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news you can trust ** friday 26 february 2021 I vol. 19, no 766
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Spot ($/N) 26-Aug-21 5-Mar-21 23-Jul-30 30-Apr-25 20-May-27 27-Feb-34 408.67
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Airfares crash on local routes as more airlines compete
Oyetola, Fintiri, Ayade win big at BusinessDay’s Good Awards Terminals upgrade on anticipated surge in passenger traffic ...Governance as Gowon backs state
IFEOMA OKEKE
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iger ian airlines are beginning to reduce airfares on local routes as new airlines spring up, passenger traffic gradually im-
proves and more aircraft are being deployed on local destinations, intensifying competition on these routes. Few weeks after resumption of local flight operations across Nigeria, BusinessDay had reported 100 percent fare incre-
ment by domestic airlines as a result of increased operational cost, but the situation is changing as more airlines deploy more aircraft on local routes. For instance, a one-way ticket from Lagos to Enugu, which cost between N40,000 and N45,000
after the re-opening of the airports now cost between N23,000 to N28,000, indicating 40 percent decrease in fares over a period of three weeks. Also, a one-way ticket from Lagos to Abuja, Port Harcourt or Continues on page 31
security structures
Chika Otuchikere, Abuja
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overnor Isiaka Adeboyega Oyetola of State of Osun, his counterparts in Adamawa and Cross River states, Ahmadu Fintiri and Benedict Ayade, respectively, have become award winners at the BusinessDay’s State Competiveness and Good Governance Award for Year 2020. The event, held Thursday at Transcorp Hotel, Abuja, is the eighth edition of the award created to ensure leaders at the subnational levels of governance imbibe the culture of hard work and deliver the dividends of democracy to its citizens. This is as the Special Guest of Honour and former Head of State, Yakubu Gowon, drummed support for state security structures to combat insecurity in the states. The governors of the 36 states Continues on page 31
Inside President Muhammadu Buhari (l) and Abdulrasheed Bawa, new chairman, Economic and Financial Crimes Commission (EFCC), during their meeting at the Presidential Villa in Abuja, yesterday.
5 reforms to expect as Lagos ports begin electronic call-up P. 2
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Friday 26 February 2021
BUSINESS DAY
news ANALYSIS
5 reforms to expect as Lagos ports begin electronic call-up AMAKA ANAGOR-EWUZIE
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or the first time in the history of Nigeria’s port operations, electronic call-up system would be deployed from February 27, 2021, and used to direct truck movement into ports in Lagos. This automated process, known as ‘Eto App,’ is expected to restore sanity within the Apapa port corridor by removing the daily traffic congestion, if properly managed. Interestingly, as port users, operators and Apapa residents await the deployment of this newly developed traffic control app, there are five critical reforms the callup system is expected to introduce in port operations. They are as follows: Truck calling must be electronic Going forward, trucks must be called upon using the Eto electronic call-up system before it could gain access into the ports. Therefore, all trucks and their owners are expected to download the Eto App and sign-up in order to become part of the new system. “It would be done transparently on a first come first served basis. We have also requested for the operator to have a dashboard in front of port locations where movement of trucks would be displayed for truckers to see their daily schedule,” Hadiza Bala Usman, managing director, Nigerian Ports Authority (NPA), said recently. This would remove human intervention in the process of managing truck movement in and out of the ports. It is also expected to put an end to the problem of rent-seeking and extortion of truckers by security operatives in charge of traf-
fic control within the Apapa corridor. Trucks must sit at designated parks The NPA in partnership with the Lagos State government has selected eight truck parks that have signed up to the call-up system. This means that from February 27, trucks not parked within the eight approved parks would no longer gain access into Lagos ports to pick cargo. These parks, which are going to be operated by private sector owners for a fee, are located in areas like Ojota, Obanikoro, Oregun, Olowotedo-Ibafo, Amuwo-Odofin, Orile-Iganmu and OkorisanLekki/Epe, and they must have the capacity to sit up to 2,000 to 3,000 trucks. By implication, trucks would cease to park indiscriminately on Apapa roads and bridges, thereby eliminating the ugly incidents of perennial traffic jams that have bedevilled Apapa port city for close to a decade. The authority has also empowered officers of the Lagos State Traffic Management Authority (LATSMA) and the Federal Road Safety Corps (FRSC) to impound any truck found to be parked indiscriminately on Apapa roads starting from February 27. To ensure compliance, Lagos government would be in charge of impounding trucks that are not part of Eto App, and such trucks would be made to pay a certain amount as fine before release. Payment of N10,000 fee Truckers are expected to pay a token of N10,000 for utilising the Eto App and to park in the truck park. The download of the App is free and truckers are only expect-
Continues on page 31
Nigeria struggles to detect COVID-19 variants over poor capacity …as investors concentrate infrastructure in South Africa, Kenya Temitayo Ayetoto
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hile countries are surfing deeper into what COVID-19 variants are circulating and their impact on vaccine efficacy, inadequate capacity for genomic sequencing has left Nigeria working with a dim vision of evolving events. Africa’s largest economy has not found answers yet to the relationship between rising transmission, severity or mortality and the P681H, a Nigerian variant detected in January from samples collected since August and October 2020. The alarms of a new variant raised in the UK was the prompting that jerked the Nigeria Centre for Disease Control (NCDC) into sequencing some samples, which later
revealed that P681H shares at least one mutation with the UK variant B1.1.7. Now, Nigeria has 54 cases of the variant largely imported. But genomic surveillance in countries monitoring the pandemic more closely indicates that tracking the virus changing patterns is more than a flash in the pan. From South Africa to the UK, a robust volume of sequencing capacity is being deployed to study circulating variants. The results influence public health interventions and policy decisions such as which host communities should be on lockdown or what groups should be prioritised for monitoring. Following the outbreak, the UK in April 2020, for instance, established a COVID-19 genomic consortium for rapid-research-response
under a ‘fighting fund’ of £20 million. The consortium has delivered 295,327 rapid and whole sequencing of SARS-CoV-2, the virus that causes COVID-19 pandemic to public health agencies, the NHS, and the UK government. Feeding the consortium comes from the sequencing and analysis capacity of 41 facilities including 16 academic partners mostly universities, the Wellcome Sanger Institute, the four public health agencies of the UK, four Lighthouse Labs, and 16 additional sequencing labs. For a population of 66.6 million, they sequence a proportion of all positive cases to determine how the virus behaves, allowing variants to be picked up in communities. The country has established the possibility that being infected with the variant
that was first identified in the UK is 30 percent more deadly compared to earlier version of COVID-19 that was circulating, although the absolute risk of death is still low. Also, targeted testing and viral sequencing done at the University of Reading suggests that the new Nigerian strain can blunt immunity, helping the disease evade the antibodies that fight it. Unfortunately, Nigeria’s estimated population of 206 million has only three labs with sequencing capacity serving its COVID-19 fight: the NCDC Reference Laboratory, Nigeria Institute of Medical Research (NIMR), and the African Centre of Excellence for Genomics of Infectious Diseases (ACEGID). Nigerian universities on the hand have been mute in the face of a major health crisis.
L-R: Isa Ali Pantami, minister of communications and digital economy; Umar Garba Danbatta, executive vice chairman/CEO, Nigerian Communications Commission (NCC); Kashifu Inuwa Abdullahi, director-general, National Information Technology Development Agency (NITDA), and Bako Wakil, director, technical standards and network integrity, NCC, during the Investigative Public Hearing of the Senate Joint Committee on Communications, Science and Technology, ICT and Cybercrimes and Primary Health care, and Communicable Diseases on ‘The Present Status of 5G in Nigeria’ at the National Assembly Complex Abuja, yesterday.
Manipulation forms 56% of N5.2bn banks lost to online crime in 2020 FRANK ELEANYA
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nline criminals, in 2020, made away with N5.2 billion from digital banking channels such as the web and mobile, mostly through a technique known as social engineering. Social engineering is the psychological manipulation of people to gain confidential information. In the case of Nigerian banking customers, it involves receiving emails from online criminals or
fraudsters pretending to be banking personnel. According to experts at Tellimer Research, social engineering accounted for 56 percent of all reported fraud attempts. They, however, acknowledge that the N5.2 billion loss is only 1 percent of the profits commercial banks recorded within a nine-month period in 2020, and 0.03 percent of customer deposits. “The worry lies in the cybersecurity risk it poses to banks as more customers adopt their digital banking platforms and the long-term consequences www.businessday.ng
for earnings,” according to experts. Social engineering has over time proven to be more successful for criminals looking to ‘get inside’ an organisation. The fraud attempts during 2020 had a 93-percent success rate. On many occasions, criminals will take weeks and months to get to know a place or a customer before even coming in the door or making a phone call. Their preparation might include finding a company phone list or organisational chart and researching their targets
on social networking sites like LinkedIn or Facebook. After investigating the target, the social engineer or attacker attempts to gain trust and provide incentives or stimuli for subsequent actions that break security practices, like exposing sensitive information or granting access to critical resources. Social engineers’ biggest tool is human error instead of vulnerabilities in software and operating systems. Mistakes made by legitimate users are much less predictable, making them harder to
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identify and thwart than a malware-based intrusion. The experts at Tellermer say the continued rise of social engineering fraud can sabotage the growth in digital banking adoption, especially recorded in 2020. In 2020, the banking industry saw a 303-percent year-on-year expansion in the volume of transfers using mobile phones, a 50-percent year-on-year growth in Point of Sale (PoS) transactions, and a 77-percent increase in the volume of online transactions done through the Nigeri@Businessdayng
an Inter-Bank Settlement System (NIBSS). It will also impact individual banks that have invested heavily in digital channels and are just beginning to reap the benefits. Access Bank recorded an average growth of 41 percent in transaction volumes from its e-banking channels (USSD, ATM, Mobile, and web), First Bank recorded a 29-percent year-on-year growth (mobile and USSD), while transactions grew by 82 percent year-on-year (mobile, web, and USSD) for FCMB.
Friday 26 February 2021
BUSINESS DAY
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Friday 26 February 2021
BUSINESS DAY
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Friday 26 February 2021
BUSINESS DAY
5
NEWS
Nigerians place higher trust in NGOs, business CEOs than in government - Survey Daniel Obi & Joshua Bassey
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latest report has shown that Nigerians place higher trust in nongovernmental organisations (NGOs) and their employers, and expect chief executives (CEOs) and business leaders to be more pro-active in speaking out on societal issues and driving positive change rather than wait for the government. The survey indicated that government is the least trusted out of four institutions which comprise business, media, government and non-
governmental organisations. The survey conducted by Edelman Intelligence, an independent research arm of the Edelman global network showed that Nigerians trust civil society organisations the most, with businesses coming second with most Nigerians expressing distrust for the media. The report called ‘Edelman Trust Barometer’ which is annual global trust and credibility survey, tests how well people trust the institutions of government, business, media and non-governmental organisations to do what is right.
Nigerians in the survey overwhelmingly placed the highest trust in their employers. It revealed they have expectations for business leaders to speak out on societal issues (92%) and drive positive change (79%) rather than the government. The survey conducted between October 19 and November 18, 2020, sampled more than 33,000 respondents across 28 countries. Presenting the 2021 Nigeria findings with the theme: ‘Pandemic’s Ongoing Impact on Trust’, CEO of Edelman Africa, Jordan Rittenberry, according to a statement, noted
that Nigerians are looking to civil society organisations and businesses to assist the government in uplifting communities and driving positive change. The report which was unveiled Tuesday virtually by Edelman and its exclusive Nigerian affiliate, Chain Reactions Nigeria, also showed that Nigerians’ fear losing their jobs more than they fear coronavirus, with a high degree of vaccine hesitancy revealed as only 26 percent expressed readiness to take the COVID-19 vaccine when made available. A diverse panel critically
analysed the implications of the survey report after Rittenberry’s presentation. They include senior special assistant on media to President Muhammadu Buhari in the Office of the Vice President, Laolu Akande; director, Women Advocates Research and Documentation Centre; Abiola AkiyodeAfolabi; veteran journalist, Reuben Abati; and senior director, Global Government Relations for Africa at Procter & Gamble, Temitope Iluyemi. Veteran broadcast journalist, Anike-Ade Funke Treasure, moderated. Akande suspected that
Expert wants insurance companies in Nigeria reduced to 20 Modestus Anaesoronye
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fter 40 years in the practice of insurance and actuarial science, Femi Oyetunji, the group managing director (GMD) of Continental Reinsurance Plc is set to retire, but with a suggestion that insurance companies in Nigeria be reduced to 15 or 20. The reinsurer believes that unless this is done, the nation’s insurance industry will continue to crawl and not be able to increase its level of penetration compared to the size of the population. Nigeria, Africa’s most populous nation with an estimated 200 million people, currently operates with 52 insurance (underwriting) companies but with a paltry 0.4 percent penetration level, lagging behind South Africa 16 percent, Egypt 1 percent, Kenya 3 percent, and Ghana 1.8 percent among others. Oyetuji who has managed the largest private reinsurance company in Nigeria in the last ten years, told Business Day in an interview that unless the number of operating companies is reduced, the industry is going nowhere. “I am going to say the same thing I said in 2005 and I was called a prophet of doom. If we don’t reduce the number of insurance companies in this market, we are not going anywhere.” Oyetunji said “My personal belief is that 15 to 20 well capitalised, skilled insurance companies will transform the industry. What I will like to see is insurance companies talking to each other, looking for synergy, and saying, let us come together.” He said the biggest threat at the moment is that global players with big capital and all that it takes to drive growth is here and taking a position, stating that at the end of the day, they will take away the expected benefits. “We can clearly see the danger, having seen the trend. Why we have not seen many of them at the moment is because of the economic situation, and once the situation improves, the big players from America and Europe will come in and dominate, and that is where the benefits will go. If the global players are based in the US, UK, or Germany, they will take the benefits to those places”
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the distrust of government is a result of Nigerians’ natural cynicism and the testy historical relationship between government and citizens. “Distrust in government is not peculiar to Nigeria. However, the government does have the responsibility to up its game in communication, to demonstrate responsibility and responsiveness,” Akande said, citing the acclaimed National Social Intervention Programmes, and the COVID-19 Survival Fund as some evidence of the Muhammadu Buhari-administration’s unprecedented responsiveness to Nigerians.
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Friday 26 February 2021
BUSINESS DAY
NEWS
Nigeria yet to close $1.5bn World Bank loan deal over disagreement on FX reforms MICHAEL ANI
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igeria is yet to reach a conclusion with the World Bank over a $1.5 billion loan it approached the bank for in 2020, Zainab Ahmed, minister of finance, budget and national planning, has said. The World Bank loan which is supposed to provide some comfort to Africa’s biggest economy after being hard-hit by the fall-out of the COVID-19 pandemic, has been delayed over disagreement to reach certain foreign exchange reforms approved by the bank, the minister said. “Nigeria has yet to conclude a $1.5 billion loan agreement with the World Bank because of
disagreements on exchange rate reforms. The World Bank has said Nigeria needs to strengthen reforms to its naira currency before it can approve the loan,” Reuters quoted the minister as saying, Thursday to reporters. At the heat of the pandemic last year that whipped out about half of Nigeria’s, the government of Africa’s most populous nation approached the World Bank for the loan to bolster external reserves; but in exchange the bank requested Nigeria take certain reforms. One of such reforms was the unification of the spread between what the naira trades against the dollars across multiple windows. On two occasions, Nigeria devalued the currency, moving the rate N379/$ yet the naira trades at nearly 15 percent dis-
count against the dollar. The World Bank in a meeting with selected state governors late last year said “Nigeria needs to do more to get the loan”. According to the minister who said she felt Nigeria had met the World Bank’s requirements, the bank “had asked for the gap in the naira’s exchange rate on the over-the-counter spot market and on the black market to be narrowed further”. Meanwhile, she noted that Nigeria will draw up a supplementary budget in March to cover the cost of COVID-19 vaccinations, which was hitherto not made in the N13.6 trillion 2021 budget and finance bill adopted in December. The government is planning to vaccinate 40 percent of Nigeria’s 200 million people this year and another 30 percent in 2022.
Ashama solar project to boost power supply with 200mw OBINNA EMELIKE
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he Nigerian electricity supply is set for a boost as the Ashama solar project launches with a promise to offer the energy market cheaper and cleaner energy supply. Set on 304 hectares of land, the Ashama 200 MW Solar PV Power Plant, which is located in Aniocha, Delta State, is the largest solar energy project in West Africa and is being promoted by B&S Power Holding PTE, a Singapore-based renewable energy company with biggest completed projects in South Africa, Egypt and Morocco, and SunnyFred Global, a Nigerian investment company. Speaking at the media chat and project roadmap presentation of the solar PV power plant at Sheraton Lagos, Victor Fodeke, co-founder and vice president of Green Plinth Africa,
consultants and strategic partners to the project promoters, noted that the project is timely now that the country needs urgent boost in its energy supply to sustain industrial and business activities for economic growth. According to the professor, African countries need to embrace renewable energy especially solar because while Africa contributes less than 4 percent to emission, it is going to be impacted more by climate change than advance countries, which have technologies that would reduce the impact. “The 200mw solar project will reduce about 200 million metric tons of carbon, curbing gas emission, sanitizing the climate and offering healthier life for Nigerians,” he said. In his address via zoom, Abubakar Sambo, vice chancellor, Usman Dan Fodio University Sokoto and chairman,
Minister’s Policy & Technical Advisory Committee on Environment, noted that when completed, the project will be a major addition to the muchneeded clean electricity in Nigeria. Pointing out the benefits of renewable energy, the professor noted that, “Renewable energy makes the energy system resilient, and that is important to prevent power shortages. It makes urban energy infrastructures more independent from remote sources and grids. Businesses and industries invest in renewables to avoid disruptions, including resilience to weather-related impacts of climate change. Renewable energy is accessible to all and that is good for development”. He also noted that renewable energy creates jobs, as well as, emits no or low air pollutants, which is better for health. Also speaking at the event,
Valency Agro Nigeria taps Commercial Paper Market Iheanyi Nwachukwu
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n fostering the development of the Nigerian Debt Capital Markets (DCM), FMDQ Securities Exchange Limited has continued to avail its credible and efficient platform as well as tailor its listings and quotations services to suit the needs of issuers and registration members (sponsors of the issue on FMDQ Exchange) through innovative and uninterrupted service delivery. Following the due diligence
process, the Exchange, through its board listings and markets committee, announced the approval of the quotation of the Valency Agro Nigeria Limited N5.12 billion Series 1 Commercial Paper (CP) under its N20 billion CP Programme on its platform. The Valency Agro Nigeria Limited CP debut issue comes at a time where the Nigerian economy is bedevilled with soaring food prices, amidst compounding challenges of insecurity. The agricultural
sector and its attendant transformation agenda have never been more important in driving increased and sustainable production of agricultural products as well as the derived foreign earnings through exports. The proceeds from this issue of the CP will be applied by Valency Agro towards meeting the mid-term working capital requirements of the various agricultural produce under its portfolio such as cashew, sesame, cocoa and in value addition prior to export.
APC chieftain urges Nigerians to promote culture of love
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chieftain of the All Progressives Congress (APC), Taiwo Adeyemi has urged Nigerians to promote peaceful co-existence by extending a hand of fellowship, love and friendship to their neighbours, friends, and families Adeyemi also said that the present challenges of farmers/herders’ crisis facing most
parts of the country could be addressed if Nigerians showed love to one another. He, therefore, called on all Nigerians to show love to their neighbours, and particularly to other Nigerians without conditions. Adeyemi noted that the love, which St. Valentine, (whose day was marked recently), stood and died for was divine and not physical. www.businessday.ng
The APC chieftain also urged youths to shun immoral acts, illicit drugs and violence. He urged for more unity among the party members, particularly as they participate in the ongoing registration and membership revalidation exercise, while praying that God to guide President Muhammadu Buhari and other political leaders to lead justly. https://www.facebook.com/businessdayng
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Friday 26 February 2021
BUSINESS DAY
NEWS
Nigeria’s oil revenue threatened as OPEC+ mulls production raise at March meeting DIPO OLADEHINDE
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igeria’s chances of meeting its projected o i l re v e n u e target of N2 trillion to fund its 2021 budget is under threat with the Organisation of Petroleum Exporting Countries (OPEC) discussing the possibility of increasing its oil production levels at the next meeting. Increasing supply in the global oil market without a corresponding increase in demand could lead to lower oil prices, a development which is harmful to petro-dollar economies like Nigeria. The oil cartel is set to have a virtual meeting on March 4, 2021, where it will discuss raising output as much as a half a million barrels per day starting in April.
