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How Nigeria’s auto policy encourages imports of damaged ‘Tokunbo’ vehicles Dealers exploit Customs’ 30% rebate on damaged vehicles As over 70% of imported used cars now dented F F

Farmers, traders use of harmful chemicals puts Nigerians’ health at risk

... lack of sensitisation by NAFDAC, others fuels use

AMAKA ANAGOR-EWUZIE

ive years into the implementation of the national automotive policy of 2013 introduced by the immediate past administration of exPresident Goodluck Jonathan, Nigerian car dealers have shifted

JOSEPHINE OKOJIE & ANTHONIA OBOKOH

attention to bringing in low quality and vehicles damaged by accident to cushion the effect of high import tariff on new

and used vehicles and the recent devaluation of the naira.

The automotive policy increased the tariff on imported

vehicles by imposing 35 percent duty and 35 percent levy,

Continues on page 37

armers and traders are using dangerous chemicals in foods consumed

by Nigerians, thereby exposing citizens to risk of terminal diseases and death, BusinessDay has found.

Zainab Sadiq, a trader in fruits and vegetables at Ketu Market in Lagos needs to supply Continues on page 37

Olu Fasan on Monday “2019: Buhari proposes, can Obasanjo dispose?”

Inside CBN, MTN near agreement on alleged illegal capital repatriation – Emefiele

P. 2

FT Special Report: Investing in Nigeria P. A5-A7 L-R: Dayo Obisan, president, Fund Managers Association of Nigeria; Ayo Owoigbe, president, Capital Markets Solicitors Association; Jumoke Oduwole, senior special assistant to the president on industry, trade and investment; Tumi Sekoni, associate executive director, capital markets, FMDQ OTC Securities Exchange; Nkemdilim Adi, financial markets department, Central Bank of Nigeria (CBN), and Chinua Azubike, chief executive officer, InfraCredit, during the FMDQ Debt Capital Markets Ease of Doing Business Sensitisation Session held at the Exchange Place in Lagos, yesterday. Pic by Olawale Amoo

Profiles of the 2018 BD Banking Awards P. A12-A16 nominees

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Police turn back factional members of Anambra House of Assembly ... Security agents maintain seal on Assembly EMMANUEL NDUKUBA

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he Police in Awka today disallowed some factional members of the Anambra House of Assembly from gaining access to the Complex, as the law enforcement agency maintained the seal on the venue.

Ikem Uzoezie, who emerged a factional Speaker following a crisis in the House recently, led some members to the House for plenary, but met the complex still sealed.

He appealed to the Inspector General Police and the Anambra state Commissioner of Police to unseal the complex to enable members hold their usual plenary and other functions for which they were elected.

It would be recalled that the Nigeria police authority on Nov. 15 sealed off the complex till further notice following a crisis that erupted over the alleged impeachment of the speaker, Rita Maduagwu, by about 20 of the 30 members.

She was purportedly replaced

by Ikem Uzoezie who represents Aguata II Constituency. Maduagwu, backed by some state officials, had described her impeachment as a “bundle of illegality.’’

Uzoezie described the action by the police as ``unfortunate’’, adding that the assembly complex that represents the symbol of democracy was still under lock and key.

The factional speaker said they were “worried that in this era of democracy, a complex that represents the symbol of democracy is under lock and key.’’

“This is only the arm of government that is not functioning at this point in time, the executive and judiciary are doing their work,’’ Uzoezie said.

He said that they had adjourned to Nov. 27 and would take legal action if the sealing of the complex persists.

Uzoezie appealed to the citizens of the state to prevail over the crisis, to stop it from escalating further.

Senate expresses commitment to speedy amendment of NDIC Act ENDURANCE OKAFOR

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he Senate Committee on Banking, Insurance and Other Financial Institutions has expressedastrongCommitment for the accelerated amendment of the NigeriaDepositInsuranceCorporation (NDIC) Act, 2006, to eliminate the gaps that have hindered the full realization of the public policy objectives of the implementation of the Deposit Insurance System (DIS) in Nigeria.

The Chairman of the Committee, Rafiu Adebayo Ibrahim, made the remark when he led his team on an oversight visit to the Corporation on this week. The Committee was received by the MD/CEO of the Corporation, Umaru Ibrahim, along with members of his management team.

The MD/CEO updated the Committee on the recent activities of the Corporation including the response of the NDIC to the revocation of the licences of 153 Micro-Finance Banks (MFBs) and 6 Primary Mortgage Banks (PMBs), by the Central Bank of Nigeria (CBN). Members of the Committee were informed that the Corporation had already commenced the payment of depositors of 25 MFBs and the deposits verification of 50 others.

He listed the challenges encountered by MFBs in particular to include non-performing loans, insider credit and abuse, non-compliance with extant regulations on their

establishment and the overbearing indulgence in other fringe operations, along with poor earnings.

The NDIC boss further used the opportunity to inform members of the Committee of the strong resolve and commitment of the Corporation to assist in the investigation and prosecution of all those who contributed to the collapse of the defunct Skye Bank.

On the issue of the long suffering depositors of Savanah Bank, Fortis MFB, Aso Savings and Union Homes, the MD/CEO expressed the view that unless the enabling Act of the Corporation was speedily amended, the Corporation was handicapped in acting to end the plight of depositors of the institutions.

Using the case of Savanah bank as an example, the MD/CE added that the NDIC Act, as presently enacted, inhibits the Corporation to reimburse depositors since their bank licences were yet to be revoked due to protracted litigation. The NDIC boss thereafter appealed to the Committee to amend the NDIC Act. Responding, the Chairman of the Committee commended the Corporation for the excellent quality of its reports on the supervision of banks which have become the benchmark in the industry.

•Continues online at www.businessdayonline.com

Record N14.5bn in Zenith Bank shares trade in cross deal ENDURANCE OKAFOR & BUNMI BAILEY

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enith Bank, a tier one Nigerian lender, recorded unusual trading activity yesterday as it emerged as the most actively traded with 605.5million transactions led by cross trade between a foreigner

seller and a local buyer.

The lender recorded a trading volume which accounted for 95 percent of the total transactions reported on the Nigerian Stock Exchange (NSE), as at the close of market, Thursday, 22 NovemContinues on page 37

Wiebe Boer (l), CEO of All On, presenting his acclaimed book, A STORY OF HEROES AND EPICS: THE HISTORY OF FOOTBALL IN NIGERIA to Aliko Dangote, president, Dangote Group.

CBN, MTN near agreement on alleged illegal capital repatriation – Emefiele ... to make announcement soon ... holds policy rate at 14% ONYINYE NWACHUKWU, Abuja, HOPE MOSES-ASHIKE, ENDURANCE OKAFOR & BUNMI BAILEY, Lagos

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overnorGodwinEmefiele of the Central Bank of Nigeria (CBN) assured on Thursday that amicable, equitable resolutions have been reached over sanctions on the mobile telecommunications giant, MTN Nigeria and the four banks which participated in the alleged illegal repatriation of $8.1 billion.

Emefiele said the resolutions reached between the apex bank, officials of MTN and the banks would be announced soon, even though he tried to rationalize the sanction.

“We have held meetings with the MTN group, they flew in from South Africa and we are at the verge announcing the agreements reached which I would not want to talk about,” Emefiele said, while responding to questions after the two day Monetary Policy Committee (MPC) meeting, the last for the year, held in Abuja.

“These issues are being resolved equitably and amicably to the benefit of all and we would announce the outcomes at the appropriate time.”

The CBN had in August sanctioned MTN Nigeria Communications Limited, and four commercial

banks for what it called “flagrant violation of extant laws and regulations of the Federal Republic of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 and the Foreign Exchange Manual, 2006.”

The CBN had asked MTN Nigeria to refund of about $8.13 billion allegedly repatriated illegally out of Nigeria while Standard Chartered was asked to refund N2.5 billion; Stanbic IBTC (N1.9 billion); Citibank (N1.3 billion) and Diamond Bank (N250 million).

Reacting to concerns on why it took the apex bank such a long time to resolve, Emefiele explained, “It is better for you to be slow in taking some of the decisions so that when you do, you know they are potent and there is rational for such.

“I repeat, the sanctity of the CCI that are being issued by our banks to fund our foreign investors remain sacrosanct and no other company is being investigated on the issue of CCI,” Emefiele said.

The governor said the company had submitted documents making the impending agreement possible.

However, the CBN and its MPC decided by a vote of all 11 members to retain the Monetary Policy Rate (MPR) at 14 percent , the asymmetric corridor at -200 basis points , -500 basis points

around the MPR , the Cash Reserve Requirement (CRR) at 22.5 percent and, liquidity ratio at 4 percent.

Emefiele explained that to hold is an expression of confidence in the policy regime given the gradual improvement in both output growth and price stability. “On this premise the forward risk to growth and outside risk to inflation appears contained.”

Analysts in the financial services sector yesterday commended the CBN for the decision to retain the benchmark interest rate and other monetary indices.

Razia Khan, Chief Economist, Africa, Standard Chartered Bank, said, “We believe the MPC made the correct decision in voting to unanimously keep interest rates on hold. While the recent decline in the oil price may exacerbate the risk of capital flow reversals, we expect oil price correction to be short-lived. Moreover, recent external borrowing is likely to provide more of a boost to FX reserves near-term”.

She said of greater consequence is the outlook for inflation. Despite concerns around pre-election spending, few monetary aggregates reflect the risk of sustained price pressures just yet.

Going forward, Khan said “we

Continues on page 37

Buhari, Atiku, others to hold Presidential debate Dec. 14 OWEDE AGBAJILEKE, Abuja

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he Nigerian Election Debate Group has scheduled a debate for presidential and vice presidential candidates, ahead of the 2019 General Elections.

Specifically, the presidential debate is billed for December 14, 2018 while the debates among vice presidential candidates will hold on January 19, 2019.

Head of the group who also doubles as chairman of the Broadcasting Organisation of Nigeria (BON), John Momoh, stated this at a press conference in Abuja on Thursday.

According to Momoh, the debate which would hold at Transcorp Hilton, Abuja will be broadcast live

on all Broadcasting Organisation of Nigeria (BON) members, comprising 250 radio and television stations across the country.

INEC’s current figures indicate that 79 presidential candidates will contest for the nation’s Number One job.

The main contenders are President Muhammadu Buhari, presidential candidate of All Progressives Congress (APC) and his running mate, Vice President Yemi Osinbajo.

Also in contention is former Vice President, Atiku Abubakar, flying the People’s Democratic Party (PDP) flag alongside his Vice Presidential candidate, Peter Obi. “Among others, the debates will focus on the issues that matter most

to working families; restoring our economy, providing electricity, creating jobs, securing health care for every Nigerian, making and achieving excellence in every Nigerian school and ensuring safety and security for Nigerians.

“The Nigerian Election Debate Group would set the format and rules of the debate, handle moderation, outline the criteria for political party participation, ensure the objectivity of audiences and steer negotiations between broadcasters and the parties. Nigerians expect the leaders of all political parties to be challenged in a very public and robust way in these debates. Not just one of them, but series of them,” Momoh said.

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FG plans power sector recovery programme to address challenges - BPE IDRIS UMAR MOMOH, Benin

… denies expiration of BEDC operating licence

he Federal Government says it is pursuing a comprehensive power sector recovery programme that will address the myriads of challenges in the sector.

Alex Okoh, directorgeneral, Bureau of Public Enterprises (BPE), made the disclosure at a press briefing organised by the Benin Distribution Company (BEDC) plc in respect of clarification over licensing matters on Wednesday, in Benin City.

Recall that members of Edo State Civil Society Organisations (EDOSCO) protested against the electricity company over the alleged expiration of its operating licence.

The protesters alleged that the BEDC operating licence expired October 31, 2018, and called on the Federal Government not to renew operating licence to the

company.

They alleged that the BEDC had over the past five years not performed in line with the terms of the contract agreement.

But Okoh said all distribution companies in the countries face the challenges.

The BPE boss noted that government was working with its international partners to reposition the power sector and Benin Disco in particular had benefited from the services of international institutions, like the USAID. He said the partnership with the international institutions was aimed at getting the best electricity sources to the people of Edo State in particular and indeed the entire franchise area of BEDC. He, however, appealed to the civil society groups, residents and stakeholders in the Benin Disco area to exercise restraint and allow the com-

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pany perform its functions without hindrances.

Earlier, managing director of the BEDC, Funke Osibodu, disclosed that the organisation signed memorandum of understanding with Rubitec Nigeria Limited and Rocky Mountain Institute to provide mini-grid electricity solution.

She said the tripartite MoU was part of the process to boost power availability to customers in remote communities within its areas of operation.

The BEDC boss assured that the company was working with Transmission Company of Nigeria to resolve all challenges with a view to improve power availability to the affected areas.

She added that failed TCN transformers had denied the company capacity to supply close to 100mw of power, which has negative affected about 200,000 customers.

ICAN to assist FG stamp out financial malpractices KELECHI EWUZIE

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nstitute of Chartered Accountants of Nigeria (ICAN) says it is committed to use every necessary mechanics to assist the Federal Government in its effort to stamp out all financial malpractices in the country.

Razak Jaiyeola, president of ICAN, observes that growth and development will continue to elude any nation where corruption is institutionalised and the willpower to confront it frontally is low.

Speaking on Wednesday in Lagos at the induction ceremony of 1,706 newly qualified chartered accountants and 10 registered accountants, Jaiyeola said the body through ICAN Accountability Index (AI), a recently launched report, would improve the process for assessing public finance management and public governance practices across the three tiers of the Nige-

rian public sector. Nigerians cannot shy away from the fact that accountants have strategic roles to play in the current fight against the hydra-headed monster of corruption in our polity, he said.

The ICAN president charged the new inductees, and other accountants, to continue to bring their competence and culture of integrity to bear in the fight against this social malady.

He further reiterated that as a responsible Institute, ICAN was committed to promoting the interests of all her members by engaging the government and other stakeholders on discussions that would safeguard an enabling business environment. Exceptional professional conduct would also be acknowledged and projected for emulation by other members.

Stating the need for the new inductees to continue to be relevant in the profession, he urged them to imbibe the

culture of lifelong learning.

According to Jaiyeola, “In addition to your Information Technology skills, you should remain top-notch. The ability to leverage the disruptive impact of technology would continue to differentiate the successful accountants from the unsuccessful.

“The demand on professional accounts to remain at the frontiers of professional knowledge has never been so pervasive and exacting.”

The Institute continues to pride itself in the fact that the standards of ICAN’s examinations comply strictly with that specified by IFAC, and this has positioned the body as a leading global professional body, he said.

“To ensure that ICAN students are in tune with developments in the global accounting space, we regularly update and upgrade our examinations’ syllabi in line with current realities,” he said.

African Trade Insurance Agency holds investment forum MICHEAL ANI

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frican Trade Insurance Agency (ATI), a credit and political Investment Risk Insurer, will hold a forum in Abuja, Nigeria’s capital, with the objective of explaining how the firm’s products will benefit both the public and private sectors in Nigeria as the country moves towards finalising its shareholding in ATI. The forum, which is themed “De-risking Trade and Investments in Nigeria”, will take place November 26, 2018 in Abuja at Transcorp Hilton.

According to the A’ rated institution, the forum will serve as an advantage

to African governments in closing the investment insurance deficit that exists in most African countries.

George Otieno, CEO, ATI said, in a statement, made available to BusinessDay, “Without adequate coverage, international lenders and investors are limited with the amount they can invest or lend in our markets thus impeding economic growth, ATI helps to fill this gap by providing increased investment insurance capacity.”

ATI and its partners created the Co-Guarantee Platform for Africa, an innovative and collective de-risking instrument, to address the perceived high risk across the continent and the lack of ca-

pacity of traditional lenders to provide risk mitigation products for projects.

Foreign Direct Investments (FDI) into the country has been on a decline. According to United Nations Conference on Trade and Development Investment (UNCTDI) 2018 report. FDI to Nigeria fell by 21 per cent to $3.5 billion in 2017 from $4.4 billion in 2016.

Recently, Africa’s biggest economy applied for membership in ATI and this is the reason why the agency decided to host an awareness workshop in Abuja so that the Government and the private sector can appreciate the myriad benefits of prospective membership

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A risk we cannot afford OLUSEGUN AKANDE Olusegun Akande is the Managing Director of Community Coding Club, UK. He is also a published author and prolific social commentator. todaystomorrow.online segsori@gmail.com Twitter: @iamsegunakande

A

ccording to the National Bureau of Statistics about 7.5 million Nigerians were literally doing nothing between January 2016 and December 2017. Indeed, out of a total labour force of 85.08 million people, over sixteen million were unemployed in the third quarter of 2017. In other words, by the fourth quarter of 2017, the percentage of unemployed or under-employed individuals within the labour force was over 40%.

These are staggering statistics, by any accounts. Unfortunately, the doom and gloom don’t end there.

Youth unemployment, presently well over 33% is at the highest level in Nigeria’s history.

If, like me, you are not an economist, then it is important we drill down a little further to get a better grasp of the ramifications of the above statistics.

What are the consequences of high unemployment?

As summarised by Investopedia, “Studies have shown that times of elevated unemployment often correlate with higher crime. Elevated crime makes sense because absent wage-paying job people may turn to crime to meet their economic needs or simply alleviate boredom.

Apart from the social unrest and disgruntlement that unemployment

can produce in the electorate, high unemployment can have a selfperpetuating negative impact on business and the economic health of the country.”

To analyse this administration’s performance without mentioning the reasonable success of its agricultural policies would be grossly unfair. According to a report by Vetiva Research, despite the recent deceleration in growth, the agriculture sector is expected to drive growth in the non-oil sectors. But as the director-general, Lagos Chamber of Commerce and Industry inferred, whatever gains are achieved in the sector are seriously hampered by inadequate power supply.

When will our leaders recognise and accept the simple reality that the nation cannot achieve much without power supply?

Despite the growth of the agriculture sector, the average Nigerian is poorer today than he or she was in 2015. We don’t need statistical analysis to recognise this harsh reality. Simply check your bank balance, have your property valued, or calculate the worth of your shares. As a result, due to the peculiar nature of how money trickles down from one class of people to the next, the poor are poorer, and as such the nation is in far greater danger.

Furthermore, the World Bank’s grim projections of our clearly failing economy suggests we will continue to get poorer.

Four years ago, I utilised my articles to garner support for President Buhari and the APC, not because I wanted anything from him or the party but because I was convinced that another four years of Goodluck Jonathan’s government would have been the end of Nigeria. It was clear to me that the nation’s financial coffers and general economic well-being could not withstand another four years of what can only be described as frenzied corruption.

My convictions remain the

‘

There is just as much corruption in Nigeria today as there was during Goodluck Jonathan’s tenure.

The only difference is that the orchestras, choirs, and choir masters are no longer in the South-South but in the North

’

same!

The heights and depths of which the economy was bled dry would have destroyed Nigeria, had it been allowed to continue unchecked for another four years.

But I would be foolish and shamefully dishonest were I to claim to be anything but dissatisfied with president Buhari’s administration. And before those of you who continue to sing that painstakingly tiresome tune of ‘the problem with Nigerians is that we are not willing to pay the necessary sacrifice it will take to heal Nigeria’ get on your somewhat drunken and deluded merry horses, let me say this: there is just as much corruption in Nigeria today as there was during Goodluck Jonathan’s tenure. The only difference is that the orchestras, choirs, and choir masters are no longer in the South South but in the North.

Let’s address a few facts.

1. There is absolutely no government or system on this planet that isn’t corrupt in some shape or form. None in which leaders do not use their position to steer matters their way - be they policies, contracts, or even wars for the sake of economic gain. All we need do

is objectively analyse the outrageous overthrow of both the Saddam Hussein and Colonel Gaddafi regimes. Both leaders were far from perfect, but there was one reason alone for the actions of the powers that be - oil and economic influence in the respective regions; not to talk of the dubious contracts awarded to certain companies to ‘rebuild Iraqi’!

Since the beginning of time, men and women have utilised positions of power and influence to benefit themselves and their inner circle. This is how things work.

In one way or another, corruption exists in most administrations across the globe, including Western Europe and North America.

Does this make it okay? Of-course not!

My point is we shouldn’t get too bogged down with it; certainly not for another four years!

Hence, this article is not about whether or not the Buhari administration has reduced corruption. Contrary to several outlandish claims, we all know the answer is a definitive ‘No’.

The matter at stake here is the 2019 presidential election. There is one simple question on my mind as I consider who to vote for in 2019: Which candidate is better able to kick-start Nigeria’s comatose economy? And thereby not only put the nation on the road to economic recovery but cement a structure that promotes dynamism, service, and sustained development.

And the subtext of this all-important question is very simple – ‘who is better able to forge a dynamic, forward-thinking and pragmatic cabinet – one that possesses the capacity to create jobs’.

There is no doubt Atiku Abubakar has many flaws, including several alleging implications of corruption.

But corruption isn’t Nigeria’s biggest problem at present.

Don’t get me wrong – corruption is a stench on our nation and a major stumbling block to development and progress, but as of today what we all

yearn for is a different form of medication.

What we need is a leader with business acumen. Someone who understands the fundamentals of finance and economics; an individual pragmatic enough to place the right individuals in key positions, regardless of age, creed, ethnic back-ground or god-fatherism.

As much as I like and respect our dear president and his loyal deputy, they have proved themselves incapable of finding a solution to the nation’s economic malaise.

Whilst doing some research on Atiku, I realised I had forgotten how much of an astute businessman he is.

Yes, he was involved in some questionable transactions during his tenure as Vice President, but the fact remains he played a key role in resurrecting two major industries we all benefit from today – the banking and mobile phone sectors (consider how many jobs the mobile phone sector created!).

But what really brought tears of joy to my anxious and sullen eyes is his recent statement about his ability to forge dynamic teams. He said, “as VP, I assembled what is arguably the best Economic Team ever in Nigeria. It was made up of young, world class professionals, who came home to work.”

My dear readers, I’m not pro Atiku or PDP (hell no!!!). But I am pro ‘employment’, pro ‘financial security’ and pro a ‘healthy economy’.

So, once more I respectfully ask you to wake up from your slumber to do your due diligence; and when you conclude that Nigeria cannot survive another four years of overall stagnation and regression, make a commitment to vote for the candidate with the necessary nous to assemble a team capable of resurrecting our hopelessly decapitated economy.

To allow things to continue as they are is a risk we simply cannot afford to take.

Send reactions to: comment@businessdayonline.

Is success the birthright of any organization?

‘Uju Onwuzulike’ 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.

O

ne thing that is common with virtually all the companies in the world is the desire to be successful in one’s area of business operation.

However, success on itself does not have any specific best friend. In order words, no one can boldly say, “even if I did not do anything (or

engage in any meaningful activity), success is already dwelling in my house or in my company”. The key message here is that success does not respect those that only think about becoming successful, but it does respect those who have worked for it, those who are ready to take ownership for their success.

It is not wrong for any organization to desire success in whatever they do. What is wrong is when they are merely dwelling on wishful thinking or believing that success is their birthright. From experience, the quickest way to know such an organization is when they announce their lofty visions, expectations and initiatives without having a step-by-step action plans on how to achieve them.

This also explains why so many strategic plans and priorities fall by the way side. In reality, it is not also enough to be successful by having a well laid down strategic plans without taking responsibility and

ownership for execution. This is why I always tell organizations in any of my strategic management workshops that the best plans on the planet earth that were not executed is as good as having no plan at all.

A misleading mindset exhibited by many people is that some big organizations or corporations literally have attained success such that success on itself has now become their birthright. One key fact such people have not realized is that success is only but a journey, it is something we need to intentionally and continuously seek for everyday and not occasionally. Sadly, when we do not seek it as we ought to, others will be glad doing it. In my days as an employee, I also used to think that some organizations are invincible that nothing will ever make them to fall or probably lose their leadership position. Now that I am older (proverbially), I have realized that no organization owns the monopoly of success; no organization has success as its birthright,

and importantly no organization is too big to fall.

Whenever I discuss with CEOs and business owners on running successful companies, I always tell them two things. The first is that they should be careful when they are successful because the enemy of success itself is “success”. Most times, being successful usually comes with “I have arrived mindset”, and meanwhile other competitors are still running the “Relay race”, and probably might get there before you.

The second thing I always tell them is that what makes them successful yesterday or in the time past might not make them successful today.

Sadly, that same thing may be the cause of their downfall tomorrow or in the future. The key lesson for leaders and CEOs is to be more strategic in their thinking (which is why I always recommend that CEOs and senior management be trained in areas like Strategic Thinking and Systems Thinking), and always keep

an eye on the changing environment.

Final note: In as much as it is true that no organization has success as its birthright, at the same time, it is possible to plan one’s way to success. This requires commitment across the board, having the right attitude, going the extra mile for one’s organization come rain or shine, and taking ownership for success. Having the desire to be successful is not enough and unfortunately “Mr Success” will not grant success to such people or organizations with only desires, but will grant success to those organizations that are committed in whatever they have set out to do.

As always, I welcome your comments, requests and questions.

Happy reading and I look forward to hearing from you!

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Multiple taxes, levies and regulations in the Nigerian telecommunications industry ROTIMI AKAPO Akapo is Partner/Head, Telecommunications, Media & Technology Practice Group, Advocaat Law Practice

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ith elections looming and the need to deliver on earlier campaign promises, there is renewed revenue generation drive by all tiers of government. The telecommunications industry is a major source of tax revenue for governments and operators are frequently subjected to audits by tax authorities to confirm compliance with their tax obligations. It is reported that about $13billion was raised by governments in the SubSahara region of Africa in the form of taxation in 2016. MTN Nigeria claims to have paid over 2 trillion naira to the Nigerian government since 2001.

There is however an intrinsic link between high taxes and levies and investments in infrastructure and equipment by operators, quality of services and the affordability of the service by the subscribers As a result of the nature of their services, telecommunications ser-

ERNEST AZUDIALU OBIEJESI Dr. Azudialu-Obiejesi is Chairman, Obijackson group

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am indeed pleased to be here today, in such distinguished company. I am always delighted at every opportunity to return to Anambra, not only because this is my home and my root, but, also because it was in Anambra that my values were shaped and my path in life well defined.

So this is more than a home coming for me, as it not only connects me with my people, but with what drives my passion – a celebration of excellence in academics generally, and particularly in the field of my entrepreneurship endeavour – Science and Engineering. By the conferment of this honourary doctorate degree on me, you have defied the popular maxim that a prophet is with honour except in his own country, and among his own kin. I am humbled that I have been found worthy of honour among my people; among kit and kin. What’s more – this recognition is from the great citadel of learning – the Chukwuemeka OdumegwuOjukwu University.

Beyond the glitz of the podium and the hallowed stage on which this honour is presented, I see this as an opportunity for introspection rather than an opportunity to roll-out the drums. This recognition presents a challenge and not a pat-on-the-back, because, though unspoken by the giver, it demands a higher standard of responsibility and commitment from me. It speaks more to the

vices providers have presence in different locations across the country in order to provide services and support to their subscribers. This therefore brings them under the jurisdiction of various states and local governments, different governmental agencies, communities and tax authorities and sometime leads to conflicts in relation to taxes and levies payable on their operations.

The Taxes and Levies (Approved List for Collection) Act 1998 provides a list of taxes and levies that the various tiers of governments in Nigeria can collect. In 2015 the minister of finance published a schedule to the Act which, even though was expected to simplify taxes and levies, further compounded issues by increasing the list of taxes from 39 items to 55.

The tax burden of a typical telecommunications service provider includes not just the general taxes and levies imposed on all companies in the country, but also a myriad of sector-specific and other “bespoke” taxes and levies. . These taxes include companies income tax, the capital gains tax, withholding tax personal income tax, stamp duty, national industrial training fund (NITDF), employees compensation scheme, the tertiary education trust fund (TETFUND) national housing fund contributory pension scheme, cus-

toms duties, tenement rates/land use charge, business premises registration fees, town planning and building permits, infrastructure maintenance charges, signages and mobile advertisement, aviation clearance permit fees, environmental impact assessment/ audit fees.

In addition to the general taxes and levies certain sector specific taxes and levies are further imposed on operators. An Annual Operating Levy (AOL) of two and a half percent (2.5%) of a network operator’s net revenue is to be paid to the NCC; a levy of 0.005 per cent of all electronic transactions undertaken by telcos is required to be contributed to the cyber security fund; operators with a turnover of one hundred million naira and above are required to contribute one percent their profit before tax to the National Information Technology Development Fund (NITDF).

There have been several unsuccessful attempts by the federal government to have an effective, standardized national Right of Way (RoW) acquisition process and fee. In an attempt to provide certainty the federal government in 2012 approved Right of Way fees for access to federal highways.

Amongst the states however, there are wildly differing rates. In addition, states have continued to insist on a right to demand and receive RoW for

‘

Taxes in the telecommunications industry should be aligned with other industries and in line with international best practices

’

federal highways, bridges and similar infrastructure running through their States.

Further complicating matters are the frequent disputes between the Federal Ministry of Works and the National Inland Waterways Authority (NIWA). The latter demands RoW fees on bridges and other infrastructure built by the former, and on which the former has already charged RoW fees, on the grounds that such infrastructure passes over waterways over which they have jurisdiction. Added to the mix is the fact that State Waterways Authorities often bill for the same routes as NIWA. So to install network infrastructure on bridges

running across federal highways, operators might be required to pay RoW fees to the federal government, state government, NIWA and state waterways authorities.

The operators allege that there are over 38 different taxes and levies on their operations by the various tiers of government in Nigeria and different government agencies. This they consider a threat not only to their businesses but also to further investments in the industry. Government clearly has a right to impose taxes on businesses that operate and benefit from the public amenities, infrastructure and social services it provides. The expectation however is that a balance can be struck between the legitimate expectations of government and the certainty and fairness businesses expect for them to pursue and achieve their business objectives. Taxes in the telecommunications industry should be aligned with other industries and in line with international best practices.

Uncertainties over taxes and levies affect investment decisions and the anticipated taxes and levies are expectedly built into the cost of services and products and ultimately passed on to subscribers.

Send reactions to: comment@businessdayonline.com

Should entrepreneurship be an integral part of our school curriculum at all levels? future and the need to have a firm focus on impacting humanity even more. As I stand on this podium, a number of questions continue to stir up in my mind begging for answers. Questions about the state of Education in Nigeria, the role of the private sector in Education, Entrepreneurship as a catalyst for growth and even the content of our educational curriculum. I have encapsulated some of these questions into 4 buckets and would briefly share my views: 1. What should Governments and Corporate entities do to address falling Standards Education?

Some years ago, the UNESCO recommended that member countries need to allocate a minimum of26% of their annual budgets to education. This perspective was informed by the need to ensure minimum standards because there is a correlation between the quality of education obtainable in a nation and the level of development of that nation. In Nigeria, given budgetary constraints, we have not met half of that desired quota and its impact on educational standards is very clear.

Various indicators show that educational standards in Nigeria is on the decline and stakeholders including government, the organized private sector and even concerned individuals

need to come together to reverse the tide. Our natural resource endowments will sadly continue to remain untapped and wasted if we do not develop our human capital through education.

2. Should Entrepreneurship be an integral part of our school curriculum at all levels?

I look at the giant strides of nations such as the United States, the United Kingdom, China, Japan, German and a host of others, and all I see are great entrepreneurs like Bill Gates, Richard Branson, Jack Ma, George Schaeffer and Nobutada Sajiwho have transformed their countries through entrepreneurship, job creation and the reduction of poverty. The question therefore persists, should Nigeria not be teaching entrepreneurship rather than just churning out graduates who are caught between the trap of leaving the country or becoming a menace to the society given the shrinking nature of white and blue-collar jobs in today’s Nigeria?

I believe we should. Nigeria needs builders, scientists, engineers, doctors, but above all, Nigeria needs more Entrepreneurs.

3. What should be the role of the government and that of the private sector in supporting Education?

In developed countries, the walls between the citadels of learning and the citadels of business are broken.

This is because the University serves

as the laboratory for research and new innovations which build wealth and create jobs. I believe that Nigeria can do same. But the route to this will not be by wishful thinking. The private sector is required to play its role in making sure that this happens in Nigeria as well. On the part of government, I believe that, rather than subsidize petroleum products, governments should subsidize education at all levels - so that ingenious son of a farmer, that ingenious daughter of an artisan or that brilliant orphan can have an opportunity to share this stage with me having been given the real subsidy, one that enables him or her to develop and grow to full potential.

4. What can we do to make Science, Technology, Engineering and Mathematics (STEM) a catalyst for national industrial growth?

For nations to grow and come into their own, they need a combination of soft and hard priorities.

So subjects in the humanities are important and should be encouraged but we must place priority on Science, Technology, Engineering and Mathematics (STEM).Nigeria and indeed Africa’s quest for technological revolution can only be achieved through STEM. Distinguished Guests, Ladies and Gentlemen, as I said before, this honourary Doctorate degree represents a call to do

more - to push the frontiers and to pull others up in the quest at affirming that mankind truly has no limitations if we are all properly inspired. To whom much is given, much is expected. I am further challenged to continue to contribute my humble quota to our common humanity. To the young graduating students, the challenges you will face in the outside world are definitely not insurmountable. By the special grace of God, my life is a good example. All you need in life, is focus, determination, hard work and an undying spirit of excellence. If I could do it, you too can.

On behalf of my wife, members of my immediate family and the staff of companies that constitute the Obijackson Group, I accept this honour as I look forward to partnering with the Chukwuemeka Odumegwu Ojukwu University, Anambra state for the overall benefit of this institution and the good people of our state.

Thank you all and God bless.

• Acceptance speech by the Chairman of Obijackson group, Dr. Ernest Azudialu-Obiejesi, on the conferment, of an honorary doctorate degree on him by the Chukwuemeka Odumegu-Ojukwu University, Anambra state.

Send reactions to: comment@businessdayonline.com

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Editorial Publisher/CEO

Frank Aigbogun editor Anthony Osae-Brown DEPUTY EDITORS John Osadolor, Abuja Bill Okonedo NEWS EDITOR Patrick Atuanya EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha EXECUTIVE DIRECTOR, DIGITAL SERVICES Oghenevwoke Ighure GENERAL MANAGER, ADVERT Adeola Ajewole ADVERT MANAGER Ijeoma Ude FINANCE MANAGER Emeka Ifeanyi MANAGER, CONFERENCES & EVENTS Obiora Onyeaso SUBSCRIPTIONS MANAGER Patrick Ijegbai CIRCULATION MANAGER John Okpaire DIGITAL SALES MANAGER Linda Ochugbua GM, BUSINESS DEVELOPMENT (North)

Friday 23 November 2018

Visionary leadership needed to solve the Apapa problem

H

adiza Bala Usman, the Managing Director of the Nigerian Ports Authority has been variously described as an amazon, a reformer, a miracle worker and a visionary leader who has succeeded, within a short time, in turning the fortunes of the NPA around, improved its revenue profile and instituted a robust transparency and anticorruption mechanism that is giving the organisation a positive image. This may well be true.

But one of the glaring failures of the NPA is in not developing other moribund ports across the country to reduce the stress on the ports in Apapa and decongest the gridlock in Lagos.

The two railways line built from colonial times - the western line from Lagos to Nguru and eastern line from Portharcourt to Maiduguri - carried cargoes from the north to the ports in Lagos and Portharcourt for export. These ports also handled imports for the flourishing trade and industrial complex across the east and west of the country.

With the discovery of oil, two additional ports were developed in Calabar and Warri to support the export of crude oil.

However, post-independence Nigeria governments and sub-

sequently government agencies discouraged the use of the eastern ports and concentrated virtually all shipments into and outside Nigeria at the Apapa port forcing all Nigerian importers and exporters into the Apapa port. When pressures began to build up at the Apapa ports, the government later developed the Tin Can Island port, still within the Apapa axis to cope with the pressure on Apapa.

Of course, the pressures increased and the Lagos ports could no longer cope. To make matters worse, the eastern ports, due to abandonment, had silted and become shallow and unable to admit big ship increasing the dependency on the Apapa ports.

The result was that Apapa, that hitherto calm, serene port city where both residents and export and import trading find meaning and flourished, was turned into something unrecognisable: a decrepit wasteland where, although money is still being made, virtually all infrastructure have been allowed to decay and collapse due to pressure on the port facilities.

