BusinessDay 04 Oct 2019

Nigeria signs 30 trade deals with South Africa TONY AILEMEN, Abuja, & SEGUN ADAMS, Lagos

…as Buhari seeks opportunities, safety for Nigerian businesses

frica’s two biggest economies put a recent xenophobia incident behind and signed 30 trade and coop-

eration agreements on Thursday.

The signing of the trade agreements by Nigeria and South Africa, which took place at the end

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of a two-day visit by President Muhammadu Buhari in the wake of a xenophobic attack on Nigerians and other foreigners in South

the South African government to open up its economy for more Nigerian businesses while guaranteeing their safety, stressing the need for reciprocity in

Africa, eased tensions which followed the recent attacks that saw 600 Nigerians return home.

President Buhari called on

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businessday market monitor

Biggest Loser

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Foreign Reserve - $41.77bn Cross Rates - GBP-$:1.24 YUANY-N 50.57 Commodities Cocoa

US$2,520.00

Gold

₦2,945,368.85 +0.80pc

Crude Oil

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N300

Foreign Exchange

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$-N 357.00 360.00 £-N 448.00 455.00 €-N 389.00 398.00

$1,506.08 $57.57

news you can trust I **FRIDAY 04 OCTOBER 2019 I vol. 19, no 408

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Nigerian healthcare providers can’t pay for own wellbeing Temitayo Ayetoto

L-R: Daniel Mueller, head of origination and infrastructure, Credit Guarantee Company; Vera Nwanze, GM, West Africa, Azuri Technologies; Jasper Graf Von Hardenberg, CEO/co-founder, Daystar Power; Osaisai Emontonghan, director, investment and sector development, Federal Ministry of Power, representing Saleh Mamman, minister of power; Wiebe Boer, CEO, All On; Dolapo Kukoyi, partner, Detail Solicitors, and Ifeanyi Orajaka, MD, Green Village Energy, after the first panel session at the BusinessDay Pic by David Apara Future of Power Conference in Lagos, yesterday.

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n 2006, Nubi (not real name) ran from pillar to post when she noticed a painless lump on her left breast.

The matron-nurse at a government hospital in Lagos, Nigeria’s commercial capital, could not quell the torrents of fear that lanced through her. As a medical expert, she knew well

Power sector investors await regulatory certainty See story on p. 2

as liquidity blackhole in on-grid power deters investments over $1bn financing available for off-grid

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Friday 04 October 2019

BUSINESS DAY

news CBN says N500bn debit to banks not fine, but refundable ONYINYE NWACHUKWU, Abuja

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R-L: Godwin Emefiele, governor, Central Bank of Nigeria (CBN); Cosmas Maduka, president/CEO, Coscharis Group; Atiku Bagudu, governor, Kebbi State, and Willie Obiano, governor, Anambra State, at the commissioning of the ultra-modern Coscharis Rice Mill in Awka, Anambra State, yesterday.

Power sector investors await regulatory certainty ISAAC ANYAOGU, STEPHEN ONYEKWELU & DIPO OLADEHINDE

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igeria’s electricity supply industry is on the verge of growth with abundant opportunities in both on-grid and off-grid, but investors are waiting for clarity in terms of regulation, currency stability and terms that guarantee investment security in order to take position in the sector.

In the off-grid sector, there is over $1 billion financing available from private investors, development finance institutions and multilateral organisations in the form of concessionary debt financing and low-interest loans.

New investments are being recorded in the on-grid space including Transcorp’s acquisi-

tion of Afam Power.

Investors at the annual BusinessDay Future of Power Conference which held in Lagos on Thursday said the inability of the electricity sector regulator, the Nigerian Electricity Regulatory Commission (NERC), to speedily resolve licensing, mediate in disputes among operators and promote efficient markets is stalling further financial investment decisions on numerous projects in Nigeria.

“Nigeria has a fairly developed regulation for the offgrid market but the challenge is that due to many regulatory hurdles, many people are operating under the threshold of 1MW that does not require regulations,” said Dolapo Kukoyi, partner at Details Commercial Solicitors.

As result of this situation, investors are only taking advantage of providing off-grid power with capacity lower than 1MW which does not require getting a licence from NERC. But the challenge is that the proliferation of small embedded generation of less than 1MW will do little to dent Nigeria’s energy supply gap.

“These less than 1 megawatt are not large enough to scale, so it is best to pull these smaller projects together,” Daniel Mueller, head, origination and structuring at InfraCredit Guarantee Company, said.

Mueller said the market is now ripe for relatively larger capacities of between 20MW and 100MW in different cities as there is now willingness and ability of the Nigerian customer to pay for power

but a lack of currency stability could discourage investors from taking long-term financing decisions.

Jasper Graf von Hardenberg, CEO and co-founder of Daystar Power Energy Solutions, said there are foreign investors willing to put money in the power sector but they are concerned about the currency risk due to high capital expenditure cost, especially in the off-grid sector.

This regulatory inaction is constraining investment opportunities that have been created as a result of recent regulation such as the eligible customer, embedded generation, mini-grid and the Meter Asset Providers (MAPs).

In his speech at the occa-

he Central Bank of Nigeria (CBN) has clarified that the N499.1 billion which it debited some banks for failing to meet its 60 percent minimum Loan to Deposit Ratio (LDR) is not a fine but would be refunded whenever the lenders meet the threshold.

Ahmad Abdullahi, CBN director, Banking Supervision Department, made the clarification during a press conference on the outcome of the Bankers Committee meeting in Abuja on Thursday.

“If, for instance, your LDR is 57 percent, 50 percent of the 3 percent will be taken from your bank and kept until when you improve on your lending,” Abdullahi explained.

The CBN had in July asked banks to lend a minimum of 60 percent of their customers’ deposits, failure of which would result in a levy of additional Cash Reserve Requirement equal to 50 percent of the lending shortfall of the target LDR

by October 1.

At the end of the September deadline, some N860bn, mostly retail credit, was advanced to the economy just in 11 weeks while a dozen lenders which failed to meet the threshold were debited

he National Assembly has increased the total expenditure of the Federal Government in the 2020 budget from N10.002 trillion to N10.729 trillion.

The National Assembly also increased the revenue target of the Nigeria Customs Service (NCS) from N942.6 billion to N1.5 trillion in the 2020 budget as a result of the performance of Service in last nine months with three months still outstanding.

The approval followed the adoption of reports of both Senate and House of Representatives Joint Committees on Finance on the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

This is as President Muhammadu Buhari is expected to present the 2020 budget to the National Assembly on Tuesday next week.

Considering the report laid on the floors of both chambers by the chairmen

CHUKA UROKO

or reasons bordering on lack of data, relContinues on page 4 evant market information and dearth of professional skills, the Nigerian property market is said to be losing its share of an annual $6 trillion global fund inflow into “immediate amendment of the African property market.

Market analysts explain Act of the National Assembly on Production Sharing that billions of dollars that flow Contracts (PSC) with IOCs into the continent’s market on and proper investigation be daily basis have been eludcarried out on NNPC so as ing Nigeria for long due to to ascertain the actual cost the aforementioned reasons, associated with the Joint among others that include Venture agreements” and high interest rate, poor negothat budget of “more govern- tiation skill, lack of transparment-owned enterprises “be ency and un-priced risks.

Bill Endsley, principal at added to the nation‘s budget to ensure proper checks and World Citizen Consulting, balances among all Federal Chicago, told BusinessDay Government agencies”. It that not much of the billions said the Debt Management of global funds flowing into Office (DMO) should put the property market at the momore efforts and strategies ment is coming into Nigerian in managing the foreign and market for lack of information.

An average American investor, local debts.

“The National Assembly for instance, desires to have should expedite action on the necessary information the passage of the finance before making any investment bill which will be brought decision, he said, pointing out along with the national that investors want market budget into law for easy transparency.

“There are billions of globimplementation of the 2020 budget, most especially in al funds flowing into the property market at the moment, the area of VAT,” it said.

•Continues online at but not much is coming into Nigerian market; investors

...as Buhari to present budget Tuesday

of finance committees, James Faleke (House) and Solomon Adeola (Senate), the proposal of 2.18mbpd as daily production output and $57/barrel as crude oil benchmark price for the fiscal year 2020 was adopted.

The report indicated that the NCS revenue as at September stood at N1 trillion against the budget figure of N969.8 billion for the year 2019 and commended the NCS for exceeding the targeted revenue despite the global economic challenges and closure of the Nigerian borders.

It recommended that the sum of N557.4 billion from the revenue increment of NCS be used to reduce borrowing by N200 billion and increase capital expenditure, thereby decreasing the size of the budget deficit from N1.7 trillion to N1.5 trillion and also increase the total capital available to MDAs

by N857 billion, from N1.01 trillion to N1.367 trillion. www.businessday.ng

“The exchange rate of N305/$ should be maintained for economic stability, while more work should be done by the Honourable Minister of Finance and all economic advisers and her team on improving the economic growth by increasing the GDP and reducing the inflation rate to a single digit,” the report said.

It said the saving on income accruing from the increase of the benchmark amounting to N172 billion which represents the Federal Government portion of the $2 added to the benchmark should be used to pay salaries and emolument of the proposed 30,000 new employees. It called for “proper investigation” to be “carried out on the e-collection stamp duties domiciled with the Central Bank of Nigeria for the past years so as to show probity and accountability and of course increase the revenue base of the country”.

The report asked that

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Lack of data, professional skills denying Nigerian property market access to $6trn inflow

F NASS jacks up 2020 budget to N10.73trn, raises Customs’ revenue to N1.5trn T JAMES KWEN & SOLOMON AYADO, Abuja

some N499.1bn debit by the apex bank.

Abdullahi also assured that the entire banking industry is committed to supporting the real sector now and that it cannot be business as usual.

“We are going to diversify the economy, we are going to provide credit to the real sectors to ensure sustainable growth and development of the economy,” he said, noting that the banks’ credit system has largely been driven by oil and gas which is not sustainable.

“The real sector of agriculture, manufacturing and so on for some time has suffered from stunted growth and there is this realisation among the banks that this is the way to go, hence the endorsement of the CBN policy regarding the real sector,” he said.

He, however, discountenanced the notion that the new LDR policy could lead to a further build-up in the nonperforming loans.

“There is a mechanism in place that as part of the documentation by banks, there will be a clause that an obligor will sign that if for any reason the loan that is taken goes bad, then the bank has the right to set off against any amount

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are unwilling to come to put their money here,” Endsley said in an interview on the sidelines of a FIABCI International Real Estate Consultant (FIREC) programme hosted

by FIABCI Nigeria chapter in Lagos recently.

“Investors would prefer to invest where there is transparency and the risk is priced; there must be market analysis showing what the market wants and how long it will take to recoup an investment.

Most times this information is not available in Nigeria,” he said.

Endsley stressed that even though risks are always there for any investor, those risks have to be priced so that an investor that is coming would understand what exactly the risks are, noting, however, that it was difficult now to price the risks in the Nigerian property market because of “unclean window”.

“We need to clean the window so that investors can see the risks,” he advised, saying lack of data in the market meant the market should be looking at the property laws, the qualification of the professionals and the role of the banking sector in property transaction.

•Continues online at www.businessday.ng

Friday 04 October 2019

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Friday 04 October 2019

BUSINESS DAY

news Nigerian healthcare providers can’t pay...

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her body had begun to dine with death. She had only six months to live. It was a stagetwo cancer of the breast.

The 53-year-old mother of one shuffled between day and night shifts rehabilitating mentally strained patients. But her diligence and passion only earned her N80,000 monthly, while she needed at least N2.5 million to undergo procedures for removing cancerous cells.

Even as a healthcare provider, Nubi stood no chance of cover under the weak National Health Insurance Scheme (NHIS). The teaching hospital cooperative society could only loan her N400,000. The hospital management reluctantly offered N100,000 after she had made a compassionate plea for a N1.2 million loan.

A non-governmental organisation disqualified her from accessing financial backing because her work profile as a top government staff didn’t match the profile of a destitute.

In trauma, she combed odd sources, entreating until she pooled pockets of borrowings, just for a chance to live.

“It was not the kind of illness that could wait until I had money; by the time I have money, I would have been dead. So on my own, I saw a professor outside my hospital and did a mammogram,” Nubi narrated to BusinessDay in despondency.

“I had to use a 120-milligramme drug every two weeks which was then about N235,000, meaning I needed N470,000 for two doses and I had to complete. The first two injections administered were N300,000 and the last five doses were over a million naira,” she said.

Thirteen years after her ordeal, little or nothing has changed to better the wellbeing of healthcare providers in Nigeria.

In 2019, a junior staff whose contract is temporary in Nubi’s department cannot afford pills needed to manage her mental condition. She has not been paid for eight months. Ironically, she manages patients living with psychiatric problems. On bad days, she is forced to rely on leftover drugs of patients.

Nigeria’s healthcare roof is on fire and it appears nobody cares. From medical doctors to clinical psychologists, optometrists, physicians and nurses, the wellbeing of Nigerian healthcare providers, whom the government entrusts with management of the health of over 200 million citizens, is poor and getting worse. Yet, the country expects so much from caregivers whose health suffers due to non-supportive work structures and largely, poverty.

When the pangs of illhealth bash them in the duty of caring for others, many healthcare providers, like Nubi, can’t afford their own care. Yet, if a regular patient presents the same challenge they probably wrestle with and has the out-

of-pocket power for the needed procedures, the care is expected to be delivered indeed.

This may well be a major factor responsible for why health workers in Nigerian hospitals are sometimes non-challant and lackadaisical in their attitude to patients brought before them, experts say.

“The productivity of healthcare providers will certainly slow if their working framework does not empower them to protect their personal wellbeing, does not provide machinery smart enough to enhance efficiency or overburdens them with tasks,” said Johnson Akomolafe, secretary of the National Association of Nigerian Nurses and Midwives (NANNM), Lagos University Teaching Hospital (LUTH) chapter.

In Nigerian hospitals, for instance, special priority does not often exist for medical staff, even when they sustain injuries during the discharge of care.

When Nubi’s senior colleague sustained a severe finger injury caused by a patient plotting to escape from the psychiatry ward, it took the emergency unit of the same tertiary hospital 24 straight hours to attend to him.

Uninterestingly, the breakdown of salary shows that hazard allowance for Nigerian doctors dangles around a staggering N5,000 monthly, an amount about three times less than the allowance of professionals in non-clinical sectors.

“If we fall sick presently in Nigeria, there is no provision for sickbay or medical help or financial assistance for you as a staff. You have to go through the normal process that people go through as outpatient. You will wait until it gets to your turn, whether you are on duty or not,” Akomolafe said.

And while a doctor, nurse or surgeon queues behind a raft of squirming patients, staff strength is automatically shortened and available workers are overburdened, compounding an already worse situation where the density of human resource for health (HRH) stands at an alarmingly low ratio of 20 professionals per 10,000 Nigerians, according to the World Health Organisation (WHO).

Kayode Makinde, president, Association of Resident Doctors (ARD), LUTH chapter, said the ultimate danger from the poor practise of overburdening health workers is that the probability of introducing errors is higher. Some errors could be fatal or leave an irreparable scar on innocent patients.

“It is even beyond the issue of being well paid. If you look at other climes, there is a certain number of hours that you cannot go beyond and they don’t expect you to work continuously for 24 or 48 hours. Not only is it detrimental to your health and wellbeing, your chances of making mistakes will increase,” Makinde said.

•Continues online at www.businessday.ng www.businessday.ng

L-R: Abubakar Aliyu, minister of state for works and housing; Jimoh Faworaja, chairman, Nigeria National Building Code Advisory Committee (NNBCAC); Babatunde Fashola, minister of works and housing, and Mohammed Buka, permanent secretary, Ministry of Works and Housing, during the visit of the NNBCAC members to the ministry in Abuja, yesterday.

Pic by Tunde Adeniyi

Power sector investors await...

CBN says N500bn debit to banks...

Continued from page 2

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sion, Saleh Mamman, minister for power, who sent a representative, said there are opportunities for small hydro power plants across 25 dams capable of generating over 30MW. There is also the opportunity to develop large hydro plants across 200 locations in Nigeria.

Other areas investors can take advantage of are in solar, wind, biomass and coal.

Analysts agree that the recent minor review of the Multi Year Tariff Order (MYTO), which takes effect from July 2020, is sending out some strong signals to investors and creating a favourable investment opportunity.

Forward-looking companies like Transcorp are ramping investment in energy generation as well as the off-grid sector despite present constraints.

Valentine Ozigbo, president and CEO of Transcorp, said the company’s decision to acquire Afam Power Plant was hinged on the need to provide energy security for the country and their decision to partner with Engie, a French company in the off-grid space, is to take a position in a growing sector.

“There is enough space for all in the power sector,” said Ozigbo.

“All that the players and the regulators need to do is to collaborate more so that problems in the sector can be tackled.”

The problems in Nigeria’s grid connected power are enormous. Power plants do

not get adequate gas supply which sees at least 8,000MW of their installed capacity of over 12,000MW constrained.

Gas suppliers complain they do not receive full payment for gas supplied and pricing is regulated, preventing legacy plants from paying commercial price for gas.

Yet, generation companies who use the gas as feedstock do not get their own market invoices fully settled too by the DisCos. “The situation is so bad that sometimes, we get only 15 percent of market invoice,” said Chiedu Ugbo, managing director, Niger Delta Power Holding Company of Nigeria.

Transcorp Power is owed over N80bn by DisCos and NBET, according to Ozigbo, its CEO. However, the DisCos say the issues are more nuanced.

Sunday Odutan, executive secretary, Association of Nigerian Electricity Distribution Companies (ANED), said that the minor tariff review, though commendable, placed upon them the obligation to settle debts in full even when they are still unable to get the government ministries and departments to pay for energy consumed.

BusinessDay Future of Energy series provides a forum for stakeholders to share ideas to move the sector forward and participants at this year’s programme said they have seen a need to collaborate more and find solutions together.

Nigeria signs 30 trade deals...

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promoting trade and investments between both countries.

Buhari, who co-chaired the inaugural meeting of the 9th Bi-National Commission in Pretoria at the level of heads of state, said South African companies had enjoyed unfettered access to Nigerian market and protection with enabling laws, urging the government to design policies that favour investments from Nigeria.

“We call on the government of South Africa to also

take steps to ease the doing of business in the country and open up its market space for Nigerian businessmen and women,” Buhari said. “In this context, we are gratified that a NigeriaSouth Africa Business Forum has been organised in the framework of this state visit.”

President Buhari and his South African counterpart, President Cyril Ramaphosa, also agreed to take proactive measures to ensure that “future potential outbreaks of violence are nipped in the bud before they degenerate”,

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that the obligor will have in the system.”

That is one of the major measures that is being taken to make sure we don’t have built-up NPLs,” he said.

Ebenezer Onyeagwu, group managing director, Zenith Bank, who equally briefed journalists on the outcome of the meeting, explained that the CBN never stated that debits were fines, but that at the deadline, any bank which does not meet the threshold would have funds debited from it and set aside and added to its Cash Reserve Ratio (CRR).

“So what you have is neither a fine nor a levy, but it is just a shortfall based on the parameters that the CBN has set. However, even if at the cutoff point of September 26th adopted by the Central Bank you were short of the LDR, CBN would look at your figures subsequently and where you achieve a loan growth, you’ll have a refund, but if you also have a drop in your deposit compared to that cutoff, you will now have debit,” Onyeagwu said.

He explained that policy is a continuous process and the whole essence is to ensure that lending to the economy is not just a one-off growth, but a continuous process of creating an enabling credit in the system.

The lenders also affirmed that the CBN 60 percent LDR threshold helped them create Tolu Ogunlesi, President Buhari’s special assistant on digital/new media, tweeted.

Buhari told Nigerians living in various parts of the world, especially in South Africa, to adhere to the laws of the country they reside and ensure compliance with market laws.

“Like it is said, ‘when you are in Rome behave like the Romans’. Always be lawabiding,” he said.

On his part, President Ramaphosa announced both countries had signed 32 bilateral agreement and memorandum of understanding and acknowledged the need to promote greater Nigerian @Businessdayng

as much as N860bn credit to the economy in just 11 weeks.

The regulator has raised the LDR threshold to 65 percent by December, but banks say they are now committed to helping the fragile economy through lending and are encouraged by the CBN incentives to play their financial intermediation roles.

The lenders said their comfort in boosting consumer lending and the economy comes from some critical reforms that the CBN has implemented to eliminate fraud in the banking system, especially the BVN. “On the Loan to Deposit Ratio, the CBN can rest assured that they have the commitment of the banks to support the initiative,” Onyeagwu said.

He mentioned some incentives created in the market place to enable the lenders create credit culture in the economy which was lacking before now.

“There is a lot more incentives for us to create loan. One of them is using the capability of the BVN, which now makes it possible for a delinquent borrower to be traced within the system,” he stated.

“This is interesting because the biggest challenge we have in creating loan in character, but with what we have now, the high level of defaults cannot happen. That is an incentive.

•Continues online at www.businessday.ng investment in South Africa where he said Nigeria has “quite a number” of Small and Medium Enterprises.

The trade agreement covers trade and industry, science and technology, defence, agriculture, energy, transport, art, culture and tourism.

The South African president promised to deepen the reforms to “address the imbalance” that has favoured the establishment of large South African corporations in Nigeria without a corresponding size of Nigerian businesses in his country.

•Continues online at www.businessday.ng

Friday 04 October 2019

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news Gridlock: Lagos gives transporters, traders 7 days to vacate roadsides JOSHUA BASSEY

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n a move aimed at checking perennial gridlocks and the effects on the economy and residents of Lagos, the state government has directed commercial transporters, traders and others whose activities are obstructing the free flow of traffic on major roads, to vacate the roadsides within seven days.

Areas mostly affected, according to the state government, include Yaba, Ketu, Ikorodu, Lekki/Ajah, Iyana Ipaja, Ikotun and Oyingbo.

Similar moves by previous governments, including the immediate past administration of Akinwunmi Ambode, to dislodge traders and transporters from some roads in the metropolis had come to nothing. How far therenewedeffortbytheBabajide Sanwo-Olu’s administration will go is yet to be seen.

Commissionerfortransportation, Frederic Oladeinde, who addressed stakeholders at a meeting onThursday,saidtheintervention by the government had become necessary to deal with the chronic gridlocks ravaging the state.

Motorists and commuters now spend upwards of six hours on some roads for journeys that shouldordinarytakelessthantwo

hours due to gridlock occasioned by bad roads, street trading and illegal occupation of the roads by transporters.

Oladeinde believed that compliancewiththeultimatum,which takeseffectfromFriday,October4, wouldunlockgridlocks,especially around the areas mentioned. He noted that enforcement would commence immediately at the expiration of the ultimatum.

“In dealing with these identified locations, we are serving a seven-day abatement notice to all concerned from October 4, 2019 and thereafter prepare them for full enforcement of traffic laws and their attendant fines and penalties.

“The full force enforcement would commence at the expiration of the seven days on October 11. Be also informed that enforcement team would have its membersdrawnfromroadunion members, traders across different locations, task force, police, traffic management agencies and other stakeholders in the transport sector,” he said.

Oladeinde, represented by his permanent secretary, Olawale Musa, lamented it was common to find vehicles illegally parked on either side of the road while others drive on or across the road medians.

MainOne lands submarine cable in Cote d’Ivoire SEGUN ADAMS

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ainOne has finally landed its submarine cable in Grand Bassam, Cote d’Iviore, which is the final leg of the ongoing expansion to reach Senegal and Cote d’Ivoire. The Grand Bassam landing that follows the recent completion of the landing in Dakar, Senegal, will extend the reach of the cable into Cote d’Ivoire and neighbouring countries.

The deployment is also notable because it is the first commercial cable in service to deploy spectrum-sharing capabilities guaranteed to deepen infrastructure sharing and lower the cost of delivering broadband services to West Africa.

Following the landing at the Grand Bassam beach in Abidjan, the cable will be connected to an existing branching unit on the MainOne cable trunk already strategically located offshore. The upgrade of the electronics on the cable and the implementation of spectrum sharing functionality will now enable multiple operators share optical spectrum on the submarine pair with up to 10 Terabits of capacity. The availability of such increments in capacity is expected to further accelerate the deployment of 4G services in addition to fixed broadband across the region.

Speaking on the development, Funke Opeke, MainOne CEO, stated, “We recognise the

role that broadband infrastructure plays in driving the growth of the digital economy and economic development in the 21st Century and are excited that we can enable these investments in Cote d’Ivoire.

“We look forward to energising the digital ecosystem, not just in Cote d’Ivoire, but also in neighbouring countries as we bring the new submarine cable connection and Grand Bassam data centre into service.”

The submarine cable will also be connected to the newly constructed MainOne data centre in Abidjan, purposely built alongside the cable landing station to house infrastructure to facilitate the growth of the digital economy in Cote d’Ivoire.

The facility built to Tier III standards will address the needs of Internet Service Providers (ISPs), Telecom Operators and Mobile Network Operators (MNOs), Global Content providers and Enterprises in Cote d’Ivoire seeking world-class infrastructure at competitive costs for locally resident data.

The highly efficient and reliable facility will offer rack spaces for these businesses to collocate their IT infrastructure including servers and other equipment with ease while gaining access to fully redundant power, cooling, carrier-grade security, and fire – prevention. The carrier-neutral facility will also bring direct access to the MainOne Cable system as well as interconnection with major network operators in Cote d’Ivoire.

Nididi Nnoli, group chief sustainability, Dangote Industries Limited (standing second right), and Joan Umoren of Dangote Rice (standing extreme right) in group photograph with students of Aunty Ayo International School, Keffi, Lagos, during the Dangote Industries Limited global sustainability week in Lagos.

Reps pass bill to criminalise estimated billing …reserve 20% jobs in MDAs for the disabled, provide access to higher education James Kwen, Abuja

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ouse of Representatives Thursday passed a bill for an act to amend the Electric Power Reform Act to prohibit and criminalise estimated billing by the electricity distribution companies (Discos).

The bill titled “A Bill for an Act to Amend the Electricity Power Reforms Act 2005 to Prohibit and Criminalise Estimated Billing by Electricity Companies and Provide for

Compulsory Installation of Pre-Paid Meters to all Power Consumers in Nigeria; and for Related Matters (HB.1)” sponsored by Femi Gbajabiamila, was passed in the 8th Assembly by the House but did not get concurrence from the Senate.

The bill, when assented to, would criminalise estimated billing system of electricity and make the installation of prepaid meters compulsory.

The bill had encountered opposition by many stakeholders including the Minister of Works and Housing,

Babatunde Fashola, who said it would crash the electricity sector, but Gbajabiamila had insisted it was not justifiable to continuously charge consumers for power not consumed.

More so, the House passed a bill to reserve 20 percent of Federal Government jobs in Ministries, Departments and Agencies MDAs for the physically challenged persons.

The bill titled “A Bill for an Act to Provide 20% of Jobs Available in all Federal Government Ministries, Departments, Agencies and Companies be distributed among

the Physically Challenged Persons in Nigeria; and for Related Matters (HB 2)” was also sponsored by the speaker of the House, Femi Gbajabiamila.

Similarly, a Bill for an Act to Provide easy access to Higher Education for Nigerians through Interest Free Loans from Nigeria Education Bank with a View to Providing Education for all Nigerians; and for Related Matters (HB.6) sponsored by Gbajabiamila was passed after consideration by Committee of the Whole.

House Committee set to review multiple entry designations granted foreign airlines IFEOMA OKEKE

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ouse Committee on Aviation and Ministry of Aviation say they will collaborate to review the multiple entry designations granted to some international airlines to protect the local industry and ensure safe and quality service delivery by all agencies and organisations that operate in the industry.

Nnolim Nnaji, chairman, House Committee on Aviation, said the Ministry was expected to forward to the Committee an Aviation Development Master Plan (ADMP) yearly that would form the policy frame work for the development of Nigerian Aviation sector as a major hub for the continent of Africa, the creation of an enabling environment that would support local airlines to fly our flag globally and ensure that the foreign airlines’ domination in the Nigerian Aviation market was curtailed.

Nnaji said the ADMP

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would also look at the possibility of reviewing the multiple entry designations granted to some international airlines.

Chairman of House Committee on Aviation also pledged to partner the Senate Committee on Aviation to collaborate with industry agencies to bequeath to Nigerians an industry that was safe, reliable and viable.

Nnaji made this known during his post inaugural address to the House on Thursday and pledged to review the policies that tend to hinder the growth of domestic carriers, which enabled the dominance of international carriers over the nation’s airspace.

The Committee has the mandate to oversee the Federal Ministry of Aviation and its six agencies, which include, the Federal Airports Authority of Nigeria (FAAN), the Nigerian Civil Aviation Authority (NCAA), the Nigerian Airspace Management Agency (NAMA), the Nige-

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rian Meteorological Agency (NIMET), the Accident Investigation Bureau (AIB), and the Nigerian College of Aviation Technology (NCAT), he said.

The aforementioned agencies operate dual budgets that include the statutory federal budget, which is embedded in the Ministry’s Annual Budget Proposal and the Internally Generated Revenue (IGR) budget, which are all supposed to be submitted to the committee annually for appropriation.

“We will equally work with the regulatory authorities; the Nigerian Civil Aviation Authority and the Federal Ministry of Aviation to ensure that proper financial audit of intending local airlines are done before issuance of licences to stem early exits of indigenous operators which have become regular occurrences in the industry.

“Our Aviation Industry has great potential, which have over the years been unduly exploited by foreign airlines.

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eral foreign carriers operate multiple flights out of Nigeria daily (morning and night), charging very exorbitant fares without any indigenous operator reciprocating same.

“These no doubt promote capital flights, unemployment and negatively impact on the economic growth of the nation, which should not be tolerated. Findings have also shown that some Nigerian travellers now have to go through the neighbouring West African countries to connect flights to Europe and America because fares are cheaper over there,” Nnaji noted.

He expressed the indication that the House in partnership with the Senate would move for the review of Bilateral Air Services Agreement (BASA) Nigeria signed with various countries to address the increasing dominance of the aviation industry by foreign airlines so that “our indigenous carriers can be protected from early collapse as has been observed.”

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news Nigeria’s problems rooted in societal indifference – Oyemade … as Rewane, Soludo proffer solutions to country’s ailments ANTHONIA OBOKOH

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he convener of The Platform, Nigeria, Poju Oyemade, senior pastor of Covenant Christian Centre, Lagos, says Nigeria’s problems are rooted in societal indifference and personal callousness caused by the imperfections of men, and in solving this problem.

“There is a need for a change in government policies, implementations and individual’s approach to the national issues and concerns,” he said at his opening speech at The Platform 2019, themed ‘Re-designing the Nigerian economy with new ideas,’ held on Independence Day at the Covenant Place, Iganmu, Lagos.

According to Oyemade, Nigerians’ dream for a better Nigeria required nourishment from institutional knowledge gathered over the years. “Which is why we host this programme, and we invite people who can

inject information that will make the country achieve the dream of a better Nigeria,” he said.

Also speaking, Bismarck Rewane, CEO, Financial Derivatives Limited, said Nigerians had a lot of ideas and plans, and also knew the problems facing the economy, but noted that what the economy needed was a mental discipline to learn from the mistakes of the past.

“Our vulnerability has increased because we have not learned from the mistakes of our past and that of other countries,” he said.

Rewane added that things outside the country’s control were more than the things within its control. He pointed out that when the institutions of conflict resolution break down, the result is anarchy. “The social contract between the rulers and the ruled is very important as it’s so cheap to just talk than to act,” said Rewane, a member of the Economic Advisory Council

recently appointed by President Muhammadu Buhari to advise him on the economy.

However, Chukwuma Charles Soludo, former Governor, Central Bank of Nigeria opined that a better Nigeria was that powered by the country’s greatest asset—human capital plus technology and not one dependent on oil.

“Nigeria urgently needs a new Fiscal Responsibility Act to constrain irresponsible fiscal behaviour and provide incentives to create wealth. A new fiscal regime should ensure that never again shall we need a wholesale bailout of state governments,” said Soludo, also a member of the president’s advisory council.

“What is fundamentally wrong with Nigeria is that we have implemented all kinds of plans, all designed to diversify the economy. But we are still tied to the life-support of the oil sector, without plans for its booming population,” Soludo said.

DBN advocates for more women entrepreneurs to reduce unemployment SEGUN ADAMS

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ith Nigeria’s 43.3 percent unemployment rate, Development Bank of Nigeria (DBN) has urged Nigerian women to further sharpen their entrepreneurial skills in order to reduce the rate of unemployment and poverty in the country.

According to the National Bureau of Statistics (NBS), women constitute over 50 percent of Nigeria’s population. While a recent report by the World Bank notes that Nigeria’s population has been increasing exponentially, with an estimated figure of 300 million by the year 2050.

Tony Okpanachi, managing director of DBN, says with Nigeria’s rapid popula-

tion growth and the current rate of unemployment, over 90 million Nigerians will be unemployed by 2050. He stated this at the third edition of the Women in Leadership and Career Empowerment Programme (WILCEP) Africa.

“Nigeria women should see the numerous challenges in the country as opportunities to become entrepreneurs by providing solutions. According to the latest SMEDAN survey, there are 41 million MSMEs in Nigeria. If each of these businesses employs four people, it would totally wipe out unemployment in Nigeria. Our population as at the last count was put at 198.5 million by World Bank.