Three OPEC+ sources told Reuters on Thursday an output increase of 500,000 barrels per day from April looked possible without building up inventories, although updated supply and demand balances that ministers will consider at their March 4 meeting will determine their decision. “The oil price is definitely high and the market needs more oil to cool the prices down,” one of the OPEC+ sources said. “A 500,000 bpd increase from April is an option – looks like a good one.” A rally in prices towards $67 a barrel, the highest since January 2020, the rollout of vaccines and economic recovery hopes have boosted confidence the market could take more oil. Nigeria needs the oil price to rise and in the worst case, remain steady at any price above the $40 bench-
mark of the 2021 budget, while also maintaining oil production estimate of 1.86 million barrels (inclusive of condensates of 300,000 to 400,000 barrels per day). Nigeria, Africa’s largest economy, depends on earnings from oil to finance its N13.588 trillion 2021 budget. Another major threat facing oil price is the decision by Saudi Arabia’s to end its voluntary cut of 1 million barrels per day (bpd) next month. While Riyadh hasn’t shared its plans beyond March, expectations in the group are growing that Saudi Arabia will bring back the supply from April, perhaps gradually. Some OPEC+ members also anticipate that the Saudis will be willing to ease cuts further, but it was not clear if they had had direct communication with Riyadh.
Saudi Arabia has warned producers to be “extremely cautious” and some OPEC members are wary of renewed demand setbacks. One OPEC country source said a full return of the Saudi barrels in April would mean the rest of OPEC+ should not pump more yet. “The Saudi voluntary cut will be back to the market,” the source said. “I’m personally with no more relaxation, not until June.” Russia, one of the OPEC+ countries allowed to boost output in Februar y, is keen to raise supply and a source last week said Moscow would propose adding more oil if nothing changed before the March 4 virtual meeting. The price of Brent oil has rebounded to more than $67 per barrel, with WTI trading above $63 as of Thursday afternoon. This is the highest level oil prices have seen in over a year.
SWAgCo constitutes board of directors CALEB OJEWALE
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he South West Agric Company (SWAgCo) has made appointments to its board of directors with the aim to reposition its operations to take full advantage of opportunities within the agricultural space. Selection of the board members also involved a competitive process handled by KPMG, bringing a wealth of professional experience and expertise at a senior level in investment, finance, agriculture and performance solutions to consolidate SWAgCo’s operation. The board members are also expected to contribute in setting it on the path of achieving its mission to change the landscape of agriculture and agriculture investment in Nigeria, according to a statement by the company. The board members include Owolabi Salami (chairman), Adeola Adetunji, Cecelia Akintomide, and Adekemi Ajayi. Adegboyega Osobu and Babajide Arowosafe were both appointed through a selection process, conducted by KPMG in late 2020 as executive director (technical), and chief executive officer respectively. “They join SWAgCo at an exciting time as we begin the journey to grow and expand its operations and implement its strategy for economic and social impact within the agricultural space in Nigeria,” said Segun Aina, group chairman, Odua Investment.
L-R: Francis Onuorah, deputy director, federal ministry of trade, industry, and investment; Peace Obichere, MD/CEO, B&S Power Nigeria Limited; Olawale Akinwunmi, co-founder, president/CEO, Green Plinth Africa; Victor Fodeke, co-founder, vice president/GMD, Green Plinth Africa; Osazuwa Manfred, chairman/CEO, SunnyFred Global, at project roadmap presentation of the Ashama 200MW solar PV-Delta State, Nigeria, in Lagos, yesterday. Pic by Olawale Amoo
Lagos, NPA to disallow trucks into Apapa from 4pm Friday, February 26
…as e-call up commences February 27 JOSHUA BASSEY
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head of the flag off of the electronic call-up that will henceforth define the movement of trucks into Apapa, stakeholders have agreed that all trucks currently lying and littering Apapa must leave the corridor by 4.00pm on Friday, February 26, to pave the way for the new call-up system, starting the following day. This was part of the resolutions reached in continuation of consultation with stakeholders towards finding a lasting solution to the perennial gridlock and challenging maritime activities that continue to www.businessday.ng
plague Apapa and its environs, during a meeting on Thursday, involving Lagos State government, Nigerian Ports Authority (NPA), Truck Transit Park (TTP) operators, and the police. The electronic call-up system (Eto APP) commences on Saturday, February 27. It will define the movement of trucks into the ports environment, as only trucks cleared would be allowed entry. At the meeting, which held at Lilypond Terminal, Apapa, the stakeholders agreed that the existing call up for trucks should be discontinued from February 26 to pave the way for the e-call up from February 27, 2021. It was also jointly agreed that by 4pm on Friday, Feb-
ruary 26, all articulated vehicles would be prevented from entering Apapa and its environs and subsequently by 12.00 noon on Saturday, February 27, 2021, trucks in and around the ports access roads must vacate the corridors, with strong warnings for truck owners and drivers to adhere to the resolutions to prevent harsh reactions from government. The stakeholders also urged all stakeholders, especially truck owners to cooperate with the state government as it makes consolidated efforts to create ease in movement for its citizenry safety, welfare and health which are of primary importance.
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Delta defends airport concessioning Mercy Enoch, Asaba
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elta State government has defended the concessionining of the Asaba International Airport, shrugging off criticisms that have trailed the action. The state government on February 23, signed agreement with FIDC-Menzies Consortium, the preferred bidder, to operate the airport as the master concessionaire, while others would act as subconcessionaires for a period of 30 years. The consortium would be investing about N28 billion to develop infrastructure at the airport and pay additional N1 billion to the state’s coffers within 15 days of commencement of activities, while another N100 million was expected from the concessionaire
annually and would be escalated every five years. Criticisms have, however, been trailing the decision of the Governor Ifeanyi Okowa-led DeltaStategovernment’sdecision to concession the facility for 30 years, with some saying it is tantamount to short-changing Deltans whose tax payers’ money funded the construction of the airport. But the secretary to the state government (SSG), Chiedu Ebie, on Thursday, defended the government’s action as he reeled out the benefits of the concession to Deltans. Ebie said that the concession of the airport would create more jobs for Deltans and stimulate export of agricultural produce and other items. He said that the step would also engender huge economic activities within the state and its neighbours.
Senate pledges support for NDDC Ignatius Chukwu, Port Harcourt
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he war mood that enveloped the Niger Delta Development Commission (NDDC) in the past one year appears to be moderating as new songs have continued to emanate from the most hostile quarters. The change of mood began since Effiong Akwa was named sole administrator to take over from Daniel Pondei, who was dethroned by the courts after a protracted warfare in all directions. The governors beginning with the host, Nyesom Wike, have started saying they would work with the NDDC. Next, the House Committee chairman on Niger Delta in the House of Representatives said the House was ready to work with the new NDDC leadership. The budget of the commission which was a centre of controversy got some favourable outcome. Now, Peter Nwaoboshi, chairman, Senate Committee on
Niger Delta Affairs, has assured the NDDC of the support and collaboration of his committee in the task of developing the oilrich region. Speaking during the oversight visit of the Senate Committee at the NDDC permanent headquarters in Port Harcourt, Nwaboshi, who was severally accused by the former Interim Management Committee (IMC) of mountainous contract matters, stated that the Commission’s strategy of engagement and collaboration was important for progress in the Niger Delta region. “The Interim Administrator, Efiong Akwa, has been so nice in terms of reaching out, communicating and discussing. He opened discussions with us. He apologised for whatever happened in the past and he told us that he is ready to work for the people of the Niger Delta region. We are happy that he accepted that there is need for cooperation and collaboration for Niger Delta to move forward,” Nwaoboshi said.
Chutes and Ladders opens furniture factory in Lagos Iniobong Iwok
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new ultra-modern furniture factory has been commissioned in Lagos by Nigeria’s fastest growing furniture brand, Chutes and Ladders Limited. Wholly-owned by Chutes and Ladders, the furniture manufacturing facility, located at HFP Shopping Complex, Abraham Adesanya roundabout, Ajah, Lagos, was commissioned on Thursday, February 25. The factory is poised to provide support for Chutes and Ladders’ rapid expansions in Nigeria, especially in Lagos. Speaking during the launch, managing director/CEO Chutes and Ladders, Bunmi Benson, Ajila said Lagos was an important market for Chutes and Ladders, saying that they had a long-term commitment and strategic interest in the furniture market. “The role of Chutes and @Businessdayng
Ladders in this industry is to be better than our external suppliers, by creating outstanding customer value in terms of price and quality.” According to her, “Our base in Lagos Ajah enables us to lower logistics cost, reduce the delivery time compared to competitors, who have their manufacturing facilities on the mainland and actively manage the whole supply chain. Our customers will have the opportunity to visit the facility and see for themselves how their product is being produced”. She added that the 7,990-sq metres state-of-the-art facility will be one of the largest furniture manufacturing units in the Lekki Eti-Osa region and will produce a range of products, including upholstered furniture, modular furniture, kitchen, wardrobe, and wood joinery all of which will cater to the region’s business-to-business, B2B market.
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On meeting Mrs Nana Rawlings TALES FROM THE MAIN ROAD
EUGENIA ABU
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had just met Hollywood actress Sally Fields, known worldwide as an extremely talented actress with many awards to her name. I do not recall what the workshop was, but I had gone to experience her. She was petite and phenomenal and validated my homegrown solutions from my parents: hard work, humility and honesty. Meeting Sally Fields was a sort of reward for me. I had just missed Winnie Mandela. I was heartbroken, but Sally made up for it. This was Beijing, China, 1995. It was at the fourth world women’s conference where 186 governments, UN agencies, international organizations, 17,000 participants and a further 30,000 activists attending a parallel forum converged to agree that something needed to be done to address the gender inequality in the world. I wear the title of delegate to the Beijing conference proudly. Although there have been
strides since then, there is still so much to be done and there is so much backsliding in several other areas. Gender based violence is on the rise in many countries, Nigeria inclusive. The stories of rape, of paedophilia, of spousal and partner murder of women, continue to stare us in the face. Then there is the issue of emotional abuse, of sick men on the prowl who drive women to despair and to depression and in some sad cases, to suicide. But I digress. And so in the company of Moni Adebayo, the late Dr Jemila Sada, the late Professor Jadesola Akande, the late Hajia Maryam Abubakar, Mrs Moji Makanjuola, Mrs Nkechi Nwankwo, former deputy Governor of Kaduna state, Mrs Pamela Sadauki and a host of others, we drank deep of sessions on women that spoke to us. It was in the middle of this mix that we were invited to an event where former first lady, Mrs Maryam Abacha was to speak, to present Nigeria’s country position on the status of women. This was when Nigeria was making strides for the ministry of women affairs. Moni and I travelled from Huaoiru, to Beijing, to listen to Nigeria’s submission. It was a proud moment. There were countries who had done better than us but we had also done better than many
countries. After the speech, Moni and I were collecting literature from different countries and organizations when someone in an adorable African outfit and headgear in Kente caught my eye. That’s Nana Rawlings, I said excitedly to Moni. She cannot be the one, Moni retorted. Alone, at the exit door of the active conference hall. I clutched my bag hard and walked across to meet her, Moni in tow. You are not Her Excellency Mrs Nana Rawlings are you? I blurted out. She smiled. A genuine, affectionate smile. Go on make a fool of yourself, I thought. This woman just looks uncannily like Mrs Nana Konadu Agyeman-Rawlings. Touching her headgear lightly, she said. I am she. It was all we could do to contain our excitement. Moni and I went round in circles. Mobile Phones were not reigning, let’s get a photographer. Well, by the time you return, I may have left, she said. So we began to chat. She was easy to talk to and warm. So why are you sitting here? I am waiting for my President, she answered. The thought of Jerry Rawlings in Beijing and we were about to meet him was too much to bear. Then she laughed. A hearty laughter, her eyes tightly shut and her pearl white teeth on
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She was easy to talk to and warm. So why are you sitting here? I am waiting for my President, she answered
Eugenia Abu is a broadcaster, writer, trainer, brand and multimedia strategy expert and media consultant. Email: abu_eugenia@yahoo.com Phone number: 08033109820
Errors or mistakes: Setting the boundary
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any a time (not ‘many at times’), when you call the attention of second-language speakers of English to the grammatical faults in their speeches or writings, they are quick to inform you that such incongruities are mistakes. The word, ‘mistake’, appears like a comfortable abode to hide when we goof in our use of the English language. Have you ever heard anyone openly declare that s/ he has made an error? It is not a word we want to associate ourselves with. But, as often as not, when we claim to have made a mistake, the chances are that we have committed an error. On the strength of this submission, how can one ascertain the discernible difference between an error and a mistake? First things first, every language embodies its grammar. Grammar can be defined as the rules that guide the appropriate usage of a language. When we use a language in conformity with its established rules, we say our utterances or sentences are grammatical. Conversely, when we do not adhere to the rules of usage, we generate ungrammatical expressions or sentences. Although grammaticality does not always result in the acceptability or meaningfulness of utterances, the knowledge of how words are pieced together to generate permissible utterances is a prerequisite for communicative proficiency, whether this is intuitively acquired or it is gained through the fastidious mastery of rules. Misrepresentations that are born out of (not ‘borne out of’) improper or inadequate mastery of a language are adjudged to be ERRORS—not mistakes. For specifics, an error is a deviation in learner language,
which results from lack of knowledge of the correct rule. As a corollary to the foregoing, consider the ensuing statements: 1) I sings. 2) It is I who is wrong. 3) Either the boys or the girl are coming today. 4) Your conducts or misconducts can make or break you. 5) It is very critical to learn the fundamentals and nuances of Standard English. 6) Though Brenda has jilted you, there are many fishes in the ocean. 7) I arrived Ghana yesterday. 8) Guess what! Gbenga has gained admission into university! 9) I recommend that Tolani consults Stephen tomorrow morning. 10) Zainab is an embodiment of passion, diligence and grit. 11) Segun’s accomplishments transcend beyond his predecessors’ attainments. 12) We have sang this song several times. The aforementioned statements are clear cases of errors because they exhibit the speaker’s or writer’s incompetence at the level of sentence formation. While the first three sentences reflect a flawed understanding of the grammatical phenomenon called ‘concord’, example sentence four depicts the misapplication of mass or uncount nouns (conduct and misconduct). Furthermore, the fifth statement reveals a misrepresentation of a non-gradable adjective (critical), while the sixth sentence portrays an incorrect usage of an idiomatic expression. Concerning sentence seven, an intransitive verb (a verb that does not attract a direct object) was improperly www.businessday.ng
THE GIFT OF GAB
deployed, just as a prepositional error was detected in the eighth statement. Again, the ninth sentence structure did not correctly reflect the mechanics of the present subjunctive mood, while the incorrect article was deployed in sentence ten. Meanwhile, the grammatical eyesores of overkill (tautology) and an inappropriate verb tense are inherent in sentences eleven and twelve, respectively. In view of these prudent disclosures, the aforementioned sentences have their grammatical forms as: 1) I sing. 2) It is I who am wrong. 3) Either the boys or the girl is coming today. 4) Your conduct or misconduct can make or break you. 5) It is really/absolutely critical to learn the fundamentals and nuances of Standard English. 6) Though Brenda has jilted you, there are plenty more fish in the sea. 7) I arrived in Ghana yesterday. 8) Guess what! Gbenga has gained admission to university! 9) I recommend that Tolani consult Stephen tomorrow morning. 10) Zainab is the embodiment of passion, diligence and grit (take note that we also say, ‘the epitome’, ‘the personification’, ‘the quintessence’ and ‘the archetype’). 11) Segun’s accomplishments transcend his predecessors’ attainments. 12) We have sung this song several times. Mistakes, on the other hand, are deviations in learner language that occur when learners fail to perform their competence. In effect, a speaker who makes a
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display. I am waiting for the Ghanaian ambassador to China. He is my President here. He tells me what to do. Just as we were recovering from this candid encounter, a gentleman showed up with protocol. Your Excellency, the man said, it’s time to go. She smiled at us and said, it was nice to meet you ladies. We watched as they took off, Mrs. Rawlings in the middle of the coterie. On reflection, I just recall her sitting alone and taking direction from the Ambassador. It was surreal. How many first ladies will sit alone in public? How many would have given upwardly mobile journalists her ten minutes? When the former President of Ghana passed my heart went out to Mrs. Rawlings and the sadness of losing her friend and husband. Then the memory of her sitting alone composed and calm returned. That afternoon in Beijing. It was a chance meeting. But I know that the first Ghanaian woman to run for President of Ghana would be alright. I know it in my heart.
GANIU BAMGBOSE mistake has mastery of the language but goofs in using the language, usually due to psychological factors such as anxiety, fear, complacency and so forth. Mistakes reflect processing problems, not mastery inadequacies. In computer-mediated and social media interactions, also, typographical issues can be regarded as mistakes. Put in concise perspective, therefore, an individual with an appreciable understanding of the language, who inadvertently spells ‘beneficent’ as ‘beneficient’ or unwittingly writes ‘lose’ as ‘loose’, has committed a mistake. English, like all other languages, is systematic. This implies that it is rule governed. Hence, users of the language must strive to painstakingly acquaint themselves with the rules that determine grammaticality. This can be achieved either through spontaneous acquisition, which is the native speakers’ case, or through conscientious learning, which is the lot of the overwhelming majority of non-native speakers (including the anglophones in Nigeria). Dr Bamgbose (Dr GAB) has a PhD in English and lectures at the Pan-Atlantic University, Lagos. He is a social commentator who writes on different issues of national concern and the author of daily online English lessons titled “English for Today” with hundreds of lessons available on his website www.englishdietng.com.
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Friday 26 February 2021
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Men in dark times (1) THE NEW WEALTH OF NATIONS
OBADIAH MAILAFIA
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he Voice of Reason Lecture Series are dedicated to the memory of the late Arole Olagoke Omisore, businessman and scion of one of the great aristocratic families from Ile-Ife. He passed away on 7 October 2018, age 69. I never had the privilege of meeting Arole on this earth plane. But his reputation went far and wide as a patriot and man of culture; the quintessential Omoluabi that is widely celebrated in the humane ideals of Yoruba civilisation. May his soul rest in peace! The German-Jewish political philosopher Hannah Arendt was one of the most gifted women of her generation. She had to flee Germany to escape the holocaust. She was one of those who kept hope alive even as fellow Jewish intellectuals like the remarkable Walter Benjamin succumbed to despair and suicide. In her book, Men in Dark Times (Harcourt Brace 1968), Arendt underlined the importance of keeping hope alive even in the darkest hour: “even in the darkest of times we have the right to expect some illumination…from the uncertain, flickering, and often weak light that some men and women, in their lives and their works, will kindle under almost all circumstances and shed over the time span that was given to them”.