Apapa sadly became a metaphor for stress, suffering and suffocation, devoid of any charm and consequently avoided like leprosy by those who do not have pressing need to go there. The environment has been degraded almost irredeemably by desperate merchants

whose trucks and tank farms have overrun the city. Going to Apapa became synonymous with ‘journeying to hell.’ The amount of losses to both importers and exporters and the general public and the economy of the country as a whole is colossal.

What should be among the first action plans of a reform-minded NPA leadership? Shouldn’t it be a robust plan to decongest the Apapa ports by investing in the dredging of the eastern ports to allow big ships berth? But no, the Hadiza Usman-led NPA had no such plans. Rather, the concern of the leadership is in erecting a seven billion naira (N7 billion) head office in Abuja while access to the ports are becoming impossible and the entire city including other roads serving the entire population of Lagos have been taken over by trucks and containers waiting to gain access to the ports.

While the leadership of the ports authority is being hailed, reports on port efficiency continue to list Nigeria as one of the most inefficient and most expensive ports operations globally. One of such reports is the moverdb.com 2018 Overseas Cargo and Freight Costs template that shows that freight costs from the United States (Los Angeles & New York) to different port destinations of the world.

The rates shows that the Apapa port from New York is the most expensive destination among the countries included in the template. For instance, it costs about $4, 982 to ship a 20 feet container from New York to Apapa, which is about twice the amount to ship a container of the same size to Cape Town, South Africa (at $2, 542).

This is despite the fact that New York to Lagos is just 6,516 nautical miles and takes approximately 27 days for a ship to sail the distance while New York to Cape Town is 9,097 nautical miles and takes approximately 38 days to sail.

Also, the average turnaround time for ships at Apapa is estimated in excess of 30 days as against just two days for the most efficient ports globally.

Truth is; the NPA leadership has yet to scratch the problems of the Nigerian ports and are yet to successfully turn around the moribund organisation into an efficient and service-oriented one. We urge the leadership, just like the Lagos state government has done recently, to begin to revive other ports in Nigeria to decongest the gridlock in Lagos.

Once that is done, the leadership can now concentrate on efforts to streamline ports operations to drastically cut down turnaround time to position Nigeria as a global business destination.

Bashir Ibrahim Hassan

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

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BUSINESS

Friday 23 November 2018

COMPANIES & MARKETS

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Stanbic IBTC seeks buyers for N30bn bond

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C O M PA N Y N E W S A N A LY S I S A N D I N S I G H T

OIL AND GAS

NPDC scales down production target by 250,000 bpd on pipeline vandalism ISAAC ANYAOGU

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ast year September, the Nigerian Petroleum Development Company (NPDC) a a subsidiary of the NNPC,made headlines when it announce it is set to grow equity production by 500,000 barrels per day (bpd), now it is scaling down target by half an indication Nigeria may compete poorly in a shifting global oil market In NNPC’s monthly financial and operations report for August 2018, the corporation presented the scaled-down target as if it were announcing an ambitious goal.

“NPDC production continued to improve as a result of success recorded in repairs of vandalized pipeline in the Niger-Delta and resumption of Crude Oil lifting activities at Forcados Terminal. NPDC is projected to ramp-up production level to 250,000bp/d in the near future,” it said.

This is a far cry from

its earlier boast in a statement in September 2017 when Yusuf Matashi, the company’s managing director said from the meteoric growth the company had witnessed since 2016, NNPC’s target given it to raise production from 200,000 bpd to 500,000 bpd by 2022 was realisable.

Matashi said the board came at an appropriate time as it would address issues of processes and procedures necessary to drive a major oil company like the NPDC, while assuring it of the commitment of the company to the growth target.

In September, the NPDC was producing about 200,000 barrels per day and it said that going by its work programme, it will increase to 300,000 barrels per day before the year ends. But NNPC’s report show that the company’s production now averages 128,171 barrels per day.

It blamed the falling output on vandalized pipelines in the Niger-Delta and the outage of oil lifting activities at Forcados Terminal due to

militant activities.

NPDC production figures are the clearest indication of the state of Nigeria’s oil output capacity. NPDC has 55 percent equity in eight blocks: Oil Mining Leases (OMLs) 4, 26, 30, 34, 38, 40, 41 and 42; Non-

equity operations in four blocks of selected NNPC Joint Venture fields (OMLs 11, 20, 49 & 51); 60 percent participatory interest in four blocks (OMLs 60, 61, 62 and 63) and 100 percent ownership of six blocks (OMLs 13, 64, 65, 66, 111 and 119). This

represents equity in 29 concessions which comprise of 22 Oil Mining Leases and 7 Oil Prospecting Leases.

The United States this year has raised oil production by more the total value of Nigeria’s production.

OPEC countries includ-

ing Saudi Arabia has seen increased output to take advantage of a larger market share as oil prices dip below $66 per barrel this week. NPDC’s poor is set to impact oil revenues amidst a borrowing spree by the government.

OIL & GAS

Greenville’s N153bn LNG plant to produce 750m tons annually ODINAKA ANUDU

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reenville Oil & Gas Company Limited has inaugurated its $500 million (N153 billion) Liquefied Natural Gas (LNG) plant located at Rumuji, Rivers State.

The plant has the capacity to produce 2,250 tons every day and 750 million tons annually, Eddy Van Den Broeke, chairman of Greenville, has said. “ E nv i ro n m e nt- w i s e, this is going to be a full revolution, especially in the transport sector. We should reduce the cost of transport in Nigeria by 35 to 40 percent,” Broeke said at an interview at Rumuji.

“It will, especially, go to areas where you don’t have pipelines. Today in the south the pipeline gas goes straight into the power plants, but once you have liquefied gas, you have to find other markets because the gas you get by pipelines is always cheaper than

when you have to liquefy.

Also, we have to transport it to people that have no access to it,” he explained.

Nigeria holds the ninth largest gas reserves in the world. It is estimated that the country has between 182 and 192 trillion cubic feet of proven natural gas reserves as of December.

Gas is essential to powering industries and for use in various sectors including transportation.

The Greenville chairman said the company needs government support to revolutionalise the transport sector and provide gas to manufacturers.

“Government should be company friendly and to assist on all matters like rates of exchange, because all the products are imported at N305/$. We are always in limbo because we don’t know if there is devaluation tomorrow.

Some companies have invested, and if you are in the middle of devaluation, you lose half of your assets, and you cannot pay your bankers back locally,” he said, adding that the country must do more to improve

the business environment.

“You commit your own money and you are on your own. Nobody helps you.

This is a problem because everybody wants to have foreign investment, but once you are here, you are left completely on your own. That is why you need to have a long-term plan on what to do, otherwise you just lose your patience, which we do every day,” he added.

Ritu Sahajwalla, managing director, Greenville, said the project was like a phone without a landline.

“This project is like a mobile phone. You don’t need any transmission lines and pipelines. You produce LNG and you take it directly to the end user.

One truck can produce five megawatts of power and that is meant for other stranded power in the north and south,” Sahajwalla said, lamenting that there was already a gulf between Nigeria’s north and its south which many had not observed.

Musa Ibrahim, permanent secretary, Federal Ministry of Water Resourc-

L-R: Olukunle Iyanda, president and chairman of council, Nigerian Institute Of Management (NIM); Dawn Dekle, president, American University Of Nigeria, and Pat Anabor, deputy president, NIM, at the NIM 2018 management lecture, in Lagos.

es, said the current government would provide all the necessary support for the company to thrive.

“We have been too dependent on oil. Now the present government is tak-

ing us back to diversification. Public-private partnership (PPP) is what we need now, and with such a massive investment today, all I will urge my friend is to look for other people

that will come and invest so that they can take the project to the higher level.

Everything that this company needs, I assure you, will be provided,” Ibrahim said.

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COMPANIES & MARKETS

Friday 23 November 2018

Business Event

MARKETS

Stanbic IBTC seeks buyers for N30bn bond LOLADE AKINMURELE

S

tanbic IBTC Bank Plc is in the market to sell up to N30 billion in a five year bond as the first series of the bank’s recently renewed N150 billion Structured Note Programme. Most of the proceeds from the sale will be used to help the lender grow its assets.

The pricing guidance is in the 15.00-15.25 percent range, which indicates a risk premium of 6 basis points, based on the upper bound of 15.25 percent, relative to the five-year sovereign benchmark bond maturing April 2023, according to FMDQ data.

The offer opens November 21 and closes a week later on the 28th of the same month.

Stanbic IBTC, the local unit of South African lender, Standard Bank, is rated AAA and AAby Fitch and GCR respectively.

“We highlight that the bank’s 10-year bonds, the 182D+1.20% Stanbic IA 30-Sep-2024 and the 13.25% Stanbic IB 30-Sep-2024

are currently at 100bps risk premium to the corresponding Sovereign, based on FMDQ data,” analysts at investment bank, Chapel Hill Denham, said in a Nov. 21 note to clients.

“Accordingly, we will not be surprised if investors seek to move the risk premium on the current issue higher,” Tajudeen Ibrahim and Aderonke Akinsola of Chapel Hill Denham said.

The use of proceed analysis shows that N25 billion (83.3 percent allocation) will be directed toward funding of asset growth with estimated tenor of five years while N4.51 billion (15 percent allocation) will be directed towards working capital and liquidity requirements, including funding of overdrafts and trade loan obligation.

Notably, gross loan growth in the whole of 2017 and in the nine month period of 2018 were 7.6 percent on a year on year basis and 14.5 percent year to date respectively.

The lender’s Non-Performing loan ratio moderated to 4.7 percent in the first nine months

of 2018, which is below CBN’s tolerable level of 5 percent, from 7.9 percent as at the end of 2017, indicating an improvement in asset quality.

The bank’s Capital Adequacy Ratio also rose to 24.5 percent as at the end of September 2018 from 23.5 percent at the end of 2017, ahead of the minimum regulatory requirement of 10 percent.

Stanbic IBTC’s stocks rose 4.17 percent to N50 per share Wednesday, outperforming the banking industry average of 1.34 percent.

Bond yields are likely to move higher in the coming months on the back of tighter monetary policy in advanced economies amid sustained tight policy stance by the CBN’s monetary policy committee.

The long end of the yield curve has shifted upward, based on the readings of 31 October 2018 and 21 November 2018.

Average bond yields advanced marginally to settle at 15.47 percent Wednesday.

L-R: Sunday Thomas, deputy commissioner, technical, National Insurance Commission (NAICOM); Yeside Kazeem, president, Nigerian Actuarial Society (NAS); Ajibola Ogunsola, founding President of NAS, and Femi Oyetunji, Trustee, NAS, at the Nigerian Actuarial Society inaugural conference held in Lagos.

MARKETS

Inflation trumps analyst forecast after slowing to 11.26% …Core index rises for first time since January LOLADE AKINMURELE

A

ccording to the Inflation report by the National Bureau of Statistics (NBS), the price of goods and services dipped by 0.02 percent to 11.26 percent year on year from 11.28 percent in September 2018.

The consensus forecast was for inflation to rise in October the month was however higher at 11.30% YoY. The decline in inflation rate was contrary to analysts’ expectations, who tipped the rate to rise on the back of election related campaign spending and pressures surrounding food supply.

Lower food prices drove

inflation south as food inflation declined by 0.18 percent on a month on month (MoM) basis to 0.82 percent and declined by 0.03 percent from 13.31 percent in the previous month to 13.28%.

Core inflation however advanced by 0.16% MoM to 0.80% as against 0.64% in September.

Also, for the first time since January the core index increased by 0.04 percent to 9.88 percent year-on-year from 9.84 percent in September.

The decline in food prices was sufficient to accommodate the cost increases in hospital services, fuels, medical and dental services

amongst others, dragging the headline inflation rate marginally lower.

Lower conflict in food producing areas and the harvest of crop produce eased food inflationary pressures during the period, thus dragging the change in the food sub-index lower.

“The inflation figure is unlikely to have a significant impact on the equities and fixed income markets, as investors continue to shift focus to the fixed income space where there is lesser volatility and lower risk to their investments,” Lagosbased investment bank, Meristem said in a Nov. 21 note to clients.

L-R: Abimbola Afolabi- Ajayi, company secretary, Investment One; Tadeni Balogun, of United Capital Trusttes; Adebayo Adejumo, fund manager; tope Omojokun, MD, Investment One Funds Management; Abimbola Ibrahim of United Capital Trustees, and Yewande Kukoyi of Stanbic IBTC, shortly after the extra ordinary general meeting of unit holders of Abacus Money Market Fund in Lagos.

Pic by Pius Okeosisi

MARKETS

Unity Bank leads other stocks in NSE top gainers HOPE MOSES-ASHIKE

A

lthough the benchmark index at the Nigerian Stock Exchange (NSE) closed in the red last week, Unity Bank Plc emerged as the best performing stock, appreciating by 30.99 per cent.

Market information from the NSE showed that the Unity Bank stock opened at N0.71 and closed at N0.93, representing an increase of N0.22.

With the stock rising by 75 per cent, a herd of analysts have adjudged it one of the best performing banking stocks year to date.

This according to dealers is attributable to the bank’s efficiency in curtailing cost, better market focus, revamp of electronic channels and increasing customer centricity which are beginning

to restore market confidence in the brand.

The bank recently posted ratio of its non-performing loans which stood at zero per cent, describing it as a clear indication of management’s excellent risk assessment.

In its 2017 annual report, Unity Bank took some corporate actions resulting in the writing off of N16 billion goodwill that arose from legacy merger and derisking of toxic assets that strategically cleaned up the bank’s loan books.

It temporarily impacted the bottom line as was the case in 2017 but again returning to profit in the third quarter (Q3) of 2018.

Unity Bank’s financial statement, made available to the Nigerian Stock Exchange, showed that its profit for the nine-month period to September 2018, stood

at N585.84million.

According to a leading Lagosbased independent investment banking firm, Afrinvest ((West) Africa Limited, trading activity level was mixed in the week as average volume traded expanded 19.1per cent to 256.9million units while average value traded reduced by 36.6per cent to N2.3billion.

Although 36 equities depreciated in price, lower than 39 of the previous week, traders observed that 109 equities remained unchanged, higher than 103 equities recorded in the preceding week.

Analysis of market movement during the week according to Afrinvest, showed a largely negative trend as the benchmark index declined on 3 of 5 trading days. 24 equities appreciated in price during the week, lower than the 27 in the previous week.

L-R: Akinyinka Omigbodun, patron and chair of advisory board, Organizing Committee, Federation of African Medical Students’ Associations General Assembly (FAMSA GA) 2018; Clement Peter Lugala, officer in charge/WHO Nigeria; Olubunmi Olapade-Olaopa, provost, College of Medicine, University of Ibadan; Jesutofunmi Omiye, organizing chairperson, FAMSA GA 2018, and Ibraheem Badejo, senior director, New Ventures, Johnson and Johnson Innovation, Boston, US, at the opening ceremony of the FAMSAGA’s healthcare Conference in Ibadan.

L-R: Members of Staff of DreamWorks Integrated Systems, Ganiyat Fashola, Izuchukwu Uwandu & Oluwatosin Omofaye, at the November 2018 sales promo of the company, at its Tech Shop in Ikeja, Lagos.

BUSINESS DAY

Friday 23 November 2018

15

CITYFile

Offa robbery: Gang leader dies in police custody

P

rincipal suspect in the Offa bank robbery attack, Michael Adikwu, has died in police custody in Abuja.

Kamal Ajibade, Kwara Sate commissioner for justice, told an Ilorin High Court on Wednesday during the arraignment of five other suspects.

Ajibade told the court that Abba Kyari, a Deputy Commissioner of Police (DCP) and the Head of Intelligence Team of the Inspector-General of Police informed him of the death of the suspect on telephone.

He therefore sought for an adjournment to enable the prosecution amend the charges and remove the name of the deceased suspect. According to him, since the suspect is reportedly dead, he can no longer stand trial.

In her ruling, the presiding judge, Halima Salman, granted the prayers of the commissioner and adjourned the case until November 30 for mention.

The suspects allegedly stormed Offa and robbed more than five banks killing about 31 persons in the operation. Suspects who appeared in court on Wednesday were Ayoade Akinnibosun, Ibikunle Ogunleye, Adeola Abraham, Salaudeen Azeez and Niyi Ogundiran.

They were arraigned on a three-count charge of criminal conspiracy, armed robbery and culpable homicide, which contravene the provisions of sections 6 (b) 1(2) of the Armed Robbery and Firearms Act and 221 of the Penal Code.

Court remands fake army colonel

A

n Ilorin Senior Magistrate Court has ordered that Afolabi Stephen, 42, be remanded in Mandalla prison yard for allegedly impersonating an army Lieutenant Colonel.

Senior magistrate Ibrahim Dasuki, gave the order after Stephen was arraigned on one count of impersonation on Wednesday.

Dasuki adjourned until December 6, for further mention.

Earlier, the prosecutor, Olorungbon Ayodeji told the court that the case was reported to the Intelligence and Investigations Department through station office of the Kwara State Nigeria Security and Civil Defence Corps (NSCDC), command headquarters, Ilorin.

Ayodeji said that according to the complainant, Aremu Mayaki, of Offa division, NSCDC, alleged that the accused impersonated an army Lieutenant Colonel.

He said that following an investigation, the police found out that the accused was in the army.

The prosecutor said that a military jungle hat was found in the accused person’s car at the point of arrest, which he claimed belonged to his brother, one Olayemi Afolabi, but it is yet to be identified by the military as uniform personnel.

He said that further investigation revealed that the accused extorted some members of the public.

The prosecutor said that the offence contravened the provisions of Section 132, 133 of the penal code law. The accused person pleaded not guilty to the offence. (NAN)

The Hard Way: children living on the waters of Makoko in Lagos anxiously waiting as a mobile food vendor dishes their meal. This is a daily routine for these ghetto children who have been forced to act precociously by harsh environment.

Pic by Olawale Amoo

Residents tackle Ambode on ongoing projects ... say none should be abandoned JOSHUA BASSEY with agency report

R

esidents of Lagos State have urged outgoing Governor Akinwunmi Ambode to complete all projects embarked upon by his administration and ensure that none is abandoned.

Ambode, who lost his re-election bid in the All Progressives Congress (APC) primaries, to his fellow party man, Babajide Sanwo-Olu, is to leave office on May 29, 2019 after four years of piloting the affairs of Nigeria’s richest state. He was sworn in on May 29, 2015 The residents in separate interviews said that some of the road projects started by the government in Epe have been abandoned halfway.

Titilayo Adebanjo, a resident, particularly lamented the poor condition of Epe-Ikorodu Expressway, saying it time the state government shifted attention to it.

“The potholes on the road are becoming unbearable for motorists. The journey of 45 minutes now takes more than two hours,’’ he said, just as he raised the alarm over the frequency of accidents on the expressway.

“If these situations are not addressed on time, the roads might turn to death traps for motorists and visitors, ‘’said Adebanjo.

Niyi Rahman, a motorist, said the government must intensify efforts at completing the roads, some of which are at 70 per cent completion level.

“Governor Ambode-led administration has done well in the area of infrastructure development but more should be done.

The administration should use the remaining months in office to complete ongoing projects across the state.

“The era of abandoned projects should be over. The governor should complete the projects before leaving office, ‘’ he said.

Rahman also urged Ambode to fast-track the completion of Epe-Ijebu Ode Expressway project.

“The major link road to Epe is becoming an eyesore and not convenient even for other intra-state connections. If government can complete the expressway, it will boost trade within the southwest region,” he said.

Mufutau Jimoh, an indigene of Epe, said that since Ambode lost out in his re-election bid in October,someroadprojectsacrossthestatehad been suspended. Jimoh urged the governor to complete the projects that he started.

“If all these projects are not completed, it will end up like other abandoned projects. It might end up being a burden to the incoming government.

“The new government will come with its

own projects idea. Therefore, the present administration should complete the projects at hand, ‘’ he said.

Mark Olaniyi, also an indigene of Epe, lauded the outgoing administration for providing the ancient community of Epe with a befitting road networks.

“I am however appealing that the road construction should not be abandoned.

Let the governor ensure that the roads are completed before leaving the office.

“I have noticed that for the past few months, government has not been doing anything on road projects.

“All projects have been left half way. This is not encouraging.

“The uncompleted projects are costing motorists a lot and also leaving the community with unbefitting road conditions, ‘’ Olaniyi said.

Adebowale Akinsanya, the state commissioner for works and infrastructure during a recent inspection of some ongoing projects in the state, including Agege-Pen Cinema flyover, had assured that the outgoing administration would complete major projects in the state.

The commissioner also said that the Oshodi Transport Inter-change connecting with the ongoing expansion of the Murtala Mohammed International Airport Road, would be deliver by the first quarter of 2019.

Police arrest suspected killers of DELSU student FRANCIS SADHERE, WARRI

T

he police in Delta State say they have arrested some suspects allegedly involved in the gruesome murder of a 22-year-old 300 level student of the Department of Mass Communication, Delta State University (DELSU), Abraka.

The Delta State Commissioner of Po-

lice (CP), Muhammad Mustafa stated this in a statement made available to CityFile by the spokesperson of the police command in Delta, Andrew Aniamaka.

The CP said that the arrested suspects are assisting the police with their investigation.

The police chief vowed to arrest and prosecute everyone involved in the murder. He also called on the members of the

public to avail the command with credible information that could lead to the arrest of other actors in the crime.

It w o u l d b e r e c a l l e d t h a t t h e 22-year-old deceased student, identified as Elozino Joshualia Ogege, was declared missing last week by the police. Her body was later found on Sunday in a bush at the outskirts of Abraka town.

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How price drops affect cryptocurrency exchanges FRANK ELEANYA

I

t may be easy to convince anyone that a cryptocurrency exchange made loads of profits in 2017, given the remarkable upward price jumps the market witnessed. But with the market capitalisation down drastically in 2018 from what it was, it becomes difficult to see how exchanges are not counting huge losses.

A report by Bloomberg estimated that the top ten cryptocurrency firms were generating as much as $3 million in fees a day or heading for more than $1 billion per year as at 2017 which was significant considering that the market did not even exist until 2009. According to the report, based on daily trading volume and fees listed, annual revenue for the top exchanges goes into the billions of dollars.

Coinbase, one of the top exchanges in the world is reported to have earned over $1 billion in 2017.

In Africa, there are exchanges on the continent that pull significant weight in the cryptocurrency world.

One of them is Luno, a company that has presence in 40 countries around the world with a strong presence in Africa. Luno’s total investment rounds hit over $13 million in 2017. The company provides its services to almost 3 million users.

It plans to expand its share on the continent and other markets in 2019.

Current market realities occasioned by fears of cyber security and intense regulatory oversight has not only sent prices of the major

cryptocurrencies crashing to historical lows, it has also seen volumes decline as investors move to secure their assets. In Nigeria where volumes used to reach as high as N2.075 billion it has since dropped to lows of N1.344 billion.

The market went further down on Monday as price of bitcoin (BTC) dropped to $5,080 (N1, 849,120.00), its lowest level since October 2017.

As of writing, BTC was changing hands at N1, 891,000 on Luno platform.

How has this affected the business of exchanges?

To be sure, a cryptocurrency exchange refers to a place or platform where people can trade cryptocurrency. Exchanges allow users to buy and sell cryptocurrency through their platform in exchange for a fee. They usually do this by storing users’ cryptocurrency on their own wallet which enables their customers to access it anytime they need it.

Two ways exchanges offer asset exchanges are through a decentralised crypto exchange. This is similar to how exchanges like the Nigerian Stock Exchange operate where you have buyers and sellers, only there are no brokerage intermediaries and it’s completely decentralised.

In essence, this type of exchange allows buyers and sellers to trade cryptocurrencies directly with one another without any middleman to ensure that all trades are processed correctly.

When the market is in bullish mood, the number of buyers usually will increase while users willing to sell are likely to increase their prices. A specified commission

from such transactions goes to the exchange providing the platform.

However, if there are negative sentiments towards the market, number of buyers usually drops and while the number of sellers is likely to rise, they usually do so at very reduced price. There are no guarantees however that an exchange will reduce the amount of commission it charges for transactions since it must earn money to keep the platform running.

A second way is through the intermediary – this time the cryptocurrency exchange. Some exchanges act as intermediary to enable a transaction between a buyer and seller. If a buyer wants to buy bitcoin from a platform for instance, the price that an exchange would quote could be slightly higher than the actual spot price of bitcoin. In this way, whenever a seller makes a transaction the exchange makes a profit.

One of the advantages of having an intermediary is the ease of converting from cryptocurrency to fiat currency.

Exchanges can also make money by listing fees. Developers of altcoins and initial coin offerings are charged fees to have their tokens listed.

In essence, whether in decline or boom, cryptocurrency exchanges are not directly exposed as they do not necessarily hold cryptocurrency assets. They are merely conduits that enable the market. Their nonexposure helps cushion them from direct losses that buyers and sellers might be exposed to. Thus, as long as there are buyers and sellers, the exchanges will make money.

Relief for businesses as Nigeria seeks to institutionalise ease of doing business ISAAC ANYAOGU

W

ith elections approaching the threat of sustaining the ease of doing business drive of the current Mohammed Buhari government is a real risk for businesses and the government says it will fully document and institutionalise the process.

Jumoke Oduwole, a senior special assistant to the president on Industry, Trade and Investment, in a keynote address at the FrancoNigerian Chamber of Commerce and Industry (FNCCI) economic summit held in Lagos on November 19, said the ease of doing business reforms have become critical in the delivery of public service.

“We can’t legislate for even this government to continue the reforms or another government to continue working on the policy but once we start working in synergy and we know that elections does not mean government starting from scratch, then we can sustain it.

“This administration continued many programmes, projects and policies of the previous administration and we fully expect that because the policies and the projects are valuable

to the Nigerian people, we believe that whatever administration will be responsible enough to continue with this, they are not personal agenda, they are for the country that is the hope and the belief.

“For me, if I am not given this job after May 2019 or whether another government is in power, there will be full a track, documented and institutionalise, systemic information that anybody competent can pick it up and run with it, that is the commitment of my team and that is how we are dealing with political vulnerability,” Oduwole said.

Oduwole said the aim to make sure that reforming becomes a habit within the public sector.

Moses Umoru, the director general of FNCCI said Nigeria needs to sustain the positive tempo in ease of doing business as well as improve the perception around regulatory risks associated with business which has impact for foreign direct investments.

Nigeria was recently ranked 115th of the 140th countries assessed in the 2018 by the World Economic Forum (WEF) in a report released October 17, 2018. The report shows improved performance across key enabling business environment indicators, and

suggests an overall improvement in the country’s competitiveness.

The Global Competiveness Report (GCR) of the World Economic Forum is an annual ranking which compares the national competitiveness environment of 140 countries based on 12 pillars. Four of the pillars were grouped under basic requirements; six others grouped under efficiency enhancers and two under innovation and sophistication factors.

The country improved in three out of four pillars classified as ‘enabling environment’ pillars - that is, Institutions, Infrastructure, ICT adoption and macro-stability pillars.

This recognises the enabling business environment reforms of the federal government in making Nigeria an easier place to do business in.

The Report further acknowledges the positive perception of the private sector for the government’s doing business reforms, by scoring improvements in the time and cost of starting a business in the country.

Laurent Polonceaux, French Consul General in his remarks said Nigeria is France 9th largest trading partner and encourages the country to focus more on infrastructure especially access to industrial areas

L-R: Andrew Torre, regional president, Central & Eastern Europe, Middle East and Africa (CEMEA), Visa; Ahmad Ahmad, president of CAF; and Kemi Okusanya, general manager, Visa West Africa

Visa inks CAF partnership as payments technology sponsor for AFCON CALEB OJEWALE

V

isa, a leading company in the global payments ecosystem has officially announced its partnership with the Confédération Africaine de Football (CAF)as a sponsor of the Total Africa Cup of Nations (AFCON) tournament in 2019 and 2021.

The company in a statement said the sponsorship deal would make the payments giant the exclusive payment services provider at all venues during the Total AFCON tournaments in 2019 and 2021. Visa will also be the preferred payment option for tickets bought both in-person and online. In addition, Visa will be the official partner of the player escort program, giving over 1,100 children the opportunity to lead their football heroes out at the Total AFCON matches.

Ahmad Ahmad, president of CAF, said: “The benefits of investing in African football are clear to see, and with football being the number one passion of consumers across the continent we’re delighted to welcome Visa as a sponsor of the Total AFCON tournament. Through this partnership with CAF, Visa will be able to connect further with its customers and leverage CAF as an innovative marketing platform. Africa is now more connected than ever before, and Visa’s payment network will play a vital role in reaching and rewarding fans across the region. I’m certain that together we will take African football to the next level.”

On his part, Andrew Torre,

regional president, Central & Eastern Europe, Middle East and Africa (CEMEA), Visa, said “Football is the most popular sport in the world with an estimated 4 billion fans and the sport intrinsically aligns with Visa’s values of acceptance and inclusion. The Total Africa Cup of Nations tournament is arguably the most important football event in our region where the best of African football comes together. We are very proud to begin our association with CAF, Lagardère Sports and the Total AFCON tournament to support the growth of football in our key markets.

“Being the exclusive payment services partner at some of the biggest global sporting properties in the world has enabled us to showcase the latest in payment innovation on a global stage and has had a demonstrable impact on the fan experience and local merchant environment. We are looking forward to a very big summer in 2019 where through our sponsorship of two of the largest football tournaments in the world, we can connect football’s most passionate and engaged audiences through our powerful, reliable and secure payment network and create unique and unforgettable experiences for global football fans, cardholders and clientsalike,” said Torre.

Visa describes the Total AFCON platform as an opportunity for it to continue delivering exceptional benefits to its local communities, clients, partners and fans as they come together to support the best of African football.

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Eaton makes case for micro grids in Nigeria FRANK UZUEGBUNAM

E

aton has called for the adoption of micro grids in Nigeria saying it is a move to a more distributed energy model that will go a long way in meeting energy demands in Nigeria more effectively.

According to Bunty Kiremire, Senior Application Leader, Microgrid Energy Systems, Eaton, there is going to be a significant business case to increase renewable sources and micro grids in Nigeria, particularly in the area of distributed energy, adding that the country has close to 20,000 megawatts of power produced by diesel or gas generators.

This, he explained, provides a clear opportunity for introducing or combining the existing capacity into microgrids as well. This will also optimize the cost of energy and allow faster elec-

trification of communities the grids could not access previously.

“In Nigeria, the backbone of the electricity supply is isolated diesel generators.

So as an example if you use utility an individual has to realise that the utility has gone, physically go down to a changeover switch, start up the generator set, when the utility comes back again that individual repeats a similar process to turn off the generator set. That is a highly inefficient microgrid with a human being as part of the feedback loop”, said Kiremire.

Currently, about 50 per cent of Nigerians have access to electricity, and the electricity/ power system suffers from reliability with an average of 4,600 power outage hours per year. In addition, electricity costs are also high.

Kiremire said microgrid proliferation in a market like Nigeria will solve these three challenges. It is an opportunity to bring sufficient,

AMDA Nigeria members after the launch of the organisation

cost-effective and reliable electricity to a large number of people.

“Generation units which are closer to the load and to the customer can be built.

This will avoid investment in

long transmission and distribution networks and solve the issue of access to electricity. Microgrids will provide multiple sources of energy that can be coupled to the source of the utility supply.

The cost of power reduces as we integrate increasing amounts of renewable energy. Solar PV specifically, being the cheapest source over its lifetime“, Kiremire said adding that if compared

to diesel generation which is currently the backbone of electricity supply in Nigeria, costs will be reduced.

“Every application for a community, business or military base is unique and customized solutions can help optimize, build and maintain an automated, secure and cost-effective renewable energy and storage project.

It is important to consider supplier expertise, experience, business stability and success with prior projects.

A vendor’s past projects can be indicative of the depth of solutions experience.

Eaton is reputed for its experience in utility energy systems as well as renewable power systems, energy storage systems, off grid and microgrid solutions; acting as trusted and expert advisers by helping its clients design solutions that address the issues at hand, and prepare for more diverse energy sources and complex energy grids.

Market

Mini-grids

Off-grid operators launch Africa mini-grid developers association in Nigeria

Solar Power Mini-grids: Nigeria’s Under-Utilized Power System

ISAAC ANYAOGU

M

ini grid developers in Africa has launched a platform, the African Mini-Grid Developers Association (AMDA) to galvanize support, influence policies, lobby government on key issues in the sector, and accelerate the development of mini-grids in Nigeria.

According to a release sent by the association, the AMDA Nigeria, launched October 15, is a group of organizations and individuals committed to the development of the Nigerian power sector especially the off-grid energy space “We believe it is time for Nigeria to develop its energy sector by leveraging on the benefits that alternative sources of energy such as mini-grids present,” Alexander Obiechina, President of AMDA Nigeria said.

Obiechina further said, “We therefore call on all stakeholders to join us in building an industry that has the capacity to eradicate energy poverty not only in Nigeria, but throughout the African continent.”

AMDA Nigeria is in partnership with AMDA, an association currently operating in Kenya and Tanzania with ambitions to further expand in the continent. AMDA was launched in Kenya in April 2018 with 11 member companies including innovative start-ups and established utilities.

AMDA is Africa’s first trade association dedicated exclusively to the mini-grid industry, and is composed of developers operating AC mini-grids that ensure power reliability of at least 20 hours per day. The association says it also works closely with a variety of solution providers, including EPCs, hardware and software vendors and integrators.

The group says it aims to collaborate with industry stakeholders and policy-makers to advocate for optimal policies and efficient capital deployment to benefit the sector, serve as the voice of the sector in Africa and provide a platform that enables transparency in industry performance through comprehensive market data and analysis in order to promote financial, business and policy

solutions to growth barriers.

Prior to the launch in Nigeria, a 2-day capacity building workshop for AMDA Nigeria members and key original equipment manufacturers was organised. “This is a preparatory move as Nigeria awaits an influx of funding such as the $350million World Bank Nigerian Electrification Project among others, to energize off-grid rural communities currently in total blackout,” the group said in a release.

Founding members of the association include current mini-grid developers and operators including GVE, GOSolar, Havenhill Synergy, ACOB Lighting, Nayo Tropical, Arnergy, Ajima Farms, RubitecSolar, CREDC and A4&T. The event was attended by international agencies, public sector stakeholders such as the Rural Electrification Agency (REA), Nigerian Electricity Regulatory Commission (NERC), Nigerian Electricity Management Services Agency (NEMSA), as well as private sector stakeholders including GIZ, Huawei, Sterling Bank Plc., Jinko Solar, METKA and other partners.

T

o say solar power adoption in Nigeria is growing is an understatement. It is actually evolving- slowly but surely.

In 2013, the solar power sector was chiefly dominated by portable solar home systems and small-scale roof top installations.

Fast forward to today, there are thousands of residential and commercial roof top installations and at least, “11 mini-grids producing electricity for 9,000 people” in different parts of the country- mostly in rural communities. Mr. Bello Bamalli, Founder and CEO of Zahra Energy confirmed this during a recent Gridless Africa Tweetchat on mini-grids.

Access to energy in Nigeria remains a tenacious challenge and the rapid deployment of alternative power solutions such as solar mini-grids is proving to be a cost-effective and practical solution when compared to grid expansion in a timely manner.

Mini-grid deployments in Nigeria only actively started within the past 3 years. Efforts to support its success have been in the form of legal and regulatory frameworks by the Nigerian Electricity Regulatory Commission (NERC) as well as financial and technical assistance for operators by local and international stakeholders.

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

Historically, mini-grids have successfully failed to be included in previous national power system improvement strategies. However, with the advancement of new and renewable energy solutions like solar power, they are now integral elements primed to enhance energy access for thousands of communities currently not connected to the grid. What this inclusion also generates is an aura of confidence which makes foreign investors more likely to participate.

The World Bank reports that the proportion of Nigerians connected to the grid has steadily increased from 27% in 1990 to 58% in 2014 and currently estimates that 40% of Nigeria’s population- 75 million people, lack access to electricity. Gridless Africa’s Development Director, Lanre Okanlawon revealed that “75 million people is actually more than the sum total of the least populated 99 countries in the world today including Uruguay, Jamaica, Qatar, Namibia, Botswana, Slovenia, Gabon, Latvia, Mauritius and Cyprus”.

