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news you can trust I ** friDAY 29 may 2020 I vol. 19, no 573

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ith an eye on output growth, the Central Bank of Nigeria (CBN) on Thursday slashed the benchmark interest

But the CBN retained the Cash Reserve Ratio (CRR), which it recently adjusted upwards in March, at 27.5 percent, left the Liquidity Ratio (LR) at 30 percent, and retained the asymmetric corridor around the MPR at +200/-500 basis points.

Godwin Emefiele, CBN gov-

ernor, announced this during a virtual briefing after the two-day Monetary Policy Committee (MPC) meeting.

Emefiele said in taking the decision, the committee considered that CRR was recently Continues on page 31

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10 Y 0.00

30 Y -0.16

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11.04

12.34

5Y

0.20 2.33

NGUS may 31 2023 495.62

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Apex bank optimistic COVID-19 will be less severe on back of monetary, fiscal measures rate by 100 basis points to 12.5 percent from 13.5 percent, the first easing since March 2019 and the largest since 2015.

The move is to spur lending to the economy which faces imminent recession on twin pressures of COVID-19 pandemic and low oil prices.

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CBN’s 12.5% MPR means a decline in banks’ lending, deposit rates ONYINYE NWACHUWU (Abuja), HOPE MOSES-ASHIKE & BUNMI BAILEY (Lagos)

3M 0.00 1.35

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NGUS may 28 2025 584.11

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Buhari lists achievements on economy, others as administration marks 5th anniversary ANTHONY AILEMEN (Abuja) & SEGUN ADAMS (Lagos)

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he presidency on Thursday rolled out a long list of President Muhammadu Buhari’s achievements in various facets of Nigerian life in the last five years.

Buhari, who came to power on May 29, 2015 for a first fouryear term, won a second fouryear in 2019 and was sworn in again on May 29, 2019. Today marks the end of the first year Continues on page 31

DJ Cuppy hosts Apple’s first ever African radio show in big dollar deal bunmi bailey

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iggest company in the world, Apple Music, is launching its first radio show in Africa on Sunday and DJ Cuppy, whose real name is Florence Ifeoluwa Otedola, is Continues on page 31

Inside

Nigerian Air Force personnel display the locally-produced automatic ventilator for COVID-19 treatment at the NAF Base in Kaduna.

NAN

AfDB: Obasanjo, finance minister rally support for Adesina, against ‘external influence’ P. 30

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What the luxury industry needs post COVID-19 LUXE THOUGHTS

FUNKE OSAE-BROWN

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s the world economies groan under the weight of COVID-19 infection, businesses are uncertain what the future holds after the pandemic is over.

Like all crises before it, analysts believe the Coronavirus epidemic will pass. However, what is critical for businesses is to adjust to the reality of a possible economic downturn and plan for the growth that will eventually return.

To survive, luxury brands will need to adjust very fast. They need to be adaptive and resilient in the face of the new realities of job losses and drop in consumers’ spending power.

No doubt, luxury companies and consumers around the world are pondering on how to adapt to the new reality brought about by COVID-19.

Luxury brands must know that their action and decisions during this

pandemic will leave a long-lasting impression on their community of consumers. The epidemic stresses the need for luxury brands, and any business for that matter, to be adaptive and resilient.

First, Luxury brands need to care for people who are close to them such as their employees, partners, customers and communities. Right now, people need to be reassured and protected. The first thing to do is explaining the measures that your business is taking to ensure everyone’s safety and security to your employees and clients.

Some luxury brands have started taking actions to support the fight against COVID-19. For example, Polo Luxury Limited distributed relief materials to citizens in Lekki, Ikeja and Agege. Some in the fashion industry who have transited to making Personal Protective Equipment, have put the safety of their workers first through mask usage and social distancing while at work.

Also, Abela Scents produces hand sanitisers while fashion brand, Nojiart manufactures face masks. Also, luxury kids clothing brand, Ruff ‘n’ Tumble suspended its kids’ line and started manufacturing Personal Protective Equipment for health workers.

These examples underscore the fact luxury brands must look at how they can fit into the new process without losing their brand essence.

While adapting to the new reality, a luxury brand must not forget to have the dexterity for relevance. At this critical time, staying relevant is important. Staying relevant will help you rethink, reinvent and self-disrupt.

The first step to staying relevant is to take a step back to assess where their businesses stand today. This simply means stocking taking.

After this comes brainstorming and researching into solutions that will enable you to achieve a level of continuity through this fast-changing, unsure times. One way to achieve this is to think creatively about the needs within your communities during and after the pandemic and see possible ways to meet those needs.

Besides social distancing, at this time, offers luxury brands an opportunity to creatively look for ways to foster a sense of community by engaging their customers with valuable content, virtual social gatherings and crowdsourced online initiatives.

These are ways to smartly respond to consumer’s changing needs.

The COVID-19 outbreak has increasingly played up the importance of the digital transformation of luxury.

Before the crisis, some luxury brands were already taking on the advantages online retail offers while some others were reluctant to embrace it.

With the current crisis, luxury brands have no choice but to fully embrace online retail.

‘

No doubt, luxury companies and consumers around the world are pondering on how to adapt to the new reality brought about

by COVID-19.

Luxury brands must know that their action and decisions during this pandemic will leave a long-lasting impression on their community of consumers

More people are likely to shop online now more than ever before and as professionals work from home online, the entire luxury industry will now be forced to go digital. Early users are best positioned to handle the change, but it’s not too late for the rest to adapt and leverage on digital technology.

Ultimately, this strategic digital move could pave the way for more innovation, increased-personalised service, and engaging shopping experiences for consumers online.

The current situation is likely to transform the luxury industry in a new way as an industry largely driven by emotion. However, this is not to rule out the fact that luxury tends to be one of the fastest to bounce back at the end of an economic crisis. Mostly after the dust settles on any crisis, consumers want to treat themselves to luxury goods and services to celebrate positive changes in their lives.

There are many advantages for luxury brands to latch on when they go digital. There is a crop of young people who are multi-millionaires in technology and oil who are now called Millennials and Gen Z. They are the largest and fastest-growing consumer segments for luxury, this offers an enormous opportunity for luxury brands to connect and engage with this segment of customers.

Funke is the publisher of The Luxury Reporter magazine. Funkeadetutu@gmail.com

How leadership anchors transformational attitudes in an organisation

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n today’s competitive environment, leaders of organisations are not interested in investing money in transforming company culture unless they are able to see results in terms of tangible business value. Transformational leaders are purported to inspire followers to contribute beyond expectation.

These leaders provide followers with a focus and commensurate levels of support, involvement, and appreciation designed to encourage the follower to adopt the leader’s vision as their own and be committed to making it a reality.

Transformational leadership is instrumental for any significant or lasting change to take place in an organisation. Abazeed asserts that it is transformational leadership that helps to raise the level of achievement and self-development of employees within an organisation while at the same time promoting the growth of the organisation’s bottom-line. In facilitating a cultural shift, he advocates for organsation learning when implementing changes in an organisation. Organisational learning, as a culture of transformational leadership, creates a fertile environment that enables new ideas to emerge and spread while also increasing the volume of knowledge that allows change to happen. This understanding falls in agreement with Gilaninia, Rankouh and Gildeh who view organisational learning as essential for an organisation or a company to not only survive but thrive in today’s fast-paced environment.

In a rapidly changing world, organisational learning helps keep organisations abreast and competitive. Organisational learning is highly needed in an extremely competitive environment, where organisations are regularly jousting to stay relevant. Simply put, organisational learning powered by transformational leadership is one method leaders can use to prepare their organisations for future change. Li, et. al. found out in their study that transformational leadership plays a significant role in building employees’ trust in their leaders. Their findings suggest that employees get more inspired by the transformational leaders’ actions and attitude

when implementing and reflecting the vision of the organisation. With inspiration and trust, there is guaranteed to be a safe space for innovation to take place.

There are essentially four levels to transformational leadership: Individualised consideration Individualised consideration is the extent to which leaders of an organisation pay attention to the needs and concerns of the employees while at the same time acting as mentors and coaches. Ogola, Sikaleih and Linge study supports the idea that when leadership provides mentorship and coaching to their employees, they [the employees] perform their duties and tasks more effectively. Their research also shows that employee performance is better accomplished when employees receive recognition and are rewarded for their efforts and performance by the leadership of the organisation.

Intellectual stimulation Intellectual stimulation is the extent to which leaders challenge the assumptions and thinking that employees have as they go about their work. When it comes to transformational leadership, it requires that a leader be willing to take risks while being open to eliciting and embracing ideas from employees. The goal of this leadership philosophy is not only to stimulate and spur the creativity of employees but to also nurture and develop their ability to think and function independently.

With this attribute, learning becomes a much cherished and sought-after value, fostering an environment for thinking outside the box at every turn. Ogola, Sikaleih and Linge found that better performance is achieved when employees’ intellectual input is encouraged, rewarded, and recognised by leadership. Humans are naturally created to solve problems. Therefore, leading people requires you to empower them to tap into their mental power to proffer solutions to challenges. So, it is not enough to tell or show your people what to do; sometimes, your team wants you to allow them to figure things out themselves. When their minds are www.businessday.ng

being fully engaged in the workplace, it creates room for more contribution from them.

Inspirational motivation Inspirational motivation is the extent to which the leaders of an organisation clearly express and define the vision of the organisation to the employees’ in a way that is engaging, inspiring, and compelling. Transformational leadership is about setting and communicating high standards that push the vision forward while also being optimistic about the future.

Transformational leadership translates tasks, breaking them down into meaningful actions that are relevant to the everyday running of the organisation.

It is the transformational leader’s job to create a strong sense of shared purpose within an organisation. This shared purpose is what helps to bring the overall vision of the organisation to life. “Why are we doing this?” is one of the critical questions employees’ ask, which leaders must always provide answers to. Transformational leaders are the “why” people. They bring a sense of purpose that they articulate and extend to those they lead. When purpose and meaning are fully explained to employees, and they buy into them, they tend to feel more inspired to contribute to the overall success of the organisation. Bhatti and Haider found that inspiration and empowerment play a vital role in improving employees’ motivation. When leaders create a supportive culture, one that inspires change, employees are more likely to go above and beyond to get their tasks done.

They will be willing to work longer hours, initiate new ideas, and get more done in less time.

Therefore, if transformational leaders want to boost the performance of their subordinates at the workplace or in the organisation, Cavazotte, et. al. recommend that they establish initiatives that empower their workforce using one of their core strengths. This core strength is the ability to increase the confidence of their followers in their ability to get the job done.

Idealised influence Idealised influence is the leaders’ ability

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Toye Sobande to be an accurate representation of the vision or values that they espouse. Transformational leaders not only share the vision with their employees, but they also model it. When a transformational leader models the values, culture, and vision, he or she not only inspires confidence but also trust on those that he or she leads.

Ultimately, employees take after their leaders; most times, they exhibit the same characteristics as that of their leader in practice within (and sometimes outside) the organisation. According to Steinmann, et. al. “transformational leaders articulate an ideological vision and lay emphasis on the meaning of tasks, but also grants followers responsibility and support.” The result of responsibility and support acting together is higher levels of identification and commitment by followers to the organisation and the vision of the organisation as exemplified by leadership.

When the leadership of an organisation influences their employees’ through their behaviour, employees tend to imbibe and practice the same. They set the stage and create a healthy space where trust blossoms. Transformational leadership is not just about achieving the goals of the organisation but also transforming the lives of people and culture they operate by. As a transformational leader, it is your job to ensure that your people feel, see, and believe that their efforts are translating to improvements and better performance because they align with what the leader is also doing. Do look out for a continuation of this article next week.

Sobande is a Lawyer and Leadership Consultant. He is a Doctoral Candidate at Regent University, Virginia Beach, USA, for a Ph.D. in Strategic Leadership. He can be reached through Email: contactme@toyesobande.com

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The looming fiscal crisis and the wisdom of Obafemi Awolowo THE NEW WEALTH OF NATIONS

Obadiah Mailafia

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n terms of financial wizardry and sheer genius in economic statecraft, the only master I bow to is the legendary sage, Obafemi Awolowo. Former Head of State General Yakubu Gowon once observed: “If you know of a man greater than Obafami Awolowo, I would like to meet him.”

He is in a position to know. He released Awolowo from Calabar prison in July 1966; making him Minister of Finance and Chairman of the Federal Executive Council.

Through prudent management of cocoa revenues, he invested in human capital, in industry, agriculture and rural development and in basic physical infrastructures. He created several institutions to drive the process of social and economic transformation of the region. Among them were: The Western Nigerian Development Corporation (WNDC), the Finance Corporation, and the Western Nigeria Housing Corporation.

The old West had the best civil service in Africa, if not in the emerging Commonwealth. Economist, lawyer and philosopher-king, Awo did not suffer from the inferiority complex of the inferior minds who call themselves leaders today. He was able to bring into brought into his inner circle men of dis-

tinction such as Simeon Adebo, Rotimi Williams, Ojetunji Aboyade, Samuel Aluko, Hezekiah Oluwasanmi, Banji Akintoye, Sam Ikoku, Anthony Enahoro and Alfred Rewane.

While seeking the counsel wisemen, he was always master of his own brief.

In his own words: “While many men in power and public office are busy carousing in the midst of women of easy virtue and men of low morals, I, as a few others like me, am busy at my desk thinking about the problems of Nigeria and proffering solutions to them. Only the deep can call to the deep.”

Great men are always are always misunderstood. Our Igbo brethren accuse him of having spread hunger during the Biafran War which led to 1 million dead, most of them children. They also blame him for the policy of allocating a paltry 20 pounds to all Ndigbo as part of the post-bellum settlement. They also attacked him bitterly for advocating the banning of Okirika, an area of business that is still dominated by Igbo traders to this day.

History has absolved him. He insisted that it was not up to him to feed his adversaries in war so that they would wax stronger to fight him. He also revealed that the 20 pounds policy was a collective ministerial decision rather than that of a single minister. As for Okirika, those who still believe in it should be ready to receive the next consignment of the clothes belonging to Chinese Covid-19 victims rumoured to have been shipped to our shores.

With Awolowo as Finance Minister, Nigeria did not borrow a single dollar from the Washington Institutions, bilateral partners or the international capital markets during 1967-1970. Same goes for the post-war rehabilitation and reconstruction of the war-torn East.

Awolowo was a man of fastidious discipline. The British colonial administrators used to complain that Awolowo would not deign to share a bottle of wine with them. Awo conquered the baser passions, to allow himself focus on high and noble goals: “I will, more than ever before, subject myself to severe selfdiscipline. Only men who are masters of themselves become easily masters of others. Therefore, my thoughts, my tongue, and my actions shall be brought under strict control always.”

Obviously, if you want a good Finance Minister, never go for someone as flamboyant as Okotie Eboh. Go for someone who is lean and mean. Woe betides you if you go for a greedy pig. You will only get a pork-barrel. Go, rather, for someone who is modest and restrained in his ways – someone who can say “No”.

A man or woman with courage and convictions – who can plug the haemorrhage that defines our fiscal space today.

Awolowo was of such a breed. If he saw you with a woman other than your wife, you were out of his cabinet. He believed that if a man could not be disciplined in his private life, you could never trust him with government assets under his care.

He also led by example. It is remarkable that he never lived in a government building throughout his career, unless you characterise his 3 years in Calabar prison as being residency in a “government building”. As Premier of the West, he lived in his own house at Oke-Bola, Ibadan. Whilst serving the Federal Government, he resided in his private house in Apapa. He took financial accountability very seriously.

And most crucially, he always did his homework. Confronted with challenges, he was not one to seek advice from Babalawos or from the crooks that go by the name of “prayer contractors”

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Obviously, if you want a good Finance Minister, never go for someone as flamboyant as Okotie Eboh.

Go for someone who is lean and mean. Woe betides you if you go for a greedy pig. You will only get a pork-barrel.

Go, rather, for someone who is modest and restrained in his ways – someone who can say No

nowadays. Rather, he would retreat to the inner sanctums of his study; thinking, analysing and developing original solutions.

He had this big thing about “Mental Magnitude”.

Himself a philosopher, one of his life-long friends was the Austrian-British philosopher of science, Karl Popper, with whom Awo used to spend some of his vacation at his home in in the outskirts of London discussing issues about truth, logic, freedom and the prospects for democracy.

According to the philosopher Akin Makinde, Mental Magnitude derives from a combination of the thinking of Plato, the Roman Stoics and René Descartes. It is, in his words, “a philosophical doctrine which derives from a theory of mind and body, with the assertion that the mental is superior to the physical element of a person, and should take control over the emotions, desires, and actions”.

Mental magnitude demands that we embrace the discipline of thinking while using our mind and rational faculties to solve humanity’s manifold challenges.

It is the antithesis of superstition, ignorance, incompetence, solipsism and stupidity. Awo thought deeply through the issues of economic planning, development strategy and policy management; coming up with highly original and creative solutions.

Note: The rest of this article continues in the online edition of Business Day @https://businessday.ng 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)

Boundaries and restrictions

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ow has your week been, and how are you holding up in the current normal. Like I have said before, I refuse to call it the new normal and I really believe that the current normal is going to change month to month. In some cases, we can plan, but in some cases, we may not be able to plan.

One of the things that organisation should have put in place before this time are HR policies that will help staff and organisation alike, know what to expect. what needs to be given to staff and what the organisation expects.

Human resource policies are meant to provide framework to organisation within which decisions can be made and through which people are treated fairly and on all fronts. The implementation of these policies help organisation demonstrate both internally and externally, that they meet the requirements for ethics and training required in today’s workplace. That they that they meet their commitments regarding corporate governance of staff.

This is a two part article which cannot cover all policies but should give enough insight into why we should have these policies the benefits and examples of key ones.

These policies set out obligations, standards of behaviour and document disciplinary procedures. Some of their specific functions widely include providing clear communication between an organisation and its staff regarding their conditions of employment. They form a basis for treating all staff fairly. They also set and manage employee expectations and establish guidelines for supervisors and managers.

These policies form a basis for the staff handbook and communicate the organisations goals and values and creating a basis for regularly reviewing possible changes that affect staff. These

policies provide how to apply the policies across all levels in the organisation. They also form the context for various programs such as supervisor training programs and staff on-boarding programs.

HRM must ensure that the policies are aligned to legal requirements and best practice creating a common and healthy working environment and giving a clear picture of career growth in the organisation.

There are many reasons why it is important to ensure that the policies are current, ethical and effective. For instance, this will ensure every member of staff is well looked after, their needs respected and proper benefits are made available to them. Policies help to address possible complaints, problems and grievances of staff, and outline how to solve them appropriately.

They will protect staff from the ramifications of colleagues poor behaviour and even from the organisation itself. Policies help train and develop staff who are consistent with the needs of the organisation. They ensure that staff receive adequate and fair compensation. These policies also help to maintain discipline in the workplace and provide paid vacation to eligible employees.

In preparing your HR policies you must first be aware of the labour laws in your locality. Some of these laws may require you to have some policies in place. In the absence of specific stipulations, employers can write the policies based on the following areas but not limited to these.

The at-will employment policy reiterates that both employer and staff can terminate the employment relationship at any time and for any reason, providing the reason is lawful. This should typically be in the beginning statement of your handbook.

The sexual-harassment policy especially in the modern workplace is a high profile concern,

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informing and educating employees through an up-to-date sexual-harassment policy, is critical.

Safeguard your organisation by clearly communicating zero tolerance guidelines for unwanted unwelcome and inappropriate sexual comments or actions.

It is important to clearly define employment classifications. This can include full-time, part-time and any other classifications that may exist in you. This may dictate the eligibility for benefits and overtime paid so it should be a principal policy to clearly stipulate all employee classifications.

Leave and time off benefits’ policies should address your organisations rules and procedures regarding holidays, vacation, sick days, casual leave and all other types of benefits. This should include any leave days required by law.

A clear policy on meal and break times should exist, showing that employees are well-informed on the frequency and duration of such breaks as well as any additional rules or restrictions relating to them. Again the labour law may or may not address this.

A time keeping policy keeps staff informed of the appropriate method for recording the time worked as well as the importance of accurately recording the time. Policies on pay periods communicate the frequency of pay days to staff.

Methods available for receiving payment and any special procedures that may take place should a payday fall on a holiday or when the employee is absent from work.

Health and safety policies describe the safety and emergency procedures of the workplace and require staff to report any work related injuries immediately. There are several regulations under the health and safety laws that require employers to have specific policies in place if certain workplace hazards exist, for example if

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Olamide Balogun certain chemicals are present in the workplace, an organisation should have a hazard communication program as part of the health and safety policy.

Attendance policies not to be confused with time keeping, clearly communicate when employees must be ready to work stipulating the scheduled start time each day and providing procedures for informing the supervisors about the shadowed absences and meet arrivals.

Surprise, surprise, there should be a remote working policy. We are all now forced to take this into consideration. We must identify the jobs hat are better suited to work remotely when the lock down is over. The organisation must clarify its position on remote work in the long term.in doing this, you must take into consideration who is eligible for remote work, the limitation for remote working and how to monitor the remote workers.

Like I said before this is a two- part article that will be completed next week. In the mean time even as senior executive, begin to think creatively of the way forward in all areas of your organisation because we are in flux right now and we have to begin to decipher where the dice will fall.

Have a great weekend Balogun is the founder of Box & Cedar Ltd a boutique Recruitment and HR Consulting firm Www.boxandcedar.com

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Ekwegh is a private legal practitioner with over 15 years

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Dateline Lagos 1941-1946: The Gari war HumanAngle

Femi olugbile

T

he world was at war. The colonial government of Nigeria recognised early that the country was going to need to be self-sufficient in food, as importation could not be guaranteed under war conditions. In addition, the country could not afford the luxury of industrial action, especially if it was going to affect local productivity.

General Defence Regulations were promulgated by the government. They banned strikes and gave the government power to introduce measures to control the prices of commodities.

From 19th February, 1941, a Food Price Control Scheme took effect under Captain A.P.Pullen, Inspector of Prices and Deputy Commissioner for Native Foodstuffs.

The scheme began with the publication of a “control” price list for common items, to be used by all retailers, including market men and women.

“Controlled” items at the outset included gari, pepper and beans. The list was soon expanded to include Egusi, Beef and Pork.

In short order, the “controls” expanded further to include items such as carrots, turnips and cabbage which were mostly consumed by the European population.