Our duty as watchmen in these days of blood and iron is to read the signs, the times and the season-- to stand sentry against the barbarians at the gates. Things have never been so bad. The only thing worse was our bitter civil war in which an estimated two to three million perished. In a manner of speaking, we have been at war for the past decade; a low-intensity civil war waged on our people by Boko Haram, herdsmen militias, Islamic Jihad and the lot. A war of conquest and hegemony deploying the weapons of kidnapping, rape, rapine, beheadings and land dispossession. We have spent something like a quarter of our national budget on defence and security, with nothing to show for it. Insecurity is big business. A cartel of civilians and military is game-theoretically profiteering from the cauldron. A sordid gravy-train. Many times, the weapons from our military end up in the hands of the terrorists; many of whom are also adorned in our army and police uniforms. Those detained are later set free. Some of the killers have allegedly be inducted into our armed forces while others have been given overseas scholarships. It is the mystery of iniquity. The allegations of a sinister agenda of “Islamisation and Fulanisation” by former President Chief Olusegun Obasanjo might not be that far-fetched after all. This is reinforced by the body-language, hermeneutics and gestalt of this administration; by the crass nepotism that characterizes the regime at all levels. There is also the silence of the Northern intelligentsia. A silence that speaks louder than words. The German theologian Dietrich Bonhoeffer who faced up to Adolf and the Nazis and paid the supreme
price for his courage and daring, declared that, “Silence in the face of evil is itself evil: God will not hold us guiltless. Not to speak is to speak. Not to act is to act.” Bishop Matthew Hassan Kukah’s Christmas homilies drew a lot of ire in the expected quarters. But his key message resonated with most Nigerians -- that “Ours has become a house of horror, with fear stalking our homes, highways, cities, hamlets and entire communities”. But words are not enough. Those who are about to die reserve the right to fight back. It is a sacred duty. The right to life is guaranteed in our constitution. Nigeria is also a signatory to the Universal Declaration of Human Rights. The Law of Nations since Hugo Grotius, Natural Justice, Equity, and Universal Global Ethics prescribe that communities that face an existential threat to their very survival have not only a right but also a bounden duty and moral obligation, to resort to self-help if the state is unable and/or unwilling to protect them. General Theophilus Yakubu Danjuma (rtd) said as much during a Convocation Lecture he delivered in his home state of Taraba in August 2018: “our armed forces are not neutral. They collude with the bandits to kill people, kill Nigerians. If you are depending on the armed forces to stop the killings, you will all die one by one.” Amotekun and Eastern Security Network (ESN) are justified by law, universal ethics and the doctrine of necessity. Ondo State Governor Rotimi Akerodolu was well within his rights to order the flushing out of terrorists illegally occupying the forest reserves within his jurisdiction; alien herdsmen that have been killing, raping and kidnapping innocent citizens. Sunday Igboho is a
‘ The war drums are out. The dogs of war are howling. The hyenas are baying for blood. The vultures of history are hovering over an overcast sky
brave hero of his people. The war drums are out. The dogs of war are howling. The hyenas are baying for blood. The vultures of history are hovering over an overcast sky. Not too long ago, I raised the alarm about some evil people that were planning to plunge our country into civil war. For speaking out, I was hounded and persecuted. A ransom was paid for my head. My former colleagues on the Editorial Board of the Daily Trust newspapers treated my testimony with unbelievable venom and contumely. They ridiculed my academic qualifications and poured scorn on my person. It was the ultimate betrayal by people I once regarded as friends. Today, I am feeling vindicated. The respected cleric Sheikh Ahmad Abubakar Gumi came out recently to say that “Mailafia was right”. God knows, I did not speak out of malice or spite. I spoke out of a deep sense of moral conscience and responsibility. If millions are to perish because of the diabolical wickedness of a few politicians, it shall be my duty to stop them. The philosopher Immanuel Kant noted that “We are not rich by what we possess but by what we can do without.” I can do without a lot. I am a humanist, a philosopher, and a servant of the Most High. I fear only the Lord. The enemies of liberty are my enemies forever. (Being the Text of the Second Goke Omisore Voice of Reason Annual Lecture, Delivered by Zoom on Friday 19 February, 2021)
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)
The future of work – Soft skills (2)
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elcome to the weekend. I love that I write for the weekend. Everybody or should I say almost everybody looks forward to the weekend. All our weekends are calmer than they used to be which is good for us all except those whose business is for us to be active at the weekend. I am expecting to see a lot of creativity around this and indeed we are already seeing a lot of creativity around this already. This week we are continuing with talking about the importance of soft skills in the current and post Covid19 work place. Creativity and Innovation are key. Creativity is the ability to perceive the world in new ways and it has played a key role in the development of the future of work. Creative thinking often leads to innovation (cellphones, robots, streaming services, etc.) and with new data available to companies, those who are able to think creatively and act on their ideas will likely lead companies to success in the future. These are the individuals who are most likely to find new business, products, service, or investment opportunities. More importantly, the future of work will require new ways of thinking from professionals because it will combine machines, humans, and other technologies. For example in these covid19 times caterers came up with beautifully packaged food boxes to be delivered to friends and family because there
was no gathering by law. Complex problem-solving believe it or not is a soft skill. The problems and challenges of the future will be more complex than the ones companies face today — they will combine different elements of technology, environment, humans, data, etc. As technology continues to evolve and advance, new sets of problems will emerge; the same goes for new job positions. Professionals will need to develop complex problem-solving skills to help companies overcome the challenges of the future, taking into consideration the vast amounts of information and data that will then be available. Emotional Intelligence is key going forward, as we have discussed at length before. The ability of staff to be aware of, understand, control, and express their feelings and emotions as well as those of others will give them and the organisation by extension, a competitive advantage in the future. Especially considering that machines are still behind humans in this particular aspect. Emotional intelligence is particularly important because the future of work is collaborative, and a strong emotional intelligence in staff means the organisation is better able to connect, interact, and work with others. In the future, professionals will communicate with humans and machines, making
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communication skills even more critical than they are today. In the future, it’ll become highly important for workers to be able to communicate their views, ideas, solutions, etc. effectively and through a variety of channels (written word, audio, video, visuals, etc.). In this sense, storytelling will become a very desirable skill for businesses, especially considering it can help brands connect with audiences and help companies establish a sense of loyalty and trust with clients and consumers. It can also help companies set the tone for the corporate culture. Time is an expensive resource, especially now that the lines between work and life have merged or at best have become blurred. Time management will be a critical soft skill in the future of work as the traditional 9 to 5 work hours become obsolete and people work whenever works best for them. It is therefore crucial to have a strong grasp on how your staff spend their time (whether for work or for their personal lives). Time management skills help prevent burnout, stress, and anxiety, all of which contribute to a strong emotional intelligence. Great customer service is what sets apart good companies from great ones. Being able to deal with clients and consumers in a professional, friendly, and empathy-driven manner will provide companies and professionals with a competitive advantage, especially as consumers worldwide increasingly demand
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OLAMIDE BALOGUN unique experiences rather than products or services. There really is no better alternative to authentic human interactions. Almost all companies in Nigeria have to work on this aspect of their brands. Leadership will be a key skill in the future of work as more companies embrace remote teams and flexible working policies. Strong leaders will be those that are able to motivate, inspire, and guide employees even when they’re not physically in the same place. Leadership will also play an important role in problem-solving and innovation. Many people have these skills but don’t know how to use them. Many don’t have these skills but can acquire it through training. How are you preparing your organisation for the future of work? It should not only be by technological purchases but should also by training your employees. Have a greet weekend. Balogun is the founder of Box & Cedar Ltd a boutique Recruitment and HR Consulting firm Www.boxandcedar.com
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Two conversations and a nation on the rack HUMANANGLE
FEMI OLUGBILE
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he conversation, organized by Voice of Reason as the second instalment of its Goke Omisore Annual Lecture series, was titled, ‘Creating an inter-generational dialogue for the Nigeria we want’. The other conversation, organized by ‘Radio Now’, was titled, starkly, ‘Tactics and strategies for pulling Nigeria back from the brink’. The two conversations took place on the same day, anchored in the same city – Lagos. Voice of Reason is a sociocultural group of older intellectuals from various walks of life who are focused on ensuring the growth and development of the South West of Nigeria within a restructured federation. They have gone so far as to prepare a draft Constitution for that restructured entity - a true federation of willing, equal peoples operating in a level playing field with no hidden rules. ‘Radio Now 95.3 FM’ is a refreshing new presence in the radio broadcast scene. The lofty goals of the station include ‘to bring Nigerians across the world together in the task of nationbuilding’. The Chief Executive Officer, and the persona around whom the whole concept was built, is Kadaria Ahmed, internationally renowned broadcaster and media entrepreneur. The anchor for the VOR discussion
was Leke Oshuniyi, medical doctor and social activist. For the Radio Now event, Dele Olojede, Pulitzer Prize winning journalist and publisher of the defunct NEXT newspaper had been ferried all the way from his base in the USA. Though he was decked out in white kaftan in which he could have passed for a well-to-do Lagos entrepreneur going about his daily ‘hustle’, he let it be known that he felt like a concerned alien coming ‘home’ to dip his toes in waters that have grown turbulent in his absence. A somber note was set straight off by the Chairman of VOR in his opening speech, remarking that Goke Omisore, the group’s convener, would have been seventy-two on this day. He also remembered the recent death of Oye Ibidapo Obe, a member of the group. Though the topic portended a wellreasoned discussion about the need for the excluded majority of Nigerians – the young, to be brought centre-stage instead of being excluded, brutalized and killed by the instruments or failures of State, it was clear that there was only one issue on everyone’s mind – the National Question, how things had been allowed to slide to a sad, dangerous pass, and how the nation needed to be urgently rescued. Obadiah Mailafia set off the discourse. The statement by a serving State Governor that ‘not all bandits are criminals’ was the oxymoron of the century, embodying the absurdity and lack of common purpose underpinning the Nigerian tragedy. The Nigerian Constitution, flawed as it was, guaranteed the right of self-defence to anyone who faced an imminent threat to life, and it was the right of citizens to defend their community. ‘Nigeria is a country of greatness, but we are being strangulated by leadership misrule’. To Tokunbo Sholu-Ekukinam, who
spoke for the ‘over-sixties’ generation, ‘no one is safe in Nigeria at the moment…Nigerians do not know their rights anymore…The younger generation should take up the challenge, fight for their rights…’ Lawyer and former Student Leader Dele Farotimi, with his familiar head of dreadlocks, complained that the younger generation had been turned to chartered slaves who the police could shoot at any time, and they had no access to amenities, dignity or liberty. He referred to the #EndSARS protests and the fate of the protesters. Yemi Adamolekun of Enough is Enough (EiE) proclaimed that all the evidence was that ‘the youth mean nothing to the older generation’. In the broad picture of widespread insecurity, she charged the Director General of the Development Agenda for Western Nigeria (DAWN), a participant at the webinar, to ensure that Amotekun was deployed to all local government areas to protect lives. In her view, though the Constitution guaranteed a right to live anywhere, no law stopped governors from requiring that all newcomers to their territories be registered. Pat Utomi, Annkio Briggs, Bassey Henshaw, Tony Nnadi, Icon Olawale and Inibehe Effiong all added voices of concern about the situation of youths and the challenges of definition, ownership and participation bedeviling the Nigerian nation. In the other conversation, which principally featured two governors, Nasir El-Rufai and Kayode Fayemi, along with Minority leader in the Senate, Ehinaya Abaribe, El-Rufai avowed that Nigeria could be saved by adoption of an elite consensus similar to the Deng Xiao Ping formula that took China from poverty to world power in one generation. Joint commitment to the rule of law. Quick dispensation
‘ The Nigerian Constitution, flawed as it was, guaranteed the right of self-defence to anyone who faced an imminent threat to life, and it was the right of citizens to defend their community
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organizations resolve this dilemma depends on their values. Therefore, values shape people’s preferred ways of satisfying their needs and, whether they are aware of it or not, every action is guided by one or more values. Once embraced, values become the standards of importance. Again, it is pertinent to note that values are psychological constructs. They are internal to a person. Organizations don’t have values, but because they are composed of human beings, their cultures are shaped by values. The values of persons shape organizational behaviour and the direction taken by organizations. Since business is all about creating value and values are shared among organizational members, it, in turn, forms a central component of the corporate culture. So, culture then affects an organization’s capacity to attract and retain high-quality employees. It influences the dynamics of relationships between members of the organization and affects how they relate with customers. Most importantly, culture determines an organization’s flexibility and readiness for change, and it can either aid or hinder the achievement of an organization’s objectives. Northouse (2013) explains that values ultimately shape an organization’s culture practiced day in and day out by its members. Northouse describes how values influence culture and its impact on leadership performance. Therefore, through their personal value system, leaders and executive management team can influence an organization’s culture largely through their behaviour. Schein (2010) explains that leaders can leverage intangible factors that shape the mind-sets of employees of an
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organization, and leaders can leverage culture for management control. These intangible factors are the vision and mission statements, core values, the leadership style, and the relationships between its internal and external stakeholders. The intangible factors influence culture at three levels: visible artefacts espoused beliefs and values, and shared assumptions. Culture also affects an organization’s capacity to attract and retain high-quality employees. It influences the dynamics of relationships between members of the organization and affects how they relate with customers. Most importantly, culture determines an organization’s flexibility and readiness for change, and it can either aid or hinder the achievement of an organization’s objectives. The culture appropriate for an organization affects its public image and influences the way stakeholders respond to it. Core values do not only shape a company’s culture alone, but it does also impact its business strategy as well. They help create a purpose, improve team cohesion, and create a sense of commitment in the workplace. However, having core values doesn’t mean having a polished communication plan around excellent values and principles. The organization’s leadership must truly honour its values in everything they do and set the right example for the employees. It’s the only way the management team can build trust in the workplace. The management team cannot compel employees to follow the company values set for the business if they don’t follow and integrate them into their daily work in the first place. The problem revealed from the data collected
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Listening to the logical assertions of Fayemi, the calm assurance of Abaribe about how the National Assembly could indeed take action on the constitution and the measured voice of one of the other speakers, Sam Adeyemi, a pastor who in his ‘other’ business was a Motivational Speaker and Trainer, it was reassuring to think there was reason for hope. And yet the thread of anxiety linking audience and speaker in the two conversations was palpable because of questions that nobody was answering authoritatively in all the land. Who was a Nigerian citizen, and who was not? What were ‘Residency Rights’? What were ‘Residency Obligations and Responsibilities’? Were Nigerians truly and verifiably equal – East, West, South, North? By what miracle of Psychology could citizens begin to trust their government and its organs? Certainly not through official platitudes or pious invocations of a ‘patriotism’ they did not – yet, feel in their bones. These were the questions that needed to be answered, fast, and the anxieties put to bed, firmly, finally.
Olugbile is a writer and psychiatrist. synthesiz@gmail.com
Values-based leadership stablishing clear organizational values helps to ensure that all employees are working towards the same objectives. The core values support the company’s vision and shape its culture. That’s why every single business decision must be in alignment with these values. An organization without values isn’t ready for business. Having a defined and shared organizational value with employees helps build great teams, deliver excellent customer service, and foster innovation. Values are fundamental because they are the driving forces in human motivation and corporate culture, and balance among values is essential to a healthy workplace and long-term business success. They serve as a moral compass, influencing decision-making and setting ethical practices and standards for an organization. Values are ideals that impact members of an organization’s behaviours and enable its growth and development. Hultman (2002) says understanding values requires us to understand their relationships to needs. Animals act on instinct pre-programmed on how to respond by nature; people act on free will, choosing how to respond. Our choices are based on values, which are beliefs about what is important in life. A primary function of values is to meet needs and attempting to meet needs brings us face-to-face with the dilemma of choice. This dilemma places us between two sets of forces: those pulling toward safety and those pushing toward growth and development. Harrison (1969) described this as a struggle between the need for defences (security) and the need to know (growth). How people and
of justice. Common citizenship. Restructuring with devolution of powers, including policing, rights to oil and mineral resources and the structure of the judiciary. ‘Sedentarising’ cow herding, making it a business and not a lifestyle. Taking out the poison of identity politics. Meritocracy and equal citizenship for all. Devolution of powers to create true federalism. Firm and decisive security enforcement.
THE LEADERSHIP FACTORY WITH
TOYE SOBANDE from some corporate institutions indicates that the workplace contends with potential issues regarding fairness, mutual respect, empathy, harassment, unhealthy competition, intimidation, mistrust, integrity, and humility. This can create a toxic workplace and culture, requiring an urgent intervention to conduct a valuesbased intervention in the organization. Addressing these potential issues necessitates making changes, which underscores the need for strong leadership. The leadership team is critical to the ability of an organization to become all it can be, achieve its strategic objectives, and unleash its people’s potentials. The leadership team must epitomize the values of the organization as those values remain the bedrock upon which organizations are built, and it cements employee and customer retention and assists in building a sustaining relationship.
Toye Sobande is a Lawyer and Strategic Leadership Expert. He is the Principal of Stephens Leadership Consultancy LLC, a boutique consulting firm offering creative insight and solutions to businesses and leaders. Email: contactme@toyesobande.com
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Friday 26 February 2021
BUSINESS DAY
EDITORIAL PUBLISHER/EDITOR-IN-CHIEF
Frank Aigbogun EDITOR Tayo Fagbule
DEPUTY EDITORS Lolade Akinmurele John Osadolor, Abuja NEWS EDITOR Osa Victor Obayagbona NEWS EDITOR (Online) Chuks Oluigbo MANAGING DIRECTOR Dr. Ogho Okiti EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha GM ADVERT Ijeoma Ude GM CONFERENCES Obiora Onyeaso GM BUSINESS DEVELOPMENT (North) Bashir Ibrahim Hassan GM BUSINESS DEVELOPMENT (South) Ignatius Chukwu GM DIGITAL SUBSCRIPTION SALES Rerhe Idonije BUSINESS DEVELOPMENT MANAGER (South East, South South) Patrick Ijegbai COPY SALES MANAGER Florence Kadiri
Govt’s remarkable steps in off-grid energy space
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s an organization, we have always canvassed that the private sector should play a leading role in the economy while the government supports through smart regulations. We see evidence of this in the offgrid energy sector, which not only validates our position, but also shows what can happen if competent people are empowered to act. When this government first came to power on May 29, 2015, the previous government had already begun a National Renewable and Energy Efficiency Policy (NREEEP) which was meant to be the blueprint for sustained development, supply, and utilization of renewable energy resources within the economy for on-grid and off-grid. The Buhari government adopted this blueprint. Under NREEEP, there was provision for complete tariff waivers for all solar use components (panels, TV, batteries, bulbs) to attract investments, create downstream jobs and build scale. It also instituted priority clearance at the ports for the above as observed with Kenya and Ghana to promote ease of doing business. In 2016, the electricity sector regulator, the Nigerian Electricity Regulatory Commission (NERC)
created a Mini-grid Regulation, which provides guidance on the operations of mini-grids in Nigeria with the objective to increase unserved electricity access and encourage the use of renewables on a small scale. This regulation has become a game changer in providing energy access for previously unserved communities. Soon after this regulation was enacted, investors began taking advantage of the provisions that allowed cost recovery in the tariff model and optional license for energy systems below 1MW. This regulation helped spur hundreds of new businesses and created thousands of jobs in the offgrid space. It also prioritized solar mini-grid applications at the NERC. Another interesting policy implemented by this government is the National Content Development for Power Sector Regulation that aims to promote the deliberate utilisation of the local human workforce and material resources across the value chain of the Nigerian Electricity Supply Industry (NESI). This policy empowered the NESI Nigerian Content Consultative Forum (NNCCF) to carry out periodic surveys to determine the national content participation in the sector. It provided for the specific inclusion of women’s participation in the local content regulation quota for jobs
across NESI. Perhaps the most impactful policy yet is the Nigerian Electrification Project (NEP), a Federal Government credit facility initiative driven by the private sector, which seeks to provide electricity access to households, micro, small and medium enterprises (MSMEs) in off-grid communities across the country through renewable power sources. NEP is being implemented by the Rural Electrification Agency (REA) in collaboration with the World Bank, AfDB, and other partners. This programme has increased electricity access to households and MSMEs. It helped to provide clean, safe, reliable and affordable electricity through renewable power sources to unserved and underserved rural communities. It has also developed a data-driven off-grid model for Nigeria that will become an exemplar for Sub-Saharan Africa. The programme has ambitions to provide a reliable power supply for 250,000 MSMEs and one million households. Already, facets of the programme have led to the delivery of solar energy power to universities, markets, and hospitals across the country. The most recent policy initiative which operators are excited about is the Solar Power Naija programme to support the economic recovery in
response to the COVID-19 pandemic. The Federal Government launched an initiative as part of the Economic Sustainability Plan (ESP) to achieve the roll-out of 5 million new solarbased connections in off-grid communities. The Solar Connection Intervention Facility will complement the Federal Government’s efforts in providing affordable electricity, through the provision of long term low-interest credit facilities to the Nigeria Electrification Project (NEP) pre-qualified home solar value chain players, expand energy access to 25 million individuals (5 million new connections) through the provision of solar home systems (SHS) or connection to a mini-grid, increase local content in the off-grid solar value chain and facilitating the growth of the local manufacturing industry and incentivize the creation of 250,000 new jobs in the energy sector. Allowing private sector operators lead the charge to increase energy in underserved communities, creating forward-looking policies in conjunction with development partners and operators have opened the sector for investors like All On to play an active role seeding new businesses with grants and hiring competent people to manage the process. We urge the government to replicate this success across other sectors of the economy.
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Friday 26 February 2021
BUSINESS DAY
COMPANIES&MARKETS Ahead of NAICOM recapitalization, Tangerine Life completes acquisition of ARM Life ENDURANCE OKAFOR
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angerine Life Insurance Limited, previously known as Metropolitan Life Insurance Nigeria Limited, has concluded its acquisition of ARM Life PLC. Verod Capital, one of the leading private equity firms investing in growth companies across Anglophone West Africa is the mother company of Tangerine. The Nigeria-based investment firm acquired Tangerine from a South African company, Momentum Metropolitan Holdings following its exit from Nigeria in 2019. While Tangerine’s strength lies in the corporate market segment, its acquisition of ARM Life which has broad retail and annuity-based service offering puts Tangerine as Nigeria’s fourth-largest life insurer, as compiled from a statement by Tangerine Life.
