

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ith the presidential election concluded and President Muhammadu Buhari re-elected, the Nigerian National Petroleum Corporation (NNPC) has called on investors to take advantage of the $48 billion investment opportunities in the oil and gas industry in the country.

It is believed that with the re-election of President Buhari, government policies in oil and gas industry would be consistent for investors to take advantage of.

Maikanti Baru, group managing director (GMD), NNPC, made this call while speaking at a panel session on the topic ‘Insights on Future Exploration Hotspots: Opportunities for Africa’s Oil & Gas Industry’ under the sub-theme ‘The New Frontier for Africa’s Oil & Gas’ at the 2019 International Petroleum Week conference that began in London, Wednesday.

Reeling out the potentials of Africa’s oil and gas industry, the NNPC GMD said the continent’s energy outlook was looking positive amid difficult operating and economic headwinds.

He explained in a statement issued on Thursday that over 41 billion barrels of oil and 319 trillion cubic feet of gas were yet to be discovered in sub-Saharan Africa alone, while between 2008 and 2017, exploratory success in the sub-region was at least 45 percent.

According to Baru, there has been a surge in the cap-

R-L: Kenneth Amaeshi from the University of Edinburgh Business School, and Godwin Ehigiamusoe, MD/CEO, LAPO Microfinance, Nigeria’s largest microfinance bank, after an International Summit organised by Global Alliance for Banking on Values (GABV) held from February 19-20, 2019 in Vancouver, British Columbia, Canada, themed - “Migrant, #metoo and melting icecap... Redefining banking for a radically different future”.

ital expenditure (CAPEX) across Africa’s oil and gas sector, with close to $194 billion earmarked to be spent between 2018 and 2025 on 93 upcoming oil and gas fields in Africa.

“Out of this $194 billion, Nigeria accounts for $48.04 billion (over 24.8%) of the total CAPEX coming into upcoming projects in Africa over 2018 to 2025, with over 20 planned projects,” he stated.

He observed that 23.8 percent of the CAPEX in Africa would be spent in Mozambique, 11.3 percent in

Angola while about 29.2 percent would be spent in Tanzania, Senegal, Mauritania, Uganda, Egypt, Algeria and Kenya combined.

He informed that with over 14 oil producing countries, Africa currently accounts for 7.5 percent (126.5bn barrels of crude oil) and 7.1 percent (488Tcf of gas) of global proven oil and gas reserves, respectively.

He maintained that in terms of production, the continent accounted for 8.7 percent (8.1 million barrels per day) of global oil

production and 6.1 percent (21.8bscfd) of global gas production, even as it consumed 4 million barrels of oil per day and 13.7bscfd of gas (equivalent to 4.1% and 3.9% of global oil and consumption, respectively).

Shedding more light on investment opportunities in Nigeria, he observed that the NNPC’s Frontier Exploration Service was currently drilling the Kolmani River-2 Well where desktop estimates revealed that about 400Bcf of gas was expected to be encountered.

Obadiah Mailafia congratulates Buhari on his Oduah expresses gratitude to constituents for re-electing her must say that this is the issue According to Oduah, her re-election, cautions youth on provocative celebration that is very dear to my heart. re-election for second tenOWEDE AGBAJILEKE, Abuja

JOSEPH MAURICE OGU

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residential candidate of the African Democratic Congress (ADC), Obadiah Mailafia, has congratulated President Muhammadu Buhari on his re-election at the recently concluded elections.

“I express my profound warm congratulations to the winner of the recently concluded elections, President Muhammadu Buhari and wish him better health and more wisdom as he prepares to steer the affairs of our great country for another four years,” Mailafia said while addressing newsmen in Abuja, yesterday.

Mailafia acknowledged challenges in the electoral process, he however believed the process could be improved in the future, as he remained committed to Nigeria’s course.

“The election process was by no means perfect.

There were egregious anomalies in several polling stations,” Mailafia said, adding that “despite these challenges, we remain democrats and we remain fervent believers in the New Nigeria Project.”

The presidential candidate whose party, ADC, came fourth in the electoral process cautioned supporters of the ruling party, especially the youths, to celebrate their

victory with moderation.

“We severely frown at the post-election provocative behaviour of youths carrying daggers, sticks and other dangerous weapons in the streets, all in the name of celebration,” Mailafia cautioned.

He called on everyone to look beyond the narrow confines of party affiliations and rally together so as to put Nigeria in the path of prosperity and strengthening of democracy.

“It’s time for Nigerians to reinvent our country as a prosperous and responsible democracy governed by the precepts of the rule of law, human rights, social justice, progress, enlightenment and solidarity,” he said.

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enator representing Anambra North in the National Assembly, Stella Oduah, has expressed gratitude to her constituents for re-electing her in the just concluded National Assembly election.

Oduah, who chairs the Senate Committee on Cooperation and Integration, stated this in a statement on Thursday.

The People’s Democratic Party (PDP) lawmaker pointed out that she would use her second term to tackle the menace of drug abuse ravaging the area.

In a statement, she said: “In the coming days, I would be setting up a think tank to look into the areas of drug dependency, abuse currently ravaging our land; and I

We must save the young generation.

“I use the opportunity of my numerous campaign to stop and witness first hand the cancer that is damaging our youths and how we can curb all that.

“My dear people, my brothers and my sisters, your endorsement will spur me to do more, and I call on all well meaning members of this Anambra Senatorial District to please join hands with me as we set out to give Anambra North another wonderful four years of purposeful representation.”

The former aviation minister called on those who lost at the election to join hands with her to improve the living standard of people in the senatorial district through quality representation.

ure was proof of God’s love for her and her people.

“It is also pertinent to note that despite my strive in infrastructural development that has ensured that we have a well-constructed and rehabilitated countless roads, schools, police stations, boreholes, street lights etcetera, the one thing that really gets me excited is ameliorating the plight of the downtrodden in our midst.

“It is in this regard that I spent four years pursuing a vigorous programme that has seen an immeasurable number of widows being engaged in training and different programmes that has cumulated in giving them seed money to start businesses which they have been successful at,” she said.

40 BUSINESS DAY NEWS

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L-R: Hamzat Lawal, CEO, CODE; Kevwe Oghide, information officer, CODE, and Hauwa Hadejia, founder, Silver Living Initiative, during the media briefing on the Outcome of 2019 Presidential Election in Abuja.

Pic by Tunde Adeniyi

Edo communities applaud Obaseki on remodelling of public schools … as APC targets assembly dominance, woos voters with Obaseki’s achievements

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s remodelling work progresses on the 230 public primary schools across Edo State, residents in some of the schools’ host communities have applauded Governor Godwin Obaseki for sustaining reform of basic education.

A cross-section of residents in some of the communities who spoke with the press said steps by the state government to revamp the schools would complement the deployment of Information Communication Technology (ICT) to improve learning outcomes in the basic education sector.

A retired school admin-

istrator in Ugbiyoko, Daniel Otinua, described the intervention of the state government as timely and strategic in transforming public education at the basic level, noting, “With the training of 7000 teachers on modern methods of teaching, it is only logical that schools where the modern technological tools are deployed, be remodelled to ensure children learn in a conducive environment.”

According to a parent in Evbuotubu axis of Benin City, Monica Osunde, the governor deserves to be encouraged as he has shown uncommon commitment to restoring the lost glory of basic education in the state.

Facebook, MainOne partner on metro internet infrastructure expansion in Edo

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iding on the wave of Edo State governor, Godwin Obaseki’s reforms in investment promotion and determination to build a robust technology ecosystem in the state, global technology giant, Facebook, has invested in providing broadband internet in Edo State, in partnership with MainOne, a submarine cable system operator.

The investment is part of a 750km terrestrial fibre infrastructure project being implemented by the two companies in Edo and Ogun states. The project would provide an openaccess transport network for metro fibre connectivity to reach more than 1,000,000 people in over 12 cities, including Benin City.

Governor Obaseki-led government has prioritised technology as one

of the cardinal pillars of his reform agenda in Edo State, introducing Information Communication Technology (ICT)-compliant pedagogy in primary schools; building the Edo Innovation Hub, where school leavers and graduates undergo beginner and advanced training in technology, as well as revamping technical education to increase productivity.

The new internet infrastructure by Facebook and MainOne will connect mobile operators’ base stations, Internet Service providers (ISPs), Points of Presence (POPs), and public locations including schools and hospitals.

In Benin City, extensive work has been done in laying the cables, as manholes with MainOne markings now dot different parts of the city, indicating that fibre cables lay underneath.

“From what I see being done in one of the schools, children will get the best from the schools. I thank the state government for approving the 230 schools for refurbishment.

“After the renovation work, my children will have the chance to return to their school. We are really happy that schools are being worked on. It is not every government that places this emphasis on primary schools. It is worth commending,” she said.

Favour Ikponmwosa, who lives in Egor area of the state, expressed appreciation to the governor for listing Eweka Primary School among the schools in the

first phase of the renovation work, saying, “I thank Governor Obaseki for remembering our children.”

Meanwhile, the state chapter of All Progressives Congress (APC) says it intends to retain its influence in the House of Assembly by winning all or most of the seats to sustain the programmes and policies of the Obaseki-led administration.

The state deputy governor, Philip Shaibu, who said this at a rally to celebrate President Muhammadu Buhari’s victory, urged members and supporters of the APC to come out en masse and vote for the party’s House of Assembly candidates.

NSE market capitalisation decreases further

by N196bn on election outcome

T

rading on the Nigerian Stock Exchange (NSE) on Thursday continued to react negatively to the outcome of the presidential election with the market capitalisation losing N196 billion to close below N12 trillion mark in February.

The News Agency of Nigeria reports that the market capitalisation for last trading day in February shed N196 billion or 1.63 per cent to close at N11.828 trillion against N12.024 trillion on Wednesday, despite dividend of N16 declared by Dangote Cement.

Specifically, the market capitalisation shed N196 billion or 1.63 percent to close at N11.828 trillion compared with N12.024 trillion achieved on Wednesday.

In the same vein, the All-Share Index lost 525.54 points or 1.63 percent to close at 31,728.70 when compared with 32,244.24 recorded on Wednesday.

A market analyst, Ambrose Omordion, attributed the development to investors’ disappointment over the outcome of the elections. Omordion said smart investors that took position earlier in the market ahead of the presidential election and earnings seasons were disappointed.