The “control” prices would be subject to periodic revision based on market conditions.

Straight from the start, the price control measures aroused much hostility from the Lagos public. The market women, under the aegis of the Lagos Women Market Association, felt they were being “priced out” of a living, and were dead set against it. The Lagos newspapers, such as The Daily Service and West African Pilot were harsh in their criticism and wanted “controls” to be abolished. Even the general public, who were supposed to be the beneficiaries of a system that cut out “middlemen” and “profiteers” to try to ensure stable and reasonable prices, were against it.

To be sure, prices of basic commodities had become very high in the markets of Lagos by the onset of the Second World War in 1939. There were several factors at play. Foodstuff such as rice that was transported from the north of the country was more expensive to get to the market due to the decline in the quality and efficiency of the Nigerian Railways operations that had been ongoing for about a decade for several reasons.

The implementation of the “Pullen Scheme” began with efforts to enforce the new prices in the markets. Anybody found to be selling above the “control” prices was liable to be arrested, tried and imprisoned. A few scapegoats were apprehended and subjected to harsh prison sentence. A particular case in point was Fawaz, a Syrian trader at Ereko market. For selling a twenty-pound bag of rice for seven shillings, instead of the controlled price of six shillings, four pence, she was sentenced to four months in prison.

Lagos market women saw the whole Pullen initiative was as a direct, existential threat to themselves and the essence of Lagos market culture. Soon

enough, it became an eyeball to eyeball war of attrition between Captain Pullen and Alimotu Pelewura, the Iyaloja. As the days passed, the war crystallised over the most basic food item of local consumption – Gari.

As matters escalated, each side dug in.

Government buyers began to travel long distances into the hinterland to buy food directly from farmers. UAC, a corporate behemoth, became involved in storing and selling commodities at controlled prices. “Pullen stalls” were opened in new markets such as Yaba to control the process end to end.

The traditional markets which were not complying were now effectively a “black market”.

The Pullen stalls became important for people wanting to buy gari and other staples at low prices. But they could not sustain supplies. Long, badtempered queues formed overnight.

By 10 am, the supplies had vanished for the day.

Other people excluded from the supply chain were feeling the pinch too.

The gari sellers of Ijebu Ode, who were cut out because government bought directly from producers stationed their members at Sagamu to forcibly stop and inspect every Lagos-bound lorry and to impound every bag or gari bound for government stores.

At one point, Pelewura and her irate supporters invaded a meeting of the Agege Town Council to protest the Pullen measures. They threatened to go full tilt in black market operations.

They fired off a petition thumb printed by one thousand and three hundred of their fellows.

Four separate peace meetings were convened with the Commissioner of the Colony and his deputy. Pullen reaffirmed his intention to continue to sell not only gari, but also palm oil, rice and pepper.

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Lagos market women saw the whole Pullen initiative was as a direct, existential threat to themselves and the essence of Lagos market culture. Soon enough, it became an eyeball to eyeball war of attrition between Captain Pullen and Alimotu Pelewura, the Iyaloja

Olugbile is a writer and psychiatrist. synthesiz@gmail.com

Politics and English language in Nigeria

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he Nigerian political lexicon is illustrative of the irregularities that characterise the field of discourse. Just like the subject of politics in Nigeria is fraught with anomalies, so are the words that embody it. Quite interestingly, ours is a clime where politicians love to be regarded as people of “timbre and calibre,” a phrase which has become associated with being witty, preeminent, cosmopolitan and sophisticated.

Although this expression has become a cliché in the Nigerian polity, it is important to know that it is non existent in standard English and was credited to a Nigerian politician, Ozumba Mbadiwe. In the best interests of the global audience, therefore, it is appropriate to regard such politicians as “men of substance.” That being said, the “self-interest” (not “selfish interest”) which clouds the political involvement of many Nigerian politicians makes it easy for them to “cross carpet” or “decamp” swiftly.

It is deserving of mention that those words in quotation marks are erroneous expressions that have been used in our climes from time immemorial. Mark you, the activity of forsaking a cause, a party or a nation for another, often because of a change in ideology, is called defection. Hence, to move from one political party to another is to “defect” — not to decamp or cross-carpet. Nonetheless, “decamping” might be contextually appropriate to describe numerous Nigerian politicians of a stealthy disposition, since the word means to exit a place suddenly or secretly — as they often do.

In addition, Nigerian politicians can be fixated on their undertakings, so much so that they even pluralise the mass/collective noun,

electorate. Against this backdrop, I’m duty bound to enlighten the general reader that the entire individuals in a country or geographical expression, who are eligible to exercise their franchise in an election are collectively called the “electorate;” not “electorates.” Moving on, due in no small part to some politicians’ love for grandiloquence, they would rather describe the act of putting a project to use as “commissioning.” The foregoing is opposed to the use of “opening,” which is quite apt. By comparison, to commission someone or an institution is to appoint or assign a person or a body to a task or function. Thus, it behoves the concerned politicians to “open,” for instance, a classroom community project; not “commission” same.

Meanwhile, in a bid to worm their way into the hearts of their constituencies, pander to the whims of their political principals or ingratiate themselves with other political party apparatchiks, some government functionaries recklessly expend taxpayers’ money on what the significant majority of Nigerians designate as a “white elephant project.” If the provision of the English lexicon must be adhered to, such a project is supposed to be aptly called a “white elephant.” For avoidance of doubt, a white elephant is a thing that is useless and no longer relevant, although it may have cost a staggering sum. As such, the infusion of “project” in that phrase amounts to overkill. In yet another episode that epitomises superfluity, some politicians often label the activity of disclosing their manifestos and visiting the electorate, with a view to persuading them to vote for a particular individual or political party, as an “electioneering campaign.” For exactitude’s

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The Gift of Gab

sake, the foregoing ought to be simply branded as “electioneering.” Besides, I can wager that countless individuals often say something like: “No fewer than ten candidates ‘contested for’ the presidency.” Well, it is about time you knew that “contest” is a transitive verb and, as such, it shouldn’t be succeeded by the preposition “for.” By reason of this, you are supposed to say: “No fewer than ten candidates ‘contested’ the presidency.” Be that as it may, “contest” can admit “for” when the former is deployed as a noun. By the same token, it is appropriate to say: “The ‘contest (a noun) for’ the presidency has reached a climax.”

What is more, politicians of great renown are expected to be “standard-bearers.” This is a term that represents leaders in a party or a cause. In striking contrast, though, a thumping majority of Nigerian politicians love to be erroneously regarded as “flag-bearers.” On top of that, our lawmakers ought to be enlightened that the outright dismissal of a government official from office isn’t an “impeachment.”

In point of fact, an impeachment is a charge of misconduct preferred against the holder of public office. The inference here is that an impeachment is a precursor to an ouster from office. Given this, it is within the realm of possibility to impeach a president, governor and the like without ousting them from office in the long run.

A noteworthy example of this reality is the incumbent President of the United States, Donald Trump, who, in 2019, was impeached by the US House of Representatives for allegedly pressuring his Ukraine counterpart, Volodymyr Zelensky, to launch an investigation

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At a public meeting with some of the titled Chiefs of Lagos at Iga Iduganran, the women refused flatly to abide by the “unrealistic” price controls.

At yet another meeting, a by-now frustrated Captain Pullen tried to induce Pelewura to “turn-coat”, offering her a generous “salary” of seven pounds ten shillings a month. To this Pelewura haughtily replied that she would not desert her cause even if he offered to pay her a hundred pounds a month.

Attitudes hardened on both sides, and there was not much love lost.

Captain Pullen was heard to remark about Lagosians: “You can do everything for them, but they never seem to appreciate it”.

The market women, for their part, had a new song, which the children sang about the streets of Lagos: …Ara nsele l’Eko Oyinbo nta’ta Won nt’epo…

Won o si m’ona Idogo…

(Wonders are happening in Lagos Europeans now sell pepper And they sell palm oil…

Yet they cannot find their way to Idogo) Things got quite desperate for gari eaters in Lagos in 1945 as government supply was squeezed to a hopeless trickle and black-market prices went through the roof.

Pelewura went as far afield as Okitipupa to bypass government supply lines and flood the Lagos markets with gari.

It could only end one way, and in the end it did. Government capitulated, announcing the removal of gari from the Pullen price control scheme.

A year later, the scheme was scrapped altogether.

The women had won.

Ganiu Bamgbose

into the supposed misconduct of the former’s political rival, Joe Biden, and his son, Hunter.

Ultimately, President Trump was acquitted by the Republican-majority Senate. On the sidelines of that, the jamboree that accompanies the completion of a constituency project is called a “launch;” not “launching.” Last but not least, inasmuch as they were purchased with our common wealth, our public officials should be reliably informed that those large cars they drive are called “SUVs,” and not “Jeeps,” as Jeep is specifically a brand name or a trademark.

On the heels of these revelations, I urge our politicians to enjoy the prosperity and remember that their names are recorded for posterity.

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 29 May 2020

BUSINESS DAY

Editorial Publisher/Editor-in-chief

Frank Aigbogun

How COVID-19 is unraveling Nigeria’s deepest problems If COVID-19, has taught us anything, it is that elections have consequences

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

Bashir Ibrahim Hassan

GM, BUSINESS DEVELOPMENT (South) Ignatius Chukwu

O

ver the past few weeks, governors in some northern Nigerian states have been pawning destitute children across state-lines upon fears that they will spread COVID-19 as years of promoting dubious religious education that left youths amenable to political control, through a broken Almajiri system, takes a toll.

As the Nigerian government struggles to manage the fall-out from a deadly coronavirus pandemic that has sickened over 5million people and killed over 350,000, it is learning that though it has been spared the worst effects reporting less than 300 deaths, all the fault lines that held this beat-up federation, could very well unravel.

After nearly two months of lockdown, the nation is on the cusp of reopening with many disappointed that the lockdown hasn’t led to improved testing nor has the truly vulnerable benefited from government’s palliatives. Yet billions of naira has been voted on various programmes that barely yielded tangible results.

According to a UNICEF data, there are over 9.5 million Almajiris in northern Nigeria. These children

were shipped to Imams for Islamic education but without a regulated and well funded system, they have become tools for religious extremists and political anarchy. Now they have become super spreaders of COVID-19.

The Almajiris constitute the bulk of Nigeria’s out-of-school children and right up the alley are girls who continue to be denied an education as poor people in Northern Nigeria marry off female children barely in their teens to save up on the cost of feeding and educating them.

The Federal Government can no longer pretend this will not snowball into a crisis. Currently, over 60 percent of the population are young and have inherited a fractured educational and healthcare system. These young people are growing up with social media providing an outlet for their pent-up emotions but soon they will begin searching for more options.

Prior to COVID-19, successive governments treated healthcare funding as an after thought. The ease at which public officers and their families fly abroad for treatment removes any urgency to fix the country’s dilapidated healthcare system. Even the president who spent months outside the country tending to his own health in his earliest years in office, has not

done better than his predecessors in funding the health sector.

However, the coronavirus with its attendant suspension of foreign travels has revealed that medical tourism to India as state policy is untenable.

For years successive Nigerian governments insisted on maintaining a wasteful subsidy on petrol despite abundant evidence that it does not benefit the poor touted as its reason.

NNPC data shows that the Federal government has burnt $63billion on subsidies between 2006 and 2018.

Even after the economy went into a recession at the end of 2016, the Buhari administration only maintained a price modulated regime rather than scrap the policy and soon after when oil prices recovered, Nigeria continued frittering away billions subsidizing petrol for citizens in Lagos and Abuja who buy almost half of all petrol imported into the country according to data from the National Bureau of Statistics.

Many countries instituted a lockdown to control the spread of Coronavirus and Nigeria too did the same.

But unlike most countries, millions of Nigerians have no homes hence the streets are packed with people.

Lockdown in Nigeria is a little more than roads being empty of vehicles and offices, schools and churches

under lock and key. Away from the major roads, lockdown is just another public holiday with no end notice.

Children in many countries have continued education through the internet using video conferencing applications. Many public schools in Nigeria do not have running water and even private schools lack good teachers. Universities and Polytechnics are on lockdown and the few elite private schools in session cope with dodgy internet services.

But Nigeria fritters valuable resources every year paying lawmakers unconscionable allowances, subsidising foreign currency to prop up the naira, and fund religious pilgrimages as well a host of other wasteful spending. These can no longer be a priority unless the endgame is selfimmolation.

If COVID-19, has taught us anything, it is that elections have consequences. Electing inept people will bring disastrous consequences irrespective of their tribe, state, local government, religion or political party. The quality of leadership is directly proportional to the solutions they create during a crisis. Any government seeking to muzzle a free press is burrowing through the last bastion of the public - do not enable it as the consequences are always lethal.

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Friday 29 May 2020

BUSINESS DAY

COMPANIES & MARKETS

COMPANY NEWS ANALYSIS INSIGHT

Five Top Banks by Capital Importation in Q1 2020 SEGUN ADAMS

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n the first quarter of 2020, the total value of capital importation into Nigeria fell by 31.19% year-onyear to $5,854.38m but rose 53.97% on a quarterly basis.

Most of the inflow were Portfolio investment (73.61% or $4,309.47m).

Other Investment accounted for 22.73% ($1,330.65m) and Foreign Direct Investment accounted for 3.66% ($214.25m) of the total capital.

Here are the top five banks facilitating the inflow into Nigeria.

Standard Chartere d Bank Nigeria Limited A wholly owned subsidiary of Standard Chartered Bank Plc, headquartered in United Kingdom, Standard Chartered Bank of Nigeria tops the league of lenders through which capital is imported into Nigeria.

According to NBS data, 28% of total capital imported into Nigeria in Q1

equivalent to $1656.60m came through this bank.

That represents a growth of 54% year-on-year and 402% on quarterly basis for the bank.

Banking analysts say lenders w ith overs eas-

based parents enjoy the international presence of their parent companies and can easily tap into their group’s balance sheet and expertise to edge out local players.

Also, they say foreign

I

n a bid to ensure that operators of micro, small and medium enterprises (MSMEs) thrive in their businesses, ensure efficiency and quality service delivery, Crown Interactive has launched the CICOD Lyte initiative to provide a support system that offers end to end solutions for business process re-engineering.

According to the organisation, the CICOD Lyte new offering will help grow and engender profitability by helping businesses setup their online processes, manage orders, take payments, and manage deliveries without the need for any technical skills. “ Having sp ent years building an extensive suite of products and testing them with large enterprises and government agencies, Crown Interactive decided to develop solutions for micro, small and medium-sized businesses,” said Wumi Oghoetuoma, CEO, Crown Interactive in a state-

banks for foreign transactions and accounted for 24% or $1378.78m of total capital inflow into Nigeria in Q1, marking a 62% yearon-year decline but a 13% quarterly increase.

Citibank Nigeria Limited

R-L: Club President, Lagos Apex Lions Club, Lion Cynthia Saka; Igando Community leader, Alhaji Olohunfemi Mamud; Club Treasurer, Lion Victoria Bello; Club 1st Vice President, Lion Adeshola Adu and Club Secretary, Lion Modupe Salahudeen all at the Covid-19 Palliative to Igando Community area to support government in giving out palliative to the needy and vulnerable in our society.

Crown Interactive launches CICOD Lyte initiative for MSMEs JOSEPHINE OKOJIE

lenders usually offer more attractive terms of credit and fees.

Stanbic IBTC Bank Plc Stanbic IBTC Bank is a member of the Standard Bank Group. The lender is one of the most popular

ment. “It is here we see the entry of the CICOD suite user-friendly solutions.

The first to be unleashed is known as CICOD Lyte.

Crown Interactive’s business support systems offer end-to-end solutions for business process re-engineering within organizations across various sectors,” he said.

He said that many organisations have mostly tracked their business processes that enable them to deliver their products and services to end users manually, noting that such act has led to inefficient operations, leakages and poor service delivery.

He noted that with the use of the CICOD Lyte initiative businesses can address these issues by re-engineering their processes.

“We offering fully integrated but modular systems that can be integrated into existing organisations’ software applications where required or operate independently to provide an un-paralleled platform for automating key business

processes,” Oghoetuoma said. “Today, large organisations such as Eko Electricity Distribution Company and others currently use solutions provided by Crown Interactive to manage their key business processes and track their revenue flow,” he added.

He explained that CICOD Lyte provides customers with the ability to setup their online businesses immediately, manage orders, take payments and manage deliveries without need for any technical skills.

He stated that his organisation is currently offering a 30days free trial period for the CICOD Lyte initiative for businesses.

Oghoetuoma said the ICT approach will also help Nigeria’s apex bank – Central Bank of Nigeria to achieve its drive for financial inclusion.

Crown Interactive is a software company based in Lagos, Nigeria with a focus on delivering solutions that enable, revenue assurance, customer and workflow management.

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Citibank Nigeria’s parents are Citigroup and CITIBANK OVERSEAS INVESTMENT CORP. This lender accounted for 12% or $688.47m of capital inflow into Nigeria in the first three months of the year.

This was an 11% year-onyear decline for the bank but an 8% jump from Q4 2019.

First Bank of Nigeria Plc This Nigerian tier-one bank tied with Citibank on account of capital importation into the country in Q1, although FBN’s numbers stood at $677.1m. For the lender with FBN Holdings PLC as its parent, this was a stellar performance as it signaled 126% annual growth and 114% quarterly growth.

Rand Merchant Bank Rand Merchant Bank (RMB) accounted for 10% of total capital imported into Nigeria in Q1 at $611.68m in Q1, up 86% on quarterly basis even though the bank’s numbers fell 55% on an annual basis.

TECHNOLOGY

Calm Global Technology activates business continuity plan amid Covid-19 crisis HOPE MOSES-ASHIKE

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alm Global Information Technology Limited, an information Technology company, which has been in existence for a decade is enabling businesses to operate and optimally even in Covid-19 pandemic era.

At a time when officers are shut down as a measure to curb the spread of Covid-19 pandemic, leading to difficulties of continuing normal business operations, the firm introduces its product - Contentverse to solve this problem.

Contentverse is a highly user friendly content management system designed to help businesses store,transfer,secure and find documents,and with workflow automation. Contentverse provides functionality from both mobile and desktop devices, across various browsers, and also provides files in over 400 files format.

“Calm Global Information Technology has the right products for education, healthcare and for the business envi-

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ronment which the Nigerian economy desperately needs,” said Iranloye Gideon, managing director/CEO. The features of Contentverse include mobile functionality, compatibility with multiple operating systems, document sharing, workflow automation, offline working, multiple ways to add documents, compliance tracking and search.

For the education sector, the school calendar has been hugely affected and learning has been halted. The interruption has interfered with the internal assessment schedule.

The company has come with a product known as ‘Wissen’ to solve the problem and keep schools running in a form of distance learning.

Some of the exciting features of Wissen are content management, ease of use, integrated structure, supports mobile learning, and supports blended learning amon thers.

H o s p i t a l s a r e o v e rwhelmed with the job of trying to manage the spread of Covid-19 pandemic. Data to ensure effective planning @Businessdayng

and allocation of relief resources and medical supplies are hardly available. There is also difficulty in maintaining real time monitoring of the healthcare situation at a glance, which is necessary for ensuring appropriate preparation.

Consequently, the company has provided a solution known as ‘Koko’, which enables healthcare to be delivered strategically and with medical intelligence.

Koko is an electronic medical and health management solution that link health services providers,such that health information is available to enable cheaper and better healthcare delivery and therefore unlocks a unified health care monitoring, interaction and communication between patients, healthcare practitioners, and industry stakeholders.

Some features of Koko include, supply chain management, health intelligence and reporting, mobility and remote consultation, synchronisation with HMOs, multifactor authentication (security).

Friday 29 May 2020

BUSINESS DAY

COMPANIES&MARKETS COVID-19: MEMMCOL donates relief materials, sanitizers, face masks to host community KELECHI EWUZIE

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igeria’s electricity meter manufacturing company, Momas Electricity Meters Manufacturing Company Limited (MEMMCOL) has donated relief materials including food items, sanitisers and face masks to the residents of the Orimerunmu community, Mowe, Ogun State.

The company which is bothered by the increasing trend and spread of Coronavirus pandemic says the donation is in line with its Corporate Social Responsibility (CSR) thrust of supporting and standing with the host community where its worldclass state-of the-art electricity meters manufacturing factory is located.

Kola Balogun, the Chairman of the company says the donation to the community is part of the company’s kind gesture to the community aimed at providing relief for the people of the communities to ease the difficulties induced

by the COVID- 19 pandemic.

The relief materials including Bags of Rice, Hand Sanitizers and Face Masks worth several million of Naira was distributed to the different Community Development Associations (CDAs) within the Orimerunmu community.

According to Balogun, “We are donating these relief materials to the communities as a way of showing our concern to the well-being of the people of our host communities especially during this trying period, each beneficiary would get 5kg bag of Rice, Hand Sanitizer and Face Masks”, he said.

Balogun disclosed further that apart from the donation of the relief materials, the company has also concluded plans to embarking on disinfection of the communities to with a view to keep the people protected thereby preventing the spread of Coronavirus.

“To achieve this, we have procured three Tricycles and converted them into a fumigation van, these truck loaded with disinfectants would be

deployed to the communities to disinfect the communities”, he added.

Mustafa Akiode, Baale of Orimerunmu, while receiving the Relief materials, lauded the management and staff of Momas Electricity Meters Manufacturing Company Limited (MEMMCOL) for the donation and for always identifying with the community as a good corporate citizen. He prayed that the company would continue to wax stronger by the day. The Baale urged the CDA leaders to ensure that the items get to the most vulnerable within their respective community.

Reacting on behalf of the Community Development Associations (CDAs) the Chairman of Powerline Community Development Association, Obajemu Joseph applauded the management of the company for the donation and the disinfection of the community.

He promised that the CDAs would be ready to corporate and collaborate with company at all times for the development of the community.

L-R: Galadima of Nupe, Alhaji Gimba Abubakar, Manager Golden Sugar Company Sunti Factory, Mr. Adam Nimmo. and Village Head, Eppa Community, Alhaji Ahmed Ishaq during the presentation of palliatives by Golden sugar to communities in Niger State.Pic by Olatunji Obasa

CWG Academy adopts online for next session MODESTUS ANAESORONYE

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WG Academy, the training and capacity building arm of Nigeria’s largest system integration company, CWG Plc has disclosed plans to set up an online academy so that students can resume the next session of the academy by the second week of June 2020.