…now Nigeria’s 4th largest life insurer “The key objective of the acquisition is to build a stronger, broader insurance and financial services platform, drawing on the strengths of both entities,” Tangerine said in a statement seen by BusinessDay on Wednesday. Since it was first announced in February 2020, Tangerine Life said both organizations have embarked on a rigorous exercise to evaluate their collective strengths and address any gaps, towards building an impressive new enterprise focused on digitalfirst. The new entity, according to the Lagos-based company will focus on impressing and satisfying customers with quality products and a superior customer experience. “Integrating the businesses has presented us a tremendous opportunity to enhance our capabilities, improve operating efficiencies and grow
our businesses,” Livingstone Magorimbo, Managing Director, Tangerine Life said. According to Stephen Alangbo, former Managing Director at ARM Life and director at Tangerine Life, “innovation is paramount in ensuring customer satisfaction in today’s business landscape. We believe that the combination of both entities will ensure exceptional value creation for existing and new customers and partners.” At Tangerine Life, Magorimbo said, the company is key on innovation and is focused on driving positive change within the insurance industry while also creating tremendous value for its customers by effectively positioning its business to stay ahead of the next wave of industry evolution. Even though the National Insurance Commission (NAICOM) has suspended the
recapitalisation exercise for insurers and reinsurers, following a court order issued 10 days before the deadline of the first tranche of the exercise which was to take effect on 31 December, Tangerine’s acquisition of ARM Life is setting the pace for other industry players who will need to recapitalize. NAICOM has been working to increase capital in the sector for several years, including proposing a risk-based capital system in 2018 instead of the base capital system. The recently suspended recapitalization exercise by NAICOM started in May 2019 and it requires life insurers to meet a minimum paid-up capital of N8bn ($20.2m), from NGN2bn, while general insurance companies are required to raise their minimum paid-up capital to N10bn from NGN3bn.
Siemens Energy Nigeria names Seun Suleiman as managing director ANTHONY NLEBEM
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iemens Energy, a leading energy technology company focused on energizing society and accelerating decarbonisation, has announced the appointment of Seun Suleiman as managing director. Seun joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa. As an accomplished business strategist and successdriven leader with strong business acumen, he has been a core member of the executive management team at Siemens Energy serving in roles as sales director West Africa - service distributed generation oil & gas and vice president service & digital. Before this, Seun also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd. He is vastly experienced in establishing Operational Excellence with specific competence in the Power, Oil & Gas sector and holds a first degree in mechanical engineering from the University of Ilorin, a masters in oil & gas engineering from the University of Aberdeen; a certificate in project management from Oxford University and recently an executive postgraduate program in advanced management from ESMT Ber-
lin. Over the years, in various capacities, Seun has stood out as a professional with talent in sales, marketing, business development, project management and operations management. As managing director of Siemens Energy Nigeria, he will be responsible for the entire management of operations and decisions on business policies and corporate strategy, while creating shared value for all stakeholders. Commenting on his appointment, Seun Suleiman said, “It is an absolute honour to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence. There are significant contributions that this company has made to the power and energy sector and indeed the Nigerian economy, and I am confident that together with our highly skilled team, we will continue to do substantial work and achieve our goal of energizing society with the utmost integrity”.
CFAO Group supports fish farmers in Epe with revolving loan, training
L-R: Victor Okafor, regional manager, Reckitt Benckiser (North); Cassandra Uzo-Ogbugh, senior brand manager, hygiene, Reckitt Benckiser (RB), West Africa; Thomas Shettima, general secretary, National Association of Nigeria Nurses and Midwives (NANNM), and Samson Eze Ikenna, deputy general secretary, NANNM, during the signing of a Memorandum of Understanding (MOU) Endorsing JIK as an effective hygiene and household disinfectant brand in Abuja.
Connect Marketing Services reposition businesses for growth HOPE ASHIKE-MOSES
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n experiential marketing agency, Connect Marketing Services, has reiterated its commitment to helping businesses to grow. The firm recently held its first digital conference, themed: “the marketing core”. The virtual event had in attendance industry giants and thought leaders in the marketing space. It also featured workshops where topics revolving around ‘Intelligence Ma r k e t i n g ’ i n t h e n e w normal were discussed by Agbons Igiewe from Nigeria, Sunny Bonnell and
Ashleigh Hansberger from the USA. Speaking on this development, Aizehi Itua, head of brand and communications, disclosed that; “the event was held to help businesses discover new ways to position their brands for growth in uncertain times with emphasis on the key areas needed in ensuring brand success. This will enable them to compete favourably in their various industries.” While addressing the effect of COVID 19 on the experiential marketing industry, he said, “It is glaring that our industry is rapidly transitioning away from just physical experiences
to hybrid and digital experiences. Hence, the need to position our brand as one, ready for the change that has come upon us. This was delivered expertly in this event”. According to him, “Connect Marketing Services are driven by our curiosity for understanding consumer behaviour and how they translate into profitable returns for the brand. “Founded in 2007 with a sole purpose of increasing the life span and relevance of brands by helping them learn about their customers and create human-centred solutions that yield tangible results,” he noted. He further stressed that
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“our knack for innovative ideas has enabled us to prescribe ground-breaking solutions that have helped over 50 brands globally create the deepest connections with their customers over the years.” “C o n n e c t Ma r k e t i n g Services is a member of the Experiential Marketers’ Association of Nigeria and the European Sponsors Association With a strategic partnership with Octagon Worldwide Group and Republicom group as well as footprints in Lagos and Accra, we have positioned ourselves as the preferred experiential marketing company in Africa”, he added.
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ish farmers in Ebute Afuye in Epe, Lagos, recently received huge support from a Corporate Social Responsibility (CSR) initiative sponsored by CFAO Group through CFAO Yamaha Motor Nigeria Limited in partnership with HEDA Resource Centre, a local NGO. The empowerment programme, which was launched on February 18, 2021, in Epe, is expected to provide aquaculture training, extension service support and highly nutritious floating fish feed for the farming season to 20 beneficiaries in a revolving loan format that will see other members of the IreAkari Fish Farmers Association take turns at accessing the fund. Sulaimon Arigbabu, executive secretary, HEDA Resource Centre, expressed joy in the initiative and assured the community that HEDA would continue to work at bringing partnerships and initiatives that will empower the average fish farmer and ensure they get maximum returns in their fish farming operations. The Lagos State Commissioner of Agriculture, who @Businessdayng
was represented at the event by Emmanuel Audu, assistant director of Fisheries Services, said Lagos State is happy with this initiative and would provide support by assigning agriculture extension officers who would periodically visit the beneficiaries to provide technical support for their fishing operation to ensure they get a bumper harvest at the end of the farming season. Emmanuel also enjoined the leadership of Ire Akari Fish Farmers Association to closely monitor and support the beneficiaries to ensure the support provided by CFAO Yamaha is maximally utilised. Victor Momodu, marketing lead, CFAO Yamaha, disclosed that the support provided for the fish farmers is in line with CFAO Group’s commitment to Nigeria and Africa, the group’s mission is to contribute to economic growth that develops faster than demographic growth, contribute to the industrialisation of the continent and the emergence of the middle class by creating jobs and manufacturing affordable products.
Friday 26 February 2021
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BUSINESS INSIGHT
Your business questions & dilemmas answered by Akin Monehin email: akin.monehin@chicagobooth.edu
A Better Version of Me: 6 ways to remain mentally strong
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belly signals significance. Fitness is the new significance.
tours had a head start when pandemic restrictions were lifted. Business leaders who continually think of how to deliver business objectives despite the challenging terrain always perform better. 3. Focus on the controllable You cannot control inflation, FOREX fluctuation, exchange rate levels, market volatility, oil price, national security, or government policy. But you can control placing the best product at the best price, at the best time, and in the hands of a paying customer. You can control your budget, strategy, mindset, and the likes. Doing this builds resilience since energy is channelled to the right levers. Being in control certainly gives us a sense of security. However, the brutal truth about life is that we cannot do much about many things. 4. Exercise often Recent research by Prof. Adam Chekroud of Yale University, published in Lancet Psychiatry Journal, links physical stamina to mental
stamina. His study concludes, “exercise is associated with a lower mental health burden.” The report further states that “exercising for 45 minutes three to five times a week has the biggest benefits…” for mental resilience. Gone are the days where a pot
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64% of senior business leaders have suffered from mental health conditions… you cannot control oil price, inflation, FOREX fluctuation, & market volatility
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usiness leaders are not only part of the population experiencing pandemic-related consequences of the global recession, economic contraction, and job losses. They also have the accountability of keeping shareholders happy, employees motivated, and customers satisfied. BUPA, a leading global health insurance & healthcare group, reported that preCOVID-19, “64% of senior business leaders have suffered from mental health conditions”. Your guess is as good as mine when that figure is compared to today’s reality. Business leaders’ struggle with mental and neurological challenges is real. Here are six (6) ways you can remain mentally healthy for yourself, your family, and the business: 1. Cancel pity parties A pity party is an event hosted by you for you, when you feel selfindulgently sorry for yourself. Psychologists say it reinforces the sense of being a victim, bringing the person to a place of hopelessness and inaction. Not where leaders should be. No matter the mistakes I make – and I make a lot of errors, by the way – I never moan and groan over them. Wasting energy on mistakes will impact the all-important multimillion-dollar decision a few hours later, as mental capacity is finite daily. Mentally strong leaders learn from their mistakes and move on quickly, hoping to have an opportunity to practice what was learnt. 2. Embrace change Evolutionary Biologists agree that “it is not the strongest species or the most intelligent who usually survive but those who can best manage change.” True for animals. True for man. True for business leaders battling with this uncharted business environment. Realtors that pivoted into virtual
5. Maintain strong relationships Dr. Marjorie E. Blum, a leading psychologist in a paper, Self-Defining Leadership, says, “without awareness of the impact of their family, many potentially successful leaders have been derailed through family-based and unconscious choices.” I am always energised and refreshed when I get home and in the company of my wife and children. It is magical. Connecting with my siblings and parent too is enjoyable. Stress and anxiety are automatically lifted. Some of my best friends remain primary school and secondary schoolmates. It is lonely at the top; therefore, business leaders should maintain authentic & trusted relationships. ity
6.
You have been prepared for a time such as this. Don’t let the impact of the pandemic have the best of you. Life hardly gets more manageable, but we get stronger and more resilient. You don’t have to be great to start, but you have to start to be great. A Better Version of Me, a series on some of the lessons I have learnt in my leadership journey, continues on 11th March 2021 About the Author:
Practice faith & spiritual-
Renowned Professor of Sociology Rodney Stark, in his book, America’s Blessings, says, “Regular religious worship lessens depression, promotes self-esteem …and marital happiness… increases longevity, improves an individual’s chances of recovering from illness, and lessens” the likelihood of falling ill. It says further, “health savings value of religious practice in 2012 alone was around USD115.5 billion in the US”. Several studies have suggested that religious activities, such as worship attendance, play a role in combating depression. An increase in religious practice was associated with having greater hope and a greater sense of purpose in life, improving mental strength. As a Christian, my faith in God assures me of a better tomorrow – the thought alone is exhilarating; expanding & strengthening my mental capacity.
Akin Monehin is a thought leader, speaker, and business strategist. A 2015 recipient of Choiseul Institut France’s Award of Top 100 African Business Leaders under 40 Years old, he hosts the thought leadership conversation on YouTube, “Make or Mar Moments with Monehin.” He is privileged to have worked in over 10 countries, including French and Arabic-speaking ones and leading organisations like British Airways, Virgin Atlantic & Nigeria LNG Ltd. He currently works for an International Oil Company (IOC). Views expressed in this article are personal and do not represent the views of any institution he is affiliated to
NEWS
Ogun commits to waste management reforms …introduces waste bill Josephine Okojie
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he Ogun State government says it will not derail from its waste management reforms for a clean, safe and healthy environment as it introduces waste bills in selected areas of the state for effective waste collection. Ola Oresanya, special adviser to Governor Dapo Abiodun on environment and chief executive officer of the Ogun State Waste Management Authority (OGWAMA), stated this during a crucial meeting with waste Private Ser-
vice Providers (PSP) and vendors for the commencement of the waste bill in selected cities of the state. Oresanya said the bill which has been introduced in selected areas in Abeokuta, Ijebu-Ode, Sagamu, Mowe, and Ibafo would end selected services by the PSP and compel residential houses in the selected areas to patronize the PSP for a cleaner environment. “Under this new arrangement, you are to service all households in your jurisdiction regularly and serve them with bills which have the seal of the state government but note that www.businessday.ng
at no point must those households complain of any selective or inefficient service from you like any one of you found guilty of these will be sanctioned” he warned the PSP. Oresanya added that the success of this first phase of billing will aid the commencement of the next phase which will be statewide and enjoined residential and commercial not captured in this first phase to get ready to cooperate with PSP assigned to their areas for better services. He also used the opportunity of the meeting to announce the outlawing of Cabstars, Tippers,
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and Lorries from collecting waste in the state after fourteen months of warning on its imminent ban saying that aside from their incompatibilities, they are always dirty and spill their collected wastes on the road while moving, thereby dirtying the environment they are billed to make clean. He said henceforth only Waste Collection Articulated Vehicles known as compactors are now allowed to collect wastes urging owners of outlawed vehicles to join hands and get compactors to be part of the new waste management reforms. For the waste vendors, he @Businessdayng
urged them to wait for new guidelines that will regulate their operations as OGWAMA is committed to holistic waste management reforms which will enhance a clean, safe and healthy environment. Responding, Jolaoso Emmanuel, chairman of the Association of Waste Managers Association of Nigeria (AWAN) Ogun State chapter, the umbrella body of the PSP appreciated the state government for the new initiatives especially the introduction of waste bills in selected areas of the state and promised his members to support for the on-going waste management reforms in the state.
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Friday 26 February 2021
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Sunday 24 February 2021
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AN
Sunday 24 February 2021
Friday 26 February 2021
BUSINESS DAY
NGWOMAN LEADINGWOMAN
supported by
supported by
ROSA WHITAKER, former US government policy leader, driving investments into Africa ally, success is a result of what you’re doing every day. It has to do with the daily preparation, daily habits, daily self-improvement and daily prayers. So, if you want to be successful, look at what you’re doing every day, because time cannot be redeemed, and that is what I have learnt as a woman who just turned 61. Make every day count. Learn everything that you can because you can never know what information you would need as a young person.
KEMI AJUMOBI
Associate Editor
Rosa Whitaker, CEO/President of The Whitaker Group (TWG), is a visionary, entrepreneur, former US government policy leader, career diplomat and trade negotiator with a progressive record of achievement driving investments into Africa. Notably, she served as America’s first-ever Assistant US Trade Representative in the administrations of Presidents Bill Clinton and George W. Bush. Named as one of Foreign Policy magazine’s Top 100 Global Thinkers, Rosa is broadly recognised as a leading expert on African trade and business engagement. While serving as a Senior Trade Advisor to US Congressman Charlie Rangel (Former Chairman of the powerful House Ways & Means Committee), Rosa was one of the key architects that crafted the historic African Growth and Opportunity Act (AGOA), which was enacted in 2000. AGOA, America’s first comprehensive trade law towards Africa, now spanning the administrations of four US Presidents, remains the cornerstone of US economic policy towards Africa. It has delivered, inter-alia, billions of dollars in duty free products from Africa into the US market annually while also generating jobs and investments across the Continent. After decades of supporting US and global investors to succeed in Africa, Rosa recently led TWG into its first direct investment in Africa. Supporting the region’s creative economy, in 2017, TWG acquired shares and management control of Dominion TV – a Pan-African 24/7 television, entertainment and multimedia company that broadcast in 48 African countries on DStv, Africa’s largest satellite platform. Rosa is also a philanthropist currently serving as the President of Mercy Ships while simultaneously maintaining her position on the International Executive Board of Directors of this prominent global charity that operates the world’s largest hospital ship. Since its founding in 1978, Mercy Ships has been providing surgeries and medical treatments (~$2B in value), free of charge, to the most economically vulnerable people in Africa.
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Growing up t was not a life of privilege and comfort. I grew up in Washington DC, and I believe I grew up with a lot of historical significance because I was born on the campus of the historic Howard University in Washington DC. I grew up with working class parents who worked incredibly hard and I think that was part of my foundation, understanding the value of hard work with a lot of values and integrity. I was deeply influenced by that. I grew up understanding that my working class parents could not afford to send me to college, so I had to be better than most, so I could get scholarships. I started working from the age of 14 and from 16, I supported my parents. I wasn’t always happy about this but I understood later how it really benefited and helped me to become the woman I am today. Whitaker Group My journey with the Whitaker Group started with just a burden. If you’re struggling to find your purpose, and what you want to be, look for the greatest burden. I’ve always had a burden about poverty. I saw poverty first hand, I was familiar with it and I just fundamentally felt from the time I was a child, something unfair about poverty. I felt there was something wrong with why some people had plenty and some people had little or nothing, and also the suffering that comes with that. So, the Whitaker Group is part of that journey to discover the best tool and the best strategy to deliver the most people out of poverty. For me, when I first moved to www.businessday.ng
Africa in 1984, I discovered tremendous poverty and I also felt like I discovered the tools. Some of the tools included private investments, development and job creation. So, I created the Whitaker Group to focus on mobilising private capital and businesses, and then brought that to Africa. I’m thankful to God that we’ve been able to deliver. Experience working with the US government The one thing that I learned from that whole experience was that, the Assistant US Trade Representative in the Office of the US president, never existed before. I was brought in to establish that office. The reason why it never existed was because America did not have a trade policy towards Africa. We had Assistant trade representatives for every region in the world except Africa, and you know why? It was because our policy viewed Africa largely as charity. So, the word ‘Africa’ was in the Agency for International Development where they were given aid in the state department for diplomacy, dealing with conflicts. Then it was just 10 of us. Five in the US, five on the African continent, that agreed we should work to change that policy, respect Africa, the dignity of her existence as a continent and develop a trade policy. We did just that. Of course, if you have a policy, you have to have someone to drive that policy. So, I came into that position. What I tell people is always to be prepared for that big door that will open up because preparation cannot be developed overnight. Success is not merely the big breakthroughs. Usu-
The 5 Cs of Success It’s very important. I have some keys to share and I tell everyone that if you follow these keys, I don’t believe you’ll fail. The first is Character. Without character, your success will be short lived if you would achieve any success at all. So, character is the foundation. Next is Commitment. You have to approach these opportunities in life with commitment, you have to be extraordinarily committed to what you do, you can’t fake it. People know when you’re not committed. The third is Courage. You have to have courage, without courage, all else fails. Next is Competence. You have to have competence which requires daily preparation. In your profession, you must be able to sustain success, overnight stuff won’t work, because if you want to get it overnight, you are going to be competing with people who have been preparing all their lives. The last one is Confidence. I’ve seen so many brilliant people who have the character, the commitment, the courage and competence but they didn’t believe it and so, they did not succeed. For me, those five Cs provided the keys. I also learnt some other lessons. I found so many people stopped in their tracks because they failed some tests. More tests have to do with the test of mastering offenses. It’s not a matter of when someone or something offends you, offence will surely come, it’s a matter of ‘when’ not a matter of ‘if’. Read the concluding part of our interview with ROSA WHITAKER on our website www.businessday.ng as she graces our Women’s Hub cover for this week.
