BusinessDay 03 Aug 2018

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news you can trust I **FRIDAY 03 AUGUST 2018 I vol. 15, no 110 I N300

Buy

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$-N 359.00 360.00 £-N 478.00 479.00 €-N 418.00 417.00

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Foreign Exchange

Market Spot ($/N) 3M 0.73 I&E FX Window 362.31 CBN Official Rate 305.95 11.49

6M 0.45 12.44

5 Years 10 Years 20 Years -0.06 -0.03 -0.04 13.78

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LOLADE AKINMURELE, ABDULLATEEF ENIOLA-GIWA & OLUWATOSIN DOKUNMU

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0.00 362.68

0.00 363.58

Defection: Tambuwal carpets APC for demanding Saraki’s resignation … CUPP inaugurates 17man steering committee

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Notore lists on NSE, adds N100.75bn to market capitalisation L-R: Femi Agbaje, group chief financial officer, Notore Chemical Industries plc; Oscar Onyema, CEO, Nigerian Stock Exchange (NSE); Yakubu Gowon, chairman, Notore; Onajite Okolo, group managing director/CEO, Notore, and Mike Osime, director, Notore, at Notore’s listing on the NSE in Lagos, yesterday.

Insight: NNPC’s subsidiaries registered in tax haven but underperforming at home

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peaker of the House o f R e p r e s e n t a t i v e s, Aminu Tambuwal, has described as hypocritical calls by the All Progressives Congress (APC), asking Senate President Bukola Saraki to resign from office following his defection to the People’s Democratic Continues on page 34

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he Nigerian National Petroleum Corporation (NNPC), was created to be a cash cow for the country but the reverse is the case, as the state oil company of Africa’s biggest producer bleeds

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OWEDE AGBAJILEKE, Abuja

n the wake of the second quarter (Q2) earnings s eas on, e quity valuations are being revised and analysts have Seplat, Zenith, Access, Dangote Sugar and First Bank holdings of Ni g e r i a ( F B N H ) , a s t h e i r most recommended large cap stocks to buy.

BusinessDay considered

DIPO OLADEHINDE

NGUS OCT. NGUS JAN. NGUS JUL. 30, 2019 24, 2019 31, 2018

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Seplat, Zenith, Access top analysts’ large caps buy list Inside Apple becomes first US company to hit $1trn value P. 2

Currency Futures ($/N)

fgn bonds

Treasury Bills

money because it has questionably established subsidiaries that continue to wallow in inefficiency and waste.

NNPC has five oil trading subsidiaries; Duke oil company Inc, Duke oil Services Ltd, Calson Ltd, Hyson Ltd, and Napoil Company Ltd, which were primarily

set up to market crude products, engage in direct oil trading activities, and make additional profit from oil operations for NNPC. However, years after they were established, these five oil trading subsidiaries still do not have independent trading capacity to operate optimally rather they act

as passive middlemen, flipping

the crude allocated by the corporation to experienced trading houses like Vitol and Glencore.

At first glance, Duke Oil Company Inc., a company owned 100 percent by NNPC to engage in

Continues on page 34

…Share Free Float is 16% ...Revenues of N35.985bn in 2017 Iheanyi Nwachukwu

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he listing of Notore Chemicals Industries Plc shares by introduction yesterday (Thursday) on the Nigerian Stock Exchange (NSE) has added about N100.75billion to the entire Continues on page 34

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Bank’s weak risk appetite hurting real sector

L-R: Graca Machel, chair, The Partnership for Maternal, Newborn & Child Health; Ameenah Gurib-Fakim, 6th president of Mauritius; Herbert Wigwe, GMD/CEO, Access Bank plc; Oby Ezekwesili, Nigeria’s former minister of education, and Julie Essiam, CEO, Ecobank Foundation, at the ACT Foundation funded African Philanthropy Forum Conference in Johannesburg, South Africa.

...maximum lending rate at 10-year high Sobechukwu Eze & Olalekan Ipele

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he business and investment ecosystem in Nigeria today is one that is grappling with liquidity related challenges as maximum interest on business loans stands at a ten high of average 31.46 so far in 2018, signalling low risk appetite of commercial banks.

Commercialbanks’maximumlending rate according to the Central Bank is the rate charged by deposit money banks for lending to customers with low credit rating has been on a steady upward trajectory from May 2008 to the end of May this year according to data from the Bloomberg Terminal.

A source in a tier one bank told BusinessDay off record that “most of the time, we avoid these start-ups because they don’t have the track records. If you have at least 3 years financial statement of any company, you can do your ratios and actually determine how profitable the company is but starts up normally do not have these. “If you are giving out loans you must know that you can get it back else, these loans become bad loans and it greatly affects banks liquidity.”

He further noted that the promoters of some start-ups are inexperienced, so to avoid been used as test run for their business, banks shy away from giving out loans to them.

The source concluded by saying “start-ups need more equity financing than debt financing which banks do

not like to get into. That is why banks even advise start-ups to go to other medium to source for these loans as equity is cheaper in terms of financing than debt.”

Kayode Tinuoye, Fund Manager at United Capital Plc said “generally the lending rate in Nigeria is prohibitive as you hardly get a single digit interest loan from any commercial banks or financial intermediaries meaning that SMEs and start-ups that are looking for loans get them at higher cost.”

“Cost of funds from Nigeria banks need to be better structured to suit start-ups and entrepreneurs. A situation where the banks are mostly willing to give out short term loans than long term loans must also be looked into.”

“There has to be a good and deliberate effort on the part of the CBN to bring down these rates. Looking at the policy rates among the emerging/ frontier markets, Nigeria’s still has one of the highest rates,” Tinuoye concluded. Charles Robertson, Global Chief Economist, Renaissance Capital said “the main challenges for investors are on how Nigeria can increase liquidity in the near future.”

He added that “Nigeria is looking better on most metrics, having accelerated growth, a stable currency and rising FX reserves, but needs to improve on bank lending which remains weak.”

Continues on wwwbusinessday online.com

Apple becomes first US company to hit $1trn value

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pple Inc., became the first U.S.-based company with a market value of $1 trillion, four decades after it was co-founded by Steve Jobs in a Silicon Valley garage and later revolutionized the worlds of computing, music and mobile communications.

The consumer-technology giant briefly touched the milestone at 11.48 a.m. in New York trading Thursday, based on share count data the company disclosed in a recent regulatory filing. PetroChina Co. briefly crossed that valuation in late 2007 but slumped quickly as oil prices collapsed in the financial crisis. Other tech giants are not far behind Apple today, with Amazon.com Inc., Alphabet Inc. and Microsoft Corp. worth more than $800 billion each.

Since its inception in 1976, Apple has consistently re-imagined what a computer can be and defined how humans interact with devices and software. The iMac desktop computer, the iPod, iPhone, and iPad were smash hits, while commercial misses like the Newton and Lisa are still considered pioneering.

“Steve’s vision was grounded in the synergy between hardware products, software services, and third-party apps and media to make sure any customer would have everything they need without ever leaving the Apple ecosystem,” said Tony Fadell, who worked closely with Jobs to create the iPod digital music player.

“Layered on top of that business model, you had unparalleled

product innovation, marketing excellence, combined with an untouchable retail experience,” Fadell added. “There isn’t another company out there that executes at Apple’s level of detail, at their fitand-finish. This trinity established Steve’s vision and created the Apple we know today.”

When Jobs introduced the iPhone in early 2007, its touch screen, built-in music player, web browser and email capabilities started the smartphone revolution and left competitors like Motorola and BlackBerry in the digital dust.

The iPhone surpassed almost all early expectations, selling more than 1.3 billion units. It spawned the app economy, where a global army of independent developers earn a living from their software creations while increasing the utility of the device. It’s now the hub for a growing services business that the company hopes will pull in $50 billion in revenue a year by 2021.

In the 1980s and 1990s, Apple was a very different company. Jobs left in 1985 after disagreements with then-CEO John Sculley and the board. By 1997, the company was close to bankruptcy. Jobs returned and, with key lieutenants like design head Jony Ive and operations chief Tim Cook, saved Apple and turned it into the giant it is today. Jobs cut the number of Apple products so they could all fit on a small table, bringing a knack for whittling away extraneous offerings that weren’t up to scratch.

Continues on wwwbusinessday online.com

Friday 03 August 2018

Quoted hotels woo investors with record earnings Obinna Emelike & BALA AUGIE

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he stellar performance by hotel firms quoted on the floor the Nigerian Stock Exchange (NSE) amid a tough and unpredictable macroeconomic environment could woo investors who are skeptical about investing in the hospitality market.

Poor corporate governance, inexperienced management, financial mismanagement, and deteriorating financial conditions bedeviling some firms, are responsible for slow foreign participation in the hospitality business.

Months after the unceremonious exit of InterContinental Hotel brand, termination of management agreement of Ibom Hotel and Golf Resort by Starwood Group, as well as, the termination of management and branding agreement by Marriott International on Renaissance Ikeja Hotel that was eventfully rebranded as Radisson Blu, foreign brands and investors are now tightening the conditions for their participation in the Nigerian hospitality market.

The development, which is expected to slow down investment in the sector and delay the actualization of the 61 hotels and 10,000 rooms in the hotel pipeline in Nigeria, is also as a result of the clampdown on hotels that have defaulted on repaying and serving

of bank loans by the Asset Management Corporation of Nigeria (AMCON).

However, quoted firms like Transcorp Hotel Nigeria Plc, Ikeja, Hotel Plc, and Capital Hotel Plc, with solid balance sheets, an aggressive expansion plan, excellent liquidity position, profitability track record, an operating cash flow to finance future expansion and pay dividend, are positioned to attract foreign brand partners.

“It is easy to know which hotel company is doing well and which is not by checking their performances at the exchange. Among all the hotel companies that are listed on the Nigerian Stock Exchange, Transcorp Hotel Plc has performed exceptionally well,” said Ade Akande, an hotelier and member of Lagos Chamber of Commerce and Industry said.

“An investor will be willing to partner such companies in their expansion plan across the country because his/her investment is secured”, said Akande.

For instance, Transcorp Nigeria Plc, the owners of Transcorp Hilton Hotel Calabar and Abuja, recorded an 82.52 percent increase in half year profit to N1.38 billion, this compares with a 7.42 percent increase in the 2016 period, and a drop of 35.12 percent in the corresponding 2015 period.

The most capitalized hospitality firm is making more money per sale as evidenced in a higher profit

margin.

Net profit margins increased to 17.25 percent in the period under review from 12.35 percent the previous year while gross profit margins rose to 73.62 percent in June 2018 from 56.25 percent the previous year. Capital Hotel Plc, owners of Sheraton Hotel Abuja, recorded a 22.95 percent increase in net income to N224.19 million in June 2018 as against N182.34 million the previous year.

Ikeja Hotel, saw net profit margin increase to 6.40 percent in June 2018 as against 4.98 percent the previous year. Experts say most potential investors and ambitious brands who do not want to be beaten twice, are insisting on doing business with indigenous partners whose parent companies are listed on the Nigerian Stock Exchange, who do not have loan defaulting history and uphold corporate governance in their business.

While the unregistered firms are struggling, their listed counterparts are embarking on an aggressive plan with a view to maximizing shareholders’ wealth.

For instance, by 2022, Transcorp Hotel plans to further upgrade its Transcorp Hilton Abuja and expand the conferencing facility within the Hotel. It will also commence the construction of 320 room Hilton branded hotel in Ikoyi and Construction of 250 room Hilton branded hotel in Port Harcourt.

Continues on wwwbusinessday online.com

Work begins on Apapa ports rail line next week - Amaechi JOSHUA BASSEY

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resh hope on the resolution of the gridlock within Apapa, Lagos, is rising, as Rotimi Amaechi, Minister of Transportation said on Thursday that work will begin on Apapa ports phase of the Lagos-Ibadan narrow gauge rail line, from next week.

The announcement comes a day after the Federal Executive Council (FEC), on Wednesday, also approved N72.9 billion as contract sum for the rehabilitation of collapsed sections of Mile2-Tin CanApapa Expressway.

There have been discussions on the urgent need to revive the long abandoned Apapa ports rail line which, in the past decades, played a critical role in the evacuation of goods from the nation’s premier ports. Stakeholders have insisted

the rail line remains the most viable option to taking goods out of the ports, and reducing the pressure on the roads in and out of Apapa.

Amaechi, who was at the Lagos House, Ikeja, on an official visit to Governor Akinwunmi Ambode, told journalists that the contractor, CCECC will move to site in furtherance of the Lagos-Ibadan rail project from Apapa as part of the ongoing efforts to addressing the perennial traffic gridlock within the Apapa axis.

According to Amaechi, the work had been delayed till now because there had been challenges relocating utilities on the right of way.

He said: “You would recall that the Federal Government had commenced the construction of the Lagos-Ibadan railway and the focus was more on the Ibadan-Abeokuta axis because we had challenges in Lagos which included utilities and not much with the communities. I

have to commend the communities that allowed us the use of their land though we would pay compensation but not much. So, we are grateful to all the communities from Lagos to Ibadan.

“However, we have utility challenges both gas pipes and water and beyond the gas pipes. We also have challenges with bridges to either build or demolish. I remember when we said we wanted to demolish the Costain Bridge, everybody screamed and we had to invite the Lagos State governor to assist us; he took us there and promised that he would pay the compensation.

“I like the fact that the Lagos State government is also contributing to this whole efforts and so what we have come here to do is to ensure that there is a win-win situation and the Lagos governor has been very cooperative.

Continues on wwwbusinessday online.com

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Overnight inter-bank rate rises after CBN auctions N215.5bn NTB Nigeria’s improvement in AfDB infrastructural

development index is insufficient

vernight inter-bank rate rose by 0.50 percent to 4.25 percent on Thursday, from 3.75 percent after the Central Bank of Nigeria (CBN) auctioned the Nigerian Treasury Bills worth N215.5 billion on Wednesday.

The overnight rate, which is the rate at which banks borrow and lend to each other, increased to 4.25 percentage rate on Thursday compared with 3.75 percent recorded on Wednesday, data from FMDQ indicated.

The breakdown of the Tbills auctioned at the primary market shows that N136.5 billion was offered for 364 days tenor at the rate of 11.3 percent, and true yield of 12.73 percent. The instrument, which matures in August 1, 2019, was fully subscribed by 136.5 billion.

For 182 days tenor, the CBN offered N69.5 billion at 10.97 yield and 10.4 interest rate.

The instrument was totally subscribed by 69.5 billion and will mature in January 31, 2019.

Also at the primary market, N9.5 billion was offered for 91 days tenor at the rate of 10 percent with 10.25 percent yield.

The Treasury bill, which will mature in November 1, 2018, was completely subscribed.

The Buy Back, a money

market instrument used to raise short-term capital, also went up by 0.42 percent to 3.33 percentage rate on Thursday from 2.29 percent on Wednesday.

In other jurisdiction, overnight the MSCI Asia Pacific Index slid 1.3 percent while Japan’s Topix index closed 1 percent lower as trade fears again rattled equities in the region, Bloomberg report.

Godwin Emefiele, governor of CBN, noted at the last Monetary Policy Committee (MPC) meeting in July that the average inter-bank call rate fell to 5.0 percent in June 2018, from 25.43 percent in May 2018, while the average Open Buy Back (OBB) rate decreased from 18.37 percent in May 2018 to 10.84 percent in June 2018.

The trend in market rates and the net liquidity position he said reflected the impact of the auction of Open Market Operations (OMO) bills, foreign exchange interventions, FAAC allocations to various levels of government, as well as the servicing of maturing CBN Bills.

The Treasury Bills market took a slightly bearish turn last week as average rate stood at 11.4 percent merely inching 6bps higher Week-on-Week.

Short term bills advanced 20bps Week-on-Week to 11.0

percent on the back of sell trades on October bills while medium term instruments closed flat due to investors’ shift to OMO, offering higher yield.

On the flip side, buying interest on March 21, 19 (up 1.1% W-o-W) drove rates 10 bps lower at the long end of the curve according to analysts at Afrinvest Securities Limited.

Trading last week in the secondary market started off on a cautious note due to the MPC meeting outcome expectations as well as the unexpected OMO Auction conducted by the CBN last Tuesday mopping up N 235.9 billion inflows Bond coupon payments.

The CBN auctioned OMO on Thursday last week where it sold an additional N348.6 billion leaving liquidity level at negative N 75.9 billion as at close of market on Friday.

Naira on Thursday appreciated by 0.01 percent to close at N362.31k as against N362.33k traded the previous day at the investors and exporters forex window, data from FMDQ revealed.

At the Bureau De Change segment of the foreign exchange market and the black market the local currency appreciated to N359 per dollar compared to N361/$ it stood since a month ago.

FirstBank launches Chatbanking on WhatsApp

Ease of Doing Business: Edo slashes C-of-O fee to N50,000, okays 30day turn-around time

Jones Abiri, detained for two years by the DSS without trial, finally had his day in court yesterday after public outcry.

HOPE MOSES-ASHIKE

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irstBank has announced the launch of chat banking on WhatsApp. FirstBank customers can leverage the real-time messaging capabilities of the WhatsApp Business solution to check their account balances as well as perform simple banking queries.

The launch, which took place on Wednesday, is in its pilot phase and is available to a select group of customers, after which it will be made available to all customers.

Additional details on the solution would be provided in the coming weeks, as customers are encouraged to keep interacting with the Bank on its various social media channels for updates.

“Customers’ expectations are constantly changing and it’s our duty as a customer focused bank to ensure that our customers are provided with the means to carry out banking services through any channel they desire,” said Mr. Chuma Ezirim, Group Head, E-Business, First Bank of Nigeria Limited. “We are constantly seeking new ways and opportunities to meet customers at their preferred touch points and we understand our customers are actively engaged on WhatsApp.” With FirstBank chatbanking on WhatsApp, it is not just about staying connected with friends and loved ones, but also keeping in touch with your bank anytime and anywhere you are.

BUNMI BAILEY

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igeria’s improvement in Africa Development Bank’s (AfDB) 2018 infrastructural development index (AIDI) to 21.63 over a total score of 100 in 2017 from 11.96 in 2010 is seen as insufficient.

According to the AfDB, virtually all major countries improved their scores in the AIDI 2018, though at different rates due to the major improvement in the information and communication sector (ICT).

Countries such as Egypt, South Africa and Libya did better in the index by scoring 85.35, 79.27 and 79.27, respectively Ibrahim Tajudeem, head of research, Chapel Hill Denham, said, “It is an improvement but it can be a lot better than what it is.

But the key thing is that given the potential of Nigeria in terms of size of the economy, population, demography, and the economic indicator the country has the potential to have recorded a more significant improvement in infrastructure over the periods they have researched.”

Tajudeem said nothing should stop Nigeria from being number one. Since Africa’s most

populous nation is number one on listed economic and demographic indicators, it should also be number one in infrastructure because naturally, the population growth rate indicates that more houses and social amenities are need.

“Relative to other African countries, Nigeria is the biggest in terms of output but what they are using to get these outputs is infrastructure. So, with the little infrastructure that we have, we have managed to be the biggest in terms of economy size,” Tajudeem explained.

The AfDB introduced the AIDI to monitor the status and progress of infrastructural development across the Africa continent, which is made of 54 countries using four indicators electricity, transport, ICT, water supply and sanitation.

Nigeria improved marginally from 11.96 in 2010 to 14.70 in 2011, 15.94 in 2012, 17.58 in 2013, 19.35 in 2014, 20.45 in 2015, 20.60 in 2016 and 21.63 in 2017.

In 2017, the country was ranked 23rd out of the 54 countries, scoring 2.79, 5.10, 20.32 and 43.51in electricity, transport, ICT, water supply and sanitation indicators, respectively, which dragged its score to 21.63.

“Well this is an improvement but a far cry from where we ought to be, and this is very worrisome as any economy that desires a meaningful growth will focus a lot on improving infrastructure. The ranking reflects the inadequate funding for infrastructure,” Ayodeji Ebo, MD, Afrinvest Securities Limited, said The poor state of infrastructure in Nigeria is further buttressed by the understanding that the optimal proportion of infrastructure stock to GDP is at about 70 percent, but current level in Nigeria is between 20 – 25 percent.

Infrastructure is important for faster economic growth and alleviation of poverty in the country. Adequate infrastructure in the form of road and railway transport system, ports, power, airports and their efficient working is also needed for integration of the Nigerian economy with other economies of the world.

On improving the country’s ranking, Tajudeem said, “We need more spending and commitment in infrastructure by the government and private sector to boost economic growth and development.”

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n what real estate operators and business owners have described as a major turnaround for ease of doing business in the state, the Edo State governor, Godwin Obaseki, has slashed to a minimum of N50,000 the cost for processing Certificate of Occupancy (Cof-O), assuring a 30-day turnaround for processing land titles.

Obaseki, who disclosed this during an inspection of ongoing work at the Edo Geographic Information Service (EDOGIS) office in Benin City, said the development was made possible as a result of the deployment of Geographic Information Service (GIS) technology by the state government in processing land titles.

According to Obaseki, “We are drastically reducing the cost of obtaining C-of-O. The minimum will be N50, 000. That means that we have come down drastically from the current rate of about N300,000 to slightly about N50, 000.”

He explained, “Our hope is that Edo will be one of the foremost states in Nigeria where you can come in, buy land and within 30 days, you have all the documents and titles to the land.

If you want to sell, we will ensure that granting of approvals such as building approvals follow the same speed.

“What that will do is that investors will find out that it is much easier to do business in Edo because of the speed at which we can register titles and the speed at which people can obtain licences.”

He said the state government would not relent in providing a conducive working environment for workers in the state, adding, “The idea is to improve the work experience of public officers and public servants. Their offices should be more comfortable than their homes so that they can spend more time at work and be more productive.”

LCCI canvasses derivation principle on customs duties, VAT ODINAKA ANUDU

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agos Chamber of Commerce and Industry (LCCI) is canvassing for a derivation principle on customs duties and Value Added Tax (VAT) for states that host major Nigerian ports.

Speaking at the quarterly State of the Economy Press Briefing on Thursday in Lagos, Babatunde Paul Ruwase, president of LCCI, said ports often created profound negative externalities to host states and put tremendous pressure on facilities in the state, significantly affecting roads, health facilities, traffic, environmental management, and pollution.

Ruwase stated that in the light of costs borne by states in which ports were located, application of the derivation

principle should be applied to revenues generated through the custom duties from the ports.

“We propose a replication of derivation principle applied to the oil producing areas. The basis of derivation principle to the oil producing area is the negative externalities of oil production. The same logic should apply to Lagos State that suffers tremendous negative externalities, because it is hosting the busiest ports in the country. The 13 percent derivation applied to oil producing areas should also apply to states hosting the ports,” he argued.

According to Ruwase, the abandonment of Federal Government properties remained a colossal waste and served as hideouts for hoodlums, criminals and miscreants.

He cited some of the buildings as the old National Assembly complex at Tafawa Balewa Square, Independence Building that used to house the Defence Ministry and the former Federal Ministry of Commerce at Tinubu Square.

“We urge the Federal Government to either return the property to the Lagos State government which is the original owner of the land, or give them out on lease to the private sector,” he said.

On Apapa gridlock, he commended the decision of the Federal Executive Council to award a N72 billion contract to fix the road leading from the Lagos ports to the tollgate, but stressed the need to urgently restore order and sanity to the Lagos ports and improve access to them.

“The rail system needs to

work, the capacity of the ports needs to expanded, the pipelines for the transportation of petroleum products need to be made functional, and the tank farms need to be better dispersed,” he said.

On the bill that seeks to compel companies to adopt Corporate Social Responsibility (CSR), the LCCI president said CSR should be at the discretion of organisations as making it compulsory would amount to another form of taxation.

“Businesses continue to struggle due to challenging business environment such as multiple taxation, arbitrary fees and levies. The CRS bill will only worsen the situation. We propose that a robust incentive framework be provided to encourage corporate organisations to voluntarily undertake CSR programmes and activities,” he said.

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Waste: ‘Visionsacape upgrading facilities to enhance collection’ JOSHUA BASSEY

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isionscape Sanitation Services Limited, the environmental utility company vested with the management of domestic waste under the Cleaner Lagos Initiative (CLI) of the Lagos State government, says it is building critical infrastructure and upgrading some existing transfer loading stations to aid quicker waste collection and disposal in the state.

John Irvine, CEO of Visionscape, stated this on Thursday, saying in addition that the company remained committed to working with all stakeholders in the waste management industry in tackling the challenge.

BusinessDay had reported on Thursday the resurgence of waste in some parts of the Lagos metropolis, particularly Alimosho, Amuwo-Odofin, Ajeromi-Ifelodun and Apapa, where heaps of refuse were left for days on the streets, with the residents already raising concerns bordering on health hazards.

Irvine, who reacted to the

report, said, “We are aware of the recent complaints about the resurgence of waste across the Lagos West axis of the state.”

According to the CEO, “Under the new arrangements for waste management reform by the Lagos State Ministry of the Environment, our mandate to accelerate waste infrastructure has made it necessary to temporarily close two transfer loading stations in that axis for upgrades and refurbishment of the facilities. As a result, there is a backlog as waste collection operators experience a higher turn-around time.

This underscores the importance of infrastructure to the waste management system and our role, as Visionscape remains the provision of these facilities.

Other environmental works like drainage and waterways management are handled by the Ministry of the Environment and its relevant agencies.

“We remain committed to working with all stakeholders as we carry out our respective roles and responsibilities, and will continue to support the waste

collection efforts through our Monitoring and Intervention (M&I) team,” said Irvine.

BabatundeDurosinmi-Etti,the state Commissioner for the Environment, had also linked the resurgenceofwasteinthemetropolis to the rainy season and the lack of proper disposal by residences, but added that steps were being taken to address the challenge.

Durosinmi-Etti, who spoke with BusinessDay, said the government was also partnership with community development associations, corporate and religious bodies to check illegal dumping while the relevant unit in his ministry was also liaising with the Works Department to clear drainages to allow for a better flow of flood waters.

“We’re taking the message to the communities because they’re the beneficiaries of what we’re doing. They have to embrace it and key into the vision,” Durosinmi-Etti said, adding that within the next few weeks, areas experiencing resurgence of waste in the state, would witness remarkable improvement.

Demand for Tramadol triples amount of drugs seized at Lagos airport IFEOMA OKEKE

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emand for Tramadol has tripled the a m o u nt o f d r u g s seized by the National Drug Law Enforcement Agency (NDLEA) at the Murtala Muhammed International Airport (MMIA) Lagos.

Speaking with journalist yesterday, Garba Ahmadu, NDLEA commander at the Lagos Airport, said 4668.880kg of drugs were seized from January till July 2018.

Ahmadu explained that the quantum of seizure made this year had almost tripled compared with what was seized last year as a result of the demand for Tramadol and the relationships NDLEA had had with its international counterparts.

“The sum total of what the command has been able to seize from beginning of the year till date is 4668.880kg.

This includes cocaine 16.06kg, heroin 7.5kg, mixture of cocaine and heroin 6.260kg, cannabis sativa 15.64kg, methamphetamine 42.88kg,

ephedrine 119.46kg, tramadol 4,449.9kg and phenecetin 11.18kg.

“The numbers of persons arrested with seized drugs are 43, comprising 38 males and five females,” he said.

He further disclosed that the illegal mode of taking these drugs out of the country include the use of false bottom, electronics, stocking drugs inside foodstuff and the involvement of people that work at the airport.

He noted that the involvement of airport workers was becoming more pronounced and this could be because of low pay or greed on the part of those involved.

He said: “Accomplices come from workers at the airport, cleaners and airline staff. The recent arrest we had, we did not have any direct involvement of any of the staff of the ground handling companies but we have other people that work at the airport that are accomplices. In one way or the other these people facilitate the process.

“It has always been our po-

sition that before you employ, you need to vet and after employing them, there should be a periodic vetting of all people that are working at the airport.

“We encourage the airport authority to pay the airport security staff good salaries just to encourage them because when you deny them good salaries and they cannot afford to live within the airport environment, they become venerable to obnoxious activities.”

He noted that every day, NDLEA gets passenger information and does profiling. “I have a good number of officials that are exposed to some levels of training. We know how to profile and what to look for. We have some targeting list before passengers even get to the airport.

“There are some visual profiling we do in the airport.

These officers see some indicators on the passengers and that will prompt them to check further on selected passengers. Most of the arrests are as a result of the profiling we do at the office and the airport,” he said.

Akoka community lauds Total Station prompt response to fuel leakage KELECHI EWUZIE

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embers of Akoka Community Development Association (ACDA) have lauded the management of Total Service Station in Akoka for the prompt response in tackling the incident of fuel leakage discovered in the station underground tank in August 2017, which restored sanity to the community.

Representatives of the community disclosed this to journalists in Lagos during the association’s appreciation and award ceremony organised to honour long-standing and committed residents in

the area.

Segun Adesanya, chairman of the association, while speaking on the fuel leakage, said the management of Total Service Station had been quite responsive and that they left no stone unturned in bringing the environment back to shape.

He said relevant agencies such as Lagos State Emergency Management Agency, Lagos State Environmental Protection Agency, National Oil Spill Detection and Response Agency, and the Department of Petroleum Resources, had certified the environment safe, hence residents could continue with their domestic and business activities without any

fear or concern.

According to Adesanya, “The incident occurred August 2017 and Total was quick to notify relevant government agencies including the CDA. They started the remediation process by blocking all water sources in the affected five houses as confirmed by the agency in charge of remediation, Terra Aqua Environmental Consultancy, as well as supplied us with alternative water.

“Such an accident is inevitable, but we are happy with the way the company went about managing the situation.

It didn’t only cater for the environment but also the health needs of dwellers.

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Preparing children to succeed-one long holiday at a time

IJEOMA NWAGWU Dr. Nwagwu is a Faculty member at the Lagos Business School email:ijeoma.nwagwu@gmail.com

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he long holiday is often a challenge for parents and guardians. How do you keep children mentally and socially active? How do you keep them safe from predators and the bad friends? How do you prepare them for the next school year? How do you prepare them for life, with skills ranging from speaking your language to robotics? Some of these questions give parents sleepless nights. As an educator and parent, I will share some thoughts with you on how with a dose of creativity and a strategic plan, you can ensure a proper use of the long holiday period.

You can sow the seed for the kind of adults you want to see in your family and the kind of citizens we want to see in our country.

Mold their character One lesson I have learnt from years of interacting with business and political leaders is that character counts.

The leading business and social entrepreneurs I have come across embody important traits (which employers value) like social intelligence in relating well with people of different cultures and religions, curiosity, flexibility, drive, and optimism.

However, telling children to be more confident, flexible, sociable or coura-

geous is no way to teach character.

Children learn by frequently being asked and trusted to take chances by doing their work and manage failure. Oftentimes, children may fail when they first have to engage this way, but eventually they develop the confidence they need to carry out a task.

Opportunities for characterbuilding abound in the home.

It is as simple as making a child responsible for something – washing plates after breakfast, setting the table for meals, cooking meals, cleaning their roomand other childappropriate tasks. In an ethicallychallenged environment as ours, we must be intentional in exemplifying values in our children and doing so in ways that are both fun and ageappropriate. It makes the difference in their being able to excel on the national and global stage.

Let them work For older children, working in the family business or an internship during the holidays is the best gift you can give your child.

It offers the opportunity to learn the value of hard work and build problem-solving muscles, as well as communication, collaboration and other 21st century skills. Dr. NgoziOkonjo-Iweala, Nigeria’s former Finance Minister and renowned global shaper attested to character-building experiences from early years of living in the village with her grandparents during which she learnt to cook and even fetch firewood. There, she experiencedthe challenges of existence at the subsistence level. We must allow our children to build a social conscience by working to improve life at home and getting involved in charity projects at church or

It is never too early to expose them to the joy and dignity of labor,the small successes of everyday living are what constitute the big achievements of tomorrow mosque, so they can understand their role in transforming the conditions of extreme poverty in our environment.

It is never too early to expose them to the joy and dignity of labor,the small successes of everyday living are what constitute the big achievements of tomorrow. Age-appropriate work is perhaps the best opportunity for children to develop “grit” that magic element for success in life identified

by Paul Tough in his bestselling book, How Children Succeed. Grit, according to modern psychologist Angela Duckworth, is a combination of selfcontrol, passion and perseverance for long-term goals. Children cannot build grit by sitting passively in front of a television or tablet throughout the holidays.

Let them play That is not to say that the holiday should be all work and no play. Making allowance for free and unsched-

uled time during the long holidays is important for children, giving them space to be creative. Playing games like Ludo, Monopoly etc., soccer, swimming, bike-riding etc. also teaches life-long values like taking turns, striving for excellence, winning and losing graciously, and integrity in not cheating for advantage.

Activities aside, children benefit from adequate play and rest and from having close and meaningful relationships with the adults in their lives.

Let them learn The long holidays offer a time to catch up on school work through additional learning opportunities. Do not overdo it, so that the child does not begin the new year mentally exhausted. Some cognitive learning is recommended during the long holiday to prevent so-called “summer learning loss” where the cognitive skills developed during the academic year are forgotten for lack of practice and engagement. Combine moderate intellectual stimulation with fun and recreational activities. If budget permits, summer camps can support learning cognitive and non-cognitive skills.

Protect them from a crazy world It is not enough to engage children; we must protect them from physical, emotional and increasingly digital danger. Be friends with your children, establishing a trusting relationship which allows for open and easy communication. Gone are the days when children are to be seen and not heard. As much as we teach them to be respectful, we must empower children to talk to us about their experiences and not be intimidated into silence and abuse by predators.

It is imperative that you create ‘safe’ time alone with your children so they can share with you their thoughts.

Connecting this way daily can ward off potential abuse.

Let them see the world They learn from you to also be socially conscious of events in the country and. You can assign them to find out more about a particular world event or culture and flesh it out through art, a poem, a report or scientific experiment. If budget permits, travel is the best teacher, take them to other parts of the world, another country or another city. Reading is the number one activity for escaping to others worlds, so a reading list for the long holiday is very much in order. Such activities children practice imaginative thinking, build creative and innovative ideas, hone effective communication skills, and have material on which to think critically.

What’s in a good plan?

A good plan should include chores (yes housework), recreation and most importantly, experiential learning activities. As Confucius says: “I hear and I forget. I see and I remember. I do and I understand.” When children take part in real-world projects, their self-image blossoms and they develop new skills, new friends and more selfconfidence from their experience.

Hands-on fun activities as simple as cooking that activates all parts of the brain is imperative for young people during the long break and always.

But be flexible to accommodate a change in plans and to respond to emergent opportunities to improve your plan. It is more important to remain consistent in executing the plan and involve your child in making the plan, rebounding when there are setbacks.

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Dr Pantami as a role model of leadership in Nigeria

MOHAMMED DAHIRU AMINU Dr M.D. Aminu (mohd.aminu@gmail. com / @mdaminu) wrote from Manchester, United Kingdom

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came across Dr Isa Ali Ibrahim (who is popularly known with the epithet Pantami), the current Director-General of the National Information Technology Development Agency (NITDA), Nigeria, for the first time in December 2012, in the United Kingdom. Our meeting was facilitated by a conference organized by the Nigerian Muslim Forum in the UK (NMFUK) which was hosted in Stamford Court, at the University of Leicester. At the time, Dr Pantami was a doctoral researcher at the Robert Gordon University, Aberdeen, where he was working on a project that investigated the barriers

to the adoption of state-of-the-art information systems by Nigerian indigenous oil companies. But despite his education, training, and experience in the information systems sciences, Dr Pantami was not invited to the NMFUK conference as an information systems scientist, but as an Islamic scholar of repute, in his own right. His invitation at the conference was a testimony of his uncommon combination of both the finest Western scholarly tradition as well as a towering erudition in Islamic scholarship.

The NMFUK conference of December 2012 was themed on Poverty Alleviation and Good Governance as Tools for Conflict Resolution. Although there were many speakers at the conference, where brilliant ideas were put forward for the improvement of livelihoods of Nigeria’s poorest; Dr Pantami, I remember, discussed extensively on the need for Nigeria to bring forth strong institutions that promotes justice, equity and fairness for all citizens. He reiterated the fact that although the world’s great religions such as Islam and Christianity promote justice and equity and encourages leaders across all spheres of the society to be just and equitable toward their subjects; however, the belief in and worship of God, on its own alone, without recognizing

and inculcating the interest of justice within our devotions would not produce a just society. Taking instances of Nigeria and the UK, Dr Pantami compared the religiosity of the two countries vis-à-vis the subsistence of justice.