Emmanuel Effiong, training manager at the Academy disclosed this in a statement.

According to him, the resumption via online is as a result of the global Covid-19 Pandemic, which has forced a lockdown in many cities across the world with schools closed and many people working from homes.

“Probable the next academic session is likely to start second week of June 2020.

Currently the management is strategizing putting system in place to compliment the classroom training by setting up an online Academy that will also support our line of business,” the statement revealed.

The statement added that the Academy is one of the many ways CWG contributes her quota to Nation building by ways of helping to tackle the Nigerian unemployment quagmire. “What we do here is to create the know-how and confidence needed to be the next set of Tech-leaders in Nigeria as we believe doing this will continue to create jobs for other Nigerians riding on technology.”

The Academy deals with four core areas of the Information and Communications Technology ecosystem. They are Advance Service management, Data Centre Infrastruc-

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ture Services, IT Infrastructure & Cloud Platform and Software Training.

Since the inception of the Academy in the last decade, it has gained 100 percent acceptance largely to uniqueness for value creation. It has promoted the CWG Plc’s image, created job opportunities and has helped the Government to reduce unemployment.

In the area of producing enterprenuers, the Academy boasts of the record of producing year-in–year- out a strong IT work force personnel in the country. In fact, the Academy has trained and develop over 1,500 Professionals. Some of these professionals, findings revealed, are working with Blue-Chip companies in Nigeria today. Some have also gone ahead to establish their own companies as entrepreneurs and are doing very well. https://www.facebook.com/businessdayng

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IMPACT INVESTING Impact investing activities in Africa from Jan to May 2020 In Association With

TELIAT SULE

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‘’It is urgent for us as a Development Finance Institution to strengthen the financial resilience of companies and protect jobs in developing countries .The Platcorp Group has a broad and efficient platform for providing access to financing for small and mediumsized companies in East Africa, which makes it possible for us to reach and support several companies which is in line with our mission’’, AVCA reported Maria Håkansson, CEO Swedfund, to have said.

Alitheia IDF gets $10m from SEDF Soros Economic Development Fund (SEDF), the impact investing arm of the Open Society Economic Justice Program, has committed $15 million to Alitheia IDF and Women’s Wolrd banking Capital Partners II. The former got $10 million while the latter got $5 million.

The fund is meant to advance economic and gender equity in Africa.

According to AVCA, Alitheia IDF will invest between $1 and $5 million into SMEs that promote gender equality in southern and western African region on the continent. Women’s World Banking Capital partners II is expected to invest between $5 and $10 million in financial services companies in emerging markets, with focus on areas where many women still lack access to formal financial products and services.

“These investments are coming at a particularly crucial time, as African women—who are a part of the informal economy—are at a heightened risk of economic precarity as a result of the corowww.businessday.ng

navirus pandemic,” said Sarah Hewitt, a program officer with the Open Society Economic Justice Program. “SEDF is also ramping up investment work to directly respond to COVID-19 and has also helped seed an impact investment coordination platform hosted by the Global Impact Investment Network”, AVCA reported.

Proparco commits $20m into SPE AIF I Fund Proparco, an impact investing firm which plays advisory role on environmental and social aspects, supported SMEs in North Africa with $20 million equity investment in the SPE AIF I investment fund.

The beneficiary SMEs must be undergoing periods of strong growth or transition in the industrial, health and education sectors in Egypt, Morocco and Tunisia.

SPE AIF I, a private equity fund,

‘

In West Africa, SMEs should be the engine room of regional economies but they are being held back by the lack of access to finance

‘

he global economy has been seriously bashed by the rampaging coronavirus pandemic or covid 19 which has forced so many economies into lockdown. Notwithstanding, Africa, from January 2020 to May 2020, recorded a number of impact investing activities as reported by the African Private Equity and Venture Capital Association (AVCA). The summary of some of the impact investing activities, compiled by BRIU, is presented hereunder: Swedfund supports healthcare actors in Nigeria, Madagascar and others Swedfund is the Development Finance Institution of the Swedish state. Its mission is to combat poverty by investing in and develop sustainable business in the world’s most challenging markets.

Considering the pressure on the healthcare facilities in developing countries as a result of the outbreak of the covid 19 pandemic. In May 2020, Swedfund supported different actors in the healthcare sector in Nigeria, Madagascar and India with the sum of SEK2.2 million.

The support included personal protective equipment, medicines, and transport. The major aim of this move was to prevent the spread of coronavirus and to support emergency preparedness. The focus, according to Swedfund, was to increase health and safety of healthcare workers.

The beneficiaries are Express Pharma in Nigeria; Opham in Madagascar, and Medica Synergie in East India. Express Pharma is a chain of pharmacies that is delivering safe medicines across Lagos, Nigeria’s commercial nerve centre. Opham is a pharmaceutical products wholesaler that provides specialty and generic products to pharmacies and hospitals in Madagascar. Medica Synergie treats about 485,000 patients every year, according to AVCA. In addition, it manages eight hospitals and the company targets providing high quality and affordable healthcare services to the underserved parts of East Indian market.

Apart from the above, Swedfund equally supported Platcorp, which is a financial institution providing credit to private individuals and small medium sized firms in Kenya, Tanzania and Uganda, with €5 million.

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is managed by SPE Capital, Proparco’s long standing partner. It focuses on North Africa especially Egypt, Morocco and Tunisia.

“It will support around ten companies through equity investments giving control or strong influence, in the industrial, health and education sectors, and should help to support more than 3,000 indirect jobs including 700 women’s jobs.

It will also contribute to capacity building, through the training of a total of 600 employees as a result of training expenditure by the investee companies”, AVCA stated.

ETC Group Kenya gets $40m from DEG ETC Group, a Kenyan agricultural commodity trader and supply chain manager, has received $40 million investment from DEG. ETC Group is a large and diversified agricultural commodity trader and supply chain manager in Africa.

Established in 1967 in Kenya, the firm has emerged as one of the largest independent agricultural commodity supply chain managers in Africa. ETC Group manages more than 460 warehouses and operates over 120 processing plants in Africa.

ETG Group is also one of the largest importers and distributors of fertilizer in Africa which plays an important role in enhancing incomes of African farmers. The DEG facility will allow ETG stabilize and grow its business, according to AVCA. ARCH EM Partners invests $16.5m in CrossBoundary Energy ARCH Emerging Markets Partners’ Africa Renewable Power Fund (ARCH ARPF), in the first quarter @Businessdayng

of this year, announced the investment of $16.5 million in CrossBoundary Energy (CBE). The fund, according to report, particularly for its commercial and industrial solar services and was the first stage of larger transaction to scale solar for businesses across Africa. The project is meant to provide businesses across Africa with access to cheaper and cleaner power.

CBE is reputed to have powered the solar-as-a-service business model in Africa. The firm, in partnership with local developers and solar contractors, finances, installs and operates solar assets that provide cleaner and cheaper power.

CBE has is footprint in Kenya, Rwanda, Ghana, and Africa’s biggest economy, Nigeria. In those aforementioned economies, CBE’s clients include Unilever, Diageo, Heineken, Actis and other notable companies in those countries.

CDC commits $39.2 million to SMEs in West Africa West Africa’s small and medium enterprises are in for a good time following the announcement of $39.2 million by CDC Group to support small businesses in the West African sub region. Specifically, CDC will be backing Verod Fund III and Adiwale Fund I, both of which are based in the West African sub region and are known to be support SMEs with $19.2 million and $20 million respectively.

Adiwale Fund I invests in SMEs with the markets of interest in Cote d’Ivoire, Senegal, Burkina Faso and Mali. Its target sectors are FCMG, business services and manufacturing. Verod Fund III is the second fund raised by Verod Capital which targets SMEs in the West African sub region. The Verod Fund III will be targeting SMEs in Nigeria and Ghana especially in consumer goods and services, agribusiness and financial services.

“In West Africa, SMEs should be the engine room of regional economies but they are being held back by the lack of access to finance. As the largest private equity investor in Africa, CDC is committed to boosting access to finance for these businesses. Investing in SMEs enables our capital to go further and we expect that positive returns will generate an important demonstration effect and help mobilise further capital into these markets, encouraging more commitments towards the United Nations Sustainable Development Goals”, AVCA reported Nick O’ Donohoe, CEO of CDC Group to have said.

Friday 29 May 2020

BUSINESS DAY

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Friday 29 May 2020

BUSINESS DAY

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Friday 29 May 2020

BUSINESS DAY

19

INTERVIEW

NEWS

Telemedicine is the solution to quality healthcare delivery in Nigeria

Max.ng provides safety equipment for police community across Nigeria

With over Two Hundred Million population, Nigeria, the biggest country in Africa has over the years had to put up with the challenge of health care system. JAY CHIKEZIE, the Founder/CEO of Tremendoc Nigeria Limited, a telemedicine company, in this interview with SEGUN ADAMS, explains the advantages of digital-based medical services, how Nigeria can benefit from the services the company render and its partnership with Sterling Bank PLC. Excerpt:

s part of efforts to curb the spread of c o ro n av i r u s a n d show appreciation for the efforts of the Nigerian Police in keeping Nigerians safe, the management of Max.ng, Nigeria’s frontline bike hailing and delivery logistics service provider, has embarked on a sensitisation campaign across some states in Nigeria to enlighten the Nigerian Police on how to ensure their safety when carrying out their duties.

Max.ng, which is currently operational in the cities of Ibadan, Akure and Kano, and also offering delivery services to businesses and individuals in Lagos State, embarked on the week-long campaign with certified health professionals to engage the police community and share medical advice and protective equipment. Police stations in Oyo, Ondo and Lagos states were visited to show appreciation for their efforts as frontline essential service providers in the battle against the spread of the Covid-19 virus.

In Lagos, the Max.ng team led by Gbolahan Fadipe, was received at the Alausa Police Station by CSP Shola Omilade who thanked the team for taking the time out to visit them. She said the entire members of the police force appreciated the gesture and

What is Tremendoc all about? remendoc is a telemedicine solution that allows our users to gain access to licensed Doctors via chat, audio and video calls. It is a mobile application available on the play store and apple store

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Would you say Nigeria is ripe for Internet-enabled telemedicine?

Of course, but there is still a lot more to be done in order to reach more of the population with internet access. Currently, there is a 38% broadband penetration in Nigeria, that is about 76 million people having access to the Internet in Nigeria and over 50 million people having access to smartphones.

How will you describe the journey of Tremendoc so far?

Tremendoc’s journey has not been easy. We first launched in 2017 and had to shut down because we had difficulties with the technology but in this process, we tried different business models, failed a couple of times which has given us a solid approach now.

Describe the reactions of Nigerians to your service?

Nigerians were at first skeptical about the service, with questions like how will Doctors give the right diagnosis without touching a patient but we have learnt that 70% of consultations that take place in hospitals can actually be treated via telemedicine. A lot of us who have friends, siblings or family in the medical profession practice telemedicine every time we call our friends or loved ones to tell them about how we feel medically via telephone.

With the current situa-

tion we have seen a huge spike and people are beginning to get educated about telemedicine What is your experience with the partners, especially Sterling Bank?

Our partners have been amazing, we have partners in the banking sector, entertainment and Health sector (HMOs) but Sterling Bank has been brilliant in the way they have communicated the message to their customers. The key thing is sensitizing the general public on the importance of telemedicine, especially during this pandemic.

What is the impact of your partnership with Sterling Bank?

Our partnership with Sterling Bank has been amazing, since it was announced we have experienced a huge spike in

Doctor consultations and also in our subscribers.

Thanks to the management for thinking about their customers and paying for 60 days access to Doctors. This partnership has also validated our service. So far, we have received numerous calls from other organizations, multinationals, HMOs and VCs, wanting to do business with us in different capacities. For this, we say “Thank you to Sterling Bank.”

Would you say you are satisfied with the progress you have made so far? Please speak to the challenges so far Yes. I am very satisfied and overwhelmed with our progress. I am excited that Tremendoc is paving the way for telemedicine in Nigeria and Africa at large. The challenges are educating the general

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user on exactly what it means to have a virtual consultation but I am glad we are moving past that phase quickly. We also have the challenge of broadband penetration, the country is currently at 38%, we need to work hard to reach the rural communities with this solution.

Would you say Tremendoc will survive the next 5-10 years and why?

Definitely! Tremendoc will be here for centuries to come. We are in a digital age, where convenience and health is the number 1 priority for every human. There will be innovations added to telemedicine beyond chat, audio and video calls, I see a time where virtual reality would be at play. Our biggest strength as a company is our ability to innovate.

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BUNMI BAILEY

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commended them for their efforts.

In their response, Fadipe said without the diligence and professionalism exhibited by the Nigerian Police during the initial lockdown phase of the pandemic, the security situation in the country could have been very dire.

During the interactive health session at the Bodija Housing Police Station Ibadan organized by the Max. ng team led by Olumayowa Olusa, the members of the Nigerian police were taken through varying safety protocols by Dr. Akinbehinje Marianne on how they could ensure their safety and that of those they were interacting with. The Doctor also shared tips on what needed to be done within their environments and when on patrol.

In Akure, the Max team visited three police stations starting with the State Command and then proceeded to the NPF Ala division, Ala Quarters and NPF B division, Oke-Aro. At the State Command in Akure, The Max. ng team were hosted by the Commissioner of Police CP Andie Undie who thanked the Max.ng team for facilitating the health discussion for the members of the police command and noted that Max.ng was the first and only non-governmental organization to have reached out to the police community during this period of the pandemic.

Access Bank urges customers to be wary of scams HOPE MOSES-ASHIKE

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ccess Bank plc, Nigeria’s largest retail bank, is urging its customers to be on the lookout for fraudsters who are using new scam methods to rip people off by preying on the distress that comes with the nationwide lockdown.

Fraudsters contact their potential victim either via mail, phone call or text to request for their bank details with the promise of crediting their account, after which they proceed to withdraw the money in the victim’s bank account.

They often come under the guise of government officials, social advocates and false NGOs allocated to share the relief fund that was promised by the government. This, unfortunately, is a fraudulent scheme and given the current state of affairs, an easy scam to fall for.

According to Victor Etuokwu, executive director, retail banking, Access Bank, “Access Bank is imploring its customers to be wary of any message, demanding their personal or bank details.

Customers must remember that the Bank will never ask for their BVN, full card PAN, @Businessdayng

PIN, mobile app activation code, OTP or password as it is readily available to the Bank via its database. Any call, email and text message, claiming to be from Access Bank and demanding for any of these details is certainly a scam.

“Also, customers are advised to refrain from sharing user generated codes when migrating from the old Diamond Bank app to the Access More app. With knowledge of this pin, these fraudsters can gain entry to your bank app, and from there have access to the money in your account.”

Due to the peculiar nature of the lockdown, people are exposed to all sorts of threats including financial, that may sometimes come in different and unusual format. As a result of this, Etuokwu noted that everyone should remain vigilant at all times and report all suspicious activities to the appropriate authority.

To report any suspected fraud case, customers are advised to call the bank’s customer care line: 01-2702007 or send an inquiry via email to the bank’s official email address: contactcenter@accessbankplc.com.

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Friday 29 May 2020

BUSINESS DAY

LEADINGWOMAN Bola Preye Ayo, the exceptional political lobbyist on top of her grind KEMI AJUMOBI Bola Preye Ayo is a Lawyer by profession with a specification in International Relations, International Business Law from University of Maryland, USA. Still in the US, she went ahead to bag another degree with honors and was on the national dean’s list on many occasions.

Bola joined the fashion industry in the New York area; more of high fashion but later left the industry to pursue her carrier of study; she worked in a Law firm in the Washington DC area to gain some work experience, but it later seemed apparent that she had to leave; her Oil & Gas Law background began to beckon on her.

Bola later gained some work experience with EXXON MOBIL and Citi Group, in the real estate sector. Bola has a childeducation background, from a few child education programs she got involved in as she inherited a group of schools from her late mother (Nursery, Primary and Secondary Schools) A school located in Port – Harcourt ; Rivers State She is the CEO of Trillion Oil & Gas Consults. Some years back, Bola decided she wanted to focus on the Oil and Gas industry, despite the industry’s hassle, she persisted and through her persistence, she has come across the major key players in the oil industry, who she has partnered with over the years and has been an awesome experience.

She got involved in political lobbying and her organisation “Project Presidential”, which she set up alongside her partner in business, began to partner with other international lobbyist groups to ensure they meet their political target. This has helped her and her team get a few presidents elected into office around Africa. With some of her experiences in the international banking sector, she has mastered the art of fund raising for political aspirants to raise funds for their elections and campaigns.

Due to her vast level of travel and experience, she has met with different individuals from all works of life; these relationships and friendships have helped shaped her life.

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rowing up for Bola was amazing. She grew up in a big family of 10 and she is the last born. She comes from a political background and was nurtured in Port Harcourt. Respect was key in her upbringing. Her mother was an Educationalist and had schools in Port Harcourt which has been in existence for 40 years.

Bola chose to study Law because her father really wanted her to be a lawyer. Also, she had an uncle, Justice Kayode Esho, whose dressing and carriage stunned Bola and like they say, today, the rest is history, she is soaring in her business even as her legal background has been of great influence in her dealings.

Her love and passion for fashion is what she calls an amazing experience. She would shuttle between Maryland and New York and was soon to be discovered by one of the major designers in the world.

“I went for a few auditions and it was an amazing experience. It was more of fashion modeling and my face and the ‘hanger body’ was their reason for choosing me but, I never went naked or exposed my body because I was already a Christian and I knew my boundaries. It was a great experience and it exposed me to the world of fashion.” Bola said.

Being the co-Founder of Pro-

ject Presidential, her 11 years old company, Bola says it was set up around the same time she still had her job but she later went fully into the business. She admits that her business has had its fair share of ups and downs but it has been good.

“We have only worked with African presidents in terms of helping them to get into office. We raise funds, we have helped some from our own pockets trusting that they will refund. It has been a great experience and in the process of this, I have learnt patience. You wait till they are ready to see you. You have to be humble and respectful.

We can’t mention many names but we have worked on different projects with countries like Ghana, Liberia, Sierra Leone, Congo, Botswana, Equatorial Guinea, South Africa and more. We have worked with a lot of key people in Africa and God has been faithful.

We help them also link up with businesses that are mutually beneficial.” She said.

In her line of business, Preye admits that a woman must be disciplined because you meet different men who will throw millions of dollars at you but if you are not grounded, or respect your strong family background and insist you do not want to soil it, you can be swayed.

Bola says it could be challenging letting people know that there are women who are beyond their www.businessday.ng

looks. Earlier on, she had a lot of convincing to do. “People who knew me in school for instance, didn’t understand how I would dress like I did (covered but classy) and still make good grades. One day I went to do my nails somewhere in Abuja and I had a Rolex on and my bag and all, this lady looked at me and concluded that I must be dating some billionaire.

The question is ‘why can’t it be my own sweat?’ ‘Why does it have to be that I am dating somebody?’

That is why I love to build courage in women.

The fact that you look a certain way doesn’t mean you use your body for the wrong purpose or to get these things.” Bola cautioned.

For her, “It is beyond the looks, I am at home at midnight praying to God for wisdom for my business and not that I am in one man’s house or clubbing. I look a certain way but I can cook, I look a certain way but I was on the Dean’s list, I look a certain way but God has helped me thus far, I look a certain way but it is all attributed to God not any man. Truth is, you can look good and it can be from your hard

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work”. She insisted.

One of her major challenges in her line of business is finance.

According to her, “Professionally, the challenge is finance. We make money but like any other business, we also experience downtime however, you have to understand that when the money comes in, you must put it back into the businesses. For instance, my business is cash consuming nevertheless, you must do the needful. My business comes with a certain level of opulence and affluence so you cannot bring down the standard.

You have to look the part when you go to meeting with dignitaries and world leaders. We get paid lots of money but you must invest back into the business so it can run successfully” she said.

Bola will never forget two days in her life. First, the day her mother died and secondly, the day her father died. On her mum, she says “I was in the US and I remember I was in the university then and was talking to another Nigerian student, a friend of mine, and we were asking ourselves what we would do if we lost our parents, @Businessdayng

and a week later, I started having those dreams about my mum and then she passed on.

My siblings didn’t want me to know about it because they knew how close I was to her. I was in the US and I couldn’t even make it for her burial because I was having exams. It hurts because I did not spend much time with her. I was in boarding school and as soon as I was done I went abroad and after that, she died. She was my best friend.”

Preye had this to say about her father. “I lost my dad in 2014. He was a senator, he was a good man.

He was upright. His death was a blow for me. We are both bold, I belonged to my political party and he belonged to his own but we would agree to disagree. He was a good dad, I miss him. My parents gave us a good life and we never lacked anything, 10 of us.” Bola said.

Read more about Bola Preye Ayo’s inspiring story on our website www.businessday.ng as she graces our Women’s Hub cover for this week. You are just a click away!

Friday 29 May 2020

BUSINESS DAY

AGRIBUSINESSINSIGHT Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

21

Send in Commentaries to caleb.ojewale@businessdayonline.com

Agricultural output to decline 47.5% across major commodities post COVID-19 ... Rice, Cassava likely exceptions to projected decline CALEB OJEWALE Twiiter: @calebtinolu

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ith the ‘gradual easing of lockdown’ expected to end on Monday (June 1), an analysis of projections by national leaders of some agricultural commodity producers has shown productivity this year could reduce by an average of up to 47.5 percent, as the COVID-19 induced lockdowns restricted farmers from engaging in different production activities.

Maize, Wheat, Soybean, Poultry have been projected to decline between 30 and 70 percent, whereas Rice and Cassava growers claim they do not expect any decline in output, and in fact, possible increments. While Rice farmers say the Inspector General of police gave them a special pass to farm, even enticing non-rice farmers to go into it, Cassava farmers say the attention being enjoyed from the Central Bank of Nigeria (CBN) means capacity of farmers will be increased. For other commodities, the story is not the same.

Despite being classified as essential by President Muhamamdu Buhari in one of his national broadcasts, farmers and dealers of agricultural goods struggled through the period of lockdown, as security agents routinely declined to grant ease of passage.

With farmers unable to access their farms, some that should have harvested during the months coinciding with the lockdown were unable to, while those that should have been preparing their land for the planting season were equally restricted.