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NEWS FROM THE GENDER DESK OF BOI
BOI to celebrate International Women’s Day
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he Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. Following a successful institutional, operational and financial restructuring programme embarked upon in 2002, the bank has transformed into an efficient, focused and profitable institution that is well placed to effectively carry out its primary mandate of provid-
women’s equality. Marked annually on March 8th, International Women’s Day (IWD) is one of the most important days of the year to celebrate women’s achievements, raise awareness about women’s equality among others. Being a bank that supports women businesses, in commemoration of International Women’s Day 2021, and moderated by BusinessDay, we will be celebrating ours on the 11th of March. It will be a virtual event graced by various distinguished women of substance on three different panels.
ing long term financing to the industrial sector of the Nigerian economy. Its mandate is providing financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification and modernisation of existing enterprises; and rehabilitation of existing ones. The bank has been consistent in supporting women businesses through the years and always seeks for avenues to better the lives of women. One of such ways is our yearly celebration of International Women’s Day. All is set at BOI to celebrate International Women’s Day 2021. International Women’s Day is a global day celebrating the social, economic, cultural and political achievements of women. The day also marks a call to action for accelerating gender parity. Significant activity is witnessed worldwide as groups come together to celebrate women’s achievements or rally for
“We remain committed to supporting women businesses and also helping them grow to become even better. That is why we have carefully selected women of substance who will be speaking virtually to an array of diverse women on their journey, thereby inspiring other women” Olukayode A. Pitan, MD/ CEO said. According to the Group Head of Gender Business at Bank of Industry (BOI), and a promoter of women businesses across the various sectors of Nigeria, Adebisi Ajayi, “We recorded an outstanding success from our event last year as we also marked International Women’s Day in our own way, and we were thrilled at the success of the event. We are looking forward to the 11th of March, when once again, we will be listening and learning from our array of illustrious women.” The gender desk is encouraging you to save the date and watch this space for further information.
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Friday 26 February 2021
BUSINESS DAY
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INTERVIEW ‘Our investments create jobs, drive inclusive growth in Nigeria’ CDC is the UK’s Development Finance Institution (DFI) and impact investor with a mandate to support the sustainable, long-term growth of businesses in Africa and South Asia. Benson Adenuga, head of office & coverage director, Nigeria, CDC Group, in this interview with Hope Moses-Ashike, shares insights on the Institution’s efforts at closing Africa’s trade finance gap and other issues. Excerpts:
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hat is CDC’s strategy in Nigeria and which sectors does it seek to invest? We have a longstanding commitment to Nigeria, which is one of our priority markets in Africa. We made our first investment in the country in 1948 and our growing portfolio now includes 98 businesses, which support over 38,000 direct jobs and many more livelihoods. The country’s development challenges, rapidly growing population and economic potential mean it’s a market where our investments can have a significant impact by creating many much-needed jobs and driving inclusive growth. We are actively seeking to invest in private sector companies in a wide range of sectors, including manufacturing, food and agriculture, infrastructure, healthcare, financial services, and climate-resilience. Our investment strategy is two-fold and involves making direct investments and investing via partner funds. In the first instance, we make direct equity or direct debt investments in Nigerian companies (with a typical ticket size of US$10 million to US$150 million) and take an active approach in helping them grow sustainably, while creating new economic opportunities and improving their environmental and social performance. By partnering with Nigerian private equity fund managers like Verod and CardinalStone, we are able to invest in smaller companies – particularly SMEs – that are too small to absorb our direct investments. In September 2020, we also formed a strategic partnership with the Nigerian Sovereign Investment Authority to encourage private capital to scale up their participation in high-impact sectors of the Nigerian economy. As part of the agreement, we will share information on prospective projects in Nigeria and across the continent with the ambition to co-invest in the sectors mentioned earlier. More broadly, the establishment of a permanent CDC presence in Lagos and my appointment as Head of Office & Coverage Director for Nigeria in late 2019 is testament to the institution’s commitment to investing in our country. I’m looking forward to growing our portfolio of top Nigerian companies while working alongside our existing investees and partners. Nigeria reportedly has one of the highest proportions of female entrepreneurs in the world. What initiatives are being promoted to unlock more opportunities for women and youth populations in Nigeria? Indeed, across Africa – and Nigeria especially – we have seen high proportions of women entrepreneurs, with one estimate indicating that 40% of Nigerian women are entrepreneurs. But these numbers cannot be evaluated in isolation and must be considered alongside the figures that detail the comparative difficulty women have in accessing opportunities and support compared to men. Most financial systems have been
last few years and policymakers are working together to improve connectivity. The Smart Africa Alliance recently announced plans to halve the cost of accessing the internet by pooling resources and purchasing capacity in bulk.
designed by and for men, resulting in systemic obstacles for women entrepreneurs, who disproportionately face financial access barriers that prevent them from participating in the economy in the same way. This impedes market productivity and hinders economic and human development. We believe that women are strategic assets for any business – whether they own them or work in them and are committed to improving the status of women in the workforce and developing new products and services that address our female consumers’ needs. A vital element of this work involves our co-founding of the 2X Challenge, an initiative set up with partner DFIs of the G7 countries in 2018, which aims to mobilise US$3 billion to support projects that enhance women’s economic participation. The successful initiative surpassed its 2020 target and has now mobilised US$4.5 billion in investment commitments that seek to empower women as entrepreneurs, business leaders, employees and consumers of products and services. We are committed to continue to engineer solutions that have a gender-lens applied, and have also implemented gender-sensitive recruitment strategies, mentoring, skills and training programmes designed to increase opportunities for youths and the number of women in senior decision-making positions within our investee companies. Lastly, I’m particularly proud of our partnership with TheBoardroom Africa, which promotes female leaders and voices in businesses in Africa and aims to double female representation in Africa’s boardrooms by 2028. Given the magnitude of Nigeria’s population and vulnerability to climate change, what is CDC doing to mitigate risk and strengthen Nigeria’s climate-resilience for future generations? Climate change plays a part in every facet of Nigeria’s economic challenges, affecting everything from food, to opportunity and politics. The shrinking of the Lake Chad Basin has www.businessday.ng
led to a lot of uncertainty in the region, with sharp increases in extreme heat affecting millions without access to steady electricity while change in weather patterns affect an agricultural sector largely dependent on rainfall. But the impact extends beyond agriculture, affecting health as well as the economy at large. Despite its importance, competing societal issues and challenges has meant that climate change hasn’t been given the attention required. Left unaddressed, climate change has major implications for Nigeria’s development trajectory and future generations. Addressing climate change is a core priority for CDC and we apply a climate lens to all our investments. Our priority markets across Africa and South Asia are typically the most vulnerable to and least prepared for climate change. Our investments in sectors such as infrastructure, clean energy, manufacturing, sustainable agriculture and low-carbon real estate development address these challenges, while creating much-needed jobs and economic transformation. Since 2017, CDC has provided over US$1 billion in climate finance and from this year, 30% of our annual commitments will go to tackling climate change as we transition to netzero emissions within our portfolio by 2050. Key investments include our joint commitment of US$90 million to Greenlight Planet, the largest provider of solar-powered home energy products in sub-Saharan Africa. The firm provides clean energy to more than two million people in Nigeria and the investment will boost access to affordable clean energy while creating jobs and reducing emissions. How critical is digitalisation for Nigeria’s economic transformation and recovery post-COVID 19? COVID-19 tested our health systems and our economies and has shone a light on the importance of technology and digitalisation as a catalyst for recovery, growth and resilience. There’s been considerable private sector investment in this space in the
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Connectivity is the precursor to the growth of digital ecosystems and increases in productivity and growth. Technological innovation is disrupting traditional industries and unlocking new business models in sectors such as banking and financial services, as well as fuelling the growth of e-commerce and creating new employment opportunities for the next generation of STEM talent. The recent 2021 budget also reflects the government’s acknowledgment of this necessity, with many Ministries, Departments and Agencies receiving allocations to procure and upgrade existing digital infrastructure. As part of our ambition to accelerate Africa’s digital transformation, we have made two investments totalling US$220 million in Liquid Telecom – the largest independent fibre and cloud provider in Africa. The first investment boosts connectivity across the continent while our additional US$40 million investment, announced in October last year, will accelerate the growth of Liquid Telecom’s pan-African data centre operation business, including in Nigeria. Lagos is one of Africa’s most exciting tech and innovation hubs in Africa. This investment will help accelerate the growth of the continent’s tech start-up ecosystems whilst also supporting the needs of established enterprises. What role can development finance institutions play in the post-COVID-19 recovery? What are some of the key issues that need to be addressed to create fairer, more resilient societies, improve livelihoods and accelerate progress towards the Sustainable Development Goals (SDGs)? COVID-19 has exposed and reinforced social and economic inequalities in Africa and around the globe. A significant part of our COVID-19 response revolves around injecting systemic liquidity into Africa’s financial system through partner intermediaries like Absa, TDB and Standard Chartered. These investments commitments – which amount to over US$475500 million are expected to increase beyond U$500 million -– have protected vital supply chains and sustained importers’ operations, shoring up trade flows and ensuring a swifter post-COVID-19 recovery. In parallel and amid the pandemic, we’ve continued to invest in leading African companies and funds. These countercyclical commitments are particularly important, given many international financial institutions have reduced their risk appetite for investing in Africa and other emerging or frontier markets over the last ten months. An example of this is our recent US$100 million investment in @Businessdayng
Helios – a private equity fund with one of Africa’s strongest track records. CDC also anchored the pioneering BlueOrchard Covid-19 Emerging and Frontier Markets MSME Support Fund, which aims to support more than 200 million jobs in emerging and frontier markets. Nigeria is currently facing foreign exchange pressure, which also affects fund repatriation by foreign investors. How will this impact on your investments in the country and what are your suggestions on how to address this challenge? Nigeria’s oil-driven foreign exchange pressures have major implications for foreign investors looking to repatriate their funds, with reserves being prioritised for strategic imports or to service debt obligations, leading to delays in sourcing dollars from the Central Bank. As a DFI, CDC invests with a long-term view and our patient capital approach means we often have a greater degree of flexibility – and a higher risk appetite – compared to commercial investors. The diversification of the economy away from oil will reduce Nigeria’s vulnerability to commodity shocks and associated dollar shortages, while creating jobs and increasing government revenue. In this sense, diversification will be the cornerstone of the next phase of Nigeria’s development. With the African Continental Free Trade Area (AfCFTA) commencing, what role will your institution and the UK government play to enhance trade on the continent? The launch of the AfCFTA on January 1, 2021 is a significant and muchneeded milestone to boost intraAfrican trade, which remains comparatively low. The UK is committed to enhancing trade on the continent, both by directly investing in stimulating trade flows, and by investing in the underlying building blocks that support commerce. As part of this commitment, CDC plans to invest over US$1 billion in Africa this year with a focus on target markets such as Egypt, Ethiopia, Kenya and Nigeria. At CDC, we are focusing our efforts on closing Africa’s trade finance gap, which has been estimated at US$100 billion to US$120 billion, though COVID-19 is likely to have widened this considerably. Over the last five years, we’ve established strong relationships with global and pan-African financial institutions, which provide trade finance to banks across the continent that support trade and supply chains. Since 2015, CDC has guaranteed US$3.3 billion, resulting in US$12.5 billion of trade across its markets in Africa and South Asia. Nigeria is a key beneficiary of these ongoing investments. Beyond this, the UK’s Foreign Commonwealth and Development Office and the Department for International Trade are supporting African countries to meet their rapidly growing energy needs through green energy, promoting human capital development and building basic infrastructure – all of which are key to stimulating trade across the continent.
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Friday 26 February 2021
BUSINESS DAY
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Friday 26 February 2021
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FINTECH
South Africa, Kenya offer lessons on how to approach crypto market FRANK ELEANYA
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he Central Bank of Nigeria (CBN) in trying to defend the February decision to prohibit banks from supporting the cryptocurrency market in Nigeria said it was in the same boat with countries like Bolivia, Kyrgyzstan, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, Nepal, and Cambodia. L i k e Ni g e r i a , t h e s e countries are designated developing nations. But unlike Nigeria, none of the countries are listed in the top ten countries that are leading the way when it comes to crypto usage. The list according to Chainalysis includes Ukraine, Venezuela, China, Kenya, the US, South Africa, Nigeria, Colombia, and Vietnam. Among the top ten, China shares the same dim views of the market as Nigeria and Kenya. Ne ve r t h el e ss, w h i le China, the second-largest economic power in the world, may have other revenue streams to shore up losses from losing cryptocurrency investments,
Nigeria which is struggling with scarce foreign exchange and a weak naira may not have that luxury. It is a reality South Africa and Kenya share in common with Nigeria, Africa’s most populated country. They also offer Nigeria two contrasting lessons; what happens when regulators fight against the market and when it is approached differently. While Kenya chose to imitate China, South Africa is taking a different strategy. Kenya and crypto regulations Kenya is not new to digital banking. The country accounts for the largest mobile banking service in Africa thanks to Safaricom’s MPesa which services about 98.8 percent of the p opulation and accounts for 60 percent of the GDP. But in 2015, the Central Bank of Kenya toed a similar line like the Nigerian CBN by issuing a public notice titled ‘Caution to the Public on Virtual Currencies’. It stated that cr yptocur rencies w ere not legal tenders and remain unregulated in Kewww.businessday.ng
nya. This meant that “no protection exists in the event that the platform that exchanges or holds the virtual currency fails or goes out of business”. After outlining the risks associated with the market it encouraged people to desist from trading. Kenya’s restrictions on cryptocurrency may have been applauded by some Kenyan banks including Safaricom’s CEO but it led to a massive spike in peerto-peer transactions and further loss of revenue for the economy. Citibank in 2018 suggested Kenyans hold 163 billion KES ($1.48 billion) in bitcoin. Paxful said in its report that Kenyans made 6 billion transactions and 178 million KES ($1.62 million) per week in 2020. L ocalbitcoins noted that 150 million KES ($1.36million) worth of transactions went through its platform per week. “Blocking people from investing in early technology opportunities like various cryptocurrency protocols as they launch or from protecting their personal wealth by keeping it in bitcoin, as many others
are doing, would obviously have bad outcomes,” Eloho Omame, managing director of Endeavor Nigeria, a firm that selects, mentors and accelerates the best high-impact entrepreneurs in the region. “Banning on- and off-ramps between bank accounts and exchanges will make it harder, but not impossible for small businesses and retail investors to trade cryptocurrencies. P2P exchanges exist for precisely this reason.” South Africa and crypto regulation While South Africa has yet to legitimise or put official controls in the market, it has rather chosen to engage the market operators. The countr y’s initial statement on cryptocurrencies was issued in 2014 by the National Treasury (along with the South African Reserve Bank, the Financial Services Board, the South African Revenue Service, and the Financial Intelligence Centre). In that statement, it warned the public about the risks of transactions and investments in crypto assets, at the time referred to as virtual currency.
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Currently in South Africa there are no specific laws or regulations that address the use of virtual currencies. Consequently, no legal protection or recourse is afforded to users of virtual currencies. Due to their unregulated status, virtual currencies cannot be classified as legal tender as any merchant may refuse them as a payment instrument without being in breach of the law. In addition, virtual currencies cannot be regarded as a means of payment as they are not issued on receipt of funds. The use of virtual currencies therefore depends on the other participant’s willingness to accept them. While virtual currencies can be bought and sold on various platforms, they are not defined as securities in terms of the Financial Markets Act, 2012 (Act No. 19 of 2012). The regulatory standards that apply to the trading of securities therefore do not apply to virtual currencies. In essence, rather than create unnecessary panic in the investing public, it sought to educate the public and to let them make @Businessdayng
the decision on what to do. The engagement with the industry has seen the country come up with tax policies through which it earned revenue from cryptocurrency trading despite not having a proper regulatory policy yet. Marius Reitz, Luno’s regional manager said an average of R90 million ($6.1 million) worth of Bitcoin is traded in South Africa daily. Apart from trading, the country is the only place in Africa where mining activities have ever been carried out. It also attracts the most investments in crypto infrastructure according to Reitz. For Nigeria’s Central Bank, experts say there are no clear cut approaches to regulating the crypto market, except through engagement. “They should consult with investors, large and small business owners, cross-border traders, foreign exchange dealers, cryptocurrency exchanges, and national and sub-national authorities, including some who have already positioned themselves as pro-cryptocurrency,” said Omame.
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Friday 26 February 2021
BUSINESS DAY
ENTERTAINMENT
‘I survived the pandemic period on other sources of income, good financial habits’ Since settling into the Nigerian music scene a few years ago, KOREDE BELLO has made an incredible impact. The youthful singer and songwriter, who is signed under Mavin Records is not relenting on his journey to stardom. In this interview, the ‘Godwin’ crooner speaks to OBINNA EMELIKE on how he survived the pandemic, his new song, among other related issues. How has it been with Korede Bello? have been well. Eating good, praying, mediating, making music, staying out of trouble and minding the business that pays me. Tell us about your new song, its inspiration and more? My new song is titled ‘Real Man’. It is a product of the experiences I have had with a lot of ladies. Women yearn for a man that can provide, protect and love them, and that has evolutionary reasons behind it. Unfortunately, most guys think this provision is only about material provision. A woman needs a man that can provide for her emotional needs too; a sensitive man. A lot of ladies can take care of themselves materially, so money is out of the equation. A Real Man knows what a woman needs when she needs it or at least, is willing to learn and can effectively communicate potential solutions to her
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problems. Who would you identify as a real man and what makes a man one? A real man is a provider; I mean a solution provider. A real man knows how to treat a woman right. As well, a real woman recognizes, respects and protects the rights of every girl/woman. What is the Korede Bello initiative all about? I realised that it does not matter how much money or fame you acquire, you need good health to enjoy it, especially mental health. So, that is why I advocate for mental wellness as priority. Nothing really works if our mental health is not in good shape. You cannot get any form of education or even make meaningful relationships or contribution if there is conflict going on up there. The mind is just like a garden, you pick out the unwanted and water the wanted for proper growth. This is why mental health, for me, is Key.
The year 2020 was a difficult one for many musicians, how did you survive it? Indeed it was a difficult period for entertainers and still is. We, the entertainers are in the people’s business, so the industry was hit by a different type of pandemic. Fortunately for me I had been pruning good financial habits before the pandemic, so it was easier for me to survive on other sources of income without having to depend on shows. The pandemic opened doors for streaming platforms in 2020, do you think musicians are still patronizing streaming companies now and what advantage does it have over the normal album release platforms? I have been benefiting from the streaming side of the industry before 2020, so I was not surprised that artistes would gravitate towards virtual means of earning more income. The future of the music business
Korede Bello
is online. Do you see hope and recovery this year? I am optimistic and positive that we will begin our recovery this year. Hopefully the vaccines will get to the populace in good timing. Which artiste do you think will take the shine from Burna Boy, this year, considering that he ruled the Nigeria music landscape in 2020 despite the pandemic? I do not believe anybody will take any shine from anybody. We shine different, the sun takes care of the day and the moon does its thing in the night. We all have our roles to play and the most important thing is to play it well individually and collectively. You have this new perceived sex appeal, is it all part of a new style or it’s just you been you? I am pretty sure different people have perceived me in sexual contexts before now. So, I guess it is new to you or your own perception.
All eyes on Coming 2 America as cast, crew speak on the sequel OBINNA EMELIKE
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oming 2 America, the much-anticipated sequel, is set to premiere globally this March after 30 years of the original movie Coming To America. The comedy, which is set in the lush and royal country of Zamunda follows the everunfolding story of the Joffers, the royal family of the land of Zamunda and the newlycrowned King Akeem (Eddie Murphy). While the passage of time has resulted in a few changes in the country, some traditions, especially inside the palace, are stuck in the past. As King Jaffe Joffer nears the end of his life, the spotlight turns to Prince Akeem and the inevitable transfer of power. There is also the burning question of who will become his heir. Akeem and Lisa have settled into a cozy life, but like most families, there are the occasional disagreements to settle. Akeem and Lisa’s evolution as husband-and-wife, parents and soon-to-be elders is both relatable and universal. “In Coming To America, an African prince travels to
America to find a regular girl and he brings her back to make her his princess. It is a modern fairytale that a lot of people love and also, it was the very first time they ever had a movie with Black folks, where you had kings and queens,” Eddie Murphy says. “This film is a really cool continuation of that story and I want people to have a great experience while watching it.” Craig Brewer, the director of the movie, is among the many people who still love the first film. “The real benefit of making a sequel to a classic like Coming To America 30 years later is that you get into the territory of your characters having lived lives,” notes Brewer, who saw the original film, which was his grandmother’s favorite, in theaters as a teenager. “With Akeem, he is watching his kids grow up and have their own opinions and also, he now carries the weight of being the king of his own castle. I knew those were interesting elements that we could bring to the story, along with the laughter. What might surprise many people is that there’s a lot of heart and soul to the movie.” In life, as in art, timing is www.businessday.ng
key. According to Kevin Misher, producer of the movie, the sequel came together when Murphy felt the time was right. “When taking on the sequel to a legendary property like the original Coming To America, there is a certain obligation as a filmmaker because you have multiple generations of people who both revere it and regard it as their own,” he says. “So, you cannot think about doing
anything related to COMING TO AMERICA unless Eddie Murphy decides that it is time to tell the story. And at this point, he decided that the time had come to revisit Akeem as an older man with a family.” The journey to bringing Coming To America to fruition began with a phone call from Murphy to screenwriter Barry W. Blaustein, who, along with his writing partner, Da-
Eddie Murphy. lead character in Comming 2 America https://www.facebook.com/businessdayng
vid Sheffield, has collaborated with the actor since his early days on Saturday Night Live. In addition to Coming To America, on which they served as co-producers, the duo also penned screenplays for Murphy’s box-office hits including Boomerang, The Nutty Professor, The Nutty Professor II: The Klumps. For Coming 2 America, Murphy created the characters, while Blaustein and Sheffield crafted the story and co-wrote the screenplay with Kenya Barris. “I got a call from Eddie, out of nowhere, and he said, I think I have a way of doing the sequel,” remembers Blaustein. “After he gave me a brief synopsis of the idea, I was interested, and he said, “I want you and David to write it.” That was four years ago. David Sheffield remembers their initial conversations with Murphy, about shaping the story. “Early on, we talked about how everyone would want to see what’s going on with Akeem and Lisa and we decided that they should be happily married, and we gave them three daughters,” he notes. “We also planted the seeds about there being a feminist statement with the @Businessdayng
oldest daughter assuming her rightful place and Kenya Barris took that and ran with it. He did such a great job and we’re honored to share a credit with him.” Barris recalls his fondness for the first film. “Eddie was one of the biggest stars in the world when Coming To America came out and he took the opportunity to create a land where Black people were grand,” Barris adds. “The film is a Black fairytale and it pays tribute to our lineage, our heritage and the royalty and realness of who we are, which means a lot. Then, of course, there’s the fact that it was one of the funniest and most beloved movies of all time.” The goal was to expand the story, yes, but also bring back as much of the original cast as possible. “For Eddie and Arsenio, I think the film just builds off of the friendship they’ve had forever. It was also fun trying to figure out how to put all the different characters back in there and we tried to include everybody. If you were in the original movie for five seconds, we thought, ‘We will try to get you in there,’” laughs Blaustein.