But the wisdom I could extract from Dr Pantami’s lecture at the time was quite profound especially when we take the realities of our country Nigeria into study. We are a country that is arguably the most religious in the world where both mosques and churches are regularly full of worshippers on Fridays and Sundays, yet, Nigeria is, undoubtedly, one of the most corrupt nations of the world.

Despite our religiosity, people who occupy the few positions of privilege in government plunder public funds mercilessly; while so many others are notorious for economic and financial crimes, drug trafficking, counterfeiting and forgery, etc. And because of these unfortunate instances, it cannot be possible to have a country that guarantees the security of lives and property. This leaves us with a country that is dangerously sinking more and more citizens to poverty, while, sadly and ironically, the leaders, including religious ones, are continually prospering. It is for this reason that Lamido Sanusi, who is now the Emir of Kano, once noted in one of his essays that if the God we say we worship is as we say

He is, then it cannot be said that we worship Him if this is our character.

Thus far, having reflected on the lecture of Dr Pantami at the NMFUK conference, in particular; and on the many teachings, preaching and sermons on Islamic studies and the shariah that he dedicated all his life to it in order to realize a better society, in general; and even more importantly, on his principles as a person which serves as a foundation for his beliefs and behaviours; I had no doubt that he would make a good leader that the Nigerian people deserve. As much as I am not a fan of hagiographies; not to risk giving undue reverence toward public officers in Nigeria, nevertheless, when I recognize public officers who are role models for leadership, I do not hide my admiration for them.

Such is the admiration I have for Lamido Sanusi and now, Dr Pantami.

In my June 2015 essay entitled What Sanusi’s eminence spells for the rest of us, published in several print and online media outlets, I noted that whenever I found myself discussing contemporary Nigeria, I had always advocated that what Nigeria needs at its trying moments are people like Sanusi (and Dr Pantami) to influence the affairs of government. It is only true, like Sanusi once noted, that the dirt in Nigeria’s leadership can only be cleansed by encouraging good people to participate in the leader-

ship process to flush it out of its current situation; its wanton depravity.

And as was the case for Sanusi, the opportunity to serve Nigeria in public office for Dr Pantami, came to me as a delight, and a renewal of my hope in the Nigerian project.

People like me who had followed Dr Pantami through his scholastic pedigree and personal antecedents for several years now had hoped for his recognition in government where his impact will be most felt. And in staying true to principle, Dr Pantami has so far not disappointed me. He is marching his long-standing words with actionable work ethic. He does not seem to change in words and in deeds; deciding to remain the Dr Pantami of old. I am confident that Dr Pantami’s best is yet to come if he continues to exude managerial excellence in many aspects within Nigeria’s IT industry. If he continues in the path of upholding probity and accountability in executing the core mandates of the organization that he leads; if he continues toward a visionary leadership formed from a well thought out perception; then he will carve out a place for himself as a leader whose styles are not usually common, and from whom others could learn.

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ICT is empowering the connected to find solutions to Africa’s biggest challenges

NORA WAHBY Wahby is head of Ericsson West Africa.

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t is no longer news that the African continent has incredible potential to move the needle of economic development through the integration of ICT. Today, the continent is coming to the steady realization that while access to mobile broadband is a priority and is being addressed, we can no longer afford to concentrate our efforts on access alone but look at the localized solutions we can innovate and enjoy from the connectivity we already have.

Though this calls for more infrastructure development to be realized through spectrum availability, it is generally agreed that a wellrounded ICT infrastructure will provide the capabilities to support the continent’s transformation. It is not just up to the mobile operators, but to a strong partnership formed between governments, academic institutions, businesses and peo-

TITILAYO SOREMI Titilayo Soremi is a public policy researcher and has completed a PhD Politics at the University of Exeter

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onditional cash transfer (CCT) comes to Nigeria, not as a codified policy, nor as a policy instrument, but as an idea, an idea that has docked in sub-Sahara Africa, and now makes sway to spread.

While CCT may be an idea whose time has come, particularly for countries in South America, this policy brief addresses whether the time for countrywide CCT has come in Nigeria.

The idea of CCT was introduced into Nigeria as a response to redirecting the hitherto expenses on fuel subsidy. This led to the introduction of the Subsidy Reinvestment and Empowerment Program (SUREP) in 2012, which at its inception, targeted empowerment of young people through direct payment of cash for funding establishment and growth of business ventures.

The program later extended to accommodate maternal and child health care through the direct transfer of funds to pregnant women in rural locations on the condition of receiving pre-natal care and immunizations for their babies. Presently, the idea is top of the agenda on how to spend the windfall generated from the recovery of the looted fund of the past military dictator, General Sani Abacha, who ruled Nigeria between 1993 and 1998, and died unceremoniously while in office.

ple in the developing countries to prepare for an ICT-enabled transformation.

To be fair, two-thirds of Africa’s population will still be unconnected at the end of the decade, so it is not out of place for the world to focus on access as the single allencompassing factor when making judgments on ICT development in Africa. However, this results in most discussions around connectivity focusing on this factor alone not noticing that Africa has already started utilizing what little connectivity is available in areas such as education, innovation and entrepreneurship.

You see, Africa, today, is one of the fastest-growing mobile markets in the world, with a compound annual growth rate (CAGR) at 6 percent for the next five years and is projected to reach close to one billion mobile subscriptions by 2023.

It is true that connectivity is directly correlated to economic growth, which is perhaps why governments around the region are so vested in amplifying the connectivity quotient. A study by Ericsson and Imperial College in 2017, showed a direct link between mobile broadband and GDP growth, where a 10 percent MBB adoption brings 0.6-2.8 percent economic growth.

ICT solutions have emerged as a vital tool to extend key services to underserved communities, complementing the efforts led by

ICT solutions have emerged as a vital tool to extend key services to underserved communities, complementing the efforts led by the governments and the private sector. As connectivity providers, it is our responsibility to extend an opportunity to the connected in our region for further education and offer them a platform to innovate for the betterment of society the governments and the private sector. As connectivity providers, it is our responsibility to extend an opportunity to the connected in our region for further education and offer them a platform to innovate for the betterment of society, using the connectivity that we already have.

In West Africa, we have witnessed

the growth of talent in the tech space over the years and we are not just referring to the brilliant minds from these parts that now work with us here and all over the world. Ericsson has recognized this potential time and again, particularly through our innovation competitions open to young minds regionally and globally. In 2012, in the regional Ericsson Application Awards, a Senegalese candidate emerged as the victor providing the blueprint for a mobile solution that provides crowd sourced prices of fish.

More recently, Ericsson and an esteemed panel of judges recognized 10-year-old Kambinachi Kanu from Nigeria as the winner of Girls Who Innovate competition as part of girls in ICT day. Kambinachi’s winning idea comes in the form of an eLearning platform made possible through the donation of fairly-used tablets to children living in Internally Displaced Persons (IDP) camps in Nigeria.

She wanted to ensure a safe learning environment for children whose classroom time might be limited, but who would still be able to have access to continuous communication with tutors.

Despite her very young age, Kambinachi is the kind of connected individual we should also focus on when it comes to our connectivity ambitions. In just a few years, she will be entering university and

will be able to have a direct and massive impact on other Nigerian men and women through ICT, should she continue on this path.

Also this year, Ericsson’s annual international innovation competition was won by a joint team from two Senegalese universities. Team OwnLabs from Ecole Supérieure Polytechnique de Dakar and Université de Ziguinchor in Senegalseeks to address the lack of school labs in Africa by offering physics, chemistry and biology classes in a virtual reality environment via a smartphone. It is simple solutions like these that have the most impact on Africa’s ICT integration and its impact on the growth of our economy.

While we are still a way away from completely eradicating digital inequality in our region – and in West Africa in particular – we are witnessing the growth of a new population, the digital natives, who are both connected and ambitious, and want to make a meaningful difference in their communities.

At Ericsson, we will continue to power forward with our dual role of enabling access and connectivity for the unconnected, while simultaneously empowering the connected to take the next steps and create a better tomorrow for the continent as a whole.

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Conditional cash transfer comes to Nigeria Three major points are put forward on why the time for a nationwide conditional cash transfer in Nigeria is near, but has not come.

The first point is based on the historical institutional foundation upon which CCT is intended to function. The second is related to the resources, capabilities and disposition of the street-level bureaucracy that would be responsible for implementing the idea. While the third point to be discussed is focused on the reliability and quality of the social services to be stipulated as conditions for cash transfers.

From an institutional perspective, the historical underpinnings of politics and policymaking process in the country makes for a case to withhold proceeding to upscale CCT in Nigeria to a nationwide level. The dominant influence of personal and economic interest of elites in decision making processes belies the rationale for supporting the poor and poorest of the poor en masse. Also, the limited dedication to ideologies, be they neoliberal or socialist, then the commitment to tribal or individual gains rather than a collective advancement of the nation, and the neglect to attack nepotism, are signals for foundational challenges that will likely beguile a nationwide CCT in Nigeria.

Of themselves, the source of the budgeted funds for the CCT programs that are currently being implemented point to these institutional challenges. How was the

fuel subsidy regime managed and how transparent was it? Also, how was General Sani Abacha able to loot and stow away trillions of Naira meant for the nation’s development?

With limited activity with respect to enforcing institutional infrastructure to regulate and guarantee impartial universal gains amongst all the populace, often government spending does not touch all of the 185million persons living in the country, with low spending on salient issues such as education and agriculture.

Nigeria to needs to improve the attitude to and culture of transparency in government, particularly amongst the highest echelon. By instituting a consistent culture of accountability and transparency across all the cadres of governance, the cost of external verification of CCT beneficiaries selected by local government representatives, would be reduced or eliminated. Also, delivering consistent legal ramifications for nepotism, money laundering, fraud, and corruption, would ensure public confidence in the program is not eroded but upheld.

Street-level bureaucrats, primarily comprising those charged with delivering what is promised in public policies, including civil servants at the federal, state, and local government levels, would be responsible for the implementation of a nationwide CCT program, if this is approved and announced by the federal government. Many Nigerians are aware that accessing public services can sometimes be plagued with intimidation from the service delivery officers, in-

cessant unavailability in person and digitally, and demands for bribes.

The trend of preferring and depending on private offering of services that are provided publicly also go to show the level of satisfaction that government services generate. It is likely that a low level of confidence in relating with public officials may partly explain why there is low patronage of public services and high demand for private services, particularly in the education, security, and power sectors.

If therefore, many of the streetlevel bureaucrats are not dependable, would this change with introduction of CCT? Also, would receiving cash be enough as an incentive for CCT beneficiaries to interact with street-level bureaucrats and their operations?

One should also not shy away to confront the possible challenge of the beneficiaries receiving discounted funds, after likely pilfering by corrupt officials. Should this be the case, it needs to be considered if indeed the CCT programs would deliver the intended result of poverty reduction, or present a perverse outcome of magnifying avenues for direct money collection from some corrupt officials.

Finally, there are several reports on the poor quality of public primary education in Nigeria and shortage of public primary schools.

Indeed, these schools appear to be the preserve of the poor, since others opt for private education for their wards. In Lagos state for example, there are 1,600 public primary

schools as opposed to 18,000 private schools. The private sector holding the realms at 16,400 schools more than the government does, it suggests how well the government is doing, as it holds a ‘market share’ of less than 1%. The point being made here is what would the conditions of CCT deliver for the beneficiaries and to what extent would it benefit them and their families? In meeting with the conditions, if the children access public education service at the primary level, there is a low likelihood that they would acquire the required knowledge and skills that is expected to eventually make the family or the child escape poverty.

Without a doubt, CCT hinged on maternal and child care is highly commendable and is expected to be more valuable than those linked to primary education. This is because the primary health sector in Nigeria is in a better shape than that of the primary education. Although much of the progress in the health sector can be linked to external interventions from international governmental organisations, international philanthropists, and international nongovernmental organisations, this progress can be taken to be that of laying the appropriate foundation for a health service-inclined CCT. The same also needs to be done across all relevant public services.

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Auditor-General’s report: An indictment on Buhari’s administration

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ne of the greatest campaign promises the present administration used to woo Nigerians during the 2015 general elections was the promise to fight corruption. Ironically, one of the biggest flaws of this administration led by President Muhammadu Buhari is financial improprieties, the very demon it promised to cast out. (On the same pedestrian is President Buhari’s disregard for the rules of law). This much was confirmed by the recent damning report of the nation’s Auditor-General, Anthony MkpeAyine.

The report for the year ended December 2016 shows that more Ministries, Departments and Agencies (MDAs) under this present administration have refused to sub-

mit their financial statements, as required by law, than any other previous administration since Nigeria’s return to democracy in 1999, the worst being the first two years into this administration. Before President Buhari took over in 2015, it was in 2014 that Nigeria recorded the highest number of noncompliant MDAs, which stood at 148.

Cumulatively, for fifteen years, from 1999 to 2014, a total of 550 MDAs defaulted. But two year into this administration (2015 and 2016) saw unimaginable number of 538 MDAs who did not comply with the provisions of the Financial Regulations (FR) 3210(v) regarding submission of audited financial statements. This number could double by the time 2017 and 2018 report will be made available.

This is alarming. The number of MDAs unedited

or poorly edited means a huge amount of money gone unaccounted for, implying a huge financial loss to the state. Before 2015, Nigerians would not have imagined that three years into this administration, Nigeria could still have a greater number of MDAs spending public money without proper accountability.

Sadly, this is happening under President Buhari’s nose as the head of the executive arm of government. If President Buhari could not control what goes on in his immediate ‘family’, how would he have curbed the financial obscenities in other arms of the government and the society in general – a promise he solemnly made to Nigerians?

Even more worrisome is the fact that since the indicting report was released, the President and the presi-

dency has kept mute. His silence over the issue does not represent the president and the presidency in good light. It is a far cry from the picture painted of the president during the campaign, of an upright, incorruptible man that will ensure strict accountability of all arms of government and ministries, departments and agencies of government.

Rather than work to enthrone accountability, the government has rather concerned itself with blaming the past administration for everything that goes wrong while doing nothing to enthrone proper accountability or even sustain the existing practice despite its many flaws.

The ball is in the court of the presidency right now.

To be taken seriously, it must take strong action against erring MDAs and ensure all agencies comply with the law.

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Technology as a tool for powering social impact programmes in Africa OSOBA OLAYIWOLA

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ver the past few years in Africa, there’s been a concerted effort towards creating social impact initiatives by the government, corporate organizations and even international non-government organizations, in an attempt to reduce poverty and deliver a better standard of living for disadvantaged people and communities.

With 47% of the African population struggling with extreme poverty, economic development policies targeted at improving the lives of the less privileged in the society have become much more important.

However, evidence suggests that things are not getting better as the level of poverty and marginalization appear to be on the increase on the continent.

Africa remains by far the poorest continent on the planet - 28 of the world’s poorest countries are African.

Several issues accompany the implementation of governmental policies, nevertheless, economic growth and development are addressed through the deployment of these policies. Issues such as inequality, economic diversification, unemployment, poverty, human capital deficit, rural development, are majorly solved through social impact programs.

This makes the policymaking process as well as implementation – withstanding its challenges – highly imperative.

On the whole, African social impact programs have continued to be held back by structural weaknesses - especially in the area of financial mobilization - that haven’t yet been tackled adequately. While much has been said about Africa’s struggle with corrupt leaders, and the role they play in the failure of these programs, there have been success stories nonetheless.

On March 18 2016, South Africa’s West Cape Province Departments of Social Development and Health committed 25 million rand ($1.62 million) in outcome funding for three social impact bonds (SIBs) for maternal and early childhood outcomes. It was the first ever funding committed by a middle-income government for a SIB, making South Africa’s choice to pioneer this new path especially encouraging.

Over a period of three years, the goal is to use state funding to leverage private capital to create a blended outcomes fund, which may prove more efficient than the status quo where nonprofit organizations raise grant funding to augment inadequate government subsidies for early

childhood development.

Another example is Mali’s Agricultural Competitiveness and Diversification Project (ACDP), implemented by the Ministry of Agriculture of Mali, and aimed at poverty reduction and increase in rural incomes. The program has helped expand the markets for mangoes and other crops―and build good business practices within the country’s agricultural sector, with a range of stakeholders - from farmers to harvesters to collectors to processors and exporters - all benefitting from the expansion in trade.

Over the past 20 years however, the continent has recorded huge success in the mobile segment of Information and Communication Technologies (ICT).

Mobile networks have covered over 90% of Africa’s urban population, and Sub-Saharan has the highest ratio of mobile to telephone subscribers of any region in the world.

There’s also been an increased awareness surrounding the central importance of education to development. The world today is a knowledge based economy and the benefits accruable from the increasingly blurring geographical boundaries across nations can be maximized only by nations with a highly skilled and educated labour force.

Affordable education and easy access to information technology tools, therefore, represent a means to foster economic development, as well as improving levels of education and training, especially in African countries.

A social development program that combines technology and education is the N-Power program, launched by the current Nigerian government and chaired by Vice President Yemi

Osinbajo.

N-Power is a government initiative aimed at empowering Nigerian youths while achieving inclusion and productivity through large-scale skill development. It aims to positively improve the lives of 500,000 individuals over a period of 2 years, training them in programs that range from Health and Tax (N-Power Health and Tax) to Agriculture and Education (N-Power Agro and N-Power Teach). After 18 months, they are expected to be equipped to survive on their own, and subsequently impact their communities with their new-found skill.

Speaking objectively – considering its large scope - NPower has largely been a success. There are stories and video testimonials of several people who have been beneficiaries of the program. An example is Mr. Ihongo Ternenge who passed through the program as an N-Power Health Volunteer.

Before the advent of the N-Power programme, he could barely make ends meet for his family comprising himself, a wife and four kids. Now, he owns 3 hectares of cassava farmland in his hometown.

As an N-Power Health Volunteer, Mr. Ihongo was a beneficiary of a tablet pre-installed with educational materials such as primary health care content which ensured his continuous learning. Asides from achieving financial self-reliance, he’s also been able to sensitize members of his community- especially pregnant and nursing mothers - on the importance of safe practices for better health care; thus achieving the secondary goal of the programme.

While it’s tempting to attribute the success of N-Power to the

efficiency of its co-ordinators, an appreciation for the management of its IT infrastructure starts to emerge on a deeper glance; especially considering that the program in itself relies heavily on the use of Information Communication Technologies. In offering beneficiaries an e-learning mobile tablet equipped with both offline and online study materials, the N-Power initiative is highly dependent on the technology that powers these devices.

In respect to this, the partnership between the Federal Government and Softcom; a private tech solutions company, highlights the best of what can be achieved when the public and private sector collaborates to implement public policies.

Here at Softcom, we take pride in delivering tech-based solutions to enable social and economic impact for the African continent. With industry expertise in different sectors, we have been able to connect several institutions with meaningful innovation. From delivering the educational aspect of the N-Power platform on e-tablets to developing a truly inclusive FinTech solution, Softcom also engages in community-targeted social responsibility campaigns built around tech and aimed at impacting communities from the grassroots.

Building solutions that work and delivering them in a country like Nigeria – with its myriad complexity – is a gargantuan task.

With a population size that easily doubles that of over 70% of all African nations, it isn’t far-fetched to believe that the success of a development program in Nigeria should translate to success in most African countries.

Consequently, recognizing

the need for an adoption of successful development programs, the Liberian Vice-President, Dr. Jewel Taylor was at the head office of Softcom Limited on the 20th of July, to further understand the structure of social programs powered by tech. She was briefed on the mechanics behind the delivery of the N-Power program, and other community-targeted social development programs the company is involved in. Alongside some members of her entourage, she asked relevant questions focused on understanding how common issues encountered when implementing these initiatives are resolved. All of these happened after a panel discussion – which included stakeholders of the Nigerian government – centered on empowering people at the bottom of the pyramid.

Liberia is a case study both of Africa’s terrible tragedy and for the recent emergence of hope.

Haunted by a brutal civil war that began in 1989, the world came to know Liberia as a land of civil unrest and political comedy. After years of instability, the country was once again plagued with the Ebola virus whose situation eventually became a case of Public Health Emergency of International Concern (PHEIC).

However, since being declared Ebola-free in January 2016, Liberia has begun its efforts towards rebuilding the nation. The government has begun to put its financial house in order by strengthening both government budget operations and central bank functions. The emergence of George Weah as President earlier this year also brought with it renewed hope, amidst his government’s promise of economic empowerment for the masses.

It’s a giant task ahead, but Liberia is on the right path. More medical training and equipment mean Liberia’s medical services have improved since 2014. Gross domestic product (GDP) growth in 2017 is estimated at 2.5% compared to a deceleration of 1.6% in 2016 and zero percent growth in 2015 according to the World Bank.

It is encouraging that despite all of these, the current Liberian government is still looking to adopt other social development efforts for its citizens. Maybe in time, this becomes a model for African nations; understanding how and why economic recovery efforts work in other countries and adapting it for their own terrain. If the perception of Africa as a struggling continent is to be changed, open regional economic collaboration and integration will be important in truly achieving economic diversification and inclusion.

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Influencers

INSIGHT

German firm thyssenkrupp, launches advanced water electrolysis …Technology enables economical industrial-scale hydrogen plants for energy storage and the production of green chemicals …Innovative zero-gap alkaline technology ensures high efficiencies of more than 82% …thyssenkrupp offers complete value chains for the production of sustainable ammonia, methanol, SNG and other chemicals

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s renewable energy sources continue their global success story, the demand for integrating them into the current energy and industry landscape has seen a sharp rise in Ghana. thyssenkrupp now offers a key technology for renewables integration: industrial scale water electrolysis for large projects in Ghana.

By splitting water into hydrogen and oxygen, this technology delivers “green” hydrogen, a clean, CO2-free energy carrier. The only inputs needed are water and renewable electricity from wind, hydro power or photovoltaics. “Green” hydrogen production is ideal for long-term energy storage, hydrogen mobility and other applications, making optimal use of renewable energy sources.

Based on worldwide leading electrolysis technologies, experts from thyssenkrupp have developed a solution which makes large-scale hydrogen production from electricity economically attractive. The advanced water electrolysis features a wellproven cell design paired with an especially large active cell area of 2.7 m2. By further opti-

L-R: Victor Eromosele, executive director, Centre for Petroleum Information (CPI); Tony Attah, managing director/CEO, Nigeria LNG Limited; and Chambers Oyibo, chairman CPI Board of Governors at the 18th CPI Petroleum Policy Roundtable held in Lagos. Theme: “Nigerian Petroleum Industry and the Low Carbon Future.”

mizing the proven “Zero-Gap” electrolysis technology (leaving virtually no gap between membrane and electrodes), very high efficiencies of more than 82% are achieved.

The Ghana government has asked public sector institutions to ensure cost-efficiency in the implementation of infrastructure projects, to reduce financial wastage and protect the taxpayer’s money. With the launch of cost-efficient water electrolysis for large scale chemical projects, it is a lot likely for

Ghana projects to not exceed budgets.

“At thyssenkrupp, we remain confident that our technologies will continue to support local and regional industrialization initiatives. We are constantly engaging with our partners, both at Public and Private sector, to develop projects that promote growth and development in Ghana and West Africa.” says Seth Miah, Regional Manager West Africa for thyssenkrupp.

All across the region, there is a drive towards establishing

petrochemical hubs and providing stable energy. At thyssenkrupp we have solutions to meet these challenges and we provide these solutions in a sustainable manner Sami Pelkonen, CEO of the Electrolysis & Polymers Technologies business unit at thyssenkrupp Industrial Solutions: “With our water electrolysis process, we have successfully brought a technology to market maturity which is of major significance for the energy transition. We are now able to offer our customers a

wealth of sustainable solutions which will help to bridge the gap between renewable energy production and consumption. Green hydrogen as a clean, CO2-free starting point can be used in a variety of ways: for energy storage, mobility, and the production of sustainable chemicals.”

New, cost-efficient plant type for “green” hydrogen projects To make deployment of large hydrogen projects as easy as possible, the thyssenkrupp technology is available in pre-fabricated, skid mounted standard modules.

They easily add up to the desired project size, potentially into the hundreds of megawatt range. The patented design is based on thyssenkrupp’s well proven, leading electrolysis technologies. To date, the Group company thyssenkrupp Uhde Chlorine Engineers has successfully completed more than 600 electrochemical plants worldwide.

“Based on decades of experience in developing and building electrolysis plants, we have designed our product to meet our client’s most important demands: easy to deliver and install, highly efficient, with minimized investment and operation

cost. And we have an industrial-scale supply chain of 600 MW per year already in place”, says Roland Käppner, Head of Energy Storage and Hydrogen at thyssenkrupp Uhde Chlorine Engineers.

Wi t h i n t h e Ca r b o n 2Chem® project, one of the global flagship projects for carbon-neutral value chains, the advanced alkaline water electrolysis by thyssenkrupp was already commissioned successfully. It will provide the necessary hydrogen for producing chemicals from steel plant flue gas.

Turning energy into sustainable chemicals Hydrogen is not only a clean energy carrier, be it for longterm energy storage in the gas grid, or for clean fuels e.g. for fuel cell mobility. When produced from renewable energy, it can make the production of key chemicals sustainable. One good example is “green” ammonia: With the water electrolysis technology and its world-class ammonia process, thyssenkrupp can deliver integrated plants which can produce ammonia from nothing but water, air and sunlight or wind. The ammonia can be further processed into fertilizers.

Four start-ups win $40,000 in All On clean energy challenge ISAAC ANYAOGU

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generator that runs on water instead of gasoline with zero emission, a battery storage and inverter system capable of giving real time update on energy consumption, a torchlight powered with water, and a device that cools the environment without electricity are some of the smart innovations that won $10,000 (N3.6m) seed capital each in the Clean Energy Innovation Challenge sponsored by All On and supported by CoCreation Hub, Four early stage companies including Aspire (solar energy, battery storage and smart inverters to monitor solutions and deliver clean energy solutions to customers), Hydrolite (home lighting system powered purely by water and is designed for

off-grid communities), Hydrotriciton (water-powered generator) ZeroElectric (climate controlled system that cools the environment with water) were awarded $10,000 startup capital.

In addition to startup capital, these companies and the five other finalists will receive top class incubation support from Co Creation Hub to take their ideation phase businesses to the next level.

The hall at the Yaba office of Co-Creation Hub, an organisation that says it wants to use technology to solve societal problems was electric as 10 different clean energy entrepreneurs pitched their ideas.

The panel of judges consisted of clean energy industry practitioners, financial experts and those with technical competence in business development.

“We were looking for scal-

ability and impact of the innovation, we also looked at what impact $10,000 will make on the business as well as quality of delivery during presentation to arrive at our decision,” Chuks Umezuluora, one of judges said.

All the contenders were taken through a boot camp on how to pitch ideas by CoCreation Hub and it showed.

Five minutes were enough for the audience to understand the purpose of the innovation,

the problems it will solve, how it will scale and produce profit within a few years.

Wiebe Boer, All On CEO, speaking on the impact of the challenge remarked “The quality of applications received and the winners selected for the Clean Energy Innovation Challenge are a demonstration of the potential that exists in the renewable energy sector in Nigeria.

“With our startup capital and Co Creation Hub’s incu-

Clean Energy Innovators Challenge Winners with All On CEO, Wiebe Boer

Analyst: Isaac Anyaogu, Email: isaac.anyaogu@businessdayonline.com, 07037817378,

bation expertise, we are hopeful that these companies will mature to become sustainable businesses, employers of labor and on track for exponential growth to address the access to energy challenges that exist in the country,” Boer said.

All On is an off grid energy impact investment company that works with partners to increase access to commercial energy products and services for under-served and unserved off-grid energy markets in Nigeria, with a special focus on the Niger Delta.

The organisers say the Clean Energy Innovation Challenge will enable All On to further its mandate of supporting innovative models to improve energy access to unserved and underserved segments of the Nigerian population.

Femi Longe Co-Creation Hub’s director for innovation said he was pleased with the

partnership with All On and the challenge was necessary, “With Nigeria’s increasing energy requirements to achieve its developmental goals, amidst the threat of climate change, there is a need to find and support our clean energy innovators to build successful and sustainable businesses around their solutions.”

Choji Bare, CEO of Josbased Hydrotriciton, who developed the zero emissions electricity generator said, ”To have won this competition will really spur our growth.

Our next step is to produce massively and launch into the market.”

Promise Amaha, of Hydrolite who developed a torch that can last up to 2 weeks after contact with water, suited for offgrid communities, says the device will support people in ID camps and people in poor communities.

Graphics: Joel Samson

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COMPANIES & MARKETS

BUSINESS DAY

NAHCO shareholders excited by dividend payout

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Co 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

Caverton Offshore earnings rise 47% …sees boost in contracts income Sobechukwu Eze

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he first half (H1) 2018 earnings of Caverton Offshore increased by 61 percent in net income when compared to the same period of 2017, just as the company also recorded an increase in helicopter/ Airplane contract for the period by 47 percent.

The company’s financial report for first half of the year (H1) showed Profit Before Tax (PBT) and Profit After Tax (PAT) increased by 66 percent and 61 percent respectively as the groups PBT increased from N938 million in H1 2017 to N15.6 billion in H1 2018 and its PAT increased from N594 million to N962 million.

Revenue increased by 41 percent, as its income increase from N10.1 billion in H1 2017 to N14.2 billion in H1 2018. Although, its operating expenses increase by 33 percent from 6.6 billion in H1 2017 to N8.8 billion H1 2018, it was not enough to pull the company’s H1 2018 gross profit lower than the corresponding period in 2017 as its gross profit increased by 54.6 percent.

The market may already be reacting to the company’s financial standing, as

the share price increase by 5 percent from N1.9 which was the closing price on the 25rd of July, to N2 at the close of trade yesterday.

It should be noted that the share price increased by 10 percent to 2.09 on the 26th,the day after the report was released but has since then corrected itself to its closing price yesterday.

Commenting on the re-

sults, Bode Makanjuola, the CEO of the company said that “the successes recorded are as a result of the continued professionalism and support of the staff, management and directors of the Group”.

On the future outlook of the company he went on to say that “as we move into the second half of 2018, we are confident that we will

HOPE MOSES-ASHIKE and CHIWE AGBEZE

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acks of internal skills, technology, and data accessibility have been identified as part of the challenges to the adoption of predictive analytics in the financial sector.

Other challenges include data reliability, company not big enough and huge expenditure of time.

Femi Osinubi Femi Osinubi , partner/ leader , Data and AI at PwC West Africa, gave this outline while making presentation on ‘Predictive Analytics in Financial Sector’, at a Breakfast Session organised

by The Chartered Institute of Bankers of Nigeria Centre for Financial Studies (CIBNCFS).

Predictive analytics allows financial institutions to understand consumer needs and

continue to deliver high quality services our clients are accustomed to, while delivering profitable returns for our shareholders. Adding that the company would continues to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business while exploring opportunities to diversify revenue streams.”

L-R: Fela Ibidapo, divisional head, corporate communications of Heritage Bank; Imomoemi Ibisiki, acting divisional head, Human Capital Development; Wumi Adeniyi, general manager/chief compliance officer; Abayomi Qassim, business relationship manager, Association of Chartered Certified Accountants (ACCA) Nigeria, and Adebule Aderonke, country head, ACCA Nigeria, during the ACCA Nigeria/Heritage Bank engagement and presentation of certificate to Heritage Bank at its Head Office in Lagos.

Analysts outline challenges to adoption of predictive analytics in financial sector to provide personalized and contextual experiences along the entire customer journey.

Osinubi said predictive analytics can provide timely feedback to executives on their strategic initiatives, adding that without feedback corrections and strategic decision making may be delayed or not noticed at all.

Predictive analytics provide leading indicators and insight to assist in planning for answering the big question, the big question: What should we do next? – next quarter, year.

In his welcome remarks, Uche Olowu, president/chairman of council, said “banking sector in financial system today is witnessing a lot of paradigm shift in how we do business and how we plan for the future. The Fintech in Nigeria today has really made a lot of impact.

“The future of banking, business, our economy, worldwide technology has disrupted positively a lot of ways and manners which we do business. Data is key. We have a lot of data in our hands.

“The fourth industry revolution is here. That fourth industrial revolution is digital revolution. If Nigeria misses digital revolution now, can we ever recover from it? We missed the first industrial revolution, the second revolution, the third, now we are in the fourth revolution.

“Can we still believe that we should be doing it the old way? We have a lot of data in our hands, what are we doing with the data? How are we analysing it to predict the future?

How are we really prescribing to the economy, that this is where we should be? So, we feel, this is what we should be talking about.

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LASG announces take-off of Yaba ICT Cluster project

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lobal interest in Nigeria’s emerging tech sector has been buoyed by the investment of Mark Zuckerberg, CEO of Facebook, in Andela, a Nigerian start-up, followed by a visit to Yaba in September 2016. The visit by the CEO of Y Combinator, one of the most successful and influential tech incubators in the world, in the same month further validates the increasing interest of the global tech industry in Nigeria. According to Quartz (Qz. com), a digital news outlet, Nigeria raised the 3rd largest ($114.6million) startup funding in Africa in 2017, behind South Africa and Kenya. Furthermore, Techpoint.ng, a leading local media platform dedicated to start-ups, entrepreneurship, innovation, and technology, also reported Nigerian start-ups had already raised about $73.7million inQ2, 2018.

The hardest evidence of an emerging technology ecosystem in Nigeria is in Yaba, Lagos State, which now boasts a relatively high concentration of tech companies, start-ups, incubators and accelerators when compared to other parts of Lagos or the rest of the country. An organically grown cluster, Yaba now accommodates over 60 start-ups and tech companies including Hotels.ng, Afrika’s Talking, PagaTech and incubator/accelerator programs, such as Co-Creation Hub (CcHub), Passion Incubator, and more

recently NG_HUB (Facebook), Blue Lab (Stanbic IBTC) and Digital Lab (First Bank). The cluster is also home to about three tertiary institutions (University of Lagos, Yaba College of Technology and the Federal Science and Technical College), several secondary schools, and connected to major road networks in Lagos, thus making Yaba an attractive place for a hub. According to research, industrial clusters have been empirically proven to create jobs, nurture high growth companies and improve economic development (for example, the UK’s Cambridge cluster consists of over 1500 tech and biotech companies and employs over 57,000 people generating over £13billion annually. Currently 38 percent of European jobs are concentrated around clusters).

Consequently, the Lagos State Government (LASG) is pleased to announce the commencement of the Yaba ICT Cluster project, KITE@Yaba (KITE stands for “Knowledge, Innovation, Technology and Entrepreneurship”) to provide an enabling environment that will facilitate and support the development of a technology cluster and ecosystem within the Yaba District of Lagos. It is expected that this initiative will contribute significantly to the economic development of Nigeria and position Lagos State as the hub for innovation in Nigeria, and preferred destination for technology investors and innovators.

Quidax launches largest digital currency exchange in Nigeria FRANK ELEANYA

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uidax, a European-based firm, is launching its digital assets exchange platform that offers Nigerian investors the opportunity to buy and sell about six cryptocurrencies.

A statement released by the company and sent to BusinessDay disclosed that the new platform will guarantee a simple, secure and seamless interface that allows users trade in cryptocurrencies. In the next three months, users will be able to trade more than twenty digital currencies on one platform. This automatically

makes the Quidax platform the largest cryptocurrency platform in Africa.

Quidax which was established in 2016 will initially allow users trade digital currencies like Ripple, Litecoin, Bitcoin, Ethereum, Bitcoin Gold, and Bitcoin Cash before expanding the offerings to twenty.

Buchi Okoro, the company’s CEO said it has a firm grasp of the problems that threatens the global financial landscape and it is on a mission to “challenge the status quo, to push humanity forward and thus, the exchange is a step towards our goal of breaking down financial barriers and increasing opportu-

nities to wealth creation.”

As part of strategies to deepen its unique proposition, Quidax plans to invest heavily on blockchain and cryptocurrency education to increase the level of understanding in Nigeria, something it said is lacking today.

“Unlike most exchange platforms, Quidax take away the teium of running between minimised phone apps while transacting and offers users a buffet of assets to buy and sell,” the statement noted.