So, it is the most simplistic way of showing the power of

entrepreneurship in generating employment,” Okpanachi said, who was represented by Mary Esther Ezeadi, the business development and relationship manager of DBN. Women were also advised to persevere during challenging times in business, as the challenges faced in business provide experience, which should serve as a guide to subsequently help sustain the business. While building their business, women were also counselled to prioritise their health and wellbeing.

Commendably, statistics have shown that women benefited immensely from the DBN loan. At the end of 2018, women entrepreneurs accounted for 73 percent of the end-borrowers.

Edo, SAP train 1,700 teachers on coding, web programming

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do State government in partnership German tech giant, SAP and Coder In Africa (Coderina), has commenced training of over 1,700 public school teachers on coding and web programming.

The training is part of workshops across Africa to mark the Africa Code Week.

It is also in line with Edo state government’s efforts to leverage Information Communication Technology (ICT), to boost digital literacy skills for secondary school teachers and students across the state.

Executive director, Edo State Information and Com-

munication Technology (ICTA), Yuwa Naps, said the trainers’ course was organised by the state’s Post Primary Education Board.

Naps added that the over 1700 teachers being trained will transfer the knowledge and skill to about 250,000 students across the state.

Head of Training Unit, Edo Information Communication Technology Agency (ICTA), Mrs Amen Ajayi, said “the session is aimed at training teachers on Programming Language (Scratch). They will cascade the skills acquired to students across different schools in state.” www.businessday.ng

The training programme will hold simultaneously at the Edo ICTA Training Centre in Benin City and the Edo State Polytechnic, Usen Computer Based Test Centre, in Usen, Ovia South-West Local Government Area.

Executive director, Code In Africa, Akinniyi Obaide, said the training would adequately equip students through their teachers with problem-solving skills, adding “the training will enable the children acquire basic coding skills, which they can leverage to build careers in technology in the near future.” https://www.facebook.com/businessdayng

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news

Nigerians dump imported poultry for local chicken, fish over border closure BUNMI BAILEY

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L-R: Obianuju Arinze, member, International Cake Exploration Societie (ICES); Omolara Ikpen, treasurer; Eso Eso, secretary, ICES, Akwa Ibom; Susan Ogunbayode, country representative, ICES; Florence Abenime, member, and Esther Olaoluwa, state liaison officer, Ondo State, ICES, at the ongoing 2019 Nigeria Cake Expo in Lagos, yesterday.

Pic by Olawale Amoo

BUA faults decommissioning of its terminal on lack of due process BALA AUGIE

... as NPA attributes action to safety concerns

anagement of BUA Ports and Terminal, BUA Group, has accused the Nigerian Ports Authority (NPA) of decommissioning its terminal in Rivers Port without following due process.

Meanwhile, the Hadiza Bala Usman-led management of the NPA said the decision was taken for health and safety reasons as a result of failure of the terminal operators to reconstruct the berths, as required in the concession agreement.

But BUA said the NPA failed to carry out its own obligations under the lease agreement, which was necessary and required for meaningful reconstruction to take place. It also said NPA did not respond to its several requests for approval to perform remedial action on the berth.

Notwithstanding, BUA said it had contacted a construction

company to effect the needed repairs at the terminal and thereafter pay the sum of 4.7 million euros, but lamented that approval letters sent to the NPA for work to begin were without reply, thereby making any construction work possible.

BUA also said the failure of the NPA to provide security for the terminal as required in the lease agreement had given way for nefarious activities of hoodlums and vandals, who over a period of time cut the pipes and steel beams of the berths thereby affecting their stability and consequently making remedial works imperative.

Reacting to this, NPA said 10 years after the handover of the premises to BUA Ports and Terminal Limited, the company failed to commence the reconstruction of berths 5-8 as required by the agreement.

This forced the authority to

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Crypto-currency trade will boost Nigeria’s economy - Paxful David Ibemere

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o-founder/CE O of Pa x f u l , a p e e r- t o peer Bitcoin marketplace, Ray Youssef, says the booming cryptocurrency exchange market has the capacity of transforming African economies, especially Nigeria’s.

According to him, African markets are in need of the financial fluidity that cryptocurrencies have to offer, and if perception surrounding the currency can be overcome Nigeria can unlock opportunities, for not only highly tech-savvy individuals but also help deepen Nigeria drive for financial inclusion for the unbanked.

In a survey in 2018 Nigerians traded volumes topped N1.110 billion, almost double what Ghanaians traded.

However, in a statement made available to BusinessDay, Youssef believes the number falls below the potential of Nigeria if more cryp-

tocurrency financial managers adopt more peer-to-peer finance system for inclusion for the unbanked.

“The peer-to-peer finance system, which Paxful embodies, provides an opportunity for financial inclusion. Additionally, this system provides for a much lower barrier to entry into the bitcoin market—this is in contrast with traditional currency markets that involve various intermediaries, such as banks,” he says.

Explaining that if the Nigerian government can understand this and remove uncertain legislation, it will be creating a new generation of young African graduates and professionals making use of crypto currency as a way to better engage the global financial system.

“Cryptocurrency is far less volatile compared to the fiat currency of some countries that experience high inflation on a periodic basis, driving market uncertainty, which is inimical to progress. www.businessday.ng

issue a letter to BUA in order to draw its attention to non-compliance to the agreement. “Despite receiving the letter, dated February 3, 2016, BUA refused to honour this fundamental term of the lease agreement, which compromises the integrity of the other adjoining berths in the ports,” NPA said.

Consequently, the Authority served a default notice dated February 11, 2016 and another one dated July 27, 2016, on BUA. “The letter reminded that the non-compliance, which led to the deterioration of the berths 5-7 and the total collapse of berth 8, constitutesabreachoftheconcession agreement and a threat to the safetyoflivesaroundtheterminal.”

On November 11, 2016, NPA said it issued a three-month termination notice to BUA with intention to save users of the ports from any untoward incident, citingdefaultnoticesservedonthem

in relation to the non-fulfilment of the obligations under the lease agreement.

“On receipt of the notice of termination, BUA sought and obtained a restraining order from the Federal High Court, Lagos, on January 18, 2018, barring the Authority from giving effect to the termination. The NPA obeyed the orderbynotinterferingintheiroperations for over 18 months until BUA wrote to the NPA on May 16, 2019, to complain that the state of the terminal is of safety concern,” Usman, managing director of the NPA, said.

Usman said on carrying out investigation, it was discovered that the jetty in BUA terminal was in a state of total dilapidation and needed urgent reconstruction as described by BUA Ports and Terminals Limited themselves, which forced the authority to decommission the terminal.

KELECHI EWUZIE

school students.

Nwogugu says the event with the theme ‘Activating Disruptors’ will feature the use of technology to change operational models used across various industries, adding that it also allows young people to demonstrate their business acumen and spirit of entrepreneurship in a competitive environment, which will engage business, education and policy leaders as well as the media.

According to Nwogugu, “In order for a team to win this award, it is not sufficient just to run a financially successful JA Company or create an exciting product/service; team members must also demonstrate an understanding of how and why the company performed as it did, and balance the business achievements of the team as a whole with each member’s individual personal contribution.

“Judges look for evidence of innovation and application of new ideas in all aspects of company operations.”

Young entrepreneurs jostle for Nigeria’s slot at JA Africa COY competition

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or the opportunity to represent Nigeria at the Africa level, 13 companies founded by students from across the country will compete at the Junior Achievement (AJ) Nigeria National Company of the Year competition in Lagos.

The National Company of the Year (NCOY) Competition scheduled for October 3, 2019, at Terra Kulture, Tiamiyu Savage Street, Victoria Island, Lagos, is JA Nigeria’s flagship event and the culminating point for the implementation of the JA company programme and accompanying regional competitions across Nigeria.

Simi Nwogugu, executive director, JA Nigeria, says the goal of the NCOY is to create a signature showcase for Junior Achievement Nigeria (JAN) and the students who benefit from the impact of the JA Company Programme, which is a school-based entrepreneurship education curriculum for senior secondary

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he closure of Nigeria’s borders that has spiked prices of imported frozen poultry like turkey and chicken has made Nigerians to show more preference for frozen fish and local (Nigerian) chicken.

BusinessDay findings around major markets like Ogba, Oyinbo, Agege and Abattoir show that the demand for fish and the local chicken has increased, while demand for imported turkey and chicken remains slow.

“The demand for turkey and fish is not like before, because of the border. I am not even selling enough quantities as before. People are preferring fish now. Although I have not increase the price of my fish yet,” Chinwe Okon, a frozen food seller at Ogba Market, said.

Felicia Otti, a fish seller at Oyinbo Market, said she had more customers than before, and that she had to increase the price of her fish to leverage the high demand.

It was also noticed that the price of the Nigerian chicken had increas e d.

Around the markets surveyed, the prices of major breeds of local chicken such as a whole broiler and old layer increased by 16.7 percent from N3,000 to N3,500, and by 17.6 percent to N1,700 to N2,000. And also there are more sellers of local chicken in the markets.

“People just buy the live chicken or we cut it into different parts and sell it to other markets. Usually, the broiler is very soft because of how it is bred, unlike the imported one. So, I usually tell my customers to add food seasoning to the chicken for like 10-15 minutes and the fry,” Pelumi Oladapo, a local chicken seller at Agege Market, said.

In August 2019, President Muhammadu Buhari had

announced the closure of the land borders, saying it would avert Nigeria from being a dumping ground for imported products, and would also boost patronage of locally made products.

Since the closure of the borders, the price of a kilogram of imported turkey increased by 30.8 percent to N1,700 from N1,300, price of a kilogram of imported chicken increased by 36.4 percent to N1,500 from N1,100 and the price of a 50kg bag of rice, a major staple, increased to N27,000 from N14,500.

Tolu Akintoye, an undergraduate, said her mother used to cook two kilograms of chicken before but now she cooks just one.

Ab oidun O lor undenro, operations manager, Aquashoots Nigeria, supported the current preference of consumers at the moment.

“This is very correct because I know of someone close to me that use to sell imported chicken and right now he is compelled to sell the locally produced chicken and that is what people are buying even though the prices are a bit higher. Even in my house for some days now, we have only been eating fish,” Olorundenro said.

In August, Nigerians paid more on food commodities due to the border closure.

The average prices of most consumed food items by the country’s populace rose by 1.64 percent to N591.15 in August from a 30-month low of N585.71 in July, even as 31 of 43 food items recorded uptick last month, according to data by National Bureau of Statistics.

“The border closure has made people hoard food items thereby causing food scarcity,” said Mogaji African Farmer, Head of Agriculture & Agro-Allied Group at Lagos Chamber of Commerce & Industry.

Maltina celebrates Nigerian Independence with ‘1000 Smiles’ campaign

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altina, a malt drink, in partnership with style influencer and media practitioner, Noble Igwe, joined the Nigerian Independence Day celebration across the country, as the brand continues its tour to capture 1000 genuine and diverse smiles while also reiterating Maltina’s history of sharing happiness.

The brand believes that a smile can change the world – inspiring joy in one person at a time – which started the mission to capture a thousand impactful smiles. With the intent to celebrate these moments across different communities, the Maltina campaign builds on the essence of Nigeria at 59, and several experiences of the citizens, as they constantly find a reason to smile and share happiness in spite of the challenges.

In a press statement, Ngozi @Businessdayng

Nkwoji, portfolio manager, non-alcoholic brands, Nigerian Breweries plc, says, “Maltina remains the number one malt drink made specially from natural ingredients, and fortified with vitamins and calcium for healthy families. The brand connects with healthy and happy Nigerians, and building on our goal of sharing happiness, we are definitely delighted to extend this journey to everyone, no matter where they might be.”

The campaign, which was re-launched in August 2019, has taken the ‘Happiness Team,’ with Maltina brand and Noble Igwe across several Nigerian states to share happiness. The team has already toured several states such as Abia, Akwa Ibom, Anambra, and Cross River, with additional states set to be visited in the South West and Northern Nigeria.

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Sustainable development, our planet and our common future THE NEW WEALTH OF NATIONS

OBADIAH MAILAFIA

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he recent UN general assembly has come and gone. The main theme of the conference was sustainable development. It reinforces attention on the urgency of climate change and its impact on the livelihoods of billions on our planet.

Lake Chad is drying up with grim rapidity; the Sahara is galloping into our country with the speed of a Janjaweed horseman.

The ecology of the Niger Delta is dying. Millions of livelihoods are being threatened by these environmental catastrophes.

Sustainable development has been defined by the UN as “development that meets the needs of the present, without compromising the ability of future generations to meet their own needs.” In line with this definition, sustainable growth can be understood to mean a rate of growth in output that can be maintained over a sustained period of time without creating other significant challenges, particularly for future generations.

In our day and age, growth – the increase in quantitative output largely as measured by GDP – is not synonymous with development. The latter is understood as structural transformation of the economy as it translates into livelihoods and higher quality of life and standards for the generality of the populace. Sustained growth levels are good for the economy because they put the national production system in full throttle, generating higher incomes and boosting aggregate demand.

Lower levels of growth, on the other hand, can lead to goods deflation, industrial layoffs, labour surpluses and higher levels of unemployment, higher public sector debt and general feelings of hopelessness.

The LSE growth commission on British industrial growth, headed by the econo-

mist Philippe Aghion, defines economic growth with emphasis on its inclusive and distributive elements and its capacity to empower citizens: “Economic growth is the increase in a country’s capacity to produce goods and services. We care about such gains because they lead to improvements in citizens’ material wellbeing through higher consumption, greater leisure and/or improved public services. We prefer these fruits of growth to be as inclusive as possible rather than for them to be appropriated by a small, fortunate slice of society.”

Growth and development are, of course, intertwined. It is inconceivable that human development could be achieved without significant and sustained increases in output growth. But this is not to say that growth will automatically usher in development. For example, many years ago, it used to be said in Brazil that “the economy is doing well but the people are not.” An economy can very well record quantitative growth even as the generality of the populace continue to lament worsening living conditions.

This phenomenon of growth without development is particularly pronounced in the case of Nigeria. Some years ago, the World Bank published a country report on Nigeria that characterised our development trajectory as one of “jobless growth”.

Today, most of our economists are agreed that the economy is currently on the path of recovery from recession. Unfortunately, the misery index for Nigerians appears to be reaching despair levels. Growing insecurity across the country, deepening poverty, polarising inequalities and rising unemployment, particularly among the youth, leaves most Nigerians unconvinced that their life-chances are improving.

In our day and age, sustainable growth must be seen as an inseparable part of human development. But it also has to be understood that the process is not automatic. Governments must make conscious and deliberate efforts to channel growth processes in a manner that serve the goals of sustainable human development. Policies must be built to ensure sustainable harnessing of natural resources through technology choices that protect the environment and optimise naturalresource utilisation for present and future generations. Issues of equity must also be taken into account.

Thinking of equity in sustainable growth requires us to focus on three forms of equity. First, there is what we would term vertical equity – the relationship between rich and poor and across the various segments and classes of society. Equally important is what we would term horizontal equity – the relations between various groups and regions within a country.

For example, in Nigeria there is a widening economic gap between the North and the South. In our country today, the highest incidences of poverty and youth unemployment are to be found in the north. There is also the phenomenon of intergenerational equity. This refers to the obligation of present generations to utilise the country’s national patrimony in a manner that leaves something for future generations.

The World Bank created the commission on growth headed by Nobel laureate Michael Spence to report on the nature, dynamics and sources of growth for developing countries and to suggest possible frameworks for driving successful growth strategies.

According to the Spence report, the most successful countries with regard to sustained growth are countries that are hooked on to the global economic marketplace. Such countries also tap into the knowledge economy and are particularly strong on human capital.

In addition, they enjoy macroeconomic stability. They tend to also possess a high level of savings while also being oriented towards heavy investments in human capital and infrastructures. Successful growth countries also implement effective strategies for rapid structural diversification and continuing structural transformation.

Growth-driven countries also provide effective market incentives while maintaining flexible labour markets.

Equally crucial is the quality of political leadership in their ability to make strategic choices while articulating a coherent growth strategy. They also have to be able to communicate the new vision so as to get buy-in from the citizenry, in view of the short-term sacrifices involved in high investment rates. Leaders of high growth countries also have to maintain a persistent, determined focus on the goal of inclusive long-term growth; build consensus among stakeholders; and create

‘

According to the Spence report, the most successful countries with regard to sustained growth are countries that are hooked on to the global economic marketplace.

Such countries also tap into the knowledge economy and are particularly strong on human capital

“pragmatic, effective and when needed, activist government over time.”

Also important is fostering effective institutional development that are strong both on regulation, upholding norms and ensuring effective delivery within a transparent environment.

There is empirically grounded evidence that growth is a necessary condition for poverty reduction in developing countries. The case is established that it is arithmetically improbable that poverty reduction could be effected in the poorest countries merely through redistributive strategies without commitment to high growth. According to one expert, countries have to give ultimate consideration to “first order principles”, by which is meant protection of property rights, contract enforcement, market-based competition, appropriate incentives, a sound monetary system, political stability, good governance and effective institutions.

The Sustainable Development Goals (SDGs) took effect from January 2016 as internationally accepted principles of collective development action for the period leading up to 2030. It is a successor to the Millennium Development Goals (MDGs) that covered the period from 2005 to 2015.

The principal architect was in fact none other than our own Amina Mohammed, who was eventually promoted to the exalted position of Deputy Secretary-General of the United Nations.

The SDGs comprise 17 Development Goals: Total elimination of poverty; zero hunger; health; quality education; gender equality; clean water and sanitation; renewable energy; good jobs and economic growth; industry, innovation and infrastructure; reduced inequalities; sustainable cities and communities; responsible consumption; climate action; life below water; life on land; peace and justice; and partnerships for the goals.

Nigeria is a signatory to the SDGs. We must place them at the heart of our national development agenda if we are to make wholesome progress in the years ahead.

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)

Religion and ethnicity: Parents of modern-day Nigeria

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arents are progenitors, predecessors that shape the lives, thoughts and even behaviours of their offspring. All living beings, man and beast, have or at one point had parents who shaped and formed their lives. This truism is however not exclusive to living beings alone, even states have parents.

Modern-day Nigeria is a confluence of different religions and ethnicities. Although the defacto ethnic groups in Nigeria are Yoruba, Igbo and Hausa, a total of 250 ethnic groups exist in Nigeria, with Islam and Christianity being the dominant religion, although traditional religious societies still exist.

Multi ethnic and multi religious configurations are not spectacular variables, being that different countries of the world also share the same characteristic. For example, the People’s Republic of China has five state recognised religions and other religions although not recognised by the state but are still tolerated. More interesting is the fact that the Asian giant is home to 56 ethnic groups, making it a multi-ethnic society. This is also the reality of other countries notably the US, UK and so on.

In the case of Nigeria, you see how religion and ethnicity has and is still shaping the society. It is for this reason that I call them parents of modern-day Nigeria. Expounding this as-

sertion would require a brief snippet of the country’s history. From its independence till date, one can easily identify the prevalence of ethnic prejudice in the country. This was even one of the factors that led to the counter coup of July 1966 against the government of Aguyi-Ironsi, which was a stepping-stone to the bloody civil war that ravaged the country, a war that led to the deaths of more than two million people.

The aftermath of the civil war still witnessed the presence of ethnocentric behaviours by Nigerians. The Ife-Modakeke crisis, herdsmen-farmer clashes and so on are all examples.

Then the other parent or progenitor, religion. Nigerians are very religious people. If religion was a pathway to economic development one could vehemently assert that Nigeria will be at the top of every economic index. As at 2011, there were more than 80 million Christians. In a population of more than 200 million people, 60 percent are Muslim. On the surface, this could be described as a good characteristic of modern Nigeria, being that religion propagates selfless service and in some cases unity.

However, the prevalence of eastern religions in Nigeria has been a fountain of conflict for the state. Since independence

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in 1960, the Nigerian state has witnessed religious crisis in one form or the other. The Maitatsine crisis, tensions which evolved as a result of Ibrahim Babangida’s move to enrol Nigeria in the Organisation of Islamic Conference which arose tensions in the state, Islamists movement of the Boko Haram, religious tensions in Kaduna, etc. are all pointers to the disunity that religion has wrought in the country. The afore-mentioned are examples on a macro level. But what about the microlevel analysis?

It was not until recently that inter-religious marriages were slightly tolerated. Before now, any attempt to marry someone not in your tribe or religious circle will be viewed as sacrilege. Now this does not mean that religion is an ill to the Nigerian society. It simply highlights the Nigerian interpretation of religious doctrine.

Having talked about religion and ethnicity, what or in this case “who” is modern day Nigeria? You see, there is no succinct way of describing who Nigeria has come to be, but as a progressive, I should give it a try. Modern day Nigeria is that entity that is always full of surprises. On a micro level, we may discuss the prevalence of ethnic and religious conflicts which have ravaged the state. Asides clashes, the country is one riddled with

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SEYI OGUNNOWO nepotism and/ or favouritism, corruption, crime, etc.

These ills will not be a possibility without the Nigerian people. Let me explain; Nigerians have a very dynamic but inimical interpretation of their ethnic backgrounds and religious affiliations. Most citizens believe so much in their tribes that they see anyone from other tribes as competition, enemies of progress, etc. Their interpretation of religion on the other hand is equally funny, putting it mildly. Some are of the opinion that those of opposing faiths are enemies or messengers of evil. With this kind of thought process, no wonder there is always one religious crisis or the other. You see, when people have preconceived notions about others, crisis is inevitable.

As I have said in the previous section of this comment, the problem of Nigeria is not religion or ethnicity, but rather the interpretations of these things. However, my only hope is that we all have re-orientations before it becomes too late.

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A rambunctious evening, celebrating a great lady in the corner. The table was heavily cluttered with drink and viands. The banter was loud. Bayo rose to welcome you, beaming. From under the table he brought out a bottle of Bordeaux and you got cracking.

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ayo had lost his dear sister, and he was devastated. He wanted his friends’ round to celebrate her life with the family. There would be a church service, followed by the burial proper, and then a reception going into the evening.

Bayo is a professor of English, a master craftsman of the written word, and a deft player behind the scenes in the miasma of political intrigue in Nigeria. He writes a weekly column in a major newspaper that is seen as highly authoritative, and a gathering point for aficionados and insiders on the “progressive” side of the political spectrum. He is passionate and deeply involved. Once in a while you meet up at the lounge in Ikoyi Club to catch up, eat “moin-moin”, and worry about the situation of the country, and the vicissitudes of Yorubaland.

Time was tight on this Friday, and your plan was to put in only the most fleeting of appearances.

As you arrived the hall, you found Bayo’s circle seated around a table

In the programme booklet, there was a touching tribute he had penned to his deceased sister Wuraola. He spoke of his fond memories of their growing up together. He remembered her sense of humour, and her generosity of soul. As a particular example of this, he recalled that he, an outlier from the beginning, at a point ended up in the same class with her, though she was seven years his elder.

For many siblings that would have been the foundation of envy and a life-long resentment. But his own sibling Wuraola took it with aplomb, remarking that every family must have its own stars. He would forever cherish her memory.

The exchanges across the table were feisty and not always friendly. Some of the humour was decidedly vicious. The beer, wine and assorted spirits seemed to be going down very fast.

Bayo, sitting next to you, whispered in your ear. “Most of them were ‘Capones’ in University… Because people always saw me with them when we drank and hung out, they thought I was one of them.” He indicated the one who sat on the other side of him. “That one – Lobo – he was the Capone of Capones.”

You looked round at the men at the table with a new respect. A former Lagos commissioner. A retired ambassador. A man with whom you had been permanent secretary. A two-term member of the house of representatives. BJ – publisher and scion of a foremost icon of Nigerian

journalism. Otunba – a well-known champagne mogul.

Bayo continued to whisper in your ear, seeming to derive pleasure from “snitching” on his friends. “One day, Lobo fell into a drunken stupor in the night in the communal bathroom in his hall in Unilag. When the cleaners arrived in the morning and found a body lying on the floor, they thought he was dead and raised a shout, drawing a crowd. The noise woke him, and he calmly wrapped his towel around his naked body and walked through the crowd back to his room.” Later “Lobo” himself would catch your eye, his faces glistening with baleful humour.

“That fellow there – he indicated another one of the friends with the point of his bushy beard,” he says, “he was in the House of Reps. Ask him how many times he got up to speak on the floor of the House.”

It was clear from his appearance that he had survived a devastating stroke. But his heart was robust and his appetite for life gargantuan. He was freely mixing wine and beer and quaffing everything.

You had a fleeting sense of déjà vu, watching these highly accomplished former student radicals, who had now become “Establishment”. They had been-there, done that.

You could see Omoyele Sowore, erstwhile student hellraiser like this lot, 10 years hence, beyond his present travails with the DSS, sitting among a similar crowd, already himself “Establishment”.

Bayo was a fascinating enigma and his life-story, if it were written, would read like a thriller. His father nicknamed “JB Ekun” was a pillar of “Opposition” in Gbongan, and a strong ally of Adelabu “Penkelemesi” – the col-

‘

Memories came in a flood – your friend Dele Giwa – the editor who carried your first newspaper column, the parcel bomb that killed him, and the eyewitness who ran hotfoot to London to escape the real risk of someone coming back to “mop up.”

An unfinished chapter in Nigeria’s turbulent history

ourful and brilliant Ibadan politician.

After the troubles of 1966, his house was burnt down and his business destroyed. He was exiled to Ile Ife by the townspeople. His brilliant son, Bayo had his scholarship withdrawn in the local school. Unable to continue, he had to leave for Lagos at fifteen to fend for himself. He would walk from Igbobi daily to the public library at CMS to study, untutored.

Later, taking up a job at the Tribune, in Ibadan, he would discover “Awo-ism” and a gut-passion for “progressive” thinking and action. Later still, a famed academic, grown in Ife University, with name-recognition across the world, he would be invited to deliver the keynote address at a gathering to honour Obafemi Awolowo. As he set out to give the lecture, his father watched him silently, tears rolling down his cheeks.

You got up to depart, feeling a slight haze from two glasses of Bordeaux. The quiet man across the table got up to leave too. He had been smiling benignly all the while.

Bayo introduced him. “Kayode Soyinka.”

Memories came in a flood – your friend Dele Giwa – the editor who carried your first newspaper column, the parcel bomb that killed him, and the eyewitness who ran hotfoot to London to escape the real risk of someone coming back to “mop up.” An unfinished chapter in Nigeria’s turbulent history.

You shook hands, glad to make his acquittance.

You remembered to say a short prayer for the soul of Wuraola – a great lady, from all accounts.

Femi Olugbile is a Writer and Psychiatrist. Comments to synthesiz@gmail.com’

Revolutions, disruptions and the paradox of majority

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overnmental revolution and business disruptions are so much alike. They are both a spectator’s sport. In this game, the majority (whether the people in a country or the market in a business) is known to sit and watch the factions fight without partaking much. At the end they will choose sides with the winning team. Understanding this trend is key. You don’t need the consensus of everyone to carry out a revolution. You can’t please everyone when driving change. If you want to make everyone happy then sell ice cream and not revolutionary ideas.

As a manger, a time comes when you need to move, with stealth, speed and less consensus to get things done. It’s an interesting part of management and strategy. Without this, you’d fall into the trap of the Abilene Paradox. The Abilene Paradox occurs when a group of people collectively decides on a course of action that is contrary to what is best for them. The preference of the group is not always proportional to that of most of the individuals in the group.

Prof Harvey states in his paper “The Abilene Paradox”, “Organizations frequently take actions in contradiction to what they really want to do and therefore defeat the very purpose they are trying to achieve.”

In an Ubuntu styled world as ours where people are not designed by our society to stand alone, people find it easier to join a bad wagon.

Standing out as a lone voice is very embarrassing for most people. So, in a point of consensus for what’s best by majority, democracy fails.

Elections and sales are very much alike. People are more likely to vote for what has been voted for; people are more likely to buy more from those people that most have bought from. As social beings, when it comes to agreements, majority in a group are known to feel like they’d be seen as stupid if they were to disagree. So, it’s safe for them to agree.

Innovation is about venturing to attempt or even trust what is yet to be trusted. It’s about being against the side of majority. It’s creative

rebellion. Being on the side of the majority is often a sign that you are wrong in the long run, or the most unlikely to be right after all. At the point when Steve Jobs created the iPhone, no one in the world would by consensus voted for a phone without a QWERTY hardware keyboard attached to it like the other phones. Today’s this has become the best alternative and norm.

If Harley and Davidson had sought popular opinions before putting engines in what looked like a bicycle, we would have not had a motorbike or the Harley Davidson brand today. When Henry Ford before creating automobiles asked people around what they wanted, most people said faster horses. Majority of the people really don’t choose what’s right or what’s best for them. They are known to instead choose what’s popular. In the words of Ghandi, “In matters of conscience, the law of the majority has no place.” I will extend that to history.

To create the future, you can’t do it through focus groups. It’s not every time in making decisions that you have to listen to the majority of your stakeholders; majority can be wrong because of their popular dispositions in a group.

It was minority of the men that ended slavery when majority thought it was okay. It was a few minorities out of the crowd in 9/11 that ran up the stairs in the Twin Towers to rescue people.

It was minority who gave up their seats on the lifeboats of the Titanic. There are times when you have to step out to be that minority when majority won’t.

Sometimes your today’s conviction if you stay long enough becomes tomorrow’s fact and science. Once upon a time the consensus of scientists didn’t agrees that E=mc2 or that the sun is 93 million miles away. People were killed for deputing the popular thinking that the earth is flat. Majority isn’t always right. In your organisation, we can’t always say that employees or customer are always right too. Steve Jobs was one of the first businessmen to say that was a waste of time. The customers today don’t always know what they want, especially

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if it’s something they’ve never seen, heard, or touched before. Sometimes you have to show them. Steve Jobs through this philosophy created Apple.

There are ideas that must be initiated first, and then you can carry the rest along later.

Sometime to carry everyone along, there must be a need for lobbying. For managers, organisations must first identify a think tank to achieve this. You need a closer inner circle to bounce off ideas. And then from the inside out of that circle, you can reach out to the rest of the organisation, using lobbying and change management to seek consensus if need be. In other words, organisations need oracles.

It has been proven that every generation needs their own equivalent of the Oracle of Delphi, which houses their own Socrates, Aristotle and Alexanders. I mean a sanctuary of intelligence first. And from it drive consensus and control. History is a testimony, that majority of the people cannot be trusted to make the right decision on their own, especially if it’s through group think. That’s the mystery of crowd mentality. In the next few years, I predict more terrorism, more cybercrime, more tech billionaires, more LGBT+ Communities, more religious institutions, more vanity fair. I mixed the good and the bad in that prediction; you choose which one it is. The reason for my prediction is that the world has sick people whose views now count in an already hypersensitive society. And the truth is, if you leave some of those minds to roam without control, there will be trouble. This is same in offices and organisation.

In management, once in a while it is required for top management to drive change. Change is constant. You either drive it or get consumed by it. When it comes to disruption, revolution and change management, identifying and understanding the stakeholders is key. Stakeholders are defined as people that either are affected or can affect the outcome of your decisions and disruption. Pay attention to the three i’s when

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you engage stakeholders. This refers to their level interest, influence and importance.

Generally, in the corporate world examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources. Generally, stakeholder can show four levels of engagements. They can either be resistant, neutral, supportive or leading. Your approach can determine their level. Also, not all stakeholders have similar level of importance/ power, influence or interest. In other words, not all that is counted really counts.

There is a stakeholder’s matrix and grid that gives us a good way to categorise stakeholders in the project management of change, revolution or disruption. Generally, in terms of power and interest of stakeholders when driving change, we have the following groups; high powered and highly interested people, high powered, but lowly interested people, low powered and highly interested people, low power and lowly interested people.

Being able to identify where each stakeholder belongs is key to achieving your desired result. For the high powered and very interested people: they are influential and have interest in the decision. You should fully engage with these people and make a strong effort to satisfy them.

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Uwaoma is a start-up, corporate restructuring and strategy consultant. He writes via contacteizu@gmail.com

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12

Friday 04 October 2019

BUSINESS DAY

EDITORIAL PUBLISHER/CEO

Frank Aigbogun EDITOR Patrick Atuanya DEPUTY EDITOR John Osadolor, Abuja NEWS EDITOR Chuks Oluigbo EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha EXECUTIVE DIRECTOR, STRATEGY, INNOVATION & PARTNERSHIPS Oghenevwoke Ighure ADVERT MANAGER Ijeoma Ude FINANCE MANAGER Emeka Ifeanyi MANAGER, CONFERENCES & EVENTS Obiora Onyeaso BUSINESS DEVELOPMENT MANAGER (South East, South South) Patrick Ijegbai COPY SALES MANAGER Florence Kadiri DIGITAL SALES MANAGER Linda Ochugbua GM, BUSINESS DEVELOPMENT (North)

Bashir Ibrahim Hassan

Break the silence of the ministers

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orty-five days into their inauguration, uncomfortable silence has been the message from the offices of more than 80 percent of ministers in the second term cabinet of President Muhammadu Buhari. The nation does not have any inkling into the policy direction they intend to pursue, the road map and their challenges. Zilch. We think they can and should do better.

The 43 ministers supervise 26 ministries. At least two ministers serve in each of them. Ministers hold forth as the chief decision-makers and leaders of large and complex organisations that the nation expects both to define direction as well as implement programmes for positive impact in their assigned areas. Much depends on what they do or fail to do. Now that they are in place, all eyes are on the ministers to deliver on the next level promise of the administration in which they serve.