He said the outcome of the election failed to meet their expectations with many of them resorting to profit taking and movement of funds to the fixed income market with high interest and lower risk.

According to Omordion, investors are dumping their shares in spite of impressive earnings reports and high yields.

He said that apart from the outcome of the elections, everything was against the stock market ranging from delayed budget, expiration of the tenure of Central of Nigeria (CBN) governor by June.

@Businessdayng

Friday 01 March 2019

Nigerian firms visit France to explore new trends in agric, technology SEGUN ADAMS

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romosalons Nigeria, the exclusive representative of SIMA Paris in Nigeria, leads a mission of Nigerian firms and organisations on international agricultural trade shows in France - SIMA Paris 2019 and Salon International De L’Agriculture (SIA).

Organisation of the outing involved collaboration with the Lagos Chamber of Commerce and Industry (LCCI) for the two events; the SIMA Paris 2019, held from February 24 to 28, and the Salon International De L’Agriculture is ongoing in Paris, till March 3.

According to Akin Akinbola, managing director/ CEO, Promosalons Nigeria, Cameroon and Gabon, some of the firms and organisations include Federal Ministry of Agriculture and Rural Development, Boslan Agro Services, Scoa Nigeria plc, Agro Nigeria Magazine, Gorine Energy Limited, Tamtek Global Business, Premier Seed Nigeria Limited, Fortune Agricultural Services, among other experts in the agribusiness.

The SIMA Paris 2019, a biennial event, showcased the latest technology, in-

novation and trends in agriculture to the Nigerian delegates and provided them an ideal avenue to explore numerous options in attaining developmental strides in the agric sector.

More so, the Nigerian business delegates were provided the opportunity to interact, exchange ideas and contacts with other professionals in the agric industry from around the world.

In keeping with its theme of “Innovation for competitive agriculture,” SIMA Paris 2019 at Paris-Nord Villepinte Exhibition Centre, showed two spaces offering centre stage to 34 young companies and to innovation and new technology for the farming world on the theme ‘Startup Village,’ which would act as a springboard in helping young companies emerge among the big market names, Akinbola said.

Thirty-four start-ups including businesses that leverage ICT to aid farming operations, drone technology and robotics businesses, online stores were expected to benefit from the platform.

Agriconomie, Aptimiz and Carbon Bee were notable mentions among the numerous brilliant start-ups that create value along the various lines of the agric industry.

Governing bodies need to adapt to changes in world sports - report

I

nternational sports federations must adapt to the rapid transformation in world sports, including growing athlete autonomy, or risk losing control of the industry, a report said on Thursday.

The report, titled “The Future of Sport,” was conducted by the Association of Summer Olympic International Federations (ASOIF), which groups the games’ governing bodies.

It is primarily based on an aggregation of opinions from direct interviews with influential people and leaders from a variety of backgrounds related to sports, business and public authorities, ASOIF said.

It said world sports, affected by rapid urbanisation, population growth and scarce resources among others, were also being reshaped. This development is by an increase in athletes’ autonomy, private investment and digital media, as well as powerful athletes operating almost as commercial entities.

“The motivation is to understand a bit better what will happen in the future of global sports,” ASOIF President Francesco Ricci Bitti said on a conference call on

Thursday.

“We believe the results (of this report) will help international federations better understand, anticipate and react to the changes and trends confronting them. In fact, some of the outlined future scenarios may serve as a wake-up call.”

Recent doping and corruption scandals have hit major federations, including that of football (FIFA) and athletics (IAAF) among others.

Russia saw its own major doping affair following the 2014 Sochi Winter Olympics, compromising the credibility of anti-doping efforts.

Athletes in several countries are also demanding more rights and a bigger share of profits from major competitions while also seeking to set up organisations that rival international federations. This is as in the case of swimming or basketball.

On Wednesday, German athletes scored a major victory over the International Olympic Committee (IOC), earning more advertising rights during the Olympic Games following a German Cartel Office decision.

Friday 01 March 2019

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Trump and Kim fail to reach denuclearisation deal Hanoi summit abruptly cut short on second day of talks Demetri Sevastopulo, John Reed and Song Jung-a

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onald Trump has f a i l e d t o s e c u re a deal with North Korean leader Kim Jong Un in Hanoi as the leaders cut short a summit designed to revive the path to denuclearisation they agreed in Singapore.

At a press conference following his talks with the North Korean dictator, Mr Trump on Thursday said the leaders had made progress since they met in Singapore in June last year. But he said the US could not accept a North Korean demand that it lift all sanctions at this point.

“They wanted the sanctions lifted in their entirety and we couldn’t do it,” Mr Trump said.

“He had a certain vision, and it is not exactly our vision. But it is a lot closer than it was a year ago, and eventually I think we will get there, but for this particular visit we decided that we had to walk.”

The outcome was a disappointment for the White House, which had told reporters that Mr Trump and Mr Kim would hold a signing ceremony on Thursday to announce a deal. The ceremony and a lunch for the leaders were cancelled after the talks hit turbulence

over the question of sanctions.

Dennis Wilder, the top Asia adviser to George W Bush during the six-party denuclearisation talks, said it was “unprecedented . . . to have a presidential summit cut short in this manner”.

“Asians are sticklers for protocol, and cancelling the lunch almost certainly came from the US side. This is the danger with top-down rather than bottom-up diplomacy,” Mr Wilder said, referring to the fact that Mr Trump was trying to use his unusual bond with Mr Kim to manage the process himself.

For a president reluctant to admit failure, Mr Trump was quite frank about the reasons for the deal’s collapse. He said North Korea had agreed to destroy Yongbyon, its main nuclear complex, which houses plutonium and uranium-enrichment facilities to produce fissile material for weapons.

But Mr Kim was unwilling to destroy other facilities, including a clandestine uranium-enrichment complex that the US wanted dismantled before easing the crippling UN sanctions on Pyongyang.

Mr Trump said that Yongbyon, “while very big . . . wasn’t big enough” to justify removing sanctions. He added that the US had uncovered other things, including

Donald Trump speaks at a Hanoi news conference on Thursday after his summit with North Korean leader Kim Jong Un, as US Secretary of State Mike Pompeo looks on © AP

a clandestine uranium-enrichment facility that North Korea has never publicly acknowledged, which it would need to tackle to get relief.

“I think they were surprised that we knew,” Mr Trump said.

North Korea later pushed back at the explanation provided by Mr Trump. According to Reuters, Ri Yong Ho, the country’s foreign minister, told reporters that North Korea had offered to destroy all its plutonium and uranium facili-

ties — not just Yongbyon — and that Mr Kim had only asked for a partial, not full, easing of sanctions in return.

Victor Cha, a North Korea expert who negotiated with Pyongyang during the Bush administration, said the outcome in Hanoi was a big setback for efforts to denuclearise the Korean peninsula.

“This summit was a failure. It’s better to have no deal rather than a bad deal but never should have been in this position. Now there

is no clear path forward.,” said Mr Cha, who was tapped by Mr Trump to serve as ambassador to South Korea before he was cast aside for privately voicing concerns about signs that the administration was gearing up for a military strike on North Korea in 2017.

Kim Jae-chun, a professor at Sogang University in South Korea, said the result was a “total failure” since the leaders had not agreed “even a small deal” that had been expected.

US economic growth loses steam in fourth quarter EU scrambles to stop Russian interference ahead of May elections Gross domestic product rises at annualised rate of 2.6% for final three months of 2018

Sam Fleming and Pan Kwan Yuk

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he US economic rebound lost some of its vigour in the final months of 2018 as consumers reined in spending growth and residential investment shrank for the fourth quarter in a row.

Gross domestic product rose at an annualised pace of 2.6 per cent during the fourth quarter — a solid reading but slower than the robust 3.4 per cent and 4.2 per cent expansions clocked respectively in the previous two quarters. The full-year growth rate of 2.9 per cent marginally undershot the 3 per cent target that has been touted by US President Donald Trump.

The commerce department report, delayed by a 35-day partial shutdown of the government that ended on January 25, will leave the Federal Reserve determined to keep rates unchanged, as it gauges how heavily slowing growth in China and Europe, coupled with dwindling fiscal stimulus, will drag on the US in 2019.

Inventory investment, which underpinned growth in the final quarter, may unwind in the coming months, depressing growth early this year. On top of that, the fiscal stimulus that Congress approved in late 2017 and early 2018 will begin to peter out, further weighing on the expansion.

Megan Greene, chief economist at Manulife Asset Management, said the fourth-quarter numbers were “respectable”, but she predicted the first three months of 2019 will be a “much slower quarter for growth.”

“We should have expected the US to decelerate towards its potential

growth,” she added.

Thursday’s growth reading was somewhat firmer than Wall Street’s expectations for 2.2 per cent annualised growth. Consumer spending, which accounts for over two-thirds of the economy, grew at an annual rate of 2.8 per cent in the fourth quarter, slower than the pace of 3.5 per cent in the third quarter and weaker than the 3 per cent that analysts had forecast.

Private domestic investment grew at a 4.6 per cent rate, down from 15.2 per cent from the third quarter. Within that category, spending on intellectual property was buoyant, rising at an 13.1 per cent pace, but the housing market remained a major weak spot.

Residential investment shrank at a 3.5 per cent pace in the final three months of 2018. As a result, last year saw the first string of four uninterrupted quarters of declines since the depths of the financial crisis, said Harm Bandholz of UniCredit in New York.

The housing market, he said, was being held back by affordability problems as well as the impact of past interest rate increases. He expects a broader weakening in the US economy in 2019 and 2020. “The stimulus impact will fade, the labour market is slowing down, and corporate balance sheets look weak. We think growth will slow down quite a bit this year and in 2020,” he said.

Discussing the US prospects on Thursday, Fed vice-chairman Richard Clarida said his “baseline outlook” for growth, employment, and inflation remained positive, but he reiterated the central bank’s focus on crosscurrents, including slowing Chinese and European growth, as well as volatile financial conditions.

Cyber security experts report sudden uptick in state-sponsored hacking activity Henry Foy , Madhumita Murgia and Michael Peel

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ussian hackers have sharply stepped up a campaign to disrupt EU elections in May, leaving EU officials and tech companies scrambling to muster a response.