The all-in-one benefit of the platform has seen users trooping en masse to sign up for trades on the Quidax platform.

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Friday 03 August 2018

COMPANIES & MARKETS NAHCO shareholders excited by dividend payout Conrad Omodiagbe, Abuja

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espite economic downturn faced by most companies, shareholders of the Nigerian Aviation Handling Company (Nahco, Aviance) Friday said they were excited by the dividend payout of their company.

The Nahco Board approved 25kobo dividend per every ordinary share held at its 37th Annual General Meeting (AGM) in Transcorp Hilton, Abuja.

The shareholders under the aegis of Progressive Shareholders Association, as well as Independent Shareholders described as very impressive the scorecard for 2017, while urging the directors and management not to rest on the positive forecast for 2018.

Speaking to newsmen on the sideline of the meeting, the new Idris Yakubu, managing director/CEO said despite the harsh operating climate, the company remained strong and even more focused in 2018.

Yakubu revealed that Nahco’s subsidiaries “should begin to contribute hugely to the company’s performance in 2018 and beyond.”

He said the launching of the Nigeria Air will without doubt bolsters the revenue of Nahco, adding that it diversification and pan-Africanization plans were on top gears.

Nahco chairman, Usman Arabi Bello told shareholders at the AGM that: “It is on the basis of this result that we have proposed to you, dear shareholders, of the payment of N406million dividend, at 25 kobo per each ordinary share.”

He said during the period under review the company also grossed N7.93billion.

According to him, as part of management’s motivation strategy, 846 staffs were promoted in 2017, while increasing their salaries at the same time.

The chairman said following the resignation, last year, of the former MD/CEO Norbert Bielderman, Idris Yakubu was appointed as the new managing director, On the outlook for 2018, the chairman said it intends to take the advantage of the country’s expected higher agricultural yield for its NAHCO Cargo export division, even as he announced that the diversification ventures were on track with the NAHCO Free Trade Zone moving to the second phase of development.

He also announced the

appointment of Mallam Baba Yusuf as the new MD/CEO of NAHCO Free Trade Zone, stressing that 2018 begun on a bright note as the published Q1 result had been very good.

On their part, shareholders of the company were thrilled with the payment of 25kobo, saying few companies pay dividend given Nigeria’s economic challenges.

Representative of the Independent Shareholders Association of Nigeria, Igbrude Moses, said within a short time the chairman and the Managing Director have stabilized the company and placed it on the diversification trajectory.

In the same vein,. Okezie Boniface, who represented the Progressive Shareholders Association of Nigeria, said he was surprised that, despite the unfavourable business environment, the company was able to pay 25kobo dividend to shareholders.

He said the key to increased revenue yield was to diversify and as well strengthen Nahco’s subsidiaries.

Another top shareholder Faruk Umar suggested that there was the need to increase the numbers of women on the Board, even as he commended the new MD on the FTZ diversification strides.

Corporate Trust - choosing the right partner BALA AUGIE

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n raising funds for working capital, debt refinancing or executing business related projects, organizations usually require cashfunding options to effectively implement or execute such objectives. In achieving this, organizations may consider debt options via financial institutions, the capital market, or equity options through friends, family, colleagues and private equity firms.

In order to provide the required funding, it is usual for parties to agree to secure the obligations of the borrower, issuer or relevant counterparties with assets, guarantees and property.

This is to ensure that the borrower keeps to their own part of the agreement, thereby protecting the sanctity and enhancing the success of the entire transaction.

Corporate Trust service offerings are an important requirement used to enable such agreements.

Corporate Trust services facilitate the arrangement of debt and equity transactions across different businesses. These include bilateral lending, loan syndications, corporate bonds, escrow agency services and share trust schemes among others. It is considered very important for the reduction of risk for potential lenders, investors and counterparties who can worry less about losing investments once the agreement is arranged under a trust. In other words, a trust structure lends credibility to the process, engenders investor confidence and stimulates growth - particularly in the financial services industry. These benefits collectively help to support the creation of job opportunities and ultimately boost the nation’s economy.

Whilst it is important for

lenders to properly secure their exposures and investments, the administration of such trusts is another key factor for consideration. It is therefore critical that extreme and careful attention is paid to the choice of a Trustee. In doing this, factors such as track record, competence, professionalism, skill, expertise, and independence must be considered.

When seeking a corporate trust partner, it is important to ensure that the institution has a team of qualified professionals who have the requisite skill, expertise and experience in managing such transactions and can effectively coordinate the entire process from start to finish.

A deep understanding of fiduciary and independence principles must be displayed by the Trustee. The Trustee must also display strong corporate values and ethics which are required to ensure proper and seamless administration of the trust.

L-R: Sato Takashi, general manager, African Business Development, WASCO Ajinomoto; Miyonse Amosu, Ajinomoto brand influencer; Helen Paul, Ajinomoto brand ambassador, and Junichi Niki, managing director, WASCO Ajinomoto, during the unveiling of the brand ambassadors and factory tour at Apapa, Lagos

Deloitte report shows millennials are averse to financial pecks FRANK ELEANYA

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illennials, the generation seen as notorious for addiction to technology and fleeting pleasures are actually not motivated by the financial pecks or a company’s financial wellbeing, says new survey from Deloitte.

As much as 86 per cent of the millennials who responded to a survey conducted by the auditing firm said business success should be measured in terms of more than just its financial performance. They see impact on people and environment as the best measurement.

This growing mindset is one of the three macro trends driving the need for change in the workplace. The remaining trends include people who trust (52 per cent) in businesses to do what is right rather than in government (43 per cent). Also, 87 per cent of C-level executive say that digital revolution will

lead to more equality and stability with more ability to influence than governments to shape the future.

The Human Capital Trends Survey 2018 was launched at the Deloitte Nigeria Talent Management Forum. The quality of the 2018 edition is buttressed by the increased number of responses – 11,000 people - compared to last year’s 10,400. Nigeria had 102 respondents.

Joseph Olofinsola, the Deloitte Nigeria’s human capital consulting partner reiterated the need for organisations to disrupt themselves by moving away from traditional way of running an organisation and embrace digitalisation which is powering the workplace of the 21st century.

This is already happening as the survey showed. First, organisations are revamping their approaches to workforce management. Second, rewards are transitioning from strictly standardised to

highly personalised. Hence, organisations need to build a culture of learning and create new experiences to support a 21st century career.

Technology adoption is expected to play a leading role in the transformation. Companies therefore must leverage technology for sustainable growth.

To realise this, automation and robotics must be incorporated in the work architecture. This will help maximise the value of both humans and machines.

The survey also recommended that companies should embrace new tools, flexible workplaces, integrated leadership and invest heavily in programmes to use data for workplace planning, talent management, and operational improvement.

Millennials not only expect organisations to do the right thing, they – like everyone else – expect protection from the abuse of data. As much as 93 per cent of respondents said data was important.

Top multinationals, SMEs to receive Awesome brands awards

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n recognition of their excellent contributions to best practices in branding Awesome Brands Magazine has concluded plans to honour selected multinational (MNCs), trans-national corporations (TNCs), large corporations (LCs) Small and Medium Organisations.

George Nwachukwu, publisher/CEO, Awesome Brands Magazine, said the Star Brand Awards (STABA) was conceptualised to honour brand excellence amongst the best of brands in Nigeria and the world.

He said the award programme scheduled for the 31st August, 2018 in Lagos will offers a forum of ideas and an international networking for leaders’ experts and peers who are eager to share their best practices, tested solutions, and proven results.

According to him, “Winning the Star Brand Awards is a defining moment as it is a testimony of the brand’s success and an endorsement of being with the best and acknowledgement of the brand’s value, strength and character” Nwachukwu further ob-

serves that as competitions grow the companies that do the best to adapt innovations and quality management are the ones that will ultimately have sustained success.

“An organisation needs to constantly innovate to succeed.

Innovation is about making things better, faster, or cheaper than your competition. It drives on going improvements and may help unleash a new idea that changes the rules. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy”, he said.

Friday 03 August 2018

Business Event

L-R: Ade Bademosi, group head, internal control and audit, Amazon Energy; Bolade Adebukunola, vice president, sustainability and corporate services, Amazon Energy; Stanley Otokpa, vice president, business development, Amazon Energy; Theresa Omolaja Adedoyin, founder, Hearts of Gold Children’s Hospice, and Henry Daniel, admin manger, Amazon Energy, during the visit of the Amazon Energy team to Heart of Gold Children Hospice in commemoration of Amazon Energy annual thanksgiving.

L-R: Eric Idiahi, partner, Verod Capital/director, Greensprings School; Lai Koiki, executive director, Greensprings School, and Folawe Omikunle, CEO, Teach For Nigeria, during a courtesy visit to the school by Teach For Nigeria executives in Lagos.

L-R: Kingdom Linus, advisor;Doris Ojuederie, co-founder; Faith Titus, founder/CEO and Chimezie Chuta, blockchain technical advisor, all of Coin For All (CFA) during the unveiling of CFA, a preferred digital utility currency for the purchase of petroleum/gas and for general use by digital community in Lagos. Pic by Pius Okeosisi

L-R: Ayo Abina, directorate head, South, Skye Bank Plc (2nd l); Prince Emmanuel (1st l); Pamela Chikezie, best students of steam 41 & stream 42 of Skye Graduate Intensive Training (SGIT), and Taiwo Olupeka, head, human capital management (HCM), Skye Bank Business School graduation ceremony.

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Friday 03 August 2018

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FINTECH News

Products Review

Technology Review

Personality Review

BUSINESS DAY

19

Company Review

COMPANY REVIEW

Clamour for big ticket merger in Nigeria tech scene picks up Stories by FRANK ELEANYA

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everal reports released so far have shown that the Nigerian tech scene is witnessing its best year. Nevertheless, most founders and experts say more can be done. BusinessDay investigations find that many of the founders are already making merger moves.

In the past few weeks, several of these stakeholders have taken to social media platform Twitter, to express their support for big ticket mergers and acquisitions (M&A). According to them, tech startups in the country and even across Africa are too small to compete with peers beyond the continent.

Mergers and acquisitions will strengthen their capacity but it will also bringing larger revenue and firm up exit plans.

Mergers and acquisitions have become a strategy tech companies across the world are using to establish their presence and claim significant market shares in their niche industry. In July alone, PayPal and PayU – two major players in the payment space – led significant mergers.

PayPal invested $50 million

into PPRO, a London-based business that is focused on cross-border payments for merchants, specifically by offering the merchants a seamless way of accepting payments from customers using whatever the most popular payment form happens to be in a particular country. PayU on the other hand acquired Zooz, an Israeli startup that

provides an API to merchants that lets them accept a variety of payment depending on the market.

“I think there are too many startups chasing same problems in very small markets across Africa” Oluyomi Ojo, co-founder of Printivo noted in a Twitter post. “The surest way to create the kind of unicorns people seek is to merge

and create big companies instead of many small companies struggling to survive and chasing a very small market.”

Collins Onuegbu, founder and executive vice chairman of Signal Alliance Limited and a serial investor, told BusinessDay that although big ticket mergers could transform the tech space in Nigeria, the challenge is that M&A

service is not available for the smaller companies because large ticket deals are better for the M&A companies.

“I believe that this will however change with the growth of the funding going into startups and incumbent tech companies,” Onuegbu said.

Investigations show that some of the tech players have approached potential investors to discuss possibilities of mergers or acquisitions.

While some have met with bricks walls, others say it may take longer for a deal to be finalised.

“Before our PayTv game, we offered $1 million to acquire a US channel. No deal,” Jason Njoku, CEO of Iroko TV disclosed in a post, “Offered $3 million to acquire a channel in Africa. No deal. In the end we launched across all those markets (minus US).

ROK ended up turning everything upside down.”

Sources also told BusinessDay that there are ongoing discussions for mergers and acquisitions involving a number of tech companies in Nigeria. One of the companies said to be involved in a merger discussion is Riby, a fintech platform that helps

cooperatives and their members to remotely control both their finance and financial operations.

“The issue is not whether it is happening. The issue is that it is not happening at scale to create positive impact,” Onuegbu said.

D otun O low op oroku, managing partner at Start Advisory and venture capitalists believes that what is the lacking for positive impact is bold founders, long term investors and active corporates leading M&A deals.

“That is how to create value and attract the best minds to build innovative companies,” he wrote in a Twitter post.

Razaq Ahmed, co-founder of CowryWise, a fintech company which was recently admitted into Y Combinator accelerators programme, told BusinessDay that M&As are not “silver bullets.”

He says more emphasis should be placed on collaborations and partnerships to deepen the growth in the tech space.

“Companies operating in different verticals can collaborate to broaden the overall value propositions for customers,” Ahmed said.

virtual currencies pose to the international financial system.

Should the market growth continues at the rate it is, the report warns that central banks like the European Central Bank (ECB), are likely to face challenges in their monetary policies and monopoly of note issue role as a large category of money-like instruments would be out of

their control.

“We recommend that a harmonised approach to regulation is taken at a European level before any virtual currency-based crisis occurs,” Rose Maria Lastra, one of the authors of the report said. “This will shape the market as it evolves and help to avoid disruption to the real economy.”

TECHNOLOGY REVIEW

Why virtual currencies could be threat to financial stability

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new study has shown that without proper regulations, virtual currencies also known as cryptocurrencies could destabilise any country’s financial stability.

The study led by Queen Mary University of London and the Humboldt University of Berlin, found that

failure by central banks to create a regulatory framework for virtual currencies could leave their economies at risk of financial crisis.

“The value of the virtual currency market is now assessed at hundreds of billions of dollars, which is startling given that all the significant growth in value has occurred in the last

three years,” Jason Grant Allen noted in a statement BusinessDay received. “If this growth continues then central banks may face challenges in their monetary policies in the future.”

In the wake of latest price appreciation of the leading cryptocurrencies such as bitcoin, the valuation of the entire market is currently

at $295 billion as at time of writing this article. Transaction activities have also been on the increase in Nigeria.

The report notes the “watch and wait” approach adopted by most regulators including the Central Bank of Nigeria. The report sets out the problems with this approach and describes the threat that privately issued

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Key legislations passed by 8th senate to shape Nigeria healthcare MICHEAL ANI

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n order to tackle the problems associated with the Nigerian health sector, which rang e s from high mortality rate, maternal mortality, spread of malaria among others, the upper chamber of the National assembly approved the following health care bills.

1% CRF for the Basic Healthcare Provision Fund The senate in May this year approved that one per cent of the consolidated Revenue fund be set aside for the Basic Health Care.

The fund will ensure that every primary centre will have some money coming directly to the health centre and not going to the local government before they can get from them. 50 per cent of the fund would be dedicated for disease control.

This will help the country achieve some of the Sustainable Development Goals especially SDG 3 which talks about Good Health and well-being by 2030.

Hence, there will be no reason for that primary health centre not to have basic drugs and not to have salaries to pay its workers.

Although the implementation of the act was not effected in the 2018 budget submitted by President Muhammadu Buhari to the National Assembly, lawmakers however accommodated the fund through the increase in oil price benchmark from $45 to $51 per barrel.

S TAT U S : Aw a i t i n g presidential assent National Council for Social Work Regulatory Bill: The Bill establishes the National council of Social Work to regulate the practice of social work in Nigeria and facilitate the development of a profession con-

cerned with helping reduce the incidence of abuse and neglect and supporting families to raise their children to their full potential.

The Drug Control Bill: Following several consultations with stakeholders develop a coherent legislative framework to address the control of drugs, reducing the demand for drugs as well as interventions for people who use drugs.

The Drug Control Bill clarifies the mandate and strengthens the capacity of National Drug Law Enforcement Agency (NDLEA) and the National Agency for Food and Drug Administration Control (NAFDAC) and other relevant law enforcement and regulatory bodies to eradicate the illicit production, and trafficking of controlled substances. In addition it: Establishes a central mechanism to facilitate collaboration among law enforcement, regulatory and public health authorities in line with the National Drug Control Policy.

Criminalisation of illicit distribution, diversion and

dispensing of controlled narcotic drugs without prescription or license.

Temporarily banning/ restricting access to controlled narcotic drugs in the event of public health emergency.

Referral of drug users with drug abuse problems for appropriate services.

Ensure that only the controlled narcotic drugs and precursor chemicals that are needed for medical and scientific purposes based on National estimates are imported and/or produced in the country.

Restriction on distribution and dispensing of controlled narcotic drugs.

The National Child Protection and Enforcement Agency (Establishment) Bill 2018: This bill will amongst other things Ensure that child sensitive social protection policies are implemented Address child poverty, vulnerability and risks.

Conduct investigations with respect to offences under the Child Rights Act. The Mental Health and Substance Abuse Bill:

The Mental Health and Substance Abuse Bill, was drafted to strengthen effective leadership by formulating developing and implementing national policies, strategies, programs and regulations relating to mental health.

It protects the rights of persons with mental and substance use disorders, provides a legal framework for the regulation of mental and substance abuse services and ensure quality, efficient mental health and substance abuse The bill: Criminalises victimisation of people with Mental Health and Substance Abuse Problems.

Treats people with drug abuse problems as people who need help not criminals.

Improves access to evidence-based Treatment and Rehabilitation Services for People with Drug Abuse Problems.

Increases access to effective psychosocial support and Mental Health services to prevent drug abuse.

Regulation of Mental Health Service Providers

HIV/AIDS: Oyo state plans rapid response mechanism for patients …records low level of stigma cases AKINREMI FEYISIPO, Ibadan

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n Oyo state, people living with the human immunodeficiency virus (HIV) will get better medical attention as the Oyo State Agency for the Control of AIDS (OYSACA) revolutionises and mobilises resources to stem medical, legal and emotional abuse of patients.

Analysis shows that the Nigeria has increasing rate of stigmatisation across the state and in the courts, stressing that people living with the challenges merited enjoying

all rights as citizens of the country.

Obatunde Oladapo, the OYSACA executive secretary, disclosed this in Ibadan, the state capital during an advocacy visit to the state commissioner for women affairs, community development, social welfare and poverty alleviation.

“The highest percentages of people living with HIV are women; the state government had promulgated a law against stigmatising PLWHIV as part of efforts to stem the trend.

“The level of stigma against persons living with HIV (PLWHIV) in the state has reduced drastically in relative terms compared to other states, the low level of stigma was a result of adequate sensitisation and enlightenment programmes on the scourge,” said Oladapo.

He said that the people of the state were now more informed about the ills of HIV/AIDS, saying they now understand the need to support PLWHIV and stop discriminating against them.

According to Atinuke Os-

unkoya, the State Commissioner for Women Affairs, who commended the management of OYSACA for a new improved agency.

Osunkoya explained that protecting the rights of vulnerable people and less privileged in the state was a major concern of the ministry.

“We are passionate about the welfare of women and children in the state. Together, we can truly reduce the scourge of violence against vulnerable children and women in the state and the country at large,” she said.

Friday 03 August 2018

Eating right protects your sight ANTHONIA OBOKOH

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n expert in vitre o re t i n a s e rvices and cataract says eating habits could help protect the eyes against blindness.

This is designed to awaken the level of awareness among Nigerians, regarding retinal disorders and diseases.

According to Zennat Shah, consultant Vitreo Retina Services at Skipper Eye–Q Super Speciality Eye Hospital, most people complain of eye pain, double vision, decrease of vision, redness of eye but do not know what is going on inside of the eye. Many a time, they are given glasses and yet not corrected.

“Eating right is simple and best solution to protect the vision. Avoid too much carbohydrate especially those suffering from diabetes; it increases the progression of the disease. Nigeria has lots of local fruits available that are good for the eye, such as: pawpaw, tomatoes, carrot, spinach, mangoes and avocado, the general thing is we should eat a balanced diet along with vegetables, the smaller fishes,” Shah said.

In a survey, the National Blindness and Visual Impairment Survey (NBVIS) estimated that 1.13 million individuals aged 40 years and above in Nigeria were blind, with 2.7 million adults aged 40 years and above having moderate visual impairment and an

additional 400,000 adults visually impaired.

The ophthalmologist sp e c i a l i st s a d d e d t hat “Retina disorder cases are very critical as common people need more awareness on the eye diseases, the main motive for consciousness is to alert people to consult their specialist well in time as there are few diseases that are difficult to treat.

She explained that retina is the innermost coating of the eye. This consists of light-sensitive nerve cells and fibres that are connected with the brain through the optic nerve. The pressure of the vitreous gel helps in holding the retina in place within the eye.

“The vision impairment becomes more common as people age; the risk is higher in people suffering from chronic disease like diabetes. Retina disorders could be as a result of diabetic retinopathy. Cataract, age-related macular degeneration and glaucoma are some of the causes of vision loss or complete blindness,” Shah said.

Shah attributed that the main problem with Nigerian is help seeking behaviours rather than seeing an ophthalmologist until it becomes a major problem.

“There are some cases that seeking for care early helps in determining the prognosis. Some Nigerians does not even know the job of an ophthalmologist. Help seeking behaviour is one of the major challenges in Nigeria”.

Boska initiative provides relief at Iju Ota market, Ogun

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o fewer than hundreds of market users a n d re s i d e nt s from communities of Iju Ota market, Ogun state were equipped with health tips to stay strong during the rainy season.

A major pain killer company, Dexa Medica makers of Boska has conducted another wave of its Pain Free Day initiative on the 25th of July, at the Iju Ota market to help consumers stay fit.

“The outcome of ignoring one’s health is the way for sudden body break down which may lead to some forms of sickness,” said Tunde Ojedokun , brand executive Dexa Medica.

According to Ojedokun, improving consumer ’s health and awareness of the risks associated with inadequate care of oneself.

“From qualitative findings, we observed that seventy

per cent of consumers often catch flu during rainy season resulting in body breakdown if not attended to.

“It is also proved that a lot of people engage in strenuous activities directly or indirectly and rarely prioritize their health because of the cost associated with health checkups.

“We are offering people from different facets of life free health services while they are save up and invest in other areas to make living comfortable and health tips to stay strong during these raining season, added Ojedokun.

The Pain- Free Day program provided the opportunity for consumers to meet health experts who provided full range of health services for free.

This included free eye glasses for those in need as well as prescribed drugs to treat eye, ear and nose defects.

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How Lagos hospital saved life of subdural empyema patient

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ll it took was one ball fall, and life began to change for Godisgreat, a 16-year-old boy that complained of headache and a fever, but was treated for typhoid. After being placed on admission and discharged from a hospital in Badagry, he still complained of these headaches and fever. He went back to the hospital and was asked to do an X-ray.

Godisgreat was then referred to Badagry General Hospital, where he was sent for a CT scan. He was again referred to a Navy hospital, but there was no equipment to handle the medical situation. He was eventually taken to Lagoon Hospitals by his family.

Godisgreat’s condition had got worse after his parents spent all of their money in various hospitals. For the family, Lagoon Hospitals was the last hope.

There are two interviews here. One is with Chinazor Onyia, the neurosurgeon at Lagoon Hospitals, Lagos, who successfully carried out a subdural empyema surgery on Godisgreat. The other is with Mowa Falase, a paediatrician and medical director at Lagoons Hospitals.

In the first interview, Onyia spoke with ANTHONIA OBOKOH on the need for Nigerians to know the complications, symptoms and signs of this rare infection.

What were the results of the CT scan?

Godisgreat was diagnosed of subdural empyema. The CT scan showed a hypodense collection in

L- R Mowa Falase, Medical director, Lagoon Hospitals, Godwin Ehi- Ebhodaghe , patients father, God is Great and Chinazor Onyia Neurosurgeon at Lagoon Hospitals, Apapa, Lagos.

frontal region of the subdural space (space between the skull bone and brain) with a collection of gas above it. Based on clinical features and radiological findings, the diagnosis was a bi- frontal (involvement of both side of the anterior aspect of the subdural space) subdural empyema.

So what sort of treatment plan did you put forth for this case?

The decision was that Godisgreat needed an operation immediately. It was an emergency as the situation was critical.

So we made a borehole in the skull or a smaller opening, because the pus had gone beyond the features. I had to open more because of his age so that I would be able to drain it properly and that was what I did.

During the surgery, find-

ings were a collection of foulsmelling pus on both sides of the anterior of the subdural space, extending into the frontal sinus. The pus was evacuated; he was subsequently placed on antibiotics and he is currently doing well after he has been discharged.

How prevalent is subdural empyema in Nigeria?

It has been studied. The prevalence of subdural empyema worldwide is approximately five to ten per cent. The prevalence of subdural empyema is high in developing countries generally than in developed ones.

However, parents need to be enlightened on this here in Nigeria.

How can subdural empyema be diagnosed and how complicated is it?

On Godisgreat’s case, history helps us to diagnose, investigate and find the

likely reason why this happened. So, it is applicable to other clinical matters.

We suspected that he had recurrent catarrh after the fall, which became unusual with yellow mucus, which was a sign of infection.

Sometimes, patients’ immunity and capacity to fight infections could be from not having good diets, and some common factors can expose the patient to viral infections and when that is done, the risk of having bacteria occurs.

On complications, sometimes someone will have clinical problem, they might offer information that they feel could help in diagnosis, but knowing the clinical problem is very necessary because problems might have been there. Subdural empyema complication can rapidly spread to involve an entire cerebral hemisphere.

What are the symptoms and signs of subdural empyema?

Patients with subdural empyema develop meningeal signs. Most of the times, subdural empyema tends to occur in teenagers/ adolescents.

Subdural empyema often causes recurrent sinusitis or sinus infection, which is inflammation of the air cavities within the passages of the nose.

When young adolescents have sinusitis, they tend to have recurrent headache, fever and because the catarrh is infected, the pus occurs which puts pressure on the brain.

Another sign is if all symptoms are ignored, the patient might develop seizures that usually progress over several days, or even recurrent convulsion.

And if nothing is done at this stage, the patient will begin to have impaired abnormalities like speech loss or might even be in coma.

Can subdural empyema lead to death?

Most of the time, it can lead to death but not sudden death. However, problems with the brain follow a cause because they progress with symptoms. The collections of the problem with the brain tell us what the issue is and the thing to do to carry out necessary surgery with the brain.

The challenge is just to access the pocket of the pus because, sometimes, it might not be really easy.

Falase In this interview, Falase says the entire staff put together their support and

saved Godisgreat’s life.

According to her, the surgery took place on the 22nd of May this year, with the assistance of a senior member of the facility who saw that he would not survive much longer with an operation and recommended that the surgery be done pro- bono( free of charge).

“The family was supposed to deposit at least N3.5 million for the operation to take place, but they didn’t even have enough money to register him as a new patient.

Falase discloses that Nigeria only has 81 neurosurgeons in the country, noting that these specialists are rare and should well remunerated and cared for in Nigeria.

“Godisgreat’s case is just one in a million. My advice to all Nigerian parents is to help protect their children’s health and listen to their complaints because not all signs are fever.

“If you have cold beyond two weeks, there is a need for you to see your family physician, paediatrician, an ear, nose and throat specialist that can pick those symptoms, so they can be treated on time,” she counsels.

In appreciation to the organisation, Godwin and Veronica Ebhodaghe, parents of the patient, thanked the hospitals for saving their son’s life and commended the professionalism and warmth of staff.

“The care I received has inspired me. I thank everyone working here,” says Godisgreat. “I would like to be a military medical doctor when I grow up,” he adds.

Over 22 million Nigerians live with hepatitis, says expert ANIEFIOK UDONQUAK, Uyo

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ver 22 million Nigerians are believed to be living with the virus that causes hepatitis, a deadly disease affecting the liver in human beings.

Most times, the disease does not present symptoms in time buttheliverisseverelydamaged by the time it begins to manifest itself, according to experts.

Nseabasi Ekanem, a pharmacologist and director of Trinity Healthcare Foundation, a Non-Governmental Organisation (NGO), who stated this in Uyo, the Akwa Ibom State capital during an advocacy and public enlightenment campaign on the disease lamented that many Nigerians were not aware of the disease.

The advocacy and awareness campaign was organised

HBL Team

in the state for the first time to mark the 2018 World Hepatitis Day which was celebrated last Saturday.

He said that the theme, “Finding the Missing Millions” was apt to create awareness to the millions of people who have no knowledge about Hepatitis A, B, C, D and E. “We are doing advocacy and public enlightenment campaign on Hepatitis B and C and other forms of viral hepatitis to mark the World Hepatitis Day with symposium tagged, “Finding the Missing Millions”.

“The reason we adopt this theme for this year is because, there are millions of Nigerian with others in the world that are living with Hepatitis B and C and other forms of viral hepatitis without even knowing. So this year we have decided to go in search of the missing millions.

“This is an opportunity to get people screened to know their status, vaccinated and get treated so that they can get rid of the virus. This is a strategic plan to get rid of the virus by the year 2020,” Ekanem said.

He expressed regret that there has been no concerted effort by governments, NGOs and philanthropic organisations to fight the virus towards its elimination.

“The reason hepatitis B does not present itself on time is because the liver has what we called the organ reserved capacity, which gives it the ability to still function even though it is badly damaged.

“That is the reason we are going out to sensitise Nigerians about the virus so that those that have it can start treatment before the liver is badly damaged.”

The symptoms of hepatitis

B include nausea, vomiting, abdominal pains dark colour urine and stool, yellowing of the eyes and skin and nonspecific rashes around the body, cough, itching and headache, loss appetite and severe fatigue.

According to him, the symptoms most times are closely related to that of malaria adding it is the reason most people living with hepatitis end up treating malaria not knowing that they have viral hepatitis.

While urging the people to be vaccinated and treated, he explained that hepatitis A, B, C, D and E destroy the liver and eventually kill the individual if not diagnosed on time and treated.

He said that if hepatitis is diagnosed in time, medication could be administered; stressing that early testing is the key to eliminating the viral

ANTHONIA OBOKOH and ANI MICHAEL / Reporters I Sam Iduh, Graphics

hepatitis.

He explained that hepatitis B is transmitted through unprotected sex, casual sexual intercourse with someone whose status is not known, adding that it could also be transmitted through sharing of sharp objects and blood transfusion.

He also explained that hepatitis B could be transmitted from mother to child, adding that pregnant mothers must always screen for hepatitis B during ante natal to avoid mother to child transmission.

Ekanem called on Akwa Ibom State Government development partners and policy makers to draw up strategic plans towards vaccinating the people on hepatitis B and C and treatment of those who are already carriers.

“From the statistic of today, we have screened and vaccinated over 900 Akwa

Ibom residents, even passerby have also been informed of the hepatitis B and C virus and precautionary measures.

“During our screening, we have discovered quite a number of people who are carriers of the hepatitis B and C virus, this goes to proof that Akwa Ibom is indeed endemic for hepatitis B,” he said.

Speaking to the News Agency of Nigeria (NAN) Ifiok Akpan, said that he was very happy to be screened and vaccinated of the hepatitis B and C virus.

My brother, a lot of people don’tknowabouthepatitisvirus, I think it is very necessary for government and health institutionstocreategreaterawareness on the hepatitis virus.

“What they are doing here is very fine, but I can tell you a lot of people don’t know. It is necessary to create more awareness, “Akpan said.

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BUSINESS DAY

Harvard Business Review

Friday 03 August 2018

ManagementDigest

The 3D Printing Playbook Richard A. D’Aveni

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new era in additive manufacturing, or 3D printing, is at hand.

Additive’s growing capabilities, together with expansion in both the materials available and the supplier ecosystem, have made it possible to affordably produce a much broader range of things, often in much higher volumes. The technology provides an unprecedented ability to customize products and respond quickly to shifts in market demand. As a result, it is moving from limited applications, such as prototyping and making conventional machine tools, to a central role in manufacturing for a growing number of industries.

Strategically, that means additive is becoming a full-fledged competitive weapon: It can be used to hold on to market leadership, to dethrone a dominant player or to diversify by exploiting a printer’s capability to make products for different industries.

Consequently, leaders need to understand additive’s potential and the possibilities that will open up in the near future.

Let’s start by examining the breakthroughs propelling additive manufacturing’s spread: — FASTER, MORE PRECISE PRINTER HEADS: Used mainly for plastic products, they can deposit material at 12 to 25 times the speed that was possible three years ago, making them competitive with injection-molding processes for many if not most of those products.

— FASTER POWDER DEPOSITION: New powder-jetting systems that use binding agents and adhesives can build up complex parts for metal and plastic goods 80 to 100 times as fast as laserbased printers can. These parts cost, on average, only $4 versus $40 and are made in minutes, not hours.

— CONTINUOUS LIQUID IN-

TERFACE PRODUCTION (CLIP): Plastic objects are pulled continuously from a vat of resin instead of being built up layer by layer.

While not quite as fast or as inexpensive as layer-based additives, CLIP is still economical for mass production.

— ELECTRONICS-EMBEDDING TECHNOLOGIES: New machines can print electronic circuitry and components such as antennae and sensors directly onto the walls of objects. This lessens the need for assembly, frees up space within products and improves the electronic integration of the entire product.

In light of these developments, where should a mass manufacturer start? The most important decision is the business model.

So far six have emerged. The first three exploit additive’s superiority in product variation relative to traditional manufacturing; the fourth and fifth maximize its benefits in making complex products; and the sixth takes advantage of efficiencies the technology offers.

Some of them are further along in practice than others, but together they show the range of possibilities additive currently provides.

1. MASS CUSTOMIZATION This model entails creating one-off products that are precisely adjusted to the needs of indi-

vidual buyers — adjustments that can be carried out by simply uploading each customer’s digital file into a 3D printer. These products cost less than conventionally manufactured items but fit individuals’ specifications more exactly.

Mass customization is suitable for any large market in which customers are dissatisfied with standardized, conventionally produced offerings and it’s easy to collect customer information.

2. MASS VARIETY This model targets customers who have strong and varying preferences but don’t need products adjusted to their personal specifications.

Manufacturers can skip the process of collecting personal information and offer a wide variety of options at affordable prices.

3. MASS SEGMENTATION This model offers only a few dozen versions of a product, to customers whose needs are less variable and easier to predict than with the previous two models. It works well for highly segmented markets, such as components designed specifically for popular business-to-business products. Each version serves a single segment.

4. MASS MODULARIZATION Rather than offering custom-

ers different versions of a product, this model involves selling a 3Dprinted body with interchangeable modules for insertion. It applies mainly to electronic devices, which can mean everything from cars to fighter jets and drones.

5. MASS COMPLEXITY The first four models take advantage of additive’s flexibility to make a variety of product versions at low cost. This model exploits its ability to make products with intricate designs that conventional manufacturing can’t achieve and to produce unusual shapes and embed sensors and other elements. That ability reduces production costs while improving the product’s reliability.

6. MASS STANDARDIZATION This last model attacks traditional manufacturing’s home turf. It proves — contrary to naysayers’ dismissal of additive as a niche technology that is useful only for small-scale production — that high-volume standard products can be churned out at a low cost.

These six business models are not mutually exclusive — a company might find value in both greater variation and greater complexity. For example, General Electric’s fuel nozzles for jet engines combine mass complexity with mass segmentation. The nozzles are complex combinations of many parts, and each kind of jet engine needs a different shape of nozzle. So GE uses additive to make dozens of versions in medium quantities.

Once you’ve gained capabilities in additive, you can apply it in a variety of competitive situations: — BLOCKING OUT POTENTIAL COMPETITORS: Suppose your company has a strong market position but is vulnerable to rivals’ targeting of specific segments. You could use additive to proactively expand your product line and prevent any openings.

— DETHRONING THE MAR-

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

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KET LEADER: Suppose your company is struggling to compete with the dominant player in your industry, which offers only a few standard products. With additive, your company can cheaply produce variations on the standard product and determine whether customers are interested in them. Even if your offerings aren’t cheaper than the leader’s, you will gain market share.

— COEXISTING WITH THE MARKET LEADER: What if you find that customer demand for variety isn’t sufficient for your company to seize enough market share to dethrone the leader anytime soon? Your company could profitably coexist with it by using your product variety and niches to avoid direct competition.

— OVERCOMING RIVALS THAT HAVE STRONG SUPPLY OR DISTRIBUTION CHAINS: Additive can change the game by creating an entirely new supply chain for materials and parts. This is especially true with the mass-complexity business model, which allows your company to create new versions of products with fewer parts and different materials.