Agriculture, being a time bound activity, meant those who failed to either harvest or prepare their land at the appropriate time, were at risk of falling behind in the next production cycle. Also, for those who may have had access to their farms, they could hardly get access to the required inputs such as seeds, fertilisers, and herbicides, implying they could do little or nothing on the farms.

Kabiru Ibrahim, national president, All Farmers Association of Nigeria (AFAN), had stressed during a webinar session by the Guild of Nigerian Agriculture Journalists (GNAJ) that COVID-19 is going to affect agricultural productivity in Nigeria. “Farmers are complaining of access to the farms, and there is difficulty in getting seeds and other inputs to locations where they are needed from locations where they are produced,” he said.

According to him, the country is likely going to record 65 percent productivity, due to planting activities starting late in some areas, farmers struggling with access to the farms, access to the seeds and other inputs. “We are going to be very lucky to be able to meet the demands of food this year,” he said.

Asked if the projection has been revised from when initially

stated a few weeks ago, Ibrahim told Agribusiness Insight, “We can still assume the same 65 percent (productivity) due to the encouragement by the President’s call and enthusiasm! The reality will still depend on the Rains!”

Maize – 30 percent decline While maize farmers had a projection of 25 million tons to be produced this year, due to COVID-19 challenges, there is a realisation that achieving the target has now become almost impossible.

“If we are able to get 70 percent out of what we are projecting, we thank God,” said Bello Abubakar Funtua, president, Maize Association of Nigeria. “The challenges are many, especially accessibility for farmers, therefore it is just for the government to look into this sector again very well and ensure farmers can go freely to their farms as well as other technical and service providers.”

Soybean – 40 percent decline This year, Soybean farmers had projected to produce at least 100,000 tonnes of the grain. However, as most of the farmers were relying on funding through the Anchor Borrowers’ Programme (ABP) of the Central Bank of Nigeria (CBN), they could not get enrolled for Bank Verification Number (BVN) which is a prerequisite for them to get access to loan from the CBN. “This has greatly reduced the population of our Farmers that are going to farm this year and is going to reduce our production by almost 50 percent,” said Nafiu Abdu, president, Soybean Farmers Association of Nigeria (SOFAN) in an earlier estimate. Reached to confirm if this position is still consistent, Abdu said the association is hoping to have a slight increase as it intends submitting additional www.businessday.ng

farmers’ names to the CBN which if approved may push production up to 60 percent.

Wheat – 70 percent decline For Wheat farmers, there is expectation that even if there would be much production, it is not going to be more than 30 percent because the harvesting calendar was substantially altered by the pandemic.

This implies 70 percent of cultivated wheat is expected to be lost this year alone. This season, Wheat farmers cultivated about 12,000 hectares which if multiplied by yield of 3tonnes per hectare would have given 36,000 metric tons.

Out of that, the farmers as at a few weeks ago, hoped to get up to 24,000 tonnes, which would have been 65 percent, and a satisfactory outcome for them considering the COVID-19 challenges.

However, Salim Muhammad, president, Wheat Farmers Association of Nigeria, when asked to confirm if the projection still holds, said there is no way the expectations can still be achieved.

“We experienced a sharp drop in productivity due to so many agric and non-agric related factors such as delay in inputs distribution which leads to late planting, poor and insufficient high yielding seed etc.”

Muhammad also explained that the harvest of already mature crops has remained delayed as a result of restrictions on movement, gathering of people and the general lockdown. The wheat farmers, he said, have made a significant loss, which can only be quantified when these lockdowns have been relaxed.

“We can project 30 percent productivity or even less because some farms are yet to be harvested at this period of time, which there is no doubt a loss,” he said.

Poultry – 50 percent decline When Ezekiel Ibrahim, president,

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Poultry Association of Nigeria (PAN), gave an estimate of the projected decline in output for this year, he said between 35 to 50 percent was the expected decline, with the upper limit more likely considering the sever disruptions to poultry operations over the course of the lockdown.

“If care is not taken, next year is going to be worse as we don’t have the resources to import and if the farmers cannot produce, we are in a dangerous position,” he said.

Vegetables and Perishable foods – 70 percent losses Postharvest losses in Nigeria are already high, ranging from 25 to 50 percent depending on crops.

However, the lockdown worsened the situation for fresh agricultural produce, mostly grown in the rural areas and having to be transported to cities, where big markets exist with those likely to pay the right price for it.

Akintunde Sawyerr, founder, Agricultural Fresh Produce Growers and Exporters Association of Nigeria (AFGEAN), noted that due to COVID-19 challenges, “up to 70 percent of produce is getting spoiled because it is not reaching the table”.

The pandemic’s impact on the fresh produce value chain according to Sawyerr is twofold; first is supply-meeting demand in the right place at the right time, considering that these goods are not grain and can spoil within hours.

Secondly, the resulting spoilage that represents losses for everyone in the value chain from the farmer to the transporter, whom if pulled up at a checkpoint and the vehicle is seized, is at the mercy of law enforcement agents.

Even though production can still be done and harvested in a matter of weeks, the already incurred losses may leave many farmers without motivation to try planting again this year. @Businessdayng

Cassava and Rice farmers express optimism “We don’t hope even 1 percent will be affected,” said Aminu Goronyo, president, Rice Farmers Association of Nigeria (RIFAN), when asked if rice production will be affected this year due to the coronavirus pandemic. “In fact our preparation is to double production this year,” he said.

According to him, rice farmers were given support by the Inspector General of police to, “Mobilise and sensitise our farmers to quickly venture into production because there is no country today that Nigeria will be looking to for food imports. Because of that, the CBN has doubled the support given to us.”

The supposed IG’s pass, according to Goronyo, was to guarantee no farmer was restricted from going to his farm, and because of that “many farmers that were not even into rice have now ventured into rice cultivation,” he said.

On his part, Segun Adewumi, national president, Nigeria Cassava Growers Association (NCGA) said despite the challenges of COVID-19, Cassava, Nigeria’s highest produced staple has not been impacted.

“The effort of the CBN will counter whatever shortage we are supposed to have,” said Adewumi, who explained the apex bank is supporting thousands of its farmers, and this, he says, will ensure Cassava production will not record any decline.

The only problem identified

by Adewunmi, was the rainfall pattern, which has not been consistent enough for farmers to carry out necessary planting activities.

This view was also shared by AFAN’s Ibrahim, who not only hopes the rains will not affect productivity, but for the general projection on productivity not to be worsened.

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Friday 29 May 2020

BUSINESS DAY

Harvard Business Review

MANAGEMENTDIGEST

Building a transparent supply chain VISHAL GAUR AND ABHINAV GAIHA BLOCKCHAIN CAN ENHANCE TRUST, EFFICIENCY AND SPEED. lockchain, the digital record-keeping technology behind Bitcoin and other cryptocurrency networks, is a potential game changer in the financial world.

But another area where it holds great promise is supply chain management. Blockchain can greatly improve supply chains by enabling faster and more cost-efficient delivery of products, enhancing products’ traceability, improving coordination between partners and aiding access to financing.

A blockchain is a distributed, or decentralized, ledger — a digital system for recording transactions among multiple parties in a verifiable, tamperproof way. For cryptocurrency networks that are designed to replace fiat currencies, the main function of blockchain is to enable an unlimited number of anonymous parties to transact privately and securely with one another, without a central intermediary. For supply chains, it is to allow a limited number of known parties to protect their business operations against malicious actors while supporting better performance. Successful blockchain applications for supply chains will require new permissioned blockchains, new standards for representing transactions on a block and new rules to govern the system — which are all in various stages of being developed.

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THE ADVANTAGES OF BLOCKCHAIN Led by companies such as Procter & Gamble Co., considerable advancement in supply chain information sharing has taken place since the 1990s, thanks to the use of enterprise resource planning systems.

However, visibility remains a challenge in large supply chains involving complex transactions.

Adding to the challenge, execution errors are often impossible to detect in real time. Even when a problem is discovered after the fact, it is difficult and expensive to pinpoint its source or fix it by tracing the sequence of activities recorded in available ledger entries and documents.

One common approach to improving supply chain execution is to verify transactions

through audits. Another way to strengthen supply chain operations would be to mark inventory with either radio frequency identification tags or electronic product codes that adhere to GS1 standards (globally accepted rules for handling supply chain data), and to then integrate a company’s ERP systems with those of its suppliers to construct a complete record of transactions. However, the experiences of the companies we studied showed that integrating ERP systems is expensive and time-consuming.

When blockchain recordkeeping is used, assets such as units of inventory, orders, loans and bills of lading are given unique identifiers, which serve as digital tokens (similar to bitcoins). Additionally, participants in the blockchain are given unique identifiers, or digital signatures, which they use to sign the blocks they add to the blockchain. Every step of the transaction is then recorded on the blockchain as a transfer of the corresponding token from one participant to another.

A blockchain is valuable partly because it comprises a chronological string of blocks integrating all three types of flows (information flows, inventory flows and financial flows) in the transaction, and captures details that aren’t recorded in a financial ledger system. Moreover, each block is encrypted and distributed to all participants, who maintain their own copies of the blockchain.

THE APPLICATIONS Let’s take a look at how comwww.businessday.ng

panies we studied are applying blockchain to tackle needs that current technologies and methods can’t address.

— ENHANCING TRACEABILITY: The U.S. Drug Supply Chain Security Act of 2013 requires pharmaceutical companies to identify and trace prescription drugs to protect consumers from counterfeit, stolen or harmful products.

Driven by that mandate, a large pharmaceutical company in our study is collaborating with its supply chain partners to use blockchain for this purpose. Drug inventory is tagged with electronic product codes that adhere to GS1 standards.

As each unit of inventory flows from one firm to another, its tag is scanned and recorded on the blockchain, creating a history of each item all the way through the supply chain — from its source to the end consumer.

This kind of application requires minimal sharing of information and the benefits are clear. If a company discovers a faulty product, the blockchain enables the firm and its supply chain partners to trace the product, identify all suppliers involved with it, identify production and shipment batches associated with it and efficiently recall it.

— INCREASING EFFICIENCY AND SPEED, AND REDUCING DISRUPTIONS: Emerson, a multinational manufacturing and engineering company, has a complex supply chain that has to contend with long, unpredictable lead times and lack of visibility. As a result, a small

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delay or disruption in any part of the supply chain can lead to excess inventory and stock-outs in other parts.

A practical solution is for participating companies to share their inventory flows on a blockchain and allow each company to make its own decisions, using common, complete information. Companies would utilize a kanban system to place orders with one another and manage production. Kanban cards would be assigned to the produced items, and the blockchain would record digital tokens representing the kanban cards. This would enhance the visibility of inventory flows across companies and make lead times more predictable.

CREATING A WORKABLE TECHNOLOGY Using blockchain in supply chain management will require the creation of new rules, because the needs of supply chains differ from those of cryptocurrency networks in important ways.

— KNOWN PARTICIPANTS: Supply chains require private blockchains among known parties, not open blockchains among anonymous users. So that members of a supply chain can ascertain the source and quality of their inventory, each unit of it must be firmly coupled with the identity of its particular owner at every step along the way.

— SIMPLER CONSENSUS PROTOCOLS: Blockchain requires a consensus protocol — some mechanism for maintaining a single version of the @Businessdayng

history of transactions that is agreed to by everyone. Since cryptocurrency networks are peer-to-peer without a central authority, they use a complex method called proof of work.

It ensures that all transactions on the network are accepted by the majority of participants, but unfortunately, it also limits the speed at which new blocks can be added.

Fortunately, if a blockchain is permissioned and private, the proof of work method is not necessary to establish consensus. Simpler methods can be used to determine who has the right to add the next block to the blockchain. One such method is a round-robin protocol, where the right to add a block rotates among the participants in a fixed order.

IT IS NOW time for supply chain managers who are standing on the sidelines to assess the potential of blockchain for their businesses. They need to join the efforts to develop new rules, experiment with different technologies, conduct pilots with various blockchain platforms and build an ecosystem with other firms. Yes, this will require a commitment of resources, but the investment promises to generate a handsome return.

Vishal Gaur is the Emerson professor of manufacturing management and a professor of operations, technology and information management at Cornell’s SC Johnson College of Business. Abhinav Gaiha is a product manager at Google.

Friday 29 May 2020

BUSINESS DAY

23

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

Hotels business to go contactless post pandemic OBINNA EMELIKE

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hile the hospitality industry awaits the full easing of the lockdown, many hoteliers are beginning to be creative on how the business would go after coronavirus is curtailed.

Many are forecasting that the business would move from its physical position to the space. This implies that going forward, many hotels will go digital in order to stay in business.

Some industry experts are saying that the new normal in the hotel business is contactless service, and hospitality outfits that cannot adjust to the new normal will close shop.

Speaking recently at the BusinessDay Digital Dialogue series, Adedotun Itebogun, divisional head, retail business, Wema Bank, noted that the hospitality industry is among the worse hit by the impact of the lockdown. But while hoteliers are eager to open their doors to the public, potential guests are thinking differently.

The banker maintained that instead of the usual star rating and quality of

the facilities, health and safety would be the new criteria for lodging in a hotel.

Ken Esere, a business e x e c u t i v e, n o t e d t hat would-be guests are now giving priority to health and safety because they would be sharing facilities in the hotel with other guests, who may have come in contact with someone who is positive to coronavirus without knowing it.

The new normal is the business, according to him, is going digital in most services and offerings.

“No matter how you isolate yourself, there is no way a guest will stay without having contact with other guests. If you avoid other guests, what about the waiters who have contact with other guests”, Esere said.

The need to ensure social distancing has also impacted the business.

However, technology companies are coming up with solutions and contactless initiatives that will enable hotels to stay afloat in the face of the pandemic.

Horeca Cloud, a hospitality solution & software company, is offering homebased solution to hotels and restaurants in Nigeria.

With its hotel management software, hotel ownwww.businessday.ng

ers can manage their hotel remotely from the cloud and while hotel managers have two-tiered access to Cloud and On – Premise combined.

Explaining the product offerings, Ijeoma Ugamah, co-founder of Horeca Cloud, said the outfit is offering hotels two solutions; My Guest and My Menu because the disruption caused by coronavirus is huge and requires new approach to remain in business.

Speaking further on how the software works, Ugama said, “When hotels signup, they get customized dashboard and from the dashboard their guest can perform many activities including; mobile check-in and check-out, request room service (without touching the physical menu), request laundry pickup and housekeeping cleaning, on-time realtime live notifications and it sends guest welcome and departure emails with a link to review their stay”.

On the other hand, My Menu is a contactless menu ordering solution for restaurants. With My Menu restaurants can list their menu online and link up with a delivery partner.

Mo re ov e r, w i t h My

Menu solution, restaurant owners can create their menu online and manage in–dinning reservation, which allows guest to book reservation and allows the owner to plan properly to ensure the restaurant is not filled thus sticking to the social distancing rules.

The solution also offers guest discount and signup customer in their pointbased loyalty scheme.

There also many apps out there that proactive hotels can acquire to fashion their services in line with the new normal.

Monica Abana, a hotelier, who has engaged a technology company to create contactless app for her hotel, noted that hotel business would not be the same again as the new normal has come to stay.

“What I see now is the use of technology in our business. We have to learn, acquire the skills and migrate to the digital space in order to remain in business’, she said.

As well, Esere disclosed that the era of high returns on hotel investment is gone as contactless business has limitations, specifically avoiding huge number of guests at a time, and impacting revenue flow.

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

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Friday 29 May 2020

BUSINESS DAY

entertainment

African music stars stage solidarity concert for Africa Day, COVID-19 Response Fund Obinna Emelike

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he commemoration of the 2020 Africa Day organised by the African Union, (AU) in partnership with All Africa Music Awards, (AFRIMA) held on May 25, 2020 as a virtual live solidarity concert for the African Union COVID-19 Response Fund drawing participation and performances from diverse African music talents across the continent and the diaspora.

Broadcast on multiple electronic and digital media channels in Africa, the concert, staged under the theme: “Health Security in the Context of COVID-19” and featuring electrifying and inspiring live performances from more than 20 African music superstars, also conveyed motivating messages to viewers using the tag #StrongerTogether #StrongerthanCovid.

The concert opened with the official anthem of the African Union, followed by addresses

by Moussa Faki Mahamat, the African Union chairperson, and Amira El Fadil, Commissioner for Social Affairs, African Union Commission, during which they appealed for donations in cash or

in kind to the Africa COVID-19 Response Fund to aid the AU’s fight against the coronavirus. Other speakers included John Nkengasong, director, Africa Centre for Disease Control,Mike Dada, president/executive producer of All Africa Music Awards, and the African Union Youth Envoy, Aya Chebbi who respectively reiterated the importance of collective action and donations to defeat the COVID-19 pandemic in Africa.

However, the highpoints of the Solidarity Concert were captured during various performances

BBNaija Pepper Dem reunion airs June 1 on Africa Magic

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ultiChoice Nigeria has announced the return of Big Brother Naija reunion show starring the housemates of the Pepper Dem Season on Monday, June 1 on Africa Magic Urban (DStv Channel 153) at 10pm WAT and Africa Magic Family (DStv Channel 154 and GOtv Channel 2) at 10:30pm WAT. Fans of the popular reality TV show will be treated to the most epic reunion show yet that promises to be filled with emotional outbursts, wild surprises and other OMG moments served by the BBNaija Pepper Dem gang. The show will also let viewers in on the lives of the BBNaija alumni seven months after the show’s finale.

This is no spoiler alert but there will be laughter, tears and confrontations as the ex-housemates along with Ebuka Obi-Uchendu, the show’s host, revisit the events that rocked Biggie’s house last season. Fans and viewers will also hope to get answers

Keita (Mali); Aminux (Morocco); Hiro (DRC); DJ Moh Green (Algeria); Kanvee Adams (Liberia); Daphne (Cameroon); Lizha James (Mozambique): Nadya Shanab (Egypt); Busiswa (South Africa); DJ Spinall (Nigeria); Naiboi (Kenya); Sarkodie (Ghana); 2Baba (Nigeria); Betty G (Ethiopia); Ahmed Soultan(Morocco) and Master KG (South Africa) who closed the Solidarity Concert with his hit single ‘Jerusalema’.

In his message after the concert, Rikki Stein, international advisor for AFRIMA, who watched

Africa Magic launches Indomie Owambe Saturday

to some burning questions and perhaps witness the end to the rivalries between some of the ex-housemates.

The Big Brother Naija Pepper Dem Reunion will premiere Monday, 1 June and will air Mondays through to Thursdays on Africa Magic Urban at 10pm WAT and Africa Magic Family at 10:30pm WAT, available to customers on DStv Premium, Compact Plus, Compact, Confam, Yanga and GOtv Max and Jolli.

Meanwhile, auditions for BBNaija season 5 is still on. Interested participants can log on to www.africamagic. tv/BBAudition to fill out the online registration form and upload a 2-minute video of themselves stating why they should be picked to be a Housemate in the upcoming season. The online audition is free and open to interested male and female participants, who are of Nigerian nationality with a valid Nigerian passport, and must be 21 years of age

by June 1, 2020.

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by the different music stars that came together to use their influence and talents in a show of solidarity with the African Union and AFRIMA. The carefully curated concert reinforced the pan-Atlantic diversity of the continent’s music and showcased a blend of mellow, mid tempo and high-energy performances. In order of performing appearance live from their different locations were: Rudeboy (Nigeria); Pape Diouf (Senegal); Becca (Ghana); Salatiel (Cameroon); Nikita Kering (Kenya); Toofan (Togo); Salif

the live stream from London, said, “That was a beautiful show. I salute all concerned. Whether or not money was raised, the message was, more importantly, strongly and eloquently presented urging viewers to do everything possible and necessary to hopefully avoid another CoronaVirus related disaster or huge loss of lives anywhere on the continent”.

Hosted by three of Africa’s finest entertainment personalities; Eddie Kadi (Democratic Republic of Congo DRC); Chidinma Ekile (Nigeria) and Pamela ‘Miss P’ Happi (Cameroon), main broadcast partners for the event were Trace TV Africa, African Independent Television (AIT); other media partners included: HipTV, Nigezie, WAPTV, Goldmyne TV and Facebook.

The 2020 Africa Day #StrongerTogether Solidarity Concert was aimed at inspiring action with key messages on the prevention, protection and response measures to contain CoronaVirus. The concert leveraged the power of music and the crucial role of African artistes in advocating for the curb of COVID-19 on the continent, as well as, galvanizing solidarity for financial and in-kind contributions to the Africa COVID-19 Response Fund.

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frica Magic is partnering with Indomie Noodles to offer DStv and GOtv customers an authentic African experience at home with the brand new show, Indomie Owambe Saturday, which will broadcast live on Africa Magic Urban (DStv Channel 153) and Africa Magic Family (DStv Channel 154 & GOtv Channel 2) from Saturday May 30, 2020 for the next 10 weeks! “ We a re p l e a s e d t o a n nounce Indomie O wamb e Saturday which serves as one of our initiatives to ensure that our viewers both young and old remain entertained at home during the current restrictions on public gathering. This brand-new show w i l l b roa d ca st l i ve to ou r DStv and GOtv customers, b r i ng i ng e x h i l a rat i ng l i ve music performances to their T V s c re e n s. A M O w a m b e Saturday will set the stage in the living rooms of our viewers, where they can groove to the best of live bands every Saturday night” says Wangi Mba-Uzoukwu, Channel Director, Africa Magic.

The viewers who miss the usual Live entertainment at their favourite hang-out spots

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and occasions can tune in to the three-hour-long live broadcast of Owambe session airing every Saturday night from 8:30pm. Viewers should expect high levels of energetic performances by various local live bands such as Rockers Band, DeEagle Band and D Kencords Band and many more! Brought straight to the comfort of their homes.

Indomie Owambe Saturday will be hosted by awardingwinning Radio host and ActorSteve Onu, popularly known as Yaw. He will be bringing on his fun, exciting and engaging personality to enliven the show that’ll leave viewers entertained and excited every Saturday night.

According to Tope Ashiwaju, group public relations manager, Dufil Prima Foods Plc, makers of Indomie Noodles, “As our team works on ground to get Nigerians their favourite Indomie Noodles, we also understand that food and entertainment go handin-hand hence the decision to take up the headline sponsorship of this innovative media asset.”