Friday 26 February 2021
BUSINESS DAY
The Regent: Indigenous brand showing strength Stories by OBINNA EMELIKE
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rom the magnificent exterior, the welcoming smiles on the faces at the front desk, the mild temperature that caresses you at the lobby, and the cozy interior, it is truly a world of affordable luxury at The Regent. Simply, The Regent, the chic and classy hotel set at the crossroads of the Lagos Mainland’s Ikeja GRA and Maryland, is a monument in the heart of Ikeja, and also among the most fashionable hotels in town. The indigenous Regent brand is conceived by its owners to be uniquely different from the lot. Few years down the line, the hotel is truly showing strength in quality offerings, furnishing and innovations that has enabled it to give foreign brands a run for their money. The hotel’s facilities and services, crafted specially to meet the growing relaxation, business and accommodation demands of the business traveller, are as monumental as the hotel itself. On a closer assessment, guests readily confirm that the hotel is just all suites and luxury affairs. It is usually more than a night’s rest in one of the hotel’s 27 luxury suites in the range of standard, double standard, deluxe, and presidential suites. Furthermore, the softly lit ambient tones set off by Regent-designed furnishings
create a chic and stunning environment for each of the hotel’s signature accommodations. The Regent rooms and suites ensconce guests in a luxuriously serene setting that elevates the notion of design to works of art. The less number of rooms, but not facilities, is in line with the hotel’s commitment to offer personalised treatment to its customers, the majority of whom are foreigners. The UK-trained hotel management professional insists that The Regent is one of the most fashionable and luxury hotels without issues of pricing, as its rates are competitive compared with the already established hospitality outfits within the Ikeja axis. “We are challenging every traditional convention of luxury hospitality. We continue to examine and rethink every possible feature of the luxury hotel experience to create an entirely new concept that is truly in tune with what sophis-
ticated travellers want today,” the management notes. The hotel is also endearing because the ambience and aesthetics are rare in this side of the world. The lavish décor combines African and European influences with modern designs and the very latest technology to create a very relaxing environment that sets guests in the mood for luxurious unwinding. The exquisite custommade furniture, exclusively made for ‘The Regent,’ along with plush pillow-top mattresses with monogrammed linen, will all indulge your sense of luxury. The hotel offers 24-hour in-room dining while all guests enjoy 24-hour high-speed internet access. The luxury and personalised services extend to other facilities such as restaurant, bar and lounge, guest services, conference hall, gym, poolside, The Regent shop, business centre, and The Regent
travellers’ card exclusive to the guests. Among the facilities the pool side is worth experiencing. The jewel-like pool deck sits handsomely on the hotel’s ground floor offering a seductive environment of glamour and comfort. It is simply a reflecting poolside for sunbathing, surrounded by chaises and private cabanas, as well as, creates a chic outdoor living room where guests can enjoy a full range of creature comforts. There are dedicated pool concierges and valets, and refreshing niceties, including crafty cocktails and light fare by the resident chef. The Regent shop is also worth a visit as the hotel’s shop is filled with everything guests might need. “Our name represents style, luxury and class; our core essential component to the ‘Regent’ is our guest’s comfort, which is all about affordable luxury. Most importantly, Regent is a name that has quickly become synonymous with timeless elegance, intelligence and discovery,” notes the hotel management. In line with health and safety protocols, the management assures that the hotel has put in place the best of equipment, technology and measures to ensure that both guests and employees are safe. It insists that regular updates on offerings and strict adherence to health and safety measures have been wooing guests, while making the employees responsible and diligent at work.
Hotel security for guests
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he sad truth is that criminals target travelers, especially in and around hotels. The abundance of literature on the topic of hotel security does not seem to have deterred criminals from using hotels as a target of their trade. An informal survey of hotel security staff reveals old patterns of crime repeated and new tricks (or new variations of old tricks) continue as before. There are, however, some practices which can reduce your risk of being the target of crime or other hazards in a hotel, especially this new year. The starting point The starting point for hotel security consideration begins well before you have checked into the hotel. If you drive to a hotel and park in their garage or parking lot, auto security, luggage protection, and personal safety will be your starting point. If you arrive by cab, your safety in the taxi and care of your luggage will be your starting point. In fact, unless you have visited a particular hotel fairly recently, your starting point should be a telephone call from home to ask a few questions. If the hotel
is in a foreign country, the list of questions to ask in advance will be more extensive. Call to confirm your reservations; get a fax of confirmation and note the name of the person you spoke to. Questions to ask and where to ask them There are three questions to ask for selecting a secure hotel: Are there electronic door locks? Is there good key control? And is there a fire alarm and water sprinkler system? Generally, the only way to find this out is calling the hotel directly. The number one security issue is controlling who has access
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to a guest’s hotel room. While we can install electronic locks and keep a closely controlled system of key control, it is the guests themselves who often let down their guard and fail to lock their door when they go out to get ice at the end of the hall, or open their door to an uninvited intruder. It is important to remember that a hotel is a public place and criminals are attracted to places where outsiders are vulnerable. What room to reserve? If possible, avoid staying in a room located on the first floor of a hotel. Since first floor rooms often have sliding doors or windows that are accessible
from ground level, they are a greater security risk than rooms on higher floors. Second floor to fifth floor rooms are usually a good choice in the event of a fire, as they are more easily accessible for rescue purposes than rooms on higher levels. But rarely is room selection so simple. If you are attending a convention or visiting during the busy season, your choice of rooms may be limited. And a more expensive room will not guarantee you greater fire security, since the most luxurious suites are usually located on the top floors, and can therefore be more difficult to escape in a fire. Rooms away from the ice machine or utility area will minimize your exposure to the noise of hallway traffic, and a room near a stairwell will provide an alternative to endless waiting for crowded elevators. However, women traveling alone may wish to choose a room near hall or stairwell surveillance cameras for added security. Before you get settled into your assigned room, verify that there is a reasonably quick access to a fire escape route by window or stairway.
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Hotels
Top BusinessDay Partner Hotels Four Points by Sheraton Hotel (Oniru Chiefatancy Estate,Lekki) Tel: +234 1 448 9444
Transcorp Hilton Abuja 1 Aguiyi Ironsi Street Maitama, Abuja Tel: +234-708-060-3000
The Wheatbaker #4 Onitolo(Lawrence Road), Ikoyi, Lagos. Tel: 01 277 3560
Hawthorn Suites by Wyndham Abuja 1 Uke St, Garki, Abuja. Tel: +234 9 4603900, +234 805 7522500
Lagos Continental Hotel Plot 52, Kofo Abayomi St, Lagos Tel: 01 236 6666
Radisson Blu Hotel Ikeja #38/40 Isaac John St, Ikeja GRA100271, Ikeja Tel: +234-908-780 5555
206 Exclusive Hotel Plot 206 Oladipo Diya Road Opposite Olympia Estate By Games Village Second Gate Durumi2 Abuja
Novotel Port Harcourt Address: 3 Stadium Road Rumuomasi, Port Harcourt Rivers State, Tel: 0809 713 5734
Radisson Lagos Ikeja #42-44 Isaac John Street, GRA Ikeja, Lagos
Southern Sun IkoyI Hotel Address: 47 Alfred Rewane Road, Ikoyi, Lagos Tel: +234 1 280 5200 / +234 1 280 0630 Email: ssikoyi.reservations@ tsogosun.com
Radisson Blu Anchorage Hotel 1A,Ozumba Mbadiwe,Victoria Island. @Businessdayng
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Friday 26 February 2021
BUSINESS DAY
Sports
Seedorf laments lack of Black coaches in European Leagues years ago. “I played 12 years in Italy: after [coaching] Milan, despite having done a great job, I received no calls,” he told Gazzetta dello Sport. “Holland is my country, yet again, zero calls. “What are the selection criteria? Why do great champions have no chance in Europe where they wrote pages of football history? “Why does Vieira have to go to New York and Henry to Canada? Patrick Vieira managed New York City FC between 2016-18 while Thierry Henry is manager of MLS side Montreal. “For coaches there are no equal opportunities: if we look at the figures, there are no Black people in the positions of greatest power in football. “It’s something that concerns the whole of society. Everyone, especially those who can change things, must feel the responsibility to create a meritocratic world and
Stories by Anthony Nlebem
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larence Seedorf, former AC Milan and Inter midfielder, has criticised the lack of Black managers in Europe and said “there are no equal opportunities.” Seedorf, 44, enjoyed a successful playing career and still remains the only player to win the Champions League with three different clubs -- Ajax, Real Madrid and Milan. After his retirement, Seedorf took charge of Milan in 2014, but was sacked four months into a two-anda-half-year contract. Seedorf has also managed Spanish club Deportivo La Coruna, Chinese Super League side Shenzhen and Cameroon, but said he has not received any calls about vacant positions since leaving the national team two
African opponents tougher than ever - Omoerah
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fter hard fought victories against South Sudan and Rwanda recently at the 2021 Afrobasket qualifiers, D’Tigers shooting guard, Keith Omoerah, says the team should be prepared for more difficult games on the continent. Many expected and predicted a stroll in the park, but were shocked when D’Tigers had to dig deep before pulling off a 75-70pts win against South Sudan in their first game and another 64-51pts victory against Rwanda. The player who is currently with Mykolaiv in Ukraine reckoned that kudos must go
to their opponents for putting up a good fight to make them sweat for the wins. “We didn’t have as big of wins this time around against South Sudan and Rwanda unlike when we met the first time and that’s credit to them. Every time we play a team we are going to get their best effort, especially in Africa and that was apparent in those games. We have to be ready for that and we will be”. The highest point scorer for the team against Rwanda with 13pts and rebounds attributed his rich form during the qualifiers to the trust and confidence in the Nigeria basketball Federation, coach
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staff and the players. “I first need to thank the organization (NBBF), coaches and players for the honour and privilege to play for the wonderful country of Nigeria again. I was just playing my role and doing what I could to help the team win. Everyone on the team trusts each other and we all believe in each other. So that made it easy for us to play with confidence”. Now that the qualification series is over, Omoerah who became a part of the national team set up during the 2019 World Cup qualifiers said the players will continue to work harder to stay in shape ahead of a busy schedule in the summer when the team will be participating at the Olympics and Afrobasket championship. “We will continue to work as hard as we can and try to play at the top of our games. We have to make sure to finish the season healthy and then we will prepare for a big summer ahead for Nigerian Basketball.” Nigeria confirmed its supremacy on the continent emerging as the first country to qualify for the 2021 FIBA Afrobasket to be held in Rwanda later this year.77
keep all the doors open if they aspire to excellence. “The best results can come from diversity.” Manchester City forward Raheem Sterling has also previously called on the football authorites to address a lack of Black representation in high positions. The English Football League (EFL) introduced its own version of the NFL’s “Rooney Rule” in 2019 in order for clubs to interview at least one Black, Asian and Minority Ethnic (BAME) candidate for any first-team managerial position. However, Wolves boss Nuno Espirito Santo remains the only Black manager in the Premier League. Last year, English football launched a placement program that will be open to BAME candidates and will initially provide up to six coaches per season with a 23-month placement at a club across the three professional divisions below the Premier League..
Liverpool’s injury crisis deepens with Henderson facing 12 weeks out
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ordan Henderson is reportedly set to miss up to 12 weeks of action with Liverpool. Henderson limped out of the Reds’ deflating 2-0 Merseyside derby defeat at the weekend to add to Jurgen Klopp’s forever-growing injury list. Should Henderson require surgery for his groin, it would end his Liverpool season and put his hopes of appearing at this summer’s Euros in major doubt, according to The Sun.
The midfielder had scans on Monday with the club facing an anxious wait to find out how long he could be out for. It is a huge blow for Klopp, who is already without a number of key men which has seen their title defence turn to ash. Liverpool have found it impossible to replace key defenders Virgil van Dijk, Joe Gomez and Joel Matip. Henderson and Fabinho, who had been deputising in the heart of the defence, have now succumbed
major worry for England boss Gareth Southgate. He would be unlikely to full train until late May at the earliest, which would see him struggle to get match fit in time for the Euros, which kick off on June 13 for the Three Lions. Even if surgery isn’t required, Henderson will likely miss Premier League fixtures against Sheffield United, Chelsea, Fulham and Wolves as well as Liverpool’s second leg against RB Leipzig in the
Henderson was forced off after 30 minutes against Everton with an adductor issue. The 30-year-old was being pursued by Everton midfielder Abdoulaye Doucoure when he pulled up sharply and crumpled to the ground.
themselves. Klopp said of Henderson’s injury after the defeat at Anfield: ‘Nobody in the medical department was positive about it. It doesn’t look good.’ Should Henderson require surgery, it would also be a
Champions League on March 10. Henderson missed Liverpool’s final run of games in their title-winning campaign last year after he picked up a knee injury against Brighton in July.
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Friday 26 February 2021
BUSINESS DAY
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MONEYINSIGHT To succeed as a business, career woman is about setting your priorities – Essiet Abiodun Essiet is a special adviser to the chairman of Abuja Municipal Area Council on information communication technologies, donor agencies and civil societies. In addition to helping business owners to grow their enterprises, she inspires social change. She spoke to Stephen Onyekwelu on the challenges of creating smart cities in Nigeria and platforms where women can blossom in their businesses.
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ow prepared is Nig eria to b ecome a smart nation? Nigeria is on the right path in the making of its major cities smart environments through the creation of various government agencies such as the National Information Technology Development Agency, (NITDA), to drive innovative technology and build support from citizens. There have also been policies that promote innovation and facilitate the ease of doing business. The government has also taken public and private partnerships seriously to drive the growth of digital technology. The digital economy and its development is a key priority in Nigeria. Nigeria’s Economic Recovery and Growth Plan 2017–2020 (ERGP) recognises t h e n e e d f o r a d ig i t a l - l e d strategy to make the Nigerian economy more competitive in the 21st century. Smart cities are a means of achieving general urban objectives with social, economic and environmental aspects. This is more important especially with the rapid growth of major urban cities in Nigeria. Smart cities drive will help to solve urban problems, support the development of new industry and promote development. In what ways are you helping Abuja to attain a smart city status? Abuja has the potential and resources to attain the status of a smart city. Abuja Municipal Area Council, (AMAC), being one of the leading municipalities in the Federal
and services for everyday use at individual levels and institutional levels. The gaps identified in our ecosystem mapping will help drive our digital intervention in making Abuja a city enabling continuous innovations. How has the effect of Covid-19 been on your work? The pandemic (COVID-19) hampered real-time interactions among stakeholders during the updated ecosystem assessment. Moreover, the pandemic has also shown to us the need to invest in digital entrepreneurship and innovations which is the basis of a smart cities agenda. A lot of daily interventions were negatively impacted due to the pandemic as a result of a lack of technological structures.
Capital Territory and the seat of government of the Federal Republic of Nigeria has a strategic role to play in catalysing the digital economy drive at the local level. Making Abuja a smart city was our intension for joining the World smart cities and e-government organisation. In assuming the position of a special adviser on ICT, AMAC sig ne d a mem orandum of understanding with a private venture (Venture Platform) to create a digital ecosystem for Abuja. The ecosystem was to assess tech entrepreneurship success, understand the current assets and gaps along the seven main pillars of the framework for boosting digital entrepreneurship. These pillars include: fi-
nancing structures that fund i n i t i at i v e s t o s u p p o r t t h e growth of its digital economy; skilled talent availability to develop innovative and commercially viable products and services and infrastructure that is required and available to promote a digital economy. Others are enabling regulations and much-needed government initiatives whether regulatory or programmatic; c re at i ng ma rke t p o t e nt i a l within the state and mechanisms to enable internal revenue generation and exports contr ibuted by the digital economy; building effective networks, existing collaborations amongst key stakeholders to catalyse digital economy in the state; heightening the level of awareness and adoption of digital products
How prepared were you for this work and projects? As an activist, before joini ng t h e g ove r n m e nt I wa s i nv o l v e d i n a c o m m u n i t y project that educates members of the public on ways to hold their elected officials accountable to the people. One of the major inter ventions I conducted was to engage grassroots women in my ward in budget tracking of their local government. I educated them about the importance of a budget. I took them through the process of assessing the budget of their council and the rigorous follow up needed. But how did you do that? On getting a copy of the budget of AMAC, we dissected the budget to understand the priorities of the government and we followed up on the contracts awarded in my
ward. I believe every woman has the potential and ability to multitask. To succeed as a businesswoman or career woman is about setting and managing your priorities which I believe I am doing well on. I seek the help of the support system to help balance my responsibility at home and at work. How has Rwanda and Dubai as growing smart cities influenced your work? Concerning Rwanda and Dubai, I must confess that, I am inspired by the rapid growth in their development and their innovative digital technology. Rwanda is ranked as the second easiest place to do business in Africa and also ranks higher than Nigeria in the Global Competitiveness Index by the World Bank. While Dubai which was an emerging state in the early 80s has become one of the world’s leading tourist and investment destination within a space of three decades, and Nigeria with far more resource than both countries lags. Both countries have substantially improved vital sectors such as education, health, transportation and tourism, which have significantly enhanced the impact of governance on the lives of the citizenry. Rwanda and Dubai also have a relatively flexible visa policy and low travel cost. Our organisation Africa Young Female Adviser Initiative, AYFAI was created for all female advisers across Africa platform that seek to mainstream more women with capacity across all sectors.
CRC Credit Bureau emerges as industry best in Nigeria
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RC Credit Bureau Limited (CRC) has been named the Best Credit Bureau in Nigeria for 2021 by Capital Finance International (CFI.co), a print journal and online resource reporting on business, economics and finance with its headquarters in London, the United Kingdom. The CFI.co panel of judges stated in their report that “CRC Credit Bureau helps lenders make informed decisions with
a nationwide repository of consumer and corporate credit information that covers more than 95 percent of the domestic credit industry.” According to the judges, CRC has weathered COVID-19 with steely resolve, achieving returns on par with expectations and is anticipating continued improvement. The Bureau is grateful for lessons learned in 2020 and for the impetus to propel its digital transformation. It now serves www.businessday.ng
clients more through digital channels, which has created greater market access. CRC has become more data-focused with the ability to add value in multiple segments and drive markets with better products and stronger analytics. The report highlighted CRC’s mission to make every individual living in Nigeria stay on top of their credit history through their various products/services and digital platforms that make ac-
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cess to credit information easier than ever. CRC has developed a range of membership products to assist credit-granting clients with the screening of prospective customers, investors, and employees. Each year, CFI.co seeks out individuals and organisations in their various sectors of the economy who truly add value to stakeholders. Reporting from the frontlines of economic convergence, CFI.co realises that best @Businessdayng
practice is to be found throughout the world. The Awards programme aims to identify and reward excellence wherever it is found, in the hope to inspire others to further improve their own performance. The Capital Finance International judges panel, review information generated from independent sources during the nomination process and draw on members’ expertise to identify candidates for award consideration.