Ministers have incredible opportunities to influence and change things in Nigeria.

Each ministry has a wide span of influence, all of 36 states no less, and latitude subject only to the approval of the President.

They epitomise the saying that to whom much is given, the nation expects much.

As advisers to the president, the nation expects that they would bring to bear independence, impartiality, objectivity and loyalty. They would be central and contributory to the government delivering on its remit in Chapter Two of the constitution on the fundamental objectives and directive principles of state policy and Chapter Six, Section 147.

In the first chapter of the twochapter Buhari administration 2015-2023, the nation was in the dark about the activities of most of the ministers. For most citizens, the ministers were absent from duty. It should not happen this time around.

The lack of accountability owes to failures in the system as well as the inadequacies in public communication of specific ministers. Nigeria deserves more and better. We propose that the ministers should report to citizens either through

monthly briefings to the senate, whose endorsement ensured they hold office or by ministerial briefings through the aegis of the office to the secretary of the government.

Thirty of the ministers are new. In some ministries such as health, industry, trade and investment, or power, both minister and minister of state are new. What are their plans?

Will they continue with existing policies or tweak them? In what direction? Communication from the ministers is vital both for accountability, to keep citizens in the loop and for local and international stakeholders looking up to them for policy direction.

The executive in charge of the wholly new Ministry of Humanitarian Affairs, Disaster Management and Social Development should share with Nigerians the remit of her ministry and the full scope of what seems to be an extensive portfolio. Nigeria deserves to hear from Sadiya Umar Faruk, the minister for this new bureaucracy, as it should listen to Timipre Sylva, in petroleum resources, Maigari Dingyadi in police affairs and Rauf Areg-

besola in interior.

Clear definitions and delineations are essential in the case of some ministries whose names suggest an overlap into the functions of others. Senator George Akume manages the portfolio of Special Duties and International Affairs.

However, Geoffrey Onyeama, minister for foreign affairs and Zubair Dada, minister of state, run the Ministry of Foreign Affairs. That ministry traditionally manages the international relations of Nigeria. What aspect of our international relations will the Minister of Special Duties and International Affairs manage?

Note also the existence of a high-powered and visible Nigerian Diaspora Commission tackling international relations issues as well.

In about a hundred days, 2019 will fade into history. It is critical that our ministers are up and about, and that they do not work in isolation from the public. Effective communication will ensure citizen buy-in, participation and support for the problematic duties the ministers have to perform.

GM, BUSINESS DEVELOPMENT (South) Ignatius Chukwu HEAD, HUMAN RESOURCES Adeola Obisesan

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Friday 04 October 2019

BUSINESS DAY

COMMENT

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At 59, let’s look forward TALES FROM THE MAIN ROAD

EUGENIA ABU

I

am one of those Nigerians frustrated by how my nation is sliding but I am not one of those that has lost hope. I am an incurable optimist and hope is one of those things that helps us to get out of bed the next day and the next. To lose hope is to die while alive and leave things to those who have no interest in the nation. We need to be the torchbearers, the ones who say, don’t jump the traffic light, the one who says don’t jump the queue, the one who asks questions at an airport, the one who joins others in throwing out bad politicians and the one who speaks up in the face of bad customer service.

Torchbearers in their numbers make a difference. It may seem small but your children inherit it and the thread spreads, people who are honest admire you and imbibe those teachable moments. Indeed, to lose hope is to die.

In the last month or so we have encountered an alleged serial killer whose confessions were as disturbing as they were chilling, then there was the prison house in Kaduna where nearly five hundred people were released from captivity. A place so sick we had people of different ages tumbling out of what was once considered a rehabilitation home in

shackles.

The tragedy benumbs me and just when I thought I had seen enough for the month; pregnant teenage girls are released by the police from a baby factory where they are abused and their babies are harvested and sold to desperate parents who are barren.

Add this to Wadume, FBI list of Nigerians, story of the sale of babies by Nigerians in other African countries and you wonder if we should not all disembark and flee.

I am not one of those who believes that how to fix Nigeria is by running away and returning in the not too distant future to run for political office. A place you detested so much, you left it to sink. You believed that when you return, those of us you left behind will be dead and buried and you can now proceed to jump in the fray of a nation you did not stay to build, whose cultural ethos you have since forgotten, whose leaking roof never affected you. Runaway citizen, you do not arrive after others have fixed the farm eaten by locusts and are still trying to restore it and claim that you too should have the proceeds of restoration while waiting to jump ship again at the slightest sign that baby locusts are returning. In a conversation on Independence Day with a young Nigerian, whose book, my French teacher has an Igbo accent has just been released, we talked about many things including what it means to be Nigerian. His words were profound when he said I am not one of those wanting to go to Canada. I think I will try to contribute my bit to make a difference.

It was all I could do to hold back the tears. We still have a nation, if we individually and collectively

can commit to honesty, hard work, I mean not pretending to work, be corrupt free and actually be kinder to one another. I am heartbroken when I go online and see the vitriol been poured on Nigeria by young people who are upset that Nigeria offered them nothing. Among these complainants are those whose parents benefitted from Nigeria’s many opportunities in the past and gave their kids the opportunity to be better. But these ones even scream louder. Ditch the nation. Hang it upside down.

Conversations around and about Nigeria upsets me in many youthful and some not so youthful circles.

I am not pleased with the way things are myself but I continue to strive to do my best wherever I find myself. I am not perfect but I try so you are angry and I am not here to make excuses for many things that are wrong but what is your own contribution to positivity. We complain loudly about how bad Nigeria is but we short-change our customers, break traffic lights and cook the books. Then on Sunday and Friday we donate to churches and mosques and seat in the front pew. Then when we leave, we say Nigeria is a stupid country. You forgot your contribution to the negativity on Thursday, on Friday and on Monday.

When we seat in our religious places, we act like the character in the office doing those horrible things is not us. In church and mosques, we are holy and serene and kind, It’s the most incredible form of split personality that I have ever encountered. As we murmur, and hurt and get angry, let us whisper growth and greatness into Nigeria, let us not condemn our nation by our mouths and by our very

‘

We still have a nation, if we individually and collectively can commit to honesty, hard work, I mean not pretending to work, be corrupt free and actually be kinder to one another. I am heartbroken when I go online and see the vitriol been poured on Nigeria by young people who are upset that Nigeria offered them nothing

Eugenia Abu is a broadcaster, writer, trainer, band and multimedia strategy expert and media consultant. Contact. abu_eugenia@yahoo.com

Why organisations should adapt fast to the changing world

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efore now, I have heard people saying things like: Oh, that is a big bank, that is a big organisation, that is a big corporation. But with the rate of changes and uncertainties plaguing organisations today, I think we shouldn’t be saying such things any more. Instead, we should be saying things like: that is an organisation or company adapting fast to the changing world or that is a company adapting slow to the changing world.

You will agree with me that without giving their consents, organisations globally and Nigeria inclusive have been pushed into the realities of the “VUCA” world meaning Volatile, Uncertain, Complex and Ambiguous.

Before now, organisations can afford to do things their own way, their own time and in their own terms. It was also easy seeing some organisations back then thinking they were fully in charge of events and situations in and around their industry (they were literally saying in their minds “no cause for alarm, we are in control”). Because of their “perceived” size, financial strength and positioning, these organisations find themselves too “big to fail” and alas start breathing the “air of invincibility.” My big question is: can this kind of mindset or thinking still exist in today’s “VUCA” business world? My answer is NO, unless such organisations are ready to go out of business.

With the rate of change, uncertainty and disruptions in the business world of today, it is not advisable for any organisation to

still have the “air of invincibility” or “too big to fail’ mentality – no matter how big your balance sheet size is or your market share.

It is not safe for organisations to think that they are invulnerable to failure or losing marketplace positioning.

Whenever I am leading sessions with members of the board and executive management, I always point out to them that change is a shift in the external world and not from the internal. If those shifts in the external world are not managed strategically in the best interest of the organisation, there might be a looming danger. A general case for all organisations is that change happens to all of them. But the speed of adapting to the change differs from one organisation to the other. Leaders should take change seriously as planning and change are their primary roles.

Interestingly, it is no more a question of whether an organisation wants to push itself hard or not in adapting to the changing world, now it is a must do. Like we have all known in the time past that some things in life are inevitable and are bound to happen, so also is disruption – and changing landscapes in our organisations.

So, one message I would like to drive home is that “disruption is inevitable in our organisations.” It has come to stay. Any board member or CEO or senior management that does not pay attention to disruptions would be doing that to his or her peril.

In the recent times, one of my favourites quotes is the one from Budi Sadikin, the www.businessday.ng

former CEO of Indonesia’s Bank Mandiri, he said “we have to keep disrupting ourselves; otherwise we will be disrupted by somebody else”.

With my experience working with boards, CEOs and business leaders across various industries, I have found out that some business leaders’ major challenge is that they allowed disruptions to catch up with them and eventually it overtook them. They were simply not ahead of the game. Now the only option left for any wise board member, CEO or leader is to be proactive – and to me, being proactive simply means being on top of your game – and avoid fighting fires that would have been prevented.

Years back, I was speaking for Institute of Directors (IoD) on board strategic thinking, and someone said something that got me thinking. She mentioned about three global and formally respected companies that failed and said “these companies are now used as case studies”. Remember I said initially that no company or organisation is too big to fail. Interestingly, a particular organisation might even be No.1 currently in their industry, but that does not guarantee longevity and sustainability if changes from the outside exceed the internal or inside changes in that particular organisation (this might sound harsh, but is the truth).

Individually, we know those big companies that have failed and we also use them to cite examples, but then, the only way we will be different and better than those failed

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behaviour in and outside the country.

I have met many foreigners who tell me their first taste of Nigeria before they came was from a Nigerian who tells them don’t bother to go there, it’s just a useless place to go. Guess what?

You may have sold out but those you sold us to have no respect for you either. It’s the name of the game.

Like Dipo Adesida, author and brand strategist said, we stay, we build. Add that to we look forward and provide solutions. We spend too much time complaining and not really taking action for those things we complain about. i.e. a dirty neighbourhood, children been raped for baby factory, poor customer service, poor leadership in several spheres. I can go on and on. I told Dipo some of the reasons I will never lose hope in Nigeria. Amala and Gbegiri, my comfort food, community, Nigerian weddings, boli and groundnut, suya, fresh fruits and vegetables daily, pidgin English, quick wit and hilarious moments and the fact that I can knock on my neighbour’s door and I will be rewarded by pounded yam and egusi soup. May sound simplistic but doesn’t happen in Canada. I do not begrudge those who leave but I am not for running away.

We may get angry and be annoyed a lot, but we are Nigerians, we stay we build. And as Dipo rightly added, we don’t give up. Thank you Dipo for holding the candle, for believing in your nation in spite of the terrible things all around us, for making my Independence Day special.

FRESH INSIGHT FOR CHALLENGING TIMES

‘UJU ONWUZULIKE’ companies is when we learn to run fast and adapt to the changing world – regardless of how big or small your organisation is.

To succeed in these difficult times will require leaders of organisation to push hard and run fast. Like Budi Sadikin (the CEO of Indonesia’s Bank Mandiri) said, let the disruption start internally for organisations, that will help them prepare and get ready for the changing world as opposed to allowing disruptions to jump on them from the outside (Like I usually tell CEOs, they may not be able to predict the future, but they can prepare for the future).

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Uju Onwuzulike is Nigeria’s leading authority on Systems Thinking and Strategic Management. He was a Steve Haines trained strategy and systems thinking expert and a former global partner of Haines Centre for Strategic Management, California, USA. He is the founder and Chief Results Officer of MCL – a strategy and outstanding performance specialist firm. He can be reached on 09091142093 or uju.onwuzulike@mclgroup.net.

@Businessdayng

14

Friday 04 October 2019

BUSINESS DAY

MONEYINSIGHT

Why streaming is not a norm in Nigeria UGOCHUKWU IKEAKOR (Guest writer)

I

t is no longer news that Afrobeats is making inroads into the world. Nigerian music stars, Wizkid, Davido, Burna Boy, Mr Eazi, Yemi Alade, Adekunle Gold, Tiwa Savage, have succeeded in taking their sounds to different parts of the world, performing on global stages, serenading fans with the best melodies from Nigeria.

Streaming platforms like Deezer, Spotify and Apple have played a great role in making Afrobeats available across the world. These global streaming services have been able to serve as a bridge that connects Afrobeats to the world. Netflix launched its services in Africa in 2016. In September 2018, Netflix acquired its first original film from Nollywood, Lionheart. Netflix and Amazon Prime over the last two years have been able to stream Nollywood movies on their platform, making it possible for Nollywood movies to reach more audiences.

According to the Nigeria Communications Commission (NCC), the number of internet subscribers rose by 5 percent from 116.31 million active internet lines in March 2019 to 122.7 million by July 2019. Despite having an internet subscriber base that is more than 120 million, Nigeria is not among the top 50 contributors to Netflix subscribers base. South African is the only African country on the list, with about 152,588 sub-

scribers. South Africa is number 41 on the list, while Luxemburg came in at number 50th with 52,151 subscribers. This shows that Nigeria has less than 50,000 Netflix subscribers.

IFPI, the organization that represents the recorded music industry worldwide, on the 24th September, released the 2019 music listening report, which examines how music consumers aged 16 - 64 engage with recorded music across 21 countries.

Nigeria failed to make the list, despite the growing demand for Afrobeats and Nollywood movies on different streaming services across the world.

With the advent of the internet, Nigerians started downloading songs from dodgy sites that made music freely available for them. This still happens till today. Some get the music they listen to from “boys” at Computer Village, Onitsha Market, Alaba, etc. They pay these guys as low as 1 dollar (360) naira to copy illegally downloaded music to their phones or tablets. While others receive music through “Xender or Bluetooth.”

This culture of downloading music illegally from dodgy sites still exists until today.

According to Nigerian rapper

and actor IllBliss, “a lot of music fans in Nigeria don’t know how to buy music from Apple Music or Spotify.

They see these streaming platforms as long things. They would rather go and download music and movies from dodgy websites that put out our music and movies for free. This affects the revenue of artists and creatives in Nigeria.”

But the major reason why streaming is not a norm in Nigeria is that Nigerians are poor. As internet penetration increases, the number of poor people in Nigeria is growing at an alarming rate. According to

the world poverty clock, Nigeria has overtaken India as the country with the most extreme poor people in the world.

Findings from the United Nations Development Programme (UNDP) 2019 global multidimensional poverty index also state that slightly over 98 million Nigerians are living in multidimensional poverty. Consumers in Nigeria don’t have enough purchasing power to pay streaming services to consume music and movies legally. So they prioritize their spending.

According to SBM Intelligence, Nigerians currently spend between 56 percent and 60 percent of their income on food on average. The minimum wage in Nigeria is less than ($60) per month. It is easy to berate fans for not streaming music or movies, but streaming music and movies is a luxury many Nigerians cannot afford because they are poor and don’t have the money needed to stream.

There is a need to get more Nigerians to stream our music and movies that are crossing borders.

Artists and creatives working in the movie and music industry have a responsibility to educate their fans and nudge them to get music and movies from the right streaming platforms to increase their reach and grow the audience of people consuming music and movies on licensed trackable streaming services in Nigeria.

Written by - Ugochukwu Ikeakor.

Why Africa’s Angel Investors are slow to the startup party FRANK ELEANYA

A

frica’s investment scene has certainly seen its fair share of frenzied activities most of which were led by venture capitalists (VC) firms.

In 2018, VCs ploughed $725.6 million across 458 deals - representing a 300 percent growth in the total funding amount and over 126 percent increase in the number of deals as compared to 2017 - into startups on the African continent according to data from WeeTracker’s Venture Investments Report 2018.

Grants and private equity made up for other sources of big funding in the same year and probably in the years before that. Only little is heard about angel investment despite there existing 30 Angel Investors (AIs) networks on the continent, including Lagos Angel Network (LAN) in Nigeria, Cairo Angels in Egypt, Jozi Angels in South Africa, Tanzania Angel Investors Network and the Viktoria Business Angels Network in Kenya among others.

It is worth noting that Angel investment contributes about five times less capital to startups than VCs. By contrast, in the US angel investment in startups grew by 36 percent from 2008 to 2012 reaching nearly $23 billion while venture capital investments dropped by 8 percent, according to Dow Jones VentureSource.

Salum Awadh, founder, Tanzania Angel Investors Networth told BusinessDay that AIs in Africa have invested about $1 billion in startups

Tomi Davies, ABAN President

so far. The African Business Angels Network (ABAN) - the umbrella body and mentor providing support for all networks across the continent - is attempting to come up with more accurate data on the investment landscape.

Angel investing (AIs) is a type of business funding where high networth individuals invest in early stage, seed start-ups. They also fund Series A rounds. There are also super angels who invest checks up to $500,000 in Series A and up.

In many ways, AIs differ from VCs. One of them is that AIs use their own money to invest while VCs use other people’s money. Secondly, AIs invest mainly in early stage startups www.businessday.ng

while VCs invest at growth stage. Importantly, AIs are not as risk averse as VCs hence they invest small amounts, unlike the latter which can go for the big bucks.

“AI is actually picking up and AIs are getting their hands dirty, even though it’s still at its infant stage.

But activities are happening across the continent, we have just recently seen the launch of new networks in Benin, Senegal, and Mali. We also know some networks such Lagos Angles have done deals worth more than $1m to date,” Awadh said.

But the Angel investment landscape is plagued by many problems contributing to many early stage startups not being able to access

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needed funding before they shut down. For starters, there is a low level of awareness and knowledge on the part of investors who are not signed up to the networks and therefore unable to share their wealth and knowledge in supporting startups.

Angel investors typically give a lower amount of time to startups which may be problematic for early stage startup founders that may be seeking a longer term arrangement. It also gives little room for sufficient mentorship since AIs are often very successful business people and poor understanding of how the angel investing business really works.

To be sure, angel investors fill the gap between friends and family, and more formal venture capital funds. While some invest for profit, others just want to make an impact with their money by investing in causes and industries they are really passionate about ranging from education, health to farming and environment protection.

Data from Halo Report shows that angel investors particularly like startups operating in the following industries: Internet (23.5%), mobile and telecom (10.4%), energy and utilities (4.3%), electronics (4.3%), consumer products and services (2.3%), and other industries (16.5%).

“We also have challenges in getting the right investable companies as many start-up hubs are also taking shape in breeding proper startups ready for investment,” Awadh told BusinessDay. He explained that startups need @Businessdayng

to understand how angel investing works and what stage of their cycle they should contact angel investors.

“Don’t go when you are too early and don’t go when you are too late,” he said. Angel investors typically look for a great team with a good market that could potentially return ten times their initial investment in a period of five years maximum.

The whole business of investing is risky and angels who are not as sophisticated in terms of processes like VCs, would want to see the real fundamentals for a startup’s growth potential, to clearly show the problem they solve and why their solution stands out.

Angel investment landscape lacks specific regulations. In the absence, existing AI networks comply with prevailing national laws on investment, contracts, and taxes among others. Tunisia however stands out from the rest with its Unique Startup Act that is expected to transform the startup ecosystem, which other countries can borrow a leaf from.

African countries can also take a cue from India, which recently boosted prospects for more angel investments in startups. Recently the India government announced that angel tax will no longer apply to startups registered with the government’s department for promotion of industry and internal trade (DPIIT). The law was introduced in 2012 to curb money laundering through small companies. Now startups can look forward to engaging more AIs for funding.

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BUSINESS DAY

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cityfile A phone snatcher suspect resisting arrest after passing the phone to a moving tricycle rider in Lagos Island.

Pic by Olawale Amoo

Court orders police to pay nursing mother N5m for illegal detention Felix Omohomhion, Abuja

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Federal High Court in Abuja has ordered the police to pay a nursing mother, Esther Olubode, the sum of N5 million for illegal arrest and detention.

Olubode had instituted the enforcement of her fundamental rights suit against the police and six others for unjust arrest and detention.

The nursing mother, who is a staff of a commercial bank in Abuja, was said to have been arrested and detained by operatives of the anti-robbery squad of the Nigerian Police Force in various Police Stations in Abuja metropolis in 2014. he respondents in the case are Nigerian Police, Inspector-General of Police, Divisional Police Officer Joseph Popogbo, Investigative Police Officer, Mary Abari, Gobma Anenile, Unity Bank and the Police Service Commission.

Delivering the judg-

ment, Justice Inyang Ekwo, found the respondents liable for engaging in oppressive and arbitrary arrest and detention of the plaintiff.

Although Justice Ekwo agreed that the police under section four of the Police Act have power to arrest and detain suspects in connection with any crime, he however said that the power of arrest was not at large.

The judge held that the arrest and detention of the banker and her movement from one police detention camp to another under the guise of investigation was a clear breach of her fundamental rights especially after the same police had granted her administrative bail that was not breached.

The court further held that the arrest and detention of the nursing mother on six occasions in spite of meeting bail conditions on all the occasions and with extortion of N35,000 from the plaintiff in the name of bail is a calculated breach

of the freedom to liberty of movement by the instrument of power by the police.

Justice Ekwo stated that the respondents clearly breached section 34&35 of the 1999 Constitution, which guaranteed the fundamental right to freedom of liberty and human dignity.

The court dismissed the defence of the police that it only invited the plaintiff in line with its power under section four of the Police Act for explanation in the unlawful transfer of N360 million from the bank account of a customer, adding that the police was patently biased in the way the investigation was handled, especially when suspects who carried out the alleged crime in similar manner were apprehended by the same police.

“In my view and having reviewed the circumstances of this case, I am of the opinion that police was evasive and went beyond its statutory mandate on how to arrest and de-

tain suspects in an alleged crime.

“There is no justifiable reason to have detained the plaintiff, a nursing mother six times after she had perfected police administrative bail and after the suspects using same method to transfer money illegally from customers’ account in the commercial bank had been apprehended.

“More worrisome is the fact that during the period of detention the respondents extorted N35, 000 from the plaintiff in the name of bail.”

Justice Ekwo therefore declared the arrest and detention of the plaintiff as oppressive, unlawful, arbitrary, unconstitutional and a breach of personal liberty and human dignity of the plaintiff.

He subsequently ordered the seven respondents to pay the plaintiff N5m exemplary damages and 10 percent interest on the amount until the judgment is fully executed.

Oyo alerts to illegal tax collection, warns perpetrators REMI FEYISIPO, Ibadan

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yo State has alerted to the activities of illegal tax collectors issuing out fake tickets to commercial bus/cab operators in motor parks and purporting to be doing so on behalf of the government.

Insisting that the ban on union activities in the state was still place, the government described any act of tax or levy collection from motorists as extortion.

Commissioner for works and transportation, Raphael Afonja, who stated this while on inspection to motor parks in Ibadan metropolis, reaffirmed that the Seyi Makinde-led administration has proscribed activities of transportation union in Oyo. According to Afonja, the government was working out modalities on the status of transportation union in the state so as to make life easy for motorists and commuters; hence any sale of www.businessday.ng

tickets at the moment was illegal.

“I wish to restate the stand of the state governor on this. The ban on activities of transport union is still in force and anyone caught issuing receipts and collecting money at the parks would be dealt with according to the law.

“The action of the government is for the benefit of the people of the state that have been the direct recipients of the activities of illicit activities at our parks.

“We call on the people to immediately inform security personnel close to them whenever they find anyone collecting money under any guise at the park.

That is extortion and we will not allow it,” he said.

The commissioner during the inspection also warned against illegal parking of vehicles on the highways, saying the act constituted danger to lives and properties of the people. He said anyone caught would be made to face the law.

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Sanwo-Olu to strengthen LASRRA’s operations JOSHUA BASSEY

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overnor of Lagos State, Babajide Sanwo-Olu has said that the operations of the Lagos State Residents’ Registration Agency (LASRRA) would be further strengthen, as data generated by the agency were essential for socioeconomic planning.

According to SanwoOlu, LASRRA was created to build a database of residents to guide the government in planning and executing people-oriented policies and programmes.

The spoke through the General Manager of LASRRA, IbilolaKasunmu at a fact-finding meeting with divisional supervisors and station managers of Local Council Development Areas (LCDAs), which held on Monday, September 30.

He reiterated that the resolve of the government to walk the talk in allocation of resources and support for demographic planning in the state.

To this end, she said, she would appreciate the cooperation of all staff of the Agency to achieving this.

She further said, LASRRA is Information Technology based and as such, the staff should be ready to move with time. In her words; “The process of data capturing will be updated

and upgraded, it is important for us all to embrace change and follow the pace, for the only thing that is constant in life is change and we should all be ready to accept and adjust to it so that we can as a fortified team achieve success”.

She implored the Supervisors, Station Managers and Mobile Team to work hard so as to achieving good result.

She also did not hesitate to state that all should work as a team. “Reinforce those that are lagging behind, share what you know and don’t try to shine alone” she concluded.

However, all the Divisional Heads; Ikorodu, Badagry, Ikeja, Lagos Island and Epe and Station Managers were quick to identify what their issues are and how the Agency could be of help. This, the General Manager said, was the purpose for the meeting.

In appreciation, one of the Supervisors; AjayiAbiodun from Ikeja local government division on behalf of others, appreciated the general manager for holding the long awaited meeting.

He also acknowledged the enthusiasm expressed by Kasunmu to move the Agency forward. They promised to put in their best and make sure that the kind gesture in which the agency was set up by the government is realized optimally.

Suicide is preventable- Expert Samuel Ese, Yenagoa

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health expert, Nkem DenChukwu says suicide is preventable and there is need for suicide prevention and mental health awareness campaign to arrest growing cases of suicide in the country.

DenChukwu, who is also an author and filmmaker, in an interview with journalists in Yenagoa, also called for the establishment of specialised mental health facilities and capacity building for existing mental health practitioners.

Noting that the frequent reports of suicides require concerted efforts to encourage people to seek mental health services once early warning signals are noticed; she stressed the need for awareness campaigns to promote mental health services.

She said there is need to jettison cultural practices @Businessdayng

that make people believe that depression is a taboo and not a medical condition with remedies while admitting that the development is as a result of poor mental health attitude.

DenChukwu said deaths due to suicide can be avoidable if the victims take preventive measures by seeking help as people are contemplating suicide, attempting suicide or committing suicide due to a number of factors.

In her words: “Suicide is an act of cowardice, an escape, a selfish act, a disease, lack of faith in self or in life.

Some commit suicide after being raped, losing a loved one, feeling hopeless or weak, delusional.

“We can all help prevent suicide because the warning signs are always there, I mean, the signs and warning signals are always very glaring. We have to be 110 percent attentive to the smallest signs, a little attention can save a life,” she said.

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COMPANY NEWS ANALYSIS INSIGHT

Big banks outperform mid-tier peers as sector gross earnings rises 6.8% in H1-Cordros Capital SEGUN ADAMS

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he performance of Nigeria’s biggest banks supported industry gross earnings which grew 6.8 percent in the first half of 2019 as top-line growth of the tier-one banks dwarfed mid-tier peers’, a report by Lagos-based Cordros Securities show.

The banking sector reported a total industry gross earning of N2.36 trillion as tier-one banks recorded a stronger growth of 7.6 percent year-on-year to N1.86 trillion compared to the 3.9 year-on-year growth by tier-2 banks which recorded N502.17 billion recorded.

“The performance of the sector remained on track with our expectations,” analysts at Cordros said.

According to the analysts, the top-line growth was supported by interest income growth, rose 5.8 percent year-on-year to NGN1.68 trillion and contributed 71.1 percent to gross earnings.

The increase was on the back of growth from in income from investment securities (+18.6% y/y to N611.13 billion), while income from loans to customers pared (-3.0% y/y to NGN932.52 billion).

“The weak growth in income from loans and advances was expected, especially in light of the marginal growth in loans

and advances in the sector, ” Cordros also noted.

The report showed that in the period interest expense growth outpaced income growth and settled 8.5 percent higher year-onyear at NGN694.15 billion, as pressure was exerted on borrowing costs given high interest rates, while increasing competition for customers deposits also contributed to the upward pressure.

“This was noticeable across the sector as pressure was exerted on both tier-1 and tier-2 banks, which recorded expan-

sions of 8.6 percent yearon-year and 8.3 percent year-on-year to NGN507.97 billion and NGN186.18 billion respectively,” the analysts said.

“Given that yields are trending upwards, we expect interest expense to remain elevated through the rest of 2019.”

Despite the expansion in expense outpacing income, net interest income (NII) expanded by 4.0percent year-on-year to NGN984.92 billion.

Given the significant decline in credit impairment charges by 57.0 percent to

NGN56.30 billion, NII (exLLE) settled 13.8 percent higher year-on-year, Cordros said.

The investment house also said the decline in loan loss expenses was expected, given that the pressured macro-economic environment in the previous financial year resulted in increased provisioning, due to change in creditworthiness of obligors.

Also, the analyst do not expect significant pressure on the line for the rest of 2019, but believes the adoption of the expected credit losses (ECL) model

to impact the line item in future periods.

In the period, Noninterest income growth was strong and supported by the expansion in fee and commission income (+18.0% y/y to N357.78 billion), the report shows.

According to Cordros, the greater proportion of growth was witnessed by tier-1 banks, which recorded growth in fee and commission income of 20.8 percent year-on-year to N280.77 billion, relative to 9.0 percent year-on-year to N77.01 billion recorded by tier two banks.

Analysts at Cordros said the growth may be tied to the increased adoption of mobile services.

“We expect good growth in this line in the current period, and going forward (although not at this pace of expansion).”

Cordros also expect nonfunded income to be better supported by trading income from fixed income securities in the final part of the year as the yield environment is expected to be volatile. In H1-19, net gains on investment securities declined by 29.1 percent yearon-year to N114.63 billion.

MANUFACTURING

Sona Group commended for ranking high in the manufacture of environmental safe products IFEOMA OKEKE

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ona Group, one of Nigeria’s foremost conglomerates with interests in world class packaging solutions under its subsidiaries Shongai Packaging, Techblow Nigeria Ltd and Shongai Technologies has been adulated for attaining high ranking for its worldclass standard products and its strong belief in the manufacture of environmentally safe products.

Arjan Mirchandani, the Chairman, Sona Group said he is a firm believer in maintaining safe manufacturing practices that do not pose a hazard to the environment.

“We have families, we have children, we have plans for their future, we want to see how we can create and do our best with the knowledge and wisdom we have to maintain a clean environment so that people do not have to spend money on health issues. A

healthy environment will give healthy labour and healthy culture.”

At the recently concluded 2019 PROPAK West Africa Exhibition, Techblow Nigeria, Shongai Packaging and Shongai Technologies delighted many of the exhibition participants with the display of its unique designs and products manufactured for different industries which include Pallets, Crates, DustBins, Chairs, Table, Basins, SelfAdhesive Labels, Mono-

cartons, Corrugated Boxes, Drums, Jerry Cans, etc in the Fast Moving Consumer Goods (FCMG) sector.

Sona Group has adopted renewable processing across some of its subsidiary companies with the setup of recycle plants, and implemented the use of bio-degradable materials for production, as this will help curtail and reduce the amount of potentially harmful waste generated. The group also espouses the use of materials that can be dissolved immediately,

which could abate the issue of plastic waste pollution in the country.

With waste recycling still being relatively unexplored in Nigeria, if more companies actively engage in recycling like Sona Group, plastic waste pollution which has now become one of the major scourges of environmental degradation in the country will be effectively controlled, promoting public health and reducing monumental loss caused by the pollution

considerably.

Besides public health, other ways Nigeria as a nation could benefit from recycling include energy conservation, economic growth, conservation of natural resources, reduction of landfill waste, and several more.

“As Nigerians, we have the responsibility to ensure the environment is sustainable and healthy, and Sona Group solicits everyone to join hands in making this possible,” Mirchandani added.

Editor: LOLADE AKINMURELE (lolade.akinmurele@businessdayonline.com) Graphics: Samuel Iduh

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Business Event

BANKING

Sterling Bank leads int’l payments in W’Africa with SWIFT GPI HOPE MOSES-ASHIKE

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s part of its commitment to provide faster, transparent international payments, Sterling Bank Plc, Nigeria’s most innovative bank, has introduced and becomes the first bank in West Africa to go live on SWIFT Global Payments Innovation (GPI).

SWIFT GPI dramatically improves the customer experience by increasing the speed, transparency and end-to-end tracking of crossborder payments.

Yemi Odubiyi, executive director, corporate and investment banking, Sterling Bank, said the introduction of

SWIFT GPI has transformed cross border payments for the benefit of our customers.

As a key player committed to the digital transformation of Nigeria’s financial sector, we have delivered the solution and all its benefits to our customers. Sterling is the first bank in Nigeria and West Africa to achieve SWIFT GPI implementation, as this was driven by our commitment to provide faster, transparent and traceable international payments.

Odubiyi added that other benefits of SWIFT GPI includes, receiving confirmation message when beneficiary has been paid, ensuring remittance data is unchanged when payment

arrives at the destination Bank, Stop and recall – Allowing payment messages to be immediately stopped in case of fraud or error, no matter where they are in the GPI transaction chain.

Around 40 percent of SWIFT GPI payments are credited to end-beneficiaries within five minutes; 50 percent are credited within 30 minutes; and almost 100 percent within 24 hours.

Sterling Bank continues to be a first mover in the adoption of technologies that makes banking transactions more efficient and seamless for retail, corporate, institutional and commercial banking customers in the country.