— EXPLORING AND CAPTURING NEW MARKETS: One way to change the game is to move to adjacent or completely new markets. When ideas or opportunities appear in either place, you can use additive to develop a new product, test the market, modify the product to improve sales and gain first-mover advantage quickly and less expensively.

Additive has the potential to shake up not just individual industries but the manufacturing sector as a whole. Eventually a technology that engineers once mocked for its slowness may become a dominant force in the economy.

Richard A. D’Aveni is the Bakala professor of strategy at Dartmouth’s Tuck School of Business.

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Oghenekaro Itene set to actualise her Hollywood dream wants to leave the business. Rossi already has a feature, Sable and several shorts to his credit. His latest film, Chase, which showcases Oghenekaro, will be in the cinemas soon.

The main Hollywood stellar cast features stars such as Damien Puckler, who plays the hit man. Others include Jessica Morris, Aries Spears, Richard Riehle, Devanny Pinn and Simeon Panda. Expect to see a lot of action where Puckler, a known martial arts expert is in the mix. He can be devastatingly exciting and create lots of anxious moments for the audience.

The writer/director holds out no less a promise. According to him, “Chase really is a roller coaster of a ride. I feel there is a lot of stinging emotion mixed with some action and a lot of unique kills from our lead hit man. It will definitely be a bloody journey for the characters

Stories by OBINNA EMELIKE

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ghenekaro Itene, Nigerian-born actress, is steadily inching her way to her dream of becoming one of the better known talents out of Africa plying her trade in America’s Hollywood.

Following her last outing in Esohe, an epic movie, which was a collaboration between Nollywood and Hollywood, served in a cocktail of the rich tradition of Bini kingdom, Oghenekaro continues the pursuit of her Hollywood dream in Chase, in which she plays the role of Jayla.

Written, directed and co-produced by Michael Matteo Rossi, the movie is about a hit man who must prove his loyalty to his mentor and best friend, while his girlfriend

Oghenekaro Itene

Canadian-Nigerian film-maker wins Kevin Hart’s film contest

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weet Revenge, a movie produced by Pascal Atuma, a Nigerian-Canadian film director, has won this year’s Kevin Hart’s North American Film Competition. A total of 654 films were submitted for the short films competition. A jury made up of Kevin Hart’s comedy outfit, Laugh Out Loud; Lionsgate, and Just For Laughs team picked the best 10. Still, Pascal Atuma’s Sweet Revenge made the top 10 list. The best 10 were then put to the public to pick the top 5 through voting on Laugh Out Loud’s YouTube channel. When the top 5 emerged from public voting, the jury then decided the winner.

According to Thai Randolph, Kevin Hart’s business operations manager, “it was a very tight race that came to the wire and they all agreed that ‘Sweet Revenge’ is the winner for the Kevin Hart’s Laugh Out Loud/Just For Laughs ‘Eat My Shorts’ 2018”.

Speaking on the creation of ‘Sweet Revenge’, Atuma said: “I wanted a multicultural story that will be funny based on situations and close to the immigrant experience. I wanted a universal story.

The cast

“My itch to make world-class movies that will be funny and at the same educative of different cultures and people inspired me.”

He gives thanks to his high school (Government College Umuahia, Abia State ) teacher Mr. Nwariaku , who was his English teacher and School Debating society supervisor for predicting this day and instilling the confidence to strive for excellence and believe in ourselves to his classmates (Class of 83) and himself. He says “I am very grateful to him and I hope he sees this” As the winner, ‘Sweet Revenge’ will receive exclusive distribution and the creators will get long-term deals with Hart’s Laugh Out Loud Company and a first look deal with distribution giant Lionsgate.

The short film was written and directed by Pascal Atuma while Ola George and Warren Beatty produced. Warren Beatty, CEO - AAB Talent & Management, Toronto, Canada is also the executive producer. Mike Gallant is the associate producer and editor.

It stars Naima Sundiata, Nelson Morris, Lou Israel, Bebe ObiOkoye, Wendy German and Razie Brown-Stone.

involved that the audience will be invested in.”

Rossi’s previous films include; Misogynist and Sable. He wrote the screenplay for Chase and produced alongside Katrina Y. Nelson and Jane Badler.

Chase brings Oghenekaro up to speed in the creative world. Everything is happening fast for her, one moment she was a make-up artiste, working behind the scene in moviedom.

Driven by the urge to succeed beyond the shores of Nigeria, Oghenekaro left for South Africa to set up shop, serving the movie and music video industry as a makeup artiste.

She also did some acting jobs on the side.

Now Hollywood is ready for Oghenekaro Itene.

Engaging President Macron to play the talking drum was an ecstatic moment – Ara Thunder

F

or Ara Thunder, Nigerian rising music star and seasoned female talking drum exponent, Tuesday July 3, 2018 would remain a most memorable day in her life and burgeoning career.

It was a day history beckon on her and she never failed to embrace it, thereby not only announcing her innate talent to the world but showing the largeness of heart, bold presence on the musical stage and command of her act.

It was the day that President Emmanuel Macron of France, one of the world’s cultural and musical cities, visited Lagos. On the day of the visit, Macron chose to spend the night in the iconic New Afrika Shrine, the home of Fela Anikulapo Kuti, the late legendary Afrobeat king. It was a well spent night and a historic one for that matter, seeing the president of one of Europe’s largest economy, at play and enjoying a glorious moment mingling with a crowd of some renowned Nigerians from the business, art, and culture and Nollywood communities.

The night witnessed some of the most colourful and rich display of Nigerian music, art, fashion and theatrical pieces. One of the special groups that entertained on that night was Atunda Entertainment with its three talented musical stars, Anu the Lady Ekwe, Olo Omidan Bata and Ara Thunder, all three female performers who are proficient in the men dominated percussions – ekwe, talking drum and bata drum, entertaining the French president with their sonorous voices and dexterity on their respectively coveted instruments.

Atunda being a star grooming platform (not a record label) usually brainstorm and create meaningful and memorable presentations specifically tailored for each event. The platform decided that a very iconic

Ara Thunder, excited as president Macron plays her talking drum

cultural gift for the president would be very appropriate, so a day to the event, a presentation of the drum with a specially created music composition that will make it easy for a first time talking drummer like President Macron to flow with and he did excellently well.

But it was the sheer show of high artistic prowess, calmness and intelligence by Ara Thunder in presenting the drum to President Macron that stole the night and made headlines across the world.

She used the right moment to step down from the stage, with all eyes and the cameras focused on her and danced through the audience to where President Macron was seated, sandwiched between Governor Akinwunmi Ambode of Lagos State and other officials, to present her talking drum to the president, who was so delighted by the kind gesture.

Looking back on this day, Ara Thunder described it as the most ecstatic moment of her life. She sees this as a big boost for her career as she has since been receiving accolades and overtures from many people and

organisations, thereby increasing her rating in the musical circuit.

She is, however, grateful to the Lagos State government and Trace TV for the privilege to have been selected as one of the artistes for the night and also to her star building platform, Atunda Entertainment, under which tutelage she has been over the last four years.

Ara on the night through her electrifying performance lived out the full meaning of her name, which is thunder in Yoruba. She derives her name from her prowess and skills on the talking drum, a male dominated musical instrument, dedicated mainly to men in South West, Nigeria.

The cultural night saw President Macron officially launching African Cultural Season, which will take place in France in 2020 and hopefully, Ara Thunder and Atunda Entertainment, would play a role in this defining historical showpiece between Europe and Africa because they played themselves to prominence by seizing the moment on the night they entertained the French president.

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BUSINESS DAY

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Friday 03 August 2018

Business Etiquette

Movie Review - SKYSCRAPER

D

o you remember D w a y n e Johnson from “Jumanji” earlier this year; he is back this time with an action, adventure movie called “Skyscraper”. If you have noticed the trend from Dwayne, he comes with a comedy movie early every almost every year with Kevin Hart and an action packed movie later in the year, he also featured in the “Fast and Furious” series last year, Dwayne is known for his built and strength, he always puts out a good show in his action movies. This movie was full of action, sky diving, jumping and running all through, it was really very exciting but for one issue, the action scenes were a lot and at a point became extremely unrealistic, and it kept me wondering if that was humanly possible, how could someone jump from a crane to a building with over 200 floors without considering the risk of falling down, anyway I guess those are the type of scenes we should expect in an action movie right?

The movie was directed

by Rawson Marshall Thurber and written by him also, he did feature a few lead actors which were Dwayne and his family members and the wealthy guy Chin Han who was referred to as “Zhao Long Ji” with his crew. They were also loads of actors who played little roles or said nothing much.

The movie had a good production, cast and lovely scenes, the concept of the building was amazing and made the movie lovely to behold. They did have a short storyline but with loads of action.

So skyscraper started with a flash back telling us how Will Sawyer worked with his friend Ben as FBI Agents who took on terrorist cases. On one of their operations, something tragic happens where one of the terrorist triggered a bomb killing himself and his family. That day Will lost his leg and his friend was badly injured, this changed the cause of their lives and they had to resign.

During his treatment in the hospital Will met his better half and they got married and had two lovely kids a boy and a girl (twins), they were adorable and he loved his family completely.

Some years later Ben calls Will and proposes a fan-

with Janet Adetu

Are you watching your Image?

W

Cast: Dwayne Johnson, Neve Campbell, Chin Han, Noah Taylor, Roland Moller, Byron Mann, Pablo Schreiber, Hannah Quinlivan Genre: Action & Adventure, Drama Director: Rawson Marshall Thurber Ratings: PG 13 (for Comic Sci-Fri action violence) Written by: Rawson Marshall Thurber Runtime: 103 mins Studio: universal Pictures tastic business contract in Hong Kong where he had settled. This is when the movie started and action scenes kicked in.

Will Sawyer travels to Hong Kong with his wife and kids to enjoy a holiday, while he goes on to defend his pitch, on getting there he didn’t have to say much and he won the heart of the property owner, he totally loved him, his ideas and experience, he didn’t have to do much at all, immediately he was awarded the job and asked to resume immediately. Little did he know that his friend was working with a group of bad guys, who needed access into the building to get to a very important item? They were willing to do anything to get the rich guy ‘Zhao Long’ and the plan was to set the building on fire and get access to it. Will had to defeat his friend get out and find a way to get into the building to set his family free from getting burnt alive. He was determined to get in at any cost, he flew from a crane into the burning building and people kept watching from beneath the building with amazement the length

a man will take to save his family. You would need to see the movie to see the rest of it.

To my verdict I would score Skyscraper 8/10.

It was good, nice action scenes, production and storyline. They displayed the length a man would go to save his family and Dwayne did put at a good show as always. I did enjoy the movie except for the fact that some action scenes were too good to be true, we kept screaming “oh No” that’s absolutely not possible, they should sometimes try to make the action scenes as realistic as possible, so we could at least believe them. Besides that hitch it was a beautiful movie, for all the action adventure movie lovers, you are sure to enjoy this movie.

Feel free to review any movie of your choice in not more than 200 words, please send us a mail to linda@businessdayonline. com and stand a chance to win a free movie ticket

Linda Ochugbua @lindaochugbua

“Your Image is everything” e all strive to be as normal as possible forgetting that image indeed is everything. Whether you are a professional or an entrepreneur, you will be perceived, approached and accepted based on what people see. If you consider your progress, level of success and career growth to be important then it is your duty to live up to expectation and value your image. Many people do not understand the protocol of maintaining a promising self-image or the importance it has in their life.

On numerous occasions during my seminars with professionals, I have found that the motivation to create an impressive first impression is wanting. Good work ethics have become a thing of the past as the 21st century ‘Generation Y’ and now the Millennials what I call Generation Z are ever on the go with little time for details.

This is worrying as employers become more concerned about those they send out to act as the face of the company and represent them. There is now a growing need to invest in building an acceptable self and corporate image that gives that panache advantage. It is easy not to be aware of actions, behaviors and attitude that truly diminish ones image until it becomes a habit that is easily noticed by others.

Below are some of the professional image breakers that I see on a regular basis.

Are you a victim? This is the time to acknowledge and fix it.

General Physiology 1. Sitting in an non elegant and awkward manner.

2. A woman who walks like a man 3 . Wa l k i ng f a s t a n d swinging arms rapidly 4. Walking too slow and sluggishly 5. Dragging feet on the ground while shoulders are humped 6. A fierce and inappropriate body language 7. Standing in an unattractive and distracted manner Overall Body 1. Constant bad breath 2. Offensive body odour 3. Visible sweat under the armpits 4. A man who keeps long nails 5. A woman with uncom-

fortably long nails 6. Dirty un-kept and chipped nails 7. A woman with smelly braided hair 8. Hair that appears untidy and unwashed 9. Maintaining an ungroomed full head of grey hair 10. An man with unshaven facial hair 11. A man with hair overdue for barbing Fragrance/Appearance 1. Overbearing perfume 2. Not wearing any deodorant or perfume 3. Smelly, unwashed and dirty clothing 4. Excessive and unattractive make-up 5. Lipstick on teeth Clothing 1. Ill- fitting clothes 2. Very short skirts 3. Transparent clothing 4. Revealing underwear

5. Unflattering coloured (uncoordinated) clothing 6. Old, outdated and worn out wear 7. Wrinkled and un ironed clothing 8. Dressing too old or too young 9. Sloppy business casual dressing 10. Unprofessional ensemble Fabulous Feet 1. Constantly worn out heels.

2. Paying little attention to the shine and polish of your shoes 3. Wearing boots with short dresses 4. Undone shoe laces 5. Wearing uncomfortably high heels that disrupt your walk 6. Shoes that reveal your un-kept toes 7. Wearing slippers, rubber crocs and sandals to work 8. You wear official shoes with jeans

Accessories 1. Carrying an everyday cheap pen 2. Old and worn briefcase or handbag 3. Cheap watch 4. Unsuitable and excessive jewelry 5. Worn out belts 6. Wearing unmatched socks or having holes.

7. Excessively big handbags for professional look 8. Bulky wallets 9. Wearing your pen in the breast pocket of your shirt 10. Ink stains on the shirt pocket 11. Not having a business card holder Language 1. Speaking too fast, low or loud 2. Talking while eating 3. Speaking aggressively 4. Talking to someone

while looking at the wall, sky or ground 5. Eating while talking on the phone 6. Poor diction and enunciation This extensive list though not exhaustive gives a simple and true indication of how we live our lives daily. It’s not about changing who you are but making a conscious attempt to improve your selfimage, with the aim of striving for success. The list offers an insight into the many ways our image can have a negative impact. Try to take them in your stride and identify your image breakers then make that extra effort to adjust yourself. You can only develop professionalism by learning to make a difference each day.

“Change surely does not come easy, but a step in the right direction lays the foundation for tomorrow” -Janet Adetu

BUSINESS DAY

Friday 03 August 2018

25

Hotels Wheatbaker thrills taste buds with new delights

Top BusinessDay Partner Hotels

…hosts exclusive menu tasting Stories by OBINNA EMELIKE

I

n line with the tradition of introducing new cuisines to its menu every six months, The Wheatbaker Hotel, a luxury boutique hotel in Ikoyi Lagos, once again unveiled new delights for discerning guests.

The new introduction, which took place recently at The Grill Room, the hotel’s a la carte restaurant, was rightly tagged ‘VIP Menu Tasting’ as it witnessed an evening of fine dining and wining by exclusive guests.

As well, the hotel’s culinary experts guided the guests to wine choices that matched the new menu while soft music played in the background to further create the atmosphere for the guests to indulge in an evening of exquisite food tasting.

Before the commencement of the business of the day, Simon Grindrod, general manager of the hotel, explained the rationale for the new menu, which he described as part of concerted efforts at treating customers to the finest cuisines in town.

“What we are witnessing today is part of our tradition of continually treating customers to the finest cuisines. The meals you will experience are made with locally sourced ingredients and they are curated by our chef. I hope you enjoy tasting

Chef Melis at the menu tasting

them,” said Grindrod.

Of course, Jannie Melis, the executive chef of the hotel, was on ground to take the guests to a culinary journey of the latest delights from his team at the kitchen.

He started his treat with champagnes and especially canapés, which were a selection of Mint and Pea Rissoto, Lamb Bobotie and Avocado Ritz on Bruchette, all from the stable of his culinary creations.

The menu tasting commenced with AmuseBouche, steak wrapped in herbs with a dash of tasty sauce. Next on the menu was Prawn Tom Yum soup, a very spicy fragrant prawn soup that went down well

with bread and a dollop of margarine. Chef Melis encouraged the guests to try it, noting that the menu was a good combination that would set the tone for other cuisines to follow.

Starter for the night was Smoked Salmon and Asparagus Delight. The salmon was a mousse paired with an asparagus terrine and caper remoulade. The plating for the dish was great and really inviting. The asparagus was plated differently from the usual long leafy greens.

Before long, the chef introduced the main menu for the evening. It was Sticky Braised Pork Belly in an Asian Broth with noodles and pak choi. The name alone made

the guests to try it. As the chef rightly said, the menu delighted the taste buds as the guests truly enjoyed it.

When the second main dish was announced, the guests eagerly looked forward to it because of its composition.

It was Slow Roasted Rack of Lamb, Sauté Spinach, Roast Potato and Herb Infused Sauce. The lamb, which was well marinated with herbs, was good while the roast potatoes blended perfectly with the spinach.

The menu tasting ended with generous desserts; a Pistachio Chocolate Brownie served with mixed berry compote and vanilla ice cream and Macaroon Delight a combination of peach jelly and berry coulis.

Commenting on the menu tasting, Niyi Ladipo, sales and marketing manager, The Wheatbaker Hotel, said the essence of the event was to enhance guests’ experience because the hotel’s business is offering memorable experiences to its guests.

“We sell experience to our customers and we always want them to come back. As you could see in what you experienced here tonight. It is all about excellent service and customer experience”, Ladipo said.

Now on board the hotel’s menu, the general manager and especially chef Melis, urges discerning guests to come for a fine dining experience while the menu lasts.

Transcorp Hilton Abuja leverages on technology to elevate guest experience

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

InterContinental Lagos 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)

…launches ICEapp by Intelity

A

s part of its ongoing efforts at elevating guests experience and ensuring value for money offerings, Transcorp Hilton Abuja has introduced a digital guest solution from Intelity that enables its guests to control their experiences and engage with the hotel from their personal iOS and Android mobile devices even before their arrival at the hotel.

In addition to already offering its guests a variety of hospitality technology amenities, such as complimentary high-speed Internet access in guestrooms and public areas, the new ICEapp powered by Intelity, will equip the awardwinning, five-star hotel with a direct connection between

guests and the hotel team to improve guest service and communication.

With the ICEapp, all hotel services are made available on a guest’s personal iPhone, iPad, or Android smartphone or tablet.

Guests can access the information needed to personalize a stay and place requests that are sent directly to appropriate hotel team members. Top among the mobile hotel services are pre-arrival requests, dining information, housekeeping, valet services and maintenance requests.

“We believe strongly in the digital guest experience, which includes offering a mobile app, so guests have easy access to information everywhere during their stay,”said Valentine Ozigbo,

MD/CEO, Transcorp Hotels Plc, the owning company of Transcorp Hilton Abuja. “We are excited to present this innovative solution and establish our hotel as forward thinking when it comes to using mobile to meet our guests’ needs.”

Commenting on the introduction of the mobile solution, Etienne Gailliez, general manager, Transcorp Hilton Abuja, said, “Guests want a more personalized experience, and ICEapp provides the digital engagement we need to start listening to their requests before, during, and even after their stay. We are delighted to introduce this new hospitality technology which enables us to deliver personalized experiences to our guests.”

David Adelson, Intel-

ity CEO, said ICEapp is not replacing personalized service, it is enhancing it.

“We are delighted to expand our relationship with Hilton Hotels & Resorts by bringing ICEapp to Nigeria,” Adelson said. “This solution gives Transcorp Hilton Abuja guests more control over their stay by turning their mobile devices into guest service tools, whether they are physically on premises or offsite – literally anywhere else in the world. It also enables the hotel’s management and marketing teams to better engage their guests and take hospitality to even greater heights.”

Transcorp Hilton Abuja’s ICEapp, is available for download on Google Play or the App Store.

Protea Hotel (GRA Ikeja) GRA Ikeja

Protea Hotel (V/Island) Off Ajose Adeogun Street, V/ Island

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

26

BUSINESS DAY

Friday 03 August 2018

AgriBusinessInsight Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

Send in Commentaries to caleb.ojewale@businessdayonline.com

Ensuring quality compliance through a structured identification system CALEB OJEWALE Twiiter: @calebtinolu

H

ave you ever seen an Egg with barcodes? Well, what of a brand name that looks like a stamp?

The latter may ring a bell, since at least one Egg producing company in Nigeria is known to be using it, and one may have seen it on shelves in some supermarkets.

Standardisation has generally been a recurring decimal in Nigeria’s agricultural output, and in 2016, the lack of it assumed an embarrassing international dimension. The EU banned beans of Nigeria origin from being imported in member countries for containing unacceptable levels of Dichlorvos. But then, it was impossible for Nigerian authorities to determine from whose farms did what batch of beans come from.

An identification system where billions of eggs are tagged, surely can be replicated in Nigeria for a wide range of agricultural commodities (by bag tagging) in iden-

Egg Coding Machine tifying their origins and tracking quality compliance. Bean grains surely may not be tagged, but the packaging is possible, and what Dutch (and other European) farmers are doing in egg production can be a good practise to inculcate.

From a standardisation point of view, a proper identification

system is one of the many things that Nigeria has to learn from the Netherlands in Egg production.

In the farm of Jan Noorlander, whose egg production farm is used as a model poultry farm for the Poultry Expertise Centre, Eggs had a string of alphanumeric coding on them.

In this farm, one Egg had on it; 2-NL-4181402.

2- The first digit (0 to 3) of the imprint stands for the type of farming of the laying hens NL- The following letters (in this case NL) is the code for the country of origin for the eggs 41- The following two numbers give information on the county of the laying farm 8140- The next 4 digits represent the farm number and; 2- The last digit is the stable number of the laying farm With this system, eggs produced not just in the Netherlands, but in Europe as a whole, can be traced back to the actual stable, within the farm (big or small) where it was produced. Adopting a method like this in Nigeria will bring considerable quality and standardisation, as poultry farms will have their identity (and reputation) attached to every piece of egg coming from their farm.

Beyond poultry, it could precipitate a wider change in quality compliance, with agricultural produce getting identification which

Keeping farm records makes access to finance easier

P

iet Jan Thibaudier, a small holder farmer in Lemmer, Netherlands handed out his farm’s financial statements for the last three years, during a visit last month, capturing pretty much everything from income, to expenses, and amount of money available in bank and privately.

Thaudier is a dairy farmer, who owns 180 cows, with a ranch occupying 100 hectares of land. 45 ha is owned by him, 25 ha is on long lease, while the remaining 30 ha is on short lease.

Skipping through all these details, and providing something more ‘wholesome’, he was asked how much his revenue was for last year, and the calculation was around 500,000 Euros (from milk), out of which profit came down to about 200,000 Euros (approximately N82 million). He still had other income such as sales of a pasture reading (technology) said to have been ‘invented’ by him.

The notable thing about Thaudier like other smallholder farmers in the Netherlands is that; their books are well kept. The average small holder farmer can produce records to show series of line items capturing specific expenses and incomes, and further breaking this down to estimate for instance, expense per cattle, likewise income.

This, from observations, goes beyond cattle to every other form of agricultural activity that has seen the small

country, taking giant strides to feed the rest of the world.

Smallholder farmers have developed a habit of proper record keeping, which makes it easier for them to get financial support especially from banks.

The reverse is however the case in a place like Nigeria, where the average farmer has next to nothing to show when records of his business (which the farm ought to be), is requested. When farm records are available, a bank is able to see at a glance, how well (or badly) run a business is, and its potentials for revenue to be able to service any loan being sought, if granted.

With Nigeria still having a huge gap to fill in food production, many agribusinesses are desirous of expansions, but more often than not, do not have good records to present to the bank. These records are however important, in determining if the business has been performing as required.

The management process itself would benefit from availability of proper records, as owners are able to plan and manage the farm efficiently. It will show where things may have been going wrong, leakages, ineffective expenses, and invariably making it possible to make decisions on what can be done to get things right. It will also act as a guideline in managing the farm budget.

The farm records form a crucial part of business data, and the lack of it, is a problem in Nigeria.

A BusinessDay article on inadequate funding in agriculture, noted that, (operational) data is often overlooked and the lack of it appears to have been accepted as the norm. However, data is important for investors in decision making, whereas in Nigeria, many businesses, particularly in the agric sector, are unable to meet the due diligence requirements to be found attractive by Private Equity investors, added to this, poor governance structures by many agribusinesses.

Bank loans are often unattainable for many agribusiness es, as rates hovering around 25 percent make it nearly impossible for them to service it.

In an exclusive interview with Wiebe Draijer, chairman of the Executive Board, Rabo Bank, he was asked how low interest rates are, to perhaps, compare what Nigeria could learn from this. In his response, he said, “Interest rate is calculated based on practices the farm employs, what the securities are against it, and whether or not he adopts sustainable practices. So, we can give discounts for farmers that are really sustainable, and get a better rate if there are certain securities behind the loan.”

The question then is; how can farmers who fail to keep records, demonstrate they have been upholding sustainable practices, much less being in a position to secure guarantees that make it easier for the bank to provide them with

finance. The challenge remains the same even when attempting to explore opportunities in the private equity space.

Kazim Yusuf, CEO, Kord capital, an investment advisory firm in Lagos, previously told BusinessDay that “Private equity operates in a terrain where there is structure and process. And that is partly why private equity hasn’t grown in Nigeria and other unstructured markets in Africa.”

“Private equity functions where there is enough data to work on because private equity operators typically require data in order to deploy resources to invest in or manage businesses.

They will look at credit ratings, audited accounts, corporate governance structure, among other criteria and all these will influence the investment decision,” Yusuf said.

Mezuo Nwuneli, managing partner, Sahel Capital Agribusiness Managers Ltd, also said, “If a company is interested in raising private equity capital, it is paramount for it to ensure it actively works to strengthen its corporate governance. A robust governance structure could even enable it to secure better valuation pricing during investment negotiations.”

Keeping adequate records is a good way to start ensuring corporate governance, subsequent to which it becomes easier for an agribusiness to seek funding from either commercial lenders, or perhaps even private equity capital.

can make them traceable in the events standards or quality are found wanting.

Noorlander, during a tour of his farm where he has 100,000 layer birds, during the Dutch Roots/IFAJ congress last month, explained that this system makes it easy to know when birds in any barn are producing eggs with any form of defect or quality issues.

But, in a case where the eggs are packed from thousands of birds, spread across different barns/ pens, without an identification system, quality control becomes almost impossible to achieve.

An egg with identification codes

Mobile app for cattle management launched in Kenya

A

mobile app to help smallholder farmers improve productivity and profitability has been launched in Kenya, expected to achieve this by providing access to knowledge on sustainable agricultural practices.

Itisthesecondcattlemanagement related App to be launched in the East African region within a month, suggesting more proactive reasoning is taking place to make Cattle rearing more profitable and less issue-prone for those in the business.

The app, available on Playstore as iCow, covers: Soils, Crops, Livestock and Farmer Health and originates content from the extensive iCow Farmer library delivering content to farmers in SMS format.

The platform is designed for low-end feature phones and can be used on smartphones. It is available in multiple languages in multiple countries. iCow provides a variety of channels for farmers to increase their knowledge. These include subscription-based lessons as well as lessons that farmers can customize to their required needs.

Embedded in iCow are smart tools designed to reduce farming risks.

Features include livestock Calendars, which hosts a variety of livestock calendars that remind farmers of actions required, customized to individual livestock or flock needs. iCow Soko, a virtual marketplace designed to create visibility and connect farmers marketing and searching for livestock and livestock feeds.

There is also Know Your County Soil, which enables farmers to access information on the soil in their area and networks them with soil experts to test their farm soils.

BUSINESS DAY

Friday 03 August 2018

27

CityFile

83-year-old rescued from kidnappers in A’Ibom

T

he police have rescued an 83-year-old woman, Comfort Joshua, from kidnappers’ den in Etim-Ekpo in Akwa Ibom State.

Adeyemi Ogunjemilusi, the Commissioner of Police (CP) in charge of the state, disclosed at a news briefing in Uyo on Tuesday that two of the kidnappers were gunned down during an exchange of fire with the police.

Ogunjemilusi also said that the command in the month of July apprehended a grandmother, Ekaette Obot, who kidnapped and sold her grand-daughter for N200,000.

The CP said that the command arrested a total of 276 suspects in July for various offences, which included, murder, armed robbery, kidnapping, rape, and cultism among others.

According to the police chief, 19 locally-made pistols, one pump action gun and one AK 47 rifle, one Toyota Camry saloon car with registration number CAL 584 NF, one Toyota Corolla vehicle with registration number AA 50 NRJ and 52 ammunition had been recovered from the hoodlums.

“An 83-year-old woman, Comfort Joshua, was rescued from kidnappers in Etim Ekpo local government area, on Thursday, July 19 and two

of her abductors killed during an exchange of fire with the police.

“We also rescued a twoyear-old child, Testimony Bassey, from her abductors in Abia State where six suspects were arrested in connection with her abduction.

“A four-year-old child, one Bright Monday, was also rescued from her abductors along Aka Road, by IBB Roundabout, Uyo, and four suspects arrested,” Ogunjemilusi said.

The CP said that most of the suspects had been charged to court while investigations were still ongoing on other cases. The command, according to the police, prosecuted 193 cases and had so far secured 23 convictions.

He added that three suspects, who specialised in vandalising and stealing armoured cables on transformers; solar panels and street lights, were also arrested and their loots recovered.

Ogunjemilusi said that the command was determined to sustain the tempo in crime fighting and protection of lives and property in Akwa Ibom.

He said that the police in Akwa Ibom had increased its visibility through mobile patrols across the state to reduce the response time to distress calls.

Amuwo Rotary club empowers women with N1.9m SEYI JOHN SALAU

I

n keeping with its Corporate Social Responsibility (CSR) initiative aimed at creating positive impact on its community, Rotary Club of Amuwo, Lagos has presented a total sum of N1,910,000 as loans to 12 beneficiaries involved in various trades and endeavours.

Targeted at alleviating poverty by introducing women of Amuwo area of Lagos to financial self-sufficiency and education, the Rotary Club of Amuwo Micro-Credit Project (Revolving Loan Fund) has since inception in 2005 provided microcredit loans, education and training in customer care, basic literacy and numeracy, child spacing and HIV/AIDS prevention.

The revolving loan scheme, now in its 13th year, is a matching grant project proposed by the Rotary Club of Amuwo, sponsored by the Rotary Clubs of Waunakee and Madison West Town Middleton, USA and supported by Rotary Districts 9110 Nigeria, 6250 Wisconsin, USA and the Rotary Foundation.

Ike Ugwu, project director, Rotary Club of Amuwo, said the project started in September 2005 with seed money of $12,260 (about N1,635,959), and that the club has granted a total of N17,495,000 to 229 women belonging to credit groups ca l l e d ‘ Wo m e n Un i t e d Against Poverty’.

“The primary beneficiaries of the revolving loan are women in Amuwo and Ojo Local Government Areas of Lagos State,” Ugwu said.

“The project has and continues to fulfil its objectives in a sustainable way, partly due to the interest component of 20 percent and also due to low default rate. The loan fund available has continued to grow and at present stands at about N3.77 million,” he said.

Kolawole Sodipo, district governor (DG), who was on a statutory visit to Rotary Club of Amuwo, said projects supported by Rotary Foundation are self-sustaining and urged the club to expand the scope of the scheme. He equally called on the beneficiaries of the loan to be faithful in paying back as and when due so more women can be supported and empowered out of poverty.

Fire fighters putting out fire from an articulated vehicle which caused the fire incident in the premises of Ecobank on Ahmadu Bello Way, Victoria Island in Lagos. NAN

Condemned kidnappers go berserk in court, attack judge in A’Ibom ANIEFIOK UDONQUAK, Uyo

A

mild drama played out at a court in Uyo, the Akwa Ibom St a t e c a p i t a l when four condemned kidnappers ‘attacked the judge and threatened to kill him” after they were sentenced to death for kidnapping a medical doctor and collecting ransom.

Okon Okon of the state High Court handed down the death sentence to the four kidnappers after they convicted criminals went berserk, forcing lawyers and litigants flee the courtroom.

The condemned criminals went berserk, destroying the window of the courtroom, causing pandemonium in Ikot Ekpene Road, where the court is located.

For about an hour, the

convicts refused to leave the courtroom throwing the scene into pandemonium and it took the intervention of soldiers and policemen to rein in the criminals into a waiting prison van.

The condemned kidnappers were Bernard Efe Ajomaya, Christian Charles Naya, Daniel West and Shedrach Dick Dala.

They had on May 19, 2015 kidnapped a medical expert in Uyo, Usen Bassey from his clinic and demanded a N10m ransom.

They were said to have been arrested on their way back to Rivers State with part of the ransom, an international passport and financial documents belonging to the medical doctor.

Meanwhile, four policemen have been sentenced to death for killing a motorcyclist in Uyo.

The four convicted policemen had since been dismissed from the police and had served as operational officers at the ‘C’ Division of the Akwa Ibom police command. They are Moses Akpaete, Idoko Sampson inspectors as well as Enobong Udo and Godwin Nnanna who were corporals.

The presiding judge, Ifiok Ukana, found the officers guilty of conspiracy in the murder of one Felix Akpan of Ibiakpan in Ibiono Ibom local government area of the state.

The officers on patrol had fired on the late motorcyclist, who refused to stop for allegedly operating along areas where motorcyclists had been banned around the area.

The killing had sparked outrage, forcing the police to arrest and them over wrongful use of firearms against unarmed civilian.

However, the convicts, who admitted to the crime, disclosed that one of them fired the shots that killed Akpan. They alleged that the shots were fired in self defence when irate youths attacked them for trying to arrest the late motorcyclist.

The judge, who sentenced them to death, said the convicts deserve the verdicts “because there was no evidence that the officers acted in self-defence as they were being attacked by the mob”.

He noted that “the decision of the officers to flee the scene after the incident meant they were in unison while committing the crime”.

“The law is very clear on the penalty which awaits any person who commits or conspires to commit such heinous crime, whether principal or accessory after the crime.’’

Oyo threatens to revoke road contracts over slow pace of work AKINREMI FEYISIPO

O

yo State government has threatened to revoke contracts awarded for the reconstruction some roads due to the slow pace of work on the projects by the contractors handling them.

Wasiu Dauda, the state commissioner for works and transport, issued the threat during an inspection tour to the affected projects of which the contractors had earlier promised to

complete within specified time but failed.

Some of the projects include the dualisation of Agodi-Gate-Old Ife road, the expansion of Oke-AduIwo road interchange, Idi Ape- Bashorun-Akobo road and Moniya- Iseyin road.

Dauda said that the government was determined to speed up the road projects in order to ease the pains of the people and minimise the inconvenience faced by motorists. The commissioner urged the contractors to increase their output in

order to meet up with the government deadline, warning that the government would not hesitate to revoke any contract that performed below expectation.

“The level of work at the ongoing rehabilitation of the Moniya-Iseyin road is too slow. It is important for the contractors to expedite action on these projects. I am not satisfied with the level of their work and people have even questioned the government why the work is slow or delayed.

We want the contractors to

speed up their work.”

Dauda appealed to the residents and motorists plying the roads to be patient, saying that the government was doing everything to ensure that the projects are completed before the end of the present administration.

One of the project managers, Okeke Kenechukwu of Chevret Nig. Ltd, the contractor handling the Iwo road-Old Ife road, promised to that the firm would expedite action on the road project and deliver at the stipulated period.

28

BUSINESS DAY

Friday 03 August 2018

INTERVIEW

INTELS is making huge financial investment on Nigerian women - Okwudili Ogbuenyi Evelyn Okwudili is a beneficiary of INTELS Nigeria Limited’s Women Empowerment Programme Synergy Scheme (WEPSS). In this interview with AMAKA ANAGOR-EWUZIE, she speaks on her struggles to acquire a vocational skill when her academic aspirations were cut short and how INTELS’ empowerment programme came to her rescue.