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Friday 26 February 2021
BUSINESS DAY
THE WEST Fadama N-cares to engage 22,000 farmers in Ondo for food security JACOB AKINTUNDE, Akure
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lusiji O latunji, Ondo state Fadama-CARES Coordinator, has said that no fewer than 22,000 farmers to benefit in the Nigeria Covid-19 Action Recovery and Economic Stimulus (NCARES) result area 2 programme in the state. Olatunji made the disclosure on Wednesday in Akure during a one-day sensitisation meeting of stakeholders on N-CARES result area 2 implementation strategies. According to him, the N-CARES programme was aimed at alleviating effect of Covid-19 pandemic on the lives of the poor and vulnerable citizens of Nigeria. He said, “For the result area 2 programme, about
22,000 farmers is targeting for the rice, cassava, maize, vegetable, rabbit, sheep and goat, poultry, fishery farming among others.” Kunle Sanni, the state Permanent Secretary, Ministry of Agriculture, while speaking at the event said the state government had vowed to continue gave attention to policies that would increase agricultural productivity and promotion of food security in the state. He said, “State Government paid the sum of N176, 775,000 million as state counterpart contribution which facilitated the drawdown of N537, 235,565.23million from the World Bank for the funding and training of 258 graduates unemployed youths across 11 enterprises during implementation of FADAMA lll additional financing.
Monarch urges real estate developers to invest in rural areas OLANIYI JOHN, Osogbo
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he Olowu of Kuta in Osun State, Oba Adekunle Oyelude has urged real estate developers to invest in rural areas, saying such an investment would check rural-urban migration. Oba Oyelude spoke in Osogbo, Osun State Capital during the flag of ceremony of Ajisope Golden Estate, saying investing in rural areas by real estate developers would also add aesthetic value to physical appearance of many settlements in rural areas He said, “This is a new innovation in Osun State. There are lots of private estate in the country but they lack correspondent planning. The C.E.O is introducing a new dimension into real estate. He has a
clear mission and he has said he only want duplex without any alteration. This will also beautify Osogbo structure. “The innovation will drew the State government and other big time players in the real estate sector to partner with the firm. I wish other people will emulate and built even at the rural areas, so that there could be urban migration back to the rural area.” Earlier in his address, the Chief Executive Officer of the Estate, Adeoye Ajisope said the estate, which will be equipped with state of the art facilities will not only beutify Osogbo but also take real estate into a new dimension. He said the estate will house only duplex with tared roads, drainages, street lights and security gate with occupants having there deed of assignment.
UNIVASA expands operation to Edo to compete with other ride-hailing services IDRIS UMAR MOMOH, Benin
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nivasa Nigeria Limited, an Information Technology company has expanded its operation to Edo State with the launch of online taxi booking services in Benin City to close the gaps in the state’s transportation sector. Speaking at the launch of the app-based taxi booking and roundtable discussion with stakeholders in Benin City, the Managing Director/Chief Executive Officer, Ben Adeniyi said the innovation was birthed to ease
the stress on commuters who go to taxi parks to order rides. Adeniyi, who was represented by the General Manager, John Oyakhilome, said the e-hailing services which has been launched in Lagos and now in Benin City would be expanded to other states of the federation before the end of the year. He disclosed that exclusive bonuses would be offered to drivers such as fuel bonus, weekend bonus for parties, annual healthcare insurance, referral bonus, among others on the basis of number of rides attained by the drivers.
L-R: Gov Rotimi Akeredolu of Ondo state and his wife, Betty; Gov Kayode Fayemi of Ekiti state and his wife, Erelu Bisi; during the inauguration of Governor Akeredolu’s second term administration in Akure…on Wednesday. Pic by Razaq Ayinla
INEC dismisses 200 Staff in Oyo over electoral ealpractices – REC, Agboke REMI FEYISIPO, Ibadan
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t least 200 staff of the Independent National Electoral Commission (INEC)have been dismissed for various electoral offences in Oyo state, the Resident Electoral Commissioner, Mutiu Agboke has revealed. Agboke, who spoke at the symposium put together by the Lanre Oladoyinbo-led Executives of the University of Ibadan, Senior Staff Club
entitled “2019 elections: A post Mortem”, admitted that there were problems during the last general elections in the state. While declaring that majority of the problems were orchestrated by politicians noted that the commission performed well in the conduct of the 2019 election. “Between 2015 and last week, over two hundred of them (INEC staff ) were on interdiction. They were not alive, they were not dead. Just last week, they were recalled because their issues were
revisited. “There are some that are still in court and over two hundred plus of them were dismissed. People did not see that majority of the problems INEC faced were orchestrated by political parties. To this end, he said, the commission was ready to defend the results of last 2019 elections conducted in Oyo state in court. In his contribution, Professor of Political science, Bayo Okunade reiterated the need to unbundle INEC and relieve it of the many roles it is playing
to enhance its performance in line with the Uwais report. Okunade maintained that there was nothing wrong with the infractions which occurred during the polls, saying these were not features of political contestations. On his part, Registrar/ Chief Executive, Teachers Registration Council, Segun Ajiboye also noted that progress had been made in Nigeria’s conduct of elections and called for the review of the participation of University staff as ad-hoc staff in future elections.
Kwara enrols 21,000 indigent residents for 100% free healthcare SIKIRAT SHEHU, Ilorin
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overnor Abdulrahman Abdulrazaq of Kwara state has flagged off the enrolment of another 21,000 indigent residents of the state to a regime of free healthcare services under the Basic Healthcare Provision Fund Programme — another huge takeaway of the counterpart funds recently paid by the administration. The flag off, which took place in Ogbondoroko area
of Asa local government, came barely six months after the administration onboarded 10,000 vulnerable people into its healthcare insurance scheme as the beneficiaries of the free healthcare services are spread across the 16 local government areas of the state. He said, “Today’s flag-off of the Basic Healthcare Provision Fund Programme in our state is another pointer to the dawn of a new Kwara. Under this programme, 21,000 indigent Kwarans will henceforth benefit from
100% free healthcare services for antenatal, baby delivery, surgeries, high blood pressure, diabetes, asthma, emergencies, chronic and non-chronic diseases. “This is one of the beautiful fruits of the counterpart funds that we paid and continue to pay since coming on board in 2019. Besides, we were able to key into the BHPF programme because we have made our health insurance active through funding as well as our proactive steps to bring our primary healthcare under one roof.
“O n o u r o w n ( l a s t September), we enrolled 10,000 indigents to the state health insurance scheme while additional 10,000 will be onboarded in the next six months. Added to the 21,000 now being added through the BHPF programme, our administration would have given free access to comprehensive healthcare to at least 41,000 indigents/ vulnerable people within a space of nine months. This 100% health subsidy is unprecedented in the history of our state.”
Team: RAZAQ AYINLA, Head; Correspondents: REMI FEYISIPO, Oyo; SIKIRAT SHEHU, Kwara; KORETIMI AKINTUNDE, Ondo; OLA JOHN, Osun; Graphic: Fifen Famous www.businessday.ng
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Friday 26 February 2021
BUSINESS DAY
COVID-19: Nigeria uncertain on vaccination date as smaller African countries lead Godsgift Onyedinefu, Abuja
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hile smaller African countries have started taking delivery of COVID-19 vaccines, Nigeria, Africa’s most populous and largest economy is not certain when to receive and even commence vaccination of its citizens. This is particularly so following the comments by Osagie Ehanire, minister of Health, after the Federal Executive Council Meeting on Wednesday, which suggests uncertainty over when the vaccines will be delivered in Nigeria. The date for the delivery of vaccines to Nigeria has continued to shift since January when the country expected to receive 100,000 doses of Pfizer vaccines, which did not come. Though Faisal Shuaib, the executive director of NPHCDA, on February 22, said Nigeria would receive four million Oxford/AstraZeneca vaccines from COVAX, in one week, the
minister of health, however, said the delivery of the vaccines was the decision of those delivering it and not Nigeria’s. “That is not in our hands. It is in the hand of the person who is bringing it to us”, Ehanire said on Wednesday. He added: “We have been told to open an account with Afreximbank under the African Union; we have done that already successfully because we are going to pay for that part of the vaccine. The COVAX vaccine is free, at no cost to us, it is made from donations. “Now, the COVAX will start delivering to African countries before the end of February; that’s what they told us. “But they didn’t tell us which country is first or which is second, which is third. So, COVAX begins to deliver before the end of February. And we hope that before the end of this month, it would be our turn or latest by the beginning of next month.” Another major concern is that the registration for COVID-19 vaccination which the authorities said they will set up is yet to kick off.
On February 16, Shuaib announced that registration of eligible Nigerians for COVID-19 vaccination will begin the same week. Shuaib said a URL link will be deployed for the online registration of health workers and other eligible Nigerians aged 18 years and above to appropriately schedule them for COVID-19 vaccination. But that has not kicked off nearly two weeks later. Kabura Daradara, director of logistics and health commodities, NPHCDA, told BusinessDay that the registration has not commenced because the agency was still working on the website and other methods to ensure seamless registration. She, however, assured that the registration will commence before the vaccines come into the country. Nigeria is hanging on to hope that the vaccines will come in soon enough, while other West African countries who have recorded lower cases have received the vaccines and set to commence vaccination. On February 24, Ghana
became the first West African country to receive 600,000 doses of Oxford/AstraZeneca vaccines from COVAX facility despite lower COVID-19 cases compared to Nigeria. According to the Africa Centre for Disease Control (NCDC), as of February 22, 2021, Ghana had recorded a total of 80,253 infections, with 577 deaths and 73,018 recoveries. But Nigeria recorded 152,074 infections, 1,839 deaths, and 128,619 recoveries in the same period. Nigeria, as of February, 24 has recorded 153,842 cases of COVID-19 and 1885 deaths. Also, Senegal kicked off its wider COVID-19 vaccination campaign on Wednesday, after an official launch ceremony the day before, which saw dozens of officials vaccinated to demonstrate its safety. Around 100,000 people are expected to be vaccinated with 200,000 doses purchased from China’s Sinopharm, which arrived in Senegal last week. Senegal has so far recorded 33,242 cases and 832 deaths on account of the disease.
L-R: Hauke Waszkwitz, consultant, German Development Corporation (GIZ); Gladys Olajumoke Simplice, president, West African Union Tax Institute (WAUTI) and president, Chartered Institute of Taxation of Nigeria (CITN); Chijioke Ekechukwu, MD/CEO, Dignity Finance and Investment, and Taiwo Oyedele, Africa tax leader, PwC, during the 7th international tax conference, with the theme, ‘Designing and Implementing Tax Measures for the Covid-19 and Beyond’ in Lagos, yesterday. Pic by Olawale Amoo
C/River acquires more trucks for agro-industrial revolution MIKE ABANG, Calabar
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he Cross River State government has taken delivery of more trucks to facilitate the movement of farm produce to all the agro-industries established across the state. The Deawoo trucks were delivered at the Ayade Industrial Park located along the Goodluck Jonathan bypass, in Calabar, the state
capital. Receiving the trucks on behalf of the government on Wednesday, Robert Akpong, managing director, River State Agric Development Company Limited, said the Governor Ben Ayade’s administration was preparing Cross River for a life without Nigeria’s oil. Akpong informed that the trucks would also be used alongside bulldozers already acquired by the www.businessday.ng
government, to clear farm roads for easy evacuation of agricultural produce. Ayade has on a number of occasions said his aim was to replicate the 1876 agro-industrial revolution in Europe as he strives to create an economy for his state. In line with that effort, he has created about 31 agro-allied industries in the state. Speaking on this dream recently, he said: “The agro-
industrial revolution which started in 1876 in Britain is about to start in Cross River State to lead Africa towards self-sustenance in the entire agricultural value chain. “If I do not clear new lands and start creating job opportunities for young men and women through the instrumentality of industrial agriculture, then I will have those factories without raw materials.”
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27
news Commentary
The problem with petrol price control ISAAC ANYAOGU
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he greatest argument against price control is that it leads to a distortion of the market. Yet, more often than not, we forget that like crack cocaine, we cannot easily wean off it. Governments direct a price ceiling or a price floor to enforce control. Two examples show why it is a bad idea. The United States entered World War II in 1942 and began a crash programme of shipbuilding, munitions, and arms manufacturing. The Brooklyn Navy Yard, established in 1801 was already a preeminent war workshop. It was employing 18,000 workers in December 1941. Following the Pearl Harbor attack, the U.S. officially entered World War II and the number of employees at Brooklyn Navy Yard rose to 42,000. This rapid demand for labour saw a mass exodus of people to New York. The migrants filled up available apartments in the city. Landlords soon assumed market power and began charging higher prices. To check this trend the city of New York enacted a wartime emergency measure, instituting rent controls. It set a cap on rent. It looked like a bright idea at the time but history shows why it was a poor decision. How? Adam Smith, a Scottish Enlightenment thinker introduced the concept of the ‘invisible hand’ - a metaphor for the unseen forces that move the free market economy, in his book ‘An Inquiry into the Nature and Causes of the Wealth of Nations’ published in 1776 and in ‘The Theory of Moral Sentiments’ published in 1759. The invisible hand is part of laissez-faire, meaning “let do/let go,” approach to the market. This means that the market will find its equilibrium without government or other interventions forcing it into unnatural patterns. The New York rent cap violated this principle. You see, in a market, high price is an indicator of demand growth, and entrepreneurs are attracted to unsatisfied, effective demand as a moth to light. This is where the lure of positive economic profits lies as high prices keep the market liquid. More supply force down prices helping to achieve an equilibrium. High rent was a signal alerting investors of demand. The rent control removed the economic signal that buildings are in demand in New York, hence landlords had no incentive to build new apartments even though workers were still flocking to the city. As they say, water has to find a level, hence other @Businessdayng
methods have to be developed to balance out this rule: hello “underground economy,” commonly called the “black market”. The rent control rule led to sharp practices including the practice of sub-letting. People left their names on leases after moving and since apartments are scarce, raised the price for the new occupier while paying the landlord the rent-controlled rate. Some landlords began the “key money,” scheme where they take “under-the-table” payments upfront to allow a person to move into a rentcontrolled apartment. Landlords began to prefer high turnover thereby losing any motivation to spend money on maintenance. And over a century after the war ended in 1945, New York is yet to completely shake-off rent control. How is all this your business? Now let’s come home. In the middle of the 1980s, Nigeria ignored counsel from multilateral organisations and began to set petrol prices in response to adverse economic conditions and frequent world oil price fluctuations. Yes, it seemed like a bright idea at the time. We must protect our people from the vagaries of the international crude oil market, politicians said. Why should Nigerians produce oil and not benefit from it, civil rights advocates chirruped. And successive governments kept the practice ignoring the economic implications. Just like the New York example, subsidies have distorted the petroleum products downstream market, created conditions for sharp practices, and led to a waste of resources that should be applied to other sectors of the economy. Worse still, it has been difficult to kick the habit. Nigeria’s subsidised petrol is distorting price mechanism in the West African sub-region. Many people in Niger, Benin Republic, and Cameroun prefer to buy cheap, smuggled petrol from Nigeria sold in containers than at the market price in the country. It is often corrupted to amass profit. On roadsides in Cameroun and other West African countries, vendors fill customers’ cars, using the cut-off top of a plastic bottle as a funnel. The fuel is significantly cheaper than is sold at gas stations because it is smuggled fuel from Nigeria. Petrol smuggled from Nigeria is known as “Funge” or “Zoa Zoa”, in Cameroon’s North West region. Now Cameroon is one of Africa’s biggest oil-producers racking up over 90,000 productions per day. It exports around 43 percent and refines the rest for local consumption. Nigeria’s cheap oil is a pain.
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Friday 26 February 2021
BUSINESS DAY
Live @ The Exchanges Market Statistics as at Thursday 25 February 2021
Top Gainers/Losers as at Thursday 25 February 2021 LOSERS
GAINERS Company
Opening
Closing
Change
LASACO
N1.24
N1.12
-0.12
0.02
FIDSON
N5.35
N4.9
-0.45
N0.7
0.05
ETI
N5.55
N5.2
-0.35
N3.12
N3.3
0.18
MBENEFIT
N0.39
N0.37
-0.02
N0.44
N0.46
0.02
N7.95
N7.55
-0.4
Opening
Closing
Change
CHAMS
N0.22
N0.24
0.02
ROYALEX
N0.25
N0.27
WEMABANK
N0.65
REDSTAREX
PRESTIGE
Company
UACN
ASI (Points) DEALS (Numbers) VOLUME (Numbers) VALUE (N billion) MARKET CAP (N Trn)
40,095.49 4,567.00 326,042,400.00 3.713
Global market indicators FTSE 100 Index 6,651.96GBP -7.01-0.11%
Nikkei 225 30,168.27JPY +496.57+1.67%
S&P 500 INDEX 3,869.80USD -55.63-1.42%
Deutsche Boerse AG German Stock Index DAX 13,879.33EUR96.67-0.69%
Generic 1st ‘DM’ Future 31,589.00USD -327.00-1.02%
Shanghai Stock Exchange Composite Index 3,585.05CNY +20.97+0.59%
20.978
Bears fail to relinquish position on Nigerian Bourse ...Unilever says to complete separation of Tea business by end of 2021 Iheanyi Nwachukwu
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igeria’s equities market closed negative on Thursday, February 25. It was down by 0.31percent or N65billion, signalling that the bears are not yet ready to give up position on the Bourse after two days of mild gains this week. No thanks to profit taking in stocks like Lasaco (-9.68 p ercent), Fids on Healthcare (-8.41percent), ETI (-6.31 percent), Mutual Benefit (-5.13 percent) and UACN (-5.03percent). They decreased most at the close of trading session. The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased to 40,095.49 points while the value of listed stocks
decreased to N20.978trillion as against preceding trading day high of 40,221.30 points and N21.043trillion respectively.
In this month of February, the stock market has decreased by 5.46 percent, this week it has dropped by 0.23 percent while this year it
Ellah Lakes sets March 15 deadline to increase shares in hands of public ... as majority shareholders agree to sell down 25% equity stake Iheanyi Nwachukwu
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n a move to increase the liquidity in the shares of Ellah Lakes Plc, the three major shareholders of the company have undertaken to sell down 25 percent of their shares in Ellah Lakes on or before March 15. The decision which is towards resolving the free float deficiency of Ellah Lakes Plc is in line with their discussion with the Nigerian Stock Exchange (NSE) due to the company’s free float that stands at 14.55percent with a value of N1.23billion. Free float, also known
as public float, refers to the shares of a company that can be publicly traded and are not restricted (that is held by insiders. In other words, the term is used to describe the number of shares that is available to the public for trading in the secondary market.) The NSE regulation requires that companies listed on the Main Board must maintain minimum free float of 20 percent or free float valued at N20billion. Following the completion of Telluria in 2019, majority of the shares of Ellah Lakes Plc were consolidated and free float was reduced to 13 percent, below regulatory threshold. In a bid to rectify this www.businessday.ng
this situation, CBO Capital Partners, Blackman & Co, and Osaro Oyegun have given an undertaking with the intent of bringing the company into compliance with the 20percent free float requirements of the NSE. Chuka Mordi, CEO, Ellah Lakes Plc said, “We fully appreciate why we need to have more shares in the hands of the public, which is why we are listed on the Nigerian Stock Exchange.” “We are working towards compliance and we fully expect that we can achieve this by the deadline of March 15, so as to galvanize and encourage liquidity in the shares of Ellah Lakes Plc”, he added.
has decreased by 0.44 percent. In 4,567 deals, investors exchanged 326,042,400 units valued at N3.713billion. Transcorp,
Dangote Sugar Refinery, UBA, Zenith Bank and United Capital were actively traded stocks on the Bourse. Further to the announcement made on August 5, 2020 about Unilever’s strategic review and planned separation of its Tea business, the company on Thursday notified the Nigerian Stock Exchange and its esteemed shareholders of the plan to separate the Unilever Nigeria Plc tea business into a separate legal entity. “The planned separation will go through the normal approval process and is expected to be concluded by the end of 2021. We shall keep the Nigerian Stock Exchange and stakeholders informed of subsequent developments on this matter”, Unilever Nigeria said in a statement on the Nigerian Stock Exchange. Also, in line with the provisions of Section 1.1 of
the Listing Rules on Board Meetings and General Meetings of issuers, an Issuer is obligated to notify the Exchange within 24 hours after the relevant Board meeting, of the key decisions taken by the Board. In compliance with the above stipulated provision, Seplat Petroleum Development Company Plc on Thursday notified the Exchange that the Company held its Board meeting on Wednesday February 24, 2021 to review and approve its 2020 Full Year Financial Results for the period ended December 31, 2020. The results were considered but the Board deferred its approval to another meeting which will be reconvened on Friday Febr uar y 26, 2021. The results upon approval, will be filed with the Exchange on Monday March 1, 2021.