He continues, “this confounding piece of information drives home the gravity of Nigeria’s energy predicament. It is an energy crisis.”

According to the Rural Electrification Agency, “developing off-grid alternatives to complement the grid cre-

ates a $9.2 billion/year market opportunity for mini-grids and solar home systems that will save $4.4 billion/year for homes and businesses in Nigeria.” The agency has since rolled out the Off-Grid Electrification Strategy which aims to increase the contribution of clean energy to account for 10% of Nigeria’s total energy consumption by 2025. With Nigeria being one of the most attractive off-grid markets in the world by virtue of the size of its economy and population, there is a real opportunity for economic growth and the reduction of poverty.

Brazil, China, Philippines, Senegal and Tanzania are known to have significantly bridged some of their energy access deficits by integrating mini-grids into their national power improvement strategies. In Senegal alone, as of 2017, 700 mini-grids were being developed by the country’s rural electrification agency in collaboration with its local and international partners.

The untapped market for solar power mini-grids in Nigeria is vast. The opportunities are unlimited. And the benefits for households, businesses and the economy are immense.

Lanre Okanlawon is a co-founder at Gridless Africa

Graphics: Fifen Eyemisanre Famous

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How ‘Booking.com of cryptocurrency’ firm plans to take over African market Stories by FRANK ELEANYA

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s at Saturday, investors had over 2081 cryptocurrencies spread across over 200 exchanges in the world to choose from, data on the Coinmarketcap shows. The number of cryptocurrencies is expected to rise over 2500 by end of 2019 and exchanges will increase to over 300.

It could be overwhelming for people trying to sift through that volume of tokens and exchanges to get a good price to buy or sell. Lack of transparency is rife within the cryptocurrency market when it comes to exchange commissions and fees, which is why a platform that serves as a practical guide to the market could be a gold mine for users.

Nearly a decade after the first cryptocurrency – Bitcoin – came into existence and prices began to go wildly, adoption remains a major challenge. In a bid to step things up, some

leading exchanges have gone as far as giving away millions of cryptocurrencies. But price drops in recent times is proving a difficult nut to crack as potential investors continue to look from the sidelines.

One firm say it is possible to aggregate majority of the exchanges on one platform to help customers make the right buying and selling decisions.

Sheriff Olujide the founder and chief executive officer of CryptoBrokerage told BusinessDay on the sidelines of the Web Summit in November 2018 that the market becomes attractive when consumers are better informed of the best prices for a wide range of cryptocurrencies. A lot of people will be more willing to get on board when they are empowered with knowledge. It is a mandate his firm is eager to solve.

Founded in 2017, CryptoBrokerage has a mission to be the number one gateway for the best execution prices of cryptocurrency and token comparison and trading within the cryptocurrency ecosystem.

“Think of it as the Booking.com of cryptocurrency,” Olujide the founder and the only Nigerian executive on the board of the company told BusinessDay. He was referring to the platform’s capability of executing trades at better

prices through a single and secure log-on gateway via API connections to multiple exchanges and its internal decentralized exchange.

The cryptocurrency market is presently divided into three types of exchanges namely

trading platforms, direct trading and brokers. Trading platforms are those that bring buyers and sellers together and charge them a fee for each transaction. Direct trading exchanges offer direct person to person trading that could involve different countries, therefore each sellers sets their own prices. These types of exchanges do not have a fixed market price. Brokers are websites that anyone can visit to buy cryptocurrencies at a price set by the broker.

The London-based CryptoBrokerage is heading to Africa in 2019, beginning with an office in Nigeria.

“Nigeria is an important market not only in Africa but in terms of cryptocurrency transactions,” Olujide said.

He hopes to leverage his vast knowledge of the country and local network. Importantly, it is the unique proposition of CryptoBrokerage that fills Olujide with confidence.

The CryptoBrokerage platform combines blockchain technology with suite of algorithms based on artificial

intelligence and natural languages processing to enable users execute trades at best available prices through single and secure integrated gateway.

One of its long term goals is to develop a safe, secure and reliable platform with a decisionmaking capability supported by artificial intelligence to guide users on whether to sell or buy cryptocurrencies based on informed decisions.

Also behind his confidence is the BestecX platform.

BestecX aggregates the best prices from more than 200 exchanges and allows users to compare and trade over 1500 cryptocurrencies at the best available prices from a single platform.

Security on CryptoBrokerage is enabled through a two factor authentication or 2FA registration process using Google Authentication code and verification of every trader on the platform. Customer identification documents and proof of addresses would be required as part of CryptoBrokerage’s on-boarding and registration process.

Silicon Valley is not for Africa, early stage investors tell startups

T

ech entrepreneurs’ hopes of replicating Silicon Valley successes in Africa may have a roadblock, as early stage investors say it is unrealistic because of the peculiarities of constraints startups on the continent face.

The investors said this at the Africa Early Stage Investor Summit organised by VC4A and Africa Business Angels Network (ABAN) in Cape Town, South Africa. The summit which is in its fifth year, attracted over 300 active and

aspiring early stage African investors from 35 countries with 25 of them coming from Africa - to share expertise, experiences, and fostering collaborations to bolster the ecosystem of capital provision for African entrepreneurs.

Speakers at the summit said investors has a critical role to play in pushing founders to build profitable, sustainable, and locally-adapted businesses rather than spend their time “unicorn hunting”.

“Everyone should play their part in the investment capital

supply chain,” Khaled Ismail from Ki Angels told participants. “When there are enough investors at every stage, we will be able to resolve the proverbial mismatch between investors and investees.”

The panelists also identified collaboration as a key element to building a thriving industry. In this regard, investors must become activists in attracting more capital and resources into African markets, especially from larger corporate, growth equity investors and development finance

institutions (DFIs). More collaboration could also lead to designing instruments and financing structures tailored to African ventures.

“It is easy to invest money in Africa right now, but it is hard to make money in investing here,” Keet van Zyl from Knife Capital stated during

the opening panel discussion. “The key is to be exit centric – we only invest in entrepreneurs who are focusing on building sustainable

businesses that can exit.”

Startups success will also require human capital and diverse teams. In the coming decade, a statement from VC4A said, Africa will hold the majority of the global youth population, bringing a wealth of opportunity and innovation. Yet accessing strong talent and building diverse teams remains a stark challenge for most ventures. Investors want to see more female and locally-led organizations with thoughtful human capital strategies.

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Fact Check: USDA got it wrong with Nigeria’s, other countries’ rice imports CALEB OJEWALE Twiiter: @calebtinolu

T

he United States Depar tment of Agriculture report which asserted that Nigeria will be the second-largest importer of rice in 2019 has been found to be grossly inaccurate, according to BusinessDay’s analysis of export data involving over 150 countries. Findings show that not only did the USDA make inaccurate assertions in its estimation of Nigeria’s rice imports; it also got it wrong with several other countries’.

The analysis is based on exports data from Thailand and India, which both account for nearly half of global rice exports. India’s 2017-18 nonbasmati rice exports stood at 8,633,237 metric tonnes, while basmati rice export is put at 4,051,896 according to data from the website of All India Rice Exporters Association (AIREA). The data was further denoted to have been sourced from India’s Directorate General of Commercial Intelligence and Statistics (DGCIS).

On the other hand, data on the website of the Thailand Rice Exporters Association showed that 11,674,331 metric tonnes of rice was exported to 185 countries in 2017, and as at September 2018, exports across the world stood at 8,121,579 metric tonnes.

For Nigeria, the USDA claimed the country imported 2.1 million metric tonnes of rice in 2015/16; 2.5 million metric tonnes in 2016/17; and 2.6 million metric tonnes in 2017/18, with projected import of 3 million metric tonnes of rice in 2018/19. This is however false, at least going by export data from Thailand and India, which were Nigeria’s largest rice suppliers before the country stiffened rice importation.

For instance, at the end of 2017, exports to Nigeria from both countries were cumulatively 63,605.72 metric tonnes,

Data Sources: USDA,AIREA, and TREA

whereas the USDA claims Nigeria imported 2.5 million metric tonnes in its October 2018 report titled, “Grain: World Markets and Trade.”

The difference of 2.43 million metric tonnes simply cannot be accounted for, especially not by the USDA whose data gathering process is unknown.

Emails seeking clarification on data sources, sent to the press unit of USDA, as well as three personnel: Rachel Trego, Nicole Podesta, and Andrew Sowell were not replied at the time of publication.

Since 2015, rice importation through the borders has been banned in Nigeria, and while it remains permissible through the ports in the spirit of world trade, it attracts an import duty of 70 percent.

This has effectively eroded the motivation for those who were erstwhile rice importers; the impact of this is reflected in the constantly declining volume of rice exported to the country.

Rice coming through the land borders is smuggled; illegally brought in for consumption, which in reality augments inadequate local production.

However, no data exists anywhere capturing this volume, much less the unsubstantiated claims by the USDA. “The figures are completely

overstated, especially when the increasing investments in local rice production are considered,” said Tunji Owoeye, managing director, Elephant Group Plc, who is also Chairman, Rice Investors Group of Nigeria.

Nigeria’s rice imports from Thailand have been declining in the last four years, and as at September 2018, data by the Thailand Rice Exporters Association shows that only 5,161 metric tonnes of rice has been exported to Nigeria. For the full year 2017, volume of rice exported to Nigeria was 23,192 metric tonnes, a reduction from 58,260 metric tonnes in 2016. This was an even bigger decrease from 644,131 metric tonnes of rice exported to Nigeria in 2015.

On the other hand, Nigeria’s shipments from India have also been declining.

The country had 3,443 metric tonnes of both basmati and non-basmati rice shipped from India in 2017/2018; a decline from 40,413.72 metric tonnes shipped to Nigeria in 2016/2017, which was itself a decline from 53,796.05 metric tonnes in 2015/2016.

However, while the USDA has ranked Nigeria high on rice importation, and projects it to be the second-largest importer

by 2019, going by 2018 exports data, Nigeria with 5,161 metric tonnes of rice ranks 78th on Thailand exports to 185 countries. Furthermore, with 3,443 metric tonnes, Nigeria ranks 68th in India’s exports to 159 countries.

Further analysis of the data from Thailand rice exports to West Africa, shows that Nigeria ranks 12 out of the region’s 16 countries. On India rice exports, Nigeria ranks 14 out of the 16 countries in West Africa.

Other flaws and implications for Nigeria Apart from the unsubstantiated estimates attributed to Nigeria by the USDA, a major flaw could be seen in the figures attributed to some other countries.

Nigeria’s neighbour, Benin Republic, remains the highest importer of rice from Thailand, not only in West Africa, but the world with 1,144,001 metric tonnes already exported there as at September 2018. Benin imported 1,814,014 metric tonnes from Thailand in 2017 and 1,427,098 metric tonnes in 2016. The volume of rice exported to Benin has continued to increase, even though Nigeria’s imports have been decreasing.

In non-basmati rice, which has the highest volume of

exports from India, Benin Republic occupies the second position in West Africa, importing 778,920 metric tonnes in 2017/18, an increase from 702,181.65 metric tonnes recorded in 2016/17, and 623,348.2 metric tonnes in 2015-16.

However, Benin Republic according to the USDA imported 450,000 metric tonnes of rice in 2015/16, 525,000 metric tonnes in 2016/17, and 550,000 metric tonnes in 2017/18 with a projection of 650,000 metric tonnes for 2018/19.

A simple addition of the exports from Thailand and India alone shows that 2.05 million metric tonnes of rice were exported to Benin in 2016, against 450,000 metric tonnes the USDA claims. The USDA figure only represents 21 percent of what Benin imported from just Thailand and India; its total imports understated by at least 79 percent.

Also, whereas exports to Benin in 2017 was at least 2.51 million metric tonnes from India and Thailand alone, the USDA stated the country had a total import of 525,000 metric tonnes.

Cameroon, another country which shares borders with Nigeria, had 47,345 metric tonnes of rice shipped to it from India in the 2017-2018 period, 48,260.75 metric tonnes in the 2016-2017 period, and 85,655.86 metric tonnes in 2015-2016. From Thailand, Cameroon had a shipment of 280,872 metric tonnes of rice as at September 2018, while in 2017 a total of 749,008 metric tonnes was shipped, and 505,254 metric tonnes in 2016.

The USDA stated that Cameroon imported 500,000 metric tonnes of rice in 2015/16, increasing to 600,000 metric tonnes in 2016/17, and 650,000 metric tonnes in 2017/18. The country is projected to import 700,000 metric tonnes of rice in 2018/19.

However, from just two countries; India and Thailand alone, 797,268.75 metric

tonnes of rice were exported to Cameroon in 2017, which is almost 200,000 tonnes more than the figure indicated for the country by USDA. A similar discrepancy exists in the 2016 estimate, and even though the figure may look marginal, the fact that exports from only two countries far exceed USDA’s total import data leaves much to be desired.

Cameroon’s estimates may appear passable, but that of Benin Republic, and especially Nigeria suggest a highly distorted data released to the international community by the USDA. The potential damage of such misleading data for Nigeria is enormous considering that in the last three years, there have been multi-million dollar investments as the country which aims for selfsufficiency in rice production.

Even though the local production of rice is yet to attain a level where it is abundantly available, inaccurate information suggesting the country will throw its ports open to a volume of ‘legal’ imports which has not been seen in over five years, is capable of discouraging potential investors.

In the last three decades when Nigeria suddenly relied on massive importation of rice, many erstwhile farmers abandoned their farms, as their production could not make any realistic market. In addition, those who had grown businesses around milling rice paddy were affected.

Akai Egwuonwu, CEO, Anambra Rice Limited had told BusinessDay during a visit to his mill in Amichi, Anambra state that, after the mill commenced operation in 2008, it was shut down after a year (in 2009) till 2012 due to “excess importation of foreign rice that we cannot compete against.”

The report by the USDA would only have brought back such scary memories to local producers such as Egwuonwu , who are only just getting the courage to go back to production.

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Privedoc app connects patients with doctors all over the world PriveDoc, a medial app founded by Lanre Olaitan chief executive officer of PriveDoc, limited in Nigeria and Medcircuit Limited in the United Kingdom was recently launched and has received a considerable amount of attention, mostly for consultation. In this interview with Anthonia Obokoh, he discusses the sole purpose of the app, the problem it aims to tackle, Nigeria’s healthcare system among others.

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hat is PriveDoc, all about?

PriveDoc, is about services which puts healthcare in the hands of all Nigerians. So, what we do is to make sure that every Nigerian where ever they are can access medical care via mobile phone. The app enables patients to engage with a doctor at any time, at any day 24/7. You can chat with a doctor or a nurse off in convenience of your room.

As a doctor trained in the United Kingdom and works there, I think it is actually is very important that Nigerians have access to all forms of medical professionals in the world.

We have a problem in Nigeria with the fact that the country has about 4 doctors to 10,000 patients in Nigerians that is the statics of the World Health Organization, which also the lowest amount in the whole world. So I think improving access means is not just for only doctors but also to everyone, The system is meant for Nigerian people, but we have Nigeria doctor and also UK doctor on the system, the patients can choose who to speak. So we just want to make the world a smaller place by been able to connect patients to any doctors they want in the world.

Is the app powered by artificial intelligence?

The Medcircuit is powered by artificial intelligence which is supposed to the powered by the PriveDoc, system but

at the moment we are just connecting doctors to patients and the patients to the doctor. In the future what we plan to do in Nigeria is to actually introduce the Medcircuit system which is high to help patients with diagnosis.

PriveDoc, is easy to access, as a user you can just log to www.privedoc.com, it takes about 20 seconds to register and once you are registered you can book appointment with doctors, quite instantly.

Also we want to make sure that all our doctors can work from anywhere they are, even at the weekend because it is a mobile technology.so they are work conveniently and it won’t conflict with their own interest and they operate full time.

What kind of investment went into developing the app?

So into the PriveDoc system, we invest about N250million into the business

which includes the infrastructure, testing, the soft wares and everything that supports it. It is a large project that we are doing and it taken a chuck of huge investment

What is the number of doctors on the system?

We have about 53 Nigerian doctors and that is across the country, in Lagos, Abuja, Kaduna, Jos, Imo and other states. We also have 20 doctors from the United Kingdom and 10 doctors from America.

What we have done is that before we get any doctors in our system, just like I said there are 53 doctors from Nigeria. We look at their experience, licenses, medical certificates, we made some confirmation from Abuja to be sure that they are certified in order to avoid quackery.

So once they passed that stage, we invite them for interview so that they will have the right mind of attitude to treat patients, which is for Nigeria doctors.

But for the other doctors aboard, it is slightly different. If any doctor wants to apply, we just search online and we could see all these details on their specialization, if they have any problem in the past or have been bared or have any investigation against them. So essentially, all the doctors in the PriveDoc system are very certified and good to work with.

Charging system On the bill system, one thing is that we

Open defecation can affect public health, puts productivity, economic growth at risk ANTHONIA OBOKOH

O

pen defecation refers to the practice whereby people go out into fields, bushes, forests, open bodies of water, or other open spaces, rather than using the toilet, to defecate.

As Nigeria joins the international community to mark World Toilet Day on the 19th of November, Reckitt Benckiser (RB), makers of leading toilet cleaning brand, Harpic, has described open defecation as a great drawback to global public health safety and economic growth.

According to the United Nations Children’s Fund (UNICEF), about 46 million people in Nigeria defecate in the open, with 56 million people estimated to be added to this open defecation crisis during the next ten years.

Dayanand Sriram, West Africa general manager Reckitt Benckiser said that Nigerians needed to join the world to end the menace of open defecation.

“It is important to know that, open defecation has become a global challenge to people, business and the environment. RB has always believed that societal challenges must be tackled head-on through a beneficial partnership between government and the private sector.”

“At RB, we are aware of the need to change the defecation narratives in Nigeria. That is why RB, in partnership with the Lagos Ministry of Environment, has been revamping public toilets in Lagos. I truly believe that such partner-

Lagos State Commissioner for Environment, Babatunde Durosinmi-Etti; general manager, RB West Africa, Dayanand Sriram; marketing director, RB West Africa, Aliza Lefervink and Permanent Secretary, Lagos State Ministry of Environment, Abiodun Bamgboye at the 2018 World Toilet Day event organised by Lagos State Government in partnership with RB in Lagos.

ships are the key to achieving a sustainable society” he added.

Also speaking at the event, Babatunde Durosimi Etti, commissioner, ministry of the Environment said the World Toilet Day is an important international observance dedicated to creating awareness and inspiring actions to combat the global sanitation challenges facing humanity.

“Since its declaration in 2013 as an Official United Nations international day by the world body, the day has become important for advocating sustainable sanitation practices, particularly in the area of Water Sanitation and Hygiene.”

“Without a doubt, the world is changing faster than we can imagine and the human population is increasing at an exponential rate. Therefore, there is urgent need to provide access to safe and sustainable sanitation systems that will effectively address the menace of open urination and open defecation as well as other sanitation crisis to prevent the widespread of diseases” he said.

Durosimi-Etti lauded that Lagos

state is committed to ideals of Goal number 6 of the Sustainable Development Goal (SDG) which aims to achieve sanitation for all and end open defecation by ensuring availability and sustainable management of water and sanitation for humanity by the year 2030.

“On our part as advocates of clean and hygienic environment, it behoves us to join the global crusade, spread the awareness, inspire environmentally friendly actions and support in facilitating the provision of sustainable sanitation systems that will work in harmony with our ecosystems” he had said.

Similarly, Aliza Leferink marketing director, Reckitt Benckiser West Africa who quoted statistics from global agencies explained that the dangers of open defecation are too frightening to ignore.

“United Nations has it that open defecation can affect any one of us and it can lead to diarrhoea, typhoid and Cholera among other deadly health conditions, which could detract from economic growth and public health safety.”

made it affordable so as most Nigerians can afford. As times go on, we need to plan with the fact that if we see that the market goes further, then we will make shift.

But at the moment it cost about N200.00 to chat with a doctor as long as you need till the problem is resolved and patient is given advised and been followed up by the doctor.

And to video call a doctor cost N1000.00, it is more affordable and easier rather than transporting and waiting on the long queue in the hospital.

Impact to Nigeria healthcare delivery system One of the impacts of this system is to help curb self-medication and reduce the waiting time of patents in the hospitals. People do self-medicating a lot, what I mean is that people try to diagnose and treat themselves at the same time when they do not know what is wrong with them. The problem with that is most at time, you might better but might not actually solve the problem.

And I think if you actually have the access to speak to doctor, you might not self – medicate and you will do the right things for yourself. Ones we are able to use this app to impact of avoiding self-medication, in that case people will have access to care and the whole population might get healthier and we have less self –medication.

And also the need of this app is to help the healthcare delivery system in Nigeria to reduce the demand in the

hospitals especially the government facilities. Many Nigerians travel so far across states to receive treatments, the long queues and crowd, this has really affected the healthcare access of this country.

So what we are doing is to help strategize the point to reduce long queue and make access to care easier by using the mobile app to get consultation.

However, for Nigeria health sector to have a wide gap that cannot have healthcare coverage, we have to digitize the healthcare system. We cannot continue to have situations whereby a patient comes in and we keep searching for records.

The Nigeria healthcare system should to be a case where you could use a patients name and date of birth to access their information’s. Once Nigeria can get to that level, I think it will be easier for the system and people can access care without been delayed in the hospitals which is quicker and better, with that we will be able to reach the population demands.

Also the country need to embrace innovation in the healthcare system and try to resolve some of the problems we have because they are not going to go away if they are not solved.

The countries population is growing massively; the World Bank has said that Nigeria will be the most populated country in the world by 2050, which is more than America, Russia. I think the country really needs to meets its demands in the healthcare system.

What to know about quinine in tonic water

T

onic water is a soft drink containing quinine, which gives it a bitter taste. Quinine is a common treatment for malaria. Some people believe that it can also help with leg cramps and restless legs syndrome.

Quinine comes from the bark of the cinchona tree. This tree is native to central and South America, as well as some islands in the Caribbean and western parts of Africa.

People have consumed quinine in tonic water to help treat cases of malaria for centuries.

Quinine uses Doctors continue to use quinine as a part of malaria treatment. However, research suggests that newer treatments may eventually replace quinine as a malaria treatment.

Researchers cite the poor tolerability of the drug and difficulties complying with complexdosingroutinesasareasonforthis.

As a food additive, quinine offers a bitter taste. Manufacturers usually add it to tonic water.

Some people use tonic water to help treat night-time leg cramps, but there is little evidence to suggest that this is effective.

Is quinine safe?

Experts consider quinine safe to consume in small doses. The United States Food and Drug Administration (FDA) have approved up to 83 parts per million in carbonated beverages.

The FDA also specify that manufacturers must place quinine on the label for consumers to easily see.

Some people may experience allergic reactions to quinine. If this is the case, a person should avoid tonic water and any other products that contain quinine.

People who should avoid quinine in medications include: women who are pregnant or breastfeeding, those with abnormal heart rhythms, those with liver or kidney disease, those with low

blood sugar.

Some medications can interact with quinine. These include: antidepressants, antacids, statins, blood thinners, neuromuscular-blocking drugs, antibiotics, seizure medication.

The amount of quinine in tonic water is not likely to interact with a person’s medication or cause issues for people with the medical conditions listed above.

However, people with these risk factors should not take quinine supplements or medications unless a doctor prescribes it.

Benefitsofdrinkingtonicwater Many people believe that drinking tonic water helps with night-time leg cramps and restless legs syndrome.

However, there is no scientific evidence verifying this belief.

In fact, the FDA have warned doctors against prescribing quinine to treat leg cramps or restless legs syndrome.

Tonic water is a carbonated soft drink that may contain sugar and has little nutritional value. The quinine present in tonic water provides a distinctive bitter flavour. While not dangerous, tonic water does not have any benefits and could lead to an unnecessary increase in calorie consumption.

Side effects Quinine is very diluted in tonic water.

The likelihood of a person experiencing any side effects from drinking tonic water is slim. However, side effects of quinine can include: ringing in the ears, vomiting, stomach cramps, nervousness, nausea, diarrhoea, confusion.

As a medication, quinine may have more severe side effects. Some of the possible side effects of taking quinine as a medication include: abnormal heartbeat, kidney damage, severe allergic reaction, electrolyte imbalance, vision or eye issues, problems with bleeding, thrombocytopenia (decreased blood platelets) and lung toxicity.

Culled from MedicalNewsToday

Friday 23 November 2018

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Josephine Okojie

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ypertension, stress and poor nutrition in pregnant women accounts for large numbers of premature (also known as per term) births in Nigeria, experts say.

The experts who spoke at the Blue Baby Support Initiative awareness programme to mark this year’s World Prematurity Day on Saturday, November 17, 2018 say that Nigeria has one of the highest rates of premature births globally.

“Premature births are high risk condition associated with significant mortality and morbidity in the perinatal, neonatal and childhood periods,” says Olanike Olutekunbi, consultant neonatologist at Massey Street Children Hospital.

“The major causes of premature births in Nigeria are hypertension, diabetes, stress, poor nutrition, cervical competence, infection and congenital abnormally among others,” Olutekunbi says.

She urges the Federal Government to raise more awareness through health education to drastically reduce deaths resulting from prematurity in the country.

She notes that quality care before, between and during pregnancies will

Ogun conducts free lumpectomy surgeries for 60 women Razaq Ayinla

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n continuation of the 2018 UPLIFT Free Breast and Cervical Awareness and Screening programme in Ogun State, 60 women and young girls have again benefited from the Free Lumpectomy Surgery organised by the Wife of the State Governor/President of UPLIFT Development Foundation, Olufunso Amosun, in collaboration with the state government to reduce scourge of cancer in the society.

The three-day free lumpectomy programme, which commenced Thursday, had in attendance beneficiaries from the state-wide UPLIFT Breast and Cervical Cancer Awareness and Screening Exercise organised by the governor’s wife.

Speaking during the Free Lumpectomy Surgery programme at Olabisi Onabanjo University Teaching Hospital in Sagamu, Amosun’s wife said 60 beneficiaries, who were found with lumps in their breast during the free breast and cervical screening programme in October would be operated by medical experts at the theatre in fulfilment of the promise made by the State Governor, Senator Ibikunle Amosun, to pay for their treatment free of charge.

“We thank God that since the inception of the UPLIFT Development Foundation Free Breast and Cervical Cancer Awareness and Screening programme in Ogun State, there has been a tremendous reduction of maternal mortality because a lot of women now know their health status and those found with breast or cervical cancerous issues can now receive free surgery and medication. Today, 60 people would be operated in the next three

HBL Team

days at no cost to them to improve their health status,” Amosun said.

In his remarks, Babatunde Ipaye, State Commissioner for Health, explained that the programme was in line with the state government’s cardinal agenda of providing affordable health service for the people, noting that cancer was preventable and treatable if detected early.

He advised women from 40 years and above to ensure they get screened regularly for breast and cervical cancer, because the diseases were most common among women, adding that the state government would continue to provide qualitative health delivery for the people of the state.

Responding, Bola Adefuye, President of the Medical Women Association of Nigeria (MWAN) Ogun State Chapter, explained that over 5,000 women were screened during the 2018 state-wide UPLIFT Free Breast and Cervical Cancer Awareness and Screening Exercise in the month of October month, saying 60 women and young ladies were found with breast lumps, noting that free Lumpectomy Surgery would be conducted on all the beneficiaries courtesy of Amosun and the state government.

“All the beneficiaries would be attended to by the medical experts to remove the lumps. I want to encourage our women to go for the screening of their breasts either through self-examination or by medical personnel to check for lumps. You can also visit any of the UPLIFT Development Foundation Cancer Screening facilities at the State Hospital in Ijaiye, Abeokuta; or the State Hospital in Ota; and Olabisi Onabanjo University Teaching Hospital (OOUTH) in Sagamu for any breast abnormalities,” she said.

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Executive Travel Health

Hypertension, stress, poor nutrition responsible for high premature births in Nigeria – Experts also help reduce the rates of premature births in Nigeria.

Olutekunbi also states that the country can drastically reduce its maternal and infant mortality rate to the barest minimum through collaborative efforts by the government and the public sector.

Currently, Nigeria is ranked the third country with the greatest number of premature births, the National Association of Paediatric Nurses says.

The World Health Organisation (WHO) estimates that about 15 million babies were born too early yearly that is one in every 10 babies.

Chika Marizu a nurse at Massey Street Children Hospital says that the prevention of the major causes of premature births by mothers will drastically reduce the rate of infant mortality in Nigeria.

Marizu calls for the consumption of nutritious foods by mothers, while she adds that proper diet helps in reducing the occurrence of prematurity.

“Mothers of premature babies need to be informed on giving care to the child and should regularly visit the hospitals for check-up,” she says.

“The government need to provide modern technology for the care of premature babies to increase their survival rates,” she adds.

BUSINESS DAY

Travelling with a heart condition Ade Alakija

Alakija, medical director Q-Life Family Clinic, Victoria Island, Lagos.

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eart disease whether congenital, hereditary or acquired can be life threatening and all necessary precautions to avoid worsening the condition should be taken. The heart beats 100,000 times a day and pumps about 23,000 litres of blood daily. Note that heart related problems account for a high percentage of all in-flight medical emergencies and the risk of complications on board can be reduced by following a few simple steps.

In Nigeria in 2017 Coronary Heart Disease (CHD) deaths accounted for 3.76 percent of all deaths in the country that is 76,410 deaths. In the UK in 2017 cardiovascular disease accounted for 25percent of all deaths killing about 150,000 people. (USA is 800,000 that is 1 in 3 deaths).

It is clear that as we move towards western ways of living including diet, heart disease cases will rise rapidly in Nigeria. The heart and lungs are responsible for the oxygen intake to the body. Any condition that hinders these organs will affect the oxygen delivery to the body and thus affect all your main body functions. You can become lethargic, dyspnoeic, have headaches, feel palpitations and even become unconscious if malfunction of these organs occur.

Air travel is not recommended within less than 2 weeks following a heart attack without complications.

Flying is allowed only when you are stable. If a person has undergone an angioplasty where a stent (wire mesh) is placed in heart arteries, then a waiting period of one week is recommended before travel.

Pacemaker users and those that have implanted cardiac defibrillators (ICD) though not at great risk(walking through a detector) should go through individual security clearance with hand held metal detectors or hand searches only.(The hand held device should, if used be held over the ICD for a few seconds only) The businessperson who is able to think ahead and prepare well for a trip benefits themselves, their family and the company they represent positively. The following steps should be taken in preparation for the travel: • Have your flight plans and all necessary details in writing (separate from your phone organizer) e.g. hotel address and booking code, important phone numbers etc.

Get contact numbers and website addresses for pacemaker and ICD manufacturers and local representatives in the destination country.

• Get information on the area you are visiting. It is your responsibility to make sure you travel for your business or leisure trip

unhindered.

• You must be stable on your medication before travel. Carry an ample supply of all medications, make sure they are labelled and placed in a carry-on bag.

• Have you had your blood pressure and weight taken recently?

• Have you had a full cardiac workout including ECG’s, stress test, blood taken for cholesterol, lipid and sugar? Carry a copy your normal (ECG) if you have irregular heartbeat or a pacemaker.

• Exercise and diet will play a key role in your overall health.

• Improve your lifestyle, avoid smoking, reduce weight if overweight etc.

• For those travellers who are being treated for heart disease, try to read up more on your condition and take precautionary measures.

Drugs like mefloquine, halofantrine amongst others should be avoided.

Consult your Cardiologist, Family Physician or Travel consultant.

• Those that have had open heart surgery or have pacemakers installed or procedures like angioplasty done on them, special care should be taken. Depending on your condition, you may need a travel companion with you, arrange for oxygen in the plane, your drugs must be within easy reach (on your person or in hand luggage with your doctors emergency numbers) and adequate. (Enough for your trip and 2 weeks beyond.)

• Have a reference doctor and hospital at your destination.

• Avoid long haul trips.(trips greater than 6 to 8hrs) If possible, break your journey.

• Keep your hotel informed of your condition if potentially life threatening.

• Know your distress signs.

• Do not change medication before and during travel if possible.

If you must, do it two to 3 weeks before travel to make sure you are stable.

• Keep your watch on home time and take medication based on home time for short trips if possible(less than 1 week) across time zones. For long stay, gradually adjust to the new time zone.

• Make sure your vaccines are up to date especially meningococcal, influenza, vaccines needed for your destination and all childhood vaccines.

• Take antimalarial with you in case you have an attack of ‘fever’.

• Make sure your life and health insurance is up to date and takes special travel insurance if necessary.

• Prolonged periods of immobility can lead to venous stasis and increase the risk of developing deep vein thrombosis. (DVT).

Blood clots most commonly form in the lower extremities and parts of the clot may break off and travel to the lung where they can cause pulmonary embolism. Sitting for long hours, dehydration and lower oxygen levels in a plane cabin can all

predispose to blood clots. When on board the plane, try to avoid alcohol.

This can worsen dehydration in the already dry cabin air and increase your risk of DVT. Drink plenty of water and fruit juices. Still water is preferable to sparkling water (carbonated water). Carbonated drinks can cause gas and heartburn, both of which are unpleasant feelings to have during a flight. Switch the carbonated drink for a bottle of cold water, or calming herbal tea.

• Avoid stimulants like caffeine until you have had a full night’s sleep at your destination.

• Exercise regularly on long flights to help your blood circulation.(Airlines have useful information in their on board magazines).

Choose an aisle seat where feasible to encourage mobilisation and stretch your legs without disturbing other passengers.

• Sleep and miss movies if you must.

• Cardiac patients are at risk for DVT. (Your doctor should let you know if you are at risk) take the necessary precautions. The risk applies to any form of travel where you are routed to one place for hours.

Exercise at least every hour on long journeys, good measured fitting hosiery (in flight stockings and socks) will encourage circulation. Wear loose clothing.

• It is always good to be aware of the current outbreaks of disease, violence, natural disasters or civil unrest at your destination. Also, like in the UAE (Dubai & Co) and some other countries, certain prescription drugs & over the counter drugs are not allowed into the country.

• Seek urgent medical attention if you develop swollen painful legs especially if one is more so than the other and also if you have breathing difficulties.

• AES (Anti-embolism stockings) should be worn which discourages oedema and promotes venous return therefore reducing the risk of DVT. Please consult your doctor or travel medicine consultant (Class 1 AES stockings which provide a compression of 14-17mmHg at the ankle are usually adequate for most travellers.

AES should not be used on travellers with certain conditions like peripheral vascular disease, limb deformity that prevents correct fit peripheral neuropathy etc.

• There are travellers at Low Risk, Moderate risk e.g. Obese travellers. Previous history of DVT, clinically evident cardiac disease etc. and High risk e.g. Traveller has undergone surgery under general anaesthesia lasting more than 30 minutes in the previous 4 weeks, has thrombophilia and those who have cancer untreated or currently on medication.

• Please consult your doctor or travel consultant before travel.

Address any new symptoms with your doctor before travelling.

• Visit www.istm.org for a travel clinic near you.

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

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Friday 23 November 2018

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IMPACT INVESTING

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In Association With

Providing affordable housing units through impact investing Isaac Esowe

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tions they live in. It is a thing of necessity that proper measure should be put in place to address the housing needs of the nation considering the unprecedented opportunities in the housing sector.

The economic impact of investment in affordable housing Investing in affordable housing will reverberate through the economy, not just in terms of providing households with affordable housing stock, but also in boosting employment and spending in the wider economy. The economic benefits from investment in affordable housing can be beneficiary to individuals.

Its impact also broadens to government: which can achieve through provision of adequate and affordable housing, and as well as creating an enabling environment.

Household stability The application of affordable housing policies can have a positive effect in bringing stability to low to middle-income households, a publication by www.gov.scot suggests.

This is primarily achieved through the reduction of the rent burden which improves the fiscal health of the household. In addition to its positive economic effect, that relief contributes to the overall wellbeing of the household and a secure housing situation. As stability is at the core of maintaining a household’s potential as a nurturing environment for positive outcomes such as educational development, consequently, affordable housing - in stabilizing the household’s physical environ-

ment - helps provide a foundation for other benefits.