You emerged the best graduating trainee at the just concluded INTELS’ WEPSS training. Can you give an insight into your journey up to this point? y name is Ogbu e ny i Eve ly n Okwudili. I grew up in Abuloma and have lived all my life in Rivers State. I am the second child of the family but the first of my mum; my father lost his first wife. My background is humble; my father works as a personal driver at a private establishment whiles my mother is a cook. She formerly worked in that capacity at a secondary school, now she cooks on a contract basis for anyone who engages her services.

I have an elder sister; she runs a restaurant in Calabar.

My primary education was at Compassion Home Primary school, a school for the physically challenged at Trans-Amadi area of Port Harcourt. My higher school education was at Holy Rosary. Abuloma is a peaceful r iver ine community and the major occupation there is fishing and farming. I recall our former landlady used to say that her late husband was a fisherman. She gave my mother a piece of land in her compound to grow crops to supplement our family needs.

After I completed my secondary education, it was clear to me that my parents did not have the means to sponsor me any further, so I had to find something to occupy myself with.

First, I got some computer training after which I worked in several cyber cafes. In 2010, I had the opportunity to work at the West African Container Terminal (WACT) because I was computer literate. It was a contract job that spanned for three or four months. A neighbour told me that the company needed a few hands to input data into their system, so I went for it.

I considered being an interior decorator but could not afford the money for the training. I ended up accompanying my mother and assisting her anytime she had a contract to cook. That was what I occupied myself with until a friend suggested in February 2018 that I apply for the WEPSS training. Prior to that, I didn’t know anything about WEPSS.

machine to empower them. That it is pointless giving women a skill without the tool. I marvel at such comments; INTELS is doing a lot already. Running the WEPSS centre involves enormous financial commitment. That for me is enough; they are really making great effort in terms of empowering communities.

M

Wa s i t a n o p p o r t u n i t y y o u jumped at?

Initially, I was not interested but

Ogbuenyi Evelyn Okwudili

I discussed it with my mum because my father was not around at the time. Just like me, my mother was not aware such programme exists but she was interested in it. She really wanted me to be a seamstress. My mother viewed it as a profession that allowed you to benefit from your skill and showcase your talent. She was of the opinion that my family would not need to seek the services of a seamstress to sew their clothes.

But, signing up for the programme meant that I would need help with my children. My mother made a lot of sacrifices in that regard by cutting off some jobs to be at my home to care for my children. This was really important for me because I had to meet the bus assigned to take trainees to the centre at the designated spot by 7.05am.

Like I said earlier, no one in my family knew about WEPSS or that it was being sponsored by INTELS. In fact, I did not know about INTELS until when my family relocated from Abuloma to Elelenwo. One of my brother’s friends worked at INTELS. We noticed that the company had a staff bus that picked up their employees at a junction close to my house. Even at that, I still did not

know much about the company until my application to WEPSS was accepted and we were all taken to the head office.

INTELS is really doing a great job. The company is spending so much on WEPSS project when you consider the awards and gifts they give to the best performing trainees. You can also observe it from the manner the WEPSS centre is run, what they pay their workers; it is exceptional. I get to hear a lot of persons outside the WEPSS centre say that every trainee should be given a sewing

I am grateful for the prize I was given; a starter pack that includes an industrial sewing machine, a steam iron, chair, a pair of scissors, seam ripper, chalk and a measuring tape. I am grateful to INTELS and my trainers for this opportunity

How would you describe your experience at the WEPSS centre?

The experience was really mind blowing. I really did not know tailoring was this interesting. Initially, it was a little bit boring because I was new to it. But as time went on, it was not only interesting but became intense. There was a time I felt like giving up. This was when we had to go through some exercises with papers. It was really challenging. Our trainers would draw lines on papers and ask us to sew on those same lines. It was really tough such that I did not want to continue anymore.

We start each day with tape reading and after that the paper exercise would follow. Reading the measuring tape is something I am sure many tailors in our society cannot do. I have never, while having my measurements taken by a tailor, observed them reading the tape the way I was taught at WEPSS. It took us almost a month to understand the lines on the measuring tape.

Then, I also had some difficulty blending with the other trainees. I am a reserved person and always careful not to keep the type of company that would get me into trouble. The moment I got into the WEPSS centre, I observed that they maintain a high level of discipline and some of my colleagues were noisy. So, I had to be careful.

It wasn’t until my third month that I started mingling with the other trainees. Sometimes on my way home, I would hitch a ride with the friend who introduced me to WEPSS and discuss my challenges with him. He would advise me to persevere to the end.

Eventually, the training became interesting after we finished the paper exercise and got into the fabric exercise. That was when our trainers started giving us little pieces of fabrics to put together.

At that time, we would imagine what the trainers were driving at. But after being instructed by the trainers, the fabric eventually comes out beautiful. That was

when I started picking interest.

At WEPSS, we were also taught the value of life and the importance of hygiene. We also learned not to discriminate between people and to shun gossip. I feel sad that the programme has ended because I miss the experience and my trainers. I would have recommended my younger sisters for this training but one of them is currently preparing for her National Youth Service Corps (NYSC) and the other is in school.

Were you surprised when you emerged the best performing trainee?

Yes. The process was competitive and tough. Though, I did well during the assessment but one can never tell how these things will play out in the end because five of us were vying for that spot. On the whole, I have achieved my goal; I came for the training with the aim of getting the skill. I am grateful for the prize I was given; a starter pack that includes an industrial sewing machine, a steam iron, chair, a pair of scissors, seam ripper, chalk and a measuring tape.

I am grateful to INTELS and my trainers for this opportunity.

I learned so many things at WEPSS that other tailors do not know. For instance, many tailors do not know the importance of a great finishing. But at WEPSS, a lot of emphasis is placed on the finishing of the clothes you sew.

If the finishing is not neat, then your clothes cannot turn out well.

There was a jumpsuit I had a tailor make for me; that was what I had intended to wear to my graduation ceremony, but because the finishing was poor, I had to wear something else. If not for my exposure to WEPSS, I would not have given it a second thought. It is such little details that make a lot of difference.

My mother was excited for me that I won a sewing machine and not just an ordinary sewing machine but an industrial one.

She has been urging me not to waste time but to go somewhere where I can learn cutting. What we were taught at WEPSS was basic tailoring; even at that, what we have been given is enough.

The average tailor outside would not know what I know. I plan to advance the learning and improve on some of the things I got here. I want to learn more in terms of the practical for cutting and then start out on my own on a small scale.

C002D5556

Friday 03 August 2018

BUSINESS DAY

SPORTS

World Cup: Russia economy scores high … over $13.5bn contributed to Russia’s GDP …. as fans splash out $1.5bn ANTHONY NLEBEM

F

ollowing the success of the just concluded 2018 FIFA World Cup, Russia is already enjoying the windfall of positive international PR and a surge in national pride after staging a widely praised tournament and seeing its team defy rock-bottom expectations. The event also gave its economy a welcome shot in the arm, the country’s top bank said.

Visiting football fans spent $1.5billion during the one-month tournament, according to stateowned lender Sberbank.

Moscow had hoped to use the event to defy western nations that have sought to diplomatically isolate Russia following its 2014 annexation of Crimea and its alleged meddling in the 2016 US election.

The country welcomed foreign fans with visa-free travel and sprucedup host cities, and a notable relaxation of heavy-handed policing encouraged street parties and a carnival atmosphere, fuelling celebrations that saw bars run out of beer and cafes open all night.

Sberbank said in a research report that its network alone had serviced 899,000 foreign bank cards from 194 countries during the month-long tournament, with one Chinese bank card used to make purchases in 11 different cities.

Fast-food outlets and restaurants saw spending of Rbs6.2billion

($98million), Sberbank said, with hotels accounting for Rbs5billion — though the real figure was likely to be far higher given that accommodation was also bought in advance or through foreign travel agents.

Russia’s government has said that about 3m people visited the country for the tournament, suggesting an average spend of $500 per person. Most fans visited only one location — Sberbank said that 75 per cent of foreign cards were used in a single city.

Spending often related to teams’ performances, the bank said, with

fans splurging the most — 36.5 per cent of the total — during the second week of the group stage, when all teams were still involved. Spending often peaked after crucial victories or when countries were sent out, as fans prepared to head home.

“Judging by their expenses, people from Middle Eastern and African countries left Russia rather early,” the bank said. No African or Middle Eastern nation made it through to the knockout stage.

“The map of expenses also shows the change of fan activity

during days when teams had big wins and after they were knocked out. Croatians, for example, spent actively on 18 June when their team scored its first win and 9 July as it prepared for the semi-final,” it added.

Nikolskaya Street in Moscow, a pedestrian avenue close to Red Square, where after-match parties were often centred, was a big drain on visitors’ wallets, Sberbank said.

The average bill on the street, which is packed with bars, restaurants and tourist shops, was Rbs8,800, with Rbs12.5million spent on June 18 alone. Overall, spending on the street was up 3.5 times from normal levels.

The overall contribution of the 2018 FIFA World Cup into domestic GDP totaled more than 850 bln rubles ($13.5 bln), Executive Director of the Association of Tour Operators of Russia Maya Lomidze said on Wednesday at a press conference in TASS. “The total contribution into GDP was about 1%, 850 bln rubles ($13.5 bln). According to the estimate of the Russian Steering Committee, this amount actually covers costs. I would like to remind that we had the most expensive World Cup. A great deal of infrastructural changes was made in cities and the country essentially assumed almost all costs for travels of fans,” Lomidze noted.

According to preliminary data of the Russian Tourism Authority, 2.9 mln foreign fans visited Russia during the 2018 World Cup.

Mbappe, the world’s youngest most valuable player JONATHAN ADEROJU

K

ylian Mbappe Lottin, a French professional footballer who plays for French Lique 1 side, Paris

29

Saint Germain and the France national team, was recently valued for £192m in the transfer market, the highest any player of his age would be valued, according to ratings done by goal.com Born 20th December 1998, Mbappe has been labelled the best young player in the world, and has

been projected as the future best player in the world.

He made his senior debut for France in 2017, after previously representing them at U17 and U19 levels.

At the 2018 FIFA World Cup, Mbappe became the youngest French player to score in a World Cup, and became the second teenager, after Brazilian Pele, to score in a World Cup Final.

France emerged the winner of the 2018 FIFA World Cup tournament, where he finished as a joint second highest goal scorer with Antoine Griezman.

He received the Best Young Player Award for his performances in the competition.

Mbappe has been described by various sport analysts as a player with “huge football talent and a potential world best player in future.”

His talent and precocious performances for France at the 2018 FIFA World Cup also led him to be compared to Pelé in the media.

A versatile forward with eyes for goal, Mbappe often plays as a winger, and is capable of playing on either flank, due to his ability with either foot.

He is capable of cutting into the centre with his stronger right

foot from the left wing, and also capable of creating chances and providing assists for teammates from the right.

He has the ability to play in the centre as a main striker, due to his composure, clinical finishing, and eye for goal.

Mbappe is also known for his excellent dribbling ability, explosive acceleration, agility, quick feet, and creativity when in possession of the ball, as demonstrated by his use of elaborate feints, such as step overs, or sudden changes of pace or direction to beat opponents in one on one situations.

In spite of his tall lean frame, he is also an athletic player, gifted with physical strength.

The 19 years has a sponsorship deal with sportswear and equipment supplier Nike worth 5 million euros.

In 2017, his prodigious talent saw Nike launch his own personalized football boots at age 18, the Kylian Mbappe Nike Hypervenom 3.

In 2018, he unveiled the Nike Mercurial Superfly VI boots which were inspired by the R9 Mercurial boots of former Brazilian striker Ronaldo.

Ikeja Golf Club unveils Golden Jubilee celebration plans

T

he management of Ikeja Golf Club has announced activities scheduled for the club’s 50th anniversary celebrations. The announcement was made at a press conference in Lagos.

The anniversary celebration, according to Bola Temowo, club captain, has as theme: “Half a Century of Growing Friendships through Golf”.

Among activities scheduled to hold in the coming month as part of the celebrations are series of golf tournaments, including a Pro-Am tournament.

In addition, the club will honour its founding fathers.

Temowo noted that the club has contributed to the society by forging long-lasting friendships that have withstood religious, political and ethnic cleavages since 1968 when it was established. He also stated that the club has assisted members to remain healthy by their continued involvement in the game, which demands that players walk over great distances when playing the game. Walking, Temowo explained, is globally regarded as a most important form of exercise.

The club, he added, began with 20 members and a 10-hole course, but now sits astride over 30 acres.

Chuddy Ubosi, Chairman of the 50th Anniversary Committee and former captain, said the Ikeja Golf Club has over the years been involved in a series of community improvement projects. These, he stated, extending support to a school and other public facilities in the neighbourhood.

Other members in attendance at the press conference were Messrs.

Jolomi Ideh, the Vice Captain; Hakeem Akintoye, Secretary; Mr. Kehinde Afolayan, Treasurer; Chidi Tobias, Course Member; Babatunde Ojo, Competition Secretary; Uche Dimgba, House Member; Aka Annieodiong, Handicap Member; Mrs. Oby Jolayemi, the Vice Captain, Ladies’ Section; and Mrs. Yeyedupe Oyeduntan.

Ogba blames participating countries’contingents for arrival issues

S

olomon Ogba, Chairman of the Local Organising Committee (LOC) of the 21st African Senior Athletics championships (ASAC) on Thursday in Asaba blamed participating countries’ contingents for their arrival schedule issues.

Ogba, at a press conference, said the contingents had been informed earlier to send in their arrival schedule early but they did not do so until two days to their arrival.

A good number of the 52 contingents at the championship had at some time experienced delays in transporting their athletes and officials from Lagos to Asaba, venue of the championship.

“It was not entirely the fault of the LOC, concerning the issues experienced here.

“Two weeks ago, a Delegate Registration Meeting (DRM) was held and countries were asked to forward their arrival and departure schedules to the LOC. “This information did not get to us till two days before their arrival.

“Also, coupled with the fact that we have had terrible weather in the last few weeks, flights were rescheduled without notice and we had two flights cancelled.

30

BUSINESS DAY

Friday 03 August 2018

Live @ The Exchanges Top Gainers/Losers as at Thursday 02 August 2018 GAINERS Company

LOSERS Opening

Closing

Change

TOTAL

N190

N195

5

ETI

N20.8

N21.95

1.15

N23.05

N23.65

0.6

N9.3

N9.85

N59.55

N60

ZENITHBANK UBA PRESCO

Market Statistics as at Thursday 02 August 2018

Company

Opening

Closing

Change

N103

N100

-3

N96

N94

-2

FLOURMILL

N28.7

N27.15

-1.55

0.55

DANGCEM

N231

N230

-1

0.45

CCNN

N31

N30.75

-0.25

NB GUINNESS

ASI (Points)

36,688.91

DEALS (Numbers)

3,293.00

VOLUME (Numbers)

320,452,197.00

VALUE (N billion)

3.532

MARKET CAP (N Trn

13.391

Stock analysts favour bearish scenario in H2 Stories by Iheanyi Nwachukwu

T

he Nigerian stock markets will continue to remain under pressure as a result of the nation’s looming pre-election instability, a development which has now prompted more analysts to pitch for the bear case situation in this second-half (H2).

The local equities market was able to halt record downtrend on Thursday August 2 as the benchmark Index (NSEASI) inched up by 0.21percent following gains in 23 stocks led by Total Nigeria Plc as against 16 losers led

by Nigerian Breweries. The stock market year-to-date (YtD) returns remain negative at 4.06percent.

“We do not expect imminent bounce back in the equities market in H2’18 as a result of looming pre-election instability,” said research analysts at Lagos-based investment house, CardinalStone.

The analysts noted in their latest report “Nigeria Outlook – Navigating the Tide” that despite the improving macroeconomic sentiments

currently playing out in the country, “we expect activities in the equities market to remain lethargic for the most of second-half (H2) 2018, largely due to a spillover from the current widespread bearish sentiments being experienced across emerging and frontier markets, and partly due to in-

vestors’ jitters on the back of upcoming 2019 presidential elections”.

“Historically, statistics show that the period preceding the elections in Nigeria experiences the highest exit of foreign investors from the market and thus, we do not see a deviation from this trend with the upcom-

ing elections. The exit of investors from the market towards the end of H1 has dampened the mood of the market and at such we expect sentiments to remain depressed in H2 despite the country’s present positive macroeconomic buffers,” CardinalStone analysts said in the report released on

Felix Nwabuko, managing director, Presco Plc receiving the 2018 Achiever in Agriculture award from Eustas Iyayi, a professor and expert in agriculture at the event held in Abuja.

London Stock Exchange Group first-half results show strong growth

T

he London Stock Exchange Group Plc (LSEG) on Thursday August 2, 2018 released its interim results for the 6 months ended June 30, 2018. The results seen by BusinessDay show revenue went up by 12percent to £953 million (H1 2017: £853 million); while total income increased by 12percent to £1,060 million (H1 2017: £946 million).

The Group is well positioned to drive further growth as a diversified, global financial markets infrastructure business – operating on an open access basis in partnership with its customers.

“I am delighted to join the Group, which continues to deliver strong growth. The Group’s strategy, based on an open access and customer partnership approach, provides a great foundation for further success.

“My immediate focus is to meet with colleagues, customers, shareholders and other stakeholders, and to ensure we continue our focus on driving operational excellence across LSEG as I work with the executive team to develop the Group’s many opportunities ahead,” said David Schwimmer, Group CEO, London Stock Exchange Group Plc. The Group’s adjusted operating profit increase by 21percent to £480 million (H1 2017: £398 million), with underlying operating expenses on an organic and constant currency basis up 5percent as the Group continues to invest in growth and efficiencies.

On a reported basis, operating profit was up 29 percent to £393 million (H1 2017: £305 million); profit before tax increased by 30percennt to £360 million

(H1 2017: £277 million); while profit after tax was £283 million (H1 2017: £208 million).

The Group’s adjusted Earnings Per Share (EPS) was up by 25percent to 88.7 pence (H1 2017: 71.2 pence); basic EPS up 41percent to 71.1 pence (H1 2017: 50.4 pence).

Interim dividend increased 19percent to 17.2 pence per share (H1 2017: 14.4 pence per share), in line with its stated dividend policy.

During the period, capital was deployed for acquisitions, including increasing stake in LCH Group to 68percent; 100percent ownership of FTSE TMX; and circa 16percent minority stake in AcadiaSoft alongside organic investment to capitalise on multiple growth opportunities.

FTSE Russell integration of The Yield Book is on track, delivering further expanded multi-asset index capabilities, data and analytics. LCH

continues global leadership with record clearing volume at SwapClear, and successfully launched nondeliverable and SOFR IRS. ForexClear launched options clearing.

“The Group has delivered another strong performance, with growth across all business areas.

LCH has launched new products and set new records for clearing levels in the SwapClear and ForexClear services, while FTSE Russell has produced another good result.

“Capital Markets performed well with increases in primary and secondary markets activity. We are in a strong position as we work to execute on our strategy and to meet our financial targets while continuing to invest for further growth,” said David Warren, Group CFO, London Stock Exchange Group Plc.

Thursday August 2, 2018.

As at close of trading on Thursday August 2, the Nigerian Stock Exchange (NSE) All Share Index (ASI) appreciated by 0.21percent from 36,612.83 points to 36,688.91 points; while the Market Capitalisation which closed the preceding trading day at N13.263 trillion increased by N128billion to N13,391trillion. In 3,293 deals, stock dealers exchanged 320.452million units valued at N3.532billion.

Though more first-half (H1) financials are berthing at the Lagos Bourse, prompting investors to hunt for bargains, but other analysts who still believe the Nigerian equity market will be substantially weaker in H2 as investors phantom the latest developments in the political arena include those at United Capital Plc. In their equity market outlook for H2’18, the analysts at United Capital revised their base case equities return projection to 4.6percent.

They maintain their bearish case scenario at a negative of 8.5percent, “on the assumption that uncertainties

surrounding the build-up to the 2019 election and dynamics in the global space, may be overwhelming;” while also revising their bull case scenario to 12.4percent, “if investor reprice political risk in the Nigerian market appropriately and global trade tension cools off.”

“In our ‘Nigeria Outlook 2018 Report’, we projected a base case return of 12.4percent if expansion in the global and domestic economy is sustained and monetary policy as well as corporate earnings improve”, United Capital analysts stated.

“However, looking back at the H1-18, we observe that though macro factors have aligned with our base case expectations, dynamics in the global space is changing due to heightened trade tensions and aggressive policy stance by the US Fed. Also, political risk in the local economy is on the rise ahead of the 2019 election.

Hence, the interplay of rising geopolitical uncertainties and improving macro fundamentals is ticking our projection away from the base in favour of the bear case,” the Lagos-based analysts further stated.

IOSCO issues recommendations to help trading venues manage extreme volatility

T

he Board of the International Organisation of Securities Commissions (IOSCO) has published eight recommendations to assist trading venues and regulatory authorities in the implementation of mechanisms to manage extreme volatility and preserve orderly trading.

The report, Mechanisms Used by Trading Venues to Manage Extreme Volatility and Preserve Orderly Trading recommends that trading venues should have volatility control mechanisms to manage extreme volatility and these mechanisms should be appropriately calibrated and monitored.

Following recent extreme volatility events, regulatory authorities and trading venues have been reviewing their approaches to managing extreme vola-

tility, particularly through the use of volatility control mechanisms. Volatility control mechanisms seek to minimize market disruption triggered by events such as erroneous orders, by halting or temporarily constraining trading. IOSCO believes that these mechanisms support the goal of ensuring that markets are fair, efficient and transparent, thereby increasing market integrity and investor confidence.

The report assists trading venues and regulatory authorities in implementing, operating and monitoring volatility control mechanisms by making recommendations that trading venues should, among other things, regularly monitor volatility control mechanisms to ensure they are working as designed and identify circumstances that would require the mechanisms to be re-calibrated.

Friday 03 August 2018

BUSINESS DAY

31

32

BUSINESS DAY

Friday 03 August 2018

LIVE @ THE STOCK EXCHANGE Prices for Securities Traded as of Thursday 02 August 2018 Company

Symbol

Deals

Current Price

Trades

Volume

PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 289,279.72 10.00 3.09 114 12,390,627 UNITED BANK FOR AFRICA PLC 336,864.30 9.85 5.91 147 28,729,926 ZENITH INTERNATIONAL BANK PLC 742,527.08 23.65 2.60 210 5,479,530 471 46,600,083 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 360,747.69 10.05 1.01 336 25,996,835 336 25,996,835 807 72,596,918

BUILDING MATERIALS DANGOTE CEMENT PLC 3,919,316.70 230.00 -0.43 31 250,827 LAFARGE AFRICA PLC. 241,121.31 27.80 -0.71 59 970,353 90 1,221,180 90 1,221,180

EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD 414,264.97 704.00 - 33 52,530 33 52,530 33 52,530 930 73,870,628 CROP PRODUCTION FTN COCOA PROCESSORS PLC 440.00 0.20 - 2 200,000 OKOMU OIL PALM PLC. 77,266.71 81.00 - 16 59,976 PRESCO PLC 60,000.00 60.00 0.76 8 1,575,591 26 1,835,567 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 511.20 4.26 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 1,920.00 0.64 - 11 131,609 11 131,609 37 1,967,176

DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. 1,217.75 0.46 - 2 4,701 JOHN HOLT PLC. 225.71 0.58 - 2 6,096 S C O A NIG. PLC. 2,111.93 3.25 - 0 0 TRANSNATIONAL CORPORATION OF NIGERIA PLC 48,777.59 1.20 0.83 123 8,513,338 U A C N PLC. 38,033.11 13.20 - 19 71,712 146 8,595,847 146 8,595,847

BUILDING CONSTRUCTION ARBICO PLC. 711.32 4.79 - 0 0 0 0 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 33,000.00 25.00 - 34 253,110 ROADS NIG PLC. 165.00 6.60 - 0 0 34 253,110 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT CO. LIMITED 4,417.27 1.70 9.68 9 504,077 9 504,077 REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC 1,900.00 95.00 - 0 0 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 11,300.89 45.20 - 0 0 UPDC REAL ESTATE INVESTMENT TRUST 24,014.43 9.00 - 0 0 0 0 43 757,187

AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 15,502.40 1.98 - 4 12,796 GOLDEN GUINEA BREW. PLC. 242.22 0.89 - 0 0 GUINNESS NIG PLC 205,895.98 94.00 -2.08 27 310,754 INTERNATIONAL BREWERIES PLC. 287,101.79 33.40 - 16 31,629 NIGERIAN BREW. PLC. 799,690.21 100.00 -2.91 72 2,307,259 119 2,662,438 FOOD PRODUCTS DANGOTE FLOUR MILLS PLC 45,000.00 9.00 - 35 206,259 DANGOTE SUGAR REFINERY PLC 200,400.00 16.70 - 38 244,777 FLOUR MILLS NIG. PLC. 111,325.31 27.15 -5.40 124 8,032,613 HONEYWELL FLOUR MILL PLC 14,432.96 1.82 1.11 40 792,632 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 1,283.04 7.20 - 1 2,500 NASCON ALLIED INDUSTRIES PLC 52,988.77 20.00 -0.50 27 386,671 UNION DICON SALT PLC. 3,676.41 13.45 - 0 0 265 9,665,452 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 20,096.76 10.70 - 15 42,920 NESTLE NIGERIA PLC. 1,236,543.75 1,560.00 -0.64 41 264,294 56 307,214 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 0 0 VITAFOAM NIG PLC. 3,752.53 3.60 - 4 12,274 4 12,274 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 55,586.68 14.00 - 28 93,375 UNILEVER NIGERIA PLC. 301,900.03 52.55 - 44 264,248 72 357,623 516 13,005,001

BANKING DIAMOND BANK PLC 28,950.49 1.25 1.63 53 4,392,622 ECOBANK TRANSNATIONAL INCORPORATED 402,772.65 21.95 5.53 39 478,148 FIDELITY BANK PLC 54,182.87 1.87 2.19 132 8,811,360 GUARANTY TRUST BANK PLC. 1,181,661.85 40.15 0.63 161 13,892,156 JAIZ BANK PLC 18,562.48 0.63 - 15 526,798 SKYE BANK PLC 8,883.39 0.64 - 24 889,439 STERLING BANK PLC. 41,746.11 1.45 -2.07 56 11,618,886 UNION BANK NIG.PLC. 171,812.44 5.90 - 26 159,189 UNITY BANK PLC 9,819.04 0.84 7.69 7 223,176 WEMA BANK PLC. 27,002.13 0.70 2.86 34 1,415,477 547 42,407,251 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE COMPANY PLC 4,117.00 0.20 - 0 0 AIICO INSURANCE PLC. 4,851.14 0.70 - 28 2,406,156 AXAMANSARD INSURANCE PLC 27,825.00 2.65 - 6 18,412 CONSOLIDATED HALLMARK INSURANCE PLC 2,170.00 0.31 6.90 5 343,629 CONTINENTAL REINSURANCE PLC 17,529.94 1.69 - 8 58,933 CORNERSTONE INSURANCE COMPANY PLC. 4,271.56 0.29 - 0 0 GOLDLINK INSURANCE PLC 2,411.47 0.53 - 0 0 GREAT NIGERIAN INSURANCE PLC 1,913.74 0.50 - 0 0 GUINEA INSURANCE PLC. 2,333.20 0.38 - 0 0 INTERNATIONAL ENERGY INSURANCE COMPANY PLC 539.32 0.42 - 0 0 LASACO ASSURANCE PLC. 2,636.44 0.36 9.09 20 1,808,076 LAW UNION AND ROCK INS. PLC. 4,296.33 1.00 - 0 0 LINKAGE ASSURANCE PLC 6,400.00 0.80 - 5 174,900 MUTUAL BENEFITS ASSURANCE PLC. 3,280.00 0.41 5.13 28 2,068,100 N.E.M INSURANCE CO (NIG) PLC. 15,577.48 2.95 - 15 367,580 NIGER INSURANCE CO. PLC. 2,167.05 0.28 7.69 3 215,233 PRESTIGE ASSURANCE CO. PLC. 2,175.92 0.57 - 2 31,241 REGENCY ALLIANCE INSURANCE COMPANY PLC 1,533.81 0.23 -4.17 4 1,500,000 SOVEREIGN TRUST INSURANCE PLC 2,168.61 0.26 - 11 363,968 STANDARD ALLIANCE INSURANCE PLC. 5,422.63 0.42 - 0 0 STANDARD TRUST ASSURANCE PLC 4,483.72 0.48 - 0 0 SUNU ASSURANCES NIGERIA PLC. 2,800.00 0.20 - 3 92,122 UNIC DIVERSIFIED HOLDINGS PLC. 516.46 0.20 - 1 1,000 UNIVERSAL INSURANCE COMPANY PLC 7,680.00 0.48 -4.00 1 1,000,000 VERITAS KAPITAL ASSURANCE PLC 4,160.00 0.30 - 0 0 WAPIC INSURANCE PLC 5,620.75 0.42 7.69 49 2,349,968 189 12,799,318 MICRO-FINANCE BANKS

FORTIS MICROFINANCE BANK PLC 11,799.67 2.58 - 0 0 NPF MICROFINANCE BANK PLC 3,658.62 1.60 - 4 97,500

Company

Symbol

Deals

Current Price

Trades

Volume

4 97,500 MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 4,914.00 1.17 - 0 0 ASO SAVINGS AND LOANS PLC 7,370.87 0.50 - 0 0 INFINITY TRUST MORTGAGE BANK PLC 5,922.05 1.42 - 0 0 RESORT SAVINGS & LOANS PLC 5,664.87 0.50 - 0 0 UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 0 0 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 8,100.00 4.05 -0.96 53 668,377 CUSTODIAN INVESTMENT PLC 30,879.79 5.25 - 9 69,300 DEAP CAPITAL MANAGEMENT & TRUST PLC 660.00 0.44 - 0 0 FCMB GROUP PLC. 39,605.42 2.00 -1.50 104 4,527,863 NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 0 0 ROYAL EXCHANGE PLC. 1,389.25 0.27 - 7 96,228 STANBIC IBTC HOLDINGS PLC 502,473.29 50.00 0.50 18 163,806 UNITED CAPITAL PLC 18,240.00 3.04 -3.49 50 1,797,678 ValuAlliance Value Fund 3,312.39 103.20 - 0 0 241 7,323,252 981 62,627,321

HEALTHCARE PROVIDERS EKOCORP PLC. 1,680.29 3.37 - 0 0 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 1,065.94 0.30 7.14 57 14,844,294 57 14,844,294 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 544.04 0.55 - 0 0 0 0 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 FIDSON HEALTHCARE PLC 9,225.00 6.15 - 2 4,247 GLAXO SMITHKLINE CONSUMER NIG. PLC. 20,329.90 17.00 - 18 44,915 MAY & BAKER NIGERIA PLC. 2,401.00 2.45 - 7 27,554 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 949.58 0.55 - 11 231,615 NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 PHARMA-DEKO PLC. 429.30 1.98 - 0 0 38 308,331 95 15,152,625

COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 710.40 0.20 - 0 0 0 0 COMPUTERS AND PERIPHERALS OMATEK VENTURES PLC 1,470.89 0.50 - 0 0 0 0 IT SERVICES CWG PLC 6,413.06 2.54 - 0 0 NCR (NIGERIA) PLC. 680.40 6.30 - 0 0 TRIPPLE GEE AND COMPANY PLC. 435.56 0.88 - 3 1,905 3 1,905 PROCESSING SYSTEMS CHAMS PLC 1,737.54 0.37 - 0 0 E-TRANZACT INTERNATIONAL PLC 16,590.00 3.95 -3.66 3 100,200 3 100,200 6 102,105

BUILDING MATERIALS BERGER PAINTS PLC 2,318.59 8.00 - 3 963 CAP PLC 22,050.00 31.50 - 14 65,136 CEMENT CO. OF NORTH.NIG. PLC 38,642.84 30.75 -0.81 59 3,449,645 FIRST ALUMINIUM NIGERIA PLC 780.83 0.37 - 2 10,100 MEYER PLC. 361.24 0.68 - 2 9,018 PAINTS AND COATINGS MANUFACTURES PLC 467.82 0.59 - 0 0 PORTLAND PAINTS & PRODUCTS NIGERIA PLC 1,785.18 2.25 9.76 2 200,000 PREMIER PAINTS PLC. 1,279.20 10.40 - 0 0 82 3,734,862 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,256.91 2.09 - 0 0 CUTIX PLC. 3,857.30 4.38 - 21 226,876 21 226,876 PACKAGING/CONTAINERS BETA GLASS PLC. 38,997.82 78.00 - 0 0 GREIF NIGERIA PLC 388.02 9.10 - 0 0 0 0 AGRO-ALLIED & CHEMICALS NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 1 200 1 200 104 3,961,938

CHEMICALS B.O.C. GASES PLC. 1,752.39 4.21 - 1 14,681 1 14,681 METALS ALUMINIUM EXTRUSION IND. PLC. 2,023.60 9.20 - 4 387 4 387 MINING SERVICES MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 0 0 0 0 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 57.20 0.26 - 6 363,320 6 363,320 11 378,388

ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,878.81 0.30 - 38 2,001,772 38 2,001,772 INTEGRATED OIL AND GAS SERVICES OANDO PLC 69,615.91 5.60 -4.27 117 2,096,015 117 2,096,015 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 64,907.15 180.00 - 28 66,153 CONOIL PLC 16,863.04 24.30 - 17 23,849 ETERNA PLC. 7,824.87 6.00 -1.64 17 493,565 FORTE OIL PLC. 31,910.79 24.50 - 74 456,874 MRS OIL NIGERIA PLC. 8,701.65 28.55 - 4 5,617 TOTAL NIGERIA PLC. 66,206.76 195.00 2.63 5 12,616 145 1,058,674 300 5,156,461

ADVERTISING AFROMEDIA PLC 2,219.52 0.50 - 0 0 0 0 AIRLINES MEDVIEW AIRLINE PLC 18,818.75 1.93 - 0 0 0 0 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 541.12 0.46 - 0 0 0 0 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 3,212.76 5.45 -0.91 27 1,135,584 TRANS-NATIONWIDE EXPRESS PLC. 365.70 0.78 8.33 5 560,417 32 1,696,001 HOSPITALITY TANTALIZERS PLC 674.44 0.21 - 0 0 0 0 HOTELS/LODGING CAPITAL HOTEL PLC 4,801.22 3.10 - 0 0 IKEJA HOTEL PLC 6,506.63 3.13 - 4 2,110 TOURIST COMPANY OF NIGERIA PLC. 7,862.53 3.50 - 0 0 TRANSCORP HOTELS PLC 51,302.73 6.75 - 3 379 7 2,489 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 5,280.00 0.44 - 0 0 0 0 PRINTING/PUBLISHING ACADEMY PRESS PLC. 302.40 0.50 - 0 0 LEARN AFRICA PLC 979.74 1.27 - 4 40,316

Friday 03 August2018

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BUSINESS DAY

33

34 BUSINESS DAY NEWS

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Seplat, Zenith, Access top analysts’ large caps...

Continued from page 1

the recommendations of analysts at 15 separate investment banks, using data obtained from the Bloomberg terminal.

The survey was limited to the 30 most capitalized stocks on the Nigerian Stock Exchange (NSE 30).

The 15 investment firms surveyed include Vetiva, United Capital Plc, CSL Stockbrokers, Renaissance Capital, Cordros Capital, SBG Securities and EVA Dimensions.

Others are African Alliance Re-

search, ARM Securities, FBNQuest, RMBNS, Exotix Limited, Investec, GMP and PanAfrican Capital PLC. Analysts’ most favoured buy list of stocks give an inkling of the best stocks in the market, which investors can buy at cheap values to make healthy returns a year from now, provided the projections pan out.

The five most favoured large caps with the highest buy ratings have an average potential return of 31.9 percent over the next 12 months.

Seplat led the pack, with six buys of the seven recommendations, and a 12-month average target price of N1001.14, which offers a potential upside of 42.2 percent from its current price of N704.

“We think SEPLAT’s half year performance was quite impressive, despite the two-week Trans Forcados Pipeline (TFP) downtime which halted the export of crude in May,” analysts at Cardinal Stone Partners said in a note to clients.