L-R: Babajide Asegbeloyin, team lead, techspace ecosystem business, First City Monument Bank (FCMB); Rolayo Akhigbe, divisional head, transaction banking; Daniel Olorunsuyi, co-ordinator, agribusiness, Lagos and South-west, FCMB, and Olushola Obikanye, head agribusiness, at the Agritech Incubation Programme Demo Day organised by FCMB in partnership with Wennovation Hub

COMPANY RELEASE

Maltina Shares Happiness with Families at Nickfest 2019

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ll roads led to Balmoral Convention Centre, Federal Palace, Victoria Island, Lagos as the much-trumpeted family festival in the city, Nickfest, lit up the event center with colourful sights of excited children on the 28th and 29th of September, 2019.

Closely watched by parents and the security personnel attached to the venue, the children re-lived all their Nickelodeon fantasies with friends from different families with exciting activities like sing-alongs, face painting, and the celebrity slime sessions that heightened the excitement.

Like wildfire, the Nickfest fever rapidly spread across thousands of families with a sustained real-time tour of public spaces as well as online engagement around Nickfest with Maltina, Nigeria’s leading malt beverage.

Maltina’s Happy Land at Nickfest saw thousands of

children filled with happiness all through the weekend, as the arena was a mustvisit all through the festival.

With exciting activities and opportunities to meet Happy the Mascot, Maltina ensured children had the most fun at Nickfest leaving with the thought of having had the happiest days of their lives.

Ngozi Nkwoji, the Portfolio Manager, Non-Alcoholic Drinks, Nigerian Breweries Plc, said Maltina chooses to share happiness at Nickfest, every year because the brand celebrates awesome familyoriented experience that is gratifying.

“In a fast-paced city like Lagos, spending quality time with your family can be challenging. But we appreciate this partnership with Nickelodeon which gives over 4,000 families that opportunity to bond as they collectively enjoys the wonderful sights of Happy, the mascot and their favourite ‘Nick characters’ in a relax-

ing atmosphere with popular celebrities who love sharing happiness.”

The weekend also saw children and their favourite celebrities get slimed. The Slime Celebrity Challenge which featured Patoranking and Kaffy, turned out to be a massive throw down amongst the stars as they displayed their squishing skills.

With a handful of the kids shuttling between the Nick character shows and Maltina’s Happy Land, parents got a chance to gift their children, a weekend of a lifetime as everyone took several pictures and created short videos of the exciting moments.

As a brand that inspires others to share rare moments of profound happiness, Maltina helped many of the children at the venue find happiness in little things such as sliming, singing, mimicking and of course, refreshments.

NTITA awards MTN Nigeria’s most innovative Telco for second consecutive year

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nformation and Communications Technology company, MTN Nigeria, for the second year in a row has been recognized as the company with the Best Innovation for Enterprise Service at the third edition of the Nigeria Tech Innovation & Telecom Awards (NTITA), 2019, which held recently in Lagos.

The ICT company also won Social Impact Award while its chairman, Ernest Ndukwe was inducted into the NTITA Hall of Fame.

Speaking on the awards, Chief Corporate Relations Officer, MTN Nigeria, Tobechukwu Okigbo, expressed MTN’s gratitude to the orga-

nizers and the independent judges.

“We do not take it for granted any time our work is being recognized with awards such as these. It is a testament to our commitment to produce excellent results across all touch points. We will continue to put in our collective best to exceed the expectations placed on us, not just in the categories we won, but across board,” Tobechukwu said.

NTITA, organized by Instinct Wave and Association of Telecom Companies of Nigeria (ATCON) is a platform to celebrate the continued growth and success of the

ICT marketplace and focus on the exceptional and innovative performers within the industry.

O lusola Teniola, the President of ATCON, said the annual NTITA has, in a short period, become a notable forum where players in the highly competitive telecoms industry are commended for their outstanding contribution to the industry while also bringing government’s attention to areas that require intervention.

With 65,260,754 subscribers or 38 per cent market share, MTN Nigeria remains Nigeria’s biggest GSM service provider.

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L-R: Rogerio Mascarenhas, managing partner, Mckinsey, Lagos; Robert Taiwo, MD, Phillips Consulting (pcl.), speaking at the 12th Chartered Institute of Bankers of Nigeria (CIBN) Conference in Lagos with the Theme: Driving Digital and Innovation.

L-R: Ibrahim Mustapha, director, Clinical Service & Training; Adetokunbo O. Fabamwo, chief medical director; Mil Yung, head nurse, Vision Care Team; Suh Dongseong (MCI), CEO Samsung Heavy Industry, at the press conference to announce the partnership between LASUTH and Korean Vision Care Team Mission sponsored by SAMSUNG Heavy in Lagos

L-R: Yinka Williams, MD, Fola Alade Associates; Boroji Osindero, clinical director, Well Path Physiotherapy; Noimot Abisola Balogun, founder/director of projects, Linka.ng; Sherese ljewre, nutrition consultant, Carib Health Limited, and Rosari Agbim, MD, Silverline Pharmacy, during a discussion on Dementias at the conference on Ageing in the Developing World 2019 in Lagos

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Friday 04 October 2019

BUSINESS DAY

LEADINGWOMAN For Omoni Oboli, Love Is War

KEMI AJUMOBI cannot remember missing any of Omoni Oboli’s premieres and honestly, I was looking forward to the premiere of LOVE IS WAR and trust me, it was worth the wait.

By now I know a lot of you have watched it and without trying to say too much, I am sure you have been convinced without any doubt that anything Omoni sets her hands upon is a success story, LOVE IS WAR is one of such.

Love is war is an intense drama about a husband and wife battling for the governorship of Ondo State. It is a comedy-drama film directed by Omoni Oboli and written by Chinaza Onuzo.

It stars Oboli, Richard MofeDamijo, Jide Kosoko, Akin Lewis, Bimbo Manuel, Toke Makinwa, Shaffy Bello, Femi Branch, Uzo Osimkpa, Yemi Blaq, Damilare Kuku and William Benson.

Produced by Inkblot Productions and Dioni Visions, Love is War is the second collaboration between the two production companies following 2018’s Moms at War. From the beginning of the movie, it was easy to feel the pulse of the lead actress (Mrs

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Phillips) and scene after scene, we were taken into the reality of the pressures of politics, most especially being a female and particularly, facing your husband to contest for a position.

Who does that? Well, to answer your question, Mrs Phillips did.

Every scene was believable.

The lead male actor, Richard Mofe Damijo certainly played his role excellently well as husband and politician.

It truly shows what happens in the political terrain, especially in Nigeria. Thanks to all the actors and actresses who delivered their roles accurately.

“I always like to outdo myself because I am my only competition and no one else. I am encouraged by the reviews from those who have watched it so far and I know it can only get better.”

Omoni said.

Telling you more about the movie would be spilling the beans. I want you to go watch it yourself and let the movie do the talking.

Do you know that love can be war? Well, whether you agree or not, I believe your decision will come after watching the movie.

Go and have an amazing time at the cinemas and celebrate Nollywood because as Omoni says, “it can only get better.”

Oshikoya debuts new financial education platform …canvasses better policies for ease of doing business in Nigeria DESMOND OKON

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hile PWC in its 2017 FinTech report predicted that over 62 percent of customers will use mobile applications to access financial services within the next five years; many Nigerians still lack the financial literacy needed to help them optimally utilise financial opportunities.

But who cares? Well, Omilola Oshikoya, founder of Omilola Oshikoya International cares.

In order to bridge this gap, Oshikoya recently launched The Tech World of Finance, a unique online platform where anyone: millennials, youth can get financially educated in the simplest and most affordable way.

“Our goal is to break down complex financial terms to as simple as ABC, and to make available to people for pretty much next to nothing,” she told Women’s Hub. Although she maintained that the idea was divinely inspired, she said it came during the recession that hit Nigeria in 2018, a time when some Nigerians were heavily indebted, hence the need for an economic upturn and wiser financial decision by Nigerians.

“Given that Nigeria is made

up of a youth population with an inclination for technology, speed, and convenience, it is important to adopt innovation strategies to educate them about finances in the most affordable way.

“We have created this online financial education platform…with access to a bouquet of financial

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products,” she said.

Already, the platform has 20 female contributors from across different spheres of finance who have contributed over 126 articles and videos. The platform also offers financial news beyond the articles, and weekly newsletter to reach its subscribers from 17

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countries who make up a database of over 400.

“We have a news section where we create financial news on everything that is going on in the financial industry, and make it simple for people to understand.

“We also have online courses by the Association of International

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Certified Professional Accountants where we have then online course called understanding finance for non-finance professionals. So for a start, who wants to know how to prepare financial statements, you can come and take the course,” she explained more about the platform.

While Oshikoya wants people to take advantage of the initiative, by consuming the resources on the platform wofin.org, she also desires to further grow the platform through partnerships leading to more opportunities for Nigerians.

The launch which coincided with Nigeria’s 59th Independence Day anniversary was an opportunity for the finance expert to vent her displeasure over the state of the economy, especially as it affected doing business in Nigeria.

“It’s hard enough to start a business,” she said. “But it’s actually harder to sustain a business in Nigeria.”

According to her, it is time for the government to come up with business-friendly policies. “There are so many levels of taxation. We need support and not people who would pull us down. We need incubators and places where you can pay very little in terms of rent to use the space,” she said. “We need good policies basically,” she added.

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Friday 04 October 2019

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HEALTH BUSINESS&LIFE Why Nigeria must strengthen its health insurance regulations ANTHONIA OBOKOH

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t is now 20 years since the National Health Insurance Scheme (NHIS) was established to regulate the country’s health insurance indus-

try.

Designed as a Public-Private Partnership, it has as the remit of providing accessible, affordable and qualitative healthcare for all Nigerians.

Health Insurance is a system of advance financing of healthcare expenditure through contributions, premiums or taxes paid into a common pool to pay for all or part of health services specified by a policy or plan. Act 35 of the 1999 Constitution established the National Health Insurance Scheme in Nigeria.

NHIS started operation under the National Health Insurance Scheme Act, Cap N42, Laws of the Federation of Nigeria, 2004 with the broad objective of providing easy access to healthcare for all Nigerians at an affordable cost through various prepayment systems.

The body is also set up to regulate private health Insurance operated

by HMOs with 60 HMOs currently registered under the scheme.

It was created to provide a social security system that guarantees the provision of needed health services to persons on the payment of a token contribution at regular intervals.

It is primarily a risk-sharing arrangement that can improve re-

source mobilisation and equity in the healthcare sector.

Why set up a regulatory body?

A regulatory body for a scheme where participants pay a fixed regular amount for a pre-payment plan is essential to avoid abuse.

The funds are pooled, allowing the Health Maintenance Organisations (HMOs) to pay for those needing medical attention hence checks are important to ensure the best value is derived.

A struggling scheme Health insurance in Nigeria has had many challenges compared to its peers in Africa including Rwanda and South Africa. Nigeria still struggles to meet the commitment it signed with other members of the African Union 18 years ago – the Abuja Declaration – to allocate at least 15 percent of its budget to improve the health sector.

Fifteen years after the inception of the scheme, the NHIS has managed to enroll about 4 percent of Nigerians, which is roughly 7.9million of the 198million population according to the latest estimate by the Nigerian Bureau of Statistics (NBS).

This compares poorly with smaller African countries that have ramped up enrolment on their national health insurance schemes leading to a sharp decrease in outof-pocket expenditure on health. In Rwanda, out of pocket expenses as a share of health expenditure is only 18 percent and South Africa with 54million people have covered over 9.1million people.

The scheme continues to be bogged down by policy somersaults, ineffective operational guidelines, corruption, inefficiency and bureaucratic bottleneck in the registration process.

Regrettably, the quality of care received under the scheme is questionable with accusing fingers pointed at major stakeholders including the NHIS, HMOs and the hospitals.

This has in turn left out many people who may require these services but lack the necessary aware-

…as state govt develops strategic plan to revive PHC centres

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espite the national drive for Universal Health coverage (UHC) which ensures access to affordable and quality health care, over eighty percent of Primary Health Care facilities are non-functional in Niger State, the state government disclosed on Wednesday.

The permanent secretary, Niger State ministry of health, Makusidi Mohamad, speaking at a two-day retreat on Primary Health Care in Abuja, said the state had over 1,400 Primary Health Care facilities , but noted that less than 20 percent are functional.

Mohamad decried that Nigeria which clocked 59 years of independence still records very bad health indices because of the long-neglect and poor handling of Primary Health Care Centres (PHCs) in the country.

He however disclosed that as part of efforts to tackle the problem, the state government had developed a state strategic development plan and a health policy document called “the Niger health 1.0” to address the challenges in primary health care delivery.

The Permanent Secretary added that the state government was also working assiduously and passionate to revitalise or construct at least one PHC per ward. According to him, about 40 have so far been remodelled to meet the national standard, and 250 midwives recruited.

“We have identified that in the 274 wards there should be one functional PHC, we have also accessed

the Basic Health Care Provision Fund (BHCPF). Revitalization started two years ago and there are different parameters to this in terms of human resource, equipment, structural remodelling or renovation.

“Virtually, we have already disbursed the 274 facilities with basic minimal equipment and almost 40 have been renovated and remodelled to meet up to the national standard of PHC. In terms of human resource, recruitment has also been done; we have recruited 250 Midwives and posted them.”

Ahmed Ketso, deputy governor of the state, also speaking at the retreat, explained that the Niger Health 1.0 document would guide the delivery of quality health care. He said the retreat of the state Primary Health Care Development Agency Management Board was the first if its kind and a step in making Niger state a model for PHCs for other states to copy.

He said the only way to avoid people going to general hospitals, which according to him, are being overstretched, was to ensure they can access treatment at the primary level. He therefore disclosed that the state government was working to ensure sustainable finance to recruit and pay health personnel.

The chairman, Association for the advancement of family planning, Ejike Orji, on his part stressed that PHCs are the bedrock of making sure that every Nigerian has good health.

He described PHC as a catalytic and an investment fund.

“If the primary health care unwww.businessday.ng

healthcare sector hence the need for federal and state governments to make health insurance compulsory and affordable to the citizenry. This can be achieved by improved funding of the sector and subsidizing the premiums paid by the citizens.

Other steps that can be taken to further strengthen the scheme includes more supervision and sanctioning of erring HMOs and hospitals, increased accountability and advocacy to convince Nigerians that the health insurance scheme can work.

L-R: Felix Anyanwu, national sales manager, New Heights Pharma; Ebenezer Olayinka, marketing manager, New Heights Pharma; Mrs Victoria Ukwu, director of pharmaceutical services & head of pharmacy department, University of Port Harcourt Teaching Hospital (UPTH); Ukah Igwe, chief launcher of the occasion; Chima Ogbu, chairman, Rivers PSN (4th from right) and Pharm. (Mrs) Agbomma Esom-Ibe, chairman, Association of Community Pharmacists of Nigeria (ACPN), Rivers branch (extreme right) at the official commissioning of Omron M7 Intelli IT in Port Harcourt, Rivers state recently.

Over 80% of Primary health facilities non-functional in Niger state GODSGIFT ONYEDINEFU, Abuja

ness and education to get health care insurance for themselves and their families.

The Health and Managed Care Association of Nigeria (HMCAN) said in an interview that the unfavourable developments emanating from the NHIS signals a lack of political will, a need for leadership restructuring, and proper description of the responsibilities of all stakeholders and the regulator.

The sustainability and viability of a country’s economic and social growth depend largely on a vibrant

der one roof is taking seriously, this means one PHC reactivated per political ward, the outcome will be tremendous; it will crash down poor health indicators,” he said.

Mohammed Khalilu, Senior Adviser to the Niger State government on PHC system strengthening also pointed out that PHCs are the closest to the people and the first port of call. He said Nigerians preferred secondary and tertiary health facilities because they feel the PHCs are not good enough.

According to him, the only way to make PHCs attractive for Nigerians was to “ensure that those critical elements that make a functional health care attractive, quality, friendly, human resources of the right number, right skill and right attitude, are there.

So, when they get a prescription they don’t have to go to the chemist. He said the infrastructure must also be right, so that when they look at the building, it’s more beautiful than their homes so they will even want to sleep in the hospitals.

“When all these critical elements are in place, people will patronise PHCs.” Khalilu said the document, which he described as a show of commitment on the part of the state government, would achieve tremendous success because it spoke to the priorities of the state, and took into cognisance local context, local realities, local capacities, resources available and challenges peculiar to Niger state with regards to Primary Health Care delivery.

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UBTH offers free medical service to aged people CHURCHILL OKORO, Benin

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s part of policy to promote healthy society, the management of University of Benin Teaching Hospital (UBTH) has offered medical service to aged people in the state.

The medical services include free screening for diabetes, blood pressure, checkups, nutritional assessment, oral health education and intervention, lectures on successful aging among others.

Speaking at an event organised jointly by UBTH and Egor Local Government, the Chief Medical Director of the tertiary hospital, Darlington Obaseki noted that early diagnosis of ailments will possibly prevent any forms of complication that could lead to death.

Obaseki said the medical service was part of activities to commemorate the 2019 United Nations International Day of Older Persons (UNIDOP) with the theme:”The Journey to Age Equality” in Benin City.

“This programme was organised to celebrate our fathers and mothers above 60 years of age in Edo. It is a programme celebrated every October by the United Nations (UN) for elderly people.

“The programme is also aimed at teaching old people how they can improve on their health in order to live longer. Living a healthy life in old age is very important,” he said. @Businessdayng

He however, advised aged people to go for regular checkups to avoid preventable diseases that could lead to death.

In her remark, Chairman of Egor local government, Eghe Ogbemudia commended the management of UBTH for offering free medical examination to elderly persons in the State.

Ogbemudia represented by the Vice Chairman of the council, Rex Benjamin said access to medical services will help improve health of older persons in the society.

She said that majority of elderly persons do not have the opportunity of going through medical checkups regularly.

“Every October 1, the United Nations International Day of Older Persons (UNIDOP) is internationally observed to bring awareness and recognition of the work of older people as well as discrimination towards age”, he added.

On his part, Sunny Okeigbemen, Consultants, Community Dentistry in UBTH who spoke on oral care for successful aging advised elderly persons to brush their mouth regularly to avoid cavity.

“To protect your oral health, practice good oral hygiene daily, Brush your teeth at least twice a day with soft-bristled brush using fluoride toothpaste. Eat a healthy diet and limit food with added sugars. Replace your toothbrush every three months or sooner if bristles are splayed or worn”, he said.

Friday 04 October 2019

BUSINESS DAY

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HEALTH BUSINESS&LIFE host confab to deepen multi-and One in every four children dies of malaria in A/Ibom NIMR interdisciplinary collaborations for clinical scientists

ANIEFIOK UDONQUAK, Uyo

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alaria kills one in every four children under four years in Akwa Ibom State despite being preventable and treatable while two person die of the disease in every two minutes.

Mary Bassey, an official of the state ministry of health in the Malaria Elimination programme stated this during the celebration of the International youth day organized by the United Nations Fund for Population Activities held in Uyo, the Akwa Ibom State capital.

Bassey also disclosed that though the state government in partnership

with development agencies had distributed over three million Long Lasting Insecticide Treated Nets as a preventive measure, many of the nets were misused by the people.

She added that the maintenance of a clean environment would help to prevent malaria caused by a bite from female mosquitoes.

She advised the youths who were students drawn from selected secondary schools in the state to “run to healthcare facilities within 24 hours of illness’’ to be properly treated against malaria after they might have been tested.

According to her, the completion of the prescribed dosage for treatment of malaria would go along away in eliminating the menace of

malaria attack which places a hug burden on the economy.

She noted malaria attack has been responsible for many students being absent from schools and called on them to join in the campaign to prevent the disease by keeping their surroundings clean to avoid mosquitoes breeding.

Bassey who lauded the state government for the provision of malaria commodities for the treatment of malaria as well as the renovation and upgrading health facilities in the state pregnant women should take preventive measures which should include intermittent preventive treatment as well as sleeping inside long lasting insecticide treated nets.

People above 40 at high risk of diseases – Expert SIKIRAT SHEHU

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azi Sam Ohuabunwa, National President of Pharmaceutical Society of Nigeria (PSN), has said people from age 40 and above are more prone to various health conditions.

Ohuabunwa, who stated this recently in an interview with BusinessDay in Ilorin, Kwara State, urges those within the age bracket to evaluate their wellbeing, saying that to maintain good health at age forty and above, people must embrace good nutrition and desist from consuming sugary food as it is harmful to their body.

According to him, for each person that has reached age forty and above, he or she should ascertain what his or her body is used to.

Adding that “if one’s body is used

to certain things and have carried it that long and not causing any health issue, one is not expected to go back on it, because changing one’s lifestyle of eating will cause problem.”

Ohuabunwa, however, advised individuals irrespective of age to eat well, take good amount of fruits and vegetables, sleep well, drink more water, eat more protein, as well as supplements.

He says: “Three major things to maintain good health at age forty and above, are; eat decently the right quantity of food and at the right time.

“Eat well, don’t eat too much of any food; nothing God did is bad, when you have over loaded your system with one; it will affect your health.

“Therefore, eat little meat, fish, yam, amala, coconut, little of any food as long as it is in little quantities; does not harm you,” said

Ohuabunwa.

He identifies exercise as the second mode of preventing ailments after age forty, explaining that people need to constantly exercise to keep their bodies active.

He says: “Five minutes exercise is better than none. Walk around, do press up, go to gym, and avoid been sedentary.

“If the heart is not pumping efficiently, everything will slow down and be alright, any day the heart is having challenge; then you are in trouble. But if you are used to running, walking from one place to another; you’re keeping your heart ready for action.”

The last one according to him is to have peace of mind. He says when people have difficulties; they loose their well-being, become hypersensition and that destroys their blood cells, system and affects their immunity.

KELECHI EWUZIE

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etermined to foster multiand interdisciplinary collaborations between basic and clinical scientists, the Nigeria Institute of Medical Research (NIMR), will be hosting the first ever Alexander von Humboldt Kolleg- an International Conference.

The idea of the conference scheduled for the 16th - 19th October 2019 in Lagos is to bring together scientists from Germany and Nigeria interested in basic, applied and translational research.

Stella Smith, director of Research (NIMR) and the convener of the international conference says the conference seeks to bridge the gap between basic and translational

research, with the aim of providing knowledge exchange opportunities, generating future collaborative networks under the concept of translational research to solve problems.

According to Smith, the conference will foster an environment of communication and cooperation between basic and clinical scientists, in order to encourage and foster multi-and interdisciplinary collaborations”.

Babatunde Salako, directorgeneral, Nigerian Institute of Medical Research (NIMR) who is the chief host in a statement made available to BusinessDay stated that the theme of the conference is “From Basic Sciences to Translational Research: The Journey so far in Nigeria”

HealthPlus pharmacy offers free health screening on World heart day 2019

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ealthPlus Pharmacy, Nigeria’s leading integrative pharmacy and fastest growing pharmacy in West Africa, carried out free health screening services at the Catholic Church of Divine Mercy, Lekki Phase 1, Lagos to commemorate this year’s World Heart Day. Cardiovascular disease (CVD) is the world’s number one killer today.

According to WHO, CVDs take the lives of 17.9 million people every year, a total of 31 percent of all global deaths and the number is expected to increase to 23 million by the year 2030, if adequate measures are not taken. Bringing this home, 3 out of every 10 Nigerians have a cardiovascular disease and up to 150,000 Nigerians die annually as a result of

heart-related diseases.

The event, which took place on Sunday 29th of September 2019 at the church premises, was aimed to create more awareness on the importance of living a longer, better and heart-healthy life, and also to provide free health screening services to the worshipers.

According to Toyin Arifayan, Head School of Pharmacy at HealthPlus Limited, maintaining a healthy heart helps to reduce the risks of developing heart diseases such as hypertension, stroke, coronary artery disease, arrhythmia (irregular heart beat), heart failure and ischemic heart disease. The Healthy Heart Check is one of the most popular services offered by HealthPlus Pharmacy and it seeks to empower customers to “Know their Numbers”.

‘Nigeria needs to create more awareness, education to control breast cancer prevalence’ OLAYINKA ODUMOSU is the founder and a patient navigator of Pink & MetaPink Star. In this interview with ANTHONIA OBOKOH, she spoke on the rising cases of breast cancer in Nigeria and the need for government to create more awareness to tackle the issue.

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hat is the lifetime risk of developing breast cancer?

Breast cancer is a disease in which cells in the breast grow out of control and there are different kinds. The kind of breast cancer depends on which cells in the breast turn into cancer. No breast is typical. What is normal for you may not be normal for another woman.

Most women say their breasts feel lumpy or uneven. Breast cancer can begin in different parts of the breast with most starts from the ducts or lobules and it can spread outside the breast through blood and lymph vessels. When breast cancer spreads to other parts of the body, it is said to have metastasized.

On average, a woman absolute risk of developing breast cancer during a particular decade of her life is lower than 1 in 8 over an 80-years lifespan. The younger you are, the lower the risk. Being a woman and getting older are the main risk factors for breast cancer. However, studies have shown that your risk for breast cancer is due to a combination of factors. The main factors that influence your risk include being

HBL TEAM

Olayinka

a woman and getting older. Most breast cancers are found in women who are 50 years old or older.

Some women will get breast cancer even without any other risk factors that they know of; I have seen this in my practice as a patient navigator.

Having a risk factor does not mean you will get the disease, and not all risk factors have the same effect. Most women have some risk factors, but most women do not get breast cancer.

What are the risk factors you cannot change in developing cancer?

Inherited changes (mutations)

to certain genes, such as BRCA1 and BRCA2. Women who have inherited these genetic changes are at higher risk of breast and ovarian cancer.

Also, reproductive history, early menstrual periods before age 12 and starting menopause after age 55 raises the risk of getting breast cancer. Besides, women having dense breasts that have more connective tissue than fatty tissue, which can sometimes make it hard to see tumours on a mammogram, are at higher risks of breast cancer. More so, women who have had breast cancer are more likely to get breast cancer a second time. Some noncancerous breast diseases such as atypical hyperplasia or lobular carcinoma in situ are associated with a higher risk of getting breast cancer.

Family history of breast cancer, a woman’s risk for breast cancer is higher if she has a mother, sister, or daughter (first-degree relative) or multiple family members on either her mother’s or father’s side of the family who have had breast cancer.

Having a first-degree male relative with breast cancer also raises a woman’s risk. Research suggests that other factors such as smoking,

being exposed to chemicals that can cause cancer and changes in other hormones due to night shift working also may increase breast cancer risk.

Breast cancer is now an epidemic in Nigeria, how is Pink & MetaPink Stars creating awareness?

Pink & MetaPink Stars is a Support Group for Early Stage and Metastatic Breast Cancer Patients which was born out of our Patient Navigation Program, an Amorvard Trademark. Patient navigation is simply about breaking barriers to treatment for a cancer patient by walking through the treatment continuum with each patient right from the point of community outreach and screening programs through the point of diagnosis through to survivorship. According to data to the PN data spreadsheet, between 2016 - 2019, over 90 percent of patients diagnosed with breast cancer cannot afford the treatment. More than 98 percent fall into depression and confusion navigating their way through their treatment continuum.

Hence, there is a need for psychosocial support, counselling, financial counselling, dietary counselling,

ANTHONIA OBOKOH / Reporters. Email: obokoh.anthonia@businessdayonline.com

and aerobic sessions.

We aim to teach the patient how to live their best life despite a diagnosis of breast cancer. Pink & MetaPink Stars is an initiative of Amorvard open to corporate sponsors and partnerships and support.

Pink & MetaPink Stars is the number one patient choice for Psychosocial Care/Support in cancer care.

We offer free Psychosocial Support to breast cancer patients in Nigeria.

How can breast cancer prevalence be controlled in Nigeria?

Awareness and education is very important. People need to be aware that this is real. Most patients still hide and live in denial. Some people discover an abnormality in the shape and outlook of their breast but because they are not aware or knowledgeable about what is happening, they stay back at home and do not visit any nearby primary health centers or hospitals but instead they opt for herbal product which is not scientific. Education is a continuous thing which is one of the key areas amongst many others our patient navigation program focuses on.

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I Samuel Iduh, Graphics

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Friday 04 October 2019

BUSINESS DAY

FINTECH News

Products Review

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Mobile payments adoption sustains growth in first half as ATM volume stutters ...Less than 1,000 ATMs has been deployed in nearly 3 years FRANK ELEANYA

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obile payments adoption has continued its growth momentum in the first six months of 2019 while ATM transaction volume has had a stopand-start trajectory in the same period.

The National Bureau of Statistics (NBS) released the Selected Banking Sector Data - Q2 2019 on Sunday.

First and second-quarter data from the National Bureau of Statistics (NBS) showed that ATM transaction volume which grew to 68, 524,157 in January dropped to 60,803,325 in February only to climb back to 73, 632,232 in March. It saw more than 2 million transactions in April and about 300,000 to reach 75,433,302 in May. However, in June the volume dropped to 71,183,606 the lowest since March.

Mobile payments volume, on the other hand, has stayed up in the first half, growing at a very healthy volume between January and June. NBS data showed that in January, February, and March volume grew by 737,909, 932,355, and 1,258,533 respectively. The remaining three months of the first half also grew by 19,148,956; 21,214,603; and 22,937,368.

The data could be an

indication that Nigerians are gradually moving away from attachment to ATM the pioneering electronic payment channel in the country - to embracing more convenient channels. The number of ATMs across the country has failed to gain traction since about 2003 when the first ATM was deployed. According to an eFactsheet by the Nigerian InterBank Settlement System (NIBSS), Nigeria’s 68.5

million active bank customers, spread across the 36 states and Abuja, have access to only 18,731 ATMs as at March 2019. Interestingly, the number of ATMs deployed in 2016, stood at 17,398. In other words, less than 1,000 ATMs have been deployed in nearly three years - 2016 to 2019.

By comparison, South Africa with less population has about 30,000 ATMs deployed.

Apart from being in-

adequate, there is also the headache that poor network gives bank customers. ATMs require an internet provider to work efficiently. However, internet connectivity is highly unstable in Nigeria, hence the ATM transactions experience many interruptions.

It should also be noted that unlike mobile payments, ATMs are costly to deploy. Usually, ATM engineers rely on two radio connections. GSM networks or mobile wireless are hardly reliable so they are rarely used.

There is an ATM kiosk which needs to be built and made functional with air conditioners, at least two for one ATM. Given that it requires a minimum of 72 hours of autonomy, there will be a need for an inverter. An inverter for two ATM setup would cost N2.5 million. Finally, there is the purchase of the ATM itself; the cost of one goes for $15,000.

There have also been

calls in recent times for banks to upgrade the technology to meet 21st century standards. The existing ATM technology was deployed with the mindset of acquiring new customers. The changing times driven by young customers places emphasis on offering cutting-edge features, like the ability to take out cash from an ATM by using a code from a smartphone app, instead of inserting a debit card.

Mobile payments which could be via banking apps or USSD, however, do not require physical spaces like ATMs, as they largely depend on the number of people with mobile devices and telecom subscriber base. In Nigeria, those numbers are growing on a daily basis. Active mobile lines grew to 173.7 million in June 2019 while internet users hit 122 million.

From a cost point of view, banks prefer to deploy their investments in upgrading mobile payment platforms.

Michigan, cash advance programs. It also offered leases on new cars to drivers in the past and currently offers a co-branded credit card with Visa and an Uber Cash digital wallet for riders.

While it is yet to launch its financial product, it is not clear which market will be its primary focus. Uber

is the most dominant ridehailing company in Africa, including Nigeria. Uber had toiled with car loans in Nigeria and went as far as partnering with First Bank of Nigeria to extend loans to drivers in 2016. It is likely that the company could look towards the emerging market to scale its payment ambitions.

Uber is building a small loans platform for drivers

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lobal ride-hailing company, Uber is finally getting into the payment space. In an in-app message the company sent to drivers in September, the company said it plans to build a financial product with the aim of boosting the finances of drivers in times of need.

According to a report

by Recode, a survey sent out by Uber asked drivers sought to establish their management of loans of $1,000 or less in the last three years. Some of the questions posed include “If Uber provided loans, what amount are you likely to request?” The options to answer range from “Less than $100,” “Between $100

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and $250,” “Between $250 and $500,” and “More than $500.”

Although Uber is yet to comment on the survey that reportedly originated from it, the company has steadily made its intentions for fintech an open secret.

In June this year, the ridehailing company had hired more than 100 fintech-ori-

ented tech workers. It then developed a digital wallet called Uber Cash enabling its customers to pay across all its offerings such as rides and food deliveries within the Uber app.

In view of its upcoming “financial product” for drivers, Uber has had experience by offering drivers in California and

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BUSINESS DAY

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Friday 04 October 2019

BUSINESS DAY

ENTERTAINMENT

The songstress and her craft OBINNA EMELIKE

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f you have listened to any track in ‘Omo Charlie Champagne, Vol. 1’, Simi’s latest album, you will attest to the fact that as the years go by, Simi, an Afro pop princess, keeps improving on her craft.

Born as Simisola Bolatito Ogunleye, the Mass Communications graduate of Covenant University Ota, Ogun State, who turned songbird, and sound engineer, started performing in her early teens as a member of the teenage church choir. She vividly remembers her very first tune, which she wrote at the age of 10.

From Jamb Question; her single released in February 2015, Open and Close, Outta My Head and Love Don’t Care, it has been hot streak of stellar music releases for the songstress who describes her music genre as Afro soul.