Three senior diplomats said the bloc expected Russia-based organisations to attempt to try to influence the vote in 27 member states for new members of the European Parliament by hacking into institutions and spreading fake news.

“We know that they are already attempting to make mischief and, in turn, we are preparing for it,” said one diplomat on condition of anonymity.

US security officials are also concerned that Russian groups could use the vote as a testing ground for potential strategies that could be deployed in next year’s US elections, they added.

Cyber security experts say there has been a sudden uptick in Russian state-sponsored hacking activity against European governments, media and civil society organisations in recent months.

Ben Read, head of cyber espionage analysis at US cyber security company FireEye, said it had seen “extensive targeting of European media and governments” in the past six months.

“It’s mostly malicious targeting of foreign and defence ministries of Nato member states, but also Ger-

man media, for instance,” he said.

paigns to boycott the vote.

EU officials say that the rise in nationalist, far-right and fringe groups across the bloc has increased the potential for disinformation efforts through social media, while a weakening of the three main party alliances that have dominated European politics in recent decades has made the ballot a critical vote on the future of the Union.

Brussels is scrambling to build up a bloc-wide early warning system of disinformation attacks in member states, although many diplomats are sceptical that it will be effective, given the wide range of views about Russia and the importance of antipropaganda efforts across the EU. In 2016, the EU, which does not have its own intelligence service, set up what it calls a “hybrid fusion cell” to gather information from member states on potential attacks including cyber hacks.

Staff at the hybrid fusion cell have used classified and open-source information to produce more than 100 assessments and briefings to share within the EU and its member states, according to an EU paper last year, but the bloc declined to disclose further information about the cell’s operations or findings.

Fabrice Pothier, a senior adviser on the Transatlantic Commission on Election Integrity, said that Macedonia’s referendum last year on changing its name was seen as an example of what might be in store for the EU election. Alleged Russian activities there ranged from paying people to protest, to organising online cam-

“It’s never a straightforward onetool strategy,” Mr Pothier said. “It’s quite diffuse.”

Mr Pothier added that those combating hacking and meddling saw alleged Russia-backed activities in Ukraine as a bellwether for strategies likely to be seen elsewhere.

“The testing ground for these kind of techniques is Ukraine,” he said.

“There are clearly many gaps in our defences.”

Defence and security analysts have long warned that Moscow has been using Ukraine, and the simmering conflict in the country’s east, as a laboratory for new cyber warfare and psy-ops techniques.

“Western democracies are under threat from outside meddling, and Ukraine is the testing ground for this interference,” wrote former US assistant secretary of state David Kramer in an Atlantic Council report late last year. “The Russian Federation first tested many . . . strategies and techniques in Ukraine.”

The Russian government has consistently denied meddling in foreign elections or supporting hacking groups.

“It is like a sport to accuse Russia of interfering, whenever elections are held. It is starting to be ridiculous,” said one Kremlin official, adding that Vladimir Putin, Russia’s president, had made multiple attempts to establish a joint organisations between Russia and western countries to combat hacking. “No single country can effectively stop hackers. We are all victims of it,” the official said.

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NATIONAL NEWS

FT Michael Cohen testimony sees pressure grow on Trump

Mali’s ‘astounding’ community health programme should be emulated Rudimentary interventions can dramatically cut child mortality

Congressional investigators to focus on president’s business dealings and 2016

David Pilling

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Courtney Weaver and Kadhim Shubber

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S Democrats are vowing that the marathon appearance of Donald Trump’s former fixer before congressional investigators is just “the beginning”, heralding intensifying scrutiny of the president’s businesses and his 2016 campaign’s relations with Russia.

During a full day of testimony before the House oversight committee on Wednesday, Michael Cohen, Mr Trump’s one-time lawyer, described how he had helped his former boss skirt the law to bolster his cheque book, his campaign and his marriage.

Mr Cohen provided documentary evidence to back up his claims, pointed to possible corroborating witnesses and teased his audience with the possibility of a hitherto unknown investigation into Mr Trump’s dealings by federal prosecutors in Manhattan.

“Mr Cohen’s testimony is the beginning of the process — not the end,” declared Elijah Cummings, who became chairman of the oversight committee after Democrats wrested control of the House of Representatives in last year’s midterm elections.

Republicans responded with attacks on the character and credibility of Mr Cohen, who is set to begin serving a three-year prison sentence in May after pleading guilty to crimes including lying to Congress. They accused him of taking part in a Democratic conspiracy to take down the president and gain a book deal in the process.

But Republican analysts were struck by the lack of factual rebuttals by members of their party on the House panel as Mr Cohen described the president as a “racist”, “conman” and “cheat” who pursued a business deal in Russia during the 2016 presidential race and reacted with joy when he received advance word that WikiLeaks was about to publish hacked Democratic National Committee emails.

Of particular concern to senior Republicans was the amount of detail provided by Mr Cohen and the fact that he is co-operating with federal prosecutors in the Southern District of New York as well as Robert Mueller, the special counsel investigating alleged Russian interference in the 2016 US elections.

“The words that he [Mr Cohen] said today that would send a chill up my spine at the White House would be: ‘I am in constant contact with the Southern District’,” Chris Christie, the former Republican governor, federal prosecutor and one-time head of Mr Trump’s transition team, told ABC News.

Mr Cohen said prosecutors in the Southern District, which includes Manhattan, were looking into his last communication with Mr Trump, which he said had occurred roughly two months after investigators had raided Mr Cohen’s home and office.

“This topic is actually something that’s being investigated right now by the Southern District of New York,” said Mr Cohen in response to questions by Raja Krishnamoorthi, a Democratic representative from Illinois.

Friday 01 March 2019

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President Muhammadu Buhari. Nigeria’s elections have been heavily criticised, with several allegations of vote-rigging and broader criticisms of the process © AP

As Muhammadu Buhari wins again, Nigeria’s young fear for their futures The president’s re-election will not quell concerns about the state of the economy Laila Johnson

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n the early hours of Wednesday morning, Nigeria’s electoral commission formally declared that President Muhammadu Buhari had been re-elected, securing a second term. However, concerns remain about attempts at voter suppression, especially of the young.

Last year, I registered for my permanent voters card, or PVC, ahead of the elections. And come election day, I arrived at my polling station shortly after eight o’clock in the morning. I was expecting voting to have already begun, but the materials required for the process had not yet arrived. After two hours of standing under the scorching February sun, voting finally commenced.

It soon became clear that the card readers meant to verify our PVCs, and so allow us to vote, were faulty. Fortunately, I was allowed to register manually and continue with the process, but not everyone was so lucky.

Since 2007, Nigeria’s elections have been heavily criticised by both domestic and international observers, with several allegations of vote-rigging and broader criticisms of the process. With

more than 50 per cent of voters in Nigeria aged between 18 and 35, this is a problem that has particularly affected the young.

Meanwhile, the two main candidates in this presidential election, Mr Buhari and former vice-president Atiku Abubakar, were both over the age of 70.

This exacerbated an already deepdisconnect between young people and the political process.

Despite the passing in 2017 of a “not too young to run” law that lowered age limits for political office, the perception remains that in Nigeria you are never too old to rule.

Many young Nigerians are also poorly informed about politics, believing the election to be a two horse race. I spoke to a young man who asked to remain anonymous. He voted for Mr Abubakar. “I voted for Atiku because I felt there was no credible third force. I did not feel there was anyone genuine enough for me to vote against the dual system that Nigeria has created.

I am actually more in support of Buhari than I am of Atiku, but for the sake of democracy and showing leaders that if you don’t succeed we will vote you out, I gave my vote to Atiku.”

Many young people believed

that a win for Mr Abubakar would be a win for democracy.

They have suffered as socioeconomic conditions worsened during Mr Buhari’s first term.

Although Mr Buhari inherited a number of problems, notably Nigeria’s heavily depleted foreign reserves, from the previous administration of Goodluck Jonathan, it is widely believed that the current president’s policy choices have made them worse.

An example is his failure in 2018 to sign the African Union Free Trade Agreement, which many believed would have helped to boost the Nigerian economy through trade partnerships with neighbouring countries.

The question, now that Mr Buhari has been re-elected, is whether things will change or remain the same. A rapid increase in youth unemployment and Nigeria overtaking India as the country with the largest number of people living in extreme poverty suggest that young people’s fears are being validated.

It is vital, therefore, that the young play an active role in shaping the country’s future.

In doing so they can show that the highest office in the land is not that of president, but that of citizen.

Goldman hires 100 staff for new cash management business US bank tries to steal market share from Citi and JPMorgan and diversify earnings Laura Noonan

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oldman Sachs has hired 100 staff for its fledgling corporate cash management business, as the Wall Street bank rushes to steal revenues from Citigroup and JPMorgan Chase.

A person familiar with the situation told the Financial Times that Goldman had already recruited about a third of an initial 300-person target for the venture, which was announced in January.

Goldman pledged to use cuttingedge technology to tackle the “pain points” its investment bank clients encounter with traditional providers of services to handle payments and surplus cash.

Winning even a small market share from incumbents such as Citi and JPMorgan would advance Goldman’s quest of further diversifying earnings from its traditional — and volatile — base of investment banking fees and trading.

Cash management also offers Goldman access to a new funding source — clients’ operating deposits — which is cheaper than the wholesale money that makes up 60 per cent of Goldman’s existing funding base.

A clutch of ads has recently appeared on professional network LinkedIn soliciting applications for everything from engineers to fraud experts who want to work for a cash management venture that “combines the strength and heritage of a 148-year-old financial institution with the agility and entrepreneurial spirit of a tech start-up”.

The person familiar with the situation said about 100 people have already been hired, mainly from engineering disciplines. Many of them have previously worked for fintech groups. The bank will add another 200, spread across London, New York and Bengaluru, in India, the person added.

The bank has not formally named a head for the cash management business. Former JPMorgan commercial banking technology executive Hari Moorthy, who joined Goldman as a partner last April, is seen as a leading candidate.

Goldman declined to comment on its cash management hiring.

On the bank’s January earnings call, David Solomon, chief executive, said Goldman was already six months into a two-year programme to build the cash management business, putting it on track for a full launch in 2020, four years after Goldman entered the retail banking market with the launch of online bank Marcus.