He pointed out that the unexpected changes brought about by the pandemic have @Businessdayng

forced most of us to stay at home, adding that Indomie is indeed proud to partner with DStv to bring Nigerians’ their favourite Owambe Saturday parties in the comfort of their homes with love and happiness. Mr. Ashiwaju hinted that “as a brand, we are committed to making life better by ensuring that Nigerians gets good nutrition, great entertainment and unlimited fun at all times”.

Stay connected or reconnect on any of these DStv packages – Premium, Compact Plus, Compact, Confam and Yanga; and GOtv packages – Max and Jolli to get your allaccess tickets to the Owambe Saturday groove.

Viewers at home will get the opportunity to share video clips of them having a good time to the live band music via social media platforms, which will be displayed live on their TV screens during the show.

For more information, visit www.africamagic.tv and follow the social media updates on Twitter, Instagram and Facebook using the hashtags #AMOwambe.

Also, download the MyDStv app or MyGOtv app from the iOS and Android store for selfservice options.

Friday 29 May 2020

BUSINESS DAY

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26

Friday 29 May 2020

BUSINESS DAY

FEATURE

Obaseki: Stepping into the ring armed Governor GODWIN OBASEKI took on the mantle of political leadership in Edo State in November 12, 2016. IDRIS UMAR MOMOH and CHURCHILL OKORO write on his achievements across various sectors in his first tenure as governor of Edo State, which comes to an end on November 12, 2020.

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he first phase of Godwin Obaseki’s political journey to Dennis Osadebey Avenue, the Edo State seat of power, which commenced November 12, 2016, would on November 12, 2020, come to an end, having completed the constitutional four years of one tenure.

But the journey to the last lap of eight years of the second tenure would commence this November 12, 2020 after the conduct of the gubernatorial election by the Independent National Electoral Commission (INEC) slated for September 19.

Since his assumption of office, Obaseki has always put his mind on people-oriented policies and programmes that would not only put smiles on the faces of the teeming populace but also stand the test of time.

In realising his political mission, the governor initiated several reforms to fast track socio-economic development and transform the state to serve as a benchmark to other states across Nigeria. To sustain and boost the state’s economy, the Governor Godwin Obaseki-led government identified six areas his administration’s political economy would rest on.

These six areas of interest include - culture and tourism, sports, economic development, environmental sustainability, institutional reforms, infrastructural development, and social welfare.

As part of commitment to ensure that these policies and programmes are realised as well as open up the state to more investors, create lasting legacies for successive generations and unlock the state’s potentials, the governor initiated an annual Edo State Investment Summit tagged ‘Alaghodaro,’ to chart a possible way forward.

Alaghodaro, a Bini slogan that connotes progress, showcases the state’s investment potential in its development plan and creates a platform for experts, investors, business leaders, and other critical stakeholders to brainstorm and explore partnership prospects.

In his unique style of governance, people-centred policies and all-encompassing framework geared towards making the lives of Edo people better, Obaseki has undoubtedly set a pace for others to follow.

Though it has not been an easy task in the past three years, with criticisms and disparaging remarks from various groups of persons but the governor has kept his head up and undeterred to putting the state on a redemptive path.

In less than four years, the Godwin Obaseki has recorded significant achievements across all sectors; from the area of economic growth, education, agriculture, infrastructure, health, sports development, education, among others.

EDUCATION Determined to improve the educational sector beyond what it was on assumption of office, the Obasekiled administration implemented a new teaching technique and high

technology learning through the Edo Basic Education Sector Transformation (EDOBEST) programme, which has bolstered confidence in public schools.

The Edo-BEST programme, which is basically for primary school pupils, involves the use of Information and Communication Technology (ICT) tools in teaching. Under the programme, 11,356 primary school teachers were trained on digitallyenhanced technique for teaching pupils in not less than 918 public primary schools across the three senatorial districts in the state, training over 11,500 School Based Management Committee (SBMC) members and distributing over 1,140,000 learning materials to pupils, while over 243 schools were renovated.

Obaseki, who launched the programme in Benin City, said plans were underway to roll out the programme in the junior secondary school to capture more children in the state. His reforms in the basic education sector have led to increased enrolment in public primary schools, where pupils now learn three times more than they used in the old system through the grooming of a new tribe of versatile, tech-savvy and highly-skilled teachers that are leading a world-acclaimed public education revolution in the state.

In launching the Edo-BEST program, the governor said “pupils do not just go to school in Edo, they now learn. Our teachers have been trained to use technology to teach in a manner that has resulted in children learning three times more than they used to with the old system. Currently, there are about 300,000 pupils in public primary school system and the Edo-BEST programme has positively changed the story of the educational life-cycle of an average Edo child.

So far, many states within the country, including Lagos, have visited Edo State to learn from the Edo-BEST success story. The state has also received foreign delegation from Rwanda, Liberia, Sierra Leone, among others, who have come to understudy the Edo-BEST programme, including accolades from the World Economic Forum (WEF), the World Bank, the Finnish Embassy, among others, on the impact of the reforms in schools across the state.

The reforms in the educational sector in the past three years and six months put the state as the third highest in West African Examination Council (WAEC) results in 2018.

AGRICULTURE Edo State with a total landmass of 19,187 square kilometres has ample arable land, diverse agro-ecological zones, good rainfall and rich soil. The state has a Gross Domestic Product of $11.89 billion and $3,623 per capital income. Edo State is the second largest producer of palm oil and palm kernel.

It accounts for 72 percent of the Nigerian total vegetable oil production. It also accounts for about 80 percent of the country’s rubber, timber and cocoa production.

Leveraging the euphoria of the

huge potentials abound in the sector, the Obaseki-led administration has implemented well thought-out strategic and far-reaching reforms that attract and retain investments in oil palm, cassava, maize, yam, rubber, cocoa, rice, vegetables, aquaculture and livestock production. The Edo State Agripenuer programme, which commenced in 2017, is part of the administration’s strategies to boost Micro, Small- Scale and Medium Enterprises (MSMEs) and sustain current youth-focused agricultural initiatives in the state.

Under the scheme, over 10,600 hectares of maize, cassava, rice, soyabean and other crops are being cultivated in Agenebode, Warrake, Usugbenu, Iguorhiakhi and Sobe. Over 55,000 young beneficiaries while about 20,000 jobs were created under the initiative.

In addition, the Edo Food and Agriculture Cluster (Edo-FAC) in Ehor, Uhunmwode Local Government Area, has benefited over 1,300 farmers. There is also a farm mechanisation programme for commercial agriculture in the state.

The state with its partners and investors set up the Edo State Oil Palm Programme (ESOPP). To boost the oil palm production in the state, the Central Bank of Nigeria (CBN) plans to invest a whooping sum of about N70 billion to support the project, and in the next two to three years, the state will be cultivating about 100,000 hectares of oil palm.

In an effort to increase the country’s sufficiency in rice production, the state government invested in rice

cultivation and production. Farmers in Warake rice farms, Owan East Local Government Area in partnership with the Governor Godwin Obaseki-led government recorded bumper harvest in 2019 farming seasons. The state government provided inputs and technical support for the farming season to boost food sufficiency in the state.

The government’s multifaceted agricultural development scheme backed by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the CBN, the Elephant Group, and a number of other off-takers benefited not less than 2,000 farmers in different farm settlements in Ilushi, Iguoriakhi, Sobe, Warake, Iguomon, Agenebode, Usugbenu, Ekpoma, among others.

Flagging off the cultivation, the state governor said the government intended to harvest 17,000 metric ton of rice by cultivating 4,000 hectares of land at the end of the 2019 planting season. He noted that off-takers were on ground to buy off the produce, and assured farmers of buyers for their produce.

“We are delighted at the bumper harvest in Warake, which follows the impressive performance of the farm at Agenebode. This is a testament to the fact that we are doing the right thing as regards rice farming in Edo State. We are looking at expanding the scope of what we have to accommodate more farmers in the state,” he said.

The state government investment in agriculture was further boosted with the investment of N28 million by

Japanese government in conjunction with Lift Above Poverty Organisation (LAPO) in rice processing mill at Ugbeke-Ekperi in Etsako Central Local Government Area.

The N28,750,070 million ultra-modern rice mill has capacity to mill three tons of paddy rice per day. The mill will produce “Royal Rice” brand of rice.

Determined to ensure that the state depend less on crude oil revenue from the federation account, the state government further sealed a deal with NIRSAL for the expansion of the Edo Agripreneur Programme to cover other crops aside grains. The programme operating under the CBN Anchor-Borrower Programme and covers only the cultivation of grains such as maize and rice targets 17,000 jobs and N2 billion revenue.

Speaking during harvest of maize at Sobe in Owan West Local Government Area, the governor said the signing of the amended deal with NIRSAL became imperative following the success of the 2019 Agripreneur Programme. He said the programme would be expanded to accommodate poultry, piggery, as well as the cultivation of root and tuber crops.

Aliyu Abdulhameed, managing director of NIRSAL, said with the success of the programme in 2019, funders and other stakeholders in the value chain would be encouraged to provide more funding under the model.

He said the programme was aimed at supporting and improving the livelihood of 880 farmers on 4,400 hectares of land across the 18 local government areas of the state.

The state government investment in agricultural sector also extended to rubber production with the management of Rubber Estate Nigeria Limited, investing about N5.1

Friday 29 May 2020

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d with sterling achievements billion in Urhonigbe Rubber Plantation. The planting, which will be in two phases, will cover 1,300 hectares in the first phase and 1,000 hectares in the second while a total of 350 jobs will be created.

The administration, also successfully revamped the 60,000 metric tons of Edo Fertilizer and Chemical Company located at Auchi through a Public Private Venture, 14 years after it was abandoned.

HEALTHCARE The administration is not only creating jobs for its teeming population but also striving to guarantee access to affordable, efficient and quality healthcare services for residents across the states.

Some of the notable achievements recorded in the period under review are rehabilitation of the 20 primary healthcare centres in the 18 LGAs of the state; enactment of the compulsory Health Insurance Law to reduce out-of-pocket expenses on healthcare, and the repair and opening of the Edo Specialist Hospital.

Others are training of over 500 midwives, nurses and community health extension workers on best practice for care delivery and establishment of the Public Health Emergency Operations Centre and Infectious Disease Isolation Centre.

To achieve its set objectives, the state government set up critical stakeholders in the health sector to come up with a detailed plan to guide in setting standards in the health sector, and this resulted to the unveiling of the Edo Health Improvement Programme (EdoHIP).

The administration’s focus in reforming the health sector is based on the EdoHIP, which will strengthen the primary healthcare system, provide access to specialist care for most common ailments and healthcare financing.

The intervention programme is expected to set up about 200 Primary Healthcare Centres (PHC); this means that there will be one PHC for every 10 units across the 192 wards in the state, with adequate security, utilities and 24-hour solar-powered electricity.

To ensure the programme is fully implemented, the state government set aside 2 percent of its federal allocation for both state and local government councils. The Edo State Health Insurance Scheme and the Basic Healthcare Provision Fund are housed under the Edo Healthcare Improvement Programme (Edo-HIP) – a broad framework to remodel healthcare services so that residents can have unfettered access to efficient and affordable healthcare in the state.

One of the administration’s overarching goals is to make sure no fewer than one million persons in the state benefit from the Edo Health Insurance Scheme (Edo-HIS) by the end of the year 2021.

Some of the benefits under the scheme include: antenatal care, ultrasound in pregnancy, induction of labour, management of eclampsia, immunisation, family planning, malaria treatment in adults, chronic disease screening, and treatment of severe acute malnutrition and management of maternal sepsis.

Other advantages are Child Outpatient Department (OPD) for children under five years of age, management of new born sepsis, referred child treatment to secondary health facility, emergency stabilisation, emergency ground transportation, normal delivery and postnatal care, caesarean section in secondary health care facility and referred antenatal care to secondary health facility. The services will be accessed in 20 pilot PHC centres across the 18 LGAs of the state.

The state government’s effort in the fight against Coronavirus pandemic (COVID-19) cannot be overemphasised as the government has put in place state-of-the art medical infrastructure.

Edo State government under the leader-

ship of Godwin Obaseki started the fight against Coronavirus (COVID-19) with the constitution of a COVID-19 Response Team, which commissioned an epidemiological survey to predict ways the virus spread and a pathway for response.

The state government has trained over 4,200 health workers who are in the frontlines of the campaign against the pandemic. These health workers are provided with life insurance and hazard allowances ranging from N90,000 to N300,000, depending on their cadre, to cater for as low and also support staff up to the consultants working on the frontlines.

Governor Obaseki and his team procured 5 Polymerase Chain Reaction (PCR) machines; over 5000 Viral Transport Medium (TVM); 28 ventilators, mobile x-ray machines, oxygen concentrators, among others. Of the 5 PCR machines in the state, three are sited in government hospitals and one in a private facility. The government ceded one of its machines to a neighbouring state to support their response to the pandemic.

The state government has over 500-bed capacity holding and isolation centres spread across different health facilities in the state, with the Stella Obasanjo Hospital contributing over 42-bed Intensive Care Unit (ICU) and 156-bed holding facility; University of Benin Teaching Hospital (UBTH) with 48-bed ICU-equipped isolation centre, and others at the ISTH and Auchi General Hospital.

Edo State government’s response to the coronavirus (COVID-19) pandemic has recorded a milestone with the completion of an additional holding centre at the Ogbe Nursing Home, Benin City. The Ogbe Nursing Home will serve as a holding centre where suspected persons will be kept while their COVID-19 status is being verified through tests in the two testing centres in Benin or at the Irrua Specialist Teaching Hospital (ISTH).

In addition to the isolation centre at Irrua Specialist Hospital Teaching Hospital, the government built two new isolation centres; 30-bed new isolation centre in Stella Obasanjo Hospital, Benin City; 12-bed isolation centre in Auchi, 12 female and 12 male, making a total of 24.

Also, the state government has set up over 18 screening centres in Primary Healthcare Centres (PHCs) across the state, with five additional ones at borders with Delta, Ondo and Kogi states as well as eight mobile screening centres moving around wards in local governments to screen and collect samples that fit the case definition for testing.

The state government, which has so far spent over N1 billion to put in place the infrastructure to manage and checkmate the spread of the disease in the state, plans to screen a minimum target of 500,000 people and test 5,000 individuals in the next few weeks.

Over 917 residents have been tested for the virus, more than 140,000 persons screened across the 192 wards in the state. The state government is working in tandem with private hospitals, clinics and pharmacies to ensure the deadly virus is contained in the state.

The state government is refurbishing the Stella Obasanjo Hospital Isolation Centre to be the best in Nigeria, to increase capacity of holding patients, especially with increasing number of daily cases of the COVID-19.

The expanded 300-bed isolation facility will treat cases in the four main categories of infectious disease management; category one is the most critical and serious cases, which requires the use of ventilators and respirators.

While second, third and fourth categories will be for none critical cases.

Reassuring on the state’s readiness to ward off the outbreak of disease in Edo, the state commissioner of health, Patrick Okundia said the state government had intensified efforts to contain the pandemic.

SECURITY Worried by the spate of insecurity, especially kidnapping, herdsmen/ farmers clashes, cult-related killing and armed robbery, the Edo State government in December 2018 unveiled over N2 billion security trust fund architecture codenamed “Operation Wabaizigan”.

Wabaizigan, a Benin phrase, means ‘abstain from bad things,’ is part of strategy to beef up security in the state and boost confidence of potential investors in investing in the state.

The state security architecture included purchase of 50 special security cars fitted with modern communication and security gadgets, 30 Toyota Hilux patrol vans, 30 patrol motorbikes and three Tropicalised Armoured Personnel Carriers, three Ambulances, Integrated Command and Control Centre and five special security check points to be manned at all the entry and exit points in the state.

Others are Special Patrol Units (land and waterways); Integrated Electronic City Surveillance Unit; Establishment of a Special Force unit/ anti-kidnapping squad; establishment of K-9 unit; establishment of paramedics unit; establishment of the Public Works Volunteers (PUWOV) scheme with 3,000 trained and kitted workforce and a community police radio network.

INFRASTRUCTURE In line with his campaign promises to create enabling environment for investors to thrive as well as bring governance to the doorstep of the populace, the Obaseki-led administration embarked on road construction and rehabilitation across the 18 LGAs of the state.

The road construction was geared towards opening up new towns, improve ease of doing businesses, enhance access to rural areas and consolidate on his administration’s urban renewal vision. In the past three years, over 80 roads have so far been constructed across the state, stretch-

ing about 2,000 kilometres, the state’s Ministry of Infrastructure constructed about 200 roads, which stretch for 700 kilometres, while the Edo State Employment and Expenditure for Result (SEEFOR) constructed over 400 roads, spanning about 1,300 kilometres across the state.

Some of the roads so far constructed in the past three years are the 18.5km road connecting Irhirhi, Aruogba, Obazagbon,Okhoromi, Obagienevbosa, Ogheghe and Ogbekpen Ogheghe and Sapele Road bypass.

The project, which criss-crosses Oredo and Ikpoba Okha local government areas, links Benin - Sapele Road and Airport Road.

Another noteworthy development is the completion of the 14-storey blocks C & D public and civil servants secretariat building complex initiated by the then late Samuel Ogbemudialed military administration over 40 years ago.

The completion of the complex will address accommodation deficit faced by public workers as well as the huge cost of rent in private accommodation. Also, the construction of a multi-million naira ultra-modern court complex at the Edo State High Court premises along Sapele Road is at the final stage of completion.

INDUSTRIALISATION As part of the governor’s drive for industrialisation and plans to electrify the state, the installation of high-tension cables and a sub-station on the Sapele Road axis, linking the city centre to the 55mw CCETC-Ossiomo Power Plant in Ologbo, Ikpoba Okha Local Government Area of Edo State, is at the final stage of completion.

The 55mw CCETC-Ossiomo Power Plant will address erratic power supply in Benin metropolis, power industrial clusters at the Sapele Road corridor, streetlights and key public buildings, including government offices, hospitals and other essential public amenities in the city centre.

As part of his administration’s vision to set the state as a leading economic hub in Nigeria, Governor Obaseki signed a $200 million deal in China for the Benin Enterprise Park.

The $200 million deal, which is for textile industry, is to be operated by the anchor tenant at the Benin Enterprise Park (BEP), as part of concerted efforts to industrialise the state.

The state government is also in partnership with the Central Bank of Nigeria for the promotion of investment in the Cotton, Textiles and Garments (CTG) sector. The BEP would be

a key CTG powerhouse in Nigeria with the investment.

SPORTS Determined to help youths realise their potential, the state government under the leadership of Godwin Obaseki started several reforms with a vision to transform the state’s sports sector, including the rebranding of Bendel Insurance and Edo Queens Football Clubs.

Besides, he has rebuilt the Samuel Ogbemudia Stadium and plans to build 20 mini stadia across the state to promote grassroots sports. Apparently, this strategy has led to a significant decrease in the number of Edo State indigenes who opt for illegal migration and human trafficking as routes to greener pastures.

JOB CREATION In his resolve to deliver on his campaign promises to create 200,000 jobs geared towards addressing the problem of poverty, hunger, unemployment, and ever-rising criminality among youths, the Obasek-led government as of 2019 created over 157,000 jobs.

The jobs were created through jobs matching and placement, jobs’ tracking, skills development and entrepreneur, Edo innovates, Edo food and agric cluster, Edo production centre, Ministry of Wealth Creation, National Social Investment Programme (NSIP), and indirect jobs.

According to the governor, the Edo State Skills Development Agency (EdoJobs), has created direct and indirect jobs along its different intervention areas, with 46,576 created through job tracking; 3,434 through job matching and placement, and 22,872 from the skills development and entrepreneurship programmes.

“There are 27,732 beneficiaries under Edo Innovates; 1,376 at the Edo Food and Agriculture Cluster; 161 through the Edo Production Centre; 10,000 beneficiaries through the Ministry of Wealth Creation; 12,413 in the National Social Investment Programme; as well as 32,430 beneficiaries engaged through indirect jobs.

This brought the total jobs created by the Edo State Government to 156,994”, he said.

The governor has assured to surpass the figure before the end of his administration. In view of the forthcoming gubernatorial election slated for September 19, the Edo State chairman of the All Progressives Congress (APC), Anselm Ojezua, said Obaseki’s achievements would guarantee second term victory.

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Friday 29 May 2020

BUSINESS DAY

NEWS

National Assembly passes revised Food security: 10,000 Lagos farmers to Appropriations Act Bill of N10.509trn benefit from World Bank assisted project

... as Buhari seeks approval for $5.513bn borrowing JAMES KWEN & SOLOMON AYADO, Abuja

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ational Assembly has passed for second reading a Bill for an Act to Amend the Appropriations Act, 2020, to authorise the issue from the Consolidated Revenue Fund of the Federation, the total sum of N10.509 trillion.

The Bill, which was passed on Thursday at plenary in both the Senate and House of Representatives, was referred to relevant Committees of the two Chambers such as Appropriations and Finance for further legislative action.

Moving that the Bill be read for second time, Abdullahi Abubabakar, Senate leader and House leader, Alhassan AdoDogua, said out of the N10.509 trillion, N398.505 billion was for Statutory Transfers and N2.951 trillion for Debt Service.

The leaders also explained that N4.928 trillion was for Recurrent (non-debt) Expenditure while the sum of N2.230 trillion was earmarked for contribution to the Development Fund for Capital Expenditure for the year ending December 31, 2020.

President Buhari also sent to both Chambers of the National Assembly, the revised the revised 2020-2022 Medium Term Expenditure Framework and Fiscal Expenditure Paper (MTEF/FSP) for consideration and approval.

The revised MTEF/FSP/ budget is based on a new benchmark oil price of $25 per barrel and an official exchange rate of N360 per $1 as well as oil production of 1.93 million barrels per day.

Buhari in the letter said, “It has become necessary to revise the 2020-2022 MTEF/FSP and amend the Appropriation Act 2020, in view of the sharp decline in crude oil prices and the cut in Nigeria’s crude oil production quota occasioned by the COVID-19 Pandemic. In effect, the assumptions underlying the 2020 Appropriation Act are no longer sustainable.

“It is also imperative to adjust expected revenues considering the widespread disruptions in other domestic economic activities, as well as international trade and transportation, due to the measures implemented across the world to curtail the spread if the COVID-19 pandemic.”