“We expect the Amukpe-Escra-

vos Pipeline to come online in the fourth quarter of 2018 and help diversify the risk of over-reliance on the TFP. All in, SEPLAT looks set to return value to its shareholders in FY’18,” the Lagos-based investment bank noted. Seplat reported profit after tax of N14.8 billion in the first half of 2018 as against a loss after tax of N8.4 billion in 2017.

Its H1 2018 performance was primarily supported by a 94 percent increase in working interest production and a 54 percent rise in average realised crude oil price to US$69.10 per barrel.

In addition to price and production gains, the company’s unit production operating expenses also declined by 23.1 percent. Zenith Bank is the second most favoured of the large caps, with a target 38.8 percent upside for its stock price in 1 year with an average target price of N39.19 and 71 percent buy rating from the 7 investment houses that evaluated the company.

There was however one hold recommendation on Zenith, while another investment house placed the security under review. Access Bank comes in third and is projected to rally 36.1 percent in the next 12 months with an average target price of N13.34 from its current price of N9.8 per share. Three of the five recommendations advised investors to buy into the company with one hold recommendation and the other recommendation under review.

Dangote Sugar, recorded 4 buy recommendations out of the 7 investment houses’ following the stock, adding up to an average 12

month potential upside of 24.4 percent, with an average target price of N21.08 from its current price of N16.95.

The equity got two hold and one sell recommendation from other investment houses.

Dangote Sugar recorded a profit decline in H1 2018, as the company blamed the profit reduction on smuggling activities and Apapa gridlock.

In fifth place is First Bank Nigeria Holdings, which also got a positive review from updated valuations indicating an 18 percent potential upside with a 12 month target price of N11.80 from 4 of 7 updated valuations.

Two analysts each put the stock under review and gave a hold recommendation respectively. First Bank Nigeria Holdings recorded a 13.9 percent increase in profit after tax in H1 2018 compared to H1 2017, thanks to stronger non-interest income.

Analysts’ outlook for the bank’s impairment provisions remains positive, as it’s house cleaning efforts gradually come to bear. The Nigerian equities market has pared gains from early 2018, reeling from profit-taking and interest rate hikes in the United States.

Recent developments in the political space convey uncertainty and this has cast a shadow on the overall mood in the equities market. The market had a negative year to date return of 4 percent Thurs-

day, even though stocks gained marginally by 0.21 percent, while the NSE 30 index rose 0.27 percent, according to NSE data.

Continues on wwwbusinessday online.com

Friday 03 August 2018

Defection: Tambuwal carpets APC ...

Continued from page 1

Party (PDP).

Tambuwal, the immediate Speaker of the House of Representatives and Sokoto State governor who cross carpeted from PDP to APC in 2014 without vacating his seat, said the constitution does not recognise the election of Presiding and Principal Officers on the basis of party leanings.

He wondered why the All Progressives Congress would speak from both sides of the mouth by applauding his defection in the build up to the last general election.

It would be recalled that the APC National Chairman, Adams Oshiomhole, had asked Saraki to resign as Senate President following his defection to the People’s Democratic Party (PDP).

But speaking at the 81st National Executive Committee (NEC) meeting of PDP, in Abuja on Thursday, Tambuwal who recently returned to the PDP from APC, also condemned alleged attempts by some National Assembly members to forcefully reconvene the Senate ahead of its September 25, 2018 resumption.

His words: “We cannot afford to allow our country to drift further. It is not about any interest, it is about this country. This country is on a cliff. We must retrieve it, we must reposition this country and restructure it for the benefit of Nigerians.

“When they talk about cross carpeting, I began to wonder. When I cross carpeted the other time, did they complain? When I hear that some people are trying to break into the chambers of the Senate to steal the mace and install a pseudo President of the Senate I wonder whether they actually know the rules of our democratic engage-

ment. It’s not a Gestapo. We are in democracy. And the constitution of this country is very clear that members of the Senate and the House of Representatives can choose from among themselves their own President of the Senate or Speaker (of House of Representatives) without leaning to any political party. It is a question of confidence of members of the chambers.

“So if the senators have confidence in Bukola Saraki, they should continue to sustain him as President of the Senate. And so be it with Speaker, Dogara”.

While urging Nigerians not to be afraid, he declared that any attempt to toy with the future of Nigerians would be resisted.

On his part, Saraki emphasised the need for sacrifice among party members, even as he called for acceptance of defectors at the local levels.

The Number Three Citizen who also returned to the Party from APC few days ago, described the main opposition party as his true home and promised to join forces to oust the APC. “I offer myself to ensure I continue to play my part, to continue to ensure that we defend our democratic principles in this country, we provide security and good leadership and good governance for everybody. But that is only possible

if we are all united because not any one man or two or three can do it alone.

“The message that I will like to leave here with is a message of let us all work together so that these sacrifices will really be worth it in the interest of our people,” he said.

Continues on wwwbusinessday online.com

Notore lists on NSE, adds N100.75bn to market...

Continued from page 1

market capitalisation of The Exchange, further deepening the Nigerian Capital Market.

Notore listed by introduction its 1.61 billion ordinary shares at

Akinwunmi Ambode, governor, Lagos State (3rd l); Rotimi Amaechi, minister of transportation (3rd r); Fidet Okhiria, managing director/CEO, Nigerian Railway Corporation (2nd r); Davies Ikanya, chairman, APC Rivers State, (r); Ade Akinsanya, commissioner for works and infrastructure (l), and Ladi Lawanson, commissioner for transportation (2nd l), briefing journalists shortly after the governor’s meeting with the transport minister at Lagos House, Alausa, Ikeja, Lagos, yesterday.

Insight: NNPC’s subsidiaries registered...

Continued from page 1

crude oil and petroleum products trading across the full stretch of oil trading and price risk management instruments in the international market seems to be good idea.

“The Company was formed by NNPC as part of a comprehensive review of its structural and business requirements necessary to achieve the corporation’s desire for a financially strong and independent integrated international oil and gas Company,” NNPC states on its official website.

Wumi Iledare a professor of Petroleum Economics and Policy Research at the Centre for Petroleum Energy Economics and Law, University of Ibadan said NNPC subsidiaries acting as middle men will increase transaction cost which will always have a negative effect on the Federations account.

“Although sometimes NNPC do not have a choice as some oil traders will rather deal with middlemen than deal with NNPC due to some legal implication it might have for the oil traders,” Professor Iledare told BusinessDay by phone.

However, BusinessDay discovered that despite doing business in Nigeria, the company was registered in faraway Panama in 1989 while its head office was registered in the UK in 1992 as a service company. It was moved to Paris for a short period in 1997 but returned back to the UK in 1998.

“It is not an uncommon to have companies registered offshore in Nigeria alone. It is because Panama has attractive tax rates as most businesses always map out plans to avoid tax but not necessarily to evade tax,” Professor Iledare said.

However, an oil industry analyst who does want to be named disaagreed with Professor Iledare and

asked angrily, “Why would NNPC register a company it owned 100 percent in faraway Panama? “These are the things the National Assembly should be questioning and be worried about,” the oil Industry analyst told BusinessDay. Also, the composition of Duke oil company’s board of directors is unknown to anybody in the sector as there are also no records of Duke’s oil payment of taxes to the federal government neither has it published its audited account since inception.

“These are basically the medium which lots of funds are stolen as they are basically used by government to do political patronage,” an industry analyst told BusinessDay. Last year, The House of Representatives Ad hoc Committee Investigating Revenue Leakages in the Department of Petroleum Resources (DPR) and NNPC beamed its searchlight on Duke Oil over alleged non remittance of over N6 trillion revenue.

Continues on wwwbusinessday online.com

N62.50 per share. The listing is a culmination of several months of hard work by all parties to the transaction including the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).

The listing which is the first this year was done in the industrial goods sector of the NSE. It has a Free Float of 16 percent on the Mainboard of The Nigerian Stock Exchange under agro-allied & chemicals subsector.

The Financial Advisers to the listing are FBNQuest Merchant Bank Limited and Vetiva Capital Management Limited; while the Stockbrokers are FBNQuest Securities Limited and Vetiva Securities Limited. The Registrar is Datamax Registrars Limited while Banwo & Ighodalo and Templars are the Legal Advisers.

Formerly O-Secul Fertilizer Company Limited, Notore was established in 2005 to acquire the core assets of the National Fertilizer Company of Nigeria (NAFCON).

Its core business is the production and sale of fertilizer products, which is traded locally (within Nigeria) and exported to West Africa, Southern Africa and Europe.

For President Yakubu Gowon led the board and executive man-

agement of Notore Chemical Plc to the Exchange for the listing on Thursday, August 2, 2018 where they met with capital market stakeholders and presented the facts behind the company’s listing. On the trading floor, they performed bell ringing ceremony commemorating the listing of Notore shares on the Nigerian Stock Exchange.

Gowon, who thanked the Nigerian Stock Exchange and the Securities and Exchange Commission (SEC) for making Notore listing possible, said “The process has been ongoing and we have now taken this step in steering the Company in the right direction.

Our story is one that will impact the lives of each and every one of us here, either directly or indirectly.

We believe the Company will be stronger than ever.”

“This listing will provide an avenue for growth and provide liquidity for the business. We can now continue to improve and expand upon our current activities, seek out other areas for growth and continue to impact the lives of the average farmer/farming family. Let us also recognise the efforts each party has put in ensuring the listing happened, the Issuing Houses, the Stock Brokers, Legal Advisers

and the Registrar. We look forward to working with you again in the future to achieve more milestones for the organization,” Gowon told the capital market stakeholders.

Continues on wwwbusinessday online.com

Friday 03 August 2018

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35 NEWS

BUSINESS DAY

Nigeria’s crude export rises to four-month high ... but investments thin out STEPHEN ONYEKWELU

N

igeria’s crude exports rose in July, for the first time in four months, as Shell lifts export restrictions on key Bonny Light grade, vessel-tracking data obtained from the Bloomberg Terminal show.

Total July exports, excluding Akpo, rose to 1.64 million barrels per day (mb/d) versus revised 1.61mb/d in June. Akpo condensateshipmentsroseto123,000b/d versus 95,000b/d in June. Combined crude and condensate exports rose to 1.762mb/d from revised 1.688mb/d.

“Thisisanaturalconsequence of three factors, I will say. There is relative peace in the Niger Delta, that is, militancy has abated. A corollary of this is that there has been no major pipeline damage or declaration of force majeure.

The third factor is pure market dynamics.Oilpriceshoveraround $70 per barrel and this is driving supply,”AyodeleOni,EnergyPartner at Lagos-based Bloomfield Law Practice, said on phone.

The biggest crude export rises were for Brass, Bonny and Forcados, Bonny Light increased to 127,000b/dinJulyfrom87,000b/d in June, Forcados flows were 204,000b/d versus 162,000. Brass exports rose to 98,000b/d versus 32,000 in June.

Other major flows (in b/d) in July versus June, Agbami: 189, 000 versus 230, 000, Bonga: 123, 000 versus 158, 000, Erha: 123, 000 versus 95, 000, Escravos: 139, 000 versus 190, 000, Usan: 97, 000 versus 67, 000 and Qua Iboe: 215, 000 versus 253, 000.

Amid the rising crude exports, Nigeria’s oil and gas industry is fraught with uncertainties because of the political, legal and regulatory environment in which it operates.

Nigeria has passed a governance aspect of the Petroleum Industry Bill (PIB), which was broken into four components, but the fiscal aspect that is the most important for guiding decisions on financial investments remain stuck in the National Assembly over disagreements with terms.

This in turn has led to low investment appetite among investors and low oil reserves replacement ration in Nigeria, people with knowledge of the industry say.

“For these oil companies, the thinking behind this is survival, there is a lot of uncertainty in the market, you can’t come into a market that is so uncertain then start to do a new development, you can’t survive it because you don’t know what the regulatory regime will be,” Chuks Nwani an, energy lawyer, told BusinessDay, in July.

The absence of investments into new fields has seen Nigeria’s oil reserves stagnate at 36.18 billion barrels, as of the first quarter of 2018, according to Ibe Kachikwu, minister of state for petroleum resources, at the recent Nigeria Oil and Gas (NOG) conference in Abuja.

Africa’s biggest oil producer has targeted 40 billion barrels in reserves since 2010 but has not achieved the target due to dwindling rate of discoveries and further slump in investments in discovered fields.

According to statistics from OPEC, Nigeria oil reserves decreased to 36.247 billion in 2011 from 37.200 billion recorded in 2010, while in 2012 there was relativeimprovementto37.139billion but went down again to 37.071 billion in 2013. In 2014, it stood at 37.448 billion before sliding down to 37.062 in 2015, while in 2016 it stood at 37.453 billion.

Darkness at noon on the...

Continued from back page

impeccable character who made positive impact within and outside the hospital”.

The tragedy of the whole thing is that the police and law-enforcement agencies seem powerless to tame this evil ogre. To be fair to the police, we were told they did engage local villagers in efforts to boost up intelligence that would lead to the arrest of the hoodlums.

Unfortunately, their efforts were thwarted by informants.

In July last year the bandits descended upon the sleepy village of Rijana killing 18 people whom they suspected of working with the police to apprehend their members.

One of the victims was cut into pieces right in the presence of his wife and children.

The idea is to instil fear and to shock everybody into despair and total resignation.

It would be unfair to the present APC-led administration to say the whole thing started with them. The monster had reared its ugly head before May 2015. But

if truth be told, the spate of killings and abductions has risen exponentially under the present regime. Neither the government in Kaduna State nor the authorities in our Federal Capital seem willing or able, to do anything about it. The train service has done quite a lot to obviate some of the worst case scenarios.

The promise by Transport Minister Rotimi Amaechi to bring in more coaches and to provide shuttles every 30 minutes will be an attractive alternative to many motorists. Some prominent figures have also put away their SUVs and other expensive vehicles in preference for old jalopies in the hope of not attracting any negative attention from kidnappers. A few others have gone as far as actually wearing tattered clothing and joining mass public transport vehicles to make them inconspicuous.

But we are told that the bandits have also upped their antics. When they waylay mass public vehicles they make it a point to study the faces of every individual and

L-R: Bambo Adebowale, chairman, Lagos Chamber of Commerce and Industry Automobile Group; Muda Yusuf, director-general, Lagos Chamber of Commerce and Industry (LCCI); Babatunde Ruwase, president, LCCI; Knut Ulvmoen, deputy president, LCCI, and Gboyega Olanbiwoninu, chairman, LCCI Insurance Group, during the LCCI third Quarter Press Conference on the state of the Economy in Lagos.

Naira-Yuan swap deal to increase Nigeria-China trade volume A tale of magic, survival... residentofAbujaChamber of Commerce and Industry (ACCI), Adetokunbo Kayode, has expressed optimism on foreseeable growth in trade volume of trade deals and transactions between Nigeria and the People’s Republic of China, following the Naira-Yuan currency swap.

AccordingtoKayode,Nigeria’s trade volume with China, which stood at $5.8 billion from JanuaryMay 2018, indicates an increase of 7.3 percent over the previous year,hasbeenpositivelyimpacted upon by the deal.

With that, it means the deal has received a boost and wide acceptance by the business communitiesintherespectivenations, he said.

He lauded the efforts of the Central Bank of Nigeria (CBN) governor, Godwin Emefiele, in embarking on financial policies that have improved and stabilised

the economy of the nation, saying the swap deal was one of such efforts.

Kayode in a statement issued on Thursday pointed out that the initiative had deepened Nigeria’s economic opportunities with China and eased payment issues that were hitherto associated with international trade.

“I believe that this swap deal will enable Nigeria and China to easily trade among themselves in local liquidity without the trouble of having to switch through an intermediary currency. This, no doubt, eased the mode of transaction of businesses across the two countries.Itisthereforeawelcome development.

“For us in the Organised Private Sector (OPS), the essence is not far-fetched because it has simply made China willing trading hub by Nigeria, the West African sub-region and indeed the whole of Africa. This will make the Renmimbi a free flow currency in the banks in Nigeria and is consequently included in our

external reserve.

“Let me emphasise that this currency swap means that the Chinese Yuan has the capacity and capability to stand shouldershoulder with other internationally recognised vibrant currencies such as dollar, Euro and pounds.

“It therefore behoves on us in the OPS to see this opening as a low hanging fruit that can easily help improve our business concerns. Now our banks can open letters of credit in Yuan instead of only the Dollar, Euro or Pounds,” he said.

He also said while the deal had enhanced trade between the twocountries,fromafinancialrisk perspective,it shouldberestricted mainly for equipment, machines and raw materials procurement.

In order to dissect the matter from the OPS perspective, he informed that, his chamber was partnering the CBN to sensitise the OPS, traders and other businesspersons on the opportunities inherent in the deal.

to ascertain if they are not in a camouflage. They go through phone text messages meticulously for any give-aways.

They also make it a point of duty to interview their victims to ascertain their real status.

God help you if they found out that you were merely play-acting and are not really a member of the unwashed masses as you claim to be!

The benighted motorists on that unhappy expressway face two tragedies: if it is not armed bandits it is the sheer danger of terrible accidents that claim lives on an almost daily basis.

The noonday darkness on the Kaduna road is indeed a metaphor for life in contemporary Nigeria – a Hobbesian drama that is solitary, nasty, brutish and short. It is clear that the people in power do not care about the ordinary masses of this country. They overlook the fact that the primary duty of civil government is to secure the lives, properties and liberties of citizens. The social contract that exists between rulers and ruled is predicated upon this sacred duty of trust.

Once government is in breach of that trust it ceases to earn any form of legitimacy in the eyes of the populace. To echo

the English political philosopher John, rebellion under those circumstances becomes a bounden moral duty. The buck must stop somewhere: it stops with the occupant of the High Magistracy of our great federal republic. However one tries to package or whitewash or deodorize the mess, what stares us in the face is abject, stinking failure on the part of government.

I have no hope that the current crop of leaders understands the scale of the problem and the full meaning of such catastrophic failure to fulfil their most elementary duty. We need nothing less than a new leadership that will make the rule of law and national security the topmost priority.

It is not enough to be chasing common political thieves predominantly from the opposition, all in the name of “fighting corruption”. That line no longer sells.

Tackling the menace on our highways and in the rural countryside is not quantum physics. It requires solemn resolve on the part of government. Technology such as drones and satellite imagery could be deployed to trail

the murderous bandits and paralyse them on their tracks.

Drones are already commonplace technology in relatively less affluent countries such as Rwanda. We also need to deploy special crack security forces who can take on the bastards. We must hunt the hunters, pursue and bring them down by fire by thunder. Intelligence services should be boosted along the villages and highways. The firepower of the military and police must be upscaled to match the enemy.

I have strong suspicions that many of the scoundrels kidnapping and killing our people on the highways are predominantly foreigners.

The venom and recklessness with which they ply their evil trade is evident that they have no fellow-feeling or any sense of attachment to our country whatsoever. If we had a serious government bold steps would have been taken to close off our borders. And we would reopen them only when our neighbours give cast-iron guarantees that they will collaborate with us to ensure that no violent criminals trespass our territory.

Enough of this madness!

HARRISON EDEH, Abuja

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Continued from back page

want to count as evidence the fact that her male characters all fall by the wayside and the females are the ones who save the day and restore hope to mankind, something of a feminist.

Tomi is living her dream, currently. Watching her gushing excitement as she talks with Jimmy Fallon on the ‘TONIGHT’ show, it is impossible not to feel a glow of joy and pride for her accomplishment. In her eager words she describes where she is coming from, the parental aspirations she has had to live down, and what writing the book has meant in her life.

‘I’m Nigerian, and everyday I’m not a doctor is like a failure to my family…so I had to give them a big book…’

She describes how the inspiration came to her.

‘I was in gift shop in Brazil and … I saw the picture of the ‘Orisha’ for the first time…’

So – a Yoruba girl, born and bred in the diaspora, experiencing the culture and ritual of her people for the first time in another part of the diaspora – in faraway Brazil, a culture and ritual tainted and twisted by the passage of centuries – as it necessarily is.

Tomi’s is besotted with Nigeria, but the Nigerian will squirm at her sense of geography. In her book, familiar names crop up – Ilorin, Gombe, Warri, but their topographical descriptions are not recognizable. In her defense, Tomi would say that her story is, after all, a work of fantasy!

‘Children of Blood and Bone’ is a statement of hope about the common destiny and possibilities of all humanity, ‘maggot’ magi and patrician overlord, black and white, male and female.

It is a tall yarn with a message, and a great pleasure to read.

‘Children of Blood and Bone’ is published in the Nigerian edition by Quida Books, Ikeja, Lagos.

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Sterling Bank raises N35bn through CP FG signs N810m pact with Ogun for industries, … reports 63.4% profit surge

residences to access 5.4bn litres of water

CYNTHIA IKWUETOGHU, JONATHAN ADEROJU & OGHOGHO EDOSOMWAN

RAZAQ AYINLA & IFEDAYO OGUNYEMI, ABEOKUTA

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ollowing Central Bank of Nigeria (CBN) encouragement of large corporates to issue commercial papers (CPs) to boost their operating capital, Nigeria’s tier two financial institution, Sterling Bank plc, has raised a N35 billion series 6 and 7 of its N100 billion commercial paper.

Theissuanceprogrammewas inaugurated in 2016. Through series 6, the bank intends raising N15 billion and through series 7, N20 billion.

This offer for both issues open on July 31, 2018, with a minimum subscription of N5 million, 177 days tenor at a discount rate of 12.7 percent for series 6 and 268 days tenor at a discount rate of 12.6 percent for series 7. The date of allotment is Monday, August 6, 2018, and the settlement date on Tuesday, August 7, 2018.

“Consequently, credit constraint businesses, especially large corporations are encouraged to issue CPs to meet their credit needs at low interest rate at possibly single digit rates and the CBN may, if need be buy those instruments to complement the efforts of the deposit money banks,” Godwin Emefiele, CBN governor stated during the third MPC meeting.

Emefiele also said the decisions were what he called ‘heterodox approach’ to reform the market and strengthen flow of credit to the economy.

Meanwhile, the bank has reported a 63.4% surge in net profit for the first half ended June 30, 2018. The lender reported a profit after tax (PAT) of N6.2 billion on gross earnings of N77.6 billion as against PAT of N3.8 billion on gross earnings of N57.1 billion during the corresponding period of 2017.

Commenting on the result, Abubakar Suleiman, CEO, Sterling Bank, said, “We sustained our momentum in the second

quarter, delivering solid growth across key financial indices. We also achieved a 35.9 percent growth in gross earnings to N77.6 billion from N57.1 billion in the second quarter of 2017. This was largely driven by a 25.1 percent growth in interest income and a 56.5 percent growth in transaction banking revenues, emphasizing our commitment to our retail drive.”

Suleiman disclosed that net operating income was up 29.1 percent, on the back of a 54.8 percent reduction in impairment charges. “Sterling Bank experienced significant improvement in asset quality as cost of risk declined further by 86 basis points to 0.8 percent from 1.6 percent in June 2017, reflecting the strength of our risk management framework. Overall, PAT rose by 64.8 percent to N6.2 billion resulting in a 370-basis point increase in Return on Average Equity to 12.2 percent.”

During the first half of 2018, the bank launched disruptive market offerings that include Farepay, Specta, and Sterling One Pay. The most recent innovation, One Pay, is an upgrade of the bank’s mobile and internet banking solution in line with its digitisation drive and the promise to continuously innovate to meet customers’ evolving needs. One Pay is designed to create an omnichannel experience for users by integrating both web-based Internet and mobile banking solutions.

Moody upgraded Sterling Bank credit ratings to B2 (CR) / Not Prime (CR) in June 2018, from B3 in November 2017. The bank was assigned a CounterParty Risk Assessment for its resilient deposit-based funding profile, fair local currency liquidity buffers and growing retail product suite.

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s part of effort to put an end to the perennial scarcity of potable water in the densely populated border areas and emerging investment hub in Ogun State, including Sango, Ota, Ijoko, Ijako, Atan, Ado, Igbesa and Agbara, the Federal Government has signed a pact with Ogun State government on reconstruction of abandoned water project in ArobieyeinAdo-Odo/Ota,ofthestate.

The signing of memorandum of understanding for the resuscitation and reconstruction of the abandoned water project was undertaken on Tuesday on behalf of the Federal Government representedbySuleimanAdamu, minister for water resources and Governor Ibikunle Amosun on behalf of Ogun State to ensure thatpotablewaterwasadequately distributed to all the nooks and crannies of the said areas.

According to the official statement, the over 5.4 billion litres capacity water project per annum - N15 million litres daily - which costs N810.9 million is expected to be reconstructed to supply clusters of industries and residences in the areas with a view to bridging deficit of water supply, especiallypipebornewater,which has dropped from 32% in 1990 to 7% in 2015.

Speaking after the signing of MoU, Suleiman Adamu, Minister for Water Resources, Suleiman Adamu added that about 71% of Nigerians have no access to quality water sanitation, saying that

only69percentofthepeoplehave access to improved water supply in Nigeria.

While unveiling the code name of the project - Ota Water SupplyProjectandPartnershipfor Expanded Water Supply, Sanitation and Hygiene (PEWASH), Adamu regretted that Nigeria failedtomeettheMillenniumDevelopment Goals on water supply and sanitation that ended in 2015.

“Recent statistics show that only 69 per cent of our population have access to improved water supply from all sources. For piped water on premises, the situation has been on dramatic decline from 32 percent know 1990 to 7 percent in 2015.

“The case of sanitation is even worse as only 29 per cent of the population has access to improved sanitation. Our country did not meet MDG targets for water supply and sanitation that ended in 2015. It is against this backdrop that our country takes proactive steps towards implementing projects that will ensure that we meet the SDG-WASH targets,” Adamu said.

Adamu said the federal felt the need to revisit the Ota Regional Water Supply Project thirty years after it was established, adding that the project suffered delays due to paucity of funds, neglect by the previous administrations and also lack of approval for right of ways for Water transmission pipeline by Ogun State government.

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BUSINESS DAY

Kenyan athletes entered Nigeria without visa on arrival fee - NIS IFEOMA OKEKE

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ontrary to reports that the Nigeria Immigration Service (NIS), Murtala Muhammed International Airport (MMIA), Lagos command, seized and cause unnecessary delay of some athletes from Kenya, Burundi and other African countries on arrival in Nigeria, the NIS has alleged that the athletes actually entered Nigeria without money to pay for their visas on arrival.

The NIS alleged further that the Local Organising Committee (LOC) was supposed to make arrangements for their easy passage into Nigeria through online visa payment before their arrival, but failed to do this, which led to their delay at the Lagos airport.

A source close to the NIS in Abuja said yesterday that a lot of the athletes ought to have processed their visas online and make payments before arriving Nigeria, but failed to so, a situation that led to their temporary delay at the airport.

The immigration source insisted that the command did not seize any of the athletes’ passports, but only collected them for issuance of sticker visas, which was necessary for

them to enter the country.

At the Lagos airport, it was gathered that the technical partner of immigration, New Works had to issue each and every one of the athletes ID and reference numbers, which is always cumbersome because of internet connectivity.

This it was learnt was done immediately the representatives of the athletes made the payments.

The source insisted that immigration at the Lagos airport was not responsible for the delay on arrival of the athletes to Asaba, Delta State, stressing that the officers carried out their duties professionally as expected from them.

The source said: “A lot of them came in at once and none of them could pay for visa on arrival, which is a policy of the Federal Government. As you know, we don’t collect cash at immigration any longer. The local organising committee was not able to make the payment because it did not make enough preparation towards their arrival into Nigeria.

“They all came at once and New Works, which is our technical partner had to generate ID and reference number for each and every one of them to make the payment easier.

CBN trains Ondo farmers on agribusiness for economic growth ness Value Chain and further YOMI AYELESO, Akure

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s part of effort to boost Nigeria’s economy through agriculture and agribusiness, scores of farmers in Ondo State have been trained on how to use new innovations to facilitate growth in the agricultural sector.

The programme organised by the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL), a subsidiary of Central Bank of Nigeria (CBN), is aimed at helping farmers come together as a group and be supported by providing various agricultural inputs needed.

Head of projects monitoring and remediation, NIRSAL, Ondo State, Akinyele Aluko, said the mission of the organisation was a risk sharing system for lending, under what is called enhanced anchor borrower programme.

The goal of NIRSAL is to trigger an agricultural industrialisation process through increased production and processing of the greater part of what is produced to boost economic earnings across the value chain, Aluko said.

He said NIRSAL’s corporate strategic business plan had reached the stage of executing various plans to fix the Agribusi-

deepen the attainment of its objectives by supporting the establishment of an off-take system whereby agricultural products were processed and marketed.

He explained further that over the years, so many agricultural intervention programmes had failed in Nigeria because there were no proper monitoring agency, therefore NIRSAL decided to make meaningful impact to succeed, hence the need to educate all those on the value chain was of utmost priority.

The programme has allowed participants to know the current agricultural innovation of the world, so that they can also apply the ideas of what they learnt for their agricultural business to be successful, he said.

Earlier in his address, he explained the importance of information communication technology (ICT) to the development of modern day farming, saying it had helped in reducing the level of illiteracy and make farming business lucrative and attractive.

A participant at the training programme, Oluwaseyi Adekunle, thanked the organiser, saying it was timely and enlightening, and had also taught him how practical farming could be accessible.

L-R: Nitin Paranjpe, Unilever Global Foods president; Onyeka Akumah, founder/CEO, Foodcrowdy; Yaw Nsarkoh, executive vice president, Unilever Ghana and Nigeria; Nsima Ogedi-Alakwe, foods director, Unilever Nigeria and Ghana, and Angela Klute, category cluster, vice president foods and refreshments, Unilever Africa, during Nitin’s meeting with Unilever local partners in Nigeria.

Workers protest SNEPCo planned relocation from Port Harcourt AMAKA ANAGOR-EWUZIE

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orkers of Shell Nigeria Exploration and Production Company (SNEPCo) have kicked against the company’s plan to move its operational base from Onne in Port Harcourt, Rivers State, to Lagos.

According to a statement made available to newsmen on Thursday, the workers described the planned relocation as hurried and ill advised as against the interest of the Niger Delta region.

The statement signed by Edward Otaru on behalf of the

affected SNEPCo workers read: “We, the affected operations staff and expatriates of SNEPCo wish to bring the attention of the Federal Government and well-meaning Nigerians of a plan by the management of our company to forcefully relocate our operations from Onne, Port Harcourt to Lagos.

“The hushed, hurried but forceful relocation order emanated under a strange and suspicious condition, as it was neither discussed with the staff nor backed by any justifiable reasons.

“We decided to bring this to the notice of the government and

the public because of its implication on our families, who might suffer unnecessary dislocation and also its implication on the Niger-Delta region.”

Otaru said the plan to move men and materials from the Niger Delta region to Lagos was also contrary to the directive of the Federal Government, which in 2017, asked oil companies to retain their headquarters in their operational bases in the Niger Delta region.

The workers called on the Federal Government to halt the planned movement in the interest of jobs and development of the region.

SNEPCo operates Nigeria’s deep-water oil and gas production at the Bonga field.

Recall that on March 2, 2017 Vice President Yemi Osinbajo, in his capacity as Nigeria’s acting President, directed international oil companies operating in the Niger Delta region to relocate their headquarters to their states of operation to mitigate tension in host communities.

Osinbajo had directed the minister of state for petroleum, Ibe Kachikwu to commence the process of engaging the international oil companies on the way forward to actualise the directive.

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BUSINESS DAY

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FINANCIAL TIMES Trade war escalation sends markets lower

Bank of England raises interest rates to highest level since 2009 Page A4

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World Business Newspaper

Turkey threatens to retaliate against US over sanctions Ankara warns of ‘equivalent response’ in escalating dispute between Nato allies Laura Pitel & Katrina Manson

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urkey has threatened to retaliate against the US over its decision to impose sanctions on two government ministers, signalling that Ankara will not back down in an escalating dispute between the Nato allies.

Turkey’s foreign ministry said it would take “an equivalent response” to the “aggressive” decision by the US Treasury Department to impose a US asset freeze on Abdulhamit Gul, justice minister, and Suleyman Soylu, interior minister.

Washington announced the measures on Wednesday to punish Ankara for the continued detention of Andrew Brunson, an American preacher who is on trial for terrorism and espionage charges. The sanctions also banned US individuals from engaging in transactions with the two ministers.

The US’s action sent the Turkish lira to a record low of more than TL5 to the dollar, a psychological mark that will exacerbate the travails of the country’s fragile economy.

Mike Pence, the US vice-president, wrote on Twitter that the measures were “harsh economic sanctions on Turkey” and warned that they would continue until President Recep Tayyip Erdogan and the Turkish government released “Pastor Brunson and return this innocent man of faith to the US”.

Steven Mnuchin, US Treasury secretary, said Mr Brunson’s “unjust detention and continued

prosecution by Turkish officials is simply unacceptable”. “President [Donald] Trump has made it abundantly clear that the United States expects Turkey to release him immediately,” he said.

Turkey’s foreign ministry countered that the sanctions stood “in contrast to the essence of our relations and will seriously damage the constructive efforts made in order to resolve problems between the two countries”.

“An equivalent response to this aggressive attitude will be given without delay,” it added.

Mr Soylu, one of the ministers targeted, mocked the measures taken against him. He said that his only US asset was Fethullah Gulen, a cleric blamed by Turkey for masterminding a 2016 coup attempt, who lives in Pennsylvania.

“We will not leave him there,” he said. “We will take him.”

Mr Trump first threatened sanctions against Turkey last week after he failed to secure the release of Mr Brunson following a conversation with his Mr Erdogan, with whom he had previously developed cordial relations.

In the phone call with the Turkish leader, in which two people familiar with the matter said Mr Trump showed his frustration, he told Mr Erdogan he was misguided to view Mr Brunson as a bargaining chip.

The evangelical pastor, who has been in Turkey for more than 20 years, was arrested in October 2016, as part of a sweeping government crackdown that followed the coup attempt.

Zimbabwe president orders probe into army shootings of protesters Mnangagwa tries to defuse tension as questions continue over whether election was free and fair sponsible should be identified and David Pilling & Joseph Cotterill brought to justice.”

His comments came a day imbabwe’s president Emafter soldiers stormed into the merson Mnangagwa has centre of Harare, shooting and called for an investigation beating protesters from the oppointo army shootings of opsition Movement for Democratic position protesters as he sought to Change who were convinced that stem post-election violence that Mr Mnangagwa’s ruling Zanu-PF killed at least three people. party was rigging presidential Mr Mnangagwa, who has struggled to present this week’s and parliamentary elections. The presidential elections as being free president had initially sought to and fair, said on Twitter that he had blame Mr Chamisa for provoking been in contact with opposition the violence but on Thursday he leader Nelson Chamisa to try to struck a more conciliatory tone.

However, there were reports defuse tension. of armed forces on the streets “The most important thing for on Thursday and water cannon us now is to move beyond yestertrucks were deployed to deal with day’s tragic events, and to move any further demonstrations.

Solforward, together,” the president diers ordered bystanders to leave said. “We believe in transparency and accountability, and those reContinues on page A4

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Suleyman Soylu, Turkey’s interior minister, mocked the measures taken against him by the US © AP

Asset manager shares dive after no-fee fund launch

Fidelity takes industry price war to new level with zero-cost index funds Robin Wigglesworth

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he asset management industry crossed a Rubicon on Wednesday as Fidelity launched the first zerocost index funds in the US, ratcheting up the passive investing price war to a new level and sending rivals’ shares lower.

The Boston-based asset manager said it will begin selling two new index mutual funds on August 3 that give investors exposure to US and international stocks, tracking Fidelity’s in-house equity indices to cut costs. The company also said it was cutting management fees on its suite of existing index funds.

The move triggered stock drops among Fidelity’s rivals on Wednesday. Shares in BlackRock, the world’s biggest asset manager, fell 4.6 per cent, Franklin Resources declined 5.5 per cent, Invesco dipped 4.3 per cent, and T Rowe

Price slipped 1.5 per cent. The broader US stock market ended the day roughly flat.

“This is absolutely a moment, and one that investors should be celebrating,” said Ben Johnson, an analyst at Morningstar, the mutual fund data provider. “But pure-play asset managers that don’t have other revenue streams . . . are probably feeling the pressure as greatly as they ever have on a day like today.”