The multiplier effect In construction and housingrelated industries, evidence has shown that investment in house building has a strong ‘multiplier effect’. This is where the output in a certain part of the economy generates economic activity in other areas of the economy. Multipliers can measure how government investment in house building can generate additional income across the economy, including for people who live nearby developments and eventually even government itself.

An increase in the final demand for a product and an associated increase in the output of that product, where other producers of goods and services respond to this increased demand, is known as the ‘direct effect’. This can run right through the supply chain, to have indirect effect on the economy. As employment increases, so too do levels of household incomes, some of which are spent on other goods and services, leading to induced effect.

Multipliers for the construction of buildings are high in comparison to other industries such as the motor industry, banking and finance and retail distribution. As a consequence government can expect a significant boost to the rest of the economy through the additional jobs and spending which filter through the economy from an increase in the number of people employed in the construction industry.

Social benefit Affordable housing can be an important asset in achieving several social benefit outcomes. Through reducing the shelter burden of household, affordable policies can bring stability to the household through improving its overall sense

Affordable ‘housing is a significant measure to ensure that housing is available at all stages of the life cycle as households can find themselves unable to meet market pricing at different stages in life

‘

ccording to Maslow hierarchy of needs, human beings have the tendency to function effectively if their psychological needs are met, especially having the basic necessity of life. The state of housing in Nigeria is something of concern. As a matter of urgency, new models are required to address investments aimed at providing the housing needs of people in a way that will result in high level of return to the investors and create a bridge in advancing affordable housing in Nigeria.

The need for investment in the housing space is becoming increasingly imperative. Impacting into social housing is a conception that has been around for a while, although its full potential has not been tapped or largely not utilized in advancing social and economic benefits in the real estate industry.

According to the Thematic and Impact Investing, affordable housing is a fundamental for social development and social equality, as around 1.6 billion people are housed inadequately, of which about one billion live in slums and informal settlements. Between $300 billion and $400 billion in mortgage issuance a year could be needed by 2025 to fund purchases of new affordable housing units which are equal to about 7 percent of the global new mortgage origination volume in 2025.

Housing deficit is increasing at a very alarming rate, which real estate experts gauge not to be fewer than 20 million housing units gap and about N111.08 trillion is needed to meet the current housing deficit in Nigeria, according to Charles Inyangate, former CEO, Nigeria Mortgage Refinance Company (NMRC).

It is important that adequate measures are put in place to mitigate the effect of inadequate housing units on the citizenry and the economy, since housing is one of the indicators to measure the standard of living of the citizens in a country.

This is because investing in the provision of housing stock could also be a link to bridging the housing deficit in the country.

The dilapidated condition of housing stock in Nigeria, especially for those living in the slum is so much that one will begin to envisage how this people deal with health challenges that may arise as a result of the terrible environmental condi-

of wellbeing and housing and life satisfaction, as well as potentially providing home security through mitigating the risk of financially induced negative moves. Housing policy also has a significant role in facilitating community cohesion, particularly related to social mix and social networks.

Furthermore, affordable housing is a significant measure to ensure that housing is available at all stages of the life cycle as households can find themselves unable to meet market pricing at different stages in life.

This is particularly true for senior citizens who tend to lack purchasing power in retirement. Affordable housing options will not only aid them economically, but promotes adaptability and transportation that can provide important social safety net.

According to an investigation carried out by BusinessDay Research and Intelligent Unit (BRIU), there is no significant relationship between the introduction of affordable or social housing and increased rates of crime. Additionally, if affordable housing policy allows for a household to move to a safer neighbourhood, it can reduce the likelihood of the residents being at risk of becoming involved in crime.

Housing deficit remains a significant unresolved socioeconomic challenge in Nigeria, hence, the housing gap is growing at a significant space and bridging such gap will bring a huge return on investment to impact investors.

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Friday 23 November 2018

AfriDocs changes narrative on migration ...airs six movies on Silverbird TV Stories by OBINNA EMELIKE

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f r i D o c s, A f rica’s only free streaming platform for documentary films, is launching an informative and engaging series of films that tackle the complex issues of immigration and migration that will be broadcast on select TV channels – including Nigeria’s Silverbird TV and streamed for free on the AfriDocs platform.

Using the art of storytelling and the power of documentary filmmaking, AfriDocs will be focusing on the important issues and debates around irregular immigration. It will also showcase stories told from the perspective of African migrants during their harrowing attempts to make it to Europe in hopes of a

better life.

AfriDocs enables viewers to take a journey through film that shows the realities, the honest feelings and the facts about attempting to make it across land and sea at all cost.

The films, mostly produced from an African perspective, offer a window into the diverse experiences of refugees, migrants, and those left behind. With the aim of both debunking many of the rumours that exist about immigration and migrants, as well as, to humanize the people so often objectified through the West’s portrayal, the six films will be broadcast on a range of free to air television stations in Nigeria, Ghana, Somalia and Ethiopia, as well as, on the AfriDocs streaming platform.

With the support of the German Foreign Office,

AfriDocs will present these films as part of outreach to migrants, and those considering migration in order to enable them to make more

informed and empowered decisions.

Life TV in West Africa and Silverbird TV in Nigeria will screen the films over

AFRIMA unveils continent-wide hosts

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he All Africa Music Awards (AFRIMA), in partnership with the African Union, has announced six red carpet hosts for the 5th AFRIMAGhana 2018 hosted by the Republic of Ghana and scheduled to hold on Saturday, November 24, 2018 at the Accra International Conference Centre, Ghana.

The 5th AFRIMA red carpet will be taken over by a group of young, enterprising and fashionsavvy personalities in the media and entertainment industries of Africa comprising Regina Van Helvert (Ghana); Anita Fabiola (Uganda); Mak’lor Babutulua (DRC); Jason Osman El-Agha (Ghana); Denrele Edun (Nigeria); and Miss P (Cameroon).

Regina Van Helvert, the award-winning actress, TV & radio presenter and entre-

preneur is also a beauty pageant alumni earning second runner-up position at Miss Malaika 2012. The movie star has featured on several red carpets in the country. With her great fashion sense and style, she is set to thrill guests on the red carpet of the 5th AFRIMA-Ghana 2018.

Anita Fabiola, a former beauty queen and host of “Katch Up”, a music and entertainment show aired on NBS TV, is one of Uganda’s most revered media personalities.

The actress, event host, business woman and philanthropist launched her weekly podcast, “The Fabiola Podcast” on Afripods, an online channel and App from Sweden earlier in 2018.

Democratic Republic of Congo’s Mak’Lor Babutulua is a presenter/journalist for the Paris-based channel LCI of the Group TF1. Mak’Lor presents “Jet Life of the Stars”

Derenle Edu, one of the hosts of AFRIMA 2018

on the French channel ‘Star 24’ programme which focuses on events, celebrities and international music.

Jason Osman El-Agha popularly known as Jason EL-A is a young , energetic and one of the finest presenter on the No 1 urban entertainment music channel, 4syte TV, Jason is also a musician, an actor and an entrepreneur.

Nigerian’s eccentric fashion icon, Denrele Edun, will be doing what he is best known for, conducting interviews and holding sway on the red carpet.

The award-winning media personality and former Channel O’s VJ has interviewed some of the world’s biggest celebrities including Beyonce Knowles, Snoop Dogg, Tyler Perry, Akon, among others. Denrele, who is not new to the AFRIMA red carpet, previously hosted the 2015 and 2016 awards show held in Lagos, Nigeria.

Cameroonian television personality, Pamela Happi, popularly known as Miss P, started her professional career as a TV presenter in Douala on The Miss P Show, which promotes the youth to have self-confidence and to build better careers. Miss P was listed among the most influential Cameroonians between 15–49 years in the category of Media by Avance Media & COSDEF Group 2016 edition.

Miss P was also one of the red carpet hosts for AFRIMA 2017.

The star-studded awards show will begin with the livebroadcast red carpet by 4.30 p.m. where all the glamour, glitz and high fashion of the 5th AFRIMA-Ghana 2018 will be on display. Stars from across the continent will display their elegance, sense of style and personality on the red carpet.

Similarly, Ghana-born American actor and comedian, Michael Blackson, South Africa’s talented TV personality, Pearl Thusi, and Ghana’s award-winning multilingual media personality, Anita Erskine will be hosting the main awards ceremony from 7:30 p.m.

Other lined up events scheduled to precede the main awards ceremony include: AFRIMA Welcome Soiree on November 21; Africa Music Business Summit (AMBS) on November 22 at the Ballroom, Kempinski Hotel, Accra; AFRIMA Music Village also on November 22 from 5.00 p.m. till dawn at the Independence Square, Accra; a guided tour of the notable sites and landmarks in Accra on November 23 followed by 5th AFRIMA Nominees Party from 10.00 p.m.

The world-class event will be broadcast live to over 84 countries on 105 partner media channels around the world.

the next few weeks starting from November 24, 2018 while AfriDocs Migrant Stories can also be streamed for free on: https://afridocs.net/migrantstories/ or on the AfriDocs YouTube Channel.

The films include: When Paul Came Over the Sea, a 97-minute film by Jakob Preuss.

It tells the story of Paul who made his way from his home in Cameroon across the Sahara to the Moroccan coast where he now lives in a forest waiting for the right moment to cross the Mediterranean.

The film, which is produced in Germany in 2017 will screen on Life TV (West Africa) on November 22, 2018 at 23h00(GMT+1) and on Silverbird TV (Nigeria) on November 24, 2018 at 06:30am(GMT+1).

As well, My Escape, a 90-minute movie produced

by Elke Sasse in 2016 is a

must-watch.

It is made from mobile phone footage of migrants or refugees from Syria, Afghanistan and Eritrea during their escape journeys to Europe, plus interviews after their arrival in Germany (or Europe).

It shows on Silverbird TV (Nigeria) on Saturday, November 24, 2018 at 09:30 (GMT+1).The other films are; Days of Hope, which shows on Silverbird TV on November 25th by 08:00 (GMT+1), Revenir (To Return) on Silverbird TV on December 1st at 06:30 (GMT+1), Those Who Jump shows on Life TV on November 29th at 23h00 (GMT+1) and Silverbird TV on December 1st at 09:30 (GMT+1), while Aji Bi, Under the Clock Tower by Raja Saddiki from Morocco shows on Silverbird TV on December 2, 2018 at 08:00 (GMT+1).

Get Set 2019 to excite audience this weekend

I

t is going to be a weekend of fun in Lagos as Get Set 2019 thrills people with exciting activities.

The event, which takes place towards the end of every year, hopes to set agenda for people ahead of the coming year amid hilarious moments.

The uniqueness is the blend of exciting activities, life and business coaching over nine hours in a convivial environment.

This year’s edition holds this Saturday November 24, 2018 at the Civic Centre, Victoria Island, Lagos, featuring lots of speakers led by Alibaba, foremost Nigerian comedian.

Others speakers that will help attendees set right agenda for 2019 include; Kunle Shoriyan, Lanre Olusola, Steve Harris, as well as, Ojoi, a fitness coach, who is going to talk about how to stay fit and healthy at work, home and always. However, the organisers are spicing this year’s edition with a sex talk by Olawunmi Eso, a sex and family coach, who is going to talk to married folks and intending couples on how to improve their bedroom performance so that boardroom can improve.

Speaking ahead of the event, Alex Ade Adefemi, human and business performance expert, as well as, the organiser of the event, noted that the event is imperative because it helps people to set

achievable goals and offer them technics to go about the goals all in a relaxed manner.

The life coach, who is popularly called Triple A, noted that it is sad that many people do not live their dreams these days for the fear of failure or how to manage their success, hence the event offers such people coaching on conquering fear and lack on confidence.

Speaking on the sex talk, Adefemi said the session is a must-attend for couples and intending ones because

Ade Adefemi, life coach

“a lot of married people are struggling with their sex lives and sex is something we don’t want to talk about, but it is very essential. So, the sex expert will drill people on how to get better performance on bed”.

The event is open to organisations, SMEs and individuals who want to achieve their set goals in 2019 and also those looking for a relaxed atmosphere to unwind this weekend.

Friday 23 November 2018

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BUSINESS DAY

27

Business Etiquette

Movie Review: ‘The Girl In The Spider’s Web’ Linda Ochugbua

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f you like RussianAmerican action movies, then you should see The Girl in the Spider’s Web. Despite the hype or publicity, I guess the high expectations of many were not met or surpassed.

It was also easy to predict as the poster gave away loads of information in terms of what to look out for.

The movie told the story of a young girl who went about fighting for victimised women in the country; it was a simple story anyone could connect with.

Lisbeth Salander, who played the girl in the spider’s web, went about the city fighting for ladies, who were victimized or traumatized by their boyfriends or spouses. She would set the women free and make sure

they were well settled; the first scene was when she went into the house of a notorious and wealthy man whom the police couldn’t arrest or call to order because of his affluence. He would use prostitutes and not pay them, come back home and also maltreat his wife. That faithful night, she got to his

house, dealt with him very well, and transferred half of his wealth to his wife and the harlot he had beaten to stupor.

She became the most talked about girl in the city, and the police just couldn’t trace her where about. The ladies were always very grateful and talked well of her, as she did for them, what even the government couldn’t.

One day things got a little dirty as one of the last jobs got compromised and her life was threatened. She took a job from a simple scientist who his idea got stolen, helped him to get his application back but unknown to her that some terrible group of guys also wanted the same thing.

This movie took a whole different turn when she had to fight head on with her sister she had left behind over

22 years ago.

You need to see this movie to see how it played out and how both sisters from two different worlds, had to fight for what they now believed in as the right and only way.

Verdict: This movie deserves a 6/10

I did enjoy the suspense, action and thrill; the location was also good. What I did not like about this movie was the unnecessary dragging of scenes.

So for the action movie lovers, you might want to give this a try and make sure you let me know if you have a better verdict.

Movie Credit: Cast: Claire Foy, Sverrir Gudnason, Lakeith Stanfield, Sylvia Hoeks, Stephen Merchant, Claes Bang and many more Genre: Drama Director: Fede Alvarez Ratings: R (for violence, language, and some sexual content/nudity) Written by: Steven Knight, Fede Alvarez, Jay Basu Runtime: 140 minutes Studio: Columbia Pictures Feel free to review any

movie of your choice in not more than 200 words and via email to linda@businessdayonline.com You also stand a chance to win a free movie ticket when you answer the question of the week on social media correctly.

Twitter and Instagram @LindaOchugbua

with Janet Adetu Communicating

by Text or Textchat

Do you prefer to text or task?

T

here are many times I receive text messages either through WhatsApp or SMS, a simple convenient means of communicating. When the message is clear, concise and direct communicating by text is effective, efficient, fast and impactful. My challenge is when messages sent are so long and still expect to be responded to. At this point the chances of completely reading that text are marred.

Time is of essence, there is a dear need to be respectful of other peoples time meaning get down to the real context of your message at all times.

It is not all communications by text that are conversational, a lot we see today are simply chain messages reforwarded. Unfortunately it can become quite annoying when messages on a group chat are not read, spontaneously the same message repeats two or three more times.

A text message conversation can be short or drag unnecessarily, some people just have a knack for wanting to be the last to communicate.

Personally I do not mind corresponding to text messages that have a question included once it is a genuine request or call to action. I will normally respond by text then leave the conversation appropriately. It becomes more complicated when the conversation continues with more questions also expecting responses. Depending on what I am doing at the time, I find it easier to pick the phone and talk to complete the conversation once and for all. I guess if you are fast at typing this is not a challenge or you may have mastered the keyboard on your phone.

I also found out that some have a technique for typing the easy way out by settling for the abbreviated texting style otherwise known as the short hand version. Well the first thing that concerns me hear is who are you texting to. Is the communication for business or social?

Discovery: What are you communicating? How are you saying it?

I also discovered that what you say verbally is understood quite differently from what you say in writing.

I remember an incidence that happened in one of the groups I belong to while deliberating on a project. An initial verbal conversation had ensued, we decided to

continue using text messaging through the WhatsApp Chat channel. A question was asked and requested immediate response from all group members. Surprisingly a couple of members who were absent for the initial discussions responded negatively to the request. It was later discovered that the message was misunderstood, read entirely wrong leaving negative vibes. It took a follow up verbal conversation to identify the problem and resolve it.

This set the motion for my emphasis on how to communicate by texting. It is one thing to send a message, it is another to ensure that the message is received correctly.

Texting is a savvy skill that also should be learnt and not taken for granted.

Texting Protocol Needed to be Addressed: Identify Your Audience Texting to an extent has been accepted in the business world but with caution. I

unbiased, polite and clear.

Regardless of who you are talking to there is only so much your text can communicate. What are you saying and how you saying it? If written does not do the job resolve to speak on phone or face to face.

Is it Short or Long Hand L.O.L: Laugh out loud, lots of love, rolling on the floor laughing out loud (RLOL).

Does any of this mean anything to you in the context with which you are writing?

Many have fallen into the text craze of writing little, spelling little and saying little. It may be faster and to an extent get the job done but there is a perception that all who read it understand it. Once again do not get hooked onto the so called millennial trend as it may have consequences. It becomes a habit and may just be applied where least expected. Many young graduates have been marked down for usage of the abbreviated texting in business as this

still maintain that all business communication must remain formal regardless of the rank or level. I would rather an email communication that has a paper trail be used more often. Be careful how you use text messaging with clients and or colleagues so that you do not dilute its importance.

Text messaging in business can be used for quick brief urgent messaging not ideal for a conversation.

Speaking to your boss through texting also requires appropriate choice of words.

Texting to a group is best used as a call to action. Technology has clearly taken over speed and accuracy is of importance but not at the detriment of your corporate brand, Note Your Tone of Language Unlike one on one conversations where you can express yourself with actions, emotions and feelings your text message language will speak for itself. Your tone of language will be seen in your choice of words that may should come across

is a sabotage of personal and business image without knowing it.

Respond Now or Later Et i q u e t t e i s s l i g h t l y breached when your response time to text messages is heavily delayed from two days and over. It calls for staying in tune on all your channels of communication.

You need to make that extra effort to stay connected and respond when convenient without dragging for too long.

It is worse when all indications point to the fact that the message has been read yet still no response. This can be easily considered as rude especially if deliberate. Try to respond with an apology if need be you will regain your trust.

Emoji’s & Smileys Smileys and Emoji’s are great add ons but keep it only to social communications by text. Share your experience with me, follow me on social media @Janet Adetu Janet.adetu@jsketiquetteconsortium.com

28

BUSINESS DAY

Harvard Business Review

Friday 23 November 2018

ManagementDigest

Unite your senior team Bernard C. Kümmerli

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n 2016, Bern-based Swisscom seemed trapped in a mature industry. The global telecommunication sector was flatlining, with revenue inching up 1% per year. CEO Urs Schaeppi and his senior leaders knew the firm needed to refine its long-term growth strategy for a world transformed by digital technology, but they were divided by disagreement about the best path forward.

Recognizing the perils of divided leadership, Schaeppi formed a small strategic transformation team, led by one of us, Markus Messerer, along with an internal change manager from Swisscom.

Bernard Kümmerli, from Innosight, served as adviser to the team. That group worked closely with the 10-member group executive board, which we’ll call “the leadership team.” By the end of the process, the leadership team had converged on a vision of Swisscom for 2025 and allocated resources for new-growth opportunities.

1.

ESTABLISH COMMON GROUND Entering the world of future strategy requires that executives have common definitions and assumptions around three key questions.

— WHAT BUSINESS ARE YOU IN? Some Swisscom leaders had trouble thinking of telecom as extending beyond traditional lines of business such as data services.

Others viewed the industry as part of the much broader business of “productivity solutions.”

The narrower view could consign Swisscom to stagnation, so at the outset, the leadership team decided that its strategy must extend the company beyond the core.

Where and how should it expand?

Before debating that topic, Swisscom needed a common language for discussing innovation.

— WHAT IS YOUR INNOVATION TYPOLOGY? As is commonly the case, executives at Swisscom had differing understandings of the various categories of innovation. To help establish a shared language, the leadership team embraced a new lexicon: Core innovation makes existing prod-

ucts better and reduces the cost of making or distributing existing products; adjacent innovation and transformative innovation drive growth in new markets, customer segments and business models.

— WHAT’S YOUR GROWTH GAP? A crucial step in planning for the future is to determine a firm’s “growth gap” — the difference between revenue ambitions and what the current business is likely to deliver without major change.

To help the leadership team understand the 2025 growth gap, the strategic transformation team deployed a visualization tool called a waterfall chart that showed the size of the gap and how various scenarios would affect it.

The biggest eye-opener for the leadership team was the cost of lost opportunities. Without a focus on new growth, the gap between potential and unrealized revenues for 2025 ballooned to billions of Swiss francs (which are about equal to the U.S. dollar). This underscored the urgent need for alignment.

2. EXPOSE MISALIGNMENTS All 10 members of the leadership team had common backgrounds, and so it would seem that alignment would come naturally. However, managers often defer to their superiors and even to colleagues at their own level, leaving disagreements simmering under the surface.

Our goal was to bring the conflict

into the open through structured discussions designed to expose the reasons behind differing points of view. To encourage productive dialogue, the strategic transformation team identified disagreements beforehand (using e-surveys). Before one session, for example, the team members stated their views of what the firm’s strategic aspirations should be and the firm’s ability to drive sustainable differentiation in the core business. All 10 members then reviewed the survey results.

Members of the leadership team were then sorted into two groups: six “optimists” (who were asked to explain what would have to be true for everything to work out) and four “pessimists” (who were asked to describe how things could go wrong). Members then stood up one by one to defend their positions, especially on growth versus retrenchment. One rule was strictly enforced: Each executive was required to state his case, ensuring that all views were transparent. The exercise revealed just how wide the range of views was, with optimists arguing for major investments in growth and pessimists championing strategic cost-cutting.

The next session would focus on getting people to modify their positions in order to reach alignment.

3. GET PHYSICAL The strategic transformation team did something that may sound a bit weird: It asked the leadership team to physically engage.

Research on the dynamics of small-group discussion has shown that the physical positioning of

group members has a significant impact on communication — and that reorganizing the layout of the group can boost energy and improve outcomes.

The strategic transformation team deployed two active exercises: — WALKING THE LINE: The facilitators laid a thick strip of tape on the floor, curved into a semicircle. The tape was marked with the 2025 performance predictions each leadership team member had reported in a premeeting survey.

Everyone stood on their marks on the tape.

The facilitators then instructed members to try to persuade people around them to jump to their marks. As the members aired their views, they shuffled positions and the optimistic views about new businesses and future growth began to hold sway.

A consensus emerged that Swisscom couldn’t achieve its full potential through efficiency improvements alone (favored by the original pessimists) or through growth-focused innovation alone (the optimists’ preference). It needed to do both. The breakthrough happened when it became clear that digital technologies could fundamentally improve the cost structure, freeing up substantial capital for new-growth areas as well as quality improvements and differentiation in the core.

With those consensus insights, members repositioned themselves a final time, “walking the line” in one direction or another. After all the arguments played out, every-

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

one was standing near the same point: a double-digit performance increase by 2025.

— CASTING YOUR VOTE: It was time to vote on a plan to achieve the team’s vision. Should Swisscom buy (acquire), build or partner in new disruptive-growth fields in order to forge new organizational capabilities? Since these questions involved allocating finite resources, the facilitators gave each member 100 Swiss francs to distribute into containers representing the three options: buy, build and partner.

The final tally answered the central strategic question: The leadership team decided to build, namely by investing in new capabilities and assets through entrepreneurial initiatives.

After the dialogues, the group executive board unveiled the narrative of Swisscom 2025 and set out the path forward. There were four major elements of the plan: — A COMPELLING STORY: The board established a clear narrative to guide all communication inside and outside the organization. Central to the narrative was the 2025 growth ambition for Swisscom in core, adjacent and transformative innovation and the view of the business beyond traditional telecom.

— ACCOUNTABLE GOVERNANCE: It established a venturecapital-like decision board, with power to oversee the new-growth investment.

— SEPARATE MANAGEMENT: It created a separate management team for the new-growth ventures.

— NEW METRICS AND INCENTIVES: It adopted new metrics for measuring the success of the transformation strategy, including measures of customer centricity and reworking the incentive scheme of the entire corporation to make transformation the priority.

Bernard C. Kümmerli is a senior partner at Innosight, the strategy and innovation practice at Huron Consulting Group. Scott D. Anthony is managing partner of the growth strategy consulting firm Innosight and co-author of the new book, “Dual Transformation: How to Reposition Today’s Business While Creating the Future.” Markus Messerer is the former head of corporate strategy at Swisscom and the CEO of Alltron.

Friday 23 November 2018

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BUSINESS DAY

29

Hotels The ultimate indulgence…

If you are a die-hard leisure fan seeking the ultimate in privacy and luxury any season of the year, the $45,000 per night Royal Bridge Suite at Atlantis in Dubai is a sure bet if your pocket is deep enough, writes OBINNA EMELIKE.

I

f you are truly an ardent leisure seeker and have experienced most stunning resorts across the globe, there is yet a place to try, especially if you can afford it this festive season.

The place is a monumental edifice set atop a crescent on a revolutionary island, and still, not too far from nature and city life. You need a visit to the Atlantis, the flagship resort atop the crescent of The Palm Island in Dubai, to discover this most enthralling place for discerning leisure buffs.

But while in Atlantis, all you need is a stay at the Royal Bridge Suite, the luxurious and most expensive accommodation offering in the resort. At $45,000 per night, the suite welcomes guests whose problem is not money but ‘where and how to spend it.’

Moreover, the décor is exquisite and opulent reflecting the stature of the suite.

At $45,000 per night about a whopping N16, 200,000, the suite is truly for the ‘big pocket.’ Of course, you can afford it…with good savings and planning to experience ultimate indulgence and treat on offer.

But why pay so much for a suite? If one may ask.

The suite is one-of-a-kind and palatial. It spans the arch which links the Royal Towers, the two wings of Atlantis, and offering unparalleled 180 degree views of The Palm and the Arabian Sea. It stands at a towering 924 square metres with unrivaled panoramic views, a vantage position for guests who care to see the beauty of Dubai.

However, exclusive and special treat worth your money starts from the entrance. First, the Royal Bridge Suite has its own guarded entrance and elevator along with a dedicated team of people from Butlers to Chefs on hand; secondly, a private lift takes guests to location on the 22nd floor above Atlantis

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Tel: +234 9 4603900, +234 805 7522500

for heart-stopping views of The Palm, Dubai and The Arabian Gulf.

The door opens to three lavishly appointed bedrooms to choose from, while guaranteeing every guest an exceptional sleep every night. Each bedroom is expertly designed, and blends Arabic elegance with contemporary luxury.

Knowing the calibre of guests it hosts, the suite offers a spacious majestic lounge exquisitely designed, with decor reflecting the opulence and status of the suite and is perfect for entertaining or enjoying time with family.

Truly, when you stay in the Royal Bridge Suite your needs are exceeded, with your own private library, games and media centre, majlis and massage room.

You truly do not have contact with other guests if you so wish. For instance, you massage is indoor, and according to your wish. That is simply ‘Private Indulgence’ starting with two complimentary head, neck and shoulder massages, two complimentary 30-minute personal training sessions, and full access to the steam, sauna and jet pool facilities at ShuiQi Spa. Yet, you can also experience any treatment.

All you do in the suite is immerse yourself in lavish surroundings and give yourself a little time to unwind.

Another reason you are paying as much as $45,000 per night is the fact that with three ensuite bedrooms that are luxuriously designed, centrally located bathtubs and separate showers, you simply bathe in pure luxury. Also, the master suite goes one step further by offering separate ‘his’ and ‘hers’ ensuite bathrooms.

The ‘royal’ treat extends a desirable in-room dining experience on the 22nd floor.

Dining at the suites is 24 hours, leaving guests to indulge in the flavours of Atlantis or a sumptuous feast prepared by their personal chef.

Again, with a dining room that seats 16 guests, there is always a place at the table.

While staying at Royal Bridge Suite, guests also enjoy other complementary amenities and benefits such as: In-suite check in, complementary return airport transfers to and from Dubai International Airport, complementary private butler service 24/7, two complementary Dolphin encounters, complementary Private Cabana at pool, beach and Aquaventure,

complementary on demand in-room movie service, and daily access to Imperial Club Lounges from 7:00am - 11:00pm.

Others include: daily access to Imperial Club Lounges from 7:00am - 11:00pm, priority restaurant reservations, priority bellman services, complementary use of laptop and iPad computers in the lounges, complementary daily access to Kids Club for children 3 – 12 years from 10:00am - 6:00pm (meals are available at additional cost), complementary daily access to Club Rush for teenagers 13 - 18 years from 2:00pm – 6:00pm (snacks are available at additional cost), complementary N’Dulge nightclub access (excluding certain separately ticketed events), complementary internet access, unlimited access to The Lost Chambers Aquarium and Aquaventure Waterpark, among other benefits.

Besides, what else do you want that is not in offer in Atlantis’ Royal Bridge Suite from exquisite and opulent décor reflecting the status of the suite, three sumptuous bedrooms, a grand living room, a dining room that seats 16, a majilis and two spacious terraces.

With the world-class facilities, personalised services, Atlantis Dubai is a must-visit, while Royal Bridge Suite is a must-stay on your next vacation in Dubai. But you must load your wallet or credit card with enough money to pay for your expenses because Royal Bridge Suite is only for those with big wallets.

However, credit goes to Kerzner International Holdings Limited for developing and operating this amazing haven that is synonymous with relaxation and entertainment.

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

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

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

Protea Hotel (GRA Ikeja) GRA Ikeja

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

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

30 BUSINESS DAY

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Friday 23 November 2018

Road to 2019 Why Nigeria is Broken and how to fix it

Reforming Land Use Act of 1978 for economic prosperity JOSEPH MAURICE OGU

N

igeria’s land administration needs urgent reforms. The 40-yearold Land Use Act 1978, the law that generally governs the administration of land in Nigeria, from all indications, has lost its usefulness. Whatever purpose it might have served in the past, the current realities in the country have rendered it irrelevant and inoperative. Thus, rather than being a tool for boosting economic advancement, it is now a clog in the wheel of progress.

The need for a land use reform in the country has become even more urgent as the country marches towards 2019. It is a year that has been touted as one for consolidating the nation’s democracy and ushering in economic prosperity. On this basis, experts say the presidential candidates should look towards land reforms as one of the ways to ensuring that whichever plan is eventually voted in, will translate into economic revival for the populace.

Arguably, one of the most contentious legislations in Nigeria remains the Land Use Act. The act, originally known as the Land Use Decree 1978, was rechristened Land Use Act 1978 when it found its way into the Nigerian Constitution. The provisions of the Act are responsible in part for many of the ills that have beset our agricultural and housing sectors.

The Act also has become a drag on the industrial sector in some ways because it has made land acquisition a difficult process for potential industrialists and other investors.

According to Chapter 202 of the Laws of the Federation of Nigeria 1990, the Land Use Act is “an Act to vest all land compromised in the territory of each state (except land vested in the Federal government or its agencies) solely in the governor of the state, who would hold such land in trust for the people and would henceforth be responsible for allocation of land in all urban areas to individuals resident in the state and to organisations for residential, agricultural, commercial and other purposes while similar powers will with respect to non-urban areas are conferred on Local Governments (27th March 1978) Commencement.”

The military government of General Olusegun Obasanjo enacted this Act. The law effectively transferred the ownership of land from the people to the government, specifically, the governor of a state. The implication of the act is that instead of revenues and royalties including oil incomes generated from land going to the people, the benefits are expropriated by the government, its

officials and their cohorts. Analysts say the Act is responsible for the dichotomy in Niger Delta area. They argue that if the land had been in the hands of the people, the revenue accruing from oil would have been in the hands of the people. This, the analysts say, would have served their interests better than the current arrangement under which they are paid 13 percent derivation.

By conceding all lands to the state governors who assume ownership of lands within their states, the Act makes housing delivery in the country cumbersome. It also places impediments to process of land titling, assignment and foreclosure.

With this Act, a governor’s consent is required for the acquisition of any piece of land. Analysts advise land reforms that will return the ownership of land to the people, as people are better users of the land than government. This will take care of unutilised government lands lying fallow across the country.

Peter Oluyede writing in the book, Modern Nigerian Land Law, said that “if the Land Use Decree is implemented in such a way as to serve the interest of the privileged, then our society must be prepared, in no distant future, for increased cases of armed robbery and the possible introduction of a western type of kidnapping demand for huge ransom.”

As it stands, what Oluyede foretold in 1989 is already happening. The land Use Act 1978 seems to have created different problems. Some of the problems have been identified by different writers and legal practitioners.

In addition, land reform will take

care of some legal tussles arising from mortgage, as seen in the case between Savannah Bank of Nigeria Ltd and Ammel O. Ajilo (S.C. 188/1987). Ajilo used his house as a collateral for the money he collected from Savannah Bank.

Unfortunately, Ajilo refused to service his debt with Savannah Bank arguing that the governor, as the owner of the land on which the property was built, was unaware of their transaction and therefore his business with Savannah Bank was illegal.

But the Supreme Court ruled in favour of Savannah Bank citing that Ajilo had dubious intention when he transacted with the Bank.

A land reform that makes the people the ownership of lands will save people from such litigation, and other prolonged title documents from the government.

It has equally been pointed out that the current land Act encourages violence. Since the lands of the country legally now belong to the government, anyone could illegally occupy any piece of land to commit evil while claiming he is occupying government land.

An example of the above is the Fulani herdsmen, who are known to have made such claims. “Whenever Fulani herdsmen take their cows to destroy people’s farms in any part of the country, one of the things they claim is that the land belongs to the government and they have rights to graze their cows in government lands”, says Nelson Oka, a Lagos-based security expert. This explains why Fulani

herdsmen have not accepted in reality that they erred in occupying other people’s lands. The implication of this is that, inasmuch as the Constitution gives ownership of the land to government, and there are people who could reason like the Fulani herdsmen, the security of lives and property will continue to be compromised.

The insecurity in the land caused by the herdsmen leads to food insecurity in the country. A land reform that guarantees the security of peasant farmers in any part of the country will equally guarantee security of food for Nigerians.

On the issues of Certificate of Occupancy (CofO), experts say the present complex administrative charges and procedures, undue delays in the issuance of CofO should be reduced to the minimum in order to guarantee security of lands to their owners, especially to the rural dwellers and the poor.

The implication of this, in simple terms, bothers majorly on ownership rights. Anyone who acquires a land without a CofO cannot claim ownership of such land, but simply holds it on a lease. Such property could be seized by the government without any form of compensation because one does not technically have a freehold of such property. The power to seize such property rests within the Land Use Act. Peter Adeniyi, a professor and chairman, Presidential Technical Committee on Land Reform (PTCLR), believes that the Systematic Land Titling and Registration (SLTR)

would make land administration in Nigeria more productive.

“Someone with a well-titled land can easily get a loan from the bank to develop the land or to even buy shares. Without such titling you cannot go for any mortgage,” Adeniyi said. He noted that farmers in particular are at disadvantage completely because they don’t have the resources and they can only get the resources required by using their land. “But if they have title, that will enable them to take loan from the bank and expand their productions,’’ Adeniyi said.

Investors are also caught in the web. Whether local or foreign, investors who wish to invest in the country will equally prefer to buy lands with the proper government documents.

Buying lands without such documents may end up in litigation which could drag for up to 10 years, thereby frustrating investment and potential economic prosperity of the area.

Adeniyi decries the process of getting CofO as not only cumbersome, but also expensive and centralised at the state capitals. This makes it too expensive and worrisome for people to acquire CofO, especially for the people who live in the countryside.

Majority of land owners who desire to acquire the certificate either go through a lawyer or estate surveyor, which increases the price because of their service charges. According to Adeniyi, SLTR would take care of the shortcomings of acquiring CofO as it is being done at the moment, since SLTR is technologically based.

For speedy development to take place, especially in the real estate sector, experts have suggested the Act be reviewed or thrown out of the Constitution. Efforts by Umaru Yar’Adua and Goodluck Jonathan administrations’ attempts to amend the Act were not successful, mainly because of the constitutional requirement for such amendment.

Some state governors have made efforts in their domain to adjust the local administration of the lands to suit their people. These include: Akinwunmi Ambode of Lagos, Oluwarotimi Akeredolu of Ondo, Godwin Obaseki of Edo. These governors could have good intentions, but if the Land Use Act 1978 is not reviewed, their efforts will still be revolving around the Act. In its ‘Doing Business 2019’ report, World Bank ranks Nigeria 184th on the ease of registering property, out of the 190 countries it considered.