JOSHUA BASSEY

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www.businessday.ng

ome 10,000 farmers in Lagos State are slated to benefit from World Bank assisted agricultural project.

The project - Agro-processing, Productivity Enhancement and Livelihood Improvement Support Project (APPEALS), which involves training, is designed to build capacities of actors in the rice, aquaculture and poultry value chains.

It is aimed at attaining large-scale production and processing of rice, eggs, poultry and fish, and ultimately boost food production in Lagos, Gbolahan Lawal, the state commissioner for agriculture, said on Thursday.

Lagos, arguably Nigeria’s biggest city in terms of population (estimated at 21m people), consumes a huge chunk of locally produced and imported foods in the country with its daily food consumption bill put at over N3 billion.

Giving more insight into how the farmers would benefit from the World Bank assisted project, La-

wal said: “We expect 35 percent of the beneficiaries to be women while 10 percent would go to people with disabilities (PWD) and the rest 55 percent to youths.”

According to Lawal, a total of 1,700 women and youths with interest in farming and agro processing have already been selected for the training and empowerment under the programme while 759 youths have been trained and prepared to be empowered with agricultural inputs in rice, poultry and aquaculture value chains.

Lawal, who spoke at a briefing to mark the first anniversary of the Babajide Sanwo-Olu’s administration, said the Ministry of Agriculture had developed a five-year (2019-2023) agricultural roadmap to enable it achieve its projected growth in the sector.

“The roadmap focuses on the development of agricultural value chains where the state has competitive and comparative advantages including the provision and availability of improved inputs, increased productivity and production.

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Ogun governor turns 60, opts for low-key celebration INIOBONG IWOK

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overnor Dapo Abiodun of Ogun State has said he would not roll out the drums today to mark his attainment of double milestones. Today, Abiodun is marking his first year in office as well as the attainment of 60 years of age.

In a statement he signed, a copy of which was sent to BusinessDay, the governor said he was making the double celebration low-key. He expressed deep appreciation to friends and well-wishers who have demonstrated, through calls and enquiries, goodwill and desire to be part of the celebrations.

The governor thanked God for His benevolence on him, the good people of Ogun State for trusting him with the mandate and the tremendous support for him in office, as well as his numerous wellwishers for their affection.

The statement added however, that in view of the prevailing COVID-19 pandemic and the guidelines to combat the dreaded virus, “a low-key approach has been adopted to mark the two events.”

According to the release, “Whilst a number of completed projects across the state had earlier been earmarked

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for formal commissioning to mark his first year in office, this has now been put on hold. In its place, the ongoing activation of completed projects for immediate use and benefits of the people of the state that commenced on Wednesday will continue. In addition, inspection of other on-going projects, with strict compliance with the COVID-19 guidelines, will also proceed.”

It was also stated that “A compendium of all the Administration’s activities in the last one year will be made available and well distributed.

“Government Ministries, Departments and Agencies are further reminded of the extant directive that government fund must not be expended on any congratulatory advertorial. However, they may publish the achievements of their respective mandates, in line with the guidelines already issued by the One Year Anniversary Committee.”

Governor Abiodun directed that “Rather than advertorial placements and gifts, friends and well-wishers (individuals and corporate organisations), are urged to convert funds meant for such gestures to donations and projects that will benefit the generality of the citizens and residents of the State.”

Friday 29 May 2020

BUSINESS DAY

NEWS

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Starsight powers hospital in Ekiti to OPEC considers extension of historic Rivers scales down budget by oil cut, awaits Russia’s supports 48%, from N530.8bn to N300.4bn reduce COVID-19 testing time DIPO OLADEHINDE

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n a bid to further boost the price of Brent crude, Organisation of Petroleum Exporting Countries (OPEC) led by Saudi Arabia is considering extending historic output cuts until the end of 2020, although it is yet to receive the support of Russia.

Two months ago, Russia said no to Saudi Arabia’s proposal for deeper oil production cuts. It was enough to start a price war that, coinciding with the Covid-19 pandemic, wiped out billions in oil revenues for both Russia and Saudi Arabia while forcing them to enact even deeper cuts of 9.7 million barrels per day (bpd) in May and June.

Instead of easing their output cuts come July, several OPEC+ sources told Reuters there are discussions led by de facto OPEC leader Saudi Arabia about sustaining those cuts.

“The Saudis see that the market still needs support and want to roll over the same cuts until end of the year. The Russians also want the same but the problem again is with the

oil companies,” one OPEC+ source said.

Sources familiar with Russian oil thinking said no decision was made as opinions are divided, with some arguing Moscow should wait to see demand levels as airlines begin to fly again.

“Of course if we are told to continue with the cuts, we will obey. But if the demand is Ok, we don’t see a reason to change the deal,” said one source at a Russian oil company, referring to the current pact calling for cuts through June.

Russia has said it could live on cheap Brent for years as long as “cheap” means no less than $40 a barrel. Saudi Arabia needs twice that to break even.

Brent crude futures were up 1.55 percent to $34.60 per barrel on Wednesday. West Texas Intermediate (WTI) crude futures gained 84 cents, or 2.5 percent, to trade at $32.53.

Demand for oil has begun recovering thanks to the easing of lockdowns across most of the world but there are doubts it will rebound to precrisis levels as people’s habits change, including in the transport aspect.

IGNATIUS CHUKWU

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ivers State government says it has scaled down its 2020 budget by 48 percent, bringing it down from N530.8 billion to N300.4 billion. The scaled down budget, which was endorsed on Wednesday, May 27, 2020, by the state executive council, is expected to head to the Rivers State House of Assembly for legislative endorsement.

The state executive council told newsmen after the meeting that the scaling down was in line with the present economic realities occasioned by the coronavirus pandemic.

Isaac Kamalu, state commissioner for finance and supervisory commissioner for budget and economic planning, announced this while briefing journalists after the State Executive Council meeting presided over by the state governor, Nyesom Wike, at Government House, Port Harcourt.

Kamalu stated that the Rivers State Executive Council also gave approval for the review of the 2020 Medium Term Expenditure Framework, accommodating a

downsizing of the budget. He pointed out that the decision was taken in consideration of all necessary parameters geared towards offering the state purposeful service and effective leadership.

Also speaking, the State Commissioner for Transport, Sunny Ejekwu, said the Rivers State Executive Council also approved a free bus scheme with a fleet of 28 luxury buses to convey commuters free of charge during this COVID-19 period.

The luxury buses had been parked at the front of the seat of power for years.

The commissioner said the scheme would start from Monday, June 1,2020, and added that it is part of measures introduced by government to ameliorate the sufferings faced by those living and doing business in the state.

Ejekwu announced that the free buses would convey commuters in Obio/Akpor, Port Harcourt, Eleme and Oyigbo local council areas.

The commissioner also stated that wearing of facemasks would be a compulsory requirement for any commuter who would want to enjoy the free service.

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GBEMI FAMINU

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tarsight, a leading Nigerian commercial and industrial solar power provider in Africa, has announced it has successfully powered a hospital in Ekiti State to allow the hospital provide more rapid Covid-19 testing.

The hospital, located in Ikole in Ekiti State, currently receives less than eight hours of grid electricity per month. It was chosen by the Ekiti State government for the Starsight intervention as it provides specialist secondary healthcare to residents of the North Senatorial district of the state.

With the new Starsight solar power solution, the hospital will have a reliable power supply which will help reduce testing times for possible Covid-19 patients.

Starsight funded and implemented all stages of the process from the technical assessment of the hospital’s energy requirements to installing the equipment.

The company received critical support from the Ekiti State government for

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the project which was completed in only five days.

Starsight’s solar power systems are designed and engineered by Starsight’s in-house engineering team in Lagos to work across all regions of Nigeria. The company has installed approximately 27mw of generation assets and 20mw of storage at 362 sites in all Nigerian states and has a proven operational track record in remote locations.

Off-grid solar systems represent a dependable and stable source of clean energy making them well-adapted to healthcare facilities They are therefore able to improve the quality of care for patients by ensuring that vaccines and medicines are maintained at the right temperature, modern equipment can be efficiently operated and medical operations can proceed without disruption.

Tony Carr, Starsight’s CEO, said, “As we see coronavirus arrive and spread in Nigeria, we feel strongly that it is right that we contribute our offgrid expertise and products to help with the intense demands being placed on the country’s healthcare system.

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BUSINESS DAY

news

AfDB: Obasanjo, finance minister rally support for Adesina, against ‘external influence’ CALEB OJEWALE

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rom Nigeria, solidarity is officially coming the way of Akinwumi Adesina, president of the African Development Bank (AfDB), whose reelection bid has been challenged by whistle-blowing allegations of supposed inappropriate conducts.

Olusegun Obasanjo, a former Nigerian president, in a letter to some former leaders on the African continent, has reached out to rally their support for Adesina.

Also, Zainab Ahmed, Nigeria’s minister of finance, has written to the chairman of AfDB’s Board of Governors, requesting rejection of external influences to undermine the bank’s laid-down processes.

If not for the coronavirus outbreak, Adesina’s reelection would have held yesterday

(May 28), but it has now been postponed to 25-27 August, as noted in Ahmed’s letter, and as a sole candidate, Adesina was bound to coast to victory.

Famed for his many letters, former President Obasanjo, in a letter dated May 26, extolled Adesina’s work at the AfDB, saying he has “performed very well in this position over the past five years”. Obasanjo in the letter also stated that Adesina has “taken the bank to great heights”.

“In 2020, he led the bank to achieve a historic general capital increase, raising the capital of the bank from $93bn to $208bn,” Obasanjo said. This was described as the highest in the history of the bank since its establishment in 1964.

He explained that despite these achievements and Adesina’s endorsement for a second term by the whole of Africa, “there are some

attempts led by some nonregional member countries of the bank to frustrate his re-election”.

“If we do not rise up and defend the African Development Bank, this might mean the end of the African Development Bank as its governance will be hijacked from Africa,” he said.

Obasanjo then proposed to the former leaders that they should “collectively issue a press statement to support the laid-down procedures embarked upon to evaluate the allegations against the president of the bank and to recommend that the board of governors as well as the ethics committee of the bank should firmly stand by their process and its outcome”.

“We should speak against the introduction of alien practices being recommenced by some parties given that such

recommendation falls outside the laid down procedure, laws, rules and regulations of the bank,” he said.

Copied in the letter were Boni Yayi, former president of Benin Republic; Festus Mogae, former president of Botswana; Hailemariam Desalegn, former prime minister of Ethiopia; John Kufour, former president of Ghana; Ellen Johnson-Sirleaf, former president of Liberia, and Joyce Banda, former president of Malawi.

Others are Joaquim Chissano, former president of Mozambique; Tandja Mamadou, former president of Niger; Thabo Mbeki and Kgalema Motlanthe, both former presidents of South Africa; Benjamin Mkapa and Jakaya Kikwete, both former presidents of Tanzania, and Mohamed Marzouki, former president of Tunisia.

24 firms stake $250m in Alaro City … as LFTZ exports $30m worth of goods JOSHUA BASSEY

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nvestments estimated at over $250 million are springing up at the Alaro City, a mixed industrialresidential development rising from the remote Epe area of Lagos State.

The development being jointly undertaken by the government of Lagos State and Messrs Rendeavour, one of Africa’s largest estate developers, is expected to drive employment and further the economy of Nigeria’s largest commercial hub.

The public-private partnership (PPP) initiative, which sits on a 2,000-hectare land space, is owned 40 percent

by Lagos and 60 percent by Rendeavour. It is designed to embrace industrial concerns, residential homes, offices, healthcare facilities, schools, hostels, among other facilities.

Lola Akande, Lagos State commissioner for commerce, industry and cooperatives, at a media briefing on Thursday said that 24 companies with interests in different sectors of the economy have established their presence at the zone with a combined investment of over $250 million.

The companies, according to Akande, would also be generating over 2,050 employment opportunities, which will add to further strengthen the economy as well as boost Lagos’ gross domestic product (GDP).

“There are presently 24 new companies at various stages of development in the zone. The first factory is the largest ready-to-use therapeutic food factory in Africa.

Its investment in Alaro is a $15 million multi-sector investment, including housing, soap and detergent production,”

Akande said.

According to the commissioner, infrastructure already in place at the city include roads, which will open access to 55 percent of the site, a 1.4km dual carriageway asphalt road with 4 metres median, storm water drains, street lighting with cycling lanes 90 percent completed.

Akande, whose briefing was to mark the first year in office of the Babajide SanwoOlu administration, also gave an insight into the progress being made at the Lekki Free Trade Zone (LFTZ), another joint venture between the state government, which owns 40 percent, and China Africa Investment Limited (CALIL), which holds 60 percent of the equity.

The commissioner disclosed that in the last one year, goods worth over $30 million had been exported from the zone while nine new companies are now at various stages of deployment.

One of the companies, according to Akande, is CCLE Rubber, a tyre manufacturing company whose investment is valued at $20 million. She said the state government is working to attract more investors to the LFTZ. Akande also said the state government in the last one year has continued the tradition of supporting membership business organisations (MBOs) to showcase their products and services at trade exhibitions and fairs.

The MBOs, Akande said, include National Association of Small Scale Industrialists (NASSI), Nigeria Association of Small, Medium Enterprises (NASME), YEFADOT Association of Small and Medium Enterprises (YESME), among others.

Aminu Bashar (2nd r), plant director, BUA Cement, Sokoto plant; Sada Suleiman (r), head of corporate services, BUA Cement, Sokoto plant, during the donation of ambulances from BUA Foundation to Aminu Waziri Tambuwal (2nd l), Sokoto State governor, in Sokoto.

NNPC at receiving end Crew to wear PPEs, undergo COVID-19 test every 14 days of fuel subsidy – Kyari

… as NCAA issues new procedures for international flights … considers restarting domestic travel with 5 airports IFEOMA OKEKE

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igeria-based airlines/aircrew wishing to conduct flight operations outside the country will henceforth be required to ensure orientation and sensitisation of crew on Infection, Prevention and Control (IPC) measures as per training and guidance from public health authorities.

Also, flight crew will no longer be quarantined but undergo mandatory testing for COVID-19 every 14 days at cost to the air operator upon return to Nigeria, and flight crew members who test positive for COVID-19 will be

taken to a treatment centre for further management.

The airlines/aircrew must ensure they have adequate stock of Personal Protective Equipment (PPE), minimum 70 percent alcohol-based hand sanitisersandUniversalPrecaution Kits (UPK) on board aircraft before the flight, and also ensure flight crew wear Personal Protective Equipment (PPE) and observe IPC measures for the duration of the flight.

This is according to the COVID-19 Pandemic Public Health Protocols for Nigerian-based crew operating international flights released by the Nigerian Civil Aviation Authority (NCAA). www.businessday.ng

A letter to all operators, airports and other service providers with reference NCAA/ DG/AIR/11/16/120, dated May 27, 2020 and signed by Musa Nuhu, director general, NCAA, said the new protocol approved by Federal Ministry of Health replaces the current practice where Nigerian based flight crew members who operate international flights are quarantined for 14 days upon their return to Nigeria.

AccordingtotheNCAA,flight deckcrewmustwearnon-medicalfacemaskandglovesandface mask can be removed when the cockpit door is closed for safety reasons, and for cabin crew, they must wear non-medical face

mask, gloves, disposal surgical gowns and safety visors/goggles.

If the flight crew will have to lay over in a foreign country to enable them observe crew duty time rest period, “the air operator is to coordinate with the foreign country’s public health authorities at the airport and implement the following: commute arrangements (between airport & hotel if required): the air operator should arrange for the commute between the aircraftandthecrew’sindividual hotel rooms ensuring hygiene methods are applied and the recommended physical distancing adopted, including within the vehicle to the extent possible”.

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he Nigerian National Petroleum Corporation (NNPC) is at the receiving end of the fuel subsidy regime and will be the first to benefit once it ends.

This is according to Mele Kyari, group managing director of NNPC, speaking during a Zoom meeting with media executives, Thursday.

Kyari said the NNPC has been the only one importing Premium Motor Spirit (PMS), or petrol, into the country since 2016 and has been bearing the brunt.

“This is happening at the best of our intentions, despite the monumental cost to the federation,” Kyari said.

The cost is as much as N40 billion-N100 billion per month for under-recovery which the NNPC and the @Businessdayng

country bear.

There is also another hidden cost of foreign exchange (FX) which the NNPC gets at N306 per dollar, but the actual market cost is N360 per dollar using the Central Bank of Nigeria (CBN) rate, or N386 per dollar using NAFEX rate on the Investor and Exporter (I&E) window.

A combination of the two subsidies costs the country up to N2 trillion per annum when oil prices are close to $50 per barrel.

Kyari said a major way to stop smuggling is to sell products at the market price.

“If people can import and sell or produce locally, then market forces will take control and this will eliminate smuggling, so it becomes a business and not a criminal enterprise,” he said.

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news CBN’s 12.5% MPR means a decline in...

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adjusted upwards as a

means of tightening monetary policy. Also following that adjustment, and in response to COVID-19 pandemic, the CBN reduced the rates associated with all its interventions from 9 percent to 5 percent.

Though the CBN is concerned about the persisting uptick in inflation for the eighth consecutive month, with headline inflation rising to 12.34 percent in April 2020 from 12.26 percent in March, it is also worried that raising MPR at this stage will be counter-intuitive and will result in upward pressure, he said.

“In view of the foregoing, the committee decided with a unanimous vote to reduce MPR to 12.5 percent, and to hold all other policy parameters constant,” Emefiele said.

Analysts say the cut in the benchmark interest rate will have impact on banks’ lending and deposits as banks will have to reduce their lending rates to clients.

Razia Khan, managing director, chief economist, Africa and Middle East, Global Research, Standard Chartered Bank, said it’s not immediately clear how much a 100 bps policy rate cut on its own will achieve, and other policy measures will continue to be relied on to channel support to identified strategic sectors.

The CBN appeared relatively upbeat that the economy could return to growth or even avert a recession by the third quarter of 2020 on the back of what Emefiele called “far-reaching fiscal and monetary measures to combat COVID-19 impact”, as well as continued gains in the oil price.

“Given the severe global downturn, however, we are less optimistic, and see an average Brent crude price of USD35/bbl this year. Nigeria’s compliance with its OPEC++ quota, with agreed production cuts in place until April 2022, will also have implications for oil sector growth, despite still strong y/y production growth in Q1, 2020. We do not see this persisting,” Khan said.

Ayodeji Ebo, managing director, Afrinvest Securities Limited, said the impact of the rate cut would be on the decline in the Standing Deposit Facility and Standing Lending Facility which are tied around the Monetary Policy Rate (MPR).

He said the action of the MPC was more of a signalling effect.TheMPRhasproventobe ineffective in the past few years as CBN has applied other policy options to adjust interest rates.

“We do not expect any adjustment or reaction in the fixed income market as rates are already at rock bottom and will be driven more on liquidity. Also, for lending rate, this has always been sticky downwards, hence will not result to a reduction in lending

rates,” Ebo said.

All the financial analysts polled by BusinessDay said the decision by the CBN to reduce MPR down to 12.5 percent was a welcome development.

“Good decision, but reduction of the CRR will have more impact in stimulating the economy,” said Ayodele Akinwunmi, relationship manager, investment banking, FSDH Merchant Bank Limited.

Omotola Abimbola, a macro and fixed income analyst at Lagos-based Chapel Hill Denham, said the MPR cut was surprising, but not totally out of line since the CBN has been easing monetary policy since last year.

“The effectiveness of the MPR in stimulating the economy is arguable, particularly when you compare it to the LDR policy and the decision to restrict non-bank local investors from the OMO market. Both have been a lot more effective in boosting loan growth and suppressing interest rates. So, the rate cut today is more symbolic,” Abimbola said.

Uche Uwaleke, professor of finance and capital markets and chair, Banking and Finance Department, Nasarawa State University, Keffi, said the MPC decision to cut the benchmark interest rate by 100 basis points down to 12.5 percent is a demonstration of the CBN’s sensitivity to the need to stimulate the economy and enable it withstand the negative impact of COVID-19 as well as the drop in oil revenue.

“Having signalled intention to adopt an accommodative stance in favour of growth, the CBN should put in place measures to ensure that it translates to lower lending rates by the banks to the real sectors of the economy,” he said.

Muda Yusuf, director-general, Lagos Chamber of Commerce and Industry (LCCI), said he was a bit surprised, adding that though the cut in MPR may seem symbolic, the CRR was of more concern in the system than the MPR. “What the outlook will be to a large extent will be on how we manage the FX market. We still don’t have clarity on how the CBN wants to go about this. Already, we are seeing a liquidity challenge in the FX market and this will have an effect on investors ’confidence,” Yusuf said.

“We need to see how we can handle issues around our trade policy and issues around the interstate lockdown which has affected domestic economic performance greatly because already, we have an issue with the external sector and the domestic economy is not able to function properly because of all these restrictions around the country. I appreciate the optimism from the CBN, but a lot will depend on a lot of factors beyond the MPR action,” he said. www.businessday.ng

President Muhammadu Buhari participating in the United Nations High-Level Virtual Event on the Financing for Development in the era of NAN COVID-19 and Beyond, from the Presidential Villa in Abuja.

Buhari lists achievements on economy...

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of his second four-year term and the fifth year of the

government in office.

“Between May 29, 2015, when it was inaugurated for the first term, and now, the Buhari administration has made salutary impact in almost all the facets of Nigerian life,” Femi Adesina, special adviser to the president on media and publicity, said in a statement titled ‘President Buhari’s Strides in Five Years, by Presidency’.

Among numerous achievements listed, the statements said the economy, long dependent on a mono product – petroleum – is being retooled, refocused, with diversification as a task that must be accomplished”.

“Agriculture has been given a fillip, manufacturing has got a shot in the arm, and solid minerals are contributing a large chunk to the Gross Domestic Product (GDP).

The country is very close to food security, with rice, beans, maize, millet, and all sorts of grain no longer imported.

We now eat what we grow,”

Adesina said in the statement.

In an attached five-year fact sheet of the Buhari administration, the presidency said that the work of the Presidential Enabling Business Environment Council (inaugurated

by President Buhari in August 2016) and the Enabling Business Environment Secretariat (EBES) has resulted in Nigeria moving up 39 places on the World Bank’s Ease of Doing Business rankings since 2016.