Marcus, including money management service Clarity Money, now has 3m customers and $35bn in deposits, though it is still not significant enough for Goldman to publish separate financial data on its quarterly earnings.

n the outskirts of Bamako, the capital of Mali, Tenindie Samake is making the rounds of the Yirimadio neighbourhood.

In the courtyard of a concreteblock house, she measures the arm diameter of a skinny child, determining that he is borderline malnourished. In another compound, housing 11 families, the kids look scrawnier still. One has an eye infection, so Ms Samake advises treatment with eucalyptus leaves or expressed breast milk.

In a third house, where there are no obvious health problems, she talks generally about monitoring symptoms, such as fever or diarrhoea, and asks the mother discreetly about contraceptive arrangements.

These recommendations look rudimentary. But their impact has been nothing short of astounding.

In the seven years since these interventions started, deaths of children under five have plummeted from 148 per thousand, among the worst in the world, to seven — almost identical to the US. The key is Ms Samake and hundreds of community health workers like her. A local resident, she has been trained to go doorto-door looking for signs of childhood diseases such as diarrhoea, malaria, and pneumonia. The idea is to act proactively, rather than waiting for children to come to health centres. Sickness is nipped in the bud. Patients are treated at home or referred to clinics. Crucially, treatment is free.

These are early days. The work has not yet been subjected to a randomised control trial. But Ari Johnson, assistant professor at the University of California San Francisco, who is leading this study, thinks it could have revolutionary implications for healthcare worldwide.

One likely impact would be to reduce the number of children women choose to have. Mali has the fourth-highest fertility rate in the world, at six babies per woman. Countless studies suggest that, if mothers know their children will survive, they have fewer.

These theories will now be tested on a nationwide canvas.

Mali’s government this week announced it would provide free primary healthcare to all pregnant women and children under five nationwide. It will also offer free contraception and employ community health workers like Ms Samake across the country.

The experiment marks a sharp reversal. Africa, over the past three decades, has seen a relentless shift towards requiring patients to pay “out of pocket” for medical care. Under the Bamako Initiative of 1987, also signed in Mali, governments agreed to charge for primary healthcare. Their decision came as a result of pressure, often external, to slash spending.

For healthcare, perhaps predictably, the results have been tragic. True, people across the continent are healthier and live longer than before. But many studies suggest they would have been healthier still if fees weren’t preventing the poor from accessing healthcare.

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US and France accelerate plans to make global tech groups pay tax Finance ministers agree on need for international minimum corporation tax level Victor Mallet and Rochelle Toplensky

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he US and France have said they want industrialised countries to reach a deal on global tax reform this year to ensure that tech companies pay reasonable levels of corporation tax in the countries where they operate.

Steven Mnuchin, US Treasury secretary, and Bruno Le Maire, French finance minister, said in Paris that they were accelerating talks at the OECD to find a solution a year earlier than previously envisaged.

Last month the OECD announced it expected to agree a solution by the end of 2020.

France has been one of the most vocal proponents of finding ways to generate more tax receipts from digital and tech companies where they make their sales, rather than where taxes are low and employees, offices and other corporate assets are located. A French national tax on the local revenues of companies such as Facebook and Amazon is due to be introduced shortly.

Mr Mnuchin said he opposed the French tax and said the issue went beyond digital companies.

But he said on a visit to Paris that he was “sympathetic” about the French dilemma.

“We’ve both instructed our teams at the OECD to try to have this issue resolved,” he said. “We are very much looking forward to the position of France that if there is a global solution at the OECD, that that would replace [the French tax],

so we are hopeful that we can resolve this issue this year together.”

In December, France and Germany abandoned plans for the EU to impose a wide-ranging digital tax on tech companies in favour of a narrow levy on online advertising sales that would probably exclude Amazon and Apple.

Mr Le Maire on Thursday appeared to abandon even this more modest European proposal — opposed by Ireland, Sweden and Denmark among others — conceding that it would not be agreed by Eurozone finance ministers at the next meeting in March.

“We can find a new agreement so that there is a common Europe position at the OECD and, with the support of the US, we can have digital taxation proposed at the international level at the OECD between now and the end of 2019,” he told Public Sénat television.

Mr Le Maire described Mr Mnuchin’s stance as “excellent news” and recalled that France had been mocked when it first proposed the idea in the interests of “fiscal equity, fairness and efficiency”. He added: “Things are moving, and so much the better.”

Mr Mnuchin and Mr Le Maire also agreed on the need for an internationally adopted minimum level of corporation tax, which is being discussed by the G7 group of big democracies.

“That’s something we absolutely support,” said Mr Mnuchin, talking of the need to avoid “a chase to the bottom” by nations seeking to attract investment with low tax rates.

Steven Mnuchin, US Treasury secretary, and Bruno Le Maire, French finance minister, said they were accelerating talks at the OECD to address the issues of tech tax © EPA

World Bank gives DR Congo $80m for Ebola battle Payment includes $20m from innovative pandemic emergency facility Kate Allen

T

he World Bank has given the Democratic Republic of Congo $80m in grants to help its fight against the latest Ebola outbreak.

The funding included $20m from the Bank’s innovative pandemic emergency financing facility, which was set up in 2017 to channel private investment capital into the development aid sector.

The remainder came from World Bank group member the International Development Association, which funds low-income countries.

The World Bank paid the DRC an initial $11m of grants from the PEF last summer, when the deadly infectious disease first took hold.

There have been 807 confirmed cases of Ebola so far and 483 people have died, according

to charity Medecins Sans Frontieres.

World Bank Group interim president and chief executive Kristalina Georgieva said the fresh disbursement of funds “ensures that lifesaving work can be urgently scaled up, and that lack of funding is not a constraint”.

Oly Ilunga Kalenga, DRC health minister, said the fresh funding “allows us and our partners to concentrate fully on fighting Ebola and protecting the health of our citizens”.

The PEF consists of a cash window — which financed Thursday’s payment — and a “pandemic bond” which pays out when a disease outbreak reaches sufficient scale to meet a set of detailed conditions.

Controversially, this includes the requirement that the disease must have crossed an international border — a specification which

the DRC’s current Ebola outbreak does not yet meet. That has led some in the development aid sector to accuse the World Bank of benefiting private investors at the expense of public bodies.

The pandemic bonds were sold to investors in two classes: one which raised $225m covers diseases such as influenza and pays investors a coupon of 6.5 per cent over Libor, and the other, which raised $95m, covers Ebola among other diseases and pays 11.1 per cent over Libor.

The coupons are paid by donor nations Germany and Japan. If the bonds mature without paying out, investors get their money back, plus the chunky coupons.

Masatsugu Asakawa, Japan’s vice minister of finance for international affairs, said of the PEF that “we continue to believe that it offers a robust financing mechanism for pandemic response”.

Poland returns to debt market to bolster green credentials Trump and Kim’s brief encounter should not end Korea diplomacy Coal-dependent country marks third sale of environmentally-labelled debt Kate Allen

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oland has returned to the “green bond” market for a third time, cementing its status as the most frequent sovereign issuer of debt linked to climate and environmental projects.

The central European nation raised €1.5bn of 10-year debt and €500m of 30-year debt on Thursday, with order books for the offer reaching €4.8bn.

The 30-year bond, which had a 2 per cent coupon, is the longest green bond sold by a sovereign since the market for environmentally-labelled debt first emerged a decade ago.

Three years ago Poland became the first government to sell greenlabelled debt in a deal that raised €750m of five-year debt. It then returned to the market last year with an 8.5-year issue that raised €1bn.

The country’s entry into the market was followed by France in January 2017. France subsequently tapped its original bond for additional cash several times and now has nearly €15bn of green-labelled debt outstanding.

Other countries — including Belgium, Lithuania, Fiji, Ireland and Nigeria — have followed suit by selling similar bonds.

By issuing several green bonds, Poland is aiming to become the first

nation to build what is known as a yield curve for the debt, offering investors a wide range of maturities to choose from.

However, the country has drawn criticism from some environmental groups, which last year accused Warsaw of “inconsistency” for pitching to green-minded investors while continuing to rely on coal as the foundation of its energy policy. Indonesia, another big coal producer, also attracted controversy when it sold a green bond last year.

Cecile Camilli, a senior debt capital markets banker at Société Générale, who acted for Poland in the deal, said the deal demonstrated the finance ministry’s “commitment” to the green bond market.

“When they first issued in 2016 they committed to come to the market on a yearly basis and to be a regular issuer,” she said. “The growth in issuance size and maturity [since then] is very strong testimony to that.”

The global market for green bonds grew 6 per cent year-on-year in 2018 to hit $167bn, according to credit rating agency Moody’s.

The rate of growth was somewhat slower than in previous years, as turbulence hit the wider capital markets, but Moody’s expects green bond sales to pick up again to reach $200bn this year.

There is still room to explore political solutions to the nuclear crisis The editorial board

W

hen an international summit breaks up early, the leaders’ lunch is cancelled and there is no progress to announce, it is fair to conclude that things have not gone well. So both diplomats and markets have reacted negatively to the failure of the USNorth Korea summit to advance the goals of denuclearisation, and peace on the Korean peninsula.

The outcome of the meeting between Donald Trump and Kim Jong Un is undoubtedly a setback.

But it is not a disaster. As Mr Trump suggested, it does not preclude the possibility that a deal will eventually be reached. Those with long memories might recall the 1986 Reykjavik summit between Ronald Reagan and Mikhail Gorbachev, the leaders of the US and the Soviet Union, which broke down in dramatic fashion — only to be followed by an arms control agreement a year later.

Mr Trump, like the late President Reagan, stands accused of going into a summit under-prepared and of placing too much emphasis on personal chemistry with his opposite number, rather than careful diplomatic preparation.

There is some justice to these accusations. But the US president also deserves some credit. He has moved away from the dangerous rhetoric of his early period in office, when he threatened North Korea with “fire and fury”. His new desire to test the possibility of diplomacy is certainly preferable to the hawkish instincts of some of his senior appointees. Chief among these is John Bolton, the national security adviser in the White House, who as a private citizen wrote articles advocating a first strike on North Korea.

Mr Trump is unlikely ever to achieve his goal of the complete denuclearisation of North Korea.

But the diplomatic track has already yielded some important advances.

As the US president noted, it is important that North Korea has maintained its suspension of missile tests, which were raising military tensions to dangerous levels. From a purely American perspective, this achieves the important goal of keeping North Korea below the threshold where it can credibly threaten to strike the US with an intercontinental nuclear missile.