Fidelity’s two new funds will have an expense ratio of zero and require no minimum investment, the company said in a statement on Wednesday, compared with the 14 basis point and 9 basis point costs of the equivalent “Total Stock Market” index funds of Vanguard and Charles Schwab. Both asset managers have cheaper ETF variants that have expense ratios of 4 bps and 3 bps respectively.* Investment groups can still make some money from zero-cost funds

thanks to the revenue they get from lending out the shares they own to short-sellers, a practice known as securities lending. But it is something that only generates meaningful income when done at scale.

The rise of passive investment vehicles including index-tracking mutual funds and exchange traded funds has sparked ferocious pressure on the prices asset managers can charge.

The average cost of US bond and equity funds has slipped from 0.76 per cent and 0.99 per cent respectively in 2000 to 0.48 per cent and 0.59 per cent last year, according to the Investment Company Institute.

Price has emerged as the dominant factor for investors. JPMorgan estimated earlier this year that the ETFs in the lowest decile by expense ratio — those with an expense ratio of 15 bps or below — attracted three-quarters of all net US ETF inflows over the past year.

GAM shares lurch lower after it blocks fund redemptions Highly unusual move follows suspension of top portfolio manager over risk management flaws Peter Smith & Ralph Atkins

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AM shares fell sharply for a second time this week after the crisis-hit Swiss asset manager halted redemptions from bond funds with SFr7.3bn ($7.3bn) in assets following the suspension of one of its top portfolio managers.

The shares dropped more than 13 per cent to SFr8.69 in morning trading in Switzerland on the news, and are down 52 per cent from their 2018 high.

The move followed GAM’s suspension on Tuesday of Londonbased Tim Haywood, fixed income investment director with responsibility for the unconstrained/ absolute return bond strategy, after an internal probe identified flaws with risk management and record

keeping procedures.

It is highly unusual for asset managers to block investors from redeeming their money. In the wake of the Brexit vote a handful of fund managers stopped investors from leaving UK property funds.

The Financial Conduct Authority, the UK regulator, said at the time that fund managers had a duty to make sure the vehicles’ assets were valued “fairly and accurately” to prevent a situation where some investors could gain at the expense of other investors in the same fund.

GAM told the Financial Times the so-called ARBF funds had experienced redemption requests of “more than 10 per cent” of the SFr7.3bn in capital on July 31 and August 1, immediately after Mr Haywood’s suspension became public.

GAM’s board met yesterday and

decided to suspend redemptions in nine funds and feeder funds, backdated to July 31. It said the decision was taken to make sure that investors that attempted to get out quickly did not gain an advantage over those that remained in the funds.

The latest setback caps a torrid 18 months for the Zurich-based group, one of continental Europe’s largest listed fund managers with assets under management of SFr163bn. Although it saw off activist investor RBR Capital, which demanded a radical overhaul that included revamping the board, firing chief executive Alexander Friedman, and cutting hundreds of jobs in a bid to reduce costs, it nevertheless suffered a large-scale rebellion at its annual meeting over executive pay.

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NATIONAL NEWS

FT Zimbabwe president orders probe into...

Tommy Robinson case exposes links between far-right in US and UK

Continued from page A3 the streets and some shops were closed. The violence perpetrated by the army is likely to undermine Mr Mnangagwa’s efforts to move the southern African country out of international isolation. US observers have said that the poll had “not made the mark” in terms of being free and fair.

The results of parliamentary elections were released earlier in the day, showing that Zanu-PF had clinched a two-thirds majority, making it less likely that Mr Chamisa would be declared the winner of the presidential poll. The results of the presidential contest have not been released, exacerbating tensions.

In a joint statement, all international observer groups in Zimbabwe called on the electoral commission to release results “expeditiously, in a transparent and accountable manner”. “We denounce the excessive use of force to quell protests and urge the police and army to exercise restraint,” the statement added.

At least three people were killed and scores injured as armed forces moved through the streets on Wednesday, beating people indiscriminately and firing into crowds of fleeing protesters. At least one woman was shot dead in the back.

Stephen Chan, a Zimbabwe expert at Soas, University of London, said: “The government still has a military core and a military ethos.”

“How can you be so goddamn clumsy?” he asked of Mr Mnangagwa’s administration. “You’ve gone to all this trouble to stage-manage this stuff and you’ve just gone and shot yourself in the foot.”

Protesters could easily have been controlled by water cannon, he said. Instead, the armed forces “sent out truckloads of soldiers, armoured personnel carriers, people firing live rounds, heavy-duty tear gas. It’s ridiculous.”

The polls, the first since Robert Mugabe was removed in a coup in November and the first without his name on the ballot since 1980, were supposed to mark a break from past elections. Under Mr Mugabe, violence and intimidation were common.

Nkululeko Sibanda, a spokesman for Mr Chamisa, condemned violence from all sides, but put the blame for deaths squarely on the shoulders of the armed forces and Mr Mnangagwa’s ruling Zanu-PF. “Nelson Chamisa has not ordered any guns on the street. He cannot be accused of being violent,” he said.

Mr Sibanda said that Zanu-PF’s mask had slipped. Since Mr Mnangagwa took over eight months ago, the party had sought to present itself as a reformed organisation after almost four decades under Mr Mugabe.

“This is a return to the dark days of killing thousands of civilians in Matabeleland,” said Mr Sibanda in a pointed reference to a massacre in the early 1980s in which Mr Mnangagwa, a former security chief, was heavily implicated.

On Wednesday, the Financial Times saw soldiers beating people with long batons indiscriminately.

One shouted “free and fair” as he beat people in apparent mockery of the mantra for these elections.

Friday 03 August 2018

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Mark Carney, Bank of England governor, speaks at the news conference following the interest rate decision © Bloomberg

Bank of England raises interest rates to highest level since 2009 Decision to lift benchmark rate to 0.75% was unanimous among policymakers on the MPC Gavin Jackson & Delphine Strauss

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he Bank of England raised interest rates to their highest level in almost a decade on Thursday, saying recent data vindicated policymakers’ view that the first quarter slowdown in UK growth was temporary.

Members of the Monetary Policy Committee voted unanimously for a 25 basis point increase, taking the BoE’s benchmark interest rate to 0.75 per cent — the highest level since the global financial crisis a decade ago.

A rate rise was widely expected, with markets pricing in the quarter-point rate rise almost fully in the run-up to this week’s meeting.

The Bank of England is the third major central bank to meet this week, and has joined the US Federal Reserve in signalling further interest rate rises are on the way. The Bank of Japan,

however, declined to join in any synchronised global tightening at its meeting on Monday, and continued its massive asset purchase programme.

The pound initially rose following the announcement, then fell 0.5 per cent against the dollar during BoE governor Mark Carney’s press conference, to $1.305 — a lower level than before the rate rise was announced.

Mr Carney said the central bank’s interest rate cut two years ago, following the Brexit vote, had worked but now was the time to focus on taming inflation rather than supporting jobs growth.

“The strategy has worked,” he said. “Employment is at a record high, there is very limited spare capacity, real wages are picking up and external price pressures are declining.”

In the minutes from this week’s meeting, MPC members argued that with low productivity and lower net migration holding back potential growth in the

UK, even modest increases in demand would lead to domestic inflationary pressures.

The policymakers predicted that a tight labour market would continue to push up wage growth, with further rate rises needed to bring inflation back to its 2 per cent target.

Some economists and business groups criticised the BoE for pushing ahead with rate rises while the UK economy is still hampered by uncertainty over the outcome of the Brexit negotiations, and economic data has pointed to only lacklustre output growth.

Suren Thiru, head of economics at the British Chambers of Commerce, said: “The decision to raise interest rates, while expected, looks ill-judged against a backdrop of a sluggish economy.

But Mr Carney, after being asked whether it was worth waiting for the outcome of Brexit negotiations, said it would be a mistake to hold off for “perfect certainty” before raising rates.

Starbucks ups China caffeine fight with Alibaba delivery tie-up News comes as US chain looks to counter sales slowdown Tom Hancock

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tarbucks will start coffee deliveries in China next month in a partnership with internet giant Alibaba, as the US company looks to protect its lead in a fast-growing coffee market where it is facing tougher competition and a recent decline in sales.

Alibaba’s food delivery platform Ele.me will begin making deliveries from 150 Starbucks outlets in September, expanding to 2,000 stores by the end of the year. Alibaba will also install Starbucks delivery outlets in its chain of Hema grocery stores.

Starbucks controls 80 per cent of China’s coffee shop market, according to consultancy Euromonitor, and generated $3.24bn of its revenues from Asia-Pacific last year — or about 15 per cent of its global total.

In May it unveiled a bold plan to triple Chinese revenue and nearly double the number outlets

in the country to 6,000 over the next five years. But the chain left the market stunned just weeks later when it warned same-store sales growth in China would be flat or negative in the third quarter following years of growth.

Chief executive Kevin Johnson blamed the weakness on third-party food delivery services, whose bulk orders had been clogging up its cafés and frustrating patrons who don’t want to wait long for their coffee.

Starbucks shares tumbled after the trading update and briefly hit a 22-month low at the end of June as all three major rating agencies downgraded the company and the chief financial officer said he was stepping down.

Starbucks’ tie-up with Ele.me comes as it looks to catch up with local upstart Luckin Coffee on the delivery front. The chain, which specialises in deliveries to office workers, has been making waves by undercutting its Seattle rival

on price and convenience. It has opened 500 outlets this year and raised $200m in a funding round last month that valued it at $1bn.

“As people look at the market opportunity in China as relates to coffee, we expect there to continue to be more competition,” said Mr Johnson. He said the delivery service could start having a significant impact on revenues within a year.

Starbucks and Alibaba did not disclose financial details of their partnership. Its delivery platform Ele.me has been spending heavily to subsidise deliveries this year to win market share. But Mr Johnson said: “I don’t look at this as, let’s find someone to subsidise deliveries.”

Starbucks is seen as an upmarket brand in China and the deal with Alibaba is a blow to the internet giant’s main rival, Tencent, and the delivery platform it backs, Meituan.

Mr Johnson said that Starbucks would continue to partner with Tencent on mobile payments.

or almost a decade, Tommy Robinson has inhabited the far-right fringe of British politics — without making an impression on the mainstream.

But the 35-year old anti-Islam activist, best known for organising angry marches through UK cities, is now being touted as a significant figure thanks to two high-profile supporters. One is Steve Bannon, the former adviser to US president Donald Trump.

The other is Gerard Batten, leader of the pro-Brexit UK Independence party.

Could Mr Robinson now provide the link between Mr Bannon’s campaign to spread radical rightwing populism in Europe and Ukip, the UK political party that played a key role in the Brexit vote but has struggled since?

Mr Robinson’s latest notoriety began in May with a 13-month jail sentence for contempt of court, after he broke two court orders against naming Muslim men accused of sex offences.

Robinson as Bannon-Ukip link On Wednesday Mr Robinson, whose real name is Stephen Yaxley-Lennon, partially won an appeal against his sentence and was freed on bail pending a re-hearing of the case. “It shows you can fight the establishment and win,” said Raheem Kassam, an associate of Mr Bannon and ally of former Ukip leader Nigel Farage.

Mr Robinson’s case was championed on Fox News, the US network beloved of Mr Trump, and an online petition calling for his release gained more than 630,000 signatories, many from the US. His legal fees were paid by the Middle East Forum, a conservative US think-tank that has previously supported Dutch populist Geert Wilders.

Mr Bannon described Mr Robinson — a convicted fraudster who ran a sunbed shop in Luton — as “a working-class guy” and the “backbone of this country”.

Ukip’s Mr Batten likened Mr Robinson’s imprisonment to those of “the suffragettes . . . Gandhi [and] Nelson Mandela”. In a further sign of budding ties between Mr Bannon’s global movement and Britain’s Brexit-focused party, Paul John Watson, an editor at US website Infowars, who champions Mr Trump and has 900,000 Twitter followers, has joined Ukip.

But there are questions over whether Mr Robinson can unite Mr Bannon’s international campaign with Ukip.

Bannon ties to Tory Brexiters First, Mr Bannon’s European venture is focused on the European Parliament elections in May next year, which he has called “the real first continent-wide face-off between populism and the party of Davos”. The UK will not be participating in the polls because it is set to leave the EU in March.

Friday 03 August 2018

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COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Trade war escalation sends markets lower Beijing reacts forcefully to Trump threat to double proposed tariffs on imports from China FT reporters

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S, Asian and European equity markets suffered a broad selloff on Thursday after China threatened “counter-measures” should the US escalate the trade war by sharply raising tariffs on more than $200bn of imports.

Fears of a worsening trade war spread through European equity markets, with the Stoxx Europe 600 dropping 0.9 per cent and the region’s carmakers among the hardest hit on the exporter-focused index.

The S&P 500 also opened lower as investors reacted to the ratcheting up of trade tensions between the US and China, hitting steel producers and selected manufacturers.

Chinese officials reacted forcefully to the threat from US president Donald Trump to more than double proposed tariffs on $200bn of annual imports from China as early as next month.

“As regards the threat by the US to upgrade the trade war, China is fully prepared and will introduce counter-measures to defend the country’s dignity and the interests of the Chinese people, and defend free trade and the multilateral system,” China’s commerce ministry said.

A drop in China’s currency against the US dollar accelerated in London, marking the weakest level since May last year, while the CSI 300 index of Shanghai and Shenzhen shares closed down 2.3 per cent and Hong Kong’s Hang Seng closed off 2.2 per cent.

US commerce secretary Wilbur Ross used an interview with Fox Business News on Thursday to de-

fend President Trump’s decision to impose tariffs on China and the EU as “carefully thought through” — but said the president was working to reach a compromise that could reverse tariffs with the EU. On Wednesday night, it emerged that Mr Trump had asked his advisers to look into raising the tariffs on $200bn of Chinese goods from a proposed 10 per cent to 25 per cent.

“First, we advise the US side to correct its attitude and not to try to engage in blackmail. This does not work for China,” said Geng Shuang, foreign ministry spokesman. “Second, we advise the US to return to reason and not to act in anger, which will ultimately hurt themselves.”

The offshore yuan, which trades in big global currency hubs outside mainland China, was down 0.52 per cent in recent trade, with a dollar buying 6.86 units of the currency.

The Japanese yen, which typically rises during times of higher geopolitical uncertainty, was up 0.21 per cent against the dollar at ¥111.46. The euro dropped 0.4 per cent against the dollar. Meanwhile, emerging market currencies were off 0.58 per cent, according to a JPMorgan index.

“The Chinese have tried everything they can — flattery, negotiations, retaliation,” said Yanmei Xie at Gavekal Dragonomics in Beijing. “Nothing has stopped the escalation.” “[The US is] running against the trend of the times and are not moving in the right direction,” said Wang Yi, China’s foreign minister, at the Asean foreign ministers’ meetings held in Singapore on Thursday.

Stocks weaken after new Trump tariff threat Sterling under pressure despite Bank of England decision to raise rates Chloe Cornish & Alice Woodhouse

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S stock markets have followed European and Asian equities lower, which dropped after US president Donald Trump ratcheted up trade pressures on Beijing.

Mr Trump on Wednesday instructed his trade tsar to consider raising the proposed tariffs on $200bn worth of annual imports from China to 25 per cent from the 10 per cent announced last month.

Meanwhile, the Bank of England’s Monetary Policy Committee has voted to raise interest rates to 0.75 per cent, as markets expected.

However, sterling fell during the press conference from Mark Carney, the bank’s governor, and other MPC members. Sterling was down 0.5 per cent versus the dollar to $1.3057, and off 0.2 per cent against the euro at €1.1227.

On Wall Street, the S&P 500 is down 0.5 per cent at 2,800, while

the Nasdaq Composite is 0.5 per cent lower at 7,667.

Investors reacted to the latest tariff suggestion from the White House during overnight trading in Asia. Hong Kong’s Hang Seng was among the worst performers, down 2.2 per cent and hitting its lowest intraday level in 10 months.

Mainland Chinese stocks also fell, with the CSI 300 index of Shanghai and Shenzhen stocks down 2.8 per cent to a one-month low. South Korea’s Kospi fell 1.5 per cent and Japan’s Topix lost 1 per cent, with the energy sector dropping 1.6 per cent after oil prices fell overnight following an unexpected increase in US crude stockpiles.

Japanese government bonds remain volatile following sharp moves in the previous sessions. The yield on 10-year Japanese government bonds rose as much as 2 basis points to an 18-month high of 0.145 per cent before pulling back to 0.12 per cent flat on the day.

President Donald Trump has asked his advisers to look into raising the tariffs on $200bn of Chinese goods from a proposed 10% to 25% © Bloomberg

Apple wins race to be first trillion-dollar company Vindication for Tim Cook as tech group beats Amazon, Microsoft and Alphabet to milestone Tim Bradshaw

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pple has become the first company to reach a trillion-dollar market capitalisation, beating old foes such as Microsoft as well as younger tech rivals Amazon and Alphabet to the milestone.

The landmark moment, when the company’s share price touched $207.05 in intraday trading on Thursday, came thanks to a combination of robust iPhone sales and a vast capital returns programme running into hundreds of billions of dollars.

Twenty years after co-founder Steve Jobs returned to the company to rescue it from the brink of bankruptcy, Apple has thrived thanks to a succession of hit products and services, from the iPod and iTunes to the iPhone and App Store.

Hitting the trillion-dollar mark will be a moment of vindication for Tim Cook, Apple’s chief executive, who has faced recurring questions about his leadership since succeeding Jobs, who died in 2011.

“Stock price is a result, not an achievement by itself,” Mr Cook said in an interview with Fast Company magazine this year.

“For me, it’s about products and people.”

Market capitalisation is only one

measure of a company’s success.

Amazon’s enterprise value, which takes into account debt, is already ahead of Apple’s by about $50bn.

While Apple has yet to release a breakthrough innovation to match the 11-year-old iPhone, which still accounts for about two-thirds of annual revenues, Mr Cook has led the company to new highs by building a portfolio of supporting products and services, from its AirPod headphones to a new music streaming service.

At a corporate level, he has personally championed human rights and privacy, mantras that have served to rally Apple’s staff even as its share price has fluctuated wildly over the past few years.

At Apple’s 2014 annual meeting Mr Cook snapped at a shareholder who asked him about the return on investment from its environmental and accessibility projects.

“I don’t consider the bloody ROI,” he said. “If you want me to do things only for ROI reasons, you should get out of this stock.”

With designer Jonathan Ive and other deputies such as Craig Federighi and Phil Schiller to lead new product development, Mr Cook has served as a diplomatin-chief, defending Apple from activist shareholders and regulatory challenges from Washington

to Brussels and Beijing.

Alongside financial chief Luca Maestri, Mr Cook has also proved a savvy steward of Apple’s vast profits. The company’s share price rally in recent months has been attributed, at least in part, to Apple’s plan to repatriate its overseas profits and return most of its more than $100bn in net cash to shareholders, under new US tax rules.

That has helped win the backing of long-term investors such as Warren Buffett, who has praised Apple for its “extraordinary consumer franchise” as well as its financial returns. “I see how strong that ecosystem is, to an extraordinary degree,” he told CNBC this year, noting the iPhone was “a very sticky product”.

Apple’s share price has increased by more than 2,000 per cent since Mr Cook took up what was then the interim role of chief executive in January 2009, when Jobs was undergoing cancer treatment.

“One of my roles is to try to block the noise from the people who are really doing the work,” Mr Cook said in February. “I worked at a company a while back, many years ago, where every hallway you go in, you would see their stock price being monitored. You will not find that here.”

Barclays: Staley struggle Chief executive has delivered just enough to smile politely at the next activist

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hareholder activists tend to get short shrift at the big banks. From time to time they show up with a small stake and a few ideas about returning more cash, which executives will hear out.

But the minute they’re out the door it’s back to business. What does that guy know about running a sprawling global institution where every move you make, every cent of capital you pay out, needs to be cleared by a whole host of regulators?

Edward Bramson of Sherborne Investors, an activist who bought 5 per cent of Barclays earlier this year,

has not caused a great fuss so far. He has not appeared on CNBC to rubbish the British bank’s management, nor posted any PowerPoint presentations to the web, setting out exactly what the chief executive needs to do.

But there was a strong subtext to Barclays’ first-half results on Tuesday: we are doing just fine without you. “Let it run” was the refrain of the chief executive, Jes Staley, who since December 2015 has tried to mould Barclays into a transatlantic bank spanning consumer and wholesale businesses.

To say that Mr Staley has nailed

it would be wrong. Barclays’ annualised return on equity was a deeply inadequate 2.6 per cent over the first half, hit by a $2bn settlement with the US government, among other one-offs.

At the same time, it is clear that two or three years of any big-bank turnround is not long enough. James Gorman needed eight years at Morgan Stanley to deliver decent profits.

Bank of America and Citigroup, which last switched chief executives in 2010 and 2012, are still barely posting double-digit ROEs despite big boosts from lower taxes.

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ANALYSIS How Germany became Donald Trump’s European punchbag Despite disputes over trade, Nato and immigration, Berlin and Washington must find a way to work together

n idea that was once unthinkable is, in the age of Trump, now beginning to seem like a sensible policy option. Should Germany acquire a nuclear bomb?

The answer is yes, according to Christian Hacke, one of the country’s most distinguished political scientists. In an article for Die Welt am Sonntag in July, he said Germany was, “for the first time since 1949, without a US nuclear umbrella”. He added: “In an extreme crisis [we] are defenceless! In the worst-case scenario, Germany can only rely on itself.”

Many in Berlin dismissed the piece as silly season nonsense.

But the anxiety it reflected is real enough. US President Donald Trump’s furious attacks on Germany have sown panic in Berlin, calling into question alliances and allegiances that once seemed inviolable, and forcing a rethink of security arrangements that have underpinned Germany’s world view for more than 60 years.

“It is extremely unusual for Germany to be attacked so vociferously by an American president,” says Nils Schmid, the Social Democrats’ spokesman on foreign

president, to call a truce in the looming transatlantic trade war averted the threat of US tariffs on vehicle imports, a move that could have spelt disaster for the German car industry.

But that does not detract from the damage wreaked in other areas. Germans were furious when Mr Trump repudiated the Paris climate accord and the Iran nuclear deal, and imposed punitive tariffs on EU imports of steel and aluminium.

They also watched in horror as he intervened in the domestic debate about refugee policy, portraying Germany as a kind of post-migration dystopia that symbolised the perils of open borders.

Ms Merkel’s decision to let in 1m refugees was “insane”. Crime in Germany, he said, erroneously, is “way up”.

“The people of Germany are turning against their leadership as migration is rocking the already tenuous Berlin coalition,” he wrote on Twitter in June.

Many Germans shake their heads in amazement at such comments. But officials in Berlin are genuinely worried about the damage he is inflicting on western institutions.

“He’s attacking a world order

affairs. “The relationship of trust has been hugely damaged.”

Mr Trump was in full Germany-bashing mode at July’s Nato summit. He said Germany was importing so much gas from Gazprom that it had become a “captive of Russia”. And when he assailed Europe’s $151bn trade surplus with the US and some countries’ failure to meet Nato spending targets, everyone in the room knew he meant Berlin.

Germany has emerged as Mr Trump’s favourite whipping boy, the epitome of all he dislikes about Nato, globalised trade and immigration. And his punchbag of choice is Angela Merkel, Germany’s long-serving chancellor.

But the most awkward aspect of the Trump campaign is that many of the things he says about Germany contain a grain of truth.

Mr Trump is not alone in attacking its relatively low spending on defence, its massive balance of payments surplus and its leading role in Nord Stream 2, a controversial new gas pipeline between Russia and Europe. These are all things that Berlin’s allies have been complaining about for years.

“When it comes to military spending, Trump has a point,” admits one senior German official.

Though his shots have been painful, Germany does seem to have dodged the biggest bullet. Last week’s agreement between Mr Trump and Jean-Claude Juncker, European Commission

of which Germany is the foremost beneficiary,” says one. “Our economy is highly globalised, our politics is closely bound up with Nato and our security is tied to the US. And all those pillars are now being eroded.”

The new reality is painful for Ms Merkel, a committed Atlanticist who has always had a strong affinity with America. “What we’ve taken for granted for decades, the idea that the US is the global superpower, in good and bad times, is no longer so certain in the future,” she said in July. “We can’t simply rely on the US to uphold the global order.”

Mr Trump has never been particularly well disposed to Germany. In a Playboy interview in 1990 — which has become required reading for German officials — he said that if he were president, he’d “throw a tax on every Mercedes-Benz rolling into this country”.

But it was on the US presidential campaign trail in 2016 that his animosity towards Germany, and Ms Merkel in particular, emerged in full view. After she was selected as Time’s person of the year in 2015, he said they had picked someone “who is ruining Germany”.

The first official encounter between the two was dominated by the issue of Nato burden-sharing.

“He said to her, you’re terrific, but you owe me a trillion dollars,” recalls one German official.

Guy Chazan

A Steven Mnuchin, US Treasury secretary, says his department will look at whether it can enact reform through administrative action if Congress does not pass legislation on the measure © Getty

Trump tax cut push for wealthy faces thorny obstacles

Unilateral move over capital gains could be open to legal challenge and widen deficit Sam Fleming

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he Trump administration faces obstacles in any attempt to overhaul the US capital gains tax regime without having the help of Congress — an initiative that could cost $100bn or more over 10 years.

The hurdles would include challenges to the legality of the move, on top of political criticism and doubts over the economic benefits.

The Treasury has been examining the merits of adjusting capital gains taxes for inflation — in effect a tax cut that would confer major benefits on well-off Americans. In comments over recent weeks, Secretary Steven Mnuchin said his department would look at whether it could enact the reform through administrative action if Congress does not pass legislation on the measure.

However, officials stress that no decisions have been made and analysis of the economics of such a measure is still under way. “We are in the due diligence phase,” said a senior Treasury official. President Donald Trump asked the Treasury to look into the matter, a White House spokesman said this week.

It is unlikely that action could be taken before the midterm elections in November — the changes would be enthusiastically portrayed by Democrats as another tax handout to the rich on top of the $1.5tn cuts pushed through in December.

Estimates from the Congressional Research Service suggest as much as 90 per cent of the benefits would go to the top 1 per cent of households.

Steve Moore, a visiting fellow at the Heritage Foundation and former tax adviser to the Trump campaign, said he believed the measure was under “serious consideration” but that it would likely face legal challenges if done without legislation. “It

would be good for the economy,” he said. “This is something we as free market people have been talking about for a long time.”

Grover Norquist, president of lobby group Americans for Tax Reform and a vocal proponent of the move, said he was bullish about its chances of going ahead and argued it would benefit a large swath of the population through broad share ownership.

“The stories will be positive and pro-growth,” he said.

Presently, when assets are sold the tax is calculated on the nominal difference between the initial cost and sale price.

But conservative advocates for reform argue that the Treasury could redefine what is meant by “cost” without the need for new legislation, meaning that only returns in excess of inflation would be subject to tax.

Experts said the Treasury would face hurdles in convincing itself of the legal basis of such a step. The administration of George HW Bush looked at the matter in 1992 but government lawyers decided at the time that legislation would be needed. Daniel Hemel, a University of Chicago Law School professor, recently wrote a paper with David Kamin of NYU Law, concluding that if anything developments subsequent to 1992 have strengthened legal arguments that the Treasury would be exceeding its authority if it unilaterally introduced inflation indexing.

Mr Hemel also disputed arguments that no one would have legal standing to challenge the decision in court, saying there were several categories of individuals who could establish they were harmed by such a change.

Conservative judges in particular might take a restrictive view of the department’s ability to make such a major unilateral decision about the tax code.

“Those are all tough things for the Treasury to contend with if it wants to move forward on this,”

he said in an interview.

Moving to introduce capital gains indexation would have complex implications with ripple effects across the tax system.

Leonard Burman of the Tax Policy Center think-tank pointed out in a note this week that if taxable gains were discounted but capital expenses were fully deductible, it would allow “smart taxpayers” to generate large paper losses.

Kyle Pomerleau of the Tax Foundation said that while there were arguments for reform to the treatment of inflation in the code, a higher priority should be to reform depreciation allowances for capital investment, which would deliver a bigger economic boost, while expanding retirement accounts to lift incentives to save.

There is also a question over whether the measure would apply retroactively to gains accumulated over past years, rewarding past investment decisions, or only to future ones. “There are other ways that lawmakers or the administration could improve the tax code more than simply doing the inflation adjustment of capital gains,” Mr Pomerleau said.

Analysis from the PennWharton Budget Model suggests adjusting capital gains for inflation would cost more than $100bn over 10 years, adding to a deficit that is already dramatically wider than would normally be expected in a major economic upswing.

Despite such risks, the move could yet gain traction. “We have a president who is more willing to push the legal bounds, and more comfortable in taking decisions that may be overturned a couple of years down the road,” said Marc Sumerlin of Evenflow Macro, a consultancy. “You also have a legacy of people who think it should have been done during the first Bush administration and have been waiting for a long time for another opportunity.”

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Supporters hold solidarity rally in Kwara, say Saraki will continue to win elections SIKIRAT SHEHU, Ilorin

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undreds of youths and women supporters of the Senate President, Bukola Saraki trooped out in a rally around major parts of Ilorin, the state capital, to drum support for his defection to the People’s Democratic Party (PDP).

They insisted that Saraki would always win any election in the state, notwithstanding the political platform he chooses to use.

Speaking with journalists at the entrance gate of the Government House where the over three hours peaceful rally terminated, Yakub Haruna Kannike, spokesman for the youth, said: “In Kwara, Saraki is our

political party and we shall always vote for his party and candidates.

“He (Saraki) has been tested and trusted by the good people of our dear Kwara State. In fact, he does not need to be in any political party to win elections in the state. The people of the state have said it in many fora that our political party in Kwara is Saraki.

“The simple interpretation of the above is that the people of the state are always ready to vote for any party that our leader belongs to, at any point in time. There are so many instances to buttress this assertion.

“The 2015 election is still very fresh in our memory.

Since 2003 when he was elected the governor of the

Saraki

Agbakoba, group hail CUPP for setting up steering committee, backing coalition

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eople’s Trust (PT) led by eminent human rights advocate Olisa Agbakoba has saluted the Coalition of United Political Parties (CUPP) for their proactive and resourceful step in inaugurating a formidable Steering Committee to pilot the rescue agenda of the coalition for Nigeria The Protem National Secretary of People’s Trust, (PT), Malam Nasser Kura in a statement at the end of the CUPP ceremony on Thursday in Abuja said the swift step of parties in CUPP to set up a formidable structure will help the cause of the opposition in the 2019 elec-

tions and disclosed that his party, the People’s Trust has formally notified the newly inaugurated steering committee of its mandate to represent NIM in the coalition.

Kura, who also doubles as the National Publicity Secretary of the Nigeria Intervention Movement (NIM), a movement popularly acclaimed to have in its fold over 5 million members, mostly youths and professionals, armed with permanent voter’s cards, (PVCs), further clarified that the initial involvement of the Nigeria Intervention Movement in CUPP was conceived from the outset to be tactical and temporary due

state, Saraki had been provided a purposeful leadership for the people of Kwara State.”

The supporters also challenged Saraki’s opponents on the need to show more commitment to the wellbeing of people of the state, saying it is not vote-catching to be seasonal politicians.

“If we may ask, where are the political opponents of the Senate President when he was and still attending to the needs of the good people of Kwara State? Those antagonising Saraki to selfish interest are all seasonal and absentee politicians with no record of assisting their communities not to talk of the entire state.

“They always come around few months to elec-

to a twist created by a sudden shift in NIM previous political merger with Alliance for New Nigeria, ANN Similarly, the leadership of People’s Trust rolled out a formal time table and schedule for its Congresses and national convention as follows: State Congresses: Friday 17th & Saturday 18th of August, 2018; Local Government Areas Congresses on Friday, 24th & Saturday 25th of August, 2018; Wards Congresses on Friday, 31st August & Saturday 1st September 2018, and National Convention on Friday 7th & Saturday 8th September, 2018.

Osun 2018: Oyetola’s victory is our collective effort - APC guber aspirant BOLADALE BAMIGBOLA, Osogbo

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ne of the governorship aspirants who vied for the ticket of the All Progressives Congress (APC) in Osun State, Adelere Oriolowo, has said that the victory of the party’s candidate, Gboyega Oyetola remains a collective effort of all party members in the state.

In a release on Thursday by the Oyetola Independent Campaign Team, Oriolowo was quoted as stating this while on a visit to the campaign office of the APC candidate where he expressed his total support for the candidate.

Defection: We don’t miss you, Lagos APC tells Saraki, Tambuwal, others INIOBONG IWOK

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he Lagos State Chapter of the All Progressives Congress (APC) has said that the defection of the Senate President, Bukola Saraki, and other top chieftains from the party was a big relief, stressing that governance has been difficult with the Senate President as a member of the party.

Vice chairman of the party in Lagos west, Funsho Ologunde, stated this in an interview with BusinessDay, stressing that the

defection of the Senate President was expected as his recent actions and moves had shown that he was leaving the party.

He added that Saraki’s excuse that he was being pushed out of the APC and witch-hunted was not tenable.

Ologunde said that several programmes of the current administration have been derailed due to the antagonistic tendencies of the Senate President and his cronies in the Senate toward the Buhari administration, adding that the party can do well without

him.

“Saraki and his cronies’ defection is welcome, they can go; his defection did not come to us as a surprise; his body language said so and his Kwara governor does not have a mind of his own; he is an appendage of Saraki; that is why both of them broke the news at the same time.

“It is not true, that he was forced out of the party, when a wife packs out of her matrimony home, she must justify the action she is embarking upon. Her excuses should not be taken seriously.

tion period to get patronage from their sponsors and attempt to deceive the electorate. But thank God, the Kwara electorates are very wise and had always rejected them whenever they came around.

“We are therefore, using this forum to sensitise the people of the state to the antics of opposition elements and political spent forces who are jittery over Saraki’s defection to the PDP. “They do not have anything to offer you as they will soon desert you as soon as they lose the 2019 general election. Saraki is our God-chosen leader who is always around to share in our happiness and grief. He deserves our support and we shall never cease supporting him.”

“His reign as the Senate President has been making the administration of the country difficult. Under him, the Nigerian legislature has been antagonistic of the government than any Senate president I have noticed in recent memory; he has been using his office to wage war against this administration.”

Speaking further, the APC chieftain denied the existence of any faction in Lagos APC, stressing that the leadership of the party was united and ready to win the 2019 election in the state.

He said after the primaries that produced Oyetola, all members must come together to ensure that the APC overruns the opposition in the coming election.

Oriolowo said that there is no iota of truth in claims being made in some quarters that he was contemplating dumping the APC for another party. He said it was the desire of his people especially in the Osun West senatorial district to fly the flag of the party in the September 22, 2018 governorship poll.

Oriolowo however, said that since Oyetola emerged the winner of the party’s ticket, it has become imperative for him to direct all his sup-

porters across the state to give their support to Oyetola.

“We have heard of some claims in some quarters that we may go to another party.

Let me state that I am not a desperate politician and since our party has elected its candidate, it is our collective responsibility to ensure our victory.

“I have therefore, directed all my supporters across the state to see our candidate as the next governor who must be supported with all that we have,” Oriolowo stated.

Responding, Oyetola thanked Oriolowo for his gesture, stating that with the support of people like him, the victory of the APC in the next election is assured.

ADC inaugurates 9-man caretaker committee in Oyo AKINREMI FEYISIPO, Ibadan

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eaders of African Democratic Congress (ADC), yesterday in Ibadan, the Oyo State capital, inaugurated nine-man caretaker committee to steer the affairs of the party.

The ADC leaders and former People’s Democratic Party (PDP) stalwarts had met Obasanjo at his Abeokuta residence on Wednesday to finalise their defection to ADC. They agreed to constitute the nine-man committee headed by Femi Majekodunmi.

The committee members who were inaugurated on Thursday are to direct the affairs of the political party pending when ward, local and state congresses of the party will be conducted.

The committee is headed

by Femi Majekodunmi, an indigene of Ogun State and a close ally to the former President, Obasanjo who would serve as chairman.

Majekodunmi would work with Dele Ajadi who will serve as Secretary; Nureni Adeniran; Mulikat Akintola and Wole Oladokun, Wale Olatunji; Fatai Salam; Wale Olagoke and Ganiyu Alade.