In the last three years, Nigeria has twice been adjudged one of 10 Most Improved Economies in the rankings, it said.

BusinessDay checks show Nigerian ranked 170 on World Bank’s ease of doing business 2016 (for 2015) and the country ranked 131 in the 2020 report (for 2019). This is an improvement by 39 places.

Nigeria was among top 10 performers in 2019 and 2017 rankings, which can be found in 2020 and 2018 reports.

For Doing Business 2020, the 10 top improvers are Saudi Arabia, Jordan, Togo, Bahrain, Tajikistan, Pakistan, Kuwait, China, India and Nigeria. For 2018, the top 10 are El Salva-

DJ Cuppy hosts Apple’s first ever African...

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its host.

The streaming platform announced Thursday that “Africa Now Radio with Cuppy” will debut Sunday and will feature a mix of

contemporary and traditional popular African sounds, including genres like latest African sounds, be it amapiano, afrobeats, highlife, alte, house, hip-hop, afrobongo, or kuduro and more. Listeners will hear the latest and greatest African artistes and new forms of African popular music which fuse traditional and contemporary sensibilities, morphing into hybridised sonic fragments connecting all corners of Africa.

Cuppy,the Nigerian-bornDJ andmusicproducer,willhostthe

weekly one-hour show, which will be available at 9am EDT. “The show represents a journey from West to East and North to South, but importantly a narrative of Africa then to Africa now,” Cuppy said in a statement.

African music and artistes have found success outside of the continent and onto the pop charts in both the US and the UK in recent years. Acts like Drake and Beyoncé have borrowed the sound for their own songs, while performers like South African DJ Black Coffee as well as Davido, Burna Boy, Tiwa Savage, Wizkid and Mr Eazi — all with roots in Nigeria — continue to gain attention and have become household names.

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dor, Djibouti, India, Malawi, Brunei Darussalam, Kosovo, Uzbekistan, Thailand, Zambia and Nigeria.

The document also said the Finance Act, 2019 is the first time Nigeria is accompanying the passage of a budget with complementary fiscal and business environment reforms legislation. The 2020 budget is also the first time in 12 years that a federal budget has been restored to the January-December cycle.

Our checks show the last time Nigeria had a Jan-Dec budget cycle was 12 years ago.

However, the passage of budget accompanied by a Finance Act is new only since transition to civilian rule in 1999.

Another achievement of the Buhari administration, according to the document, is the Renminbi-Naira Swap Agreement between the Peoples Bank of China and the Central Bank of Nigeria.

On April 27, 2018, the CBN signed a three-year bilateral currency swap agreement with the Peoples Bank of China (PBoC), worth Chinese Yuan (CNY) 15 billon – equivalent to N720.00 billion or US$2.5 billion.

The currency swap deal with People’s Bank of China (PBoC) was signed by the Central Bank of Nigeria (CBN) to enable “bilateral trade and direct investment, and safeguarding financial market stability in both countries”, BusinessDay finds. It was for a three-year period with the option of renewal by both parties.

Other achievements of the Buhari administration, according to the document, include the issuance of Nigeria’s first Diapsora bond in the international capital market, a US$300 million bond with a tenor of five years which proceeds were used to part-finance the 2017 budget. The bond was oversubscribed by 130 percent.

It also listed CBN’s policies and directives, which led to the fall of Treasury Bill rates – which represent domestic borrowing costs for the Government –from 16-18 percent per annum in 2017 to 2-6 percent per annum in 2019/2020.

Last year, CBN banned non-bank local investors from the OMO market, which caused rate on NTBs to fall significantly lower than OMO bills effectively lowering domestic borrowing cost for FG.

Apple Music’s announcement comes the same week Universal Music Group said it was launching Def Jam Africa, a newdivisionofthelabelfocused on representing hip-hop, Afrobeat and trap talent in Africa.

The label said it will be based in Johannesburg and Lagos but plans to sign talent from all over the continent. The deal is said to be worth seven digit figure.

Cuppy, the celebrity DJ daughter of Nigerian billionaire, Femi Otedola, is unstoppable.

By this deal Cuppy is bringing the world to Africa as she is now the face and voice behind Apple Music’s new radio show called ‘Africa Now’. Apple Music is a global music platform with 60 million listeners from over 160 countries worldwide and over 30 countries in Africa alone.

Cuppy will be DJing all genres of African music weekly whilst

entertaining the listeners with interviews between her fellow artist friends.

Cuppy has been on the rise andinherDJandmusicproducing career earning important endorsements. Her deal with global giant like Apple is indeed a crowning endorsement.

“I’m excited not only to play music but showcase the vast array of talented artists cultivating the music scene on the continent!” Cuppy was quoted to have said in the statement released by Apple. “There are so many rich textures and sounds in Africa and the time is now for the world to embrace our diversity. Each and every week I’ll be bringing a dynamic guide to discovering and celebrating the biggest and best sounds from across Africa, the Motherland.

It will be entertainment at its best, Cuppy style!”

@Businessdayng

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Friday 29 May 2020

BUSINESS DAY

NEWS

UBA revamps Kiddies, Teens accounts as customers to get 13th month reward

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nited Bank for Africa (UBA) plc, pan African financial institution, is set to reward consistent customers with a 13th month cash reward as well as access to scholarships in the upgraded and revamped UBA Kiddies and Teens Accounts.

To qualify for these exciting rewards, customers need to maintain a minimum balance in these accounts which have been designed to enable parents and guardians save for their

L-R: Kingsley Angaji, regional trade marketing manager, Nigerian Breweries plc; Isaac Nwabuzor, corporate affairs manager -East, Nigerian Breweries plc; Chiedu Ebie, secretary to Delta State government; Onyeka Okoh, human resources business partner, Ama Brewery, Nigerian Breweries plc, and Chukwudi Utoh, area sales manager-Delta State, Nigerian Breweries plc, during the donation of products, hand sanitizers and other materials to the state as part of the company’s support against COVID-19.

AMCON injected N50bn to stabilise aviation sector - Ismail IFEOMA OKEKE

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sset Management Corporation of Nigeria (AMCON) says it has injected about N50 billion into the aviation sector solely to stabilise airline operations in the country between 2012 and 2020.

This was disclosed on Wednesday by Aminu Ismail, executive director, operations at AMCON, at a webinar conference.

He said AMCON’s intervention led to the purchase of about $1 billion Non-Performing Loans (NPLs) from Nigerian banks owed by major Nigerian airlines including Aero Contractors, Arik Air, among others.

Although the aviation sector accounts for about 8 percent of AMCON’s restructuring portfolio, Ismail explained that the AMCON’s actions in restructuring the loans of airline operators

protected a critical sector of the economy for Nigeria.

Given the critical nature of the essential services rendered to the economy by the sector, he explained that the intervention objective of the government recovery agency was to stabilise the operations of the airlines rather than realise the assets of the airlines in settlement of their outstanding debt.

In the process, he stated that the huge cash-flow, which is needed to run the sector effectively and efficiently, additional loan was further advanced for the purpose of providing support towards growth of the airlines, fleet expansion, job retention and job creation.

However, he said when the airlines failed to repay the loans, AMCON was left with no other choice, which necessitated the appointment of Receiver Managers to manage the airlines pending

AMCON’s divestment.

He also stated the challenges faced by aviation in Nigeria, given AMCON’s experience since it intervened in the sector. He said, “Aviation in Nigeria has historically been fraught with many challenges including poor capital structure, difficulty in accessing finance, difficulty in accessing cost effective leases, high insurance costs, difficulty in accessing FOREX for maintenance and spare parts, multiple taxation by government agencies, weak corporate governance structure, lack of airport infrastructure and very marginal share of the lucrative regional flights of under 20 percent.”

With the advent of the dreaded Coronavirus (COVID-19) pandemic, Ismail said the challenges have now tripled, meaning that the leadership of any airline that wants to stay afloat must think differently and strategi-

REA sensitises stakeholders on proper implementation of AfDB financed projects HARRISON EDEH, Abuja

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ural Electrification Agency (REA), in collaboration with Power Africa Nigeria Power Support Programme and the African Development Bank (AfDB), held a kick-off webinar focusing on productive Use Appliances and Equipment in Off-Grid Communities of the AfDB-financed Nigeria Electrification Project.

The objective of the project termed ‘Component II’ is to increase the productive use of energy in rural communities by facilitating access to efficient, electric productive equipment, while providing energy access for about 100 million off-grid Nigerians.

Managing director of REA, Ahmad Salihijo Ahmad, noted in his opening remarks, “The component

II event marks a milestone in the implementation of the African Development Bank funded Nigeria Electrification Project where mini-grid developers are supported through the productive use subsidy program to encourage the use of low-cost productive use appliances at solar minigrid electrified communities in order to improve economic activities.”

According to Ahmad, the component uses a resultbased framework for investors and energy access companies to incorporate the distribution and sale of energy-efficient productive use appliances in their regular line of activities.

It also serves to activate the productive use appliance market and make productive uses of power a critical enabler to sustainable economic developwww.businessday.ng

ment while scaling up energy access, he said. It will also encourage developers to make productive use of power and energy-efficient appliances a part of their overall strategy for minigrid viability.

This Component will further target operating private mini-grid developers and prospective energy access businesses in Nigeria preparing business plans and incorporating the pre-determined Performance Based Grant in their financial projections.

The grant will be available for existing businesses that have developed sustainable business plans for the deployment of their systems with productive appliances and equipment for off-grid communities.

Applications for the grant will be considered on a rolling basis.

cally to ensure that the airlines survive.

Notwithstanding the low income levels of the government occasioned by a huge fall in crude oil prices, which is Nigeria’s major revenue source, Ismail said AMCON is in support of industry stakeholders that are urging the federal government to provide bailout packages to airlines who are currently threatening to reduce staff number by as much as 60 per cent.

But as the federal government contemplates the bailout proposal, he said the federal government must be guided and more strategic this time around given that the previous bailouts that were given to domestic airlines in the country between 2009 and 2012 by the Bank of Industries (BOI), as well as the Power And Airline Intervention Fund (PAIF) by the Central Bank of Niger (CBN) were mismanaged by the airlines.

children aged between 0 – 12 years for the UBA Kiddies Accounts and from 13 to 17 years for UBA Teens Account, whilst also teaching the kids money management skills.

Breaking this down to both old and new customers, UBA’s group head marketing and customer experience, Michelle Nwoga, said, “The Children banking proposition have been revamped with new offerings to assist parents imbibe the culture of savings in their kids from a very tender age.”

Naira records N5 gain on black market HOPE MOSES-ASHIKE

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igeria’s currency on Thursday appreciated further

by N5 as the dollar traded at N450 on Thursday as against N455 traded on Wednesday at the black market.

The naira appreciation is as a result of low demand amid reports of the Central Bank of Nigeria (CBN) plans to resume dollar sales to Bureau De Change (BDCs).

The CBN on April 29, 2020, resumed dollar sales for school fees and Small and Medium Enterprises (SMEs).

Also, the regulator has made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels, and other designated retail uses, as soon as international flights resume.

The apex bank on March 26 suspended foreign exchange sales to the BDC operators until further notice due to the Covid-19

lockdown, as requested by the operators. The suspension notwithstanding, some BDCs are still active in the market.

Naira strengthened by N7 as the dollar was sold at N453 on Thursday compared to N460 traded on Wednesday at the retail Bureau. However, the foreign exchange market opened with an indicative rate of N387.60k on Thursday morning. This represented a loss of N1.08k when compared with N386.52k opened with on Wednesday, data from FMDQ show.

The foreign exchange daily turnover increased by 6.81 percent to $31.38 million on Wednesday from $29.38 million on Friday last week.

Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, on May 10, 2020, assured investors of the security of their investments in the country despite dwindling revenue from the sale of crude oil globally.

He said investors interested in repatriating their funds from the country were guaranteed to get their money.

Seplat boss sees oil prices fluctuating, urges FG to reset economic landscape OLUSOLA BELLO

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igeria must reset its economic landscape due to the crash in global crude oil prices, Austin Avuru, managing director/CEO, Seplat Petroleum Development Company plc, says.

The economic resetting, he notes, should be focused on gas as enabler for domestic energy security and catalyst for industrial growth, minerals, mining and agriculture as additional forex earners.

This has become necessary in view of the fact that current realities on ground has shown that oil revenue is trending downwards below 45 percent as a percentage of total federal revenue for 2020, and the fact that the national economy must remain afloat for the benefit of all.

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This is the only way the economy can survive the twin problems of crashing oil prices and the global economic meltdown that are taking their tolls on the Nigerian economy, he states.

“We are looking toward a new normal of very low oil prices; somewhere between $40 and $50 per barrel. We will be lucky if it gets to $60,” he says.

The current situation is unlike in the past where revenue from oil accounted for 80 percent of federal revenue and 92 percent of foreign exchange, he states.

The Seplat boss also notes that all the bills in respect of the oil and gas sector that are currently either with National Assembly or the executives should be fine-tuned to create efficiency, vibrancy in the system and not just targeted at getting more revenues for the government, saying fail@Businessdayng

ure to do this may scare investors away from the industry in the nearest future.

“Vibrancy must be encouraged in the system through regulatory and governance framework while attention should also be paid to domestic investments in order to bail the country out the current economic doldrums,” he says.

Austin Avuru, who spoke on Wednesday at a webinar organised by the Nigerian Association of Petroleum Explorationists (NAPE), noted that there had been price shocks in the past, including the recent one in 2016 where crude oil price went as low as $26 per barrel before it rebounded.

However, this is different because this time around we have a combination of a surprise shock with unprecedented demand drop and a global economic meltdown.

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Friday 29 May 2020

BUSINESS DAY

FINANCIAL TIMES

World Business Newspaper

China approves plan to impose national security laws on Hong Kong Beijing presses on with bill after Washington signals city’s trading status could be revoked YUAN YANG, CHRISTIAN SHEPHERD AND KATHRIN HILLE

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hina has formally approved a plan to impose national security laws on Hong Kong, despite a US declaration that the move would signal that the city was no longer autonomous from Beijing.

Mike Pompeo, US secretary of state, on Wednesday issued the Trump administration’s most serious response yet to Beijing’s plan to impose the laws.

China says the laws are intended to target “splittist, subversion of state power, terrorism or interference by foreign countries or outside influences” in Hong Kong. But the move has raised concerns about the city’s future as a global financial centre.

Asked about tensions with the US, Li Keqiang, Chinese premier, told journalists: “We have always rejected cold war thinking and so-called decoupling, which is not good for anyone.”

Shares in Hong Kong tumbled after Mr Pompeo’s announcement, with the Hang Seng index falling as much as 2.2 per cent before paring back some of those losses to close 0.7 per cent down on Thursday.

China’s National People’s Congress, the country’s annual gathering of lawmakers, approved the plan with 2,878 votes for, one against and six abstentions.

A draft of the law will follow in the coming months.

If enacted, the law would represent the first time Beijing had introduced a law that imposed criminal penalties into Hong Kong’s legal code, bypassing the city’s

Xi Jinping votes on a proposal to draft a security bill on Hong Kong during the closing session of the National People’s Congress on Thursday © Nicolas Asfouri/AFP/Getty

legislature.

China’s decision to pursue the law has reignited protests in the city, with hundreds arrested on Wednesday in Hong Kong’s central business and main shopping districts.

The governments of the US, UK, Australia and Canada released a rare joint statement on Thursday against Beijing’s move, saying it would “dramatically erode Hong Kong’s autonomy and the system that made it so prosperous” and undermine the “one country, two systems” framework put in place after the handover from British to Chinese rule in 1997.

The quartet — a close-knit group of English-speaking countries that shares intelligence but

which does not correspond to existing diplomatic groupings such as the G7 — said the legislation also raised “the prospect of prosecution in Hong Kong for political crimes, and undermines existing commitments to protect the rights of Hong Kong people”. It added that it was “extremely concerned” the action would exacerbate already deep divisions in Hong Kong society.

Taiwan denounced the NPC’s move and said it would help Hong Kong people seeking refuge. Tsai Ing-wen, president, said her government had set up a special project to provide financial support and assistance in obtaining residency rights, homes and jobs.

“All of Taiwan across party

lines, both the government and the people, stands united to support the Hong Kong people and universal democratic values,” Ms Tsai said in a statement.

Taipei does not have a refugee law and the government has preferred to deal with Hong Kong democracy supporters on a case-bycase basis, in order not to provoke Beijing. But Taiwan’s tone changed following the decision to impose the national security law.

Japan also said it was “seriously concerned”, saying it attached “great importance to upholding a free and open system”, according to a statement from the ministry of foreign affairs. It added that it would “co-operate with other countries to address the situation”.

The US declaration threatens Hong Kong’s special trading status with Washington, under which t h e c i t y i s e x e m p t f ro m t a riffs and restrictions imposed on mainland China. This was based on the understanding that Hong Kong would enjoy a high d e g re e o f p o l i t i ca l a n d l e ga l autonomy for 50 years under the “one country, two systems” framework.

The shoe will soon drop with respect to what concrete actions the US will take in response to Secretary Pompeo’s announcement today on Hong Kong Wendy Cutler, Asia Society Policy Institute “No reasonable person can ass er t to day that Hong Kong maintains a high degree of autonomy from China, given facts on the ground,” Mr Pompeo said, in a move that threatened the special trading status the US affords Hong Kong.

China’s ministry of foreign affairs said Mr Pompeo’s remarks were evidence of “ulterior motives” to use Hong Kong as “a frontier for secession, subversion, infiltration and sabotage activities against the mainland”. It added that they proved the need for new national security legislation.

But some pro-democracy activists in Hong Kong applauded the US decision. Jimmy Lai, a Hong Kong media tycoon, wrote on Twitter: “Mike @SecPompeo speaks up and speaks the truth about #Hongkong”, adding that the Chinese Communist party “and its puppets will soon face sanctions on them, for violating #HKers basic human rights and freedom”.

The chain of events that led to Germany’s change over Europe’s recovery fund EU must overcome multiple obstacles to broker a recovery fund deal VICTOR MALLET, GUY CHAZAN AND SAM FLEMING

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hen German chancellor Angela Merkel announced one of the biggest U-turns of her career this week, the declaration was both emphatic and unexpected.

On Monday, she and French president Emmanuel Macron unveiled a proposal for a €500bn EU “recovery fund” to help the European economy back on its feet after the havoc wrought by the coronavirus pandemic.

Politicians and analysts say the plan, under which the European Commission would borrow money to support the budgets of stricken member states, could mark a turning point in the history of the EU. The two leaders and commission president Ursula von der Leyen will now have their work cut out convincing the so-called Frugal Four — Austria, Denmark, the Netherlands and Sweden — to support the proposal.

But the previously faltering FrancoGerman partnership, revived by the need to avert an economic depression, could be a powerful persuader.

According to one senior German official, the “moment of reckoning” for Berlin had come almost two weeks earlier, on May 5, when Germany’s constitutional court in Karlsruhe had cast doubt on the legality of the European Central Bank’s bond-buying programme.

For years, the EU has relied on the ECB to do the heavy lifting in a crisis.

“The idea was, member states didn’t need to do any fiscal stuff because the ECB would always save the day,” the official said. “The bank was also a useful scapegoat to have around to blame for anything that went wrong.”

The court ruling underscored the need for budgetary as well as monetary support for vulnerable EU members.

Nevertheless, Ms Merkel’s championing of the proposed recovery fund with Mr Macron seemed to come out of the blue. Even her closest allies were stunned. Berlin had always opposed the idea that money from such a fund would be distributed in the form of non-refundable grants rather than loans. For Germany, that smacked too much of fiscal transfers from richer to poorer EU states — taboo in Berlin. www.businessday.ng

The French president, too, learned only shortly before their joint videoconference on Monday that Ms Merkel was prepared to have the entire €500bn distributed as grants, according to officials in three European capitals.

“The whole thing being in grants is pretty good,” said one French official. “I’m not sure we were fully expecting that.” Another said Mr Macron, who had held two previous, unpublicised video calls to negotiate with Ms Merkel in the days before the surprise announcement, learned of her change of heart only “a short time before” the declaration.

Aside from the judgment of the court in Karlsruhe, the other factor that influenced Ms Merkel’s change of position was the economic impact of the pandemic itself.

Within weeks of Covid-19 striking the EU, Mr Macron was joining Italy and Spain in calling for an ambitious pan-European economic recovery plan. On March 25, nine governments published a joint letter calling for the issuance of joint European debt. “We want to use this crisis to go a step further in terms of solidarity,” one French official said.

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Three weeks later, Mr Macron warned in an FT interview that the eurozone and the whole “European idea” could collapse if the EU failed to set up a fund that could issue common debt and finance member states according to their needs rather than the size of their economies.

By then, Olaf Scholz and Bruno Le Maire, the German and French finance ministers, had already overcome Dutch objections to persuade their eurozone colleagues to agree to an initial €540bn package of crisis-fighting measures, including deployment of loans from the European Stability Mechanism with few strings attached.

However, Mr Macron, and eventually Ms Merkel, realised that more was needed. On Monday, Ms Merkel said the economic impact of the virus was so great that it could “endanger the European Union’s cohesion”.

“The big concern is that the economic crisis will destroy the European single market and even threaten the future of the EU,” said one senior adviser to Ms Merkel’s CDU, adding that the chancellor needed a “grand gesture” to prove she had not abandoned southern European nations @Businessdayng

hit hard by the virus.

On April 23, an EU summit agreed in principle on a plan to launch a recovery fund. In the weeks that followed, Ms von der Leyen was engaged in intensive discussions about how it would be structured. Last weekend, she spoke to more than 20 capitals on the phone seeking to smooth the way to a deal.

But it was the court decision in Karlsruhe that tipped the balance for Ms Merkel, according to officials in both Berlin and Paris.

Fear was spreading in the German government that the constitutional court could go even further, and issue a similar challenge to the ECB’s recently launched €750bn pandemic emergency purchase programme (PEPP), the centrepiece of its crisisfighting strategy.

The stars were aligned for a shift of policy. Since March, the French had accepted the idea of housing the emergency fund in the EU’s regular budget, with all the associated oversight, rather than establishing it as a separate entity. They also agreed it should be for a limited time and focused purely on recovery from the coronavirus crisis.