Her debut album, Ogaju, produced by Samklef was released in 2008 and an EP, Restless, followed in 2014. Besides Ogaju, her debut album spawned hits such as Ara Ile, Iya Temi, to name a few.

However, Simi’s music career took a much positive turn when she signed to X3M Music. Beyond honing her craft, the Lagos-based record label offers Simi platform to meet, learn and collaborate with other record label mates, especially Praiz, Nigerian R&B sensation; Sammy, recording artiste and song writer; and DTruce, recording and performing rap artiste.

Since then, she has won the Best Promising Act at the 2015 Nigeria Entertainment Award, Most Promising Act of the Year

at the 2015 City People award, had two nominations at the 2015 Headies for Best Alternative Song and Video of the Year (Jamb Question) and two at the Nigerian Music Video Award for Best Soft Rock/Alternative video (Jamb Question), and was named on YNaija.com’s New Establishment List for 2016.

As well, Open and Close her single released on November 17, 2015 and Love Don’t Care, her most recent single released last quarter 2016, met with amazing critical reviews and massive airplays.

On a critical assessment, a keen observer will describe Simi’s genre of music as Afro-pop, but

the songstress often dabbles into pop and soul, and hence can comfortable describe her style as Afro soul; a blend of Afro and soul.

In a review of ‘Love Don’t Care’, her music video and a love ballad, the Nigerian entertainment media anonymously approved her artistic talent. One of the reviews noted that: “Again, Simi wows her fans with her artistic talents in ‘Love Don’t Care’. The love ballad speaks of a love that soars above tribal and social prejudices. Fans love it because of its compelling narrative and beautiful harmony of the traditional instrumentals”.

In another review on Outta

My Head, another reviewer noted that Simi used her bubbly personality to infectiously deliver and make more digestible a material that could easily become moody and haunting.

“Outta My Head begins with piano strings and a mid-tempo beat, accompanied by Simi’s now familiar vocal styling. It is a playful yet serious meditation on infatuation and the downsides of a love gone sour. Written in a smooth, simple style that is instantly relatable, the material could easily become moody and haunting but Simi sells it and makes it more digestible, thanks to her bubbly personality and

infectious delivery”.

Simi is not just talented, but relentless as she is still writing and recording more songs to delight her army of followers on social media and fans of her music.

The songstress is also aware of the high expectations from her burgeoning fans across the Africa and is not relenting in meeting the expectations even as she prepares to rule the airwaves once again with hot streak of stellar music releases, collaborations and live performances.

Following that, on April 19, 2019, Simi released her third studio album tagged ‘Omo Charlie Champagne, Vol. 1’ to coincide with her birthday. The album is a slight departure from the relatively afro-centric feel of Simisola (2017). It is a mixture of sentimental ballad, Afropop, Afro-fusion, Afro-soul, R&B, EDM and moombahton. The 13-track album features guest vocals from Patoranking, Maleek Berry, Falz, and her husband Adekunle Gold.

Its production was primarily handled by Oscar, with additional production from Vtek, Legendury Beatz, and Sess.

Simi dedicated the album to her father Charles Oladele Ogunleye, who died in 2014. Omo Charlie Champagne, Vol. 1 was preceded by three singles: “I Dun Care”, “Lovin” and “Ayo”.

At the expiration of her recording contract with X3M Music in May 2019, she parted ways with the recording label. In June 2019, Simi announced the launch of Studio Brat, her independent record label.

In a recent interview, she noted that she has worked hard to stardom and is committed to remain a star and excite her fans more.

Malta Guinness returns with another season of Maltavator Challenge

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he Maltavator Challenge games is set to thrill entertainment lovers across Africa as the Season 2 of the Malta Guinness television show commenced with a private media screening recently in Lagos.

In the Season 2 edition, Malta Guinness is bringing contestants from five different countries of Africa including; Nigeria, Ghana, Cameroon, Cote D’ivoire and Ethiopia to contest for $USD 20,000. However, there will be consolation prizes for all contestants of the games show.

In the 2019 edition, the Pan African television show will further provide platform for Malta Guinness to showcase itself in terms of the brand purpose to fuel the true spirit and greatness of Africans and Nigerians in particular.

The first edition was hosted by Ethiopia. But Nigeria will be host for this year’s eight week-long episode series of season 2. Audi-

tion for the season 2 took place in five major cities of the country including Lagos, Abuja, Ibadan,

Enugu and Benin, where young people came out in thousands to compete for the $USD 10,000

L-R: Cliff Shiridzinodya, deputy general manager, Southern Sun Ikoyi, Ubong Nseobot, sales & marketing manager, Southern Sun Ikoyi and Deji AjomaleMcWord, chief executive officer, African Sports Tourism Week, during the presentation of the honorary award to Southern Sun Ikoyi for being one of the “Friends of Sports Tourism in Nigeria” www.businessday.ng

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prize.

In each city, four finalists were chosen at the end of the screening for the grand finale in Lagos, where 20 of them will slog it out for last six positions to represent

Nigeria at the competition.

Speaking during the media screening, which held at Silverbird Cinema, Ikeja Mall, Lagos, Ifeoma Agu, senior brand manager, Premium Non Alcoholic Malta Guinness, Guinness Nig. Plc, said the essence of the Maltavator Challenge is to bring together the spirit of oneness of Africans.

She described a Maltavator as a person who is willing to face challenges of the competition with optimism and determination to win.

Agu explained that criteria for assessing the participating Maltavators are both physical and mental agility as Malta Guinness provides the required physical and mental energy the @Businessdayng

contestants need to perform their tasks in any competition.

The brand manager, said the programme would be sustained annually having successfully done the season one.

“This is a sustainable platform that we are looking to promote. This show has come to stay after we have successfully done season one”.

For her, the show is not necessarily about young people, buy also captures people who are young at heart.

She described Malta Guinness as the most premium African Malt that gives young Africans competing spirit, determination, doggedness and sportsmanship.

The Season 2 episode games series is shown live on four

broadcast television including: Nigeria Television Authority, Channels Television, Silverbird Television and MTV.

Friday 04 October 2019

BUSINESS ETIQUETTE

JANET ADETU Do you love your job? How productive are you? once worked with a colleague who was nicknamed ‘workaholic’. He was always found working at his desk with his head down writing something. If you ever came across him in the corridor he would always appear so rushed, barely offering a greeting, he never had the time to stop for any discussions.

He eventually became the favourite of clients as he looked busy, efficient and passionate about his job. It took a while for us to realize especially with the overflowing pile of work at his desk that what appeared to be was never. He was indeed identified as a productivity fraud spending precious time busy doing nothing. The lesson here is that it is one thing to be busy and another to be productive.

For me once I have prepared my’ to do’ list for the day, I am of the initial opinion I will get all done effectively.

However half way through the day I am always wishing that the day is 30 -36 hours instead of 24hours because the day goes by so quickly. The question is : Do I feel productive especially when I am yet to complete my daily tasks?

The truth is that many of us are working more than we planned, we are operating at 120% but still feel like we cannot keep up. So in reality the trick to life is for us to work SMARTER not HARDER. We are living in a very stressful

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ENTERTAINMENT For the love of the job! global world where high technology is fast taking over, so much so that some of us are trying hard to stay with the flow. Social media has revolutionized the act of communication making it easier and faster. Goals and aspirations have become wilder, riskier, and more competitive. The want to achieve, improve the quality of life and become more promotable has never been more apparent. Therefore the quest for positive successful personal and professional productivity is a task that must be accomplished if you want to stay relevant. In order to maximize priorities and productivity it is time to discover your best, run with it and make it happen.

Keys to Maximizing Your Productivity i.Identify Your Positive & Negative Qualities: Conduct an in-depth appraisal of yourself finding facts and not faults.

This will help you form a basis for improvements. Emphasize more on your positives and do not dwell on your inadequacies. Include in your list those things that matter most to you, make them your priority. Identifying your positive traits will help you stay focused and assist in increasing your productivity both personally and professionally. ii. Be Goal-Oriented and Forward Thinking Working endlessly without a goal can be futile. To be productive you need direction that is time bound and achievable. When setting your goals you should visualize your success with a positive attitude. Your passion for your vision will drive your productivity up and set you on the right path. Along the way be open yo possible changes, a few

risks but always believe you can do it. iii. Associate with Positive People It goes without saying that when you surround yourself with negative people chances are they will put your ideas down or discourage your efforts.

This in turn will demoralize you and sabotage your self-esteem. An optimistic boss will always encourage his / her subordinates. Surround yourself with people who you find encourage, inspire and motivate you. This will boost your energy, spur you to increase your knowledge base and discipline you towards ensuring that you achieve that which you have set out to achieve.

In such a competitive environment we live in you need to be constantly encouraged to relieve yourself of the impending stress you experience daily.

Positive leaders bring positive attitude. iv. Polish yourself Image Your image is everything, the beginning of you creating a good or bad first impression. A successful person has a deep sense of self -worth and a good self –image. Having a good selfimage is the foundation from which you’re self – esteem, self – confidence and attitude arises from. When you polish your image you say a lot about yourself without saying a single word.

When you feel good about yourself you are confident to excel in any project or mission. Dress the way you would like to be addressed. Be sensitive and pay attention to detail when choosing what to wear daily. Dress appropriately recognizing the occasion, day of the week, time of day. Ensure your clothes fit properly, accentuate your body and feel comfortable. Try to colour coordinate your dress sense effectively, compliment your appearance with the correct accessories and spice your look with fabulous shoes. Your

‘

Therefore the quest for positive successful personal and professional productivity is a task that must be accomplished if you want to stay relevant

image is incomplete with me talking about the importance of grooming and hygiene. The easiest way to sabotage your image is to look unkept, give off an overwhelming odour and appear unapproachable. Identify a smell you like and are comfortable with, take care of your hair, nails, face and feet regularly.

Your objective in being productive is for people to see you and trust you enough to want to do business with you.

Creating, establishing and maintaining relationships is key to maximizing productivity. v. Be a Team Player ‘No man is an island’ - is a popular saying that could not be further from the truth.

Just like I explained about my colleague who was busy doing nothing, this is because he operated alone. He was never a team player so became quite anti-social and inefficient. In being a team player you are able tap from a wider pool of knowledge. You therefore gain more and can direct your level of productivity positively. A team player should equally share information, be open to opinions, constructive criticism, new ideas and advice. When you work in a team you work in common agreement towards a common goal. As a team your achievements are greater, provided you are able to get everybody to follow the vision, accomplish their individual and collective tasks and motivated to achieve. With all these in check as you increase your productivity you will automatically increase that of the team.

Just love that job!

Janet.adetu@gmail,com quetteconsortium.com @janetadetu

janet.adetu@jsketi-

Happy Reading!

Lionheart makes International Feature Film category for 2020 Oscars OBINNA EMELIKE

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he Nigerian Oscars Selection Committee has picked Genevieve Nnaji’s ‘Lionheart’ as the country’s submission to the International Feature Film category of the 2020 Oscars.

The group announced the selection on Wednesday following a statutory vetting and subsequent voting of entries received from Nigerian filmmakers at home and in the Diaspora.

Produced by Chinny Onwugbenu, Chichi Nwoko, Genevieve Nnaji, and directed by Genevieve Nnaji, ‘Lionheart’ premiered at the 2018 Toronto International Film Festival, and was acquired on September 7, 2018, as first Netflix original film produced in Nigeria.

The film stars Pete Edochie, Genevieve Nnaji, Nkem Owoh, Onyeka Onwenu, Kanayo .O. Kanayo, Chika Okpala, Kalu Ikeagwu, Sanni Mu’azu, Yakubu Mohammed, Ngozi Ezeonu, Peter Okoye (P-Square) and Chibuzor Azubuike (Phyno).

Released worldwide on January 4, 2019 after a December 2018 theatrical release in Nigeria,

‘Lionheart’, which is Nnaji’s directorial debut, tells the story of a young woman, Adaeze Obiagu (Genevieve Nnaji), who becomes saddled with the responsibility of running her sick father’s business under the suffocating supervision of an uncle, played by Nkem Owoh.

Adaeze’s competing business instincts and family obligations become a catalyst for drastic change not everyone is ready to embrace.

Since the inauguration of the NOSC in 2014, this is the first time Nigeria is advancing a film to the Oscar, as previous entries received by the committee did not meet basic criteria.

Among the films received this year, the NOSC said it picked www.businessday.ng

‘Lionheart’ for its considerable shots at the rules.

The 12-man team boasts of notable Nigeria’s film industry stakeholders of international standing.

The team is chaired by Chineze Anyaene, producer and director of ‘Ije’; Nollywood’s remarkable box office earner and foremost filmmaker and Mahmood Ali-Balogun, chairman, Audio-Visual Rights Society (AVRS) of Nigeria, as vice chairman.

Others include Bruce Ayonote, CEO of Legend Box Office; filmmaker and talent manager, Mildred Okwo; journalist/film critic, Shaibu Husseini; filmmaker/ author, Charles Novia; award-

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winning filmmaker, CJ Obasi; top actor Ramsey Nouah; versatile director and cinematographer, Adetokunbo ‘DJ Tee’ Odubawo; movie producer, Ngozi Okafor; AFRIFF Founder, Chioma Ude and director of Green-WhiteGreen, Abba Makama.

According to Anyaene, entries received this year show significant improvements from the previous years.

“While we cannot say that what we have are the best that Nigeria is capable of producing, it is heart-lifting to know that, from the strength of the entries received this year, we are truly ready for the Oscars. Filmmakers are gradually taking the Oscar rules into consideration, and I have no doubt that it is going to be more competitive, going forward,” she said.

The ‘International Feature Film’ of the Oscars gives opportunity to Nigerian filmmakers living in Nigeria and Diaspora for a shot at the foremost creative industry award scheme globally.

Every year, each country outside the United States is expected to submit one film as long as it’s not primarily in English. Films in pidgin, which must be subtitled like any other language films are also considered under this @Businessdayng

category.

Formerly called ‘Best Foreign Language Film’, 87 countries vied for the shortlisted slots last year, and from a final five Oscar nominations, ‘Roma’, a Mexican film directed by Alfonso Cuarón picked the honour.

Also speaking on the reconstituted 12-man committee of Nollywood stakeholders, ahead of the 2020 Academy Awards, Anyaene said, “We do not take this for granted. We hope the committee fulfils its original mandate, which is to give a platform to credible Nigerian films to compete at the prestigious Academy Awards annually.

“We could not make any submissions in previous years due to unavailability of qualifying films, but things are looking hopeful… and we are actively working towards having an entry this year.* Recall that Nigeria joined 82 other countries contesting the ‘Foreign Language’ diadem, now called ‘International Feature Film’ category, after an approval and subsequent inauguration of the NOSC in February 2014. However, Nollywood could not present any film for the Oscars as the few submissions did not meet basic criteria.

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Friday 04 October 2019

BUSINESS DAY

Harvard Business Review

MANAGEMENTDIGEST

Can China avoid a growth crisis?

J. STEWART BLACK AND ALLEN J. MORRISON

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ES — IF ITS COMPANIES GLOBALIZE THEIR CULTURES AND STRATEGIES. In our view, China’s share of global business is based on a dynamic domestic economy. The top three Chinese companies on the Fortune 500 list in 2018 generated more than 85% of their revenue domestically. They, along with 84 others out of China’s 111, are state-owned enterprises; you would expect such companies to be reliant on domestic revenue for growth.

But many of the privately owned enterprises on the list also generate the bulk of their revenue from domestic customers. The implication is clear: With a few exceptions, the great majority of the Chinese companies on the Global 500 would be vulnerable to a major slowdown in the domestic economy.

And a slowdown is inevitable, we believe. Demographic data shows that China’s working-age population is shrinking. In the absence of drastic improvements in labor productivity, a smaller workforce means a lower gross domestic product growth rate.

Plus China’s penchant for debt could hamstring attempts to innovate by reducing the capital available for investment in international sales and dampen the country’s export competitiveness. And Chinese management style is antithetical to fostering innovation. We believe that after a meteoric rise, China’s giants could face a rocky future.

China’s working population (people aged 15 to 64) is anticipated to fall by 9% from 2015 to 2035, and by 20% in 2050. That’s a loss of 200 million people.

Two key ways a country can compensate for a shrinking workforce are by boosting the number of workers through immigration and by boosting the productivity of the remaining workers. Immigration as a countervailing force to a falling birthrate seems unlikely for China, which is not known for wel-

coming foreign workers. Countries can also offset a shrinking working-age population through dramatic improvements in labor productivity. With increased productivity, companies can pay fewer workers more money and still remain profitable, and the higher pay translates into higher domestic consumption per worker.

Can China correct or compensate for its falling productivity? That will depend on the long-term outlook for the main drivers of its labor productivity and on the ability of its firms to replace falling domestic revenues with exports (producing in China and selling abroad) and international sales (producing abroad and selling abroad).

To assess the outlook for Chinese productivity, we have to determine whether the factors contributing to its impressive growth to date are likely to improve, stay the same or decline. Economists and business strategists point to three drivers of China’s growth: — A LOW PRODUCTIVITY BASELINE: In 1994 China’s GDP was just $564 billion, and its GDP per capita was only $473.

In 2014, GDP topped $10 trillion.

The economic reality is that the larger GDP gets, the harder it

becomes to maintain the same rate of growth. A falling number of workers compounds the challenge.

— AN EXCESS SUPPLY OF LABOR: Internal migration happens only if a country has an excess supply of rural labor. That no longer appears to be the case in China. Over the past 10 years, migration from rural to urban areas has dropped precipitously, with just 0.3% of the population leaving the countryside in 2016, according to the Chinese government. In the 10 years before that, more than 280 million workers migrated from the countryside to the city.

— EASY TECHNOLOGY EXPROPRIATION: Foreign firms increasingly recognize that giving away proprietary technology in return for market access makes little sense in China’s mature, increasingly competitive business landscape. The Chinese government recognizes that the days of easy productivity gains via technology expropriation are over.

For these reasons, we believe that Chinese corporations will have a hard time achieving the productivity gains that will be required in the future. That leaves only one way for them to keep their places on the Global 500:

by boosting exports and international sales. But two serious obstacles stand in the way: high levels of debt and a conservative, inward-focused management culture.

Many Western multinationals are known for agility, adaptiveness and innovation. These sources of competitive advantage don’t happen by accident; they are the consequences of a management culture and capabilities that firms deliberately adopt, acquire and develop. To change their management style, China’s corporate leaders must: — SHOW RESPECT: In our work, we hear complaints about Chinese businesses and executives. One complaint is best captured by a government official in a country in which a number of important Chinese firms have made significant investments over the past few years: “Maybe it’s because China is so big and has been growing so fast for so long, but Chinese executives come in and are a bit arrogant and think they can manipulate suppliers, ignore communities and discount the environment like they do back home.”

— PROMOTE INPATRIATION: Chinese firms need to accelerate their efforts to bring

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

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global leaders together, not just via email or teleconference but in person. A high level of inpatriation, or bringing people into the center for international assignments, is viewed as necessary to develop leaders, bring diversity and breadth of perspective to the company and build networks and trust. In our work with Chinese companies over the past 30-plus years, we have yet to see one that supports any serious inpatriation.

— FIX EXPATRIATION: It is natural for globalizing firms to send expatriates from the mother ship out to foreign satellites.

Although there are benefits in terms of ease of communication, research has documented the serious limitations of this approach.

— INVEST IN LEADERSHIP DEVELOPMENT: Filling the global leadership pipeline requires not only expat assignments but also formal training programs. In many cases, these programs include multiple learning modules that bring participants together more than once and have projects and other activities that keep people connected even while they are back home and physically separated.

— INNOVATE OUTSIDE OF CHINA: That means that the China-centric mentality will have to change. The good news is that all the previous recommendations mentioned here will help this fifth one succeed.

Although most Chinese firms are well positioned to use their size and ecosystems for domestic advantage, they are ill prepared for the global expansion they will need to undertake if they are to maintain their newly acquired global rankings. If the current leadership composition continues, we predict that Chinese companies will begin to slide off the Global 500.

• J. Stewart Black is a professor at INSEAD. Allen J. Morrison is a professor at Arizona State University’s Thunderbird School of Global Management.

Friday 04 October 2019

BUSINESS DAY

INTERVIEW

29

I promote our culture without sacrificing people’s religious beliefs – Oba Adesina OBA OLUSEGUN ADESINA is the Olugbadebo Olukera 11 and Olowu of Owu-Ijebu. In this interview with IFEOMA OKEKE, he speaks about his experience transiting from the public life into royalty.

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nce again we would want to congratulate you on your 80th birthday. We would like to know how long you’ve ruled the community and could you tell us your experience since you assumed the throne of your forefathers?

I have been king now for twelve years and a couple of months. Like many things in this country today, it’s been quite challenging. Most of our people do farming in the forest reserve. I have over 50 Baales (wards heads) in those forest areas and they have farmers they employ and give them pieces of land.

They farm there. They come from various states such as Oyo, Lagos, Ondo and Ekiti state mainly but we have a few from much farther places and they come to farm.

When you have such diversities in the farm you find that there would always be one issue or the other which their Baales who is their own representatives, tries to handle and if they can’t handle it, they come to me in the palace here and that is almost a regular thing.

You have one or two set of people at least in a day coming like that.

So, it has been quite stressful but thank God, God is in control.

Sir before becoming the Oba, can we know your journey in life?

I went to school in Ijebu Ode primary Secondary school where I was born. I did A level at Abeokuta grammar school and did my first degree in Zaria which is now Ahmadu Bello University. We were doing London University Degrees as external students, which I finished in 1963. I worked for the Western State Government as provincial engineer in Ijebu Ode which covered Ijebu and Remo area. When they created the first water corporation in Nigeria in the old west, I moved from ministry of works to water corporation and worked for the water corporation and was transferred to Abeokuta.

I was the area engineer manager and the area covered at that time covers the whole of Ogun state now, which is Yewa, Egba, Ijebu and Remo. We constructed most of the water schemes including elevated tanks and so on and when I was in works earlier, we constructed most of the roads all by direct labour. I felt the civil service would not make me achieve my dreams in life so I left after 9 years and set up my own consulting firm with some friends. We were lucky we had series of jobs as consultants from both the federal and state governments, the universities as

cians campaign, they give people envelops of N1000 or N2000 and small bags of rice. You would find the town hall or wherever they are filled because of these things.

And I keep telling our people that if they take these little things, the man didn’t tell them what he’s going to do for them or for the community when he gets there.

And for the next four years after you put him there, you don’t see him. And I tell them, “You’ve sold your right for four years with 2000 naira and a small bag of rice.”

well and also from the World Bank, UNICEF and so on.

We did consultancy for them but within Nigeria that covered the whole country, travelling from one city to the other to do the work which includes water supply, irrigation and drainage, road designs and so on for the federal government. At that time, you get jobs based on your competence, you submit proposals and they would assess your proposal and awards contracts and consultancy work to those qualified. When we find other jobs which we think we can’t do all on our own, we collaborate with some foreign consultants in Britain, USA, Canada and we all worked together as a group. That was all after the war, Nigeria was rebuilding. At a stage we had to work two shifts from 7:30 to 3:30 then from 2:00 to 8:30 in the night.

There were 55 engineers and technicians and we were working two shifts as consultants during the post war period to cope with the work we had. I enjoyed it until I came to the throne.

We were involved when the federal government said they wanted all federal roads about 200,000km of road all over the www.businessday.ng

country to be well taken care of. So they appointed a committee, I was made chairman of the committee representing the chamber of commerce. We also had people from the Manufacturers Association of Nigeria, (MAN), Road Transport Owners Association, engineering bodies were represented on that committee and we went round all the federal roads in the country, and submitted a report. Part of it was that they should give concession to some people to manage some of the roads. Of course if they were managing, there’d be road taxes which they would pick, I think Lagos-Ibadan was one of them and I think N500 was all they would pay. That would ensure that all the roads would be in good position.

In this period of deprecating cultural values amongst our youths, how have you been able to sustain the culture of your people despite this huge challenge?

It is not easy but one has to continue to try and make efforts and talk to them. Most of these things are as a result of loss of value because people put too much value on money these days. When politi-

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Sir, at the time you were called to come and serve your people as the Oba, what was your feeling like? How did you embrace it?

Actually, I was invited to come and be Oba. I was very busy as an engineer. My consulting firm was having two shifts; I had to coordinate with my partners. Well, I felt that at the end of the day, I needed to serve my people so I saw it as a personal sacrifice to come back home to serve my people. I was really very busy as a consultant.

For instance I was representing federal government for what they now call climate change at a world conference in Canada. I was asked to go and present a paper in the 1990’s. I served also as chairman of National Council on Water Resources. I was also active in business world because when Ecobank was set up by Adeyemi Lawson of blessed memory, I was one of the first 23 shareholders of Ecobank.

Sir, now you’re the Oba, it’s been 12 years plus. What would you say has been your achievement on the throne of your forefathers?

We’ve tried and it’s on-going. For the farmers we’re trying to see how we can make them go from the cutlass and hoes to mechanised farming. And we are trying to make sure that you just don’t farm and people come to take the raw materials to Process and so on. We are trying to see what we can do to make sure the farmers reap the crops, put at least the first treatment and that means we give support not just to the farmers but to the technicians and industries.

It is still work in progress because it is difficult to change people’s attitude in such a short time. We tell them that you must add value to your products to make it better.

What would you say is your most memorable day on the throne?

It is difficult to assess things done when I am on the throne because I started some of the things even @Businessdayng

as a young engineer. For the town Hall and our church, I did the consultancy and partly funded it and I was part of the central mosque too. Each time I have an occasion, I give scholarships and such scholarships would take them from secondary to university till they finish.

Do you have a count of how many people you’ve given such scholarships to?

I can’t give an exact figure because even as an engineer I’ve been doing that for the community but it can’t be less than between 50 and 100. You must show that you have the capacity and your parents are unable to pay. Those are the conditions and they’ve been doing well. I have been happy doing that.

When you add value to people’s lives, it is much better than when you amass money in the bank.

Sir, in terms of promoting culture festivals in this part of the world, how effective has it been since you came on?

There have been challenges. I want to promote culture, I have been doing that but I want to promote culture without sacrificing people’s religious beliefs. That is very important to me and in some instances it became a real challenge. I often give them money to go and do whatever they want to do. I have been taking active part in the real culture, the music and the dancing, but not to sacrifice my own religion or asking people to sacrifice their religion. I am not a party to that, it can be challenging occasionally but I insist on it.

Sir how would you describe yourself, a fulfilled man or a fulfilled Oba based on what you’ve done before becoming the Oba and what you’re now doing?

It’s work in progress. Before I became Oba I was doing so many things. I was president Association of Consulting Engineers, for Nigeria between years 1996 to 1998. I was chairman for Nigerian Society of Engineers at the water and sanitation section.

Then, I was president of the Ijebu Chamber of Commerce and president of the Ogun State Chambers of Commerce. I was director Eco bank in Cameroon, Liberia and Director International bank of republic of Benin at various times. I was non-executive director though, we meet four times a year to coordinate what they’re doing and to make sure that shareholders monies are not shared.

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Friday 04 October 2019

BUSINESS DAY

Hotels

Dover opens new hotel in Lagos …new offering marks third hotel in 15 years Stories by OBINNA EMELIKE

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nce again, the Lagos hotel market has welcomed a new entrant in the burgeoning business.

Aptly called ‘Dover Hotel Exclusive’, the new hotel, which is from the stables of The Dover Hotel, is an exclusive offering that complements the existing hotel of the indigenous hotel company in Lekki Phase 1, Lagos.

Set in Aromire Street, Off Allen Avenue in Ikeja, Lagos, Dover Hotel Exclusive, which opened its doors to the public last weekend, is built with discerning guests in mind, especially lovers of quality, lifestyle and exclusivity.

On offer are 104 tastefully furnished rooms, world-class bars, lounges, restaurants, fitness and business centres among other facilities. The new room offering is a boost to about 88 rooms in Dover Hotel Ikeja, which shares boundary with the new hotel, as well as, the 88-room Dover Hotel Lekki Phase 1.

However, the opening of the new hotel marks 15 years anniversary of The Dover Hotel group in the hotel business and also expression of its commitment to expansion of the Dover with three hotels now.

But the intrigue of the ho-

tel is that the management recorded a feat in delivering in the hotel within a year from the day of its groundbreaking ceremony.

Speaking of the prompt delivery, Jackson Agbai Abbah, chairman, Dover Hotels, noted that construction work started on the site on August 2, 2018. “Before then, a commitment was made to our bankers that we will open to the public 12 months from the groundbreaking. We started work accordingly and on August 3, 2019, the first event held in the hotel:, he said.

The excited chairman noted that the impetus of Dover Hotel’s believe came from the knowledge that some international hotel brands have policy of completing hotel

projects within one year, and if given the right environment and funding, a Nigerian company can deliver within same period or even shorter time.

He commended Bank of Industry and Wema Bank for their believe in Dover Hotel’s idea and funding, which aided the timely actualization of the hotel.

“Bank of Industry provided the funding gap that was necessary to catalyse the dream. They funded us at single digit interest rate, while Wema Bank, our commercial bankers, provided the guarantees necessary to activate this project”, he explained.

While assuring that the hotel will use the next six year to repay the loans, the chairman decried the rising cost

of doing business in Nigeria occasioned by lack of enabling infrastructure, which businesses are now providing at extra cost.

He complained of high taxes saying that while it is important that government increase its revenue base, there is need to balance the needs of certain industries, especially hospitality, which is capital intensive and very sensitive.

He also assured of Diver Hotel’s commitment to exceptional service to its customers and hence declared the hotel open for discerning guests.

Some of the highlights at the opening ceremony include War Dance, a thrilling cultural dance performed by Abriba Dance Troupe from Abiua State.

Top dignitaries at the occasion include Eze Kalu Kalu Ogbu, the Enachioken of Abiriba, who played role of father of the day, U. K. Eke (MFR), who was the chairman of the day, members of the Old Boys Association of the Anglican Grammar School, ‘’1978 session’’ Abiriba (the alma mata of founder of Dover Hotel Exclusive and Gloria Emodi, managing director, Dover Hotel Exclusive. Others were Anglican clergies, Arch Bishop Isaac Nwobia of the Dioceses of Abiriba, Abia State among others.

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rated for the Marriott Bonvoy Elite members to savour and appreciate the variety of flavours contained in the richness of aromas in a glass of Rémy Martin XO.” The Rémy Martin XO tasting brings to life the intrinsic story of Rémy Martin and XO in an immersive experience through an opulent spread of flavours and delicacies as guests were treated to a magnificent table revealing the many layers of the XO flavour profile,

which includes decadent chocolate truffles, Parmesan cheese, dried apricots and figs, pistachio cake, walnuts, spices and fruits, as well as, an array of Jasmine, Iris and Rose flowers.

Xavier Carbonel, country manager Nigeria, Rémy Cointreau, said the Rémy Martin XO brand represents the long-term legacy and sophistication of fine premium French distillery. “We are proud to be associated with Marriott Bonvoy Elite. The

L-R: Barry Curran, area general manager Nigeria, Marriott International and general manager, Sheraton Lagos; Stephen Jimba, Nigeria Ambassador, Rémy Martin XO and Xavier Carbonel, Rémy Cointreau country manager Nigeria, at the Rémy Martin XO and Marriott Bonvoy Elite event partnership in Lagos. www.businessday.ng

Four Points by Sheraton Hotel (Oniru Chiefatancy Estate,Lekki) Tel: +234 1 448 9444

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

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

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

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By Games Village Second Gate Durumi2 Abuja

Rémy Martin XO curates Opulence Revealed experience for Marriott Bonvoy Elite émy Martin XO, a global name in the cognac industry and a product of Rémy Martin, a member of the Comite Colbert, a French Association of Luxury Businesses, curated an Opulence Revealed experience for the elite members of Marriott Bonvoy in Lagos recently.

The event described as the first of its kind in Nigeria sees selected Marriott Bonvoy Elite, the top echelon of Marriott International loyalty cardholders, gather at the Presidential Suite of Sheraton Lagos to have a taste of the exceptional cognac.

Leading the Rémy Martin XO Opulence Revealed experience, Stephen Jimba, Nigeria Ambassador of Rémy Martin XO, described the experience as allowing guests to discover a deeper understanding and appreciation of the finer quality of Rémy Martin XO cognac through an exploration of textures, flavours and aromas.

According to Jimba, “This Opulence Revealed tasting experience is especially cu-

Top BusinessDay Partner Hotels

Rémy Martin distillery is exquisite and superior giving you same taste irrespective of the time in history. This uniqueness of the brand gives us a competitive advantage,” Carbonel asserted.

Barr y Curran, area general manager Nigeria, Marriott International and general manager, Sheraton Lagos, expressed delight in partnering with Rémy Martin XO to give their premium cardholders, Marriott Bonvoy Elite, a unique Opulence Revealed tasting experience.

Marriott International has been focused on creating exclusive moments that help connect with members through their passion.

As well, loyalty program members redeemed their points for a highly elevated and intimate experience in partnership with Rémy Martin XO. “The Sheraton is where the Bonvoy Elite world comes together and we are delighted to have brought this night of Rémy Martin XO Opulence Revealed tasting experience to our Marriott Bonvoy members”, Curran stated.