This is alarming and could easily scare away potential investors from the country. To get this broken part fixed, the next administration should look into the Land Use Act 1978 and fix its broken parts to pave way for the Nigeria’s economic prosperity.

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Road to 2019 Why Nigeria is Broken and how to fix it Why Buhari plans to fix small businesses with Entrepreneur Bank

BUSINESS DAY

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Only restructuring can save Nigeria from disintegration—Soyinka … Let Nigerians determine their future—Northern leaders Iniobong Iwok

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ODINAKA ANUDU

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uhammadu Buhari, presidential candidate of the All Progressives Congress (APC), says he will create an Entrepreneur Bank to enable micro, small and medium enterprises (MSMEs) access cheap funds.

Buhari, Nigeria’s current president, is seeking a second term, having been elected in 2015 to serve a term of four years.

In his abridged manifesto entitled, ‘Next Level’, Buhari says his government will provide debt and equity support for young entrepreneurs and enable them access soft loans to support their business ideas across different value chains.

He explains that his next term will usher in business planning support profiling and tailored advisory services for entrepreneurs.

“The next four years will be quite significant for our country...Our choices will shape us – our economic security and our future prosperity. Nigeria, more than ever before, needs a stable and people-focused government to move the agenda for our country forward,” Buhari says in his manifesto.

He pledges to help in developing the capacities

of Nigerians, especially entrepreneurs, where needed, adding that he will legislate and enforce deadlines for issuance of government licences and permits in line with his plan to improve the doing business environment.

Buhari further pledges to simplify investments, customs, immigration, trade and production procedures, while creating a one-stop shop for all regulatory agencies under one roof in each senatorial district.

Buhari’s plan to create an entrepreneur bank is hinged on the general belief of the business community that funding is one of the biggest challenges facing small businesses in the country.

Results of survey conducted by the Manufacturers Association of Nigeria (MAN) shows that the average interest rate charged manufacturers (including SMEs) by banks in the second half (H2) of 2017 was 23.05 percent as against 22.65 percent in first half (H1) of 2017 and 21.4 percent in H1 of 2016.

Many banks are unwilling to offer loans to MSMEs and those that do often provide same at above 20 percent.

Though experts say funding is not the biggest challenge facing small businesses, they unanimously agree that it is among the top four.

Frank Jacobs, immedi-

ate past president of MAN, mentioned many times that small businesses need five percent interest rate loan to navigate the country’s tough environment.

Jacobs said a number of times that only few businessmen could take a loan at 20 to 35 percent and return it conformably.

Buhari must have seen numerous reports showing the extent to which 37 million MSMEs in Africa’s most populous country struggle in their bid to get cheap funds.

Nigeria’s monetary policy rate (MPR), which is a benchmark interest rate in the country, is 14 percent.

The country’s lending rate is highest among peers.

The monetar y polic y committee (MPC) of the South Africa’s Reserve Bank met in March this year and cut interest rates by 25 basis points.

The current repo rate (central bank lending rate to commercial banks) in South Africa is now 6.5 percent, and the prime lending rate (lending rate to customers) is 10 percent.

The Reserve Bank’s MPC had earlier cut the repo rate in July 2017 by 25 basis points from 7 percent to 6.75 percent.

Similarly, Kenya Central Bank’s monetary policy committee cut the determining bank rate in late

July to 9 per cent from 9.5 per cent.

BusinessDay gathered that Kenyans now borrow at an interest of 13 per cent (as against from 13.5 percent earlier) in line with the interest rate capping rule that limits lending rates to 4 percentage points above the CBR. Zambia is one of the emerging countries in SSA and its central bank cut benchmark lending rate by 50 basis points to 9.75 percent in February this year, citing lower consumer inflation and weaker economic growth, according to Reuters.

In October 2017, the central of Ethiopia raised its benchmark interest rate to 7 percent from 5 percent.

At least the benchmark interest rate of most SSA countries have remained single digit, barring few, meaning that it is cheaper for businesses to access funds there than in Nigeria.

Babatunde Paul Ruwase, president of the Lag os Chamber of Commerce and Industry (LCCI), said recently that low interest rate will stimulate investment, impact positively on growth, create more jobs, increase income, and boost output.

Tony Elumelu, founder of Tony Elumelu Foundation, recently said that every $1 spent on SMEs generates $5.

nly an urgent restructuring of the country could save it from current woes and imminent disintegration, Wole Soyinka, Nobel Laureate and renowned playwright, has said. Soyinka said Nigeria as a nation had entered a critical era where restructuring and diversification of the nation’s sources of revenue had become inevitable.

He spoke recently in a keynote address at an event: ‘Handshake across Nigeria: Towards a productive Nigeria,’ organised by a group of concerned Nigerians to chart a roadmap for the nation’s political stability. The event held at the shell Hall Onikan, Lagos State, under the theme ‘Nigeria beyond oil’.

Soyinka lamented the refusal by the current Muhammadu Buhari-led administration to implement the 2014 Constitutional Conference report, which according to him, proffered solutions to most of the current challenges bedevilling the country.

In the run-up to the 2019 general elections, there have been strident calls for the restructuring of the Nigerian federal system. Most of the calls have come from groups in the South East, South-South, South West and North Central geopolitical zones of the country. The pro-restructuring groups have called for a return to the former regional structure and for the regions to control their resources. However, the present government has said it is opposed to the calls, insisting that those asking for restructuring are looking for an opportunity to destabilise the country.

Soyinka faulted the current structure of the country and its mono-economy style, stressing that there was an urgent need for powers to be devolved to regions, while each region should be encouraged to develop it resources and pay royalties to the federal government.

“How much longer are we going to wait to devolve this power? It is obvious that the current system is not working and something urgent must be done or we would find ourselves where we don’t want,’’ Soyinka warned.

The Nobel Laureate point-

ed out that Nigerians have a right to determine what they want. He noted that nothing came out the 2014 Constitutional Conference as well the activities of RONANCO “because some people think otherwise.”

Also speaking at the event, John Nwodo, president-general of Ohanaeze Ndigbo, disagreed with insinuations that some states in the country were not viable, and pointed out that each state had natural resources which could be tapped if the country was restructured and powers devolved to the regions, while Nigeria places less emphasis on oil.

K i n g s l e y Mo g h a l u , presidential candidate of the Young Progressive Party (YPP), promised to restructure the country if elected president in next year’s presidential election.

He said his administration would allow each region to tap its potentials, and noted that the current structure of the country is faulty.

According to him, most of the states were created on tribal lines.

But the convener of Northern Elder’s Forum, Professor Ango Abdullahi, who was represented at the event, disagreed with the Southern leaders’ clamour for restructuring of the country, stressing that the current agitation had been hijacked by some section of elite in the country to promote their self-interests.

“The country has always restructured and we made that in 1963 after the change of the Constitution,’’ Abdullahi said. Since then, he said, there have been other changes in the structure of the country, citing the geopolitical zones which the country didn’t have before as an example.

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Friday 23 November 2018

INTERVIEW

‘We will help hundreds of Nigerian SMEs export to commonwealth’ Commonwealth Enterprise and Investment Council (CWEIC) is determined to train businesses within the commonwealth with a focus on export business across more than 33 countries, Lord Marland, explains more in this interview with Hope Moses-Ashike and Seyi John Salau. Excerpt.

What is the purpose of your visit to Nigeria? igeria is the second biggest population in the commonwealth and if we do not have a relationship with Nigeria, then it means we are not spreading our tentacles out enough. The thing I like about Nigeria is that they have lots of good businesses and entrepreneurs and we have a lot of members, so we created an office which is part of our program of setting up hubs in the key commonwealth countries. So we have already got them in Kuala, Singapore, Nigeria, UK, Malta and we will have one in India by next year and we are enjoying the crest wave in which we are riding on.

When creating these hubs, are there programs to support young entrepreneurs?

Not necessarily but I would like to see a program of commonwealth first which we are currently doing in the UK, something we are about to do in India and Nigeria where we will help hundreds of Nigerian SMEs export the commonwealth because the SMEs remain the heartbeat of the economy and what we need is the government to give a go-ahead and sponsors and we will organise it. But at the moment, Nigeria is preparing for its general election which will hold next year and so we do not necessarily see that happening until after the election when we can encourage the government to take a view on it.

Asides the SMEs, are you looking at strengthening our domestic markets?

We are interested in training businesses within the commonwealth so we would not begin to involve ourselves in helping interdomestic trade. We only focus on export business across more than 33 countries.

Intra-commonwealth trade estimated to be $525 billion in 2017 is projected to surpass $1 trillion by 2020, what is the common-wealth doing to attain this feat?

I think it is serious awareness as you know that his Royal Highness, the Prince was here recently. This shows that he is

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Lord Marland

So has any hub been set up?

I know that Rwanda is considering it and I know that Nigeria is very good on tech and that could happen. It is not a process that happens with a click of your fingers, rather it takes the government’s intervention to achieve it.

The World Bank report on Ease of Doing Business released

recently showed that Nigeria didn’t perform better. Is there any advice on what can be done to improve the country’s ranking on the index and what do you think can be done to ensure the country becomes more investor-friendly?

It is entirely up to the government how it runs her country but

Our activity is enabling ‘ communication between corporates and government in a number of countries and our job is to present opportunities and to allow our business members to take advantage of it

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committed to Nigeria and considering that Nigeria is a land of opportunities and a key regional player in West Africa, that presents opportunities for people to sell their products here in Nigeria, that is why we try to facilitate trade as we are facilitators or enabler and hopefully create an environment where people want to participate will be given opportunity to participate.

What is the commonwealth doing to halt challenges faced by developing countries?

It is quite clear that most countries in that space need to have a tech eco-system and so we are working with those countries that want to establish tech-hubs. It is like the old market system whereby you aggregate a whole load of tech companies in a near space that may or may not compete with each other but the energy created just by the bunch of them in one space leads to great innovation and we recommend that ever y common-wealth country start a tech hub.

an environment for generating entrepreneurial activity is really one way you can incorporate quickly and one can have an offthe-shelve legal process and then you can get going. Again, those are not always easy to achieve.

One of the things I achieve as a minister in the UK was speeding up that process when we had good programs of companies starting up and the other thing was to have a tax regime that promotes entrepreneurship. I remember the Margaret Thatcher days where she started the BIS scheme which is now Enterprise Investment Scheme (EIS) which involves a seed fund from investor and in return he/she will get a tax relief on his investment which will be free from capital gains.

Those are compelling and attractive initiatives that allow people to think about taking a risk of investing in a new company and it is been transformation all the way in the UK and I am sure it will be like that in other countries too.

What are you doing to encourage more organisations and individuals join the CWEIC? Our activity is enabling communication between corporates and government in a number of countries and our job is to present opportunities and to allow our business members to take advantage of it. Not everyone takes advantage of opportunities for variety of reasons, but that does not mean we would not do that and the commonwealth is a remarkable space as it has the benefit of all countries speaking English. There has been this certain constant flow between Nigeria and the UK and other English-speaking countries.

Intra-Africa trade is still very low, is the CWEIC coming into that area to encourage trade?

Only by dent of the fact that there are probably about 16 countries that are part of the commonwealth in Africa and they know each other well that we do. We have got lots of other forums in engendering African businesses. There is no doubt Africa is becoming an important place in terms of its growth and development with lots of investments.

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Interview ‘Government hasn’t paid enough attention to youth entrepreneurs’ – Ajeniya The first edition of Lagos Retail Festival (LRF) is currently underway in Lagos. In this interview with Chris Akor, the director of Lagos Retail Festival, Dapo Simon Ajeniya, explains the driving force for LRF. Excerpt:

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hat is Lagos Retail Festival all about and what does it aim to achieve?

The Lagos Retail Festival is a special–purpose designed retail festival that includes retail trade fairs, a retail conference and several SME clinics. The aim is to engage participants in meaningful conversations that impact how business is done within the retail value chain, as well as kickstart the year-end shopping Aisha Dahir-Umar season.

We are aware of the recession Nigeria is just crawling out off, so one of our goals with this edition was to give all participants the opportunity to say ‘yes to more’ in a variety of ways.

We all know it is difficult to shop on an empty (or near empty) wallet., so very early we decided we want people to live more during this season, which made us create partnerships that will extend credit to shoppers at the Lagos Retail Festival.

The buy now, pay later option is one way we are getting attendees to say ‘yes to more’ in their purchase tackle several issues whethchoices. er it is branding, finance, operations management, What are the challeng- supply and logistics. es of retail businesses We also partnered sev(in Lagos) that the Fes- eral financial institutions tival plans to address? to help avail businesses of There are several challeng- credit. We have requested es to running a business in for their terms and condigeneral. To mention a few tions and are already workthat we hope to tackle with ing with some interested the festival, we are focused businesses to ensure they on building capacity. One can access such credit. Our of the key features of the aim is that we can reduce festival are the SME clinics. the turnaround time to They are designed to help access these loans to the businesses find affordable one week of the festival, so or free solutions to help if one applies on day one grow business, especially of the festival. So long as in areas of mobilizing of requirements are met, the revenue streams. In ad- request can be disbursed dition, there are 20 plus to customer before day knowledge sessions in the seven. I think this is a great festival including keynote improvement for many of addresses, panel discus- the institutions involved in sions and workshops to the exercise. equip business owners to

when we feel the growth of enterprise in those other states can sustain such a move. However, we will be actively pursuing other festival brands for other states. This will help us understand the retail culture in those areas better. We have already decided that the new brands for those states will be youth driven.

Let’s be honest, as a nation, we haven’t paid enough attention to that young lady just finishing NYSC who wants to grow her retail cosmetics brand or that 24 year old lad with the best kitchen hands that hopes to grow a barbecue quick service restaurant franchise across the nation.

Is it an annual event?

Yes it is an annual event.

We hope we can move up the date a bit next year. It has taken us 11 months to plan and deliver on this one.

Who are the brains behind the festival?

We are a group of people that have had our hands in one or few of the following businesses in the past; advisory and consultancy, events management, brand activations. What we did was to bring the firms (Thomas & Wright Co. and Green 36 Concerts) together in a partnership to develop a robust retail festival arm that will soon start attracting more than 50,000 people to Lagos from across Nigeria and beyond.

We are working to ensure the Lagos Retail Festival will be a notable annual event on the tourism calendar.

Incidentally, the core of the group is two ex-classmates from my MBA program at The Lagos Business School and myself. No doubt, we

have also leveraged the reach of the alumni association for our advisory board and several collaborations.

Do you plan to make the Festival national?

The Lagos Retail Festival is strategically located within 10minutes of the international airport. This is so, because we want it to attain international status by the very next edition and because we want the overall experience for first time visitors to be hassle and bustle free. So I guess you can say we are going international. The festival brand will seek more participation from businesses outside of Lagos. Physically, we will not be replicating the Lagos Retail Festival brand across other states for now, until such a time

What is your next milestone, say, by the next edition?

We hope to have at least 100 brands from West Africa and another 150 participating brands from beyond West Africa. It means we have to go on an extensive road show inviting them to Lagos. We also hope we can do 40,000 attendees over 7 days by the next edition.

What will be your parting words?

I guess we should also make a passionate call to businesses interested in taking their brands beyond their immediate frontier to come on board early. The world is beckoning on Nigeria and indeed Lagos. The opportunities are growing daily, we need to unlock those doors that are holding back the progress possible. Building a festival of this nature is only done by mutual effort from the organizers and the various stakeholders in government, business circles and shoppers.

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LegalPerspectives

With

Odunayo Oyasiji

Laches and acquiescence

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people in a scenario that a person unnecessarily and unreasonably sleeps on his right. If he wakes up after the delay to seek redress when things have changed in such a way that granting the relief sort will effect a level of injustice on the defendant then the plaintiff (person that slept on his right) will be denied of the reliefs sought.

Never sleep on your right, act fast before it is too late.

Laches

aches means unreasonable delay. Such delay can be in the area of pursuing a right or claim and such delay can lead to the granting of a claim that is brought after the delay to be inequitable. The doctrine of laches in a way bars or prevents a person from getting the relief sought as the delay in seeking the relief cannot be justified. It is usually invoked as a defence in civil matters. This defence is based on the maxim that the law helps the vigilant and not the indolent.

Therefore, laches is a form of punishment for someone that sleeps on his right for too long to the extent that the situation changed and granting reliefs against the defendant will amount to a form of injustice. Furthermore, the person relying on the defence of laches usually show that the plaintiff knows that his or her right has been trampled on and yet refuses to take steps quickly to address it or seek redress.

To be successful under this claim

a person must show that there is a delay in seeking a redress and the delay must be an unreasonable one. Also, the defendant must either show that the plaintiff acquiesced

to what he is complaining about or that the there will be prejudice to the defendant.

The implication of this is that this doctrine is available to protect

Acquiescence This is a common law principle.

It has to do with a situation where a person permits his civil right to be infringed or trampled on, he cannot later claim against the person who infringed on his right.

Acquiescence can be in different forms. It can be in an implied form where the party whose right was infringed does nothing about it for a long time and thereby behaving in a way as if he or she agrees to the infringement. However, if the failure to take steps is due to some other reasons like lack of resources

Legal implication of Hostile takeover of companies not replying business correspondence that requires response

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n business, parties communicate on important matters through letters. However, while some letters require the party to whom it is addressed to reply others may not. An example of a letter that may not require a response is a general letter showing services rendered by another organisation.

On the other hand, it is extremely important to reply to sensitive business letters that requires that denial, acceptance or an expression of the company’s position on business issues. Failure to reply to such letter automatically amounts to an admission of the statements in the letter.

The above position has been established in various cases in Nigeria. Therefore, it is an unpardonable offence under the law as the law will deem the statements in the letter admitted. In the case of Trade Bank Plc v Chami (2003) 13 NWLR pt.836, pg.216.- Salami JCA stated that “The defendant in this case did not answer the letter and the failure or neglect to answer such a letter in the circumstance is tantamount to an admission of the assertion in it. The letter was not a social but business letter. While social correspondence may be ignored business letters deserve to be answered. The failure or neglect of the defendant to reply or answer the letter is amounts to an admission because what is asserted in the letter and is not denied is deemed admitted.” In the matter, the bank wrote a demand letter to the defendant and he refused to answer. The Court of Appeal held that the failure to answer the letter amounts to an admission of its content.

ompanies are essential legal personalities through which trade and businesses are being run. A company can either be private or public. The concept of takeover applies to the latter. It has been said that a takeover can either be a friendly one or a hostile one. A friendly takeover is where the both firms come into an agreement on the terms of the takeover while hostile takeover is done without the knowledge of the management/ board of the target company.

Hostile takeover happens when the control of a company is being acquired through the backdoor.

What could be responsible for the non-occurrence of Hostile Takeover in Nigeria?

The position of things in Nigeria is best illustrated through the statement made by Ecobank Chairman in 2015 when the news about the likelihood of a hostile takeover of the bank was making rounds. He said “The fears are genuine. This is related to past events where debts were converted to equity and in the process, their shares were diluted. But that process has stopped. Right now, the decision of the board is that any further share increase would be by rights issue… in the past we have had shareholders that tried to take over the bank and they have failed and I can assure you that we do not think that the regulatory bodies in Africa will be silent to see such a thing happen”.

Friday 23 November 2018

The implication of the statement quoted above is that asides the fact that the management/ board of the target company will naturally be against a hostile takeover, the regulatory bodies within the country are also likely to frustrate such effort.

A very recent example of the stance of regulatory bodies to hostile takeover in Nigeria is the case of 13 commercial banks that wanted to takeover Etisalat because of its heavy indebtedness to them. Both the Central Bank of Nigeria and Nigerian Communications Commission vehemently opposed the move by the banks.

There are laws regulating companies in Nigeria. Example of such laws are- The Investment

and Securities Act, The Companies and Allied Matters Act, The Nigerian Stock Exchange Rule Book and The Securities and Exchange Commission Rules.

There are also laws that applies to specific industries and which have effects on the acquisition of interest in such a companyThe Banks and Other Financial Institutions Act, The Nigerian Communication Commission Act, The Electric Power Sector Reform Act, The Insurance Act, The National Broadcasting Commission Act and others.

Some of the above listed laws and regulations have provisions that are likely to frustrate a hostile takeover (especially since regulators tend to take a negative stance to hostile takeover). In the Power Sector,

then they can make a claim later in future.

It must be noted that it is the duty of the party relying on it for defence to show that the failure to take steps was deliberate and that the party has conducted himself in a way that shows approval.

Another type of acquiescence is a situation where the affected party (the person whose right has been infringed) expressly communicates his approval of same to the party infringing on his right and that no action will be taken. This can be verbal or in writing. He will not be permitted to turn around and make a claim against the party that infringed on his right.

The above shows that a party whose right is being trampled on must be careful of giving approval either expressly or by conduct if they do not mean to do so. This is because it may be difficult to later make a claim on the basis of such infringement later except if exceptional circumstances can be shown to the court.

it is required that notification should be given to the Nigerian Electricity Regulation Commission for the acquisition of 5% of the shares of a licensee.

Also, the Commission must first approve of any acquisition that will change the ownership status of a licensee. In the telecommunications sector, the consent of the Nigerian Communications Commission must first be sort and obtained before anybody can acquire 10% of the shares of a licenced telecommunications company in Nigeria.

The Investment and Securities Act places a heavy burden on a person that wishes to takeover a company. The law requires a high level of disclosure from a person bidding to takeover- i.e. the identity of the person bidding, the source of the fund, existing interest in the company, the number of shares the person wants to acquire etc.

The approval of the commission must first be obtained before making a takeover bid. It can be said that the type of bid the act is talking about here tends to tilt more towards a friendly takeover. Notwithstanding, since there is need for a prior consent of the commission and coupled with the anti-takeover approach of regulators there is a high possibility that such takeover bid may end up being frustrated.

It is safe to say that there is no legal framework in Nigeria that supports a hostile takeover.

Therefore, if anything of such is going to happen in Nigeria it will likely end up as a friendly negotiation.

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BUSINESS SOUTH-SOUTH

COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

Lebanese emerges president of Port Harcourt Chamber of Commerce EFEGADIRIM MADU, Port Harcourt

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Lebanese-born Nigerian business man, Nabil Ahmed Saleh, has emerg e d as the president of 61-year old Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA).

The new PHCCIMA helmsman takes over from the immediate past president, Emi Membere-Otaji, who served out his tenure this year.

Saleh who was until his election the first deputy president of PHCCIMA emerged during the 61st annual general meeting (AGM) of the organization held at the banquet hall of Hotel Presidential in Port Harcourt, Rivers State.

Nabil Saleh is the managing dire ctor of M-Saleh & Company Limited, an energy/ agricultural company dealing in the sales and servicing of generators, transformers, tractors, concrete mixers,

waste bins, and other heavyduty equipment.

He said, after being swornin as PHCCIMA’s new president for the next two years that, he is a result-driven, self-motivated, innovative and resourceful managing director, with proven ability to develop and strengthen management teams in order to maximize company profitability and proficiency.

Originally born in Saida, Lebanon, Saleh is currently a naturalized Nigerian citizen.

His contributions to both the economic and socio-cultural development of the society are quite visible. He has received various chieftainc y titles conferred on him by different ethnic groups in Nigeria.

He holds a BSc (Hons) in Business Administration from the Beirut Arab University and speaks three languages (Arabic, English and basic French).

He is also the second vice chairman of the Manufactur-

ers Association of Nigeria (MAN) Rivers/ Bayelsa states b ra n c h. He i s m e m b e r o f governing board of National Institute for Constr uction Technology (NICT); ex officio – NACCIMA; vice chairman SSME committee of Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA); council member, MAN national executive. He is also a member of NACCIMA in charge of Lebanese liaison office in the Niger Delta region.

Saleh is the secretary of the Lebanese community in Port Harcourt, as well as ember, Port Harcourt-Lebanese Club. He is member of Areta Farm Estate Port Harcourt ; member, board of directors, Lebanese-Nigeria Initiatives LTD/GTE. Nabil Saleh was elected alongside Mike Elechi, MD/ CEO, Vintage Farms Limited as the 1st deputy president ; Chinyere Nwoga MD/CEO of Solozone Limited as 2nd deputy president; Tony Nwogbo,

MD/CEO of Osforce Nigeria Limited as treasurer. Others are Hanson Oriaku, MD/CEO Custom Realities as financial

secretary and Mercy Abu Bello, MD/CEO IHP Industrial Services Limited as publicity secretary.

Nabil Ahmed Saleh, new PHCCIMA president

NDE plans to train 185,000 youths in AGSMEIS Every brain untrained is a drain to UDOKA AGWU, Umuahia

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he National Directorate of Employment (NDE) says it has concluded plans to undertake basic business refresher course for 185,000 unemployed persons wishing to access the Central Bank of Nigeria (CBN) Agri-business Small and Medium Enterprises Investment Scheme (AGSMEIS) loans nationwide.

It said that 50 persons per sate would be trained under the Sustainable Agricultural Development Training Scheme (SADTS).

Nasiru Mohammed Ladan Argungu, the director general of NDE said in Umuahia while presenting a keynote address during the flag-off and orientation of 2018 Environmental Beautification Training Scheme (EBTS) programme.

He expressed optimism that before long, the trainees would create jobs which through multiplier effect would create several other jobs, thus impacting on the real sector of the economy.

According to him, under the Vocational Skills Development (VSD), 11,100 youths and women would be trained in

quick-win demand driven skill sets nationwide; another 1,200 in Advanced National Open Apprenticeship Scheme in 24 states and the Federal Capital Territory; 650 in school-onwheels in 13 states and 25,900 to be trained in cosmetology nationwide.

He said the fact that the issue of youth unemployment has been of grave concern to the government of President Muhammadu Buhari, made him to continuously demonstrate his determination to empower youths through articulated programmes and sustained support to Federal Government agencies that have constitutional responsibility of empowering youths and creating job opportunities.

The NDE said the use of skills acquisition to build employability is crucial for attainment of the Economic Recovery and Growth Plan (ERGP).

The body also noted that in using skills acquisition as tool for employability and poverty reduction, wealth would be created, and a sure path to sustainable national growth and development.

“The National Directorate of Employment, NDE has over the years succeeded in promoting decent employment opportu-

nities to the teeming Nigerian population.

The directorate has been a principal benefactor of Federal Government attention towards discharging its mandate for creating jobs and its mandate lies strategically in using training followed by resettlement as a tool to empower youths with marketable skills and or addressing skills mismatch arising from the educational institutions, hence promoting decent employment opportunities, either self or wage employment,” said Argungu.

He said most recently, the NDE had engaged 50 persons per state under the EBTS, with the aim of reducing unemployment and poverty to its barest minimum and enthroning self-sufficient and self-reliance among the Nigerian population.

He hinted that the Special Public Works (SPW) was one of the four departments in NDE that is saddled with EBTS programme.

The NDE boss was represented by Buchi Ojei, the Abia State coordinator. He described vocational skills as central to human survival; pointing out that it was key to sustenance and satisfaction of basic human needs.

the nation, declares Duke

…sues for speedy resolution of ASUU strike EFEGADIRIM MADU, Port Harcour

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he presidential candidate of the Social Democratic Party (SDP) Donald Duke, has stated that “every brain untrained is a drain to the nation,” and therefore called on the Federal Government to speed up the resolution of the Academic Staff Union of Universities (ASUU) strike.

Duke said that his administration, if elected as president of Nigeria in 2019, will design a compulsory system of education, from crèche to adulthood, to ensure that every child up to the age of 18 acquires an education and learns a skill concurrently.

The SDP presidential candidate said that developing a skills-oriented educational system is a matter of urgent priority; adding that his administration’s policies will cover access, curriculum development, teacher training and development, and infrastructure.

He further stated that education is a fundamental human right that should not be negotiated.

“Government should therefore, prioritise the adequate funding of the educational sector. Government does not have a choice but to give it utmost priority and invest massively in it,” he said.

He said the poor funding of the sector is one of the reasons for the fallen standard of education, calling on government too reverse this ugly trend.

Duke, a former governor of Cross River State (1999-2007), said, rolling capital investment in education infrastructure will form a key cornerstone of his plan to build a globally

competitive educational sector.

According to him, there is no price too high to pay to restore the glory of education in Nigeria Reminiscing with pride on the past, and referring specifically to his days in Federal Government College, Sokoto; and Ahmadu Bello University, Zaria; Duke said education in Nigeria was given priority attention which made it possible for the country to produce wellschooled graduates who are, today, serving the country in different leadership positions nationally and internationally.

He noted that, then, the Federal Government and state governments gave priority to education as reflected in their annual budgets and in the attention they paid to infrastructural development such as conducive classrooms, training and re-training of teachers, insistence on discipline, prompt payment of teachers.

He regretted that the reverse is the case now, as reflected in the dismal budgetary allocations to education lately.

“If ASUU is still going on long strikes over alleged poor funding of universities, and also if the Federal Government is not implementing a 2017 agreement, then we are really in danger,” Duke said.

He said funding education adequately is directly investing in the future of the country; adding that a nation that does not invest in education is inversely investing in an illiterate future that will produce all kinds of miscreants and threaten the peace and security of the country.

Duke therefore called on the government to quickly resolve the ASUU strike to mitigate impending danger.

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Sports

NFF, NIKE sign new kit deal till 2026 FIFA World Cup Stories by Anthony Nlebem

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he Nigeria Football Federation (NFF) and leading sportswear company, NIKE have signed a new, robust partnership agreement that officials from both organizations termed ‘dawn of a new era.’

NIKE had teamed up with NFF in April 2015 following the departure of another global brand, but both parties see the new contract as the real deal. The agreement is for four years at the first instance, with an automatic renewal clause that will take the marriage to the end of the 2026 FIFA World Cup finals.

“We need to know where we are coming from to be able to appreciate where we are now. A few months after we came on board for our first term in office, I was told that we needed to buy jerseys for the National Team to play a football match. That was how bad it was, because the kit sponsor at that time terminated the contract.

“So, I made contacts with some highly connected persons and worked hard to convince NIKE to come on board. We were coming from a weak position but they made the agreement flexible for us. Today, we are happy we teamed up with NIKE because after we qualified and participated at the FIFA World Cup in Russia,

NFF President, Amaju Pinnick (right), exchanges copies of the new agreement with Tina Salminen, NIKE Sports Marketing Director, African Football

the company was the one chasing us for a new improved contract,” NFF President, Amaju Melvin Pinnick, said at the contract signing ceremony inside the Stephen Keshi Stadium.

Tina Salminen, NIKE’s Sports Marketing Director (African Football), expressed delight at the signing of the new contract: “NIKE is very, very happy with its relationship with Nigeria. The jersey we designed for Nigeria for the FIFA World Cup won the award as for Best Designed Jersey and was hugely popular. It has remained a source of reference in NIKE meetings and events ever since.

“Nigeria is one of the big teams

in world football and we are happy to get them to sign a long term contract.”

Chairman of the NFF Marketing, Sponsorship and T V Rights Committee, Mallam Shehu Dikko, who is also the NFF 2nd Vice President, said NIKE’s faith in Nigerian Football and its encouragement all the way have been heartwarming.

“They never stopped believing in us and in our teams, and after they conducted their due diligence on everyone involved in the running of the NFF, they were very eager to sign this new deal as far back as when we returned from the World Cup in Russia.

But we kept telling them to give us some time.

“We are very happy because this new agreement comes with good money on annual basis, more supplies, improved qualification bonus for our teams, doorto-door delivery of kits, royalty for the NFF on jerseys sold and it has now been expanded to include our women national teams.”

The new agreement is also flexible with regards to market situation, and performance of the National Teams. “We have a window for renewal of this contract in 2023 but most terms of the agreement as presently constituted would improve should the Super Eagles make a huge impact at the 2022 FIFA World Cup. “This contract brings a huge sigh of relief. Now, we do not have to worry about clearing kits at the ports because NIKE now has that responsibility to bring it to our door. All the National Teams are now captured, we earn money on number of jerseys sold and a new kit will be designed for Nigeria prior to the 2020 Olympics Games in Tokyo,” Dikko added.

NFF 1st Vice President and Chairman of the Legal Committee, Barr. Seyi Akinwunmi assured NIKE that the NFF would abide by every letter of the new contract, and said the Federation is in fact looking forward to signing another much –improved deal after the 2022 FIFA World Cup.

Aiteo, Cadbury congratulate Super Eagles on AFCON 2019 qualification … NFF lauds Benedict Peters support for the Super Eagles

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igerian Football Federation (NFF) has lauded Benedict Peter, Executive Vice President, Aiteo Group, whose energy company has powered Nigerian football in recent times for the role it played in redefining football in Nigeria and creating the enabling factors for the Super Eagles to qualify for the 2019 Africa Cup of Nations (AFCON) after missing out on two editions.

In his gratitude message, NFF President, Amaju Pinnick lauded Aiteo Group for putting smiles on the faces of soccer loving Nigerians.

“Aiteo Group has redefined Nigerian football and have put smiles on the faces of Nigerians. He added that Nigerians are currently celebrating the qualification for AFCON 2019 after two successive misses, and the

generality of Nigerians have now joined us in recognizing the role Aiteo played. Once again, I doff my hat and a big thank you.”

Aiteo is currently Nigeria’s largest indigenous oil and gas company by output. In April 2017, Aiteo Group announced a five-year partnership agreement with the NFF worth an estimated N2.5billion. This partnership saw Aiteo Group emerging as the NFF’s Official Optimum Partner and funding the salaries of coaching staff of the Super Eagles, a move which is believed by many as the singular most important factor that led to Nigeria’s emergence as the first African nation to qualify for the 2018 FIFA World Cup in Russia.

In June 2017, Aiteo Group followed up this sponsorship with a fresh agreement to underwrite the cost of the Federation Cup, now renamed Aiteo Cup, which they

have taken to greater heights, adding glamour and colour to the game, and making it the largest televised finals in the history of the FA. This sponsorship ignited renewed public interest in the competition with the record crowd attendance at the 2018 final serving as testament.

In October 2017, Benedict Peters took his philanthropy and corporate social investment beyond Nigeria’s borders when Aiteo announced a partnership agreement with the Confederation of African Football (CAF) to sponsor the Annual CAF Awards 2018. The event, now called the AITEO-CAF Awards, honours footballers who have made outstanding contributions to the development of football development on the continent.

Also, Cadbury Nigeria Plc, manufacturers of TomTom, the official candy of the of the Super Eagles, has congratulated the Super Eagles on the team’s qualification for the 2019 African Cup of Nations (AFCON) tournament, which will take place in Cameroon.

In a statement, the Company’s Corporate and Government Affairs Director for West Africa, Bala Yesufu said the Super Eagles have made Nigerians proud by securing the AFCON 2019 ticket over the weekend. Yesufu assured that TomTom, the ‘Official Candy of the Super Eagles,’ is with the team all the way to Cameroon.

TomTom, an ardent supporter of the Super Eagles, gave out free candies to all the fans in Uyo, the Akwa Ibom State capital, last month, during the match between the Super Eagles and the Mediterranean Knights of Libya. Nigeria won the match by four goals to nil.

Yesufu said: “We are excited that Nigeria will be competing again in AFCON after missing out on two successive editions. The Super Eagles have shown strength of character, resilience, and tactical discipline throughout the qualifiers. We have no doubt that this youthful team will make us proud in Cameroon.”

He also commended the Nigerian Football Federation (NFF) led

by Amaju Pinnick, Super Eagles’ Manager, Gernot Rohr, and the rest of the crew, for providing an enabling environment for the players to excel, noting that this has paid off.

Organizers of the prestigious Nigeria Pitch Awards also congratulated the victorious Super Eagles for booking the 2019 AFCON ticket.

Shina Philips, President of the Nigeria Pitch Awards said: ‘We rejoice with all football loving Nigerians especially the President, board and management of the Nigeria Football Federation who have worked with the coaching crew to set the team up for victory after the Eagles loss to South Africa in the Nest of Champions in Uyo in June 2018.’