Friday 29 May 2020

BUSINESS DAY

34

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Fraction of Fed lending facilities have been tapped so far US central bank engineered market rally before most emergency vehicles were up and running COLBY SMITH AND BROOKE FOX

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nly a fraction of the multitrillion dollar emergency lending facilities unveiled by the Federal Reserve has been deployed, more than two months after the US central bank’s promises of action helped stoke a powerful rebound in financial markets.

The creation of facilities to buy risky assets ranging from junk bonds to local government debt has been a key plank of the Fed’s effort to stabilise markets and boost the US economy, alongside an unprecedented expansion of its balance sheet through the purchase of trillions of dollars of Treasury bonds.

Of the 11 emergency facilities announced in March and April, which promised to make more than $2.6tn available, only five are fully or partially operational and usage stands at $95bn — less than 4 per cent of the minimum funds available — the central bank’s latest figures show.

The limited uptake of some programmes and gradual rollout of others underlines how the US central bank has been able to calm investors just by promising future action, but also raises questions about the sustainability of the recent rallies in debt and equity markets.

The US stock market has rebounded to within 6 per cent of its level at the start of the year, and American companies have been able to issue record amounts of debt.

In large measure that is because investors have credited the central bank with eliminating the threat of a financial crisis, putting a floor under asset prices and working to stimulate the US economy as it reopens.

“The innovation, the creativity and the size of it was so large and so fast that their credibility is higher than it’s ever been,” said Rick Rieder, chief investment officer of global fixed income at BlackRock.

The US stock market has rebounded to within 7 per cent of its level at the start of the year © FT montage

“Essentially the Fed is showing that when it comes to verbal intervention, they carry the biggest stick in town,” said Sonal Desai, chief investment officer of Franklin Templeton’s fixed income group. “The Fed is speaking loudly and financial markets have heard.”

The 11 facilities, and an alphabet soup of acronyms, were unveiled by the Fed in response to stresses in the financial system and the locked-down US economy that sent borrowing costs for companies and municipal governments soaring.

They operate under powers that allow the central bank to make asset purchases in “unusual and exigent circumstances”.

In most cases, because the Fed is not allowed to risk credit losses, the US Treasury is fronting taxpayer money — often a significant proportion of the facility, given that coronavirus has upended business for even previously safe borrowers. The stimulus bill passed by Congress in March included $454bn for the pur-

pose, which could be leveraged by the Fed up to 10 times that amount.

The facilities are on top of the resumption of quantitative easing, the Fed’s purchases of Treasury debt and agency mortgage-backed securities, which have also been critical for investor confidence and have already caused the central bank’s balance sheet to balloon to $7tn from roughly $4tn at the start of the year.

According to a consensus of analyst forecasts compiled by the Financial Times, it is expected to top $9tn by the end of 2020, an unprecedented 45 per cent of annual US gross domestic product. Oxford Economics estimates the eventual uptake of the lending facilities could total $2.5tn.

The fact that usage of the facilities so far has been low is “perfection”, said Mr Rieder, noting that the Fed has been able to stabilise markets without actually having to wade too deeply into risky asset classes. “You couldn’t have designed it any better.”

Financial markets took a beating

and came around too quickly from that beating Sonal Desai, Franklin Templeton The first serving of alphabet soup came in early March when the Fed revived several financial crisis-era facilities to shore up short-term debt markets, after investors shunned the commercial paper issued by large corporate borrowers and the money market funds that buy such debt. Heavy withdrawals from those funds also put pressure on municipal debt markets, where state and local governments fighting the pandemic borrow money.

A second serving designed to backstop corporate bond markets followed soon after, although it took until May 12 for the Fed’s Secondary Market Corporate Credit Facility, or SMCCF, to actually make its first purchases of exchange traded funds that invest in investment-grade and junk bonds.

Operations to buy debt directly from municipal governments (the Municipal Liquidity Facility, or MLF)

and to support small and mediumsized companies (the Main Street Lending programme, comprising three separate facilities) are still not yet operational. The Fed has, however, bought $45bn of Payment Protection Program loans extended to US small business owners.

Steven Oh, global head of credit and fixed income at PineBridge, said the working relationship between the Fed and the Treasury was “ideal”.

Without the Treasury backstop for its facilities, the Fed would have had to be more conservative in its lending, other market participants have noted.

Treasury secretary Steven Mnuchin said last week the US government was “fully prepared to take losses” on its emergency loans.

The Fed has also promised to adjust its terms if markets seize up again as they did in March.

The March spike in bond market borrowing costs reversed after the Fed’s actions. US investment grade companies have issued more than $200bn of new bonds each month since March, with issuance already crossing $1tn this year.

Meanwhile, the Fed and the fiscal stimulus package together sparked a rally in the stock market that has continued this week as parts of the US economy reopen, enabling some stricken companies to tap equity investors for new funds.

Ms Desai said investors could end up taking undue risks if the Fed began to serve as a “crutch” as opposed to a backstop for markets, and she urged the central bank against going much further in its support for Wall Street.

“Financial markets took a beating and came around too quickly from that beating,” she said. “The real crisis is in small and mediumsized businesses. The Fed needs to spend all of its time and attention on getting main street off the ground to justify the financial market moves we’ve seen.”

Tencent launches $6bn bond in record Asia fundraising rush Companies hungry for dollar funds to see themselves through coronavirus crisis HUDSON LOCKETT

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encent has raised $6bn in the latest big-ticket dollar bond sale in Asia, where issuers have tapped markets for a record of nearly $150bn in dollar-denominated funding so far this year.

The Chinese social media and gaming group priced the fourtranche dollar bond on Thursday, according to a term sheet seen by the Financial Times. The deal comes on the heels of a strong first-quarter performance for Tencent and marks the largest dollar bond sale by a Chinese company this year.

The largest, 10-year tranche of $2.24bn delivers annual interest payments of 2.39 per cent,

or about 1.7 percentage points above the current 10-year US Treasury yield. The company also priced its first 40-year debt, raising $750m at a coupon of 3.29 per cent. www.businessday.ng

The deal was under way on Wednesday in New York when Mike Pompeo, US secretar y of state, said the US no longer viewed Hong Kong as autonomous from mainland China. The

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statement was the most serious response yet from the Trump administration to Beijing’s decision to impose a new national security law on Hong Kong.

One banker on the deal said US investors were nonetheless present “in full force”.

“You don’t get a $32bn order book unless you’ve got significant participation by the US investor base,” the banker said.

The Tencent deal takes this year’s total dollar debt issuance in Asia, excluding Japan, to $148.4bn. That is a record for this point in the calendar and up $9.3bn from a year ago, according to data from Dealogic.

Tencent posted a profit of almost Rmb29bn ($4bn) on sales of Rmb108bn for the first quarter, up by more than a quarter and @Businessdayng

beating analysts’ expectations for revenues by about Rmb7bn.

With much of the country stuck at home playing Tencent’s games, the company is among the few in China to receive a massive boost from a nationwide lockdown carried out to contain the pandemic, which has throttled global economic growth.

The issuance comes as inv e s t m e nt- g ra d e c o m p a n i e s tap bond markets for record amounts as they seek to bolster their balance sheets against the most severe economic downturn in living memory. Investmentgrade corporate bond issuance in the US has already topped $1tn this year.

Tencent’s latest bonds are expected to be available for trading from June 3.

Friday 29 March 2020

BUSINESS DAY

35

Business SOUTH-SOUTH

COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

NRC retirees in Abia petition President Buhari over unpaid 14 months pension arrears Sebastian Igwe, spokesperson for the group, and made available to BusinessDay in Umuahia, Abia State, the group said some of their members were still paid N7,000 per month as pension; while some officers who retired on grade level 13 were still receiving N15,000 monthly.

The group also accused PTAD of short-paying some of their members’ severance packages after their mandatory retirement.

“After we had complained to PTAD about the anomalies in our severance packages, the body promised to effect corrections, but until now nothing has been done,” the NRC retirees said.

UDOKA AGWU, Umuahia

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oncerned citizens of federal parastatals, the Nigerian Railway Corporation (NRC) chapter has appealed to President Muhammadu Buhari to prevail on the Pension Transitional Arrangement Directorate (PTAD) to pay them their arrears of pensions running into over 14 months.

The group also is requesting for the harmonization of their pensions to be in tune with the present economic realities in the country.

In a statement signed by

COVID-19: Ogah, Solid minerals minister distributes palliatives in home state Abia UDOKA AGWU, Umuahia

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n a bid to cushion the effects of the Covid-19 lockdown on Abians, Uche Ogah, Minister of State for Steel and Solid Minerals, has distributed large quantities of food items as palliative to some citizens of the state to cushion the effects of the global pandemic on the people.

The items include: 20,000 bags of rice ranging from 5kg to 50kg, 1,000 bags of 100kg of beans, 10,000 cartons of indomie noodles and spaghetti, as well as hand sanitizers.

Ogah, while distributing the items at his Onuaku Uturu country home, said he was touched by the economic hardship most Abia residents were passing through as a result of the Covid-19 lockdown which had affected economic activities all over the world.

The 2019 governorship candidate of the All Progressives Congress (APC), who spoke through Kingsley Ugbaja, his campaign organization director general, urged Abians not to despair, but should have confidence in God for his protection against the dreaded pandemic.

He also urged the people to continue to observe all the necessary protocols and personal hygiene against the global pandemic; adding that the scourge was not a death sentence; and that positive cases of the pandemic were not high in the state. He urged the people to be vigilant and comply with government directives towards stemming the spread.

The minister of state Steel and Solid Minerals said the palliatives were his personal contribution in the fight against the pandemic, and

a way of identifying with the people at this trying time.

He said the gesture would get to every family in the state.

In the meantime, some of the beneficiaries at flagoff event include the Christian Association of Nigeria (CAN) Abia State chapter; APC members in all 17 councils in the state, community leaders as well as journalists including online media practitioners in the state.

Emmanuel Agomuo, the CAN chairman in the state,

Uche Ogah, Minister of State for Steel and Solid Minerals www.businessday.ng

who led all the leaders of the five blocs in the Christian body, commended Ogah for the gesture. He said it was the first time any private individual would be giving out massive palliatives in the state to complement government’s efforts.

The cleric promised equitable distribution of the materials, and prayed God to bless the donor, while urging other privileged people in the state to emulate him.

In his response, Obinna Ibe, the chairman of the Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ) thanked the Minister for including journalists on the list of beneficiaries of his stimulus package.

Ibe noted that journalists have been putting their lives on the line as part of those at the front line in the fight against the pandemic, but often neglected. He said Ogah by the gesture, had encouraged journalists not to relent in their sacrificial services to society.

In the same vein, Ugochukwu Nwankwo, the chairman of Abia State Online Media Practitioners Association, thanked the minister for extending his gestures to members of the association.

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They noted that presently PTAD owes NRC retirees the following: balance of 33 percent arrears; minimum wage arrears as approved by President Buhari since April 2019, and 14 months arrears of pension.

Igwe also alleged that PTAD had in the past carried out verification exercise with a view to settling the retirees, but all to no avail; adding that over 40 percent of their members have died as a result of non-payment of their pensions.

The group passionately appealed President Buhari to save their souls from their present plight to avoid further deaths.

Two young Nigerians students dazzle in science, tech competition in Singapore UDOKA AGWU, Umuahia

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wo Nigerian students have won medals for distinguishing themselves in an international science and invention competition that took place in Singapore.

The two students, Jonathan Anagu Sunday and Yahaya Makun are students of Niger State Teacher Professional Development Centre, Mararraaban Dan-Daudu.

According to Nenschel Chinaka, the programme coordinator of Foundation for Creativity in Agriculture, Science and Technology (FOCAST), a nongovernmental organization (NGO) based in Umuahia, Abia State, the global contest tagged AsianInvent 2020 took place between April 3rd and May 14th through online virtual participation as a result of Covid-19 pandemic.

Chinaka informed while briefing selected journalists in Umuahia, that from many entries by secondary schools all over the country, FOCAST selected the best for participation in the global competition.

He said the two projects selected which won the silver and bronze medals are: design and development of an early warning mechanical flood detecting signals device presented by Anagu Jonathan Sunday which won silver while Yahaya Makun’s design and development of an elec@Businessdayng

tronic pest control device garnered him a silver medal.

The FOCAST programme coordinator disclosed that both students were supervised by Daniel Yisa, their science teacher. He further disclosed that 228 entries from around the world, including Canada, Malaysia, Oland, Thailand, among others, submitted entries, but out of the figure only10 entries participated in the final stage of the contest. He said Morocco was the only other African country that took part in the final stage of the event; adding that judging and assessment of projects was carried out by the prestigious European Academy of Science (EAS).

Chinaka noted that the projects developed by the students had economic significances, one of which was the use of electronic devices to control pests instead of chemicals.

He enjoined parents to take advantage of the FOCAST Summer camp training programme to groom their children to develop skills of creativity and innovativeness, as well as research and development. He disclosed that the Summer camp programmes are held in central locations in cities across the country during the long vacation periods.

He appealed to both Federal and state governments to encourage the students to study harder by awarding scholarships to them.

leaderSHIP

BUSINESS DAY Friday 29 May 2020 www.businessday.ng

The conversation that revealed Sanwo-Olu and Hamzat came ready for Lagosians Olusegun Fafore

T

his conversation took place at the Babajide Sanwo-Olu campaign office, a 3-storey building on Awolowo Road, Ikoyi on Tuesday, December 18, 2018.

The discussion was between Dr. Obafemi Hamzat and Mr. Babajide Sanwo-Olu. The latter’s office was about three doors away from the former’s who had just returned from an outing.

It was a sunny afternoon, about 2pm or so. Gbolahan Animashaun, Dr. Hamzat’s Personal Assistant, emerged from the stair case holding some publications. His appearance announced Dr. Hamzat’s arrival.

Sauntering past me as we casually exchanged greetings, Gbolahan’s tired visage led me to the conclusion that he must have had a very busy day. I took a quick look at him and noticed that his amusingly protruding belly had gone down a little.

Easing-going and down-toearth, Gbolahan was the go-to guy for most people who needed to know Dr. Hamzat’s itinerary during the campaign. But my interest in Gbolahan is beyond his enchanting attributes. Sight of him amuses me.

Lanky and light-skinned, the Epe Prince, who is also my friend would have been a perfect model for Calvin Klein male tops, but manifestation of hi paunch, obvious in his trademark knee-length garbs aborted my imagined celebrity endorsement deal for him.

“Eku ise o. How are you guys doing?”, that voice halted my musings and signalled that Dr. Hamzat was closer than I thought. I decided to lower myself into a-3 seater behind the door that welcomes people to the 3rd floor and quietly watch him walk pass the door. I changed my position, but could no longer get out of the floor without being seen.

You cannot miss Dr. Hamzat’s voice in a crowd. Light and courteous, assuredly heralding the Omoluabi from whose body the calming sound came.

Minutes later, he opened the door to Mr. Sanwo-Olu’s office.

Observing events from my little space, covert enough for even Mrs. Titi Oshodi, the Administrative Manager, who operated from the open plan office on the floor, not to see me. I unintentionally followed the conversation between the two men, who are now the Governor and Deputy Governor of Lagos State.

Even though the excerpts of the discussion as recalled below had at first strengthened my belief in the leadership abilities, commitment and foresight of the two men, the events of one year after their election have also proven that purpose breeds results. Beyond the THEMES Agenda, it is clear that Sanwo-Olu and Hamzat have their shared idea of a beautiful and functional Lagos etched on the slates of their hearts.

And that, they are working tirelessly and committedly towards to achieving.

Governor Sanwo-Olu

Deputy Governor Hamzat

“Jide, ba wo ni?”, making for a seat opposite his running mate, “I just got in from Ketu now and the traffic was horrendous” “Ha! pele, Ore! We have a whole lot to do concerning the current traffic situation in the State when elected by God’s grace”.

“I totally agree with you. The man hour lost to go-slow is unquantifiable”.

“You are talking of man hour?

Discomfort to people nko? Have you also thought about what a blocked road can cause in an emergency?”

“Jide, God won’t allow such an occurrence! It is better imagined” “But Femi, how did we get here?

When did going to Surulere from Victoria Island start taking up to 3 hours?”

“Well… I think a combination of factors. Planning issues and endemic culture of indiscipline” “You are right. That means government and citizens have shared responsibility in making the state work and intra-city commuting easy” “We may need to review our traffic laws and rules. Lagos State Residents Registration Agency (LASRRA) will need increased attention because of its centrality to planning”.

“I am actually keen on matching population growth with infrastructural needs. That will help solve some of our physical planning challenges and lead the State on methodical developmental plan”.

“But this path has always been there” “You are right, Femi. But we have to be deliberate. See, things must be different. We will launch an infrastructural revolution that will address basic challenges making life difficult for residents of the State” “We have to, Jide. The rate of

population growth in Lagos has made irresponsible leadership a crime against humanity”.

“We have no choice. Fate has bestowed us with an opportunity to make contributions to the development of Lagos State”.

“It is a great privilege. And I hope the electorate will give us the opportunity to serve” “God will help us, Jide. I am certain that we will make remarkable impacts”.

“En... hen... this is the action plan I discussed with you” “So, you chewed the document overnight, Jide?”

“What is my job? The document is our compass to a Greater Lagos” “I agree with you. I think it is comprehensive enough. I am convinced dedicated implementation will change the way things are in Lagos” “It better does. Especially the education and health sectors. We need to revamp them like yesterday”.

“You are not off point. Heath is also a point of interest for me. The demography of our State shows that we need a functional health system” “Well, things are not as bad as they look. We only need to start with upgrading public health infrastructure and getting the right leadership for the Ministry” “Do you have someone in mind for the State Ministry of Health?”

“Yes, I have my eyes on a particular Professor, let God just grant our aspirations, Femi” “Insha Allah. He will. At least, our determination to make a difference is Godly and will be a benefit to mankind. That itself is service to God”.

“I agree, totally. We will provide conscientious leadership and remember God in our doings”.

Soon after the conversation,

‘‘

I am actually keen on matching population growth with infrastructural needs. That will help solve some of our physical planning challenges and lead the State on methodical developmental plan

Michael Ojomo, one of Mr. SanwoOlu’s assistants led a lady in white uniform into the office where the two men were. From the way Mr. Sanwo-Olu received her, it was obvious that he was expecting her to bring his lunch.

“Kini madam fi ran se?” he inquired.

“Ewa ati Dodo ni sir”, the lady responded “Oh! That is nice. Femi, oya let’s do this thing jo”.

“I think I will do mine without the Dodo jor” “Kilo ma fi lo then?”

“Garri. Somebody should get me some cold water and Garri” Dr. Hamzat entreated.

Mrs. Oshodi, in response to the call for cold water, scurried towards the stairs and called out to Ify tenderly, “Ify! Ify!! Ify!!! Bring some Garri, cold water and plenty ice cubes. For proper identification, Ify was Oshodi’s subordinate in the administrative department of the campaign. As instructed, she emerged with a jug, small bowl and ice cubes crates on a tray and headed to Mr. Sanwo-Olu’s office.

“Very well-done”, Dr. Hamazat commended Ify, who obviously delivered the requested goods as expected. There was a momentary silence. The silence was later followed by the sound of water pouring into a bowl and unpacking of ice cubes. Ify had left. So, the two men were serving themselves.

“You people should come and carry this Dodo” said Mr. SanwoOlu. The statement implied that the two men had reached a consensus that Garri, soaked in cold water, with globules of ice, will calm their busy minds in that hot afternoon. As they were having their modest lunch of Garri and Beans, I remained in my self-imposed isolation. I flavoured my solicitude with reflections about these men who have shown interest in taking Lagos to a greater height.

“It has been three months since we started working at the campaign office. These men reported to work as if they were getting paid… very early, 8am, switching who arrived first between themselves, but both would be at their desks by 8.30am”, I thought to myself.

“But politicians are not supposed to be this organised. Why are these men operating like corporate executives?” was the question bothering my mind when I reminded myself that both of them had served as Commissioners, with impressive credentials that could have earned them a regal perch at the top of any transnational corporation if they had remained in the private sector.

I marvelled at how their sophistication is clothed in humility and authenticity. It was too real to be true for me. Yes. All my life, I have worked with, and around men of means and power. I know how repellent the attitude oozed by that class can be. It dawned on me how personable the two men were and still are, when Dr. Hamzat would pull anyone in the media centre to explain the

analytics of the campaign projected to the screen on the media floor, or when Mr. Sanwo-Olu would come to the media floor to watch Arsenal matches, freely discussing and analysing the games with other Arsenal fans in the campaign office. One cannot ignore the humanity in them.

“These men are not hierarchical.

They are accessible and down-toearth”, I was just passing my judgement on them when I realised that the conversation had resumed. Now, the voices were clearer and more relaxed. That taught me that cold water with the right accompaniments could be magical in a hot afternoon.

“With those additional elements, Our THEMES agenda will produce visible impact” “You should feel because that document covers a whole lot” “Femi, it is a lot. It was an overnight work for me, but it made me feel really good” “That was how I felt when I went through It two days ago” “The Adiyan II water project caught my eyes and I felt bad.

“It is worrisome, really. Potable water should not be a problem in Lagos”.

“It should not. That project will be one of the very firsts we will revisit. Pipe-borne water needs to return to homes across Lagos”.

“There are a number of firsts, Jide. Several uncompleted projects here and there” “I agree. The Lagos-Badagry way.

The Agege Bridge. Mother and Child Centres” “The ones in Eti-Osa, Epe and Badagry?”.

“Yes. Alimosho, even” “I visited the facilities last week and realised we can quickly get them to serve the people” “Jide are you not worried by the quantum of uncompleted projects that would have transformed our lives in Lagos” “One should, but we should not be worried. Completing high impact projects that will make life easy for our people is where we will start from”.

“We owe Lagosians our absolute commitment if they can trust us with their votes” “I know how you feel. I feel that way too because of the determination to make things work efficiently”.

“Lagos has to work. Things have to be different. We need to complete the various housing schemes. Let people have the houses. Housing deficits have to be addressed because Lagos population grows every minute” “The Works and Infrastructure part of you is taking over ooo. Ha ha ha….”.

“Man yi, ki la fe se now. We have to get into the groove like now”.

“Let’s win the election first, Mr. Deputy Governor. We will have the legitimacy to make the desired difference.”

• Olusegun Fafore is Executive Assistant to Lagos State Governor on Public Relations and New Media

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