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Novotel Port Harcourt Address: 3 Stadium Road Rumuomasi, Port Harcourt Rivers State, Tel: 0809 713 5734

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

Southern Sun IkoyI Hotel Address: 47 Alfred Rewane Road, Ikoyi, Lagos Tel: +234 1 280 5200 / +234 1 280 0630 Email: ssikoyi.reservations@ tsogosun.com

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

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Friday 04 October 2019

BUSINESS DAY

31

Sports BusinessDay deepens sports penetration with launch of MatchCenter.ng Anthony Nlebem and Desmond Okon

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s sports, particularly football, continue to attract huge investments, Nigeria’s leading business newspaper, BusinessDay Media has launched a new sports website; MatchCenter.ng to satisfy the yearning of sports enthusiasts constantly seeking top-notch and in-depth sports information.

MatchCenter is an online football platform that does not only provide data, analysis, and editorial news but also brings up-todate stats, live scores, betting tips, predictions covering over 20 sports events in the world.

The one-stop-shop for football lovers is a friendly user interface platform that gives users the ability to compare and contrast the statistics of their favorite teams or individual players.

Also catering for the needs of punters to improve their chances of smiling to the bank, the site provides betting tips and predictions regularly with the use of an

automated artificial intelligence (AI).

It was learned that the AI system uses a unique algorithm to present betters with awesome

Man United battle Newcastle as Barcelona host Sevilla … a preview of Premier League, LaLiga and Serie A games Anthony Nlebem

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ans are gearing up for a thrilling week of football actions from the English Premier League, Spanish La Liga and Italian Serie A. The pick of this weekend’s Premier League matches comes from St James Park and sees Newcastle United host Manchester United on Sunday evening. This clash is one between two teams struggling for form, identity and momentum this season, while their managers – Steve Bruce and Ole Gunnar Solskjaer – seem to be under major pressure for their jobs.

Manchester United claimed a

league ‘double’ over Newcastle last season (winning 3-2 at Old Trafford and 2-0 at St James Park) and will need to get halfway towards another such feat if they are to boost their hopes of moving up the table. However, Solskjaer’s team have failed to win any of their last seven away games in the 2019/20 Premier League season, with their last three-pointer on the road arriving way back in February.

Also, The pick of La Liga games this weekend comes from the Camp Nou on Sunday night and sees Barcelona host Sevilla. The reigning champions have made a faltering start to their title defence, with manager Ernesto Valverde coming under pressure

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to see the Blaugrana back to their imperious best.

However, they will face a tough test from Julen Lopetegui’s Sevilla, who made a strong start to the campaign (though their status as potential title contenders was put in doubt by a defeat at the hands of Real Madrid a couple of rounds ago).

Fans will hope for a repeat of the goal-laden meetings between the teams from last season: Barcelona won 4-2 both home and away in La Liga, while even their Copa del Rey clashes produced 9 goals between them.

The undoubted top clash from Serie A this weekend is the fabled Derby d’Italia between Internazionale and Juventus at the San Siro stadium in Milan, which will close the round out on Sunday night.

This match will have even more significance than usual, with the Nerazzurri emerging as genuine title hopefuls under new manager Antonio Conte, who would love nothing more than to win against his former employers to underline his side’s rise to ascendancy.

The Old Lady took four points off Inter in their league meetings last season, while the Milan club have beaten their hated rivals just once in the last 15 competitive meetings of the teams. If Inter can move the needle in the opposite direction, then we may have far more of a title race than was the case in the previous campaign.

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betting signals to help improve their bankroll and successful betting tips.

Speaking at the launch, Frank Aigbogun, Publisher of Business

Day Newspapers, said his interest in compelling statistics, sparked the thoughts and plans that gave rise to the MatchCentre.ng.

According to him, the site feeds essentially from content provided

by Opta (a British sports analytics company based in the United Kingdom) adding that his organisation has rights for the Nigerian and Ghanaian markets.

“MatchCenter.ng will be an open website”, he said. “We have called you here to show you an exciting beginning of a platform, supporting and feeding of sports and soccer. I do hope that at some points down the road we will not just be talking about Real Madrid and Atletico Madrid; we will be talking about Nigerian soccer as well because there is the immense value that is available there,” He added that the site also serves as a veritable source for information, data for analysts, and journalists as it would help the work that they do.

Organiser names date for 4-Inch Heel Race competition Anthony Nlebem

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AK Marketing Services Limited (DMS), organizer of 4- Inch Heel Race competition has announced that the 3rd edition of the 4- Inch Heel Race will hold on Friday, November 2019, at Yaba College of Technology in Lagos.

The 4-Inch Heel Race competition is a special sport event aimed at creating excitement and confident among young women in Nigeria. It is the first of its kind in Nigeria and Africa.

Young Nigerian women between the ages of 18-35 years will participate in the competition wearing 4-Inch heeled stilettos shoe to compete in a 100-meter race.

Over the last two years, DAK Marketing Services Limited has successfully hosted the 4-Inch Heel Race Competition, with the last edition holding at the National Stadium, Surulere, Lagos.

Speaking with journalists in Lagos to herald the date of the event, Elder Dede Kalu, Managing Director and Chief Executive Officer, DAK Marketing Services Limited, stated that the event was geared towards giving Nigerian young women a platform to showcase their talents, and also to support their dreams.

“This event is aimed at empowering and enlightening young ladies on how to be smart and confident on heels. The rationale behind it is that we are concerned about the numerous injuries ladies encounter almost on a daily basis when walking on the streets or crossing the roads wearing high heels because they lack the @Businessdayng

confidence to walk smartly on them.

This has given us great concern to create this platform to address this issue effectively,” Kalu stated.

Defending champion, Precious Chukwuma, an undergraduate student at National Open University described the race as best for Nigerian women.

“Through the competition, I was exposed to a lot of things, and I want other Nigerians to experience it this year. I will not compete this time because I want other people to benefit from the race,” said Chukwuma.

Speaking further, Elder Kalu added the selection of participants would cut across graduates and undergraduates in higher institutions in Nigeria.

“The 4-Inch Heel Race Competition is designed to be a 100 meter sprint competition. During the heat, participants will be grouped and race against themselves. The first three in each group will move to the next round till we have the finalists who will compete in the final to determine the winners.”

The overall winner would go home with fantastic prices in cash and materials and also be the face of the competition for a year executing various social projects.

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Friday 04 October 2019

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33

POLITICS & POLICY

Ogun Assembly reinstates suspended 57 LGs, LGAs chairmen RAZAQ AYINLA, Abeokuta

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a v i n g been suspended for barely four months by the 8th Legislature for alleged misappropriation of funds at the local government level, Ogun State House of Assembly has lifted the suspension placed on the Chairmen of the 20 Local Government Councils and 37 Local Council Development Areas in the State.

The Assembly’s directive was consequent upon the passage of a resolution entitled “HR No./043/ OG/2019- Report of the House Committee on Local Government and Chieftaincy Affairs in Respect of the suspended Political office Holders in all the Lo-

Governor Dapo Abiodun

cal Government Councils and Local Council Development Areas across the State”.

The passage of the resolution came shortly after Akeem Balogun presented his Committee’s report and moved the

motion for its adoption, which was seconded by Bolanle Ajayi and supported by the Whole House through a voice vote.

The report partly states, “following the receipt of various petitions on

allegations of financial misappropriation and non performance leveled against the Chairmen of the 57 Local Government Councils and Local Council Development Areas in the State, the 8th Legislature via House

Lagos: Calls for Ambode administration’s probe not witch-hunting - Group

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pro-democracy group, Lagos Peace Movement (LPM), has said that throwing its weight behind those calling for investigation into the immediate past administration under the former governor Akinwumi Ambode is not to witch-hunt anybody but to ascertain its propriety or otherwise while in office.

At a media interaction in Lagos, the group’s Publicity Secretary, Adekunle Adeosun said: “As an organisation that advocates peace, justice and transparency in governance, we support all other groups, especially, the recent protesters under the umbrella of the Lagos Youth Vanguard (LYV), calling for the probe of the immediate past administration in the state.”

According to him, the call for the probe is sequel to the template already laid by the Lagos State House of Assembly and other organisations, stressing that, “The call for proper investigation of the last administration is never to witch-hunt anybody but to make things clear about how the state’s finances were handled during the period in question.”

Adeosun went further to disclose that “As a result of the above submission, we have briefed our legal team to commence a process of compelling the Lagos State House of Assembly, the Economic and Financial Crime Commission (EFCC) that invaded the former governor’s residence in Epe and other relevant agencies to inform the public the latest developments on the matter.”

The group’s spokesman said the resolve to go the legal way was to be certain about the true situation of things, stating that, “we

Akinwumi Ambode

have for long been relying on social media reports and we don’t want to act on rumours or unconfirmed reports as a civilised group.”

According to him, “Every critical sector in the state we have interacted with confirmed our fears that there were serious inappropriate procurement processes, over award of contracts,” adding that, “our action is to prevent the fate of 20 million Lagosians not to hang in the balance.”

Against this background, the group therefore, demand that, “Lagos and tax payers’ money allegedly

kept either by individuals or institutions be returned or be retrieved,” saying, “Transparency and accountability should be the hallmarks of governance in a cosmopolitan state like Lagos to allow rapid growth and development.”

On the stand of the People’s Democratic Party (PDP), condemning the agitation for the probe, Adeosun said, “We are not shocked or surprised because it appears that PDP and the immediate past administration are Siamese twins who are inseparable partners in failure.”

Resolution 018/2019 on Friday, 31st May, 2019 suspended all political office holders in all the Local Government Councils and LCDAs in the State”.

Subsequently, after the Assembly’s various investigations, the House noted that: “All the Local Government and LCDAs were short changed in terms of allocation from the Federation Account by the immediate past administration in the State. It was detected that each of the local government councils and LCDAs only obtained the sum of twelve million naira (N12m) each, paid in six months installments for the entire period of thirty (30) months under review.

Majority of the Chairmen were found guilty of

complacency and docility in the face of constitutional breach on their functions and finances by the immediate past administration of the State.

Majority of the Chairmen were found guilty of not keeping proper records of activities of their councils and nonchalant attitude and violation of procedural rules and financial guidelines by council officials”.

Consequently, the Assembly recommended that those chairmen found culpable be referred to the appropriate agencies of government for further investigation, with a directive to them to put their respective councils in order to ensure transparency and accountability in the administration of the third tier of government.

Razak, APC chieftain, optimistic of Sanwo-Olu

L

anre Razak has said that Babajide Sanwo-Olu, governor of Lagos State, is set to win the race. Razak, a chieftain of the All Progressives Congress (APC) in Lagos State, expressed the optimism while speaking with journalists in his office yesterday.

“With steady steps being taken by Sanwo-Olu on critical sectors of the economy, there is the assurance that he will take the state to the next level of development,” he said.

The Epe, Lagos State-born elder statesman, added that his concentration on the job has stood the governor out as a focused administrator and dogged achiever, advising however, that nothing should be done from any quarters to distract him.

According to him, SanwoOlu’s case could be likened to a child that raises up his hands for people to carry him up, stressing that, “with the way the governor has started, it is crystal clear that people’s support is required to partake in this all-inclusive government for the good of all of us.”

Speaking on 2023, Razak believes that a former governor of Lagos State and chieftain of the APC, Bola Tinubu is qualified for the post of the presidency.

According to him, the former Lagos governor has been tested and found worthy of being entrusted with more services to his fatherland, reminding his role as senator, governor of the most populous state in the country as well as his roles in teaming along with other like minds to send the military away and enthrone democracy in Nigeria.

“He is eminently qualified to succeed the incumbent President, Muhammadu Buhari and build on the foundation the latter is currently building. It is not gainsaying that Tinubu is an achiever and his democratic credentials, vis-a-vis his leading role in forming a coalition that shoved aside the Peoples Democratic Party (PDP’s) misrule had made crystal clear that, with him in the saddle in 2023, Nigeria would be better for it,” he said.

On the third term agenda rumour for Buhari, Razak waved the rumour aside, saying, “President Muhammadu Buhari is too decent and principled to fall for such a booby trap from professional sycophants,” exuding confidence that, “he will vacate the seat in conformity with the constitutional provision.”

34

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Friday 04 October 2019

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35

Live @ The STOCK Exchanges Prices for Securities Traded as of Thursday 03 October 2019 Company

Market cap(nm)

Price (N)

Change

Trades

Volume

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 259,480.15 7.30 -1.35 216 9,389,267 UNITED BANK FOR AFRICA PLC 206,906.50 6.05 0.83 135 6,253,827 ZENITH BANK PLC 572,986.01 18.25 -0.82 247 7,885,421 598 23,528,515 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 193,834.58 5.40 -1.82 179 17,376,164 179 17,376,164 777 40,904,679 TELECOMMUNICATIONS SERVICES MTN NIGERIA COMMUNICATIONS PLC 2,656,263.95 130.50 - 45 34,447 45 34,447 45 34,447 BUILDING MATERIALS DANGOTE CEMENT PLC 2,573,116.62 151.00 -0.13 206 2,022,611 LAFARGE AFRICA PLC. 256,919.34 16.00 -0.31 67 1,727,418 273 3,750,029 273 3,750,029 EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 326,586.73 555.00 - 1 3 1 3 1 3 1,096 44,689,158 REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC 1,710.00 85.50 - 2 22 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 10,175.81 40.70 - 0 0 13,074.52 4.90 - 0 0 UPDC REAL ESTATE INVESTMENT TRUST 2 22 2 22 OTHER FINANCIAL INSTITUTIONS NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 0 0 3,312.39 103.20 - 0 0 VALUEALLIANCE VALUE FUND 0 0 0 0 2 22 CROP PRODUCTION FTN COCOA PROCESSORS PLC 440.00 0.20 - 0 0 OKOMU OIL PALM PLC. 52,417.35 54.95 - 13 3,803 PRESCO PLC 40,350.00 40.35 - 3 3,111 16 6,914 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 8,520.00 4.26 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 1,290.00 0.43 - 1 1,600 1 1,600 17 8,514 DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. 688.30 0.26 - 1 269 214.03 0.55 - 2 2,720 JOHN HOLT PLC. S C O A NIG. PLC. 1,903.99 2.93 - 0 0 41,054.47 1.01 0.99 62 9,805,777 TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. 19,448.75 6.75 -3.57 45 1,071,113 110 10,879,879 110 10,879,879 BUILDING CONSTRUCTION ARBICO PLC. 711.32 4.79 - 3 300 3 300 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 24,486.00 18.55 - 13 33,210 ROADS NIG PLC. 165.00 6.60 - 0 0 13 33,210 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC 2,702.33 1.04 - 7 66,879 7 66,879 23 100,389 AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 9,003.92 1.15 - 3 27,489 GOLDEN GUINEA BREW. PLC. 242.22 0.89 - 0 0 GUINNESS NIG PLC 72,063.59 32.90 -3.24 33 348,517 INTERNATIONAL BREWERIES PLC. 108,307.86 12.60 - 11 8,893 NIGERIAN BREW. PLC. 402,644.02 50.35 2.76 72 2,819,386 119 3,204,285 FOOD PRODUCTS DANGOTE FLOUR MILLS PLC 111,750.00 22.35 - 49 174,886 DANGOTE SUGAR REFINERY PLC 126,600.00 10.55 -2.31 48 593,037 FLOUR MILLS NIG. PLC. 61,505.69 15.00 2.74 59 1,249,211 HONEYWELL FLOUR MILL PLC 7,850.90 0.99 -1.00 19 734,135 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 766.26 4.30 - 1 4 NASCON ALLIED INDUSTRIES PLC 36,297.31 13.70 - 23 84,596 UNION DICON SALT PLC. 3,321.07 12.15 - 0 0 199 2,835,869 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 19,627.21 10.45 - 14 62,179 NESTLE NIGERIA PLC. 995,179.92 1,255.50 -9.99 28 163,233 42 225,412 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 0 0 VITAFOAM NIG PLC. 4,878.29 3.90 - 17 268,556 17 268,556 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 27,793.34 7.00 - 6 19,797 UNILEVER NIGERIA PLC. 141,614.38 24.65 -7.68 30 185,128 36 204,925 413 6,739,047 BANKING ECOBANK TRANSNATIONAL INCORPORATED 144,043.98 7.85 8.28 76 2,868,376 FIDELITY BANK PLC 48,967.41 1.70 2.41 52 11,219,974 GUARANTY TRUST BANK PLC. 794,641.84 27.00 -0.56 245 44,620,523 JAIZ BANK PLC 13,553.55 0.46 2.22 4 1,502,000 STERLING BANK PLC. 51,822.75 1.80 -1.10 66 9,297,587 UNION BANK NIG.PLC. 203,845.27 7.00 - 30 1,319,060 UNITY BANK PLC 7,364.28 0.63 - 9 55,622 WEMA BANK PLC. 22,758.93 0.59 - 19 571,316 501 71,454,458 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 0 0 AIICO INSURANCE PLC. 4,712.54 0.68 3.03 16 1,329,821 AXAMANSARD INSURANCE PLC 17,430.00 1.66 - 0 0 CONSOLIDATED HALLMARK INSURANCE PLC 2,276.40 0.28 - 1 553 CONTINENTAL REINSURANCE PLC 22,820.04 2.20 -3.08 66 5,081,850 CORNERSTONE INSURANCE PLC 6,186.39 0.42 - 9 181,212 GOLDLINK INSURANCE PLC 909.99 0.20 - 0 0 GUINEA INSURANCE PLC. 1,228.00 0.20 - 0 0 INTERNATIONAL ENERGY INSURANCE PLC 487.95 0.38 - 0 0 LASACO ASSURANCE PLC. 2,050.56 0.28 - 9 344,941 LAW UNION AND ROCK INS. PLC. 1,804.46 0.42 7.69 3 198,346 LINKAGE ASSURANCE PLC 4,080.00 0.51 - 0 0 MUTUAL BENEFITS ASSURANCE PLC. 2,234.55 0.20 - 1 12,360 NEM INSURANCE PLC 12,145.16 2.30 - 12 99,770 NIGER INSURANCE PLC 1,702.69 0.22 10.00 3 200,000 PRESTIGE ASSURANCE PLC 2,637.45 0.49 - 1 170 REGENCY ASSURANCE PLC 1,333.75 0.20 - 0 0 SOVEREIGN TRUST INSURANCE PLC 1,668.16 0.20 - 0 0 STACO INSURANCE PLC 4,483.72 0.48 - 0 0 STANDARD ALLIANCE INSURANCE PLC. 2,582.21 0.20 - 0 0 SUNU ASSURANCES NIGERIA PLC. 2,800.00 0.20 - 0 0 UNIC DIVERSIFIED HOLDINGS PLC. 516.46 0.20 - 0 0 UNIVERSAL INSURANCE PLC 3,200.00 0.20 - 0 0 VERITAS KAPITAL ASSURANCE PLC 2,773.33 0.20 - 0 0 WAPIC INSURANCE PLC 4,817.79 0.36 - 19 59,116 140 7,508,139

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MICRO-FINANCE BANKS NPF MICROFINANCE BANK PLC 2,515.30 1.10 - 1 58 1 58 MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 4,158.00 0.99 - 1 10 7,370.87 0.50 - 0 0 ASO SAVINGS AND LOANS PLC INFINITY TRUST MORTGAGE BANK PLC 5,796.93 1.39 - 0 0 RESORT SAVINGS & LOANS PLC 2,265.95 0.20 - 0 0 UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 1 10 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 7,040.00 3.52 - 18 152,054 CUSTODIAN INVESTMENT PLC 35,291.19 6.00 - 7 10,968 DEAP CAPITAL MANAGEMENT & TRUST PLC 660.00 0.44 - 0 0 FCMB GROUP PLC. 31,288.28 1.58 -1.25 55 1,435,500 ROYAL EXCHANGE PLC. 1,080.53 0.21 - 3 17,029 STANBIC IBTC HOLDINGS PLC 397,991.17 38.00 - 26 694,039 UNITED CAPITAL PLC 12,000.00 2.00 -4.31 82 3,621,252 191 5,930,842 834 84,893,507 HEALTHCARE PROVIDERS EKOCORP PLC. 1,680.29 3.37 - 2 108 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 852.75 0.24 - 3 150,000 5 150,108 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 494.58 0.50 - 0 0 0 0 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 FIDSON HEALTHCARE PLC 8,449.76 4.05 - 7 110,150 GLAXO SMITHKLINE CONSUMER NIG. PLC. 8,490.72 7.10 - 19 126,867 MAY & BAKER NIGERIA PLC. 3,450.47 2.00 - 22 138,779 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 911.60 0.48 9.09 6 161,106 NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 PHARMA-DEKO PLC. 325.23 1.50 - 0 0 54 536,902 59 687,010 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 710.40 0.20 -9.09 1 314,600 1 314,600 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. 534.60 4.95 - 1 100 TRIPPLE GEE AND COMPANY PLC. 292.02 0.59 - 1 1,000 2 1,100 PROCESSING SYSTEMS CHAMS PLC 1,127.05 0.24 -4.00 8 465,979 E-TRANZACT INTERNATIONAL PLC 9,996.00 2.38 - 2 1,000 10 466,979 TELECOMMUNICATIONS SERVICES AIRTEL AFRICA PLC 1,157,510.66 308.00 - 3 42 3 42 16 782,721 BUILDING MATERIALS BERGER PAINTS PLC 2,173.68 7.50 - 0 0 CAP PLC 17,885.00 25.55 - 7 10,724 CEMENT CO. OF NORTH.NIG. PLC 215,553.42 16.40 5.81 31 396,289 MEYER PLC. 313.43 0.59 - 2 5,640 PORTLAND PAINTS & PRODUCTS NIGERIA PLC 1,769.32 2.23 - 0 0 PREMIER PAINTS PLC. 1,156.20 9.40 - 0 0 40 412,653 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,256.91 2.09 - 0 0 CUTIX PLC. 2,818.12 1.60 - 11 125,550 11 125,550 PACKAGING/CONTAINERS BETA GLASS PLC. 26,898.49 53.80 -9.96 3 145,064 GREIF NIGERIA PLC 388.02 9.10 - 0 0 3 145,064 AGRO-ALLIED & CHEMICALS NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 0 0 0 0 54 683,267 CHEMICALS B.O.C. GASES PLC. 2,547.42 6.12 - 0 0 0 0 METALS ALUMINIUM EXTRUSION IND. PLC. 1,781.64 8.10 - 1 10 1 10 MINING SERVICES MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 0 0 0 0 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 83.60 0.38 - 1 3,339 1 3,339 2 3,349 ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,252.54 0.20 - 1 6,000 1 6,000 INTEGRATED OIL AND GAS SERVICES OANDO PLC 45,996.23 3.70 -1.60 38 274,235 38 274,235 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 50,483.34 140.00 0.72 58 356,657 CONOIL PLC 10,513.37 15.15 - 22 72,225 ETERNA PLC. 4,108.06 3.15 - 12 70,270 FORTE OIL PLC. 21,360.69 16.40 - 44 339,247 MRS OIL NIGERIA PLC. 5,166.13 16.95 - 0 0 TOTAL NIGERIA PLC. 41,829.09 123.20 - 40 16,726 176 855,125 215 1,135,360 ADVERTISING AFROMEDIA PLC 1,820.01 0.41 - 1 1,000 1 1,000 AIRLINES MEDVIEW AIRLINE PLC 17,551.17 1.80 - 0 0 0 0 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 294.09 0.25 - 2 3,400 2 3,400 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 2,387.46 4.05 - 2 1,720 TRANS-NATIONWIDE EXPRESS PLC. 361.01 0.77 - 2 31,264 4 32,984 HOSPITALITY TANTALIZERS PLC 642.33 0.20 - 0 0 0 0 HOTELS/LODGING CAPITAL HOTEL PLC 4,723.78 3.05 - 0 0 IKEJA HOTEL PLC 2,452.98 1.18 - 1 6,000 TOURIST COMPANY OF NIGERIA PLC. 7,862.53 3.50 - 1 100 TRANSCORP HOTELS PLC 41,042.18 5.40 - 0 0 2 6,100 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 4,800.00 0.40 - 0 0 0 0 PRINTING/PUBLISHING ACADEMY PRESS PLC. 211.68 0.35 - 1 1,700 LEARN AFRICA PLC 864.02 1.12 - 4 15,385 STUDIO PRESS (NIG) PLC. 1,183.82 1.99 - 1 1,200 UNIVERSITY PRESS PLC. 496.12 1.15 - 5 18,160 11 36,445 ROAD TRANSPORTATION ASSOCIATED BUS COMPANY PLC 613.35 0.37 - 2 68,130 2 68,130

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36

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BUSINESS DAY

abujacitybusiness Comprehensive coverage of Nation’s capital

Defence Chief seeks media partnership to defeat insurgency Stella Enenche, Abuja

T L-R: Ralph Ndigwe, director Capital Resource Development and Document Centre (CIRDDO), David Ugolor, executive director ANEEJ and Maryam Garba, executive director Fahimta Women Youth Development Initiative (FAWOYDI) during a training of the trainers on monitoring the use of $322.5M recovered Abacha loot in Abuja. picture by TUNDE ADENIYI.

Korea hands over $15M Ultra Model School to FCTA Aliyu advocates James Kwen, Abuja

T

he Korea International Cooperation Agency ( KO I C A ) , h a s formerly handed-over ultra model school valued at $15 million to the Federal Capital Territory Administration (FCTA) to boost quality education in the Territory.

FCT Minister, Muhammad Bello at the handover in Abuja said the building of the school was a process that not only saw the establishment of a great educational institution in Nigeria’s Federal Capital City, but also the deepening of a cordial relationship between the Federal Republic of Nigeria and the Republic of Korea.

The Minister who was represented by the FCT Minister of State, Ramatu TijjaniAliyu, stressed the value of education in nation build-

ing, noting that education is the bedrock of modern societies and the foundation on which great nations are built.

Bello charged education board to manage it effectively and efficiently so it remains a model school and a standard on which other public institutions in the FCT will be measured.

He also noted that the Nigeria/Korea model school is today one of the most sought-after basic education institutions in the Federal Capital Territory, and commended the government and people of the Republic of Korea, the Korea International Cooperation Agency (KOICA) and the Universal Basic Education Commission (UBEC) for bringing this project to fruition.

Bello promised that the FCT Administration will expedite construction of the senior secondary component of the school and en-

sure that it is as aesthetically appealing and academically enriching as its model basic education counterpart.

In her remarks, TijjaniAliyu who spoke through Director of Administration and Finance of the FCT Education Secretariat, Umar Marafa stated that the school will no doubt raise the quality of learning and ultimately the quality of life of children in territory.

She also appealed to KOICA to replicate this model school in the six geo-political zones across the federation, aimed at deepening the bilateral relationship between Nigeria and Republic of Korea.

Earlier, Ambassador of the Republic of Korea, In-Tae Lee (Rtd) assured that Korea would not hesitate to continue sharing experiences and assisting Nigeria in strengthening the educational sector and national capacity.

ProMacon partners MDAs, NGOs others on project management ...As Osibanjo, Aviation, Power, Works, Transport Ministers participate at 10 confab James Kwen, Abuja

P

roject Management Conference (ProMacon) has indicated interest to partner with Ministries, Departments and Agencies (MDAs), nongovernmental organizations (NGOs) Schools and Caregivers on the promotion of project management which it said, is key to national development.

ProMacon, an independent and not -for -profit organization, established since 2009 actively promotes the culture of project management in private and public sectors through capacity development and stakeholders engagement in various facets of the economy.

Taopheek Babayeju, ProMacon Founder briefing journalists in Abuja ahead of the

organization’s 10 anniversary in November said, the important role of effective project management in national development across all sectors cannot be over-emphasized especially in the current competitive global economy.

Babayeju, noted that many third world countries are also taking advantage of technological innovation to embark on projects that are improving the lives of their citizenry and giving them a significant voice in global politics, and Nigeria cannot be an exception.

“Project management is key to National Development.

Whether we like it or not, every nation that has succeed has applied the principles of project management which is the art of proper execution.

Ideas is cheap, implementation is key. www.businessday.ng

You can have all the strategies in the world, all the wherewithal, without having proper plan of how to execute, they said failing to plan is planning to fail”, he said.

The ProMacon Founder noted that numerous abandoned and poorly completed projects across Nigeria amounting to billions of dollars in waste, point to the need for re-examining the nation’s general approach to project delivery.

“Jonathan constituted a Committee headed by a former Minister of FCT and they came out with about N3 trillion value from abandoned projects, that is huge. When President Buhari came on board, he decided to complete Jonathan’s projects.

So national development is a continuum”,Babayeju remarked.

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alternative funding for FCT Youth Center James Kwen, Abuja

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he Federal Capital Territory (FCT) Minister of Ramatu Tijjani-Aliyu, has advocated for alternative source of funding of FCT Ultra Modern Youth Support Center, Abuja, aimed at promoting skill acquisition among youths in the territory.

The Minister who expressed concern over what she described as underutilization of the youth center, however, assured that the FCT Administration will no longer rely on budgetary allocations to fund the Center.

She gave the assurance when she paid a visit to the Center after receiving briefs from the management staff of FCT Social Development Secretariat (SDS). Aliyu, said the Federal Capital Territory Administration will partner with development partners to put the centre into good use to ensure that FCT youths acquire the needed skills for national development.

Aliyu however, tasked the youth to be vigilant and protect the facilities in the centre against criminals and vandals, assuring that in no distance time the facilities at the centre would be put to proper use for the benefits of all and commended the leadership of the FCT Social Development Secretariat for their efforts in engaging the youth on various skills acquisition programmes.

Earlier in her remarks, Acting Secretary of Social Development Secretariat, Shefia Umar commended the FCT Minister of State for her prompt response towards revitalization of the youth Center, noting that if put to effective use, FCT youths will be employers of labour instead of job seekers.

he Chief of Defence Staff, Gabriel Olonisakin has called for partnership between the military and the media as part of measures towards combating the security challenges confronting the nation.

Olonisakin who gave the charge in his opening address at seminar tagged, ‘Enhancing National Security and Cohesion through Responsive Media Reportage’ in Abuja, observed that propaganda remained the oxygen that sustained terrorism.

He therefore charged the media professionals to be circumspect in the reportage of security issues, saying national interest should take precedence over other considerations.

“I want to use this opportunity to urge the media and all other stakeholders to see

themselves as partners with the Armed Forces towards solving the various security challenges facing our nation. I am convinced that such partnership could be encouraged by interaction at fora such as this, which is geared towards strengthening the existing relationship amongst stakeholders.

“Let me reiterate that the media serves as veritable tool towards winning the hearts and minds of the citizenry there propagating non-kinetic measures to solve security issues”, he said.

Earlier in his welcome address, the Acting Director of Defence Information, Onyema Nwachukwu, said the Seminar was conceptualized in response to the need to constantly enhance the capacity of media practitioners covering the Defence beat to discharge their responsibilities more effectively.

ACCI Trade fair: Stakeholders want guidelines for SMES intervention easier for access Harrison Edeh, Abuja

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takeholders at the ongoing Abuja Chamber of Commerce and Industry,ACCI want the federal government to lessen the procedures of accessing it’s numerous intervention funds,as well as find alternative ways of ensuring the Small and Medium Scale operators access the funds.

Some of them who spoke to BusinessDay raised further concerns that some small and scale businesses in the country are not yet positioned to access intervention funds of the government,due largely to their poor organisational structure while also lacking special purpose vehicel to attract such intervention funds.

“Why is it that the Small and Medium Enterprises are not accessing the fund.Why is it that SME funding is not succeeding here.These are issues we must keep looking at and keep reviewing to see a model that works elsewhere and possibly adopt it.”Olumide Steven Ayodele,the Technical Assistance to Ben Akabueze,the director of Budget and National Planning said during a media briefing at the ongoing Abuja Trade fair.

Recall,the federal government had issued several intervention funds for small and medium scale enterprise development,with the N220bn SME intevention under former President Goodluck Jonathan being the latest of it all.

Over 65,000 youths benefit from Africare’s ‘Power forward’ Godsgift Onyedinefu, Abuja

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o fewer than 65,000 youths including Secondary School Students in the Federal Capital Territory (FCT), Abuja have benefitted from Power Forward, a youth development innitiative on life skills, health literacy and education through Basketball.

The Officer in Charge, Africare Nigeria, Patrick Adah made this known on Friday at the finals of the sixth edition of Power Forward Finals and anniversary celebration at the MKO Abiola Stadium Abuja, an Initiative of the Nigerian Basketball Association (NBA),

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Africare and supported by ExxonMobil.

Adah explained that the Power Forward project since it’s inception in 2013 have greatly impacted on the lives of the students and community members through basketball and community programmes.

According to him, the project have reached over 65,000 youths in schools and vulnerable communities have been reached with life skills information such as leadership, respect and responsibility, malaria prevention strategies and treatment, environment sanitation awareness, hygiene education as well as menstrual hygiene management awareness campaign.

Friday 04 October 2019

BUSINESS DAY

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news

NUPENG wants NNPC to decentralise imported fuel distribution JOSHUA BASSEY

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ational Union of Petroleum and Natural Gas Workers (NUPENG) has criticised the centralisation of storage of imported petroleum products in the country.

The union emphasised the need for the Nigerian National Petroleum Corporation (NNPC) to equally utilise the Warri, Port Harcourt and Kaduna refineries’ depots for the storage and distribution of products.

According to the Central Working Committee (CWC) of the union, which met in Lagos, the utilisation of these depots would reduce the congestion in Apapa, Lagos.

President of NUPENG, Williams Akporeha, who briefed the media on the resolutions of the CWC, said the union was concerned that the NNPC mostly patronise private depots in Lagos to the detriment of publicly owned and other private

depots outside Lagos.