Friday 23 November 2018

Special Olympics Nigeria to host 2018 Football Tournament, Skills Festival

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pecial Olympics Nigeria has announced date for the Football Tournament and Skills Festival which is set to hold on Friday, 23rd November 2018 at the Oluwoye Chesire Secondary School, Ijokodo, Ibadan, Oyo State and in Lagos on Saturday, 1st December 2018 at the CMS Grammar School, St. Finbarrs Road, Bariga, Lagos state by 9 a.m.

The event wraps up the 2018 FIFA Football for Hope (FFH) programme which is an initiative aimed at tackling the problems faced by people with intellectual disability such as social stigma, discrimination, and exclusion from social life. The programme is also focused on empowering and socially integrating people with intellectual disability (ID) through a unified football and vocational training. Over the years, a total of 344 athletes/ partners, 70 volunteer coaches and 15 vocational skills instructors have participated in the programme within 17 communities in Lagos and Oyo State, since its inception in the year 2017.

This year’s tournament will feature the showcase of various skills learned by participants during the program’s football and vocational trainings. Activities scheduled for the tournament also includes a unified football competition, skills exhibition, presentation of awards and certificates while guest are treated to lovely serenades and refreshments.

Through this initiative FIFA believes that football is more than just a game. Its unique power and universal appeal, brings people together, transform their lives and inspires an entire community.

Speaking ahead of the tournament, Victor Osibodu, Chairman Special Olympics Board, stated that “The support FIFA has provided through its Football for Hope Initiative has benefited 450 programme run by 170 nongovernmental organizations in 78 countries, serving hundreds of communities throughout the world which Nigeria is inclusive of. We hereby call on the general public, friends, and families to join us in celebrating the talents of our athletes at this event”.

Special Olympics Nigeria is part of an international platform, Special Olympics international which is dedicated to promoting the inclusion of people with intellectual disabilities into the society while changing the misconceptions individuals have about such people.

Friday 23 November 2018

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NEWS Nigerian car dealers shift to imports of...

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amounting to 70 percent tariff

to be paid on the imported cars to the Nigeria Customs Service (NCS).

BusinessDay understands that about 70 percent of vehicles imported through the nation’s seaports are accident vehicles. During a visit to one of the terminals at the Tin-Can Island Port, Nigeria’s foremost roll-in, roll-out terminals for the importation of vehicles, most of vehicles brought in by vessels, were mostly low quality and damaged vehicles.

Musa Baba Abdullahi, Customs Area Controller of Tin-Can Command said that importers have resulted to bringing accident cars in order to enjoy 30 percent rebate in import duty.

According to him, for any vehicle to be considered involved in an accident and qualify for 30 percent rebate, some very important components of the vehicles such as the chassis, air bags and a large chunk of the body, must be certified damaged.

Statistics by the National Bureau of Statistics (NBS) shows that Nigerians imported 105,189 units of vehicles in 2016 through the ports, while in 2017 the volume of imported vehicles grew by 72.46 percent to hit 181,404.

“The quality of vehicles imported into the country has deteriorated over the last four years. This was partly due to the recession and the shrinking purchasing power of many people. Not everybody can

afford a very expensive vehicle that is why people are importing older vehicles or accident vehicles, which are clearly cheaper,” said Ascanio Russo, managing director of a leading RoRo port, PTML in an interview with Ships and Ports in Lagos recently.

Russo blamed auto policy that increased the duty paid on imported vehicles by over 100 percent, and said that the auto policy has made importation of vehicles into Nigeria more expensive than before.

The reality, according to Russo, is that used vehicles are not luxury, which means that people are not buying used vehicles because they prefer them to new cars, but they buy them mostly due to price.

“We need cars in this economy, and this leads to people bringing in, for instance, trucks that are probably about 40-year old to reduce the impact of the auto policy, which makes it very expensive to import trucks into Nigeria. These are all economies of scale and negative externalities, which are very difficult to measure. People will look at how much it cost to reduce the level of duty,” Russo explained.

He suggested that government can only help the automotive industry by trying to make locally manufactured vehicles more competitive, adding that government can achieve that by supporting the industry with incentives like tax holidays. “This is to encourage people to come and invest, because the market cannot

be protected by increasing the level of duty because people always find a way to meet their needs.

“Bringing in dented vehicles is one of the ways importers try to recoup from the money invested due to the high cost of exchange rate because dealers believe that it is cheaper and profitable to bring in such low quality cars, repair and sell,” said Tony Anakebe, a renowned industry analyst.

He confirmed that Customs offers rebate to the dealers when the cars are confirmed to be damaged, adding that over 70 percent of vehicles coming in through the port are accident damaged cars.

Ugochukwu Nnadi, a freight forwarder, who operates at PTML terminal, Tin-Can Island Port, confirmed that no importer goes to America or Europe to bring in new or quality vehicle due to the cost of the duty paid on vehicles.

“Vehicles are usually over-valued and over taxed by Customs. Five years into the implementation of the auto policy, Nigerian car dealers have begun to adjust to the current economic realities by going back to importing low quality vehicles,” he said.

According to him, when 15-year old vehicles come to Nigeria, the government over values them such that the Customs duty becomes higher than the price at which the vehicle was purchased. This, he said, was why the only vehicle that Nigerians can buy now is damaged vehicles because they are sold to dealers abroad at giveaway prices.

L-R: Akinwunmi Ambode, governor, Lagos State; Aderemi Makanjuola, chairman, Caverton Offshore Support Group/celebrant, his wife, Yoyinsola; Oba Otundeko, chairman, Honeywell Group; Babajide Sanwo-Olu, APC governorship aspirant, Lagos State, and Adebayo Ninalowo, pro-chancellor and chairman, governing council, Lagos State University (LASU), at the special lecture to celebrate 70th birthday of Makanjuola and official opening of Aderemi Makanjuola Ultra Modern Lecture Theatre at Lagos State University, Ojo, Lagos.

Farmers, traders use of harmful chemicals...

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20 bunches of ripe plantains and bananas daily to customers.

But she only got five bunches of ripe plantain and bananas from her suppliers. To meet up with the demand from customers, she resorted to applying calcium carbide to force the fruits to ripen.

She is unaware of the health dangers in the consumption of such fruits and vegetables.

“Myfamilyalsoconsumesomeofthe plantain and bananas,” the trader said, when BusinessDay interacted with her.

Sadiq’s case gives an insight of the high usage of harmful chemicals

by Nigerian farmers and traders in the storage, colouring, ripening, processing, and preservation of food products in the country.

Apart from calcium carbide, traders and farmers also use other chemicals which include artificial sweeteners such as aspartame and acesulfame, sniper, monosodium glutamate, common dyes, sodium

sulphite and sulphur additives.

Others are sodium ascorbate, aitric acid, sodium critrate, artificial favourings and lactic acid among others.

Health experts say such practices are dangerous to human health and should be out-rightly banned.

“The chemicals being applied by farmers and traders to preserve and force ripening of fruits and vegetables have serious health implications when consumed for a long period of time,” says Doyin Odubanjo, chairman, Association of Public Health Physicians, Lagos chapter.

“The side effects are responsible for the rising cases of cancer, skin disorders, kidney diseases we have now in the country because Nigerians consume these food products daily,” Odubanjo said.

To identify food products that have these harmful chemicals, the nutritionist advised that Nigerians should immediately discard fruits or vegetable with an odd taste.

Farmers also use sniper, an agro

chemical that contains dichlorovinyl dimethyl phosphate (DDVP) in the preservation of beans. Experts warn that consumption of pesticides made from DDVP can lead to death.

Also,Nigerianfarmersheavilyapply harmful pesticides on farm produce to protect against pests and insects invasion as well as their investments.

This practice has led to the massive importation of various pesticides and agro chemicals into the country, even those that are already banned in some countries.

“The Federal Government is lacking in the area of food safety in the country and the situation is getting worse daily. There are no regulations on the use of agro chemicals and pesticides on the farms; even products banned in other countries are found in the hands of farmers in Nigeria,” James Marsh, managing director, James Marsh and Associate said.

The situation is also a major threat to the export drive initiative of the Nigerian government.

The European Union (EU) rejected 24 food products from Nigeria in 2016. Nigerian beans has since

CBN, MTN near agreement on alleged...

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expect the CBN to tighten policy in concert with reforms that will likely come post-election – either future fuel price deregulation, or a rise in the rate of VAT to a more meaningful level”.

The change in the Consumer Price Index, which measures inflation rate, fell to 11.26 percent in October, from 11.28 percent in the previous month, according to the National Bureau of Statistics (NBS).

Bismarck Rewane, managing director/CEO, Financial Derivatives Company (FDC) Limited, said, “my biggest take away is that he expects inflation to be muted in the first quarter of 2019 which is very unlikely. The move today of keeping rates unchanged which is another form of contraction is an expression of increased inflation. Money supply is growing even though not as sharply.

“It was a wise decision to take but my only problem is that the optimism for q1 2019 performance is a bit misplaced at this time.”

Responding to the U.S fed normalisation, and why Nigeria has not implemented any policy in that regards, Nigeria’s apex bank governor said “the U.S normalisations like some of us know is the process of raising rateS to attract investment back to the United States and the impact has been very adverse on frontier markets. For Nigeria, the impact has been somewhat moderated as we have been able to achieve stable exchange rate over the period.”

On the action taken to stabilise Nigeria’s exchange rate, he said the CBN was able to put foreign exchange management intervening action in through the I&E window “which has helped to build the confidence on Nigeria’s foreign exchange market.”

Record N14.5bn in Zenith Bank shares ...

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ber 2018.

Wale Okunrinboye, Head, Investment Research at Sigma pension said the cross transaction was between a foreign seller and a local buyer.

“It was a big transaction, I think someone figured that why don’t I value Zenith at this level, N24, it is a good price for me.

Although I think Zenith is one of those three banks that are trading above book, and coupled with the fact that it is one of those banks that has positioned it balance sheet to tap from rising interest rate. And interest rate has been up for the last 2-3 months,” Okunrinboye said.

Ayodeji Ebo, MD, Afrinvest Securities Limited said : “Some of these investors are taking advantage of cheaper valuations of the fundamentally strong stocks that have shed significant weights in the past few months. We expect to see sustained interest in the major stocks albeit not aggressively,” he further said.

The banks recently released Q3 2018 report showed its profit after tax increased by 11.6

percent to N144.2 billion from N129.3 billion in the earlier Q3 2017 period.

As at the close of trading yesterday, the bank’s share price traded at N24.15, with a market capitalization of N758.2 billion.

Meanwhile analysis of the NSE trading for yesterday revealed that the equities market closed the third trading session of the week positive, gaining 0.05 percent.

Similarly, market breadth index was positive with 16 gainers against 13 stocks that declined.

Of which Flourmills (+9.95%) was the top gainer today while Ikeja Hotel (-9.76%) led the losers’ chart.

The NSE Banking Index closed up by 0.15 percent, driven by the buy interest in FCMB (+2.65%), Zenith Bank (+0.62%) and Guaranty (+0.42%).

While NSE Consumer Goods Index: Advanced by 0.14 percent, on the back of the gains in Flour Mills (+9.95%), PZ (+7.78%) and Dangote Flour (+1.67%).

The NSE Oil and gas Index fell 0.45 percent, largely due to loss in OANDO (-3.92%), while the NSE Industrial Index closed flat.

2015 been banned by the EU Food Safety Authority because it contained between 0.03mg per kg and 4.6mg per kg of dichlorvos pesticide.

The ban has been extended to 2019, which shows that Nigerian farmers and traders are yet to desist from such practice.

Also, there are natural poisonous chemical compound called mycotoxins produced by certain fungi that cannot be easily detected by seeing or tasting, prose serious health hazards to Nigerians.

The mycotoxins such as aflatoxins, ochratoxins, fumonisins, deoxynivalenol and zearalenone are found in most Nigeria’s grains and cereals.

“Mycotoxins have very harmful effects on humans and animal health.

They are very cancerous and supresses the human immune system,” Hussaini Makun,aprofessorofbiochemistry,Federal University of Technology, Minna, whoconductedastudyonthefungisaid.

“We conducted a research and 91 fungi species where discovered in 2,133 samples grain crops in Nigeria. This shows that only 19.3 percent of our food is safe for consumption,” Makun said.

According to the World Health Organisation (WHO), 80,000 Nigerians die of cancer yearly. Experts believe that over 200,000 Nigerians die annually from food poison yearly.

Marsh who is a food safety expert blamed regulators such as the National Agency for Food and Drug Administration and Control (NAFDAC), Nigerian AgriculturalQuarantineService(NAQS) and the Federal Ministry of Agriculture (FMARD)forfailinginregulatingtheuse of these harmful chemicals.

“The regulators are not regulating the use of these chemicals effectively to ensure the consumption of safe and nutritious food. The regulation stars from the farms,” he says.

“Farmers and traders needs to be educated and sensitised on the use and dangers of these harmful chemicals and food toxins.”

To address the problem of natural causing mycotoxins, he urged the government to train farmers on good agricultural practices.

He also called for proper regulation in the importation of agro chemicals and pesticides into the country.

38 BUSINESS DAY NEWS Gridlock: Lagos recruits 1,000 LASTMA officials JOSHUA BASSEY

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n what is aimed at tackling the chaotic traffic situation in and around Lagos, the state government has recruited 1,000 additional personnel to strengthen the operations of the Lagos State Traffic Management Authority (LASTMA).

The new recruits who are currently receiving training and tutorials would be deployed on the roads before the yuletide season, just as the operational period of LASTMA is being extended from 5am to 12 midnight, especially in areas and routes where traffic is unusually heavy. The government said it was also working on other measures to ensure unhindered flow of traffic across the state ahead of the yuletide.

Rising from a strategic session chaired by Governor Akinwunmi Ambode and attended by officials of the Ministry of Transportation, LASTMA and the commissioner of Police, Imohimi Edgal, among others, on Thursday, the government said everything was being done to resolve the gridlock challenge.

The commissioner for transportation, Ladi Lawanson, who addressed journalists after the meeting, said: “We know that Lagosians have been going through some hardship occasioned by the gridlock we have in the Apapa area for which the Lagos State Executive Council has a solution in sight. All we are going through now is approval process that is required to activate the solution. “What we have done is that we have gotten feedback from men and women who have been on the frontline specifically our LASTMA officials and the Commissioner of Police.”

Lawanson explained that some of the strategies that would be adopted was the recruitment of 1,000 personnel recently by the agency, and would be trained and deployed to the road before the end of the year.

He said the agency had also resolved to extend its operations from 5am to 12 midnight on a daily basis, saying that while the state government continued its palliative on potholes, LASTMA officials would be on ground to ensure free flow of traffic across those areas.

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Seme Customs hits hard on smugglers to recover N2.8bn in 2 month AMAKA ANAGOR-EWUZIE

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he Nigeria Customs Service (NCS) Seme border command on Wednesday said it intercepted contraband worth over N2.8 billion, including 27 trailer-load of foreign parboiled rice smuggled into the country through neighbouring Benin Republic in the months of September and October.

Speaking while displaying the seized items to newsmen in his office, Mohammed Uba Garba, Customs Area Controller of the command, said the command also seized 21 exotic vehicles worth N135 million within the period under review.

According to Garba, 57 packs of Tramadol worth N11 million, 40 pieces of used textiles cost N774,270 and 115 cartons of imported frozen poultry products worth 728,654, were among the consignments that were seized.

He said, “During this two months, our resolute determination to succeed resulted in an impressive revenue generation of N1.9billion that we realized for the period under review. Similarly, the uncompromising stance of the enforcement unit led to the seizure‘ of 850 items with a duty paid value (DPV) of

N378 million.”

Listing the seizures, Garba said the bags of rice seized were equivalent to 27 trailers and worth N302.4 million.

He said, “The seizures were 16,729 bags of 50kg foreign rice which is equivalent of 27 trailers of rice.

N302,477,040, 115 cartons of imported frozen poultry products worth N728,654; 57 X 50 litres of jerry cans of vegetable oil worth N400,440 and 111 pieces of used tyres worth N859,345.

“Others are 21 vehicles worth N134,410,536; Jerry can petroleum products worth N300,572 378; 50kg bags of sugar worth N7,394,521 and 40 pieces of used textiles worth N774,270.

“57 packs of Tramadol N11,090,832; 387 sacks of coconut N2,313,360 and general goods worth N52,005,135 making a total of N2,839,507,352.66.” Seven suspects connected to the act were arrested, and were in various stages of investigations and conviction, he said.

“Beyond the above statistics, it is obvious that the seizures represent protection of the economy and security of our people. Let me state clearly that it is simply not enough to inform you about the revenue and seizures (with the DPV).

Friday 23 November 2018

Second edition of Nigeria Annual Automobile Award holds

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ll is set for the second edition of Nigeria Annual Automobile Award (NAAA), designed to recognize outstanding companies and individuals in the industry, organized by Autosearch Magazine.

According to Ogunyemi Joseph, head of the award screening committee, the award categories have been expanded more than what it was in 2017. These include: automobile Personality of the year, Automobile Friendly Governor of the year, Automobile investor of the year, Automobile truck of the year, Nigeria Automobile Insurance company of the year 2018 and Automobile Governor of the year.

Others are Nigeria Automobile tools company of the year; Nigeria Haulage Transporter of the year, Nigeria Passenger Transporter of the year; Nigeria Automobile workshop of the year; Nigeria automobile tyre of the year, Nigeria Car of the year; Nigeria Agricultural Tractor of the year and Nigeria (Tokumbo) engine dealer of the year.

The NAAA is slated for November 24, at Villa Angelia Hotel, Victoria Island, Lagos.

According to Ifeanyi Obasi, the publisher/CEO, of Autosearch Magazine, for ten years, Autosearch Magazine has established a track record of guiding buyers in their choices, offering maintenance advice, and expert vehicle analysis from

experienced automobile engineers and editors, which has resulted in significant sales by automobile and logistics companies. “We provide exciting vehicle news, facts and information on automobile acquisition and maintenance which has made Autosearch Magazine, the No.1 choice for Nigerian automobile enthusiasts. Our solution oriented articles and exciting industry news have captured the minds of our esteemed readers” Obasi said.

Autosearch has offices and representatives in Kano, Abuja, Port Harcourt and Lagos has supercharged our circulation in Nigeria. Autosearch magazine is now “poised and well positioned to increase the visibility and market share of your products” Ifeanyi Obasi said.

Vincent Akhuetie, chief marketing executive, Annual Automobile, added and that the distribution of the Magazine has extended to the National Assembly, major supermarkets, airports/industry regulatory bodies and social clubs in Nigeria and Ghana.

Some of the issues discussed at the 2017 edition included the development of automobile technology in Nigeria, prospects and challenges; ember months and road safety; how to maintain a commercial vehicle and drive it beyond one million kilometers.

Politics & Policy Friday 23 November 2018

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I will build equal opportunities in society if elected president - Fela Durotoye

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he presidential candidate of Alliance for New Nigeria (ANN), Fela Durotoye, has said he would strive to build equal opportunities where every Nigerian would have equal stake if elected the president of the country in next year’s presidential election.

Durotoye, who is a renowned management expert, stated this Sunday while flagging off his presidential campaign at Ajegunle, Lagos, in which he launched a social impact project which seeks to empower 500 children from lessprivileged families, provide medical care and also feed the residents of the community.

Durotoye said that his administration would focus on creating wealth and empowering the lessprivileged to reduce the alarming poverty rate among Nigerians, as

Fela Durotoye

soon as he assumes office.

The presidential candidate bemoaned the terrible state of infrastructure across the country and

blamed successive leaders for the nation’s woes, promising to champion a new orientation among Nigerians that would change their

mind-set.

He promised that his administration would give women 50percent of appointments, stressing that women were strategic to the nation’s development.

“We want to make an impact and we want to build a new Nigeria; I believe in a new Nigeria where everyone would have an equal stake; an equalitarian society and I did not just start today, I have been building people and contributing to the lives of Nigerians.

“Years back in Victoria Island we had a project, I was teaching young people and impacting on their lives.

The reason why we came to support the people of Ajegunle is because this is a popular city which has produced stars for the country.

“This project would not stop here it would go round the country and touch the lives of Nigerians, then people who say we don’t have structure would see that we are on ground,” Durotoye said.

Channel birthday congratulatory adverts to charity organisation - Atiku enjoins family, friends, associates …Seeks prayers … Condoles, canvasses support for families of fallen heroes Iniobong Iwok

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ormer Vice President of Nigeria and presidential candidate of the People’s Democratic Party (PDP), Atiku Abubakar, has called on his family, friends and associates to withhold from placing adverts to congratulate him on his 72nd birthday coming up on November 25, a statement signed by Paul Ibe, his media adviser, has said.

Atiku also condoles with the Nigerian Army over the recent attack that led to loss of lives of officers and men of the 157 Task Force Battalion in Metele, Borno State.

On his birthday, the statement read: “With utmost humility and appreciation of their good intentions, the Waziri Adamawa would prefer if his well-wishers instead channelled their funds for adverts and congratulatory messages in the media, into charity organisations of their choice, such as orphanages.”

According to Ibe, “Atiku Abubakar understands clearly that birthdays are a time of celebration, of looking back and thanking God for life, for achievements and milestones, and for great expectations

of a more glorious future to come.

He is also painfully aware that, at this time, many Nigerians have little to celebrate: the millions who are out of jobs, the civil servants who are owed months of salaries, the indigenes of villages and towns across Nigeria whose daily reality is violent insurgency or spontaneous

Atiku Abubakar

attacks, the tens of millions whose dire economic circumstances have earned Nigeria the shameful title of the world’s extreme poverty capital of the world to mention but a few.

“These times call for sober reflection and prayer, rather than merriment and jollification. These times require sharp focus on rescuing Nigeria from economic crisis and global ignominy. These times must be dedicated solely to the task of getting Nigeria working again, on JOBS (Jobs, Opportunities, Being United and Security). The time for celebration will definitely come.

But, first of all, the battle for the soul of our nation must be won.”

He further stated that “Atiku Abubakar thanks Nigerians for their overwhelming support of his quest to lead our great country out of darkness into light in 2019. He humbly asks that they, please, keep him constantly in their prayers, on his birthday and afterwards, for the battle truly belongs to the Almighty God.” On his condolences, he said: “These deaths are very painful and the loss of even one member of our armed forces pierces my heart because these heroes did not have

Substitution of governorship, State Assembly candidates ends November 31, campaign begins December 1 James Kwen, Abuja

...Flags off campaign with empowerment of Ajegunle residents Iniobong Iwok

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he Independent National Electoral Commission, INEC has reiterated that the November 30 date for the substitution of Governorship and State Houses of Assembly by Political Parties remains sacrosanct.

INEC also announced that campaigns for Governorship and State Houses of Assembly elections scheduled for March 2, 2019 begin December 1.

Mahmud Yakubu, INEC Chairman disclosed this Wednesday in his opening remarks at the regular meeting with Resident Electoral Commissioners at the Commission’s Headquarters in Abuja.

Mahmud said that INEC will review the progress made on the collection of outstanding Permanent Voter Cards (PVCs) and new modalities for a more efficient administration of the collection process.

He stated that INEC is also considering the method of recruitment and training of election Ad-hoc Staff and reviewing the framework for voting by Internally Displaced Persons (IDPS).

The INEC Chairman stressed that the Commission remains committed to monitoring the campaigns pursuant to its statutory mandate and to ensure compliance with the extant laws and regulations.

2019: APC moves to stop defections James Kwen, Abuja

to die. They volunteered to do a job that keeps this nation safe.

“I feel immense sadness when I think of the families they leave behind and pray for Almighty God to grant their surviving family members fortitude to bear up in a time like this.

“These men and women gave their best and we must reciprocate their sacrificial giving. Therefore, instead of celebrating my birthday this year, which is coming up in a few days, I choose to rather celebrate our fallen heroes. As such, I hereby declare an endowment to provide full financial scholarships to five children of our fallen heroes from the 157 Task Force Battalion in Metele up to whatever level they are able and willing to reach at the American University of Nigeria, Yola.

“I call on the Federal Government to think about setting up a benevolent fund for the support of widows and children of our fallen military heroes, run by an independent body, to which the public and corporate bodies can pay in funds. This is the least that we owe these gallant heroes,” he further said.

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he ruling All Progressives Congress (APC) has moved to stop further defections as the 2019 elections draw

closer.

This is as APC Wednesday inaugurated National Peace and Reconciliation Committees for the six geopolitical Zones to build peace in the party and reconcile aggrieved members so as to prevent them from dumping the party but to foster unity ahead of the general elections.

APC has been thrown into crisis following the recently held primary elections across the country while serious defections including those of the President of Senate, Bukola Saraki with over 20 Senators, Speaker of the House of Representatives, Yakubu Dogara with about 50 members, governors of Benue, Samuel Ortom and Kwara, Abdulfatah Ahmed, had earlier hit the party.

Adams Oshiomhole, APC national chairman who inaugurated the Committees at the APC National Secretariat Abuja, said it was the party’s modest way of finding inhouse solution to crisis in the party and to maintain peace and unity at this crucial stage of elections and charged members to use their vantage positions to reach out to aggrieved members and facilitate reconciliation.

Friday 23 November 2018

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L-R: Matthew Gamser, CEO, SME Finance Forum; Ayodele Olojede, head, emerging businesses, Diamond Bank plc, and Hans Docter, director, sustainable economic development, ministry of foreign affairs of the Netherlands, at the Global SME Finance Awards ceremony where Diamond Bank’s SMEZONE was recognised as “Product Innovation of the Year” in Madrid, Spain.

Oil, gas stakeholders identify challenges facing Nigeria energy mix OLUSOLA BELLO & IGNATIUS CHUKWU

… make recommendations

takeholders in the Nigerian oil and gas sector have xrayed the nation’s energy mix programme and identified key challenges facing the country’s energy sector.

They therefore conclude that Nigeria is not prepared for the changing dynamics involved in the energy consumption occasioned by the rise in electric powered car and drive towards a more environmentally friendly alternative sources of power.

They state that Nigeria has one of the lowest shares of access to electrification in the world, and because of this it is in a low energy equity curve, even though it has shown signs of progress by climbing from 14 percent of the population in 2010 to 50 percent in 2014.

These observations are

contained in a communiqué issued at the end of the 2018 pre-conference workshop held in Lagos by the Nigeria Association of Petroleum Explorationists (NAPE).

They also observe that there has been poor capacity utilisation of the existing and aging energy infrastructure, which is not good for the country.

The association is of the view that renewable energy is not environmentally sustainable, as solar energy does consume a lot of land per energy generated while hydroelectric power could result in population displacement.

There are some limitations to some type of renewable, such as wind, which is not an effective source of renewable energy in West Africa because it is seasonal.

The association advocates

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the need for an urgent assessment of what impact the renewable and environmentally sustainable energy sources will have on the regional development outlook. More also, as the challenge of climate change and population explosion are already with us in Nigeria and the surrounding countries.

Acquisition of sites, access to technology, foreign exchange and policy volatility are some of the challenges with renewable energy.

However, in spite of these challenges the stakeholders recommend some steps that must be taken to make her achieve robust energy mix.

They recommend that gas remains the main thrust of driving Nigeria energy mix due largely because of it multipurpose usage and cleanliness.

NCS arrests two aircraft, 3 suspects in connection with 40 containers of imported tramadol AMAKA ANAGOR-EWUZIE

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igeria Customs Service (NCS) Apapa Area Command on Thursday said it intercepted 40-by-40 foot containers of Tramadol and other pharmaceutical products worth over N7.3 billion imported from India.

The Service also seized two aircraft, a helicopter with registration number SN-BLI, which was intended for export but was falsely declared as 388 bags of cashew nuts.

Addressing newsmen in Lagos on Thursday, Hameed Ali, comptroller general of Customs, said the containers of Tramadol intercepted at the Apapa port were imported into the country from Indian.

He said the second aircraft, a Cesena 182A imported from the United States of America was declared through SGD

NO. C130308 and was seized because of failure of the owners to present End User Certificate from the office of the National Security Adviser and approval from the Nigeria Civil Aviation Authority.

This, according to Ali, is in contravention of Section 46 of CEMA, CapC45, LPN 2004.

Ali, who expressed concern over the importation of tramadol and other illicit items, said such posed great risk to the security and health of the nation.

“We are all aware of the dangers that the deliberate non-compliance to import and export procedures pose to our nation as importers bring in all manner of items which put the security and health of the nation at great risk. Terrorists, kidnappers and other criminal elements get hold of these uncustom goods such as controlled

drugs to perpetrate their heinous activities.

“It is worrisome to note that there are Nigerians who are ready to make money at the expense of human lives by bringing in such quantity of drugs that have grave consequences on health and national security,” he said.

According to Ali, “The Service is not making concerted efforts to ensure that only maximum revenue is collected, but also to safeguard the security and well-being of the citizenry.”

Ali further said that importers of the tramadol offered bribes to the tune of N150 million to Customs officers to effect the release of just one container with promises of even bigger sums to follow in the event that, their first attempt succeeded but the officers played along and eventually arrested three suspects with the money.

To achieve this, they say the country needs to make conscious efforts at gas exploration and reserve build up.

According to them, Nigeria needs to fully realise the market value of its gas reserve, both for domestic usage and for export.

“Develop a new transmission and distribution networks while improvement on the existing infrastructure needs to continue into the future as priority agenda,” they say.

Nigeria, they say, can take advantage of the fast turnaround time in developing renewable energy compared to field development of major oil fields to boost investment in renewable energy. This is because the competitive advantage oil and gas use have when compared to renewable energy has been significantly reduced.

Friday 23 November 2018

Manufacturers, artisans, market women mobilise to welcome President Buhari to Edo

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embers of the Manufacturers Association of Nigeria (MAN) in Edo State, artisans and market women have commenced mobilisation of their members for the scheduled visit of President Muhammadu Buhari to Edo State for the commissioning of the Edo-Azura Power Plant on November 27.

The President is also to attend the Chief of Army Staff Conference, holding in Edo State, on the same day.

Feelers from the organised private sector indicate that different professional groups are already prepping their members for the visit, just as market women are gearing up for a presidential welcome.

A cross-section of members of the Manufacturers Association of Nigeria (MAN), Edo/Delta chapter, the Benin Chamber of Commerce, In-

dustry, Mines and Agriculture (BENCCIMA), and other bodies said that they are ready to welcome the president to the state, and will be on ground to intimate the president with the impact of the current administration’s reforms on their businesses.

A member of BENCCIMA, and Youth Leader, All Progressives Congress (APC) Edo State chapter, Asuen Valentine, said that a great deal of mobilisation is ongoing across the state to see that the president gets a rousing welcome.

Valentine, who is also CEO/chairman, DVD Oil, added, “We are ready to welcome the president to the state. This, for us, is an opportunity to engage with the President, tell him our concerns and also appreciate him for a number of policies that have positively impacted our operations, especially the move to diversify the economy.”

140 roads reconstruction: Edo mobilises contractors

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s Edo State governor, Godwin Obaseki, increased roads to be rehabilitated across the state to over 140, contractors have been seen mobilising men and equipment to new locations to continue the reconstruction work.

Special adviser to the Governor on media and communication strategy, Crusoe Osagie, said new areas where contractors were carrying out reconstruction work include Jemila Street, Ohovbe Road and Lawani Junction by Urubi Street, Benin City.

Osagie said other roads where work was ongoing was Yoruba Street where the contractor was expected to carry out drain rehabilitation; rehabilitation of Sokponba Road; Aburime Street, off New Lagos, and Delta Crescent off Ikpokpan.

He added, “The state government is clear with its in-

structions to contractors on how the reconstruction work is expected to be delivered in line with the report of roads audit carried out recently.

“We will not be taking any chances in ensuring that roads in deplorable condition are fixed during the dry season.

We have over 140 roads across the state where reconstruction work is being carried out.”

He added that reconstruction work on Boundary Road and Commercial Avenue as well as Ogbelaka/Evborhan, Yoruba Street and Dumez Road, Ugbor-Amagba Road, is well on course.

In other parts of the state, work is ongoing in “Edo Central where reconstruction has reached appreciable stage in Mousco - Ukpenu Road, Ekpoma; Irrua - Uromi Road; Secretarial Road, Igueben; Union Bank Road, Igueben and Uwenlebo Road, Ekpoma, among others.”

FG decries exploitation of local internet engineering services by foreign firms RAZAQ AYINLA, Abeokuta

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inister of comm u n i c a t i o n s, Adebayo Shittu, has decried unchecked capital flights and loss of employments annually suffered by Nigeria as a country based on the engagement of foreign ICT firms as against the local engineers for the provision and construction of ICT and internet.

Shittu said despite Federal Government policy on local content, which supports development of local variables, a large number of public and private institutions still sought and engaged foreign firms for installation and construction of internet infrastructure and engineering services.

He said almost all the foreign companies for which internet infrastructure and

engineering services were contracted would still sub contract such to the local engineers at a ridiculously cheap fees.

Speaking on the exploitative character of foreign ICT firms at the detriment of the much touted local content policy at the sixth Regular Meeting of National Council on Communication Technology (NCCT) in Abeokuta on Thursday, Shittu said if issue of capital flights and exploitative stance of foreign ICT companies were not addressed, the ICT contributions to the gross domestic product would be seriously hampered.

The minister, who was categorically referring to one of the memoranda submitted at the fifth National Council on Communication Technology held in 2017 in Katsina tagged “Strategic Plan on Techni-

cal Manpower Shortage in Nigeria” but was stepped down then, requested the 2018 Council to deliberate and address the issue as it is crucial to ICT development in the country, coupled with the socioeconomic benefits it would bring to the country.

He said, “I think this Council has to deliberate and proffer solutions to this exploitation of local content and ICT engineers by some ICT firms who will engage for internet infrastructure.

“For example a foreign ICT firm (name withheld) is awarded an ICT contract that costs N100 million, it would give it to local engineers and pay them a paltry N5 million and sign an undertaking that they would not do similar job for another firm, this is an oppression and exploitation of our local content and local engineers.

Friday 23 November 2018

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Africa loses billions of dollars due to child marriage - World Bank report MICHEAL ANI, with Agency report

… one third of girls in SSA marry before 18

hild marriage will cost African countries tens of billions of dollars in lost earnings and human capital, says a new World Bank report launched ahead of the African Union Commission’s second African Girls Summit on Ending Child Marriage taking place in Ghana this week.

According to Educating Girls and Ending Child Marriage: A Priority for Africa report, more than three million (or one third of) girls in sub-Saharan Africa (SSA) marry before their 18th birthday each year.

Today, the region has the highest prevalence of child marriage in the world.

Child brides are much more likely to drop out of school and complete fewer years of education than their peers who marry later. They are also more likely to have children at a young age,

which affects their health as well as the education and health of their children.

While many African countries have achieved gender parity in primary education, the report notes that girls lag behind boys at the secondary level. In SSA, seven out of 10 girls complete primary education, but only four out of 10 complete lower secondary school.

On average, women who have a secondary education are more likely to work and they earn twice as much as those with no education.

Estimates for 12 countries, which account for half of the African continent’s population, suggest that through its impact on girls’ education, child marriage is costing these countries $63 billion in lost earnings and human capital wealth.

“Primary education for girls is simply not sufficient.

Girls reap the biggest benefits of education when they

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are able to complete secondary school, but we know that girls very often don’t stay in school if they marry early,” Quentin Wodon, lead economist at the World Bank and principal author of the report, says.

Child marriage also leads to high fertility rates and population growth, the report notes. If child marriages were ended today, lower population growth would lead to higher standards of living, especially for the poorest, the Washington-based lender notes.

The report confirms that keeping girls in school is one of the best ways to avoid child marriage. Each year of secondary education reduces the likelihood of marrying as a child before the age of 18 by five percentage points or more.

The report also documents the impact of child marriage and girls’ education on more than three

dozens other development outcomes. For example, child marriage leads to higher risk of intimate partner violence, and lower decision-making in the household.

Child marriage also affects the wellbeing of the children of young mothers, including higher risks of mortality and stunting (malnutrition) for children below the age of five.

Educating girls and promoting gender equality is part of a holistic effort at the World Bank, which includes financing and analytical work to keep girls in school, prevent child marriage, improve access to reproductive health services, and strengthen skills and job opportunities for adolescent girls and young women.

The report is published with support from the Children’s Investment Fund Foundation and the Global Partnership for Education.