But there is still much to do to reduce security tensions on the Korean peninsula itself, and in the

wider east Asian region. The Hanoi summit appears to have broken down because North Korea wanted a complete lifting of economic sanctions, in return for only partial denuclearisation.

The obvious avenue to explore, over the coming months, is whether negotiations can deliver partial denuclearisation, in return for a partial lifting of sanctions. This would certainly be welcomed by the government of South Korea, led by President Moon Jae-in. The Moon administration is keen to test the possibilities for inter-Korean projects on manufacturing, tourism and trade. Encouraging a process of reform and opening in North Korea must ultimately be the best hope for reducing tensions on the peninsula, and bringing increased freedom and prosperity to the oppressed and impoverished people of the north.

Advocates of rapprochement with North Korea, such as the US and South Korean leaders, are often accused of naivety. Mr Trump’s gushing praise for Mr Kim is certainly jarring, and sometimes peculiar. But, rhetoric aside, there is room for further testing of the North Korean leader’s intentions and capacity for reform.

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ANALYSIS

Saudi Arabia: why jobs overhaul could define MBS’s rule The crown prince is leaning on the private sector to recruit local workers, but some businesses are paying a heavy price Andrew England and Ahmed Al Omran

F

ahad al-Shahrani answers his phone with a glint in his eye, like a gambler who knows the cards are stacked in his favour. The 27-year-old has been enthusing about how the dynamics of the Saudi labour market are shifting as Crown Prince Mohammed bin Salman oversees what is widely viewed as the kingdom’s most aggressive drive to secure private sector employment for young nationals. Before, he would send his CV to 30 companies and receive no responses, he says.

But in recent weeks he has found himself in demand. “My phone is ringing all the time,” he says. As if on cue, it buzzes into life — a perfume shop where Mr Shahrani applied for a job has called to say he is being considered for the post.

The scene plays out in a watch store where the young Saudi started working just a month earlier. Nidhal Shaaban, the shop’s Syrian manager, observes quietly that his newest employee is already on the hunt for a better paying job. Watch stores are among 12 retail sectors — ranging from opticians to car parts outlets — added to the so-called “Saudisation” programme in November that means Saudi nationals must account for at least 70 per cent of their employees. The store manager knows government policy is, at least for now, working in favour of Mr Shahrani and his peers.

Yet Mr Shahrani’s optimism belies the massive hurdles that face Riyadh’s efforts to overhaul a labour system that has for decades been dependent on millions of imported workers from across the region and Asia, who are typically willing to do more work for lower pay. Of all Prince Mohammed’s pledges to modernise and diversify the oildependent economy, it is the most daunting and critical challenge, experts say.

Get it right and Saudi Arabia will ease its addiction to foreign workers, who occupy about 90 per cent of all private sector jobs, and address rampant youth unemployment in a country where more than half the population is aged under 25.

Fail and joblessness will soar and risk becoming a source of social instability in the world’s leading oil exporter.

“Job creation is at the crux of Prince Mohammed’s [reforms] and the long-term prosperity and stability of the country,” says John Sfakianakis, chief economist at the Riyadh-based Gulf Research Centre. “At the end of the day it’s your ability to produce employment and income that people test you on.”

The omens do not appear good.

Even as more Saudis have found jobs in the private sector, unemployment among the local population has been on a steep upward trajectory in the three years since the crown prince launched his ambitious Vision 2030 reform plan.

From 11.5 per cent in the first three months of 2016, it climbed to 12.9 per cent in July last year, the highest level on record. Youth joblessness is close to 40 per cent and far higher for young women.

The measures Riyadh has introduced to accelerate labour re-

form have increased the costs for businesses already grappling with lacklustre growth since the 2014 oil price drop tripped up the economy.

In addition to forcing Saudisation on a widening number of sectors, the government has increased the levies that firms must pay for each foreign worker from SR200 ($53) a month to SR300 at companies that employ more Saudis than expatriates, and to SR400 a month for those that employ fewer nationals. Riyadh also introduced a monthly SR100 fee that expatriates have to pay for their dependants in 2017, and doubled it last year.

The goal is to begin to close the gap between the cost of employing Saudis and foreigners, with the former typically paid 1.5 times to three times more than overseas workers.

The most visible result of the reforms is Saudi nationals standing behind shop counters and burger bars in the ubiquitous malls dotted across the country’s cities, or repairing mobile phones, selling car parts or hardware. But many small and medium-sized companies have been forced to close, according to analysts and Saudi media reports, due to the added labour costs and lacklustre growth. “[If] you are trying to improve employment — which is happening — but at the same time you are imposing another [cost], this creates pressure on business,” says one

be any reduction in unemployment for the “foreseeable future”. Instead, just holding joblessness at the current rate for the next few years “is a challenge”.

The reforms are already having a dramatic impact on many of the 10m overseas workers in the kingdom, which has a population of 33m. Coupled with the woes of a battered construction sector and weak growth, the reforms have fuelled an exodus of expatriates.

Crown Prince Mohammed bin Salman is overseeing what is widely viewed as the kingdom’s most aggressive drive to secure private sector employment for young nationals © AFP

Saudi executive. “You have to protect the existing businesses . . . [but] some are closing.”

He and others insist the government is doing the right thing after years of inaction and complacency while the petrodollars flowed in.

Previous attempts at Saudisation in the 1990s and 2000s were toothless, with companies doing the bare minimum to tick their quota boxes and complaining about the work ethic of nationals. Generous state benefits, which can amount to as much as two-thirds of the minimum public-sector wage, provided little incentive for Saudis to search for work.

Today, labour ministry officials patrol shops to ensure they are complying with quotas. Those in violation face a SR20,000 fine.

“We have had a very disorganised economy since 1975. Before then we had normal cycles of everything, the number of foreigners was only 100,000,” says the executive. “With the oil booms things went in all directions, there was no plan, there was no strategy.”

Yet he accepts that there will not

More than 314,000 left between the second and third quarters of last year, bringing the number that have departed since the beginning of 2017 to more than 1.4m.

For years, the kingdom has provided an outlet for jobseekers in the Arab world’s non-oil exporters and Asian countries that provide the bulk of the country’s construction and domestic help jobs. No one is expecting Saudis to take on roles in these sectors and foreigners will continue to constitute a major segment of the labour force.

But the more Saudis are employed in the service sectors, the more they will be replacing Arabs from neighbouring countries, threatening to weaken a vital economic link between the region’s oil exporter and poorer neighbours such as Egypt and Jordan. Remittance outflows from Saudi Arabia fell from a peak of $38.8bn in 2015 to $36bn in 2017, according to World Bank data.

“All foreigners are worried. If I lose my job I will have to leave the country and as I’m a Syrian I can’t go home because of the war,” says

Mr Shaaban, who fled his homeland in 2011 and says he has had to dismiss some Yemeni workers to make way for Saudis since the changes were introduced. “I know more than 50 people who left in the past year after being replaced

by Saudis. They had to leave. Companies don’t want to hire any more foreigners.”

For Riyadh, the dilemma is how to push ahead with reforms without inflicting more damage on a private sector that is being leaned on to hire Saudis. The economy has struggled since oil prices plunged in 2014 and it slipped into recession in 2017. Gross domestic product bounced back to expand by 2.3 per cent last year, but the IMF forecasts it will slow again to 1.8 per cent in 2019.

The situation has been exacerbated by government moves that have hurt fragile investor sentiment. Prince Mohammed’s extraordinary crackdown on corruption in November 2017, during which more than 300 princes, businessmen and former government officials were rounded up, sent shockwaves through the kingdom.

The global outrage triggered by the October killing of journalist Jamal Khashoggi further dented international interest at a time when the kingdom is desperate for foreign backing for the prince’s mega-projects.

In January Riyadh launched a $450bn, 10-year plan that focuses on mining, industry, logistics and energy, with the hope of creating 1.6m jobs by 2030. But that — like so many of Prince Mohammed’s plans — will depend on the kingdom attracting massive levels of investment.

Some businesses say that in the wake of the Khashoggi murder, the leadership is paying more attention to local concerns. King Salman approved in February a $3.1bn plan to ease the burden of expat levies on businesses in a bid to stimulate growth. And the government will exempt some companies from paying the 2018 fees or reimburse those that have already paid on the condition they make progress on hiring Saudis. Officials acknowledge that some of the reform targets were too ambitious.

At the same time the government has quietly recalibrated its goal of reducing Saudi unemploy-

ment to 9 per cent by 2020 to 10.5 per cent by 2022, analysts say. But Prince Mohammed is unlikely to ease up on his Saudisation drive.

“He’s just going to keep pushing this as his main priority. Every time someone suggests, ‘your Royal Highness, should we slow down and ease the process,’ he says, ‘no, this is a priority and we have no more time to slow down,’” says Fawaz al-Alamy, a former deputy minister of commerce and World Trade Organization chief technical negotiator. “Some believe the answer is to improve the skills of Saudis and narrow the chasm between foreigners’ and locals’ wages, until the Saudis are grabbed by employers for their merits.”

But the kingdom is in a race against time. A 2015 report by McKinsey, the consultancy that advises the government, estimated that up to 4.5m working-age Saudis would enter the labour market by 2030, almost doubling the size of the domestic labour force to 10m.

Absorbing the influx would require the creation of almost three times as many Saudi jobs as were created during the 2003-2013 oil boom, the report said.

Job creation is already failing to keep pace with about 400,000 young Saudis entering the job market each year, 230,000 of them university graduates. Mr Sfakianakis calculates that just to meet the 10.5 per cent unemployment target by 2022, the economy will need to absorb about 30,000 jobs in the private sector every month, compared with the 4,000-6,000 a month generated so far.

The relaxation of some of the social restrictions on women in the highly conservative state, such as lifting the ban on driving, means more of them are also looking for work.

“Pressuring the private sector to hire regardless, although positive, is going to have its limitations. You need real and productive growth,” Mr Sfakianakis says. “The Saudi employment we are having now is mainly the [foreign worker] replacement factor and government employment, but after that you need real growth [to create jobs].”

An important test will be whether the Saudi nationals — often criticised for depending on state handouts — can match the productivity of those they are replacing.