IOSCO sees urgent need for globally consistent sustainability disclosure standards ... announces priorities, vision for Sustainability Standards Board under the IFRS Foundation
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he IOSCO Board met and discussed the progress made over the past year by its Sustainable Finance Task Force (STF). IOSCO sees an urgent need to improve the consistency, comparability, and reliability of sustainability reporting, with an initial focus on climate change-related risks and opportunities, which would subsequently be broadened to other sustainability issues. Since the publication of its report, Sustainable Finance and the Role of Securities Regulators and IOSCO, in April 2020, the STF has made progress in its work on securities issuers’ sustainability disclosures, asset managers’ disclosures and investor protection, and the role of ESG data and ratings providers. In particular, for its work on issuers´ disclosures, IOSCO has observed that investor demand for sus-
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tainability-related information is currently not being properly met. For instance, companies often report sustainability-related information selectively, referencing different frameworks. Since financial markets rely on full, accurate, and timely disclosure of financial results and other information that is material to investment decisions, the STF will continue its work to improve the consistency, comparability, and reliability of sustainability disclosure. In line with its objectives, the IOSCO Board identified three priority areas for improvement in sustainability-related disclosures by companies and asset managers: Encouraging Globally Consistent Standards. To encourage progress towards globally consistent application of a common set of international standards for sustainability-related disclosure across jurisdictions, covering the breadth of sus@Businessdayng
tainability topics and leveraging existing principles, frameworks, and guidance; Promoting Comparable Metrics and Narratives. To promote greater emphasis on industry-specific, quantitative metrics in companies’ sustainabilityrelated disclosures and standardization of narrative information; and Coordinating Across Approaches. To drive international consistency of sustainability-related disclosures with a focus on enterprise value creation, including companies’ dependence on stakeholders and the external environment, while also supporting mechanisms to coordinate investors’ information needs on wider sustainability impacts – and to promote closer integration of those two aspects with reporting under current accounting standards frameworks and facilitate independent assurance of companies’ disclosures.
Friday 26 February 2021
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NEWS Deadlock in SEC case as Oando heads to Appeal Court Iheanyi Nwachukwu
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he management of Oando Plc has indicated its willingness to appeal Thursday’s court ruling presided over by Justice Giwa Ogunbanjo at the Federal High Court Abuja, declining jurisdiction to hear suits by the group managing director of Oando Plc and his deputy, against their sack from the company by the Securities and Exchange Commission (SEC), stating that the Investment Securities Tribunal (IST) is the appropriate forum to hear the matter. The basis for the court’s decision is Section 36 (2) of the constitution which allows aggrieved individuals to first approach any tribunal or administrative agency to determine civil rights and obligations as long as that process and the resulting decision is not final. The court also reiterated that the IST has primary jurisdiction over applicants (Oando and its principals) in respect of capital market issues and not the Federal High Court. An Oando official has explained that as much as they respect the decision of the court, in their opinion, the court did not address their concern thus the battle is far from over as they
have lodged an appeal with appellate court in Abuja, contesting the lower court’s decision to refer the case to the IST. The company and its affected directors argue that the powers conferred by the constitution of the Federal Republic of Nigeria on its citizens to enforce their fundamental rights supersede the provisions of the Investment and Securities Act 2007. In 2019, Oando and some of its directors, filed a case against the regulator for breach of their human rights to fair hearing, following sanctions imposed on the company and its directors by SEC in a letter dated May 31, 2019. However, following a suit filed by the company’s principals, Adewale Tinubu and Omamofe Boyo, the Federal High Court, Lagos granted an injunction restraining SEC from executing any of the sanctions. They have also filed an application for stay of execution as well as an injunction pending appeal on the SEC’s May 31, 2019 letter to the company, and as such the status quo that existed before Thursday’s ruling remains, meaning nearly two years on, SEC’s hands are tied and they are still unable to implement sanctions on the company or its directors. Shareholders have called on SEC and Oando to settle
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the matter out of court, as the tussle keeps impacting on their investment. Some shareholders have gone as far as dragging both parties to court to seek an end to this case. In a recent court case, various factions of Oando’s shareholders filed a case against SEC in the persons of Yakubu Gumel; Kabiru Tambari, suing for himself and on behalf of the Sokoto Zone Shareholders Association; Tunde Badmus, suing for himself and for the benefits of Pacesetters Shareholders Association, at the Federal High Court Kano. The shareholders filed for an interim order restraining SEC, its agents or representatives from acting on its May 31, 2019 letter sanctioning the management of Oando; the request if granted will restrain the SEC, its agents or anyone acting on behalf of the Commission from disturbing or meddling with the affairs, management and activities of Oando Plc. The shareholders also requested an order restraining SEC’s purported interim management from interfering with the administration and activities of the company as well as an order restraining SEC from interfering with the shareholder’s exercise and performance of their statutory powers and duties as shareholders.
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news
Airfares crash on local routes as more... Continued from page 1
Owerri on United Nigeria,
Air Peace, Dana or Arik, which cost about N47,000 to N52,000 after the reopening of the airports, now goes for about N26,000 to N35,000, indicating a 38 percent decrease. United Nigeria, a new entrant, two weeks ago commenced operations in Nigeria, making Enugu airport its operational hub. The airline, which commenced operations with four aircraft, is operating to Lagos, Abuja, Asaba, Owerri and Port Harcourt, while it plans to expand to other destinations soon. Green Africa, another prospective domestic carrier, which is at the final lap of obtaining its Air Operators Certificate (AOC), has restated its commitment to providing low-cost carriers. Air Peace, Ibom Air and Dana Air have deployed more aircraft in recent time to feed the local routes. Air Peace deployed eight Embraer ERJ145 hopper jets with 50-passenger capacity, with one newly delivered Embraer 195-E2 aircraft. Ibom Air deployed one Bombardier CRJ900 aircraft in addition to the two it had to operate local destinations. Olumide Ohunayo, an aviation analyst, told BusinessDay that before now, capacity was not enough and exchange rate impacted on operational cost, which pushed ticket prices up.
Ohanayo said although operational costs still persist but with the introduction of train services and new airlines had helped to bring down ticket fares. “As new airlines come in, those existing are becoming jittery and reducing fares to retain customers. The days of having few airlines control the travel market is no more,” he said. Tayo Ojuri, managing partner, Aglow Aviation Support Services Limited, told BusinessDay that although passenger traffic was gradually coming back, more aircraft indicates increased supply which could crash airfares. According to Ojuri, a lot of airplanes are back from maintenance and there are new entrances, which signify available seats for passengers. “The number of COVID-19 cases is reducing in Nigeria and vaccines will be delivered to us soon. These successes would boost passenger traffic, and we would begin to see a significant increase in passenger traffic in the next quarter of 2021,” he explained. John Ojikutu, an aviation security consultant and secretary general of the Aviation Safety Round Table Initiative (ASRTI), said the presence of more airlines on local routes would help reduce airfares. Ojikutu advised airlines to consolidate on local operations before reeling out plans to commence regional
Oyetola, Fintiri, Ayade win big at... Continued from page 1
of the federation competed
in various categories in which an Award Committee, made up of eminent personalities, gathered primary data through on-the-spot assessments, interactions with the locals and the analysis of secondary data provided on different socioeconomic parameters as published by the nation’s data agency, the National Bureau of Statistics (NBS). At the end of the intense data gathering exercise, 18 governors emerged winners at the awards. They include Isiaka Adeboyega Oyetola of Osun State, Ahmadu Fintiri of Adamawa State, Benedict Ayade of Cross River State,
Okezie Ikpeazu of Abia State, Bala Mohammed of Bauchi State, Babagana Zulum of Borno State, David Umahi of Ebonyi State, Adedapo Abiodun of Ogun State, and Abdullahi Ganduje of Kano State. Others are Kayode Fayemi of Ekiti State, Oluwaseyi Makinde of Oyo State, Mohammed Yahaya of Gombe State, Abubakar Bagudu of Kebbi State, Abdullahi Sule of Nasarawa State, Badaru Abubakar of Jigawa State, Godwin Obaseki of Edo State, Abubakar Bello of Niger State, and Yahaya Bello of Kogi State. The governors distinguished themselves in different award categories: Including Excellence in
5 reforms to expect as Lagos ports... Continued from page 2
ed to make payment when they want to exit the park. Truckers would be making the payment through an app that is in compliance with the Treasury Single Account (TSA), which requires all revenue going to government-owned agency, to go directly to the government while payment to third party contractors would be made out of what has been received by the government. This payment is actually made to the NPA, and not to
the Truck Transit Park Limited, operator of the App on behalf of the NPA. There is no other fee to be paid by truck owners to access the port or park at the transit park. Export cargo consolidation Part of the electronic callup is the requirement for exporters to consolidate the export cargo before they are moved to the port. Here, export goods are required, going forward, to be at the Lilypond Container Terminal, which would serve as export processing terminal. www.businessday.ng
Bashir Magashi (r), minister of defence; Kayode Fayemi (2nd r), governor, Ekiti State; Bala Ibn Na’Allah (3rd r), Senator representing KebbiSouth; Lucky Iraboh, chief of defence staff, and other dignitaries lay the wreath, during the burial of the seven Nigerian Air Force officers who died on Sunday in the Beechchraft King Air B3350i crash, in Abuja, yesterday. NAN
operations. Obiora Okonkwo, chairman of United Nigeria, said Nigeria’s air travel market was huge and there was a need to have more aircraft on local destinations, saying there was nothing wrong in having healthy competition on local routes and passengers should have options, as this would help grow the sector. Seyi Adewale, CEO, Mainstream Cargo Limited, told BusinessDay that as new airlines come in, airlines must strengthen their sales and marketing initiatives and campaign aggressively. “It is at this time that the Strategic Business Unit (SBU) can pull their weight and
prove to the operations and engineering SBU of their positive impact on the overall business. It is more like a challenge! “I expect this SBU to develop special products, promos among others in support of capital and cash flow. For example, banks, telecoms do a lot of promos to generate needed cash flow during low seasons. Even Multichoice develops Big Brother as a special purpose product during off peak season,” Adewale said. He also advised airlines in Nigeria to partner hotels more whereby their flight schedules are placed at their reception desk with seamless connectivity to the airline for
ticket purchase, hotel pickup, and flight change and this could be easily done through ICT capability enhancement. “Special products can be generated for targeted state or public service sectors to encourage them to travel. Similar incentives can be issued to their premium customers and performing sales agents that make them go the extra mile on their behalf “If well crafted, the airline load factor will surely improve during this off peak period and could evoke customer loyalty during peak season,” he said. As airlines deploy aircraft on domestic routes, domestic terminals are also being upgrade with infrastructure
to attract more airlines. For instance, Bi-Courtney Aviation Services (BASL), operator of Murtala Muhammed Airport 2 (MMA2), has received more X-ray machines and air conditioners in order to ensure its passengers safety, security and comfort. Asaba International Airport in Delta State on Tuesday concessioned the facilities to a consortium of private investors under a public-private partnership (PPP) model. This is as the government notes the consortium of investors is expected to expend at least N28 billion on various developmental projects on the airport over the 30-year concession period.
Governance, Fastest Growing State Economy, Transparency in Governance, Best Governor in Urban and Rural Infrastructure Development, Best Governor in Education Development, Best Governor in Healthcare Development, Best State in ICT, Best State in Manpower Development, Best State in the Provision of Security and the Best Governor in Agriculture Development. Others are the Best Governor in Tourism Development, Best Governor in Housing Development, the state with the Best Ease of Doing Business, Youth & Sports Development and the State with the Most Improved Security. Oyetola, who clinched the overall best governor of the year, distinguished himself as a quintessential administrator,
an astute manager of men and resources, a silent achiever, an iconic leader with a large heart for the people and service and a trailblazer who believes that a leader is as good as his last accomplishment. All the awardees expressed gratitude that their efforts were being recognised and pledged that such recognition would spur them to do more. Delivering his keynote address, Gowon commended BusinessDay for its resolve to keep public officials on alert for better service delivery, reiterated his suggestion at a previous Good Governance event that the Awards is meant to catalyse public officials to chart a new policy direction for the nation. “This is with a view to replicating the developmental initiatives that made other
emerging and transition countries such as China, South Korea, etc., as global leaders in food production, manufacturing, research and development, trade, innovation and above all, political stability,” he said. The former Head of State identified the security of the nation as paramount, stressing the need for state security structure that must comply with the Nigerian Constitution. “The security of our nation is paramount. While we commend all the Nigerian governors for their collaborative support to ensure provision of adequate security for the citizenry that we are still confronted with report of more cases of killings, rape, attacks and destruction of farms, kidnapping for ransom,
Here, the exporters would be required to consolidate their export cargo, and have room to complete the necessary documentation before moving the cargo into the port for export. Return of empty containers For effective management of empty containers, the NPA has directed consignees to drop empties at the holdingbay of shipping companies, and liners would now be responsible for taking empties into the port. Here, all international shipping liners that are doing business in Nigerian
ports are expected to provide holding-bay that would have the capacity to sit 65 percent of the volume of container it brings into the country annually. Compliance to the empty container policy would, going forward, be part of the requirements for the annual validation of shipping liners that would be licensed to call Nigerian ports, NPA has insisted. The essence of this, the authority said, is to cut down the annual loss recorded by cargo owners due to inability to retrieve the container deposit (monies paid to ship-
ping companies before they could release the cargo) due to the congestion on the port roads. “Due to the congestion on the road, cargo owners are now losing money to shipping companies for not being able to return the empties within the specified window. Up to 90 percent of the time, consignees are not able to collect back their container deposit due to the gridlock and shipping companies have been making hundreds of millions of naira annually from container deposit paid by consignees,” Usman said.
etc., these amplify the security challenges before us as a people and nation. “This is why it is now not considered to be out of place to experiment with the statespecific security arrangement, etc. ‘Amotekun,’ provided they are all in compliance with the Nigerian Constitution and not used to victimise political opponents,” he said. In his welcome address, Ogho Okiti, managing director of BusinessDay, noted that with the eventful activities of the year 2020, including the COVID-19 and later the EndSARS crisis, chief executives of states in Nigeria were confronted with pressing issues in different areas of governance. “This is the key reason why we are gathered here this evening. Nigeria and Nigerians continue to demand for excellence in governance. It is therefore important to recognise and celebrate leaders that despite all odds strive to deliver excellence in governance. “This annual programme only serves to single out executive governors who have improved the socio-economic well-being in their respective jurisdiction. “National Discourse and Good Governance Awards came into being to provide an independent feedback mechanism to states on the different policies, programmed and projects they execute and the effects such actions are having on the socio-economic wellbeing of the residents of their states,” he said.
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By Kemi Ajumobi
Kemi@businessdayonline.com
Women in Business B ashirat Odunewu was appointed Group Executive, Energy & Infrastructure, Corporate Banking in 2019. Until this appointment, she was Group Executive, International Banking Group, where she was in charge of the First Bank African Subsidiaries and China Rep. Office. With over 28 years’ experience across institutional banking, corporate banking, commercial banking, investment banking and treasury in various financial institutions, Bashirat brings her deep market-facing experience to bear on the Corporate Banking Group. She was the recipient of the 2010 FirstBank CEO’s Annual Merit Award for “The Best Business Development Manager”. Bashirat has a Bsc. in Chemistry from the University of Manchester and Master’s degree from Imperial College, University of London. She is a Fellow of the Institute of Chartered Accountants of Nigeria and has attended several executive programmes in Harvard Business School and Columbia Business School. She is married with children and is passionate about mentoring. With over 28 years’ experience, Bashirat says she has been the most fortunate to have experienced practically, all the key departments and roles that any seasoned market facing executive banker could wish to have passed through. As a leader, she was asked what leadership means to her and her response was brilliantly expressed. For her, leadership can be described as being in the position of authority to influence others to accomplish objectives in line with organisational focus. “It means inspiring my team members to believe in me and be well motivated to wholeheartedly follow my directions and guidance whereby, the team thus collectively surpasses the goals we set out to achieve.” Bashirat stated. She further adds that, a true leader, irrespective of gender, should be authentic and demonstrate empathy and sincerity in dealings with all stakeholders. Passionate about inspiring women, she advises young ladies that firstly, it’s
Bashirat Odunewu Ogechi Adeola (PhD) Group Executive, Energy & Infrastructure Group, FirstBank
important to have a career plan in mind ab-initio and visualise where you would like to be in your career in the short, medium and long term. Secondly, she advises that you open yourself up to opportunities and be on the lookout for it. Even if you do not think you are qualified enough for an opportunity, be ready to ask for help, but be bold and put up your hands to be considered. “This also means you should keep improving your knowledge base, your skills, your qualifications and all.” Said Odunewu. Thirdly, she advises you to surround yourself with people that you can learn from, those that can add value to your aspirations and those who encourage you to be the best version of yourself. Finally, she says “Never feel limited by your gender, or believe your success is constrained in any way by it or by your culture and society norms. Your watchword should be “No Limits”.
Associate Professor, Marketing and Academic Director, Sales & Marketing Academy, LBS, Pan-Atlantic University
O
gechi Adeola is an Associate Professor of Marketing and the Academic Director of the Sales & Marketing Academy at Lagos Business School, Pan-Atlantic University. She started her career at Citibank Nigeria and spent approximately 14 years in the nation’s financial sector during which she garnered experience in strategy, product development, sales and marketing, customer service and customer relationship management and cultural change management. Adeola holds a doctorate in Business Administration (DBA) from Manchester Business School, an MBA from the same institution and a Law degree from the University of Nigeria, Nsukka. She attended management and teaching courses at Cranfield School of Management, UK; the Flexcube Centre of Learning, Mumbai, India; Gordon School of Business Science, University of Pretoria, South Africa; Phoenix Educational Institute, Dubai and International Faculty Programme (IFP),
IESE, Barcelona, Spain. Adeola also holds a Certificate in Internet Marketing from the University of Cape Town. She is a certified Sales and Marketing Manager (American Institute of Management Studies), and a Visiting International Fellow at the Open University Business School, Milton Keynes, United Kingdom (2016) and a 2017 Paul R Lawrence Fellow, USA. She has published academic papers in top scholarly journals. Her co-authored papers won Best Paper Awards at international conferences in 2016, 2017 and 2018. Her academic interests include sales force management, tourism and hospitality, new product development, digital marketing, branding strategy and customer service leadership. Ogechi has been a guest speaker and discussant at local and international conferences featuring top-rated companies and organisations. She has taught Marketing sessions at the Women Entrepreneurship & Leadership for Africa (WELA) programme of China Europe International Business School (CEIBS), held in Lagos and the MSc. International Business Degree Programme at the University of Ghana Business School (UGBS). She served as an expertin-residence in a business advisory clinic for Goldman Sachs scholars on completion of a Certificate in Entrepreneurial Management (CEM) programme at Pan-Atlantic University, Lagos. She was a part of the Alpha team of the Centre for Global Enterprise (CGE), engaged as virtual consultants for the London Taxi Company, UK in 2015 and Texas Capital Bank, USA in 2018. Ogechi Adeola currently serves as Associate Dean of Business Administration at the California-based University of the People, an accredited online tuition-free institution. She is a Fellow of the Institute of Strategic Management, Nigeria and the National Institute of Marketing of Nigeria. She is also the founder of Business Tutelage for Women Empowerment in Africa Initiative (Empowering African Women) Empowering African Women (EAW) is a platform designed to enable the young African woman unlock her potentials by providing the opportunity and incentive for her to become more economically empowered through digital tutelage and technical training.
Published by BusinessDAY Media Ltd., The Brook, 6 Point Road, GRA, Apapa, Lagos. Advert Hotline: 08033225506. Subscriptions 01-2950687, 07045792677. Newsroom: 08164361208 Editor: Tayo Fagbule. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.