National president of the Full Gospel Business Men’s Fellowship International Nigeria, Ifeanyi Odedo, led a team of national leaders of the fellowship on courtesy visit to Akiwunmi Ambode, governor, Lagos State.

A3 NEWS

BUSINESS DAY

NLNG’s $4bn project to be driven

by Nigerian content - CEO IGNATIUS CHUKWU & INNOCENT ETENG

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anaging director/CEO of Nigeria LNG Limited (NLNG), Tony Attah, in Port Harcourt, said the company was 100 percent committed to a Train 7 project valued at $4 billion that would be delivered with the involvement of competent Nigerian companies.

He made this statement at a workshop titled “Public Workshop on Nigerian Content for NLNG’s Train 7 Development,” targeted at giving Nigerian companies information on how Nigerian Content could be maximised in NLNG Train 7 project. The project is expected to ramp up the company’s production capacity by 35 percent from 22 Million Tons Per Annum (MTPA) to 30 MTPA. Dignitaries at the event included Simbi Wabote, executive secretary, Nigerian Content Development Monitoring Board (NCDMB); top executives of the board; chief executives of Nigerian companies; NLNG’s coordinator, expansion, Suleiman Umaru, and representatives of businesses across the country.

The workshop is the third held by the company in its bid to ensure Nigerian companies and the Nigerian economy derived maximum value from its Train 7 project. The project, valued at over $4 billion, is expected to commence as soon as a Final Investment Decision (FID) is taken.

In his welcome remarks, Attah said, “NLNG is underpinned by its vision of being ‘a global LNG company helping to build a better Nigeria’. The global play is about the business itself and helping to build a better Nigeria is consist with our partnership with NCDMB.

“I will like to invite Nigerian companies to please participate in Train 7, which is the purpose of this workshop. It is consistent with our partnership with NCDMB. It also opens up the opportunities for local companies to play, starting with understanding the scope of the project.

“In addition, it creates an opportunity to meet the two consortia we are currently working with, B7 JV and SCD JV. They are the key players tasked with the Front End Engineering Design (FEED).”

In his keynote address, the NCDMB Executive Secretary, Wabote, commended NLNG for the workshop, saying, “We had one of it in Bonny community and another in Abuja. Today, we are here in Port Harcourt. It shows the sense of responsibility of the company to ensure that all stakeholders are taken on-board and are informed about the various opportunities in the project.

“The workshop goes to show that there is adequate information and communication. We have gone through the three levels from Bonny community where we assembled the Bonny contractors to talk about this to this moment.

This is a strategy we have put in place to ensure that all upcoming opportunities are well communicated to all stakeholders at all levels.

“I share the sentiments with the NLNG MD on the 30 years anniversary of the company and 20 years anniversary in operation. You hardly have businesses that survive for that long apart from businesses that are well run. NLNG has paid back the loans they took to build the plant and now it now sees more opportunities and seeks further investment.

DSS nabs B’ Haram’s medic, gunrunning syndicate, kidnapper PETnology’s EU confab to exceed €4.55bn 2017 turnover INNOCENT ODOH, Abuja

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he Department of State Services (DSS) says a crack team of the agency, in collaboration with sister agencies, has apprehended one Yusuf Salisu (aka Bala), a medic for kidnappers and the Boko Haram terrorist group.

The secret police in a statement issued on Wednesday by its spokesman, Peter Afunanya, said the suspect was nabbed by a DSS-Military Joint Operation Team on November 9, 2018, at Sabon Birni Village, Igabi Local Government, Kaduna State.

The DSS also claimed that its men arrested a notorious kidnapper, Muhammad Musa (aka ZARA), who operates around the

Mararaban-Jos area, also in the same council. Musa was arrested on November 7, 2018, while plotting to kidnap a lawmaker and a prominent personality in Kaduna and Kano states, respectively.

“On 9th November, 2018, at Sabon Birni Village, Igabi LGA, Kaduna State, a DSSMilitary Joint Operation Team apprehended Yusuf Salisu (aka BALA), a medic for kidnappers and the Boko Haram sect. Until his arrest, suspect operated a medicine store and regularly treated wounded kidnappers or their victims. He is also linked with thirteen (13) high profile Boko Haram Commanders already on the wanted list of security agencies.

“On 7th November, 2018, at Mararaban-Jos, also in Igabi LGA, another notori-

ous kidnapper, Muhammad Musa (aka ZARA) was arrested while perfecting plans to kidnap a lawmaker and a prominent personality in Kaduna and Kano states, respectively,” it said.

Afunanya, while recalling that a suspected gunrunner, Dare Okunwola (aka BODA), was earlier arrested by the joint team in Jos, said his associates who include Kim Dung (a local AK-47 rifle fabricator), Hubert Akubulo (aka Okafor), Chidi Ezubebem Stanley and Elochukwu Chidiebere Oguabia have also been arrested.

The spokesman said that during the operation, 1,163 rounds of live ammunition were recovered from the group, stressing that two other members of the gang, Bitrus Badung and Emeka Obi are still at large.

CYNTHIA IKWUETOGHU

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ETnology, an information platform for international PET packaging industry, has chosen ALL4PACK Paris 2018 to holds its 22nd European conference for the first time between November 26 and 29.

According to a press release by Akin Akinbola, managing director/CEO, Promosalons Nigeria, Cameroon and Gabon, ALL4PACK trade show is in association with the European Brand & Packaging Design Association (EPDA), as the show this year seeks to exceed ALL4PACK Paris’ €4.55 billion turnover generated in 2017.

Akinbola said the focus of this year’s conference would be on Technology, Sustainability and Partnerships,

as “PETnology Europe will shine a light on technical and technological developments of thermoformed and stretch blow moulded packaging systems.”

Also, Barbara Appel, managing director, Petnology, said in an interview, “The latest developments are a response to the omnipresent market requirements, in particular circular economy, sustainability, digitisation and eco design. The general theme of technology is supported by networking, which functions like a catalyst by accelerating developments.”

Appel said more and more manufacturers of consumer goods, food and beverages were entering partnerships with packaging producers and recycling companies as well

as environmental and humanitarian organisations.

“This is a response to the demands made in the markets for more environmentally friendly packaging and sustainable secondary use. PETnology Europe 2018 will be focusing on just that,” Appel said.

The benefits of networking will be in evidence at the conference, which will highlight technologies and products that aim at conserving resources and producing environmentally friendly and sustainable PET packaging products.

“Rather than being incinerated and ending up in landfills, such products are recoverable and will be reused, because they make ideal recycling materials,” as stated in the press statement.

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BUSINESS DAY

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FINANCIAL TIMES

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SPECIAL REPORT ON NIGERIA

Popular verdict looms for Nigerian leader Buhari President’s policies on the economy, security and corruption have had mixed results David Pilling

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igeria’s election cycle is almost as fast-spinning as that of the US. It seems only yesterday that Muhammadu Buhari, a former general with a reputation for ascetic self-denial, scored a historic victory over former president Goodluck Jonathan to cement the country’s first democratic transition.

That was 2015. After taking six months to pick a cabinet, Mr Buhari’s tenure has been punctuated by long absences for treatment of a mysterious illness in London. Now 75, he faces a battle for re-election in February after a first term that analysts rate as mediocre. Efforts to improve security, rebalance the economy and lure foreign investment have had mixed results.

But where the state has stepped back, private enterprise has often stepped forward. A mega refinery is set to transform the country’s energy balance, while Lagos start-ups are working to provide essential services and ease Nigerians’ everyday lives.

In the agriculture sector, investors are forming international partnerships to improve yields.

Observers do not reserve much praise for the government. “The main problem is there seems to have been a lack of energy and ambition to meet the scale of the challenge and opportunity that this country faces,” says Dele Olojede, a Pulitzer Prize-winning commentator.

“I can’t recall a single structural reform of a key sector or a key institution that they undertook,” he says. “Overall, they probably thought of themselves as better custodians of the country.

But the results have not justified that sentiment.”

The economy, hit by the 2014 slump in the oil price, is limping out of recession. So lacklustre has been the recovery that commentators, including Godwin Emefiele, the central bank governor, have warned it could slip back into negative territory — though

the latest forecasts are rosier.

Nigeria inflation chart Despite a push to diversify by backing sectors such as manufacturing, the economy has not kicked its oil addiction. As in the past, its recovery has been petrol-powered.

“Buhari appeared to be a moralistic person, but he lacked complete vision of how to run an economy,” says Olu Fasan, a visiting fellow in the department of international relations at the London School of Economics. He says Nigeria can succeed only if it builds on the economic liberalisation begun by former president Olusegun Obasanjo in his two terms from 1999.

This is not a priority shared by Mr Buhari, whose statist views date back to his time as head of Nigeria’s military government in the 1980s. The country has failed to sign up to a continental free trade area, despite participating in the negotiations for its formation.

That ideology underpinned Mr Buhari’s stubborn adherence to a policy of fixing its currency, one that the central bank was forced to abandon in 2016 and move to a more flexible exchange rate. The delay harmed foreign investor confidence, say critics, with rationing of dollars starving many businesses of the funds they required.

The government has sent mixed signals to foreign investors. It has worked to remove obstacles, including what had been a difficult visa process.

But most observers regard an attempt to slap a $10.1bn fine on MTN, the South African telecoms company and one of Nigeria’s biggest investors, as a spectacular own goal. One South African investor said it rendered Nigeria “uninvestable”. According to the latest World Bank ratings, Nigeria ranks 146th out of 190 countries for ease of doing business.

Another of Mr Buhari’s pledges was on security. Boko Haram, an Islamist terror group, has been put on the back foot, though attempts to declare it defeated have looked hasty. Mr Buhari’s tenure has been punctuated by kidnappings, suicide attacks and army

President Muhammadu Buhari © AP

ambushes in the north-east.

Other threats have worsened, including secessionist sentiment in the south-east and clashes between migrant herdsmen, who are mainly ethnically Fulani, and settled farmers from other ethnic groups. Mr Buhari is accused of going easy on his fellow Fulani.

In October, soldiers opened fire on Shia activists marching in the capital Abuja, killing 45, according to Amnesty International. On Twitter, the Nigerian army’s official account posted a video of US President Donald Trump saying it was permissible to fire on crowds throwing rocks.

Nor has Mr Buhari’s much-vaunted battle against corruption made huge inroads, though a few important convictions have been made. Still, Mr Buhari has maintained his reputation for honesty, though others close to power have not. “Almost all the wealth going around this country, if not inherited, is stolen or the result of injustice,” says Bismarck Rewane, chief executive of Lagos consultancy Financial Deriva-

tives, voicing the frustration of many Nigerians.

They believe too little effort has been put into providing public services such as health and education.

Nigerians with money pay for private schools, medical care, electricity and security. Those without are left to their own devices.

One of the richest countries on the continent in terms of scale and natural resources, Nigeria’s social indicators make for grim reading. Oxfam puts Nigeria last out of 157 nations in its commitment to reducing inequality.

An estimated 87m people live on less than $1.90 a day, more than in India, which has more than six times its population.

Few expect the next president, whether Mr Buhari or his challenger Atiku Abubakar, to change these fundamentals. At least, say Mr Abubakar’s supporters, he represents a more pro-market vision for the country.

Detractors see Mr Abubakar as a ruthless businessman-politician who has milked the system for decades.

Mr Olojede complains that Nigeria “has been recycling the same set of political elites for the past 40 or 50 years”.

It needs someone “with imagination and extraordinary levels of energy”, he says. Neither of the two men appears likely to provide that, he says.

Chimamanda Ngozi Adichie, a world-renowned novelist and part of a flowering of Nigerian talent in the creative arts, says Nigeria is a young country and one with a complicated colonial inheritance. It deserves credit, she argues, for transitioning to a fairly robust democracy and civil society.

“Holding people accountable is happening slowly,” she says, citing a more confident, tech-savvy middle class.

Nor can Nigeria’s soft power be underestimated, says Ms Adichie.

“Nigerians are the Americans of Africa, you know. We sort of overshadow everyone else in a way, and there’s a certain kind of aggressive confidence that seems to me particularly Nigerian.”

If that confidence speaks volumes about Nigeria’s potential, it also bears witness to a potential as yet unfulfilled.

North and south: Nigerian state governors share their challenges Leaders from Kaduna and Bayelsa talk about the choices facing their regions and the country Neil Munshi

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s Nigeria prepares for next year’s elections, the Financial Times spoke to two sitting governors about the challenges facing their states and the country.

Technocrat Nasir El-Rufai has run northern Kaduna state since 2015. He is a close ally of President Muhammadu Buhari in the ruling party, the All Progressives Congress.

One Lagos-based businessman close to him calls Mr Rufai the enfant terrible of Nigerian politics — an accidental politician who is criticised for being divisive.

Kaduna, the third most populous state, is a core constituency for the presidency and has a history of communal violence. Clashes last month left dozens dead and parts of the state under curfew.

Former police officer and lawyer Henry Seriake Dickson has governed

Nasir El-Rufai (left) and Henry Seriake Dickson

Bayelsa state, in the oil-rich Niger Delta, since 2012. The governor is a member of the opposition People’s Democratic Party, in one of its regional strongholds. Bayelsa is one of Nigeria’s top crude producers, and oil is at the centre of its economy — and its security challenges, when

militancy flares up in the delta.

These interviews have been condensed and edited for maximum clarity.

What are the biggest challenges facing Kaduna state?

The challenges that we face in Kaduna are in many ways the same

challenges that face all of Nigeria — we have a young population.

They can be a source of opportunity for the country; they can also be a source of peril. It all depends on how aggressively we are able to invest in their education, in their health and in the creation of opportunities to empower them to unleash their entrepreneurial and other talents.

This is our biggest challenge, our demographics, and the fact that it is a largely agricultural [economy] . . . so we are trying to aggressively pursue agro-industry.

The other set of challenges has to do with security. We inherited a cattle rustling problem in Kaduna, which more or less decimated the livestock sector. Kaduna was the leading producer of milk until rustling largely destroyed livestock in the state.

We worked with other states to fight cattle rustling, and worked with

the federal government . . . but a new phenomenon emerged: kidnapping.

The cattle rustlers have started rustling humans.

In Kaduna, we have an ethnic intolerance problem because whenever there is a dispute between groups from different ethnic groups, they tend to fall into communal crisis.

The final one in my view is the fact that Kaduna, like many states of the federation, is dependent on the federal government for survival . . . The danger of federation account dependency is when oil prices collapse you wake up overnight and find yourself distressed, and many states found themselves in that situation in 2015.

What are the biggest opportunities for Kaduna?

Because of the size of our state and the fact that we’re a transport state into northern Nigeria . . . many Continues on page A6

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Why Nigeria’s politics is failing its youth

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An entrenched system and high cost of entry has kept young voices on the sidelines

consumer good producers have a heavy presence in Kaduna, from where they feed the northern states.

Services is the second biggest component of gross domestic product and that is all around goods production and distribution. Another big untapped resource is mining — Kaduna has large deposits of gold.

The other area [where] we have comparative advantage is education — we have the largest concentration of tertiary education institutions of any northern state. So private education is another area of opportunity to serve northern states.

What do you make of your party’s chances in February?

I’m optimistic. I have not seen any candidate yet from any party who can defeat President Buhari.

Some people have expressed concern about the conduct of the elections and likelihood of violence, and I am not that worried . . . All the loopholes that gave rise to manipulation of elections and rigging of elections that ultimately are the triggers for violence have been taken care of [by the Independent National Election Commission].

And based on everything I know — including polls we’ve done — President Buhari will emerge victorious. It’s going to be hotly contested, but we are going to win because the other parties just don’t have the footprint we have across the country, and don’t have the kind of [pull among the people] that President Buhari has as a candidate.

Bayelsa: The state is facing its problems but has no control of oil wealth, says governor Henry Seriake Dickson What are the biggest challenges facing Bayelsa state?

We’re at the peak of the Atlantic Ocean . . . that means that our terrain is quite challenging.

The entire state is below sea level, making . . . the task of developing even roads and bridges and typical infrastructure very expensive. The cost is almost 15 to 20 times more than you have in drier areas.

The challenge of social stability [has been] caused by a combination of factors: insufficient investment in education over the years and then the work of the oil companies and the destruction it has caused in the social lives of our people; the militancy that came because of some of that. It makes Bayelsa wholly dependent on the federal government.

When the recession came, our revenues plummeted, and for a young state [that was difficult].

But even the oil companies have no presence here other than working in creeks. Their offices aren’t here so they don’t pay tax here — by law they pay tax to the big cities where they’ve been working for years, not in Bayelsa.

What are the state’s biggest opportunities?

Education, which is very, very serious, it’s almost the number one priority of my government.

We made a declaration of emergency while I was taking my oath of office . . . there was a lot of feeling that it was political empty talk as usual, but almost seven years down the line everyone has seen we meant business when we said education was going to be free and compulsory.

Our thinking is that if you get education, if you spread education and opportunity and you invest in that area, then a number of the other challenges will naturally take care of themselves.

Laila Johnson-Salami

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Waiting for the doctor: better health and education services are seen as a prerequisite to stronger growth © Reuters

Nigeria’s recovery tethered to oil’s fortunes For all the talk of diversification, the country’s economy is heavily reliant on crude David Pilling

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igeria’s economy is in better shape than a couple of years ago, when it was in its worst recession in a quarter of a century.

The trade balance has improved and reserves have recovered, bolstered by higher oil revenues and portfolio inflows.

The gap between the official and unofficial exchange rate has narrowed substantially after the central bank took steps towards a market-driven foreign exchange policy.

T h e a n a e m i c re c ov e r y , though, is hardly cause for celebration. Growth of just below 2 per cent a year has returned, but this is barely enough to keep pace with the rising population.

Since President Muhammadu Buhari came to office in 2015, average per capita income has fallen.

Still, thanks to recovering oil production in the third quarter, Nigeria is expected to avoid the double-dip recession that Godwin Emefiele, the central bank governor, was hinting at until recently. Growth could speed up next year if oil prices remain stable or rise. But, equally, it could slow if the price of oil softens or electoral uncertainty saps investor confidence.

Of more concern is the suspicion that — barring radical reform — Nigeria will be stuck with low growth indefinitely. With oil production not expected to lift much beyond 2m barrels per day and oil lagging well behind the $100-a-barrel level of half a decade ago, the parameters are tight.

For an economy at Nigeria’s levels of income, growth of 6 to 8 per cent ought to be achievable.

But structural problems, including low literacy levels, poor roads and low electrification rates, stand in the way. To grow faster, Nigeria would need to ramp up

expenditure on public goods such as health, education and infrastructure and to pursue a fullblown liberalisation programme to lure foreign investment, says Bismarck Rewane, chief executive of the Financial Derivatives consultancy in Lagos.

In the absence of discernible structural reform, the government sought to increase capital spending, though budgetary pledges have not always translated into reality. Nor are banks — their balance sheets damaged by the oil shock of 2014 — incentivised to lend to the real economy. Most can make money more easily by financing government debt at generous interest rates.

If Mr Buhari’s government cannot rely on its growth record, it has at least sought to burnish its credentials for “fiscal prudence and sound housekeeping”, in Mr Buhari’s words. But Nigeria’s finances remain as flawed as they have always been.

The standout figure is the ratio of debt service costs to federal revenue. In 2017, according to Capital Economics, that was 65 to 70 per cent, the highest of any large African economy.

That ratio says more about rock-bottom revenue than the level of debt, which at a fifth of gross domestic product should be easily manageable. The problem is Nigeria’s tax base, which, at about 7 per cent of gross domestic product, is among the lowest on the continent.

“They are less effective at gathering revenue than Burkina Faso,” says John Ashbourne, senior emerging markets economist at Capital Economics. Mr Ashbourne says this is because swaths of the economy are beyond the reach of tax authorities.

Nigeria, he suggests, needs to emulate Kenya, which has used electronic money to draw more people into the formal banking sector. Nigeria’s central bank is doing exactly that, opening the

sector to telecoms companies.

But for those in the capital, Abuja — if not for the average citizen — the economy remains about one thing: oil. That explains the breakdown of the normal social contract in which the government collects tax and, in return, the public demands accountability and services.

Because the federal government — which relies almost exclusively on oil revenue to grease the wheels of state — does not collect much tax, it does not pretend to provide many services.

In 2015, Nigeria spent just 3.6 per cent of its output on health, according to the World Bank, against 5.9 per cent in Ghana and 7.9 per cent in Rwanda.

The Buhari administration has defended its rationing of foreign exchange as key to ending the recession. Most economists argue the reverse, saying that rationing — aside from being a boon to market arbitrage and corruption — damaged manufacturers by denying them the dollars needed for essential inputs.

Nigeria’s economy also continues to be distorted by subsidies. A cap on fuel prices means the Nigerian National Petroleum Corporation loses money on every litre of petrol it sells.

Those losses appear on NNPC’s balance sheet rather than the state’s, but “fundamentally, the government is still paying for this”, says Mr Ashbourne.

“It’s a huge waste of money and incredibly regressive. Rich people have cars; poor people don’t.”

So ingrained is the system that even Atiku Abubakar, the supposedly free-market presidential contender, is hinting at extending these subsidies.

“We have to bite the bullet on subsidies,” Mr Rewane says, referring to electricity as well as fuel. “Nobody is going to invest in infrastructure unless you can price at market rates.”

eing young in Nigeria is a sobering experience. Not only because of the dire struggle for employment and welfare, but because young people have for years been isolated from the country’s political system.

With the largest population segment belonging to the youth, we should be playing key roles within the polity.

The Not Too Young to Run law signed in May reduced the minimum ages required to run for public office from 40 to 35 for presidential aspirants. But as the 2019 elections move closer, the system is still hard to break through.

When Folarin “Falz” Falana asked me to co-host a millennial talk show with him, On the Couch with Falz and Laila, I saw a new means of civically engaging young Nigerians.

As a 21-year-old citizen, I too am aggrieved at being isolated from Nigeria’s governance. The intention behind the show is simple: to inform the nation’s youth. Nigeria’s current debt of over 22tn naira ($61bn) is one of several concerns ahead of next year’s poll. Nigeria needs a president with a sound approach to economic recovery, but unfortunately not all aspirants see the gravity of this problem.

When I questioned on the show the economic plans of Olasubomi Okeowo, a presidential candidate with the African Democratic Congress, he protested that people like me give him “too much stress”.

At least Mr Okeowo engaged with young Nigerians. Most aspirants in the country’s bigger parties told us they would like to wait until the end of their party primaries before they speak to the media, which opened my eyes to the value placed on Nigerian youth by seemingly elite politicians today.

It is certainly not the only method of disempowerment: “godfatherism” has a role to play too.

Many young Nigerians are unable to run for office because they lack the finances or a “godfather” to boost their campaign.

Running an election in Nigeria is highly expensive, especially in the case of the nation’s two largest political parties, the All Progressives Congress and the People’s Democratic Party.

A presidential nomination form with the APC is available at an exorbitant cost of 45m naira — beyond the average 35-year-old Nigerian. It is impossible to argue that our elections are free and inclusive to the country’s young.

What is also worrying is the inability of smaller political parties to break through, which has pressured many into a coalition with the PDP, called the Coalition of United Political Parties.

Strength comes in numbers, but I do not agree that limited finances should mean you have to lend your strength to a party that monopolised the polity for 16 years until 2015.

Fortunately, not all aspirants see this as the only option. Oby Ezekwesili, for example, has refused to join any coalition. She has turned to crowdfunding, but it is a big ask to rival the spending of the major parties.

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Uncertainty weighs on Nigerian crude projects A stalled oil reform bill has encouraged many international investors to wait for clarity Neil Munshi

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y the end of this year, Nigeria’s oil production could jump by 200,000 barrels a day — about a 10th — if the offshore Egina project, led by French oil major Total, comes online as planned.

It is a huge undertaking, coming at a crucial time for Africa’s largest crude producer as its economy recovers from a recession brought on by the 2014 oil price crash. But it is the first project of its size and scope in several years.

Analysts say an opaque and archaic system of regulations is a major reason for the lack of investment in the country’s oil sector, the backbone of its economy. The sector has historically accounted for as much as 80 per cent of Nigeria’s revenues, according to Fitch Solutions.

A key piece of legislation, known as the Petroleum Industry Bill, is widely acknowledged as being essential to reforming an often corrupt industry that is crucial to the country’s success.

It has been kicking around the legislature for nearly two decades. The latest attempt to pass it involved breaking the industry into parts and passing a section called the Petroleum Industry Governance Bill (PIGB) through the legislature this year. But President Muhammadu Buhari refused to sign it in August.

“Nigeria’s huge hydrocarbon resource base represents a real opportunity for international investors,” says Matthew Daffurn, senior associate in law firm Linklater’s energy practice.

“However, regulatory and fiscal uncertainty, navigation of the country’s bureaucratic inefficiencies, and political uncertainty around the upcoming presidential election represent real challenges to getting deals done.”

Nigeria’s executive branch objected in part because the bill would constrain the power of the president and the oil minister in overseeing and awarding oil licences and contracts, according to Reuters. Mr Buhari is also Nigeria’s oil minister.

The increase in uncertainty in the oil sector after the failure to sign the bill prompted Fitch Solutions in October to raise its fiscal deficit forecast for 2018 from 3.1 to 3.3 per cent — nearly double the government’s target of 1.7 per cent. “The latest delays . . . will undermine operator confidence and constrain oil sector revenue,” Fitch said in an October research note.

Annual oil production in Nigeria fell 26 per cent between 2007 and 2017, according to the US Energy Information Administration. The decline is partly due to disruption in the Niger Delta region, which has been hit by civil unrest and pipeline sabotage. But much of it is also down to the simple fact that older fields are not being replaced by newer fields coming on line, says Jubril Kareem, energy analyst at Ecobank.

With Nigeria’s potential for crude production, projects such as Total’s Egina “should come on once a year or every two years — there shouldn’t be this long of a time between projects like this”, he says. Nigeria has not provided clarity and regulatory stability for investors, Mr Kareem adds.

“If we’re talking 10 or 20 years ago, there was no discussion about PIGB — anyone looking at the Nigerian oil sector knew what to expect. But right now if you look at it, you don’t know — you don’t know if the current rules you’re using will be applicable next year. Most companies would rather wait for PIGB to be sorted out before making investment decisions.”

The PIGB would have transformed the Nigerian National Petroleum Corporation, the state-run company whose breadth and opacity has long been used to corrupt ends by graftprone politicians in past governments.

NNPC not only acts as a joint venture partner with foreign companies producing on and offshore, it also buys and sells crude, runs the country’s refineries, imports refined products such as petrol and diesel, sells that fuel at subsidised rates to retailers and regulates itself. There are many cases where the state oil company is simply dealing with itself, and it has long been seen as a cash cow for the government.

The PIGB is meant to make the NNPC, and therefore the sector, more transparent. It would strip the oil minister of the ability to award, renew or revoke licences — important in a country where past officials have been accused of looting billions of dollars from state coffers.

It would establish a regulator that is wholly independent from the ministry and the NNPC, and break the state oil company up into separate, more commercially focused entities.

The version passed by the legislature has come under fire for being marred by typos, loopholes and inconsistencies.

Critical links: China has invested in the rail network and other infrastructure © AFP

Chinese investment extends its influence in Nigeria Beijing is backing big infrastructure projects but some fear the dangers of a ‘debt trap’ Emily Feng

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uhammadu Buhari, Nigeria’s president, headed to the triennial Forum on China-Africa Cooperation in Beijing in September, in part to pursue an additional $6bn in infrastructure loans from Chinese state banks. At the two-day summit, Xi Jinping, China’s president, pledged $60bn for development across Africa.

But Mr Buhari rejected criticisms that Nigeria was falling victim to debt and dependency to its Chinese creditors — at present, a common anxiety on the continent. He was quoted in local media as saying: “Some of the debts incurred are self-liquidating. Our country is able to repay loans when due in keeping with our policy of fiscal prudence and sound housekeeping.”

Over the past decade, Chinese state banks and contractors have helped build a 186km rail line between the cities of Abuja and Kaduna, with another line between Lagos and the northern city of Kano under construction. China Civil Engineering Construction Corporation is also working on new international terminals for Nigeria’s four largest airports.

“From agriculture to transportation, China has helped rebuild rail lines, roads and bridges that Nigeria could not do itself,” says Jonathan Coker, a former Nigerian ambassador to China. “The cost came out so much cheaper for us than going to the traditional friends such as France, the UK, Canada.”

But some Nigerians are becoming apprehensive as several of China’s debt-fuelled infrastructure projects in Africa have triggered a domestic backlash.

In Zambia, concerns are growing that the country is disguising the extent of its indebtedness to China and that the government could be forced to make a debt-forassets swap.

Zambia’s finance ministry has denied that the government is in financial difficulty or that it has defaulted on any loans to Chinese lenders.

But this has failed to assuage concerns in Nigeria. “Lately there has not been positive sentiment about Chinese investment in Nigeria, especially as we look to cases like the [alleged] Zambian defaults,” says Abas Idaresit, a Nigerian investor and entrepreneur who also points to Beijing’s alleged bugging of the African Union headquarters, built by the Chinese in Ethiopia’s capital Addis Ababa. China called the story, in French newspaper Le Monde, “preposterous”.

However, proponents of China’s continued investment in Nigeria say the country can use its economic clout — the latter’s economy is more than 14 times larger than Zambia’s — as a lever for a more balanced relationship.

“Nigeria can work out its relationship with China in a way that does not hurt the Nigerian people as long as the relationship is well managed . . . We are developing other things, such as mineral resources and gas, which can replace oil [revenues],” says Mr

Coker. “You have to work to pay back your debts when the time comes.”

Despite the rhetoric, annual Chinese direct investment in Nigeria does not yet rival the $14bn in bilateral trade, though estimates of foreign direct investment can be tricky to find. The American Enterprise Institute estimates the value of Chinese investments and construction contracts in Nigeria at $7bn this year, and $21bn over 2016-18.

Chinese manufacturing and cheap imports have come to dominate certain sectors of Nigeria’s consumer goods market, often at the expense of local manufacturers. In 2015, about 13 per cent of both public and private Chinese investment into Africa went to the manufacturing sector, according to the China Africa Research Initiative at the Johns Hopkins School of Advanced International Studies in Washington.

Chinese manufacturers have done particularly well in ceramics, which can rely on mostly local inputs of clay and pigments and thus avoid the frequent customs delays foreign and domestic businesses face.

“Since our end market is in Nigeria, why not just manufacture here as well? The costs of manufacturing here are lower,” says a spokesperson for Chinese manufacturer Sun Ceramics. Nearly all the company’s raw materials are sourced in Nigeria and it is disassembling and moving machinery from its factory in Shandong province to Ogun state in southern Nigeria.

once-barren area become a top source of grain. Today, an area about the size of Sudan provides about 60 per cent of Brazil’s agricultural output of soya, corn and other crops.

About four decades ago, Brazil was a net food importer. After the traditional agriculture methods that dominated the country for much of its history were transformed — bringing soyabeans from Asia, grasses from around the world, and crossbreeding genes to suit the tropics — Brazil became one the of world’s great breadbaskets.

Innovative farming methods have increased productivity and acreage, enabling farmers to plant in areas previously deemed infertile. Based on the experiences of the states of Mato Grosso and Tocantins, two of Brazil’s

top grain producers, the investors from both countries are working to make Kwara state an African food stronghold.

“Kwara state presents many similarities regarding environmental conditions to the Brazilian cerrado,” says Igor Corrêa Pinto, a consultant with Campo. A trip to both countries shows striking similarities between the landscape in the state of Kwara, along the banks of the river Niger, and the rolling hills by the Tocantins river in Brazil.

Indeed, Mariangela Hungria, a microbiologist with Embrapa, Brazil’s agricultural research agency, says soil and climate in areas of Nigeria are similar to that of the Brazilian cerrado.

The technology developed for tropical weather conditions in Brazil could be used in Kwara.

Nigerian soya project sows seeds of hope Kwara plan aims to transplant successful Brazilian techniques to western Nigeria Andres Schipani

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utside the zinc-roofed palace of Chetta Kanshi, a cluster of mud huts in Kwara state, farmer Ibrahim Kolo is happy to deliver a message: the Etsu Yankpa, or the village’s highest authority, has given his blessing for Brazilian soya seeds to be planted in the surroundings. “This will all be flourishing with soyabeans soon,” he says.

Africa has more than 870m hectares of land suitable for agriculture, according to the UN’s Food and Agriculture Organization. But the traditional manual approach of smallholder farmers, such as Mr Kolo, has kept yields below full capacity. Now a partnership

between Nigeria and Brazil aims to turn part of the vast Guinea savannah into a farming powerhouse.

“What we are after is big agriculture, not just farming,” says Christopher Okeke, Nigeria’s ambassador to Brazil, who is facilitating the project. An initial $13m investment has been made by a group of private Nigerian investors alongside a Brasília-based agricultural consultancy, Campo, in Shonga Farms in north-central Nigeria.

Shonga Farms was set up in 2005, when white Zimbabwean farmers who had lost their farms under land reform were offered 13,000ha in Nigeria. Now 1,000ha will be tested with Brazilian soyabean seeds. The plan is to eventually scale it up to 200,000ha in the state, aimed at producing 720,000 tonnes of

soyabeans after a $2.6bn investment.

The project, a Nigerian agricultural businessman involved says, has piqued the interest of Japanese and Chinese investors, and multilateral lenders.

Initially at least, local investors say, most of the soyabean output will go to feed poultry in a country of 190m people where chicken meat consumption is expected to increase 10-fold by 2040, according to the US Department of Agriculture. For now, Nigeria’s animal feed sector, estimated to be worth $2bn, remains under-developed mostly because of high production costs.

An ultimate goal is to emulate the experience of Brazil’s cerrado savannah, where nutrients were added to the highly acidic soils helping the

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Live @ the Stock exchange Prices for Securities Traded as of Thursday 22 November 2018 Company

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PROFILES OF THE 2018 BANKING AWARDS NOMINEES Category: Pension Fund Administrator (PFA) of the Year

AIICO Pension is a subsidiary of AIICO Insurance PLC, who owns 65 percent of the company.

In order to take advantage of the opportunities presented by the Pension Reform Act of 2004, AIICO Pension was incorporated in February 2005 and was licensed as a Pension Fund Administrator in April 2006. AIICO Pension officially commenced operations in May 2006 and currently provides a wide range of pension products, some of its services include: the Retirement Savings Account (RSA); Voluntary Contribution (VC); and Managed Gratuity Scheme. Eguarekhide Longe is the Managing Director of the company.

The company’s financial statement in 2017 provided evidence of growth as revenue rose to N1.48 billion from N1.13 billion in 2016. After all expenses and taxes were deducted, the Profit after Tax (PAT) of AIICO Pension in 2017 stood at N317.2 million compared to the PAT of N172.5 million in 2016 representing an impressive growth rate of 83.9 percent. The assets of the company also rose to N1.84 billion in 2017 from N1.49 billion in 2016 indicative of a growth rate of 23.22 percent. Likewise, total equity in 2017 grew by 17.82 percent as equity grew to N1.64 billion from N1.39 billion in 2016.

CrusaderSterling Pensions Limited was incorporated on 12th of October, 2004 and is owned by Institutional Investors which include: Custodian and Allied Insurance (Nig.) Plc, Sterling Asset Management Ltd, Custodian Trustees Limited, WSTC Financial Services Limited, and Ideal Insurance Brokers Limited. The company provides several pension products, such as: the Retirement Savings Account, Additional Voluntary Contributions, Retiree Account, Manage Your Contributions and Gratuity/Legacy Funds. Adeniyi Falade is the Managing Director of the company.

In 2017, the revenue earned by CrusaderSt-

erling Pensions stood at N3.20 billion as against N2.47 billion in 2016 indicative of a growth rate of about 29.72 percent.

The operating expenses of CrusaderSterling Pensions increased to N1.65 billion in 2017 from N1.27 billion in 2016. The company’s Profit after Tax (PAT) grew by 31.18 percent in 2017.

PAT rose to N1.20 billion in 2017 compared to N917.4 million in 2016. The assets and equity of the company also expanded during the year under review. Assets increased to N4.54 billion in 2017 from N3.86 billion in 2016 representing a growth rate of 17.79 percent. On the other hand, equity rose by 15.02 percent as it increased to N3.67 billion as against N3.19 billion in 2016.