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understanding the economy of nigeria’s 36 states

T

he purpose of this series is to present evidencebased picture of Nigeria vis-a-vis the current presentations by politicians and various interest groups which are not backed by facts and figures. Such presumptuous speculations have driven the various national discourses or debates on the future of Nigeria, including such thorny issues as restructuring, whether fiscal, political, geographical or administrative.

Facts are sacred, they say, and as such must be given priority in our search for national viability and survival.

‘Understanding the Economy of Nigeria’s 36 States’ series presents such an objective, dispassionate picture of the state of the economy and so viability and sustainability of the various component parts, sub-nationals or federating units of the country going forward. This series will serve to either buttress or discountenance some of the claims made on both sides of the restructuring argument.

The series, written by Cambridge-trained economist, Dr. Ayo Teriba, looks at each state at a glance in the

context of its geopolitical zone and as it compares to other states. The data present irrefutable facts about each region and its component states and raise the question: are they viable as constituted today and going forward?

Each series examines a state’s realities from the perspectives of economy, resource endowment, state of wellbeing of its populace, and its budget (revenue and expenditure profile).

Today’s edition covers Yobe State in North East and an overview of North West in the North West region.

Yobe Yobe State Summary • Economy Yobe’s GSP was 0.4 per cent of Nigeria’s GDP in 2017, the 5th in the North-East, 19th in the North, and 35th in Nigeria. Services made up 55 percent of the State’s GSP, Agriculture, 42 percent, and Non-Oil Industry, 3 percent.

• Endowments Yobe State’s Land Area is 5.12 percent of Nigeria’s land mass, 4th in the North-East, 5th in the North, and the country. The State has no coastline, shares a boarder with Niger Republic and is bounded by three States from its region (Bauchi, Borno and Gombe) and Jigawa from the North-West.

* N288.5 billion Service output in the State was 55 0.4 percent of Nigeria’s Service output, the smallest in the North-East, North and in Nigeria.

Inter-State Comparisons With a Gross State Product (GSP) of N522.3 billion or 0.4 per cent of Nigeria’s GDP in 2017, 5th in the North-East, 19th in the North, and 35th in Nigeria. Yobe’s 3.3million Population is 1.6 percent of national population, the 5th most populated State in the North-East, 17th in the North, and 32nd in the country. The State’s 46,600/km2 Land Area is 5.12 percent of Nigeria’s land mass, 4th in the North-East, 5th in the North, and the country. Government Revenue of N44.3 billion is 1.48 percent of all States’ total revenue, the 6th in the North-East, 17th in the North, and 34th among the 36 States and the FCT.

• Wellbeing Yobe State’s population is 1.6 percent of national population, the 5th in the North-East, 17th in Northern Nigeria and 32nd in the country, 36th most densely populated, the least in literacy, 36th life expectancy, with Per Capita GSP that is 4th in the North-East, 17th in Northern Nigeria and 30th among the States and the FCT. • Budget Yobe retained 1.48 percent of States’ revenue in 2017, the 34th in the country; expended 2.3 percent of States’ outlays, 18th in the country; incurred an overall deficit, and held 0.8 percent of total debt, 36th in the country.

1. Economy Structure Yobe’s estimated Gross State Product (GSP) in 2017 was N522.3 billion or 0.4 per cent of Nigeria’s GDP in 2017, the 5th in the North-East, 19th in the North, and 35th in Nigeria. This was made up of 55 percent Services, 42 percent Agriculture, and 3 percent Non-Oil Industry.

2. Endowments Yobe State came into existence in 1991. The State has no coastline but shares a boarder with Niger Republic to the North and is bounded by four States. Jigawa to the North-West, Bauchi to the South-West, Gombe to the South, and Borno to the East.

Yobe State’s 46,600/km2 land area is 5.12 percent of Nigeria’s land mass, 4th in the North-East, 5th in the North, and the country. Major towns and cities are Bade, Bursari, Damaturu, Gujda, Fune, Fika, Karasuwa, Nangere, Machina, Nguru, Jakusko, Geidem, Gulani, Yusufari, Yunufari, Nangere, Potiskum, and Tarmuwa.

* Yobe’s N218.9 billion Agricultural output was 0.9 percent of all agricultural output in the country, the 3rd in the North-East, 13th in the North and 15th in Nigeria.

• N119.2 billion in livestock was 54 percent of the State’s agricultural output,

• N76.3 billion in crops, was 35 percent, and

• N23.3 billion in fishery was 11 percent,

• Forestry is Nil. * Yobe State’s N14.9 billion 2017 Non-Oil Industrial output was 0.1 per cent of the gross NonOil Industrial output in Nigeria, 6th in the North-East, 20th in the North and the 37th in the country. Manufacturing (mainly food, beverage and tobacco) was 66 percent of the State’s non-oil output, 32 percent was Construction.

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understanding the economy of nigeria’s 36 states 3. Wellbeing

4.1.2.1 Revenue Yobe State’s 2017 actual total revenue of N44.3 billion was 1.48 percent of all States’ actual total revenue, 6th in the North-East, 17th in Northern Nigeria and 34th among the 36 States and FCT. The revenue components in 2017 were: • Statutory Allocations of N28.2 billion was 1.93 percent of the total allocations to all States and FCT, the 3rd in the North-East, 15th in the North and 27th in the country.

• Internally Generated Revenue of N3.3 billion was 0.43 percent of total, 6th in the North-East, 20th in the North and the 37th in the country.

• Value Added Tax of N9.1 billion was 1.92 percent of States’ total, the 4th in the North-East, 16th in the North, and 31st in the country.

4.1.2.2 Spending Actual total expenditure of N86 billion in 2017 was 2.3 percent of actual total spending by all States, the 3rd in the North-East, 9th in the North and 18th in the country. The spending components in 2017 were: • Recurrent Spending of N70.1 billion was 2.6 percent of the recurrent outlays of all the States and the FCT, the 4th in the North-East, 8th in the North, and 15th in the country.

• Capital Spending of N16 billion in the State was 1.5 percent of States and FCT’s total capital outlays, the 6th in the North-East, 15th in the North and 26th in the country.

4.1.2.3 Deficits Yobe State is one of the only 25 States and the FCT in Nigeria that had deficits in 2017. The State made an overall deficit of N41.7 billion, 3rd in the North-East, 8th among the 17 States that had deficits in the North, and 11th among the States that had deficits in the country.

4.1.2.4 Debt Total outstanding debt of N35.5 billion in the State was 0.8 percent of the States and FCT’s total debts, the least in the North-East and the North, 36th in the country.

• Domestic Debt of N26.5 billion in December 2017 was 0.8 percent of States and FCT’s domestic debts, the least in the North-East, 19th in the North, and 35th in the country.

• Foreign Debt of N9.0 billion in December 2017 was 0.7 percent of the total foreign debts of the States and FCT, the 4th in the North-East, 17th in the North, and 35th in Nigeria.

4.1.3 2013-2017 Trends Total Revenue: Yobe’s Total Revenue declined from N58.5 billion in 2014 to N44.3 billion in 2017.

Bulk of the slump in revenue came largely from gross statutory allocations (GSA) and partly from internally generated revenue, while value added tax grew slightly.

Yobe State’s population of 3.3 million is 1.6 percent of national population, the 5th most populated State in the North-East, 17th in Northern Nigeria and 32nd in the country. With a land area of 46,600 per km2, Yobe State has a density of 71 people per km2 compared to the country average of 219/km2, 2nd most sparsely populated State in the North-East, the North and among the 36 States and the FCT. Literacy in Yobe is the least in the North-East, the North, and in the country. The State’s life expectancy of 45 years is the 2nd least in the North-East, the North and the country. Female life expectancy of 48 years is the 5th in the North-East, 19th in the North and 36th in Nigeria. Male life expectancy of 42 years is 6th in the North-East, 20th in the North and the least in Nigeria. Per Capita GSP of N157 thousand is the 4th in the North-East, 17th in Northern Nigeria and 30th among the States and FCT.

Total Spending: Despite the decline in total revenue, Yobe’s total spending increased from N61.2 billion in 2014 to N86 billion in 2017; Recurrent spending grew more than twofold from N33.3 billion in 2014 to N70.1 billion in 2017, while capital spending fell from N27.9 billion in 2014 to N16 billion in 2017.

4. Budget 4.1.

Fiscal Realities of Yobe State 4.1.1 2018 Aspirations Yobe State’s 2018 N92.1 billion budget is 0.99 percent of all States’ budget, the 2nd smallest in the North-East, in the North and in Nigeria.

4.1.2 2017 Realities Revenue Use: Yobe kept a fraction of its revenue as current surplus to partially fund capital budgets from 2014 to 2016 but recorded a current deficit in 2017, borrowing to partially fund recurrent some items and full capital budgets.

Financing: • Revenue financing: overall deficit of 4.6 percent of total revenue in 2014 gave way to an overall surplus of 32.6 percent of total revenue in 2015 but an overall deficit of 94.1 percent in 2017.

• Spending finance: overall deficit of 4.4 percent in of total spending in 2014 gave way to an overall surplus of 41.7 percent of total spending in 2015 but an overall deficit of 48.4 percent in 2017.

• Capital budget: overall deficit of 9.6 percent of capital budget in 2014 gave way to an overall surplus of 257.4 percent of capital budget in 2015, but a deficit of 260.6 percent in 2017.

Yobe’s Debt • Domestic debt stock rose more suddenly from N1.1 billion in 2013 to N26.4 billion in 2017; from 1.7 percent of revenue in 2013 to 59.5 percent in 2017.

• Foreign debt stock has risen by about 44 percent from N5.1 billion in 2013 to N9 billion in 2017; from 7.9 percent of revenue in 2013 to 20.4 percent in 2017.

• Total debt stock rose from 9.6 percent of revenue in 2013 to 80.5 percent in 2017.

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Understanding the economy of Nigeria’s 36 states

North-West • Economy

Summary

NW contributes 17.3 percent of the country’s GDP, 2nd largest economy in the North, the 4th in Nigeria. This was made up of 68 percent Agriculture, 28 percent Services, and 4 percent Non-Oil Industry. Notably, NW contributes 56 percent of agricultural output in the country and has huge potentials for agro-allied manufacturing and commerce, but these can only be realized if functional rail links with the coast can be re-established. In the days when coastal rail links worked, North West was as industrial and commercial as any other region in the country.