This, Akporeha said, was affecting workers and NUPENG members, as they have been rendered idle.

“The CWC-in-session is concerned that the strategic refinery depots of Warri, Kaduna and Port Harcourt are not being fully utilised despite being in functional conditions; they are not being used for the distribution of NNPC mostly imported products, while the private depots continue to have full patronage.”

“The CWC-in-session therefore urges the NNPC to reconsider the decision not to send most of its imported petroleum products to Warri, Kaduna and Port Harcourt’s depots.

NUPENG expressed support for use of other private depots outside Lagos as one of the realistic solutions to decongest the gridlock in Apapa and ease the problem of petroleum products supply and distribution for domestic, commercial and industrial utilisation in the country,” the union argued.

OPTS commits to improve 21st Century innovative practices for Nigerian civil servants KELECHI EWUZIE

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etermined to improve the innovative practices among Nigerian civil servants, the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) sponsored a two-day training by the Massachusetts Institute of Technology for Senior Civil Servants under the Office of the Head of Civil Service of the Federation (OHCSF).

The two-day training programme held at the National Universities Commission Auditorium, Abuja, witnessed the training of 80 senior civil servants across the Ministries, Departments and Agencies (MDAs).

Folashade Yemi-Esan, acting Head of Service, says the training was aimed at developing a more innovative civil service for improved service delivery via dedicated innovation units.

Yemi-Esan, while speaking at the opening ceremony of the training, says one of the eight priority areas in the 2017 to 2020 Federal Civil Service Strategy and Implementation Plan (FCSSIP) was to drive innovation in the service, a fact that necessitated the training programme to help drive in-

novation in the public sector.

Paul McGrath, chairman, OPTS of the LCCI, commends the office of the HCSF for the current civil service reform designed to reposition civil service for better performance and improved service delivery.

McGrath, who was represented at the event by Lorenzo Fiorillo, vice chairman of OPTS, says members of OPTS were delighted by the efforts of office of HCSF to upgrade the horizon of civil servants in area of technology.

According to McGrath, “We are delighted to identify with the leadership and staff of the Federal Civil Service in this effort to build a modern Public Service.

“To support OHSCF in the provision of a world-class training programme as part of the activities under the Federal Civil Service Strategy and Implementation Plan (FCSSIP) 2017-2020.”

Yemi-Esan further states that the Head of Service Project Management Team on Innovation was embarking on the establishment of a Service Innovation Department and Service Innovation Units in all the MDAs, as well as an Innovation Campaign towards raising awareness on Innovation in the Public Sector.

Glo to empower subscribers with new ‘Recharge and Win Big’ promo Jumoke Akiyode-Lawanson

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lobacom Telecommunications Company yesterday unveiled a consumer reward scheme that seeks to empower its subscribers with tools that can set them on the path of entrepreneurship.

The promotion tagged ‘Recharge and Win Big’ or ‘My Own Don Beta,’ which will run from now till January 2020, will allow subscribers who recharge up to N200 in a day either in one recharge or cumulative recharges, get the chance to win tricycles, industrial sewing machines, grinding mills or generators.

Ahead of the launch on Thursday, the promo had been preceded by several weeks of teaser campaign in traditional and online media, aimed at generating excitement among the subscribers of the company.

David Majj, retail and consumer sales chief, Globacom, said both existing and prospective subscribers were eligible to win prizes as from Thursday, October 3, 2019, in the promo that had taken the company several months to painstakingly put together.

Speaking on the mechanics of the promo, Majj said subscribers who recharge mul-

tiples of N200 would guarantee more chances of winning.

According to Majj, the promo is nationwide, while prize presentations will be held in Lagos, Abuja, Port Harcourt, Benin City, Ibadan, Kano, Jos, Enugu and Onitsha.

“Glo strongly believes in rewarding and empowering its numerous customers across Nigeria. Our objective is to transform thousands of lives through these empowerment packages to enable them become self-employed and ultimately affect the lives of those around them,” he said.

“This will have direct impact on their life situations. My Own Don Beta promises to be the most exciting people-oriented empowerment promo around. We urge Glo subscribers and non-subscribers not to miss this opportunity,” he said.

Dignitaries, who attended the launch, showered praises on Globacom for the initiative that they opined would empower Nigerians and put them on the path to prosperity.

Also speaking, Adewale Adedeji, representing Ifako/ Ijaye constituency in the state’s assembly, commended Globacom for the promo, and expressed optimism that Nigerians would embrace the promo.

Onitsha comes alive as Ofala festival gets underway

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rrangements have been concluded for the 2019 Ofala festival of the Obi of Onitsha, His Majesty, Nnaemeka Achebe.

Rooted in deep spirituality, the Ofala is the highpoint of the Onitsha ceremonial cycle.

It is primarily a celebration by the monarch and his subjects to mark the monarch’s annual emergence from seclusion, during which period he has successfully negotiated the fortunes of the kingdom. The Ofala also marks the homecoming of Onitsha indigenes.

The Ofala has recently been endorsed as a major Nigerian festival by the Nigerian Tourism Development Corporation, the apex tourism regulatory agency in the country.

Globacom, the digital transformation leader, has been the official sponsors of the Ofala since 2011. Globacom’s partnership with the organisers of the festival over the years has helped enormously in projecting the Ofala.

The actual Ofala, which is a display of royal dances, tributes, parades and music running over two days, will take place on October 11 and 12. The scope of the festival has been widened, with various events now part of the celebrations.

The 2019 Ofala will not only display the rich cultural heritage of Onicha Ado NIdu, it will also be 10 days of unstoppable fun and entertainment for both visitors and residents, the Ofala Steering Committee and Globacom said in a joint statement.

The statement signed by Ngozi Okafo, the Ogene Onira

of Onitsha and chairman of the Ofala Steering Committee, and Augustine Mamuro of Globacom said beginning from 2019, the planning and organisation of the Ofala would be undertaken in such a way as to enhance the impact of the festival with a view to ensuring that it attracts considerable national, West African, and international attention.

The statement also said that both Onicha Ado NIdu and Globacom looked forward to a continued partnership such that Globacom as major sponsor “would in its usual manner make contributions towards the growth and development of the festival”.

The 2019 Ofala events will kick off on Saturday, October 5, with the maiden edition of the Onitsha City Marathon, organised by the Onitsha Business School. The 21-kilometre road race has been approved by both the Athletics Federation of Nigeria (AFN) and the International Association of Athletics Federations (IAAF).

Many renowned international marathoners particularly from countries with road racing records like Kenya, Ethiopia, Ugandan and Diaspora Nigerian elite athletes have entered for the event.

This will be followed by the Oreze Arts VII, a group art exhibition promoted by His Majesty’s Chimedie Museum Trust Foundation and supported by the National Gallery of Art. The works of 250 artists from various parts of the world are planned to be on display at the show which will run from October 9 to October 13. www.businessday.ng

L-R: Jude Monye, regional bank head, Apapa; Aku Odinkemelu, executive director, South; Chijioke Ugochukwu, executive director, shared services and products; Nneka Onyeali- Ikpe, executive director, Lagos and South West; Gbolahan Joshua, executive director, operations and information, all of Fidelity Bank at a press conference, announcing the official launch of the Fidelity Get Alert in Millions Promo Season 4 in Lagos, yesterday.

FG says vibrant commodities exchange will improve forex earnings Iheanyi Nwachukwu

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he need for the developmentofavibrantcommodities trading ecosystem has again been emphasised in order to diversify the economy away from dependence on crude oil for improved government revenue and foreign exchange earnings Vice President Yemi Osinbajo, at a roundtable on Nigerian Commodities Trading Ecosystem held by the Securities and Exchange Commission (SEC) in Lagos, Thursday, said the commodities trading ecosystem was of paramount interest because Nigeria had an abundance of

natural resources and accordingly a comparative advantage in agriculture, solid minerals and oil and gas, hence emphasis in the immediate term was the agricultural sector.

Osinbajo, who was represented by Yemi Dipeolu, special adviser to the president on economic matters, said the Federal Government attaches great importance to an active and vibrant capital market, which will contribute to national growth and development.

In order to achieve this objective, the capital market has to operate at an optimum level, which is why the implementa-

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tion of the 10-year Capital Market Master Plan remains a key priority, he said.

According to the Vice President, “Agriculture accordingly occupies a pride of place in Federal Government policy, as stated on numerous occasions by the President and as articulated in the Economic Recovery and Growth Plan. The importance of agriculture was underscored during the last recession as its growth then of about three to four percent prevented a steeper decline. Agriculture is also important for food security and as a means of generating a quick production response. @Businessdayng

“The agricultural sector is also important for job creation and employment and for producing the raw materials that go into agro-processing. Indeed, the subsisting Agriculture Promotion Policy specifically aims to ‘integrate agricultural commodity value chains into the broader supply chain of Nigerian and global industry.”

Osinbajo added that a vibrant commodities trading ecosystem is therefore essential to underpin agricultural transformation in Nigeria as organising production in the agricultural sector would ensure that every part of the value chain contributes to its growth.

38 BUSINESS DAY

Friday 04 October 2019

news Senate urges police, army, others to increase security on waterways SOLOMON AYADO, Abuja

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enate, Thursday, urged the Nigerian Police, Army and other security formations to up their surveillance on the Bonny-Port-Harcourt waterways.

Betty Apiafi, senator representing Rivers West, moved a motion at plenary on pirates attacks on Bonny - Port-Harcourt waterways.

In her debate, she told the Senate how four boats were attacked on September 26, 2019, by pirates. She said the assailants dispossessed the passengers of their valuables while others were kidnapped in the process.

According to Apiafa, “This unprecedented challenge on the Bonny-Port-Harcourt waterways has put many travellers at risk, and almost on a daily basis, armed bandits kidnap commuters.”

Stating how important it was to intensify security, she noted that the Nigeria Liquefied Natural Gas (NLG) would soon commence its project along that route and that apart from protecting lives, it would increase traffic along the waterways.

In his contribution, Thompson George Sekibo (PDP, Rivers East), concurred the motion and said the activities of sea pirates

had led to rampant cases of abduction, killing and rape of Nigerians using the waterways.

Consequently, the Senate tasked the committee on works to ensure adequate funding of the road project in the 2020 budget to make sure the Bonny – Port Harcourt waterways project was completed.

Meanwhile, five bills including the proposed amendment of Production Sharing Contract (PSC) scaled first reading on the floor during plenary on Thursday.

The bills are: Federal Polytechnic Kano Bill, sponsored by Jibrin Barau (APC, Kano North); Deep offshore and Inland Basin Production Sharing Contract 2004 Act, sponsored by Albert Akpan (PDP, Akwa-Ibom North East) and Ifeanyi Ubah (YPP, Anambra South).

Others are: City University of Technology Auchi (Est.) Bill, 2019, sponsored by Francis Alimikhena (APC, Edo North); Flag and Coat of Arms Act 2019 bill, by Olalekan Mustapha, and Federal University, Wukari Bill, 2019, sponsored by Emmanuel Bwacha.

The bills were referred to the relevant committees by the President of the Senate, Ahmad Ibrahim Lawan, for further legislative work.

Dangote, Chimamanda Adichie make Top 5 in 100 Most Influential Africans list Multiple award-winning Nigerian writer Chimamanda Ngozi Adichie has been named as one of the 100 Most Influential People of African descent by the Africa Report.

Adichie is number 4 on the list, and the only other Nigerian in the Top 5 apart from Aliko Dangote, who is number 1. She is also the only woman in the Top 5. Adichie is followed on this list by number 5, Trevor Noah, the South African-born TV personality and comedian who is one of the leading talk show hosts in the US, having taken over from Jon Stewart on the award-winning “Daily Show”.

In a series of articles published on their platform, The Africa Report, a highly credible publication, named the top 100 Africans “who control the levers of power across politics, business and the arts: from billionaire barons to unpredictable peacemakers and soft-power superstars”.

The Africa Report said of Adichie that she “continues her stratospheric ascent and is as often seen behind a mic as in print these days – engaging audiences about racism, sexism and the human condition.”

She has received numerous awards and recognitions, including in 2008, a Macarthur Fellowship, popularly known as the Macarthur Genius Award.

She also received fellowships at Princeton University and the Radcliffe Institute of Harvard University.

Her books have been translated into over 30 languages and are used in school curriculums around the world, including Nigeria. They have won numerous prizes, including the Commonwealth Prize for her

first novel, “Purple Hibiscus”.

Her second novel, “Half of a Yellow Sun” was awarded the Orange Prize for Fiction (subsequently renamed the Baileys’ Prize), which is the worlds’ top award for female writers- and in 2015, “Half of a Yellow Sun” won the “Best of the Best” Prize, awarded to the best of the ten Prize winners over the previous decade.

“Americanah”, among other awards, won the U.S. National Book Critics Circle Award, which is the most prestigious literary award because it is awarded by professional book critics. “Americanah” is now being adapted for TV, and HBO recently commissioned a 10-episode series of “Americanah” to be produced

by Lupita Nyong’o and Brad Pitt’s production company Plan B, in which Nyong’o will star.

Adichie’s TED talk, “The Danger of a Single Story” is one of the most viewed TED talks of all time. Her other TED talk, “We Should All Be Feminists” started a global conversation about feminism, and was sampled by Beyoncé for her song “Flawless”. It also led to a collaboration with Christian Dior Couture, which launched a limited-edition T-shirt in 2017 inspired by her talk.

In October 2018, she was awarded the PEN Pinter Prize, named in honour of playwright andNobelLaureateHaroldPinter.

With many of these awards, including the Orange Prize, the Macarthur Fellowship, the National Book Critics Circle Award, and the PEN Pinter Prize, she has the distinction of being the first Nigerian and in fact, the first African, to receive these recognitions. www.businessday.ng

L-R: Ugochukwu Obi-Chukwu, chief commercial officer, Ikeja Electric; Olanrewaju Yusuf, business manager, Shomolu Business Unit; Folake Soetan, chief operating officer; Ladi Bello, Connect Franchise representative, and Albert Oluwole Bankole, baale of Isheri Oke, at the official launch of Ikeja Electric franchise office at Isheri Olowora, Lagos, yesterday.

Pic by Pius Okeosisi

How Police arrested 1,151 high-profile crime suspects in 2 months - IGP

… recover 228 firearms, warn state actors in Bayelsa, Kogi polls Innocent Odoh, Abuja

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nspector-General of Police (IGP), Mohammed Adamu, has disclosed that efforts of the men of the Nigeria Police Force have led to the arrest of a total of 1,151 highprofile crime suspects across the country between September and October, this year.

The police boss gave this revelation while speaking at a meeting he held with senior police officers at the Force Headquarters, Abuja, on Thursday, ahead of the Kogi and Bayelsa states governorship elections, stressing that the police under

his watch would “continually employ strategies that are potent enough to deal with the emerging trends of crime.”

The police chief also disclosed that within the period, 228 firearms of various descriptions and calibres were recovered, even as he admonished political actors in Bayelsa and Kogi states to be mindful of their actions ahead of the forthcoming governorship elections in the two states. He warned that anybody found to have taken actions that breach the peace would be sanctioned by the police.

Adamu said out of the total

State revenue collection increases by 46.11% to N1.6trn - Fowler SIKIRAT SHEHU, Ilorin

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hairman, Joint Tax Board (JTB), Babatunde Fowler, on Thursday, said revenue generation at the sub-national level rose from N800.02 billion to N1.6 trillion, representing 46.11 percent between 2016 and 2018.

Fowler, who stated this in his speech delivered at the North-Central zone regional flag-off of the New Tax Identification Number (TIN) Registration System and National Consolidated Taxpayer Database, held at the Banquet Hall of the Kwara State government House, Ilorin.

According to Fowler, the jump in revenue collection by states has been underpinned by the economic policies of the Federal Government, which, among other things, have resulted in the expansion of the national tax base from 10 million to 20 million and is expected to rise to 45 million by the end of the year; growth in the collections by the Federal Inland Revenue Service (FIRS) from N3.30 trillion in 2016 to

N5. 32 trillion in 2018, the highest ever and representing 53.81 percent; while non-oil revenue climbed to N2.85 trillion, an equivalent of 54 percent of total revenue generation.

Fowler, who is also the chairman of Federal Inland Revenue Service (FIRS), explained that the New TIN Registration System is underpinned by a common desire by stakeholders to drive the financial regeneration of the country.

This desire, he says will be strengthened by the new system, which will lay the foundation for government at all levels to have access to the funding required to drive socio-economic growth and development exclusive of aids, grants and borrowing.

Flower noted that the choice of Kwara State for the North-Central regional flagoff of the new system was strategic. Saying over the last four years, the state has been a leading light in ensuring sustainable internally generated revenue profile for the itself and the region.

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number of suspects arrested, 470 were armed robbery suspects; 216 kidnap suspects, 335 suspected cultists, and 130 were murder suspects.

“Aside from this, 231 kidnapped victims have been safely rescued and reunited with their families while 75 stolen vehicles were also recovered from criminal elements,” he also revealed.

“We are determined to attain this mandate within the dictates of the rule of law, uncompromising respect for human rights, and best global policing practices,” he said.

The IGP, who declared the

meeting open, also noted that the national crime profile of the country had continued to decline in relation to the previous quarters. This trend, he said, was indicative of the effectiveness of policing strategies which are based on community partnership practices, application of cutting-edge policing technologies and crime management solutions, the engagement and integration of intelligence-led policing standards to the Police functions at all operational and investigative levels, and an enhanced inter-agency collaboration orientation.

FG laments as Nigeria top list of countries practicing open defecation Cynthia Egboboh, Abuja

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inister of water resources, Suleiman Adamu, has lamented the position of Nigeria as the top ranking country in Africa with highest population of people practicing open defecation.

The minister in a statement signed by Kenechukwu Offie, director of information, said Nigeria being the first in Africa and second globally behind India with the highest population of people practicing open defecation was unfortunate as well as unacceptable, and expressed his optimism that the Federal Government would leave no stone unturned to ensure that Nigeria exited that position as soon as possible.

The Open Defecation Free Road Map was launched in 2016 after which many communities keyed into it with 20 communities declared already with the status of Open Defecation Free.

“Efforts are on to make the whole country ODF in @Businessdayng

the next six years, hence the change of strategy which includes: the Presidential launch of National Action Plan for the Revitalization of the Water, Sanitation, and Hygiene (WASH) Sector and declared a State of Emergency for the WASH Sector in November 8, 2018, Federal Executive Council (FEC) approvals of “Clean Nigeria: Use the Toilet” campaign and establishment of a National WASH Fund.

“The launching of ODF Secretariat in May 2019, advocacy visits to the Minister of FCT and State Governors as well as securing Tuesday, 19th November 2019 (World Toilet Day), as the date for the National Launching of Campaign to end open defecation in Nigeria by President Muahammadu Buhari,” the minister said.

He expressed hope that after the national launching of the campaign, the state governments were going to key into the programme using their First Ladies to champion it.

Friday 04 October 2019

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BUSINESS DAY

39

Business SOUTH-SOUTH

COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

Osinbajo commissions floor mill factory in A/Ibom ANIEFIOK UDONQUAK, Uyo

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ice President Ye m i O s i n bajo recently inaugurated a flour mill factor y in O nna, Akwa Ibom State as part of the activities marking the 32nd anniversary of the creation of the state.

The vice president also commissioned a plywood factory, in addition to a power project in Ekim.

He had his time spent on inaugurating projects in line with the industrialization programme of the state government.

Industrialization is o n e o f t h e m a j o r p ro grammes of the state government under the “C o m p l e t i o n A g e n d a,” in the which G overnor Udom Emmanuel has

Vice President Osibanjo

promised to establish at least one petroleum refinery, one thermal power plant, one petrochem-

Ikpeazu empowers first-comer traders at Abia Relief Market UDOKA AGWU, Umuahia

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overnor Okezie Ikpeazu of Abia Sate has donated N5,000 cash to each of first batch of petty traders dealing on perishable goods who have relocated to the new Relief Market at Amuzukwu in Umuahia North Local Government Area of the state capital. Other traders who would relocate to the market within the deadline of October 10, would also benefit from the governor’s largesse.

The governor said this while commissioning the ultra-modern Relief Market at Amuzukwu Ibeku, which he named after himself.

He said 10 October was the deadline for all traders dealing on perishable commodities to relocate to the market.

He said with commissioning of the market, perishable goods traders have no reason to expose their commodities on the floor at Isi Gate, which he said, is the heart of the capital city; stressing that the new Relief Market was equipped with modern facilities.

Emma Nwabuko, a commissioner-designate, said the market was equipped with modern facilities, and that only traders of perishable goods would be allocated shops there.

John Ibezim, the traditional ruler of Amuzukwu Ibeku, thanked the governor for siting the market at his A mu z u kw u c o m mu n i t y ; and also appealed to the governor to intervene on the deplorable condition of their road. He said the community has virtually been cut off at the railway crossing.

ical plant, one liquified natural gas (LNG) plant, one fertilizer manufacturing plant, and one

steel plant in the state before 2023.

Speaking while inaug u rat i n g t h e 5 0 0 - m e tric ton capacity per day flour mill, the vice president commended the state government for its vision in attracting industr ies to the state and urged other states to emulate the Akwa Ibom government in providing quality infrastructure to assist the federal government in attracting investors to the country.

He reiterated the commitment of the federal government towards the ease of doing business programme in the countr y to attract investors adding that with quality infrastr ucture and the relative peace prevailing in Akwa Ibom State,

it is likely be one of the p re f e r re d d e sti nati o n s for investment.

The vice president advised international i nv e s t o r s t o s e e Ni g e ria as the best place to bring in their investment because “Nigeria has a huge market due to its p opulation.” He maintained that the Gross Domestic Product of Lagos State alone was greater than that of many other African countries.

In his remarks, Governor Udom Emmanuel said the flour mill was a fulfilment of his electioneering campaign promise as he had pledged to make governance touch the lives of the people.

He said the flour has the ab i l i t y t o e mp l oy ove r 1,500 people.

Enugu commissioner vows to protect women and children REGIS ANUKWUOJI, Enugu

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eace Nnaji, the newly sworn-in commissioner for Gender Affairs in Enugu State, has promised to embark on programmes and reforms that would impact positively on women and children living in the state.

It is recalled that she headed the same ministry in the last four years of Governor Ifeanyi Ugwuanyi. She was said to have carried out reforms in the ministry.

Nnaji, while speaking to BusinessDay at a reception organised for her after her swearing in for a second term as commissioner, said, she would create a Gender Desk office in all the ministries in the state.

The Desk officers would be mandated to monitor budgets allocated to the female

gender in all the ministries in order to ensure that they are fully implemented.

She noted that such actions would help to enhance the economic power of women and children in the state.

Nnaji however frowned at the rate of destitution and begging along the streets of Enugu, despite the state government’s effort to get them out of the streets. She promised to double the ministry’s effort in ensuring that those people were moved out of the streets and reconciled with their families.

The Gender Affairs commissioner said that in the past, ministry of Gender arrested many destitute, rehabilitated and reconcile them with their families; pointing out that most of them were drug addicts, who along the line committed various degrees of crime.

Chief Judge of Enugu, Ngozi Emehelu commended Governor Ugwuanyi for appointing some qualified women to serve in his administration. She challenged women to see education as the key to every success; and that the appointment of educated women was an encouragement to the women folk, thereby causing others to strive to be educated.

Paul Nnaji Ofor, a member of the State House of Assembly, representing Nkanu East, speaking on the quality of the female commissioner said, she had the experience and educational qualification to handle any office.

“She is our mother. She calls for peace and unity all the time. She was a member of House of Representatives, a former commissioner; and she has a humane character,” Ofor said.

Ikpeazu woos investors to Abia, says state restoring its lost glory UDOKA AGWU, Umuahia

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overnor Okezie Ikpeazu of Abia state has called on investors to come and invest in Abia State as he has restored the lost glory of Aba and Abia State in general.

Ikpeazu made the call at Aba during the official commissioning of Real 99.1 FM , a radio station founded by Uche Ogbuagu, a popular entertainment personality and member representing Ikeduru State Constitutuency in Imo State House of Assembly. The Governor

used the opportunity to inform Aba residents that his government is committed to fixing Aba roads.

He disclosed that Setraco company would construct such roads as Portharcourt Road, Ngwa Road, Uratta Road among others saying that the drainages in Portharcourt Road have so far been done waiting for main construction work by dry season, as rainy season is not the best time of constructing roads.

The Governor assured that he would maintain the quality of roads being done in the State, revealing that

the Umuola Road, where the radio station is located was built in his first tenure with Cement Pavement Technology and had lasted without portholes. He appreciated Uche Ogbuagu for coming back to invest in Aba, where he started life and urged the station to operate in accordance with NBC regulations.

Chibuike Nwokeukwu, the Charman of the occasion, in his speech advised the management of Real FM to abide by the rules and regulations guiding broadcasting in Nigeria.

He equally enjoined all to be serious with whatever

they do for a living, adding that the owner of the station, Ogbuagu had been known to be serious and committed in his entertainment business.

Nwokeukwu expressed hope that Ogbuagu would excel the more especially in opening a TV station.

Also speaking, the Founder, Ideal Media Independent Broadcasting Networks and owner of the station, Ogbuagu commended the Governor for promoting the ‘can do spirit’ of the Aba man and his aggressive promotion of the ‘Made in Aba’ products. He assured that Real FM would publicize the

programmes and activities of the Governor and government of Abia State Ogbuagu, who informed the Governor that the only challenge of Aba people was bad road network, commended him for the ones done so far and expressed hope that the Governor would tackle the remaining road problems during the dry season.

Michael Okebe earlier in an address on behalf of the management Board, said the station was poised to put Aba and Abia State on the first page of entertainment, news and sports among other programmes.

Enugu govt to partner with tricycle operators REGIS ANUKWUOJI, Enugu

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nugu State government has expressed strong will to partner with tricycle operators in the state to ensure security of lives and property of both the operators and the passengers within the urban and rural areas.

The permanent secretary, ministry of Transport, Ogbonna Idike stated this at the official lunch of PAYCOM Nigerian (Opay), a new digital ICT, tricycle (Keke) management company in Enugu recently.

He said that government is interested because of the security of lives and property the organization tends to bring into the system which aimed at helping to checkmate the Keke operators in the state using the ICT to control their operations in the state.

He however frowned at the rate keke operators disobey traffic laws and warned that the ministry would not take it easy with any of the operators who fail to follow the lay dawn traffic rules in the state.

“I am aware that most of you Keke operators in the state do not have driving permit to operate, even when His Excellency, Governor Ifeanyi Ugwuanyi brought down the cost from N18,000 to N6,000, and made it easy for you to pay and collect within hours after payment, yet many of you have not done that,” he said.

He advised the tricycle operators to make good use of the opportunities provided by the state government to equip themselves with all the necessary thing needed of them to operate in the state, pointing out that the state still remains one of the states that collect ticket as low as N150 per a day against others who collects between N400 to N1000 from operator per a day.

He also said that registering with the new company has not in any way replaced the leadership of Keke operators of the job of ministry of transport in the state.

Earlier the Director O-Rider, Paycom Nigeria Limited, Moses Awolowo who represented the company said that the company is presently operating in about 12 states and intends to spread to other states.

He said that the operation of Opay was to create jobs by adding dignity and respect for the operators who do not need to run around looking for passengers again but use their Android phones to link with customers close to them.

He said that Keke operators who register with Opay would be trained to be ICT compliant and given an Android phone which customers would use to link them up. Awolowo noted that the system helps to check crimes committed by keke operators to a large extent, settle quarrels because the phone records the areas covered and charge the passenger, the company also pay the operators through their wallets daily.

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FT

Friday 04 October 2019

BUSINESS DAY

FINANCIAL TIMES

World Business Newspaper

DEMETRI SEVASTOPULO AND JAMES POLITI IN WASHINGTON

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onald Trump has urged China to investigate Joe Biden, the former vice-president, blatantly encouraging a foreign nation to interfere in the 2020 presidential election even as Democrats pursue an impeachment inquiry into similar requests to Ukraine.

“China should start an investigation into the Bidens because what happened in China is just about as bad as what happened in Ukraine,” Mr Trump said on Thursday.

The call for China to investigate Mr Biden and his son, Hunter Biden, comes as US trade negotiators continue talks with their Chinese counterparts in an attempt to secure a deal to end the trade war between the two economic powers.

Mr Trump has asked several world leaders for help — either to investigate the Bidens or to assist a review of the Russia investigation by special counsel Robert Mueller, which concluded earlier this year.

In addition to pressuring Volodymyr Zelensky, the Ukrainian president, in a July 25 telephone call, Mr Trump has also requested help from Scott Morrison, the Australian prime minister, and reportedly from Boris Johnson, British prime minister.

Asked on Thursday if he had asked Xi Jinping, China’s president, to probe the Bidens, Mr Trump replied: “I haven’t, but it’s certainly something we can start thinking about.”

The White House declined to comment, and the US trade repre-

Donald Trump encourages China to investigate Bidens

President’s comments come as former Ukraine envoy testifies in impeachment probe

Donald Trump, speaking to reporters on Thursday, has asked several government to investigate the Bidens © Getty

sentative and the US Treasury did not respond to a request for comment on whether US officials had discussed an investigation of the Bidens in the trade negotiations.

Mr Trump was speaking as the Democrat-controlled House of Representatives moves ahead quickly

Move to invoke part of colonial-era emergency law follows months of political unrest

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he Hong Kong government plans to invoke emergency powers to ban the use of masks during protests in a move that foreign diplomats and some politicians warned could hit the city’s economy.

Amid concerns that tensions are set to escalate sharply after the city’s months of demonstrations claimed their first shooting victim this week, Hong Kong’s leader Carrie Lam will put the proposal to ban masks to a cabinet meeting on Friday, two people familiar with the matter said on Thursday.

The move to invoke the colonial-era Emergency Regulations Ordinance was necessary to help end four months of violent protests in the Asian financial hub, “otherwise the only option to restore order is Chinese intervention”, said one of the people familiar with the matter.

The government and the office of Ms Lam, who has yet to publicly address concerns over this week’s unrest, did not return a request for comment.

Pressure is mounting from proBeijing groups and the police for the government to take a harder line on the protests after pro-democracy demonstrations to mark China’s national day on Tuesday descended into fierce street battles across Hong Kong.

Police fired on an 18-year-old student as he attacked them with a pole in an incident that overshadowed national day festivities in Beijing, where China’s President Xi Jinping held the country’s biggest military parade.

The injured student, Tsang Chikin, was charged on Thursday with rioting and assaulting an officer, crimes that carry up to 10 years and two years in prison respectively. He remains in a stable condition.

The proposed anti-mask law is aimed at stopping protesters from using surgical masks and other face covers to avoid being identified by police and surveillance cameras.

The person familiar with the matter said Ms Lam had held off invoking emergency powers because she feared this would harm the international image of Hong Kong, one of Asia’s premier capital-raising centres. www.businessday.ng

Ukraine to fire its top prosecutor to stop an investigation into a Ukrainian gas company, Burisma, where Hunter Biden was once a board member.

The July call is central to the whistleblower complaint that sparked the impeachment investigation. It came a week after Mr Trump ordered his

US tariffs impact uneven across Europe’s food and drinks industry

Hong Kong government seeks ban on masks during protests NICOLLE LIU IN HONG KONG AND TOM MITCHELL IN BEIJING

with an investigation into his call with Mr Zelensky, in which Mr Trump asked his counterpart to investigate Mr Biden and his son Hunter.

Mr Trump and his supporters have alleged — without providing evidence — that Mr Biden pressured

staff to withhold almost $400m in congressionally approved military aid to Ukraine to help it counter Russia.

Mr Trump and his personal lawyer, Rudy Giuliani, have pushed unfounded theories that Mr Biden, while serving as Barack Obama’s vicepresident, helped his son do business in Ukraine and China. After the release of the whistleblower report last week, Mr Trump has doubled down on the claims to deflect attention from the accusations he faces.

The Biden campaign responded on Thursday that “the defining characteristic of Donald Trump’s presidency is the ongoing abuse of power”.

“What Donald Trump just said on the South Lawn of the White House [about China] was this election’s equivalent of his infamous ‘Russia, if you’re listening’ moment from 2016 — a grotesque choice of lies over truth and self over the country,” said Kate Bedingfield, deputy campaign manager for Mr Biden.

In the 2016 race, Mr Trump appeared to prod Russia to interfere in the election by urging it to locate thousands of emails that Hillary Clinton, his Democratic opponent, had deleted from the private server she used while working as US secretary of state.

Shares in Pernod Ricard and Rémy Cointreau rise after cognac and champagne are excluded LEILA ABBOUD IN LONDON AND MILES JOHNSON IN ROME

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urope’s biggest spirits makers breathed a sigh of relief on Thursday after the US unveiled the list of goods to be hit with tariffs following its victory in a World Trade Organization case, although the effects of the new levies will be unevenly felt by food and drinks groups across the region.

The WTO has authorised the US to slap levies on $7.5bn worth of EU imports annually after a dispute over illegal aircraft subsidies granted to Airbus, the European aerospace company. The US trade representative’s office set out a plan to put 25 per cent tariffs on goods including wines, olive oil, yoghurt and sweaters. A raft of companies, from Italy’s pecorino cheese makers to British tailors of men’s suits, will be affected.

But in the drinks industry, where investors had been bracing for a potentially severe impact, the US has spared cognac, champagne and some Irish whiskies. Irish whiskies made in Northern Ireland will be affected by tariffs but those made in the Republic of Ireland will not. Scotch whisky made in

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Scotland will be affected too.