Category: Mortgage Bank of the Year

Infinity Trust Mortgage Bank Plc. Infinity Trust Mortgage Bank Plc is a public limited liability company domiciled in Nigeria. The bank obtained its licence to operate as a Mortgage Bank in 2002 and commenced operations in March 2003.

The Bank became a public limited liability company on 25 January, 2013 and was listed on the floor of the Nigeria Stock Exchange on 11 December 2013. The Bank is primarily involved in business of Residential and Commercial Mortgage financing as well as construction finance among other financial services.

Infinity Trust Mortgage Bank Plc. gross earnings increased consistently over the years, in 2017, despite the harsh operating en-

vironment, the bank recorded an increase of 2.53 per cent in its gross earning which accounts for N883.6 million. Total Bank assets increased by 0.6% to 8.1 billion in the year. This is majorly as a result of the growth in the Bank’s loans, investments, deposits and shareholders’ funds, Total equity increased by 99 per cent to 5.7 billion as at full year 2017. Infinity Trust Mortgage Bank market capitalisation as at FY 2017 amount to N922.0 million.

Omoluabi Mortgage Bank Plc. Omoluabi Mortgage Bank plc is a specialized mortgage financial institution promoted initially by the government of Osun state, Nigeria. The bank was initially incorporated as Osun Building Society Limited

Category: Pension Fund Custodian of the Year

First Pension Custodians First Pension Custodians came into existence with the promulgation of the Pension Reform Act (PRA) 2004. It is a wholly owned subsidiary of First Bank of Nigeria Limited, the principal bank subsidiary of FBN Holdings Plc. First Pension Custodians is driven by a commitment to providing best quality custodian ser-

vices and optimum protection of contributors’ assets.

As at end-year 2017, First Pension Custodians’ operating income stood at N7.8 billion, representing 40.7 per cent increase over N5.5 billion posted in the preceding year. Profit before tax was N5.8 billion, up from N4.1 billion in 2016. Consequently, gross margin as at 2017 stood at 73.9 per cent compared to 73.1 per cent recorded in 2016.

Total assets grew by 26.3 per cent from N10.9 billion in 2016 to N13.8 billion in 2017.

In that year, First Pension Custodians’ cash and cash equivalent rose by over 1,500

per cent to N1.5 billion from N87.1 million in 2016. In the same vein, year-on-year total equity rose by 25.1 per cent to N10.5 billion.

First Pension Custodians is a leading player in the pension industry with a total pension asset under management of N3.04 trillion comprising N2.4 trillion and N671 billion pension and non-pension assets under custody respectively, as at 2017.First Pension Custodians market share stands at 35 per cent and 30.4 per cent using respectively total pension asset under custody and total revenue as underlying measurement standard.

Zenith Pension Custodians Zenith Pension Custodians, a subsidiary of Zenith Bank Plc., was established in 2006. It was licenced by the National Pension Commission (PENCOM) to provide pension custodianship in line with the Pension Reform Act (PRA) 2004.

In 2017, Zenith Pension

Stanbic IBTC Pension Managers Limited is a subsidiary of Stanbic IBTC Holdings PLC (a member of the Standard Bank Group). The company was incorporated on 19 May 2004 with the objective of delivering quality pension fund administration and management services to both private and public sector employees.

Stanbic IBTC Pension Managers Limited has an authorised and paid-up capital of N1 billion, in line with the minimum requirement of N1 billion.

The company is a joint venture between Stanbic IBTC Holdings PLC and Linkage Assurance PLC. Stanbic IBTC Pension Managers Limited is 88.24 percent owned and managed by the Stanbic IBTC Group. The

combined net worth of the company’s shareholders is over N160 billion.

The revenue generated

by Stanbic IBTC Pension grew to N35.40 billion in 2017 from N27.78 billion in 2016 representing a 27 percent increase. Expenses in 2017 also increased to N9.38 billion from N7.68 billion in 2016. The Profit after Tax (PAT) of the company rose by 35 percent as PAT in 2017 was N18.65 billion compared to the PAT of N13.78 billion in 2016.

However, in 2017, Stanbic IBTC Pension’s total assets and equities shrunk by 7 percent and 14 percent, respectively. Total assets dropped to N38.16 billion in 2017 against N41.16 billion in 2016. Total Equity fell from N31.70 billion in 2016 to N27.20 billion in 2017.

but later had several name changes to Living Spring Savings and Loans Limited, Omoluabi Saving and Loans Limited, Omoluabi Savings and Loans Plc and very recently to Omoluabi Mortgage Bank Plc to reflect its transformation aims and the virtues of the people of the state.

The bank was licensed by the Federal Mortgage Bank of Nigeria (FMBN) in March 1999 and began operation on the 9th of April, 1999. The main objective of the bank is to provide wholesome housing, mortgage and property debt

solutions in particular and general banking services within Osun State and the nation. The bank is totally committed to the provision of high quality banking and financial services to her numerous customers.

Omoluabi Mortgage Bank has an increase in gross revenue of 59 per cent in 2017 which accounts for 518.3 million; the bank also recorded 93 per centincrease in its total equity which account for 2,608.3 million while total asset increased by 79 per cent to 4,158.2 million and outstanding share of 5 billion.

Custodians’ operating income rose by 45.3 per cent to N10.3 billion in 2017. The 25 per cent growth in its asset-based fee in 2017 was equivalent to the entire operating income recorded by the PFC in 2016 (N7.1 billion). More so, interest income in 2017 more than doubled (127.5 per cent) from N1.4 billion posted in 2016 to N3.2 billion in 2017.

Profit before interest stood at N8.6 billion in 2017 relative to N5.9 billion in the preceding year while profit after tax was up by N2.4 billion naira to N6.8 billion in 2017.

In addition, total asset of Zenith Pension Custodian was N20.7 billion in 2017 representing an increase of 17.2

per cent from a total asset value of N17.7 billion in 2016.

Total equity in 2017 stood at N18.4 billion compared to N15.6 billion. This signifies an equity growth of 18 per cent.

Zenith Pensions Custodians has a total asset under custody of N3.5 trillion – comprising N2.96 trillion and N573 billions of pensions and non-pension under custody respectively – up from N2.7 trillion in 2016.

Zenith Pension Custodian’s market share in the pension custodianship segment stood at 40.2 per cent and 40.7 per cent using total operating income and asset under custody respectively, as a basis of measurement.

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PROFILES OF THE 2018 BANKING AWARDS NOMINEES Category: Best Bank CEO of the Year

Demola Sogunle CEO Stanbic IBTC Bank

Demola Sogunle, B.Sc, M.Sc, Ph.D., MBA has been the Chief Executive of Stanbic IBTC Bank plc since January 25, 2017. Sogunle served as Deputy Chief Executive of Stanbic IBTC Bank Plc. until January 25, 2017.

Demola holds a first class honours degree in Agricultural Science and a Ph.D. in Land Resource Evaluation and Management, both from the University of Ibadan, Nigeria. He also holds an MBA in Banking and Finance from ESUT Business School, Nigeria and a Treasury Dealership Certificate from the Chartered Institute of Bankers

of Nigeria (CIBN). He is a member of the Global Association of Risk Professionals.

Stanbic IBTC which was created in 1992 is a universal bank that has consolidated its position in Nigeria as a diversified business with a proven track record. The group focuses on the three key businesses - Corporate and Investment Banking, Personal and Business Banking and Wealth Management that leverage the skills, economies of scale and synergies that come from being part of an international group, and our excellent Nigerian pedigree.

In 2017, the bank had total revenue of N127.7 billion with a profit after tax of N28.8 billion naira which led to 91.90 percent increase over N15.03 billion in 2016.

Having a 34.10 percent increase in total asset of N1.3 trillion in 2017 from N993.8 billion in 2016, the bank is committed to providing endto-end financial services to clients and delivering sustainable long term value to shareholders through first class innovative operations and customer-focused people.

Adesola Kazeem Adeduntan CEO First Bank Nigeria

Adesola Kazeem Adeduntan, a former Director and pioneer Chief Financial Officer/Business Manager of Africa Finance Corporation is a Nigerian business executive. He is currently the Managing Director/ Chief Executive Officer of First Bank of Nigeria Limited and Subsidiaries since January 2016. He obtained a Doctor of Veterinary Medicine (DVM) degree. He also holds a Master’s Degree in Business Administration (MBA) from Cranfield University Business School, United Kingdom which he attended as a distinguished “British Chevening Scholar.”

Over the course of his sterling career, he has garnered diverse expertise in Treasury and Financial Management, Risk Management, Accounting and

Internal Controls, Corporate Governance, Corporate Strategy Development and Implementation, Corporate Finance, Business Performance Management, Financial Advisory, Investors, Regulators and Rating Agencies Relationship Management, Deployment and Management of Information Technology, and Compliance.

First Bankis a Nigerian multinational bank and financial services established in 1894 operates a network of over 750 business locations across Africa, the United Kingdom and representative offices in Abu Dhabi, Beijing and Johannesburg . It was set up to capture trade-related business between geographies. The bank thrived under Adesola even in 2017 as it had a total asset of N4.95 trillion which translated to an increase of 10.75 percent from N4.47 trillion in 2016. With a total revenue of N407.9 billion in 2017 owing to a 6.17 percent decrease from N434.7 billion in December 2016, First bank had a spontaneous growth of 337.42 percent in its profit after tax from N11.8 billion in 2016 to N51.5 billion in 2017.

Herbert Onyewumbu Wigwe is a banker and an entrepreneur. He is currently CEO and Group managing director of Access Bank Plc since January 2014. Wigwe has a degree in accountancy from the University of Nigeria, an MA in Banking and Finance from the University College of North Wales (now Bangor), an MSc in Financial Economics from the University of London,

and is an Alumnus of the Harvard Business School Executive Management Program. Wigwe began his career at Coopers & Lybrand and has since then helped develop some of Africa’s biggest companies in the construction, telecommunications, energy, oil and gas sectors and banking institutions.

U n d e r W i g w e, A ccess Bank received the “Outstanding Business Sustainability Achievement Award” at the 2017 Karlsruhe Sustainable Finance Awards in Germany.

In 2017, Access Bank recorded total asset of N4.10 trillion, amounting to 15.07 percent increase in asset from 2016. With a total equity of N515.4 billion in December 2017 from N454.5 billion in 2016, the bank had 13.41 percent growth therein but due to the economic conditions, had a decline of 13.23 percent in its profit after tax from N71.4 billion in 2016 to N62.0 billion at the year end of 2017.

CSL Stockbrokers City Securities Limited (CSL) is the security agent and a wholly owned subsidiary of the FCMB Group Plc. As of November 30, 2009, CSL Stockbrokers Limited operates as a subsidiary of FCMB Group Plc. The company was licensed by the Securities Exchange Commission to carry on the business of trust services. CSL Stockbrokers Limited was incorporated on September 27, 1977, and commenced business in January 1978 providing, individual, corporate and

government clients, with high quality professional and personalized financial and investment services.

Since inception, CSL has played a notable role in the development of the Nigerian capital market by arranging public issues and private placements of equity and debt of leading Nigerian companies.

CSL stockbrokers is one of the reputable and recognised advisers of choice to Nigeria’s leading companies and public institutions, and has been involved in landmark transactions, in Nigeria, over the past three decades. CSL service include but not limited to financial advisory, debt and equity capital raising including initial public offerings, mergers and acquisitions, infrastructure and project finance.

CSL Stockbrokers offers wealth and investment management services through First City Asset Management Ltd (FCAM). FCAM was established in 1997 to provide wealth and investment management services to individual and institutional clients, globally. The company is a wholly-owned subsidiary of CSL Stockbrokers Limited, a member of FCMB Group plc.

Herbert Onyewumbu Wigwe CEO Access Bank

Category: Stockbrokers of the year

Meristem Stockbrokers Limited Meristem Stockbrokers Limited is a subsidiary of Meristem Securities Limited and is licensed by the Securities and Exchange Commission (SEC) in Nigeria and is also a member of the Nigerian Stock Exchange (NSE). As a stockbroking firm, Meristem Stockbrokers provides a wide range of products and services to investors across Africa, Europe and the United States of America. Some of its innovative products include: MeriTrade, MeriBoss, Meri-Rev and MeriGame.

Meristem Stockbrokers Limited has continued to achieve remarkable feats in the past year. On De-

cember 18th, 2017, Meristem Stockbrokers Limited set a new chapter in the history of the Nigerian Stock Exchange, by being responsible for the largest single trade on the Exchange since inception. In 2017, The MeriGame product was launched in a bid to provide the platform to budding investors with an opportunity to learn how to trade stocks under real market conditions.

In addition, The MeriTrade product is acknowledged to be the first online stock trading platform in Nigeria which allows investors to buy and sell stocks on the Nigerian Stock Exchange on the go from the comfort of their homes and offices.

Stanbic IBTC Stockbrokers Stanbic IBTC Stockbrokers Limited (SISL) is a wholly-owned subsidiary of Stanbic IBTC Holdings Plc, and a member of The Standard Bank Group set up to provide world class stockbroking services to local as well as foreign investors in the Nigerian Capital Market.

SISL is a member of The Nigerian Stock Exchange (NSE) and is licensed by The Securities and Exchange Commission (SEC) in Nigeria. It is the largest stockbroking house in Ni-

geria with a market share of over 15.85 percent of the value of shares traded on the floor of the Nigerian Stock Exchange in year 2017 trading results.

We have also successfully acted as the stockbroker to major primary market transactions in Nigeria.

Stanbic IBTC Stockbrokers Limited received NSE CEO’s award as the best dealing member firm on Exchange in 2017.

SISL maintained equity investment of N109 million and a total income of N1.4 billion at the year end of 2017. The bank had 514.63 percent increase in profit after tax from N123 million in 2016 to N756 million in December 2017.

Growth was evident in SISL with an appreciable 277.93 percent increase in total assets of N9.4 billion for the year ended 31 December 2017 from the preceding year.

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PROFILES OF THE 2018 BANKING AWARDS NOMINEES Category: Deal Advisor of the Year

United Capital United Capital Plc. is an investment banking Group providing bespoke valueadded service to its clients.

The company’s mission is predicated on empowering Africans in the pursuit of their goals as individuals, companies and governments through superior financial services.

United Capital Plc. is a publicly quoted company listed on the Nigerian Stock Exchange with a market capitalization of N17.82 billion and a well-diversified shareholder base of 265,375 investors as at 31 December 2017.

The firm’s gross earnings dropped marginally by 0.95 per cent to N8.9 billion in 2017 from N9 billion recorded in the preceding year. While profit before

tax was N5.5 billion in 2017, down by 12.9 per cent from N6.4 billion in 2016, profit after tax recorded N4.4 billion in 2017.

Total asset for end-year 2017 stood at N136.6 billion, down by N24.1 billion (15 per cent) from N160.7 billion posted in 2016. The reduction was caused by a crash in the value of key financial assets components such as an 45.9 per cent decline in loans and receivables from N48 billion in 2016 to N26 billion in 2017; a dip in financial assets held to maturity by 49.7 per cent to N20.7 billion in 2017 and; a drop in deferred tax assets by 29.1 per cent.

Notwithstanding, shareholder’s fund for United Capital grew by 17.8 per cent to N16.8 billion in 2017 relative to N14.2 billion posted in 2016.

Zenith Capital Zenith Capital is a subsidiary of Zenith Bank Plc. With a strong commitment to global best practices, exceptional service, utilization of latest technology and disciplined employees, Zenith Capital has been able to establish itself as one of the leading investment banking and asset management firms in Nigeria.

It has an extensive clientele base which includes blue chip companies, mid and large companies, private equity investors, government agencies, high net worth individuals (HNIs) etc.

Besides, Zenith Capital also offers services in stockbroking and trusteeships. Its trusteeship business led by Zenith trusteeship limited offers bespoke services such as special trust, consortium syndicated financing, Zenith individual investment trust, nominee shareholding, global custody and many others.

Under the investment banking segment of its business, Zenith capital offers advisory services in corpo-

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rate finance, debt solutions, mergers and acquisitions etc. plus capital market services in debt, real estate and equity.

The company leverages on strong local knowledge, solid network of international relationships with investment banks, commercial banks and multi-lateral financial institutions including its world-class team to make best financial decisions for clients. Its experience cut across all sectors including oil and gas, power and infrastructure, FMCGs etc. having facilitated many landmarks advisory and capital market deals in these sectors.

Its asset management arm of the business offers a wide range of innovative investment products tailored, that cuts across all asset classes, for both institutional and individual investors.

Such products are investment advisory, structured products, education planning, portfolio management and Zenith funds. Some of its managed funds are the Zenith equity fund, Zenith ethical fund and the Zenith income fund.

Rand Merchant Bank Rand Merchant Bank (RMB) is a subsidiary of First Rand Group, a financial services company in South Africa. It has about a decade operation in Nigeria with expertise ranging from advisory services and infrastructural projects financing.

Essentially, RMB offers clients innovative advisory, capital markets, financing and principal investing solutions. RMB has funded various infrastructure, resource finance, mergers and acquisitions and development projects in over 35 African countries in the past decade, ranging from ports, dams and energy installations, to mines, railways and factories – making them one

of the leading investment banking partners on the continent.

The total deal size of RMB’s transactions in 2017 was over N105.9 billion (inclusive of US$215 million in dollar denominated deals) compared to N300.9 billion (inclusive of deals in dollar terms to the tune of US$982.25 million) in 2016.

The highest deal size by RMB in 2017 was secured when the company acted as joint lead manager and book runner for Africa Finance Corporation’s (AFC) debut US dollar Murabaha Sukuk issuance valued at US$150 million (N45.9 billion). RMB was also nominated for the Merchant Bank of the Year category.

billion from N23.1 billion in 2016.

Profit after tax surge from N7.6 billion in 2016 to N13.8 billion in 2017 bolstered by strong investment income figures and net fair value gain on assets at fair value.

The total asset for Leadway Assurance increased significantly by 61.1 per cent from N176.2 billion in 2016 to N283.8 billion in 2017 due to additional investments in government debts, growth in reinsurance assets investment properties. Also, shareholders fund hit N55.3 billion.

This represents a 42.4 per cent increase from its preceding year value of N38.8 billion.

writing profit to N2.7 billion – a decrease of 32 per cent from N4 billion recorded in 2016.

Total assets grew by N18.6 billion to N50.3 billion in 2017. On the other hand, total equity of FBN insurance rose by 31.4 per cent from N8 billion in 2016 to N10.6 billion in 2017.

Custodian and Allied Insurance Limited (CAIL) Custodian & Allied Insurance Limited is a wholly owned Nigerian Company and a subsidiary of the Custodian Investment Plc. The insurer is a registered member of the Nigeria Insurers Association (NIA) and is approved by the National Insurance Commission (NAICOM) to carry on the business of insurance in Nigeria.

CAIL’s sole purpose is to develop, package and deliver innovative insurance products that best satisfy customer needs, whilst operating a highly profitable, efficient, resourceful and ethical organization that will survive well into the future and be a valuable asset to its shareholders.

As at the end of 2017 financial year, gross premium written for CAIL was N20 billion representing an increase of 16.6 per cent from its gross premium written of N17.2 billion in 2016. While net underwriting income stood at N8.1 billion in 2017, up by N0.9 billion, underwriting profit

was N4 billion compared to N2.4 billion in 2016.

Claims ratio slowed to 17 per cent in 2017 from 24.8 per cent in the preceding year. The efficiency of the management of CAIL brought down gross benefits and claims expenses by 16.8 per cent to N3.3 billion in 2017.

Total assets inched up by 2.8 per cent to N30.5 billion. All asset items grew in the period under review save for cash and cash equivalents, intangible assets and statutory deposits. Total equity followed same trend with a growth of 17.2 per cent to N16.2 billion in 2017.

Leadway Assurance The evolution of Leadway since its incorporation in September 1970 has mirrored the dramatic expansion of indigenous insurance service providers, with Leadway re-

maining in the forefront as an insurer of repute.

With over four decades experience, Leadway has successfully positioned itself as one of Nigeria’s foremost insurance service companies, with a reputation for service efficiency and customer reliability.

In 2017, Leadway recorded N84.2 billion as gross premium written representing an increase of 59.7 per cent from N52.7 billion of gross premium written posted in the preceding year 2016. While underwriting income jumped by N68.2 billion to N72.5 billion in 2017, total claims expenses rose marginally by 18.9 per cent to N27.4

FBN Insurance FBN Insurance started operations as FBN Life Assurance Limited on Sep-

tember 1st, 2010. About a month later of same year, the company was incorporated.

It is the Nigeria’s fastest-growing insurance company providing life insurance coverage for individuals and corporate clients. Jointly owned

by FBNHoldings (65%) and the Sanlam Group

SA (35%), the insurer has the unique competitive advantage of having access to a combined 224-year experience of both owner companies.

FBN insurance is driven by the desire to provide the Nigerian insurance market with best-in-class, innovative and solution-driven products and services that

create value for all stakeholders while consistently demonstrating integrity, professionalism and confidence.

Gross premium written for FBN insurance was N23.1 billion in 2017 relative to N12.1 billion recorded in the preceding year. With the recognition for unearned premium,

gross premium income stood at N22.7 billion, up by a whopping 82.8 per cent from N12.4 billion in 2016.

More so, insurance claims incurred rose to N5.4 billion from N3.1 billion in 2016. Consequently, net underwriting expenses of N17.6 billion chopped off net under-

Category: Insurance Company of the Year

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Friday 23 November 2018

PROFILES OF THE 2018 BANKING AWARDS NOMINEES Merchant Bank of the Year

FSDH Merchant Bank Limited First Securities Discount House Limited has become FSDH Merchant Bank Limited. As one of our many firsts, we are one of the first merchant banks to be awarded a licence in Nigeria in this new era.

First Securities Discount House Limited was incorporated in 1992 as the first discount house in Nigeria.

Over the years, the FSDH Group has become

a financial services supermarket that delivers expert financial services in the Nigerian market to its select clientele, thereby assisting them in creating long term sustainable wealth. The Central Bank of Nigeria recently revoked all Universal Banking licences and categorized Banks into commercial, merchant and specialized banks. It also created the following categories of commercial banks international, national and regional. Our culture of customer orientation, high performance, image building, collaboration and learning is still our driving force. The name may have changed but the soul of our organization remains intact.

FBNQuest Merchant Bank FBNQuest Merchant Bank is the merchant banking business of FBN Holdings Plc, one of the strongest and most dependable financial groups in Africa.

We are innovative and client-focused, with strong industry and execution expertise to serve our diverse client base of high net-worth individuals, institutions, corporations and governments across a wide range of services.

FBNQuest Merchant Bank provides services in investment banking, wealth management, corporate banking, fixed income and currency trad-

ing to support the diverse financial needs of our clients. We serve a diverse customer base of high net worth individuals (HNIs), small and medium enterprise (SME) business owners, corporate organisations, banks and other financial institutions.

From securing wealth to financing business opportunities, we are constantly searching for what comes next so we can take our clients there first. We are a trusted and inspirational partner founded on innovation, a strong heritage and a pioneering spirit that drives us to help our clients look beyond today, and redefine tomorrow.

NPF Microfinance Bank NPF Microfinance Bank Plc (Formerly NPF Community Bank Ltd) was incorporated on May 19, 1993 as a limited liability company under the provision of the Companies and Allied Matters Act cap C20 LFN 2004. The bank provides banking services

to both serving and retired officers and men of Nigeria Police Force, its ancillary institutions and the general banking public. The bank obtained its full license to operate as a Community Bank on January 24, 2002.

On December 31, 2007, the bank converted from its Community Bank status to a Microfinance Bank following Central Bank of Nigeria’s directive to all community banks. The approval granted to the bank was a unique one as it allows the bank to open branches in all the states.

United Capital Trustees United Capital Trustees is the leading Nigerian Trustee with over 50 years of experience in Trust services. Our sole business is trusteeship and we play a key role in major financing transactions, charged with protecting the interests of Lenders and Investors, keeping custody of assets, documents, rights, shares, funds and other holdings in financial transactions.

We possess quality, depth and extensive experience in a wide range of money, capital market and real estate transac-

tions, with Trust mandates in excess of N5.9 trillion and clear leadership across products: Debenture Trusts, Mutual Funds, Bonds and REITS. We ensure that the interests of all parties are protected and ensure compliance with all provisions of the transaction documents. We also take proactive steps to prevent the loss of Investors’ funds.

As leaders in the Trustees industry, we strive to help our customers achieve their strategic objectives through our robust suite of financial and investment service offerings.

Microfinance Bank of the Year LAPO Microfinance Bank LAPO Microfinance Bank is a pro-poor financial institution committed to the social and economic empowerment of low- income households through provision of access to responsive financial services on a sustainable basis. The Institution was established in the late 1980s as a NonGovernmental Organization

(NGO) by Godwin Ehigiamusoe in response to the effects of the implementation of the Structural Adjustment Programme (SAP) in 1986.

In 2010, LAPO MfB obtained the approval of the Central Bank of Nigeria (CBN) to operate as a state microfinance bank and in 2012; it got an approval as a national microfinance bank.

Over the years, LAPO MfB has emerged as a leading institution delivering a range of financial services to over a million people in Nigeria.

TRUSTEES OF THE YEAR

STL Trustees Limited is a reputable corporate Trustee Company, registered and authorized by the Securities & Exchange Commission to carry out the dual functions of Trusteeship and Funds/Portfolio Management.

With over two decades of experience, STL Trustees Limited (STL) has over the years carried out its dual capital market functions to its Clients with utmost diligence and professionalism.

Over the period, the Com-

pany through sound business ethics and innovation has built an outstanding Track Record and Pedigree and is currently a leading player within the trusteeship industry in Nigeria with a business size in excess of N1 Trillion and Financial Position in excess of N40bn.

STL is managed by a team of highly skilled personnel in all relevant areas to its functions, who individually and collectively employ their skills to implement creative and strategic Trust solutions to meet the needs of our Clients in today’s dynamic business environment. Additionally, the deployment of our cutting- edge technology systems ensures that the needs of our clients are met promptly and efficiently.

Coronation Merchant Limited Our bank was initially founded as Associated Discount House Limited (ADHL) in 1993 by a consortium of reputable financial institutions. ADHL, which was licensed by the Central Bank of Nigeria to provide liquidity for sovereign debt notes and money market instruments, became a leading financial services institution, thriving throughout the tough period of the Nigerian economy.

In 2011, a new leadership emerged at ADHL, signalling a new beginning for our bank, posting consistent growth across all metrics and turning the industry

challenges to opportunities.

In 2013, our transition to a merchant bank commenced which culminated in obtaining a merchant banking license and an FX dealing license in 2015.

With both licenses, Coronation Merchant Bank assumes the heritage assets, strong credit rating of ADHL and brings alive a new force in the Nigerian banking industry. We apply our extensive knowledge of the sub-Saharan region, backed by our in-house research capability, to a range of differentiated services and products that are comprehensive, innovative and closely matched to client objectives.

CONSUMER FINANCE LENDER OF THE YEAR

Renmoney Renmoney (formerly RenCredit) started operations in 2012 under a unit Microfinance Banking License in Ikoyi, Lagos. In December 2013, RenCredit MFB Limited was re-banded to Renmoney MFB Limited – the name by which we are known today. It then upgraded to a state license to operate multiple locations in Lagos State.

This led to the opening of five additional branches – Ikeja, Surulere, Lagos Island, Apapa and Ikota.

It was founded with a focus on emerging markets,

Renmoney MFB Limited is a consumer finance organization with expertise in the provision of simple money solutions.

Renmoney offers customers unsecured cash loans (i.e. not requiring collateral) of up to NGN4 million for a tenor that ranges from three (3) to nine (9) months for new customers. But, a returning customer enjoys a longer tenor of twelve (12) months. Customers can either be salary earners or self-employed as long as they can provide a verifiable source of income.

Zedvance Limited Zedvance Limited is a consumer finance company which is committed to providing consumer credit to our target market in the most efficient and convenient manner while ensuring best prac-

tices. Our vision is to be the retail banking experience of choice in Africa which provides customercentric financial solutions for all strata of the market, through user-friendly technological innovations.

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news you can trust I FRIDAY 23 november 2018

Opinion

The art of being free

R

ussian strongman Vladimir Putin is the ultimate alpha male a m o ng w o rl d political leaders; a man that brooks no nonsense. I have been a student of Russian history, literature and philosophy for as long as I can remember. I know that there has never been such a thing as a liberal Russian leader.

From Catherine the Great to Tsar Alexander I, Vladimir Lenin, Yuri Andropov and Boris Yeltsin, they have all been authoritarian leaders.

But, in a funny sort of way, I admire Vladimir Vladimirovich Putin. Not too long ago he was quoted as saying that Africa is nothing but a cemetery for Africans: “When an African becomes rich, his bank accounts are in Switzerland. He travels to France for medical treatment. He invests in Germany. He buys from Dubai.

He consumes Chinese. He prays in Rome or Mecca. His children study in Europe.

He travels to Canada, USA, Europe for tourism. If he dies, he will be buried in his

country of Africa. Africa is just a cemetery for Africans.

How could a cemetery be developed?”

Putin has fingered a major problem that hardly ever features in African development discourses.

The heart of the problem is that Africa has no value in the world. Our continent has no value in the eyes of Africans themselves and no value in the eyes of the rest of the world. If you yourself don’t value what you have, why should anyone value it on your behalf? Thus it comes about that the dominant image of our continent in the West remains that of the “Dark Continent”, a hell-hole of war, violence, poverty, disease and death.

Where is Africa a cemetery for Africans?

It is a question, in my humble view, of history, global image and international political economy. No people in the entire history of humanity have suffered such injustice, mass genocide and humiliation as the Africans have suffered.

Historians the world over

are agreed that Africa is the cradle of mankind. Homo sapiens emerged in the mist of antiquity between 5 and 7 million years ago around the region of East Africa.

They began making tools and other artefacts some 2.5 million years ago. And they began spreading into Asia and Europe about 2 million years ago. The earliest human civilisations began around Mesopotamia around 3,000 BC. The highest civilisation of antiquity was, without a doubt, the Egypt of the Pharaohs. It is a well established historical fact that the greatest Greek philosophers, mathematicians and thinkers were schooled in Egypt, among them Thales of Miletus, the first medical doctor Hippocrates, Pythagoras, Socrates and Plato. They were also initiated into the mystery cults of the Egyptians.

One of the greatest challenges we Africans face is that the West and the Arabs have made it a point to wickedly deny that ancient Egypt was an African civili-

HumanAngle Femi olugbile Physician, psycho-profiler and essayist

Y

ou had been looking forward to a few days of rest and recuperation in Dubai, on the way back from a family wedding.

Dubai is a place you like to come again and again.

Every time the experience is more interesting than the last.

Dubai is the capital of the ‘loudest’ emirate in the United Arab Emirates.

Some people say it is a city with a chip on its shoulder, and therefore always in pursuit of ‘firsts’ and ‘mosts’.

The tallest building in the world. The swankiest, ritziest seven-star hotel in the universe. The highest-prize money for a sporting tournament – whether it is golf or tennis.

Indeed a cynical outsider, taking a ride up the fast elevator to ‘The Top’ – the highest floor of the Burj Khalifa with the sweating, gawking throng of tourists from all over the world may peremptorily dismiss Dubai indigenes as Arab

Dubai again! wannabes who think they can buy respect withoil money, buy the architects and artisans to build tall buildings and beautiful road networks, buy all the latest technology, import European technophiles to run the best airport and the go-to airline of the world in their name, but who in reality lack ownership of the

culture of modernity they purvey, or the science that sustains their pretensions.

The judgment would be faulty on different levels.

First is the fact that Dubai’s wealth, unlike some of its neighbours, is not really based on oil. Oil, discovered in 1966, while it may have helped to accelerate infrastructural development, and also been associated with a massive influx of workers from Asia, the Middle East and even Europe to service the burgeoning construction industry, contributes less than five percent of Dubai’s wealth.

Dubai is no accident.

Dubai is the product of deliberate thought. That founding vision required it to be in a position of prominence in the world in the present day – which it tries

THE NEW WEALTH OF NATIONS sation. Some of them have gone the ridiculous extent of claiming that the ancient Egyptians were aliens from outer space. It is strange indeed that no other place on earth had a civilisation built by aliens except in Africa. The great Senegalese scientist and historian Cheikh Anta Diop wrote profusely about the African origins of Egyptian civilisation. He became an outcast in mainstream Western academia. When former UNESCO Director-General Amadou Mahtar M’Bow set out a research programme to redress the egregious gaps in the history of Africa, he was hounded out by the world powers.

One of the greatest contemporary scholars who heroically fought to redeem the image of our continent through historical studies was the late Martin Bernal (1937-2013). His book, Black Athena, made strong waves when it first came out in 1987. Bernal argued that the origins of Greek civilisation and language were of ancient Egyptian provenance. He

also maintained that ancient Egypt was predominantly an African civilisation. The book enraged racist scholars in Western academies , notably Mary Lefkowitz, Jacques Berlinerblau and several others who declared it to be a piece of heresy.

Somehow, intellectual racists know that once they concede that the greatest civilisation known in the ancient world was of African origin and that great people such as Akhenaton, Ramses II, Imhotep, Tutankhamen and Nefertiti were black, it would forever nail the coffin of world intellectual racism.

The custodians of antiquity in Cairo have also joined the collusion to ensure that the scientific truth is buried in layers upon layers of lies, stratagems and subterfuges.

They are doing DNA tests on the mummies with EuroAmerican partners without involving any African scientists in such projects.

We cannot trust the results because our people were not involved in it. We have every reason to believe they have a vested interest in concealing the facts.

to be not just by giving out humongous prize money for sporting events in which it has few native participants, but also in seeking to build knowledge by having local campuses of the best learning institutions and hospitals in the world, for which it is prepared to pay top dollar to recruit the best doctors, teachers and researchers. It may all look a bit shallow, and the Dubai human material pool may look decidedly thin on the ground – the whole population of the emirate is a little

over three million, of which the indigenes are only about one fifth, but it is hard to fault them on effort.

This uppity desert Sheikhdom with the lofty vision, which is trying to punch above its weight, will soon get its comeuppance right? Think again.

At the sleek airport terminal, the immigration booths are among the few stations exclusively manned by ‘indigenes. The man in his keffiyeh takes your passport and wordlessly gestures that you lift your face so the standing camera behind him can scan your retina and confirm your identity to the system in front of him. He stamps the passport and waves you on.

There is no need for conversation.

As you ride in the taxi heading to your hotel, you flick through the pages of the Dubai edition of Time Out. ‘Time Out’ is a habit you have acquired over the years, and you look for one, or its equivalent, every time you enter a new city. It is a shortcut into the entrails of the city, answering the question ‘What do people do in this place?’

Aside the exotic eating places, the visitor is invited to ski on the slopes at Ski Dubai, ‘fly board’ off the Jumeirah beach, or scream

‘

In another place a trader in kaftans laments that for two years now the daily stream of Nigerians coming to buy his expensive wares have dried up. He prays that things will soon change.

He is surprised you don’t say ‘Amin’ to his prayer

,

Obadiah Mailafia Dr. Mailafia is a former Deputy Governor of the Central Bank of Nigeria, a development economist and public finance expert with a DPhil from Oxford obmailafia@gmail.com; 08036590990 (text messages only)

History has been one of the greatest weapons used against the African people.

The Arabs were among the first, and remain among the worst, of global racists.

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on the world’s fastest rollercoaster in nearby Abu Dhabi. At the Dubai Opera, Lebanese-Armenian Composer and Pianist Guy Manoukian and his orchestra are giving a rendition of all-time Arabic classics in a couple of days.

As everywhere, the Nigerian thing follows the traveller, sometimes for good, all too often not. On the corridor a man introduces himself as an agent of ‘First Group’ and attempts to thrust in your hand a pamphlet inviting you to buy a two bedroom flat in Deira for one million dollars. Read that to mean every Nigerian is assumed to have stolen public money and is looking for property to buy with dirty money.

In another place a trader in kaftans laments that for two years now the daily stream of Nigerians coming to buy his expensive wares have dried up. He prays that things will soon change. He is surprised you don’t say ‘Amin’ to his prayer.

There is a near-mythical figure whose sketch image presides over many of the public places in Dubai.

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