• Endowments

NW has 23 percent of Nigeria’s land mass, 3rd in the North, and in the country.

It has no coastline but is bordered in the west by Benin Republic, and in the North by Niger Republic, shares southward boundaries with (Niger, FCT, Nassarawa, and Plateau States in) the North-Central Zone, and eastward boundaries with (Bauchi and Yobe States in) the North-East Zone.

• Wellbeing

NW has 26 percent of the country’s population and is the most populated region in Nigeria. With a density of 240 people per square kilometre, compared to the country average of 219 people/km2; NW is the most densely populated region in the North, and the 4th most densely populated region in the country. N-W’s literacy is the lowest in the North, also the lowest in the country.

The region’s life expectancy of 49 years is the 2nd in the North, the 5th in Nigeria: Female life expectancy of 51 years is the 2nd in the North, 5th in Nigeria; Male life expectancy of 47 years is the highest in the North, and 4th in Nigeria.

The region’s Per Capita GRP of N384 thousand is the 2nd in the North, 4th in Nigeria.

• Budget

NW retains 15 percent of regions’ revenue, spends 18 percent of regions’ outlays, incurs 32 percent of the regions’ deficits, and holds 12 percent of the sum of domestic and foreign debt stocks of the regions.

1 Economy

Structure 2017 Gross Regional Product (GRP) in the North-West region was an estimated N19.6 trillion, 2nd largest economy in the North, the 4th in Nigeria. This was made up of 68 percent Agriculture, 28 percent Services, and 4 percent Non-Oil Industry.

– N13.4 trillion 2017 agricultural output in the region was 56 percent of all agricultural output in the country, the largest in the North and in Nigeria.

• 93 percent of the region’s agricultural output, N12.45 trillion, was crops, • 6 percent, N853 billion, was livestock, and • 1 percent, N112 billion, was fishery.

• Forestry was Nil. – North-West’s N800 billion Non-Oil Industrial output was 5.0 percent of the NonOil Industrial sector in Nigeria, 2nd in the North, and 4th in Nigeria. 75 percent of North-West’s non-oil production was Manufacturing (majorly Food, Beverage and Tobacco and Cement) and 25 percent was Construction.

– N5.4 trillion Service output in the region was 8.5 percent of Nigeria’s Services sector, the 2nd in the North, 4th in Nigeria.

Inter-Region Comparisons

With a Gross Regional Product (GRP) of N19.6 trillion or 17.3 percent of Nigeria’s GDP in 2017, North-West was the 2nd largest economy in the North, the 4th in Nigeria. NW’s 51million Population is 26 percent of national population, the most in the country. 212,400/km2 Land Area in the North-West is 23 percent of Nigeria’s land mass, the 3rd in both the North and in Nigeria, after North East and North-Central.

North-West’s N449.6billion Government Revenue was 15 percent of all regions’ total, the largest in the North, and 3rd in Nigeria.

1 Endowment

North-West Geo-Political Zone is made up of seven states; Jigawa, Kaduna, Kano, Katsina, Kebbi, Sokoto and Zamfara states. It has no coastline but is bordered in the west by Benin Republic, and in the North by Niger Republic, shares southward boundaries with (Niger, FCT, Nassarawa, and Plateau States in) the North-Central Zone, and eastward boundaries with (Bauchi and Yobe States in) the North-East Zone.

North-West’s 212,400/km2 land area is 23 percent of Nigeria’s land mass, 3rd in the North, and in the country.

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Understanding the economy of Nigeria’s 36 states 3.

Wellbeing

• Value Added Tax of N88.3 billion was 18.6 percent of regions’ total, 1st in the North, 2nd in the country.

4.1.2.2 Spending N675.6billion actual total expenditure in the region was 18.3 percent of actual total spending by all regions, the highest in the North, 3rd in Nigeria. The spending components in 2017 were: • Recurrent Spending of N543.3 billion was 20.5 percent of regions’ total, largest in the North, 2nd in the country.

• Capital Spending of N132.1 billion in the region was 12.7 percent of regions’ total, 1st in the North, 3rd in country.

4.1.2.3 Deficits NW’s N226 billion deficit was 32.4 percent of regions’ total, highest in the North, and in Nigeria.

4.1.2.4 Debt NW’s total debt of N547 billion was 12 percent of regions’ total, 2nd in the North, 4th in country.

• Domestic Debt of N385.1 billion was 11.5 percent of regions’ total, 2nd in the North, 4th in Nigeria.

• Foreign Debt of N162 billion was 12.9 percent of regions total, highest in the North, 3rd in Nigeria.

4.1.3 2013-2017 Trends North-West’s Revenue: N-W’s Total Revenue declined from N564 billion in 2014 to N449 billion in 2017. The bulk of that slump came from gross statutory allocations (GSA), as internally generated revenue and value added tax were relatively resilient in the face of global oil price slump and concomitant recession in the national economy.

North-West’s 51 million population is 26 percent of national population, and is the most populated region in Nigeria. Population density in the region is 240 people per km2 compared to the country average of 219 people/km2; the most densely populated in the North, and 4th most densely populated in Nigeria. N-W’s literacy is the 3rd in the North, and the least in the country. The region’s life expectancy of 49 years is the 2nd in the North, the 5th in Nigeria: Female life expectancy of 51 years is the 2nd in the North, 5th in Nigeria; Male life expectancy of 47 years is the highest in the North, and 4th in Nigeria. The region’s Per Capita GRP of N384 thousand is the 2nd in the North, 4th in Nigeria.

4.

Budget

North-West’s Spending: N-W’s Total Spending increased from N532 billion in 2014 to N675 billion in 2017. Recurrent spending increased from N288 billion in 2014 to N543 billion in 2017, while capital spending fell from N243 billion in 2014 to N132 billion in 2017.

North-West’s Revenue Use: N-W had enough current surplus to fund 96 percent of the capital budget in 2014 and 100 percent in 2015, but posted current deficits in 2016 and 2017, meaning recurrent spending were also deficit financed after deficit financing 100 percent of capital outlays in both years.

4.1. Fiscal Realities of North-West3 4.1.1 2018 Aspirations NW’s N1.1 trillion 2018 budget is 12.1 percent of regions’ total, 2nd in the North, 3rd in Nigeria.

4.1.2. 2017 Realities

North-West’s Financing • Revenue financing: overall deficits rose from 4 percent of total revenue in 2014 to 50.3 percent in 2017.

• Spending finance: overall deficits rose from 4.4 percent of total spending in 2014 to 33.5 percent in 2017.

• Capital budget finance: overall deficits rose from 9.6 percent of capital spending in 2014 to 171 percent in 2017.

North-West’s Debt • Foreign debt stock rose from N84.6 billion in 2013 to N162 billion in 2017; from 15 to 36 percent of revenue.

• Domestic debt stock rose from N79 billion in 2013 to N385 billion in 2017; from 14 to 68 percent of revenue.

• Total debt stock rose from 29 percent of revenue in 2013 to 122 percent in 2017.

4.1.2.1 Revenue NW’s 2017 actual total revenue N449.6billion was 15 percent of all regions’ total, the largest up North, and 3rd in Nigeria. The revenue components in 2017 were: • Statutory Allocations of N238.1 billion was 16.3 percent of regions’ total, 1st in the North, 2nd only to South-South.

• Internally Generated Revenue of N67.2 billion was 8.8 percent of regions’ total, 2nd in the North, and 4th in Nigeria.

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Opinion The tragedy of our human development THE NEW WEALTH OF NATIONS

Obadiah Mailafia

P

overty is a curse. It generates all manner of social evils. Poor housing and slums breed dislocated youths that become vulnerable to extreme ideologies. There is a direct correlation between hunger, unemployment and destitution on the one hand, and drugs and violent crime, on the other. There was the tragic case of the mother who sold her nursing infant to strangers for N70,000. Poverty destroys families, rips communities apart, strips people of dignity and corrodes the moral fabric of society.

With a population of 198.5 million and a GDP of US$397.5 billion, Nigeria has a per capita income of US$2,050. Growth over the last couple of years has been negative in real terms. The projection for 2019 is 2.3%, even as our demographic growth is an annual 3.2 percent. Life-expectancy is 54 years, as contrasted to Japan’s 84 years. The average Japanese lives 19 more years than the average Nigerian.

At the annual World Bank/IMF meetings in Bali, Indonesia in December last year, World Bank President Jim Yong Kim revealed that Nigeria ranks 152nd out of 157 countries in its maiden Human Development Index (HDI).

We recently overtook India as the world capital of poverty. An estimated 88 million Nigerians (45%) fall within the category of absolute poor as compared to 70 million out of 1.2 billion Indians (21%). There is hunger and despair in the land. Unemployed young graduates are taking to crime and the seedy streets. Thousands every year hazard the Great Trek across the Sahara, hundreds perishing in the treacherous Mediterranean Sea. Kidnapping is the order of the day – suicide, murder and death. There is also the ominous culture of silence, as people withdraw from civic spaces into the cocoons of tribalism and religion. Lawlessness has become the order of things. There is a foul smell of evil and death across the land. In the North East, thousands have been killed and millions

traumatised by the Boko Haram insurgents. In the Middle Belt, random genocidal herdsmen militias have been on a rampage against an unarmed and defenceless people. Some 3 million of our people live in derelict IDP camps. The forces of economic recession, oppressive rulerships and rapacious elites have conspired to destroy the life-chances of millions of people.

According to some economists, there is a “culture of poverty theory” in some societies that leads to a poverty mindset that regenerates itself over time, leading to a permanent condition of destitution. There is also what is termed “structural theory”, in which poverty arises out of the social and economic structure of society.

A rentier oil state like ours, with its extractive political economy, destroys the productive capacity of the economy, leaving the majority in penury. Another explanation that is popular among economists is “Vicious Circle Theory”, propounded by Swedish economist Ragnar Nurkse and expanded by his compatriot Nobel laureate Gunnar Myrdal. A low-income country creates conditions leading to low-savings and low consumption; this in turn leads to low investments; low investments on its part leads to low productive capacity, which then reinforces low income. And so the vicious circle continues. What is then required is an extra “push” by way of massive investments that will trigger a “virtuous circle” of economic growth.