The US did not explain why similar products in different countries were treated differently and it also warned that the scope and level of the tariffs could change in the future. Few expect this move to be the end of simmering trade tensions between the US and Europe because the bloc is expected to win approval early next year for its own tariff response over illegal aid to Boeing.

“There are surprises, nuances and ambiguities” in terms of what spirits are covered by the tariffs, wrote Jefferies analyst Edward Mundy in a note. But overall, the list represented “a light touch and we would expect positive reaction for European spirits companies”.

French distillers Pernod Ricard and Rémy Cointreau are among those to have escaped a harsh outcome. Jameson — Pernod Ricard’s top-selling Irish whiskey and a major driver of its US growth — will not be subject to the tariff. Nor will Rémy Martin cognac, which accounts for 70 per cent of group sales.

Shares in Rémy Cointreau rose as much as 8 per cent to €124.60 on Thursday, while those in Pernod Ricard gained 3.7 per cent to €167.45.

Investors had been particularly @Businessdayng

worried about the impact of tariffs on Rémy Cointreau, whose smaller size and reliance on a few brands meant that any alteration could have been severe. Short interest against the stock rose to 20 per cent in the past two weeks, according to Markit data from Bloomberg.

For Diageo, the world’s biggest spirits maker, Baileys liqueur and single-malt scotch will be affected.

However, revenue from its joint venture with LVMH in cognac and champagne will be spared. The company’s shares rose 2.1 per cent to £32.66.

“Diageo has a diversified portfolio both in terms of geography, brands and price points, so they should be able to weather it,” said Georgina Cooper, an investment manager for UK equities at Standard Life Aberdeen. The group owns roughly 2 per cent of Diageo’s shares in passive and actively managed funds, according to Capital IQ. Although yoghurt and fresh cheeses are also included on the tariff list, the impact on Europe’s biggest producers such as Nestlé and Danone is likely to be minimal, said Martin Deboo, an analyst at Jefferies. That’s because they manufacture those products locally in the US so they won’t be subject to them.

Friday 04 October 2019

FT

BUSINESS DAY

41

NATIONAL NEWS

EU’s top court backs global removal of illegal content on Facebook ECJ rules social media group can be forced to take down posts such as hate speech MEHREEN KHAN IN BRUSSELS

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urope’s top court has ruled that individual countries can force Facebook to take down illegal content, including hate speech, both inside the EU and across the world.

The European Court of Justice made the decision after a Green party politician in Austria sued Facebook, demanding that the social network remove a set of defamatory comments about her, and any “equivalent” messages posted by others, globally.

The ECJ said there was nothing in EU law to stop national courts from asking Facebook to search and delete duplicate posts of illegal content and that such take-downs should apply worldwide.

A spokesperson for Facebook said the ruling raised “critical questions around freedom of expression” and that it “undermines the longstanding principle that one country does not have the right to impose its laws on speech on another country.”

Eline Chivot, analyst at the Center for Data Innovation, said the ruling risked opening a “pandora’s box” where EU court rulings can apply in countries that do not have similar libel or hate speech laws.

“What is prohibited in one nation may not be in another, including within the EU and between its member states,” said Ms Chivot.

“Expanding content bans worldwide will undermine internet users’ right to access information and freedom of expression in other countries.

This precedent will embolden other countries, including those with little respect for free speech, to make similar demands.”

The ruling will compel Facebook to proactively search for duplicate posts, as long as the material is already subject to a removal order and “identical” or “equivalent” to the

original post.

Users who have been defamed, or subject to hate speech, have previously complained that similar harmful material can be repeatedly posted to avoid the original removal order.

The Facebook spokesperson said that national courts would now have to clearly define what “identical” and “equivalent” posts look like in practice and said: “We hope the courts take a proportionate and measured approach, to avoid having a chilling effect on freedom of expression.”

The ECJ was asked to provide clarity on the scope of Facebook’s responsibility to remove illegal content after the question was referred

by Austria’s High Court.

The ruling helps to clarify a controversial debate inside the EU about how far tech companies should be liable for content uploaded by their users. Member states like Germany have introduced tough hate speech laws where tech platforms are subject to fines if they fail to police illegal material.

Brussels has stayed away from regulating hate speech but is considering introducing a sweeping new “Digital Services Act” to clarify the level of responsibility that social media companies have for illegal content posted by users.

Under the EU’s current e-commerce directive, tech groups are not required to monitor all content on their platforms under a key legal protection known as “safe harbour”, which exempts companies from direct legal responsibility for useruploaded material.

In a carefully worded judgement, the ECJ said the e-commerce directive did not prevent platforms from actively policing material that was very close in nature to already removed content. Judges said removal orders should apply worldwide as long as this does not violate “the relevant international law”. “It is up to member states to take that law into account,” said the ECJ.

Tesla third quarter deliveries miss company’s 100,000 forecast Electric car maker said it achieved record new orders in the quarter PATRICK MCGEE IN SAN FRANCISCO

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esla delivered “approximately 97,000” cars in the third quarter, slightly missing Wall Street estimates and falling short of the 100,000 milestone the company had hoped for.

The Fremont, California-based electric vehicle pioneer said Wednesday it had produced 96,155 cars and delivered about 97,000 from July to September, a touch short of analyst estimates for 97,400 deliveries in a Refinitiv survey.

Last week chief executive Elon Musk told employees the company has “a shot at achieving our first 100,000 vehicle delivery quarter, which is an incredibly exciting milestone for our company.”

Tesla, the first major American car company to emerge since Chrysler in 1925, since it achieved “record new orders” in the quarter and was experiencing “strong or-

ganic demand.”

The vast bulk of the vehicles were its Model 3, which accounted for 79,600 of the vehicles, whereas the Models X and S vehicles made up 17,400 of the total. Analysts have worried Tesla’s revenue could suffer, even as deliveries rise, based on the mix of cars it is selling.

In after-market trading, shares were down 3.9 per cent at $233.74, trimming earlier declines that topped 6 per cent. As of Wednesday, Tesla shares were down 22 per cent year-to-date. It is valued at $43bn, which is $6bn behind GM but around $9bn more than Ford.

“We continue to believe the biggest overhang around the story is Tesla’s ability to hit its overall unit guidance for 2019 of 360,000 to 400,000 units,” Dan Ives, Wedbush analyst, told clients in a note last week. He called it a “Herculean-like task,” saying fewer than 350,000 cars delivered this year was more plausible. www.businessday.ng

Boris Johnson addresses the House of Commons on Thursday © PRU/AFP via Getty Images

EU doubts grow over Boris Johnson’s Brexit offer

British prime minister insists he is serious about trying to bridge the chasm with Brussels SAM FLEMING AND MEHREEN KHAN IN BRUSSELS AND LAURA HUGHES IN LONDON

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U leaders and lawmakers warned Boris Johnson that they had profound concerns about his new Brexit proposals as the prime minister insisted he had made a “genuine attempt to bridge the chasm” between the two sides.

In a withering assessment, the European Parliament’s Brexit steering group on Thursday said the UK’s plans as they stand did not “represent a basis for an agreement to which the European Parliament could give consent”.

Separately, Donald Tusk, the European Council president, told Mr Johnson that the bloc was “open but still unconvinced” following the arrival of his plan

to replace the Irish backstop on Wednesday.

Th e p r i m e m i n i s t e r o n Wednesday outlined a plan to Brussels that he hopes will resolve the vexed issue of the Irish border with the EU as well as end the deadlock over the UK’s departure terms at Westminster.

But during a House of Commons statement, Mr Johnson admitted “we are some way from a resolution”.

EU leaders and diplomats are wary of issuing too harsh an assessment on Mr Johnson’s blueprint, warning that it could make Brussels the victim of a blame-game in the UK. But it was clear after the proposals were digested on Thursday that serious doubts are spreading across EU capitals.

“Opinions are really divided among member states as to whether the UK actually wants a deal,” said one senior EU dip-

lomat.

Mr Johnson’s offer to the EU includes proposals to overhaul the withdrawal agreement finalised by his predecessor Theresa May and the 27 other member states by removing the so-called backstop to avoid a hard Irish border. The plan involves the creation of two new borders: a customs frontier between the Irish Republic and Northern Ireland, and a regulatory one between the region and mainland Britain.

Northern Ireland would adopt EU single market regulations for agriculture, food and industrial goods, provided the region’s devolved assembly gave its consent.

Mr Johnson objects to how the backstop tied the UK into a customs union with the EU that would stop Britain from forging its own trade policy after Brexit.

Uber to launch app matching temporary workers and businesses Uber Works to debut in Chicago as company continues to diversify beyond ride-hailing HANNAH MURPHY AND PATRICK MCGEE IN SAN FRANCISCO

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ber is launching a new app on Friday in Chicago that will match temporary workers looking for shift work with businesses looking to fill gaps in their rosters, according to three people familiar with the matter.

The new business will be called Uber Works and has been in stealth mode in Chicago for a year, following a trial in the city and an earlier trial in Los Angeles. Although it will be now be officially launched in Chicago, one person said Uber was exploring rolling out the service more widely.

The platform is designed to help blue-collar workers such as clerks

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and chefs, without requiring them to re-enter their credentials every time they sign up for a new job. The technology will also allow them to have oversight of the shifts they do in one place.

Uber will be partnering with agencies, including TrueBlue, one of the largest industrial staffing companies in the US, according to a person familiar with the project.

Even though the app is part of the “on-demand” gig economy model, Uber will sign up workers that are “W2 employees”, or staff that are eligible to receive certain benefits.

Their employers — in this case, staffing agencies — will also be required to pay payroll taxes, the person said.

Uber said in a blog post it wanted to “eliminate bottlenecks to finding work”, adding users would be able to see information about pay, skill @Businessdayng

requirements and dress code for potential work assignments. The company said the new platform would also help companies “reduce scheduling headaches, weather seasonal variations, and staff up for unexpected demand”.

Uber’s move to offer a service to gig economy workers comes as Uber’s mainstay business is under threat in its home market. Last month, California passed a bill that will make it difficult for ride-hailing companies to continue classifying its drivers as contractors rather than as employees.

Dara Khosrowshahi, Uber chief executive, told reporters last week he wanted the company’s app to become “a one-click gateway to everything that Uber can offer”, including ride-hailing, e-bikes, scooters, helicopters and on-demand food.

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Friday 04 October 2019

BUSINESS DAY

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Services data fuel fears over health of global economy Traders’ worries stoke government bond rally as market jitters persist ROBIN WIGGLESWORTH IN OSLO AND COLBY SMITH IN NEW YORK

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ears over the health of the global economy deepened on Thursday with the publication of a raft of dismal data, pouring fuel on the government bond rally and spurring traders to ratchet up bets on further interest rate cuts by the US Federal Reserve.

Escalating trade tensions between the US and China have cast a pall over the global economy and financial markets, forcing central banks to reverse course on tightening monetary policy to safeguard the post-crisis economic recovery.

A string of disappointing economic data from the US, the UK and the eurozone on Thursday intensified investors’ concerns that central banks might prove unable to counteract the impact of president Donald Trump’s trade wars.

Consumption and services, the bedrock of most developed economies, have long proven relatively resilient to the trade-sparked industrial slowdown, but Thursday’s data exacerbated concerns that the economic weakness is spreading.

Purchasing managers’ indices for the service industries in the US, the UK and Germany underperformed economists’ estimates, with the latter two falling into contraction territory.

David Rosenberg, chief economist at Gluskin Sheff, called this “the great spillover”.

“Anyone who thought you could have a recession in the goods and manufacturing sector wouldn’t morph into the services sector was dreaming in technicolour,” he said.

Rising concerns over a potential global recession in the coming year

— and the prospect of more monetary stimulus as a result — have sent many investors scrambling for the relative safety of highly rated government debt.

Stock markets around the world dipped after the publication of the data, with the S&P 500 index falling by over 1 per cent before retrenching somewhat. The moves came a day after a sharp selloff; FTSE AllWorld index is down 2.3 per cent over the course of this week.

Yields on safer government bonds have fallen back to near record lows. The 10-year Treasury yield dipped over 5 basis points to trade at 1.54 per cent on Thursday, back to near a record low, while the comparable benchmark bond yields of the UK and Germany fell to 0.48 per cent and minus 0.59 per cent respectively.

The fears of recession continue to mount,” said Chris Rupkey, chief financial economist at MUFG. “Stock investors don’t like that the doom and gloom in the manufacturing sector is starting to infect the bigger part of the economy that employs millions of workers in services industries.”

Traders are girding themselves for Friday’s release of the US jobs data, but are now betting that the Fed will slash interest rates for a third time since the financial crisis later this month.

Payrolls processor ADP estimated on Wednesday that private US employers added 135,000 jobs last month, down from 157,000 in August, which itself was downgraded from an initial estimate of 195,000.

According to futures prices compiled by Bloomberg, the implied odds of a quarter-point cut have spiked to nearly 90 per cent, up from just 40 per cent on Monday.

MGM to pay up to $800m to settle Las Vegas shooting claims Company resolves litigation stemming from deadliest mass shooting on US soil MAMTA BADKAR IN NEW YORK

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GM Resorts has agreed to a settlement of up to $800m with survivors and family of victims killed in a 2017 mass shooting in Las Vegas, the deadliest ever on American soil.

On October 2, 2017 Stephen Paddock shot from the 32nd floor of the Mandalay Bay Hotel and Casino down into a concert with more than 20,000 revellers, killing 58 people and injuring more than 500.

MGM Resorts, which owns the Mandalay Bay Resort, has agreed to pay between $735m to $800m to resolve legal cases against it, depending on the number of claimants who choose to participate in the settlement. It has not admitted any liability.

The settlement fund will be

paid for by MGM Resorts’ insurers with a minimum of $735m. MGM Resorts has insurance coverage for $751m.

“While nothing will be able to bring back the lives lost or undo the horrors so many suffered on that day, this settlement will provide fair compensation for thousands of victims and their families,” said Robert Eglet, a lead lawyer for plaintiffs in the case.

He added that the settlement “represents good corporate citizenship on their part”.

The process is expected to be completed next year. Under the settlement the parties will dismiss all pending litigation.

“Our goal has always been to resolve these matters so our community and the victims and their families can move forward in the healing process,” said Jim Murren, chief executive of MGM Resorts. www.businessday.ng

Steve Huffman, chief executive of online chat platform Reddit, which is hoping to attract brands to advertise inexpensively on the site at a time of growing scrutiny over Google and Facebook’s ads duopoly © Bloomberg

Reddit revamps ad strategy to woo big brands Edgy website is trying to clean up its content to lure advertisers, says chief executive HANNAH MURPHY IN SAN FRANCISCO

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teve Huffman, chief executive of online chat platform Reddit, is now a self-confessed “Supreme Court nerd”.

After what the company acknowledges as its “wild” early days, the 35-year-old co-founder is now trying to clean up the edgy website known for provocative discussions and fringe groups, while revamping its advertising offering in a bid to woo big brands and move towards profitability.

To that end, Mr Huffman has turned to the history books.

“How do we wrestle with the fact that there are ugly conversations happening in our country when the founding principle is on free expression?” he said. “These aren’t new issues. I look to what people smarter than us have thought about [them].”

The strategy is not just ethical but commercial.

According to Mr Huffman, Reddit has doubled its revenue growth year-on-year over the past two years, and is targeting that same pace for its core business this coming year.

Staff headcount has doubled over the past year to about 500.

Meanwhile the group has clinched several high-profile content and advertising deals recently, including with the National Football League and with Google ahead of the launch of its Stadia cloud gaming platform in November.

Reddit has also joined the ranks of Silicon Valley’s so-called unicorns, raising $300m earlier this year in an investment round led by China’s Tencent, giving it a valuation of around $3bn.

But tempering extreme conversation while also maintaining Reddit’s reputation as a radical bastion of free speech is a delicate balance, especially as many among its 330mstrong user base are quick to accuse it of censorship.

The site’s darkest corners include communities peddling conspiracy theories, and far-right groups that propagate racist and sexist content, or promote violence — material that has only become more problematic in the wake of attacks such as the Christchurch mass shooting, in which a white supremacist gunman killed 51 people at two mosques in

New Zealand.

The company only this week revised its bullying and harassment policies, following concerns that they had been too narrow, and enforcement was patchy.

‘There are ugly conversations happening’ Founded in 2005, the self-declared “front page of the internet” is known as a hub for esoteric memes, sardonic humour and gamers. One of the most popular websites in the US, it is also home to thousands of “subreddit” chat forums, where varied discussion topics range from woodworking to low-carbohydrate ketogenic diets.

Now, Mr Huffman is leading the charge to attract brands to advertise their wares inexpensively on the site, at a time of growing scrutiny over Google and Facebook’s ads duopoly.

As part of his pitch, he claims a unique audience that tends towards millennials and Generation Z: according to ComScore data from 2018, 17 per cent of Reddit’s users do not use Facebook, 28 per cent are not on Twitter and 43 per cent do not have Snapchat.

US shopping mall vacancies hit 8-year high Bankruptcies and lower footfall pose serious challenges for retailers ALISTAIR GRAY IN NEW YORK

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acancies in US shopping malls have hit an eightyear high but new data show that some areas are coping with the retail upheaval far better than others and the gap is widening.

The proportion of units lying empty in some cities, including Indianapolis and Birmingham, Alabama, is about four times higher than the economic hotspot of San Francisco, according to new data from Reis, part of Moody’s Analytics.

The signs of difficulty in local retail property markets come as landlords

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brace for a wave of store closures following the bankruptcy of Forever 21 this week. The fast-fashion retailer, which has 32,800 employees globally, has earmarked 178 locations for closure across the US. Jonathan Goulding, the company’s chief restructuring officer, said in court documents that Forever 21 was “saddled with excessive floor space” in several unprofitable markets.

The company’s stores occupy 12.2m sq ft worldwide and tend to be especially large, prompting worries that mall operators will struggle to find replacement tenants.

“It’s definitely a concern because @Businessdayng

there’s not that many retailers that will want that amount of space,” said Neil Saunders, retail managing director at consultancy GlobalData. “In some locations there’s just a real glut of space.”

The Reis data published on Thursday, which track 77 metro areas, show 9.4 per cent of units were empty in the third quarter — equalling a post-financial crisis high reached in 2011.

The retail vacancy rate was less than 7 per cent in 17 cities, led

by San Francisco with a 4.1 per cent rate. By contrast, 24 cities saw vacancy rates above 12 per cent, including Memphis, Buffalo and Albuquerque.

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Friday 04 October 2019

BUSINESS DAY

ANALYSIS

FT

Short sellers pile into WeWork debt More than 10% of property group’s bonds now on loan — the most on record ERIC PLATT AND JOE RENNISON IN NEW YORK

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nvestors have placed a record level of bets against WeWork’s bonds since the lossmaking property group abandoned its initial public offering and its credit rating was slashed deep into junk territory.

More than $67m of the company’s $669m of corporate debt was on loan, according to data provider IHS Markit. This is a proxy for “short positioning” in the bond, where investors profit if the price of the debt declines.

WeWork’s bonds, which mature in 2025, have fallen dramatically in recent weeks. The debt traded hands for less than 85 cents on the dollar on Wednesday, a record low. That was down sharply from a high of 105 cents on the dollar after WeWork made public its IPO plans in August. By Thursday morning, they had edged just above 85 cents.

“It makes sense as a ‘pile on’ trade,” said John McClain, a portfolio manager at Diamond Hill Capital Management. “All the sentiment, all the headlines have been bad. It’s led to a feasting on a failed unicorn.”

WeWork’s bonds now offer a nearly 12 per cent yield to maturity, just short of the average yield on a Credit Suisse index of triple Crated high-yield debt. On Tuesday, Fitch Ratings had cut WeWork’s credit rating by two notches to triple C plus with a negative out-

look. Under Fitch’s definition of triple C, bonds carry “substantial credit risk” and default is seen as “a real possibility”.

Short sellers borrow debt — often from banks — for a fee and then sell it into the market. If the bond price declines, they are then able to buy the bond back at a lower price. The short seller then returns the bond to the bank, pocketing the difference between their purchase and sale prices.

Sam Pierson, a director in IHS Markit’s securities lending division, noted that the cost to borrow WeWork debt to short had skyrocketed and that it was now among the most expensive bonds to short in the $9.5tn US corporate debt market.

More than 10 per cent of WeWork’s debt was now on loan, according to the IHS Markit data, eclipsing a period last year when the company was expected to win new financing from SoftBank, news that drew a large number of short sellers into the debt. The company earlier this year repurchased $33m of the $702m bond, according to filings with US securities regulators.

WeWork has been in turmoil since it pulled the plug on its hotly anticipated IPO last month and co-founder and chief executive Adam Neumann stepped down from his role at the head of the company. Institutional investors have raised serious concerns over the company’s business model, Mr Neumann’s sway over the company and his share sales.

Nike’s chief executive says doping claims make him ‘sick’ Mark Parker moves to defend group’s reputation after athletics coach banned for violations ALISTAIR GRAY IN NEW YORK AND MURAD AHMED IN LONDON

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ike’s chairman and chief executive has defended himself and the sportswear company over suggestions it was connected to performance-enhancing drug violations, saying the idea the group was involved in doping “makes me sick”.

Mark Parker’s defence of the New York-listed group’s reputation came as he also stood up for Alberto Salazar, a Nike-supported athletics coach who received a four-year ban from the sport this week.

The US Anti-Doping Agency found Mr Salazar had been “orchestrating and facilitating prohibited doping conduct” while head coach of Nike’s Oregon Project, a training programme funded by the company.

Jeffrey Brown, a doctor who worked with athletes from the project, also received a four-year ban.

Following a six-year investigation by Usada, the men were found to have possessed and trafficked performance-enhancing drugs to athletes, and also to have helped to administer the substances in a prohibited way.

Accordingtoarbitrationdocuments published this week, the two men said they conducted tests to establish how

much testosterone it would take to trigger a positive result on a doping test because they were concerned their athletes could be sabotaged.

Usada countered that this was not an acceptable justification, since the same experiments could just as easily be used for “the nefarious purpose of evading doping control”.

Emails dating back to 2009, published online this week, also appeared to show Mr Parker himself was briefed about the tests. In one note to Dr Brown, Mr Parker expressed an interest in the minimum amount of AndroGel, a testosterone product, that was needed to trigger “a positive result”.

However, in a memo to employees, Mr Parker hit out at “highly misleading” coverage of the correspondence. Far from encouraging doping, he said the experiments were designed to prevent the practice.

“To have my name and Nike’s name linked to this reckless mischaracterisation is offensive,” he wrote.

Mr Parker added that he “had no reason to believe the test was outside any rules”. The Nike chief also stood

by Mr Salazar — who is appealing — saying he had acted “in good faith”.

According to the chief executive, the coach was “attempting to prevent doping of athletes — exactly the opposite of some of the commentary you may have heard”. www.businessday.ng

The men making a fortune from Syria’s war How a few profiteers made millions picking clean the carcass of the country’s economy CHLOE CORNISH

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his summer, a pair of Syrian brothers journeyed across Europe.

Their story did not begin with a rubber dinghy afloat on the Aegean and a scramble for safety on to a Greek island: a well-worn route for many Syrian refugees fleeing a conflict that has lasted eight years and taken an estimated half a million lives.

Instead, these brothers landed in Cannes; their transportation, a plane, then a pair of Ferraris; their extravagances documented on social media and culminating on the party island of Mykonos.

Mohammad and Ali are the sons of Syria’s richest man, Rami Makhlouf, who also happens to be the Syrian president Bashar al-Assad’s cousin and childhood playmate.

Before war broke out in 2011, Makhlouf was thought to control more than half of Syria’s economy despite the fact that he has been under international sanctions since 2008.

The 50-year-old tycoon was long considered the pariah regime’s banker but a recent fall from grace has given other war profiteers a chance to challenge his dominance.

The brutal civil war has torn Syria’s social fabric, creating the biggest population displacement since the second world war, with more than 12 million people forced to leave their homes.

The Assad family, autocratic rulers for nearly five decades, have all but wiped out the secular rebels, leaving jihadists as the armed opposition. Assad’s army is accused by the US and Europe of detaining, torturing and gassing tens of thousands of civilians.

With help from its military allies Russia and Iran, the regime has regained most of the country, though fighting continues in the north-west. But the battlefield victories have not brought financial

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relief. Most Syrians are sliding ever deeper into poverty.

When the FT visited a cold, grey Damascus earlier this year, people queued in vain for governmentsubsidised cooking fuel and bread amid rolling blackouts and gas shortages. Some said they could only afford meat once a month.

“I’m waiting for a miracle,” sighed the owner of a generator shop who apologised for not offering tea because he was out of gas.

“It’s the same for everyone.”

The war has hollowed out Syrian society. “The middle class is gone,” said Nabih, a regime insider speaking at a smart Damascus hotel. “Only the rich and poor are left.” As Makhlouf’s sons sped through Monte Carlo and SaintTropez in their expensive cars, the gulf between their extravagant summer holiday and the painful poverty inside their own country was enormous.

More than 80 per cent of Syrians were living below the poverty line by 2015, according to the most recent data available. The UN says the signs are that this has worsened.

Few can make money in Syria now. Gross domestic product has crumpled from $60bn annually before the conflict to an estimated $15bn in 2016. Military conscription, exile, injury and death have warped the labour force, leaving companies scrabbling for staff.

Businesses are hampered by energy and water shortages, and are regularly shaken down by the cash-strapped state. International sanctions have all but frozen trade with the outside world, while paying bribes are another squeeze on revenues — Syria is the second most corrupt country in the world, according to Transparency International.

But in every war there are winners. Newcomers who have profited over nearly a decade of conflict are now jostling with those at the top. This is the story of how a handful of men — two of them brothers — grew to dominate Syria’s devastated economy. @Businessdayng

“There is a new class of wealthy war traders,” said Mazen, an Aleppo businessman from an old industrial family. The old guard call these people “new faces”. “We don’t know how they make money,” he continued. “Sometimes we ask ourselves if we’re in the wrong business.”

These individuals have made fortunes picking clean the carcass of the country’s economy. From melting down steel ripped from its shattered cities to brokering oil deals forbidden under international sanctions, to selling hotel rooms to aid workers, following the money leads us into the dark dealings of today’s Syria.

Their dramatic rise to fortune has also helped the regime to survive by keeping trade going, oil flowing and helping to fund proregime militias, even as the country lies in ruins around them.

Since coming to power in 1971, the Assad family has forged various alliances with Syrian elites. Under Hafez al-Assad, and his Ba’ath party, Syria was socialist. His chosen partisans were mostly military men from his own minority Alawite sect.

Bashar, his son, was never supposed to be president. But the untimely death of Bashar’s swaggering older brother Bassel in a car crash pushed the shy Londontrained ophthalmologist to the throne. Bashar and his wife Asma, a British-Syrian former banker, returned to Damascus where Hafez put him through military training.

When Bashar took the keys to Damascus’s presidential palace in 2000, he began making changes, increasing his appeal to western governments that his father had alienated.

He made a show of launching a neoliberalist programme to open up the economy, passing more than 1,000 laws and decrees between 2000 and 2011. Investment flowed into services and real estate, sidelining traditional manufacturing, while annual gross domestic product doubled between 2005 and 2010.

Women in Business

Managing Director, HP Inc Nigeria

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Friday 04 October 2019

By Kemi Ajumobi

www.businessday.ng

Bukky Akomolafe

Ifeanyinwa Afe feanyinwa Afe is the Managing Director of HP Inc Nigeria. She is a graduate of Igbinedion University where she studied Economics and Development Studies. She is a highly focused and determined individual who is primarily geared towards championing positive contributions towards sustainable development.

Ifeyinwa introduced the HP Spectre, one of the world’s thinnest laptops, into the Nigerian market and she constantly sees to it that they are ahead of their peers.

Ifeanyinwa through her organisation, is solving the learning gaps that exist in Africa, as well as the complete lack of access to quality education.

She is highly passionate about innovation. According to her, “Innovation or invention is borne out of necessity, and the desire for positive change. I realized a few years ago that for Africa, in order to achieve greatness, we must begin at the foundation, which is education.

Africa has the highest rate of education exclusion in the world, with 60% of the youths between the ages of 15-17 out of school completely. This is even worse for females, as 9 million girls between the ages of 6-11, in Africa, never get to go to school. The same data for the males, in comparison, is estimated at 6 million.”

Afe says.

For Ifeanyinwa, women are natural innovators. In her own words, she says “if you think about it. I believe in the complete representation of all, in any concept or action. This way, a broader mind-set is adopted, with vast creative thinking.”

Ifeanyinwa says she is inspired by three people. “My mother comes first, because I learnt the meaning of hard work and determination through her. The second is the preacher, Joel Osteen, he has a gift that allows him open up and touch people through his preaching. Your faith and spirituality is what directs you when there are no signs. The 3rd person is no other than the CEO of Hewlett-Packard,

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Meg Whitman who believes strongly in the empowerment of women both at work and in the society.”

It is true that it often takes a woman extra effort to get to where her male counterparts are even when she is equally qualified. It is good to know that things are changing but a lot needs to be done to bridge this gap. Having said that, Afe believes this is a major challenge to the women folk. She puts it in the right perspective when she says “African women are often challenged with a number of factors. Being a working mother and wife, also experience some of these challenges, although some are more extreme than the others.

I see situations every day, where women are expected to act a certain way, speak a certain way and only at certain times, suppress their ideas and creativity to avoid being written-off for being too aggressive or driven. This is why I decided to have a voice for all African women. To make them understand that you can be who you want to be and reach for the stars.” She states.

Sharing on her own challenges on the job, she says “liaising with various stakeholders, to learn and participate in global reaching actions towards providing quality education in Africa is a challenge.

Over time, other obstacles still remain: funding, and awareness, both on the part of the youths, in knowing how and where to find the help/support they need, and the philanthropists, in knowing how they can help.”

Ifeanyinwa describes herself as a dynamic woman, bursting with ideas and energy, passionate about making a long lasting positive change to the world we live in. “I have always aspired towards championing positive contributions towards sustainable development, such that tomorrow gets better every day for our children and generations to come.

The drive to be successful motivates me and I am constantly challenging myself to be better at what I do every day.” Afe says.

Commercial Manager, TRAVELSTART Lagos worked at JP Morgan Chase & Co. She was ukky Akomolafe is the Commera Social Media Manager where she served cial Manager at Travelstart, Afas the content strategist and voice for JP rica’s largest online travel agency.

Morgan Chase & Co. on LinkedIn as well With offices more than four ofas provided content advice for JP Morgan. fices in Africa and the Middle East, Bukky Her last role at JP Morgan & Chase, before is in charge of Travelstart Nigeria’s local moving to Nigeria, was in the Auto Finance, brand strategy, offline marketing and sewhere she worked in business developlecting mutually beneficial partnerships. ment. Bukky is happily married and lives All with the goal of further deepening with her husband in Lagos.

Travelstart’s penetration in the Nigerian On joining Travelstart, Bukky saw the market. Prior to joining Travelstart, she opportunity to work with young, ambitious was the Head of Marketing for Rhythm go-getter leaders that use data to improve Unplugged, a Flytime produced popular processes and product delivery. “As ComNigerian concert with headline sponsor mercial Manager, I lead the marketing team Pepsi. Here, she created online & offline and my responsibilities include online and marketing campaigns for the 2015 concert offline marketing, affiliates, sales and busifeaturing Trey Songz and the 2016 concert ness development with strategic partners, featuring Nigeria’s best performing artist. and I work with the airlines to further She was also responsible for sponsor client promote their brand.” She says. relationship management, press relations Akomolafe has achieved quite a lot and branding. working with Travelstart nevertheless, Bukky has over eight years of experience she says working hard has been her main in marketing. Her training began when she goal. In her words, “I kept my head down, moved to the United States in 2005 to atworked very hard, remained consistent tend the George Washington University in with my work ethic and stayed focused DC. She graduated Magna Cum Laude with on my personal and professional goals. a Bachelors of Business Administration, From a Travelstart perspective, I always concentration in Marketing and Finance. had clarity around my KPIs, so I knew She then moved to New York to join Ogilvy what my team and I were working towards & Mather, one of the largest marketing every day. Most importantly, in my jourcommunications companies in the world, ney, I wasn’t trying to be anyone else but as an Associate in their prestigious Associthe best version of me. Self-improvement ates Training Program. There, she helped is key to me. I am continually trying to to launch a $2million growth, strategy and be the best version of myself every day.” innovation consulting business by conSays Bukky verting new business pitches into client For her, you do not necessarily need assignments. Her client roster included a large number of staff to be efficient.

BP, UBS, BlackRock, Catholic Charities Beyond the numbers, proficiency is much and more. She later attended the Yale more important. According to her, “We School of Management for her MBA where have staff strength of close to 50 people, she graduated in 2014. At Yale, she had a but we are a proof that, sometimes, you variety of leadership roles; she was the don’t need high staff count or plenty of ofSecond Year Career Development Chair fices to be able to execute excellent work. on the Student Government, Co-chair of In addition to that, we are part of a team the Black Business Alliance, a Student that is creating a recognisable brand.”

Admissions Interviewer, a member of the Bukky reveals.

Community and Inclusion Council and Bukky joined Travelstart because of the the Marketing Director for the Integrated company’s aim to make travel simple for Leadership Case Competition. After graducustomers and help to fix the travel chalation, Bukky moved to New York where lenges in Africa.

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