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Highlight of the news reports on our digital platforms this week

Best five stories this week Ortom bombs Oshiomhole Governor Samuel Ortom yesterday reacted to the allegation that he was complicit in the gale of killings going on in Benue State, advising Adams Oshiomhole, national chairman of the All Progressives Congress (APC), to always speak with decorum and be “statesmanly in his utterances”. He also urged him to carefully note the difference between party chairman and union leader.

“Aliko Dangote, Africa’s richest man, has Lunch with the FT”. .

Kylian Mbappe, the world’s youngest most valuable player Kylian Mbappe Lottin, a French professional footballer who plays for French Lique 1 side, Paris Saint Germain and the France national team, was

recently valued for £192m in the transfer market, the highest any player of his age would be valued, according to ratings done by goal.com.

For more visit our website at businessdayonline.com to catch up on full news stories.

POLL RESULTS: Chinese Yuan exchanges for N53.35k, dollar for N360

Saraki’s defection signals tight 2019 elections

One Chinese Yuan (CNY 1) exchanges for N53.35k while one US dollar ($1) goes for N360 at the Bureau De Change segment of the foreign exchange market.

The Central Bank of Nigeria (CBN), on Friday, injected $340 million into the interbank retail Secondary Market Intervention Sales, and CNY69 million in the spot and short tenured forwards.

Nigerian Senate President Bukola Saraki finally dumped the governing All Progressives Congress (APC), with elections only months away, making him the highest-profile personality to leave President Muhammadu Buhari’s party.

Should Nigeria follow in #Denmark’s footsteps and ban veils/head scarves? #BDPolls 63% of Nigerians who participated in the #BDpolls say no and 37% of Nigerians say yes. What is your opinion?

Write us with your opinion at digital@ businessdayonline.com to let us know what your preference is.

Poll of the week

The indefensibility of crony capitalism Three Saturdays ago, on 14 July, I received a copy of the Financial Times (FT) at home as I do every morning except on Sunday when the FT is not published.

On the front page was the smiley face of Alhaji Aliko Dangote, with the blurb:

Cartoon of the week

Tweet of the week

Video of the week

BUSINESS DAY

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NEWS YOU CAN TRUST I FRIDAY 03 AUGUST 2018

Opinion Darkness at noon on the Kaduna road

T

he Kaduna-Abuja expressway is one of the busiest in our country. It is the principal gateway from our federal capital of Abuja linking the entire North West and North East.

A new rail line now links the two cities – faster and safer than going by car. But that has not in any way assuaged the heaviness of traffic on the 200-km route. The carnage on that highway has become a metaphor for our benighted times; a death-trap that consumes men and women, young and old, without discrimination.

A possible rival in infamy would be the Lagos-Ibadan highway. A fortnight ago I had an important conference to attend in Ibadan but had to route my flight from Abuja through Lagos. It had been ages since I went on that road. And I must say it was an extraordinarily frightful experience. The greatest danger was posed by heavyduty trucks. They observed no speed limits whatsoever.

Driving neck-and-neck, they were speeding away at over 140 km per hour. I leave it to your imagination to speculate on what might happen in the event that emergency brakes needed to be applied suddenly. Trucks by nature

operate on hydraulics that cannot necessarily brake abruptly. It is no wonder that accidents on that route tend to consume dozens at a time when they do occur. Fire and brimstone.

A few days ago, precisely, on Tuesday 31st July, I woke up not feeling particularly good. I thought it might be on account of the federalinspired anarchy in Benue.

Nopes. Or perhaps the gathering storm of bad omens at the National Assembly. Nein.

I have this old habit of taking cold baths in the morning, no matter how frosty the weather. It’s an immune booster and keeps away common colds. But this time around, the water felt truly cold.

Images of death. Visions of Bonhoeffer being led away to the gallows. My favourite theologian, the German pastor Dietrich Bonhoeffer was only 39 when he perished in April 1945 for opposing the Nazis. The Holy Spirit commanded, “Pray!” I went on my knees. Barely an hour later, I received a call from Kaduna: “I have bad news for you -- our Pastor was killed a few minutes ago on his way to Abuja.” The pastor in question was Reverend Livinus Sunday.

I try never to wear my faith on my sleeves. But I must

confess that Pastor Livinus has been of tremendous spiritual help to my family and I; a clergyman infinitely wise beyond his 37 years. That Tuesday morning he was on his way to Abuja in company of two of his church staff, a man and a young woman.

He was on the driver’s seat.

The bandits killed him at point-blank range. His male companion escaped into the bushes, but the woman was taken away. The kidnappers called later, demanding a ransom of N30 million.

Livinus Sunday was just a young pastor living up to God’s calling on his life. He was like a member of my family; a true servant of the Lord in this evil and wicked generation in which we are fated to live. He was carefree and totally fearless; always high in the spirit and in the joy of the Lord. He and I had begun a project to give modest support to churches throughout the 36 States and the FCT. We would probably never know if this was a random murder or a premeditated assassination.

It is such nihilistic violence that leaves one with the feeling that ours is a desperately evil and wicked country.

The soil of our forefathers has been drenched with too much of the blood of holy

HumanAngle FEMI OLUGBILE Physician, psycho-profiler and essayist

T

omi Adeyemi is a twenty-four-yearold Nigerian lady who has just published her first book. The book is a five-hundred-plussomething page epic fantasy tale of magic, monumental affairs of state, massacres, oppression, rebellion, love, hate, and the ultimate triumph of the human spirit and possibilities.

Tomi’s book is already at the top of the New York Times Bestseller list.

She was born in the United States of America of Nigerian parents. Her father - a doctor, took the hard decision to leave the ‘wahala’ of Nigeria behind and start a new life.

There were harsh difficulties at the beginning. For some time, he had to work as a taxi driver, while his wife worked as a cleaning lady.

The family dug in deep and prospered. Tomi obtained a degree in English Language from Harvard Uni-

martyrs. It is a curse on the land.

Some of my readers would recall that in July last year Sierra Leone High Commissioner to Nigeria Major-General Alfred Nelson Williams (Rtd.) was abducted on his way from Abuja to attend an event at the Command and Staff College Jaji. It took the delicate intervention of the security services to effect his release. Earlier, in June of the same year, a businessman, Alhaji Shariff Abidu Yazid was gunned down to death on the expressway at Kakau Village while his wife was taken away.

She was later released on the exchange of a hefty ransom.

In September 2017 43-year old Hajiya Sarah Kindi Zauro, daughter of a permanent secretary from Kebbi State and her husband were shot at Gidan-Busa village. She died instantly while her husband was severely wounded but managed to survive. Those killed with Hajiya Saratu were a policeman and some military officers.

In the course of last year former Environment Minister Laurentia Laraba Malam and her husband Pius Malam were both kidnapped on the Jere road and were released only after payment of a large sum. Other prominent people involved in recent kid-

nappings on that evil route include Engineer Mansur Ahmed, an Executive Director of the Dangote Group and a member of the House of Representatives Garba Umar-Durbunde (SumailaTakai Federal Constituency, Kano State).

This year of 2018 has seen a resurgence of wanton criminality on the Kaduna road.

In April, Shadrack Madlion and his wife and two sons were returning from Kaduna between Jere and Kagarko when their SUV came under a hail of bullets, somersaulting 4 times. They were taken away for a couple of days.

Their abductors demanded N50 million but ended up accepting N10 million after a protracted negotiation. A couple that had been driving past on the other side of the lane as the initial drama took place were not so lucky. They were gunned down instantly.

Late last month, Ms. Sadiya Akilu Idris, a former Commissioner from Kaduna State and a professor at University of Abuja was killed alongside several other victims. Among the unlucky ones were a military officer and his two children. The trigger-happy gunmen were said to have shot indiscriminately at their victims.

Earlier in the month a

to the truth in its depictions, whether of the people, or the scenery, or even the ‘magic’ it portrays.

The Ooni of Ife is acknowledged in many circles as the spiritual head of the Yoruba, including those ‘stranded’ in the diaspora. Starting from

century slavery.

Of course, it is only to be expected that the Yoruba language and some of the religious observances that they have been held on to through the days of slavery and its aftermath have been altered somewhat through the passage of time. This goes on in Brazil and several of the countries of South America and the Caribbean.

The Brazilian version of ‘Yoruba Religion’ represents the background knowledge that formed the context for Tomi Adeyemi’s enthralling story.

Zellie Adebola, a young lady in the oppression-ravaged land of Orisha – whose capital is – incidentally- Lagos (Surprise! Surprise!) – is the central character in the story. She remembers a time when the land throbbed with displays of ‘magic’ in its various forms – ‘burners’ who ignited flames, ‘tiders’ who created waves in the ocean, ‘reapers’ who summoned the souls of the dead into action.

The land is divided between a wealthy ruling class with hoity-toity ways and a poor and hapless proletariat who have nothing except the power of ‘magic’ held by a few of its members. The rich disdain the poor, calling

A tale of magic, survival and sister power (a review of the book ‘Children of Blood and Bone’ by Tomi Adeyemi) versity.

Fascinated by the language, culture and mythology of her parents’ tribe, the Yoruba, a connection her parents had sought to play down in raising their children as ‘proper Americans’, she went on to obtain a fellowship to study Yoruba Religion in Brazil.

It was an exotic route for a young woman to travel in an effort to connect with her roots.

But it is a journey that has paid off handsomely for Tomi.

Her book, a magical fantasy tale, is planned to be in three volumes.

Already it has transformed her life. Apart from hefty royalties for the massive sales, it is said that she is

‘I’m Nigerian, and everyday I’m not a doctor is like a failure to my family…so I had to give them a big book…’

already in receipt of a sevenfigure income for the film rights of the book.

‘Children of Blood and Bone’ is on several different levels. On one level it is a fantasy, and because of that, it is exempted from any requirement to be anywhere close

THE NEW WEALTH OF NATIONS

the last Ooni and going on to the present holder of the esteemed office, a practice has developed whereby the Ooni from time to time visits the Yoruba diaspora in its various locations to re-affirm their physical and spiritual connections. The Ooni and his entourage are usually received with pomp and pageantry by ‘Yoruba sons and daughters’ who have been separated from their main stock for centuries due to the scourge of nineteenth

OBADIAH MAILAFIA 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)

young medical doctor, Oluremi Alabi, was killed by bandits on his way to Kaduna. The National Association of Resident Doctors (NARD) downed their tools for a day in a protest at the killing of one of their own.

The Chairman of the union, Dr. Godday Akor, described the late Oluremi Alabi as “as a hardworking doctor in the surgical department with Continues on page 35

them ‘maggots’. But they fear their ‘magic’ could foment rebellion, threatening the ‘law and order’ of society.

One night, some time ago, the king moved against ‘magic’, sending out his soldiers to exterminate the magi - all the adults who had the tell-tale signs of magical powers. It was supposed to be the end of ‘magic’ and the triumph of ‘law and order’.

It is necessary to put on the table the author’s other passionate concerns. She is strongly impelled by the regular shooting dead of unarmed black men in the USA by white police officers – the concerns that gave birth to the movement ‘Black Lives Matter’. She is also – if you Continues on page 35

CORRIGENDUM In last week’s article in this column, titled ‘A Service (Mostly) For the Women’, some of the background descriptions made in respect of Mrs Amina Oyagbola, one of the speakers at the event, and the founder of Women In Successful Careers (WISCA) actually pertained to Mrs Ebun Oyagbola, who was Nigeria’s first female Minister.

The error is regretted.

Published by BusinessDAY Media Ltd., The Brook, 6 Point Road, GRA, Apapa, Lagos. Ghana Office: Business Day Ghana Ltd; ABC Junction, near Guinness Ghana Limited, Achimota – Accra, Ghana.

Tel: +233243226596: email: mail@businessdayonline.com Advert Hotline: 08034743892, 08033225506. Subscriptions 01-2950687, 07045792677. Newsroom: 08169609331 Editor: Anthony Osae-Brown. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.

Women’s Hub Friday 03 August 2018

BUSINESS DAY

5 influential sports women in Nigeria

Editor’s note

W

elcome to the month of August. Our edition for this week promises to be enlightening.

BUSINESS DAY

Friday 03 August 2018

5 influential sports women in Nigeria

It is debatable that a greater percentage of Nigeria’s sporting success is attributed to women. In terms of impact and total numbers, Nigerian women stack up massively well against their male counterparts. In spite of this, there has been an almost regular neglect of women in sports in Nigeria. The is quite an obvious pattern, truly so because the most populous black nation in the world, though obsessed with football, needs to do more in this regard. Nigeria’s Super Falcons are the most successful national football team on the continent of Africa. Women all over the world are adding value to the sports world and the Nigeria female sports counterparts are not left out.

Here, we list the top five most influential sports women in Nigeria

O

We also share with you on Menopause in details and from the views of various individuals including a medical expert.

Adenike recently found hope to raise her child with special needs. Her story is truly inspiring.

OMP21 LBS Alumni create cancer awareness through CSR initiative.

This makes up our line up for this week

Enjoy!

ASISAT OSHOALA

T

he Super Falcons star and the reigning 2017 African Women’s Footballer of the Year who plays for Dalian Quanjian FC in the Chinese Women’s Super League was named the best player and the highest goal scorer at the 2014 FIFA U-20 Women’s World Cup. She was also named best player and second top goal scorer with the Super Falcons team that won the 2014 African Women’s Championship.

After a year at Liverpool, blighted with injury, and a switch to Arsenal, her twoyear sojourn in Europe came to an end when she chose to join Dalian Quanjian in the Chinese Women’s Super League in February 2017.

“A lot people told me that I left England for China and said to me your career is over, but I said to them, it’s all about hard work; when you go somewhere you have to prove yourself and the world will see you, says Oshoala.

“Today, I am happy that I won the CAF Women’s Player award. 2017 has truly been an emotional journey for me. This is truly one of the best moments in my career. I want to encourage young girls

out there not to let people discourage them but to follow your their heart,” her comments after winning the prestigious CAF women’s award.

The Super Falcons star just completed a massive mansion for her parents in Lagos.

Oshoala took to her social media account to share photos of a massive two-story mansion in Lagos revealing that she had completed the building as a gift to her parents.

“Small girl Big God..Alhamdulilah, parent first,” the 23-year-old wrote alongside the photos.

She also went on her Instagram stories to advise other people to take good care of their parents.

“Don’t be a selfish child; let the happiness of your parents be your priority, take very good care of your family before impressing the street. My little token, invest wisely because these things don’t last forever, don’t go around buying things that are rarely necessary,” she further wrote. There are reports that the lanky striker is the richest female footballer in Africa.

“Well, of course I can’t really say that I am the top richest Africa female footballer, but if they said so, that’s fine by me, maybe I am one of the top richest female footballers in Africa.”

kagbare is Nigeria’s sprint queen, with specialty in long jumping and short sprints. The 29-year-old set the new record with a time of 22.04 seconds to erase the record of compatriot Mary Onyali who had held the record with 22.07 seconds set at the Wetklasse Grand Prix in Zurich, Switzerland, 22 years ago.

Okagbare’s former personal best in the 200 metres event was at the 2014 Eugene Diamond League where she ran 22.23secs.

Okagbare is an Olympic and World Championships medallist in the long jump, and a world medallist in the 200 metres.

She also holds the Women’s 100 metres Commonwealth Games record for the fastest time at 10.85 seconds.

Her 100 metres best of 10.79 made her the African record holder for the event until Murielle Ahouré eclipsed it in 2016.

She is the current African record holder in the 200 metres with her run of 22.04

seconds in 2018.

Also, the African 100 metres and long jump champion in 2010. She has also won medals at the All-Africa Games, IAAF Continental Cup and World Relays.

At age 19, she won a bronze medal in the women’s long jump event at the 2008 Summer Olympics in Beijing. She was selected to compete at the 2009 World Championships in Athletics but did not start either the 100 m or long jump.

Okagbare scored a 100 m in long jump double at the NCAA Women’s Outdoor Track and Field Championship for University of Texas at El Paso, completing an undefeated collegiate streak for the UTEP Miners that year. She won the Nigerian 100 m title in 2010, running a time of 11.04 seconds, and stated that she was opting out of the long jump in order to save herself for the upcoming African championships.

FUNKE OSHONAIKE

O

lufunke Oshonaike is a Nigerian table tennis player. She competed for Nigeria at the 2012 Summer Olympics.

Oshonaike started her playing career on a street called Akeju Street in Shomolu, Lagos, in the early 1980s while very young.

She was a spectacle each time she played because she was very small and used to amaze people with her skill at that early age.

She attended Community Primary School now known as Ola-Olu Primary School, Agunbiade, Shomolu, Lagos.

While in primary 4, she won a competition for the school and was honoured by the Headmaster of the school, Mr G.O. Taiwo, on the assembly ground in front of her school mates.

After her primary education, she proceeded to Igbobi Girls High School, Igbobi-

BLESSING OKAGBARE-IGHOTEGUONOR

kemi@businessdayonline.com

Graphics by David Ogar

LAURITTA ONYE

orn on the 4th January 1984, she is a Paralympian athlete who competes in F40 classification throwing events. She competed at the 2016 Summer Paralympics in Rio de Janeiro winning gold in the F40 shot put. Onye is also an actress, performing under the name Laury White.

In the 2015 IPC Athletics World Championships, Onye entered the only event held for F40 athletes, the shot put.

She competed at the World Championships as one of the favourites, having set a world record distance of 7.59 metres in Tunisia in March early in the year.

In Doha, she improved on her own record by throwing a distance of 7.72 on her first attempt. Her nearest rival, Lara Baars of the Netherlands, threw a best of 6.80, in itself a European record, but almost a metre short.

In the 2016 Summer Paralympics, Onye became the first T40 athlete to throw over eight metres.

On her return to Nigeria from the 2016 Rio Olympics she was among the athletes rewarded by President Muhammadu Buhari.

Yaba, she left the school when she was in SSS 1 to proceed with her education and professional career.

At the 2016 Summer Olympics in Rio de Janeiro, she competed in the women’s single division. In the preliminary round, she defeated Mariana Sahakian of Lebanon. In round 1, she was defeated by Adriana Diaz of Puerto Rico.

She was the flagbearer for Nigeria during the Parade of Nations. At 40, the former African champion is still one of Nigeria’s best most consistent athletes of all time. She began representing Nigeria at 14, before she moved to Italy in 1994, to play professionally. Oshonaike has appeared at five Olympic Games, beginning from Atlanta ’96.

Now resident in Germany, Oshonaike’s rise from the streets of Somolu, Lagos, to global reckoning is truly meteoric. The third child in a family of 10, she had to battle with poverty from a very young age, but sports came to her rescue, and today, she is one of Africa’s most decorated female table tennis players.

A trained cosmetologist, Oshonaike has a Diploma in Physical and Health Education from the University of Lagos.

A

B

Kemi Ajumobi

Women’s Hub

Anthony Nlebem & Jonathan Aderoju

Our cover story and Leading Women for this week are 5 influencial women in sports.

We share with you in details on how to cook Ekpang Nkukwo.

Friday 03 August 2018

AISHA FALODE

isha is a popular sports journalist in Nigeria and made her living by trading in underdeveloped areas.

She has a first degree in physical

education.

With the erection of the African Independent Television (AIT) owned by Chief Raymond Dokpesi, she became involved with the station.

This later led her to acquire a graduate degree in Mass Communications. She also worked briefly with NITEL Nigerian Telecommunication Limited and again with the Graduate Telephone Operators Scheme of the then NITEL. Her success story as a sports journalist twigs from her involvement in both sports and radio broadcasting.

In January 2017, she was inaugurated by Nigeria Football Federation as the head of Nigeria Women Football League, the body that organizes Aiteo Cup and Nigeria Women Premier League.

Since then, she has showed her support and devotedness to the Nigeria sports arena.

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BUSINESS DAY

Friday 03 August 2018

3

Women’s Hub

Does what you eat trigger early menopause?

Stories by Desmond Okon

S

ome women have certain conceptions built around menopause without any scientific backing. A probable reason for this could be because, to an extent, menopause is the least of the worries of many women; and as a result, most women are complacent about men-

opausal issues, until they slip into that period when they no longer understand their bodies’ reactions and begin to look for help.

While expressing their thoughts on the meaning of menopause, and the possible cause of early menopause, some women contacted believe that early menopause has a connection with what one eats. For some others, early

menopause could be hereditary, and also that it causes some kind of disease.

According to Kate Akus, “menopause is a stage a woman will get and the period will stop. At that stage, you don’t need to expect any baby anymore. For me, it is gene. Maybe the person inherits it from the parents, maybe from the mother, the great grandmother. Another thing that causes early menopause is if a woman doesn’t give

birth on time.”

Abigail Adeyemi a lawyer, stated that “what we’re eating may cause early menopause”, and further mentioned excessive use of drugs and the “lack of adequate exercise” to be other triggers of early menopause.

However, Ukah Marcel, a Consultant Gynaecologist, The Breast and Gynae Centre, a subsidiary of Reddington Hospital, put things in proper perspective.

“Menopause just means cessation of menses. And normally, if a woman fails to see her period for 12 consecutive months, it means that she has entered menopause. Every woman is born with a fixed number of eggs in her ovaries. So, as she grows older, the quantities of these eggs continue to reduce, and diminish.” He said.

Asked if what one eats could trigger menopause, Marcel said; “there are factors that trigger early menopause but not necessarily what you eat. Chromosomal abnormalities can trigger early menopause. People with special needs, those that have Down’s syndrome, especially the females, the eggs in their ovaries gets burnt out quite early, unlike somebody with a normal chromosome. For those kind of people, in their 20s or 30s, all their eggs would have burnt out. So that’s one factor that could cause early menopause.

“Another thing is, for those who have treatment for cancerous conditions and had to use either radiation therapy or some toxic drugs called chemotherapy for treatment; that could also affect the ovaries of the women and actually knock them off. And such people are prone to having early menopause.

Then some other things that can contribute in hastening it include smoking. All these things have a way of affecting the system. So not necessarily what one eats.” Marcel told Women’s Hub.

How Adenike found hope to raise her child with special needs “

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rivate schools for autism, autism consultation, therapy, psychotherapy, all these cost money and I don’t have anything, what can a poor woman do in this case? I have no one to help me.”

This was the question that disrupted the calm and collectedness of the audience (mainly women) at the second day of the eight annual autism conference organized by Guarantee Trust Bank, on the 18th of July, 2018.

As the camera panned in more, a woman regaled in white lace attire appeared on screen.

Tears streaked down her face,

but she managed to make words amidst intrusive sobs.

As she spoke, the audience were further throw into an episode of emotions. They didn’t want to hear anything else about autism, except one that directly helps this woman’s case.

Adenike Akindele’ plight could be likened to that of the woman with the issue of blood. But the difference is that she was abandoned because of her daughter.

Prior to this fateful moment, she has been battling with raising an autistic child for 18 years. Her predicament began when she gave birth to her daughter, (name

withheld), and ever since, it’s been from one ugly experience to another.

“I had her in 2001, February 8, through second stage prolonged labour. I noticed she had some kind of a problem. I didn’t know the name of the problem. It was when she was four months old I took her to the hospital and I was told that she is having autistic and cerebral palsy.

“Ever since then, I have carried a cross. I’ve been taking care of her, from one hospital to another.

It’s been very tough taking care of a child that cannot talk, that cannot do anything for herself

An 18 year old child that you put on diapers for, you have to think for her, reason for her. You won’t know when she’s hungry or when she wants something. She cannot say anything. It’s not easy at all,” Adenike said, holding back tears as she spoke to Women’s Hub. While she’s been trying to manage her daughters health, her situation was further aggravated by the unwillingness of relatives to render any help. “Even those I think are in political positions that can help, still find it difficult to help. They say they don’t have anything to give.

“Had it been my family accepted me, supported or assisted me, may be it could have been better than this. There wasn’t any support from them. I’m all alone in this fight.” She revealed.

She said that the constant nagging from her husband and sisterin-law who blamed her for giving birth to a child with such a condition forced her into breaking her marriage with her husband.

“My husband and I separated 12 years ago because of this. But I’ve been taking care of her from hand to mouth, from one house to another. Imagine my sister-inlaw telling my husband to reject his own daughter because she is autistic?”

Having ‘lost’ her husband, she relocated to Ibadan in search of help where she resorted to begging for alms. “Life in Ibadan was not easy at all. I was begging for alms, lived from hand to mouth. It was difficult to buy drugs for her.

I take her to UCH to see a doctor.

Each time they write drugs for

her, I have to go out to the streets, and also meet neighbours to beg for money so that I can buy drugs for her. I get ejected from houses, mocked and all that, but I never lost hope,” she said.

After so much hardship, she returned back to Lagos through the help of people and attended this event, where she met not just help, but also empathy, hope in a pool of women who gathered to tackle a common ‘enemy’ – autism.

“Thank God that I’m here today. I thank God for my daughter. I thank God for giving me an opportunity to know I’m still a mother. I don’t regret I have an autistic child.

“Lots of promises from individuals, NGOs, and foundations have been made, and I’m happy about it. I was asked to bring her for consultation at Ikeja on the 19th of July and a lot of promises have been made to help me with my daughter,” she stated, managing a smile.

“We’ll look out for her. First of all, she’ll come for the autism consultation forum, and then after that, we’ll take it up as parents. We’ll see what her needs are. I cannot say this is the promise. But we’ll look out for her as a team and as interested parents.

She’ll bring her daughter, and whoever can assist in anyway that’s what we will do.” Dotun Akande, the founder of Patrick Speech and Language Centre, and front pusher of the gesture said.

But first, her account details were projected for the crowd to make donations instantly.

CMYK

Imposition Studio 5.1.1

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BUSINESS DAY

Friday 03 August 2018

cuisine

Quotes On Gender Equality We pledge ourselves to liberate all our people from the continuing bondage of poverty, deprivation, suffering, gender and other discrimination.

How to make Ekpang nkukwo

By ImmaculateBites

Ingredients

-Nelson Mandela

4 pounds cocoyam 4-5 bunch leafy greens cocoyam leaves, collard greens, spinach, romaine lettuce ½ pound boiled meat beef 1-2 cups dried fish ½ cup ground crayfish ½ medium onion chopped 1 1/2 -2 cups palm oil /red oil 1 tablespoon bouillon granules / Maggie 1 tablespoon ground country onions optional 1 teaspoon white pepper 1 scotch bonnet pepper or any hot pepper optional 1 teapoons bitter leaf optional Salt and pepper to taste US Customary - Metric

It is not about gender, it is about experience, leadership, and vision.

-Angela Ahrendts

At the end of the day, both men and women who become CEOs have showed tenacity and hard work to succeed in their careers.

It takes not just skills but also extreme dedication and commitment. And regardless of gender, CEOs are measured by the same criteria - the growth and success of the business.

Instructions Cut the beef in bite size chunks, season with salt, Maggi, and onions and cook until tender.

-Susan Wojcicki

Make sure you have at least 2 to 3 cups of stock from the beef to use in cooking this dish.

Peel Coco yam with a sharp knife, peeling away from your body carefully draw the paring knife down the body of the yam, being careful not to remove too much of the yam in during the process.

Because gender can be uncomfortable, there are easy ways to close this conversation. Some people will bring up evolutionary biology and apes, how female apes bow to male apes - that sort of thing.

But the point is this: we are not apes. Apes also live in trees and eat earthworms.

We do not.

Look for any spoiled spots, such as bruising and discoloration in the Cocoyam as you peel. Remove the spots away with the tip of the knife.

Cut into large chunks and wash immediately to prevent discoloration and leave them in cool water until ready to use.

-Chimamanda Ngozi Adichie.

Transforming our societies and our economies is an agenda that requires the participation of all.

Gender equality and the empowerment of women and girls are key. Including and empowering women and girls to develop and implement climate solutions is the right thing to do. It is also the smart thing to do.

– Patricia Espinosa

I never felt oppressed because of my gender.

When I’m writing a poem or drawing, I’m not a female; I’m an artist.

-Patti Smith

Put the cocoyam in a food processor until puree or use a grater to grate the cocoyam. Lightly salt and set aside.

Wash leaves and tear them into medium pieces, making sure there are no tears or holes in the leaves.

Oil a large pot with about ½ cup of palm oil. Set aside.

Scoop a tablespoon or so of grated cocoyam mixture onto a leaf and wrap tightly (to form the shape of fingers) making sure the cocoyam is not sticking out.

Arrange wrapped cocoyam fingers in the oil pot in a circle leaving a hole in the middle. Repeat until cocoyam mixture has been completely used up.

In a separate pot bring about 7 cups of water to a boil.

Add chopped onions, crayfish, fish, meat, salt, pepper, bouillon cubes, palm oil, and country onions to the pot.

Let it simmer for about 10 minutes, there should be no stirring at this point until most of the ekwang firms up- add about 1/2 cup of beef stock to prevent any burns.

Then after ekwang firms up add about all the beef stock if you have any with about 3 cups water or just use 4-6 cups of hot water or more to the pot and let it cook on medium heat for about an hour until fully cooked. You may add more water to prevent burns.

Stirring should be kept at a minimum- to prevent the ekwang from becoming mushy.

Adjust for ekpang consistency with water, salt and pepper.

OMP21 LBS Alumni create cancer awareness through CSR initiative

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kemi ajumobi

he OMP21 Lagos Business School alumni are rounding up their CSR event. The group represents 32 Entrepreneurs who are actively involved and committed to changing lives through their CSR initiative. The group consists of several professionals in vast sectors and are represented by the following Exco Members: President, Bukunola Gadzama, Vice President, Ijeoma Ndukwe and secretary, Jide Adekola.

The decision to sensitise the populace on health started with the walk on cancer awareness which marked the conclusion of a 2 week (23rd July to 4th of August 2018) long free breast

and prostate cancer screening at Arrive Alive Diagnostics Centre, Ojuelegba.

The above mentioned health walk is proposed to take place on the Saturday 4th August 2018 from 8am to 12 noon . “The idea is to further create the ever important awareness of Breast cancer and Prostate cancer in our society.

As we believe that bridging the gap of ignorance saves lives. The event is planned to be very well attended with a network of individuals that can take this initiative to the next level.” Jide said, adding that “The event promises to be a worthy venture and will surely be

the start of bigger things to come in giving back to the society.”

For Ijeoma, “The prevalence of every kind of cancer can’t be overemphasized. As part of our CSR activities the OMP 21 class of the Lagos Business School decided to do free PSA tests, Breast

cancer screening and eye tests and end the weeklong event with a health walk. Health is wealth.”

The proposed take off point for the health walk is The Upbeat Centre Admiralty road Lekki Phase 1, Lagos state. The proposed route is from the Lekki -Ikoyi link bridge to Ikoyi and back to the Upbeat centre, approximately 8.1 km.

The entire programme will also have in attendance the beneficiaries of the free cancer scans.

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BUSINESS DAY

Friday 03 August 2018

Motivational Speech on Women Empowerment: Myth or Reality?

Women’s Hub

Bejoy Peter, Performance Coach

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oday, in contrast to the past centuries, we find women literate, educated, and liberated to lead. We find their surge forward not only in the political front, but also in social life where they act as agents of change contributing to economic development as well.

The term empowerment naturally presupposes a sense of powerlessness; doesn’t it? Well, with women it has been rightly so. As we look back at the centuries we find many dark ages where women in different lands were suppressed, treated as commodities, with no voice in decision-making and no role in deciding how social and community life evolved. But empowerment of women made a radical change in the whole situation.

And this change has come about not without its struggles and sacrifices, protests and conflicts.

This transformation passed through many difficulties when those who led with a vision to emancipate women were often viewed with suspicion from within the ranks of women themselves and opposed by the male-dominated hierarchies. Even today there are ripples and reflections of these tendencies. One can never say the world has seen gender equality and rights of women championed in the fullest sense.

But change did come. From powerlessness, women have come to recognize that they are individuals made in God’s image and likeness just like men; and are valuable and precious in God’s eyes.

They have come to celebrate their differences from men not as a reason for subjugation, but as a joyous gift of God to give an active support and contribution to the family first, to the workplace next and the community at large in a broader sphere.

In all these areas women have risen to greatness and power by utilizing available resources and increasing their influence in the decision-making process. The key to this change has been literacy and education. Economic freedom came through women finding employment in different spheres like nursing, teaching, management, and the like. Today, women have made their presence felt in the field of police, defence, sports, space exploration, research and development, social work, and many other fields as well.

But all this was not enough as they had to have a political empowerment which especially came through right for women to vote through some tough campaigning. Emmeline Pankhurst who helped women win the right to vote in Britain cannot be forgotten. Perhaps a day will come when the most awaited 33% reservation for women in the Indian Parliament would become a reality. If that

happens it will be a grand day when the the voice of women will ring out more loud and clear in the central hall of the world’s largest democracy.

Personally, I have been motivated by many examples where empowerment of women is first of all felt by the masses through the vision of a pioneering lady. Be it Florence Nightingale who made nursing into such a structured and noble profession, Ida Scudder who in response to witnessing three tragic deaths of women in childbirth in Tindivanam in a single night in the late 1890’s responded to the challenge and heard God’s call to become a missionary doctor and establish the reputed Christian Medical College (CMC Vellore, first started for women), Amy Carmichael, who dyed her skin with dark coffee to make her skin brown to gain access to and acceptance with young girl children and rescued hundreds of them from a life of forced prostitution in Dohnavur, Pandita Ramabai, a scholar in Sanskrit who saved the lives of thousands of women in famine struck times through her Mukti Mission in Pune; the list goes on.

Today, the need is to have women with such vision and burden for the upliftment of women.

There are countless examples in modern times; Malala Yousafzai is one young voice many listen to today. Her courage and words inspire; and she emphasizes the importance of education as a means of women empowerment.

If she did, I can too Blessing Benjamin

12 year old, J.S.S 1, Bethesda Junior Secondary School, Ikota, Lagos-Nigeria

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rowing up, I had always heard the adults say you are too young to accomplish this or too young to do that and I believed them. Being a young girl in a poor community was hard.

Our opinions were the least valid, and many times we heard of husbands kicking their wives out because they didn’t bear them a son.

Even though I am currently in school, I had felt a bit inferior; like my life wasn’t worth as much as that of boy and I had always believed it until I met Zuriel Oduwole.

She is only 3 years older than I am but she has accomplished way more - directed and produced her first movie when she was my age.

Why didn’t her parents tell her she was too young?

Why did they support her

dreams? Wasn’t she just a girl?

These questions bugged my heart as I watched a short video showing all the Presidents she had met.

What could a young girl like me have to say that was

I am sure there are several other names that come to your mind even as I speak. Indira Gandhi, Prathibha Patil, Rani Lakhsmibai of Jhansi, Kalpana Chawla, Indra Nooyi, Kiran Bedi, Arundathi Bhattacharya, Bachendri Pal, the list goes on. If you recognized some of these names, it is simply because women have learned to lead, have challenged existing norms of society and have taken a proactive role in changing traditions and rewriting history. Surely, women empowerment is a reality; isn’t it? I am sure you are compelled to agree.

Now let me point out that social reformation alone is not just enough for women empowerment. The mind-set of society also has to keep pace. To ensure this transition, laws had to be enacted. Several laws have been enacted to ensure the safety and protection of women especially in the workplace.

But there is hope. The voice of women will still be heard loud and clear in spite of attempts to silence them. More stories of women empowerment are being scripted in every village and city not only in our state and nation but across the boundaries. It can very well be the transforming reality of the present. Thank you.

important? Weren’t female children of little or no value?

“I want to talk to you all about sustaining a girl education driver” she started, so full of confidence and strength that the adults in the room sat up in their seats and paid rapt attention. It was clear she commanded respect!

We were all girls in the audience and our mothers had been told to accompany us. Zuriel continued by telling them that we (female children) have always been cast aside in favour of the male children especially in scenarios where there was little money to send children to school. She explained that this was a wrong mind-set and that no gender should have to give up opportunities for the other.

She then made a strik-

ing statement – “Girls can accomplish just as much as boys and they deserve just as much support”.

My mother was awestruck and I could see that she appreciated the girl - Zuriel which was why it didn’t surprise me later in the evening, when she told me she wanted to support me with everything she had, so that I too could one day inspire other girls to achieve their dreams.

I don’t want to be like Zuriel exactly, but she has inspired me in a way no one has. She made me understand that I do not have to wait till I am 30 years old in order to accomplish my dreams. I am just as important as a male child and I can do anything I put my mind to.

A young girl like me was the inspiration I needed!