Indian Nobel laureate Amartya Sen, through his studies of the infamous Bihar famine of 1873-74, maintains that hunger and extreme poverty derive from disempowerment and lack of access to economic assets and to basic social services. The tragedy of human development is worsened by inadequate access for those living at the margins -- inadequate access to employment opportunities and to markets -- and failure to mainstream the poor into the development process and destruction of natural resources capita leading to environmental degradation and reduced productivity.

An important element in the poverty equation is vulnerability. The poor by definition are more exposed to the vagaries of nature and man. Vulnerability entails ability or inability to cope with adversity. Factors that make the poor more vulnerable include: living in poor neighbourhoods, lack of education, erosion of assets, lack of access to information, and lack of voice.

There is also the original sin of corruption.

For example, out of the of US$1 trillion earnings from oil since the eighties, a staggering US$400 billion was haemorrhaged from Nige-

Chuka Umunna: A coming of age HumanAngle

Femi olugbile

C

huka Harrison Umunna is a British Member of Parliament who has been in the news lately. He is the presumed leader of a group of seven members of Parliament who resigned from the Labour Party to form a body known as ‘The Independent Group’.

Chuka is a young man from whom much has been expected by many – not only in the British establishment, but in the Nigerian Diaspora, for many years now. He has been a fast-rising start in the Labour Party since he joined the Party in 1997 at the age of 19. He was elected to Parliament in 2010. He joined the Shadow Cabinet of Ed Miliband and sat on the Treasury Select Committee.

When Ed Miliband resigned after the Labour loss in 2015 and there was going to be a contest for Labour leadership, many eyes turned to Chuka. He was a poster boy for many who longed for a young new leader with bright ideas who would be ready to take the party into the future.

For several days, the focus of the British press and public zoomed in on Chuka.

He found himself bathed suddenly in the glare of such publicity and scrutiny as he had never encountered in his life. The reason was obvious. He was gunning for leadership of one of the two major parties. He was suave and

marketable, and stood a good chance of appealing to a cross section of the British society, high and low. Many Britons, black and white, saw themselves and their aspirations reflected in him – smart expensive suits, good looks, good locution, a love of life, all shot through with a strong sense of social concern. He could, so to say, dine with the high and mighty and mix it up on the streets. It was conceivable that he could, indeed, go on to win a General Election, and become the first black Prime Minister.

Just as the momentum was gathering around this dream prospect, Chuka caved in.

He was, he announced, withdrawing from the race.

There was a sigh of disappointment, as well as despair and bemusement around the circles who had been looking forward to seeing Chuka on the big stage. Speculation went rife as to why he had withdrawn. There were hints at some dark business or family secret that might be unearthed by the increased scrutiny he was attracting. Some said he was not aware of how intense the press interest in all nooks and crannies of his life was going to be and had simply balked as it began to hit him.

Chuka, in his statement of withdrawal would simply say ‘… I’ve been subject to the added level of pressure that comes with being a leadership candidate…I have not found it to be a comfortable experience’ Leadership of a major political party, with the prospect of becoming Prime Minister, was not a task for the faint-hearted.

Chuka has continued life as a back bencher in Parliament. He is no great friend of the ideas or person of Jeremy Corbyn, whose leadership he clearly abhors.

The current defining issue in British politics and national life is, of course, ‘BREXIT’, the movement to take the United Kingdom out of the European Union.

In 2016 Chuka campaigned against BREXIT.

ria. We lost an average US$1 billion monthly from oil theft during 2010-2014. Corruption undermines moral capital while discouraging honest entrepreneurship and diverting resources away from public expenditures that could improve livelihoods. Climate Change is also a factor -- soil erosion in the South East, desertification in the North, oil pollution in the Niger Delta, flooding/changing water levels in the coastal cities, and the drying up of Lake Chad and wetlands in the North and central savannah.

When it comes to tackling poverty, the role of the state is paramount. Contrary to popular belief, the state is not synonymous with government. Governments come and go, but the state remains. The state refers to the civil association in which people transfer their loyalty to a central sovereign in exchange for protection from the vagaries of nature and violence from other human beings. The English political philosopher Thomas Hobbes contrasts between the “state of nature” in which life is “solitary, nasty, brutish and short, with the political state in which the sovereign secures the peace by monopolising the use of violence and ensuring a stable and rule-based political order. From Aristotle to Jean-Jacques Rousseau and John Rawls, a putative social contract defines the relationship between the state and citizens.

People submit to government only because it provides them a minimum of public goods, including security, welfare and social services.

There are good and bad states. Bad states are governed by fear and arbitrary power, while good ones are underpinned by the precepts of good governance, the rule of law and ever-expanding possibility frontiers of welfare, liberty and human happiness. The good state governs as the servant of the people, not their master; superintended by enlightened servant leaders who govern with righteousness and justice.

The 1999 Constitution states that “The security and welfare of the people shall be the primary purpose of government”. Section 16 (1) requires government to: (i) utilize the resources of the country to advance the collective prosperity; (ii) Secure the economy such that the welfare, freedom and happiness of every citizen will be maximized while ensuring social justice and equal opportunities; and (iii) Provide shelter, food and other amenities for all citizens.

We in Nigeria have not been short of ambitious social intervention programmes. They range from Operation Feed the Nation (OFN), Green Revolution, Low Cost Housing, and

‘

Will the young Nigerian be Prime Minister some day? He certainly feels he has come of age and is ready to take a leap of faith

‘

Poverty is a curse. It generates all manner of social evils. Poor housing and slums breed dislocated youths that become vulnerable to extreme ideologies.

After the ‘Brexiteers’ won a national referendum, and confusion ensued over its cost and implementation, Chuka started campaigning for a second referendum to reverse the earlier decision. He, just like many in the ranks of Labour, is disaffected by the flim-flam of the Labour leadership in the ongoing crisis.

And so, we have arrived at a point where, four years after Chuka slunk away from the scary prospect of glory, he is ready now to take his future, and possibly the future of the United Kingdom, in his hands. He has dramatically announced his exit from the Labour Party, at the head of the Independent Group.

But is he making the right move? Is he heading into glory, or oblivion?

The strategy is risky. Clearly the group are expecting to be joined by an avalanche of other defectors – from Labour and the Conservatives, and perhaps even from the Liberal-Democrats.

It is a big gamble. Several days after Chuka’s group’s dramatic emergence, the avalanche is yet to form.

Forming a new party in the UK is an extremely difficult affair. Shirley Williams and her group of four high-flyers who broke away from the Labour Party and formed the Social Democratic Party several years ago found that the going on the ground was much less smooth than the intellectual arguments they propounded in the safety of their hallways.

They eventually merged with the longer-established Liberal Party to become the current ‘Liberal-Democrats’.

What will happen to our Chuka and his ‘Independents’? Will the young Nigerian be Prime Minister some day? He certainly feels he has come of age and is ready to take a leap of faith. His life is more settled. He is less scared of intrusive scrutiny. He is comfortable with his partner – Alice. The two other most important people in his life – his mother Patricia, and his sister Chichi, are reconciled to the life he has chosen, and its possible impact on their

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River Basin Development Authorities(RBDA) programmes in the seventies; to the Directorate for Food, Roads and Rural Infrastructures (DFFRI), and Community Banks Programs of the eighties. Since 1999 we have had such schemes as the National Poverty Eradication Programme (NAPEP) and National Economic Empowerment and Development Strategy (NEEDS). The Muhammadu Buhari administration has come up with such intervention programmes as the Economic Recovery and Growth Plan (ERGP), the Anchor-Borrower’s Programme, the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Home-Grown School Feeding Programme, Conditional Cash Transfer (CCT) and the N-Power Initiative.

We have clearly not been short of ideas. The challenge has been that of implementation.

Overcoming the tragedy of human development in Nigeria entails enhancing good governance, particularly in terms popular participation, the rule of law, equity and inclusiveness and institutional effectiveness and accountability of the state. Some of the critical binding constraints that must be overcome include: insecurity, exponential demographics, perennially high cost of governance, weak infrastructures, corruption, and poor leadership. It is evident that, to succeed, we need to evolve new leadership traditions based on the developmental state model that was so successful in Asia. We must strengthen the capacity of relevant institutions to respond to citizen needs while fostering civic engagement and ensuring effective delivery of social services.

Ultimately, we must reinvent the state as a servant of the people and not as a Leviathan that drinks their blood and saps their energy.

In the words of the eminent Turkish-American economist Daron Acemoglu, in the coming decades the most successful governments “will be those that serve the people rather than a political elites (in which) guarding against the potential to backslide requires constant vigilance”.

•Being the Text of a Lecture Delivered at the National Institute for Policy & Strategic Studies, Kuru, Tuesday 26 February 2019

Dr. Mailafia is a former Deputy Governor of the Central Bank of Nigeria, a development economist and public finance expert with a DPhil from Oxford obmailafia@gmail.com; 08036590990 (text messages only)

privacy.

Chuka Umunna, by his own description, is ‘half Nigerian, quarter Irish, quarter English’. His father Bennett hailed from Anambra state. He arrived in the UK at the age of 33 virtually penniless. While working at sundry jobs, he studied Business Administration at night school. He started a successful import and export business and became prosperous. In 1976, he married Patricia Milmo, daughter of Sir Helenus Milmo, QC, one of the most distinguished lawyers of his day, who had been a prosecutor at the Nuremberg Trials. Chuka was born two years into the marriage. He grew up in a large family home in Streatham, South London, attending first a State school, and then a Public school.

In his early youth, he served as a chorister at Southwark Cathedral.

Years later, Bennett Umunna, now a wealthy businessman, would get into the murky world of Nigerian politics. In 1992, at the age of 51, under the ‘a little to the left, a little to the right’ political experiment of the military regime of President Ibrahim Babangida, he contested for Governorship of Anambra State. He lost. A few weeks later, he was killed in a car accident that set tongues wagging about the possibility of his having been targeted because of his anticorruption campaign.

Back in the UK Chuka’s family were devastated. He and his mum and sister have stuck together as a close-knit unit since then.

Chuka claims that his father’s experience of poverty first hand and his strong anti-corruption stance were the founding principles of his public life.

And so - wither Chuka, and what hope for the captaincy of the British Centre-Left, and ultimately for Number 10, Downing Street?

The answer, as they say, is blowing in the wind.

Femi Olugbile is a Writer and Psychiatrist.

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