Vanguard Markets, September 8, 2014 edition

Vanguard Markets | Monday, September 8, 2014 | Issue 009

JAYWALKER

Print is risen ! page VM2 A stack of newspapers

FINANCIAL INCLUSION

Glo Xchange gives mobile money lift-off

Mobile money user of M-Pesa in Kenya. The country has the most developed and widespread mobile money system in Africa. In 2013, 43 per cent of Kenya’s $40 billion GDP or $17.2 billion passed through M-Pesa, which is operated by Safaricom, the country’s biggest mobile network operator

THE LAUNCH IN August of Glo Xchange, a superagent network for mobile money operators (MMO) could be the missing last piece of the mobile money puzzle. Glo Xchange was introduced by Globacom, a mobile network operator (MNO) in partnership with three banks, First Bank, Ecobank and Stanbic IBTC. The telecoms operator brought its nationwide spread of over 150 branded Glo stores, 35,000 vendor outlets, and 400 ConOil service stations to the bargain.

To push the super-agent network further, it has signed up the Association of Community Pharmacists

T

of Nigeria, whose members own more than 7,000 shop fronts in every nook and cranny of the country, and promised to recruit up to half a million agents over the next 5 years. The company has wasted little time in hitting the road. It has just concluded the training of mobile money agents drawn from all local governments in Edo State.

This is not the first time that an MNO will walk down the aisle with an MMO in pursuit of the unbanked millions residing in rural areas and economically disadvantaged areas sparsely served by high street banks. In December, 2011 Guaranty Trust Bank and

What makes Globacom’s entry to the mobile money space notable is the antecedent of Mike Adenuga, its billionaire chairman, in financial services.

MTN in association with Fortis MFB, announced a venture to reach the unbanked adult population through mobile money services.

The South African telecoms operator has also inked an agreement with Diamond Bank to offer mobile money services. Other mobile banking offers like UBA’s U-Mo and Zenith Bank’s eazymoney

have not been pushed as aggressively as initially expected.

Mobile money delivers basic financial services such as deposit-making, withdrawals, transfers, and bills payment to users through their phones.

At 173 million connected lines, of which 73 per cent are active, mobile phones hold the key to expanded access to financial services in Nigeria.

Inside Alima Atta started Sesema PR in 2002.

Spotlight looks at her career.

! Page VM6

It gives banks the leverage to leapfrog over the cost of establishing costly brick-andmortar presence.

There are a number of reasons why Glo is a suitable candidate to tear off the chains hampering mobile money’s flight in Nigeria. Like other MNOs it has a far better track record than the banks of reaching the excluded. In terms of value to value-sensitive users, Glo introduction of per second billing revolutionized cellular phone usage.

Second, Glo has the advertising and marketing budget to blast the mobile money message across. Mobile money awareness creation is costly. After its launch in 2007, M-Pesa’s backers spent $30 million over the next two years renovating local stores that serve as agents and carrying out due diligence to ensure the agents were conducting business the proper way. Since it commenced operations, Glo has consistently featured on watchlists of the biggest spenders in advertising and marketing.

OMD MediaReach, the media monitoring and planning agency, reported that the company spent N5.71 billion and N2.95 billion on advertising in 2011 and 2012 respectively.

Third, Glo has invested heavily in spreading its network outside the big cities giving it the best platform from which to preach the mobile money message to the unbanked.

! Page VM2

FOREX RATES

$/N

155.23

155.4 155.3 155.2 155.1 155.0 Fr

Mo

Tu

We

£/N

Th

Fr

253.5061

259.0 257.5 256.0 254.5 253.0 Fr

Mo

Tu

We

Euro/N

Th

Fr

201.116

205.0 204.0 203.0 202.0 201.0 Fr

Mo

Tu

We

CNY/N

Th

Fr

25.2772

25.40 25.30 25.20 25.10 25.00 Fr

Mo

Tu

We

Th

Currency

Central Rate

SWISS FRANC

166.6631

YEN

1.4749

CFA

0.298

WAUA

234.1445

RIYAL

41.3891

DANISH KRONA

27.0022

SDR

233.4659

Fr

FIXED INCOME & FOREX

FGN Bonds & TBills 850B

FGN Bonds Treasury Bills

NITTY

1M 2M

12.00

3M 6M

9M 12M

NIBOR

O/N 1M

15.00

3M 6M

FX ($/N) 163.0

680B

11.60

14.00

162.6

510B

11.20

13.00

162.2

340B

10.80

12.00

161.8

170B

10.40

11.00

161.4

0

21/08

26/08

29/08

03/09

10.00

25/08

28/08

02/09

05/09

10.00

25/08

28/08

02/09

05/09

Bid Ask

161.0

25/08

28/08

02/09

05/09 Source: FMDQ

VM2

BUSINESS

VM | Monday, September 8, 2014 | Issue 009

JAYWALKER

Print is risen

Obiora Onyeaso obiora.onyeaso@customsstreet.com

HE RELEASE OF the OMD Media Facts for Nigeria, Ghana, West and Central Africa 2013 report is a heartening reminder why print is the iftaḥ yā simsim (Arabic meaning: ‘open sesame’ magical phrase in Ali Baba and the Forty Thieves) for advertisers looking to reach consumers.

Last year, advertisers opened their wallets to the tune of N103.8 billion. As usual, TV adverts at N47 billion took the lion’s share of media spending although it dropped 9 per cent from the previous year. Advertising spend on print leapt 105.5 per cent from N9 billion to N18.5 billion. Other revealing figures were a decline of 2 per cent on radio adverts to N15.1 billion, and a 3 per cent rise to N23.2 billion on out-ofhome adverts.

The strict budget considerations that advertisers and their agencies must weigh these days are behind the shift in targeting. The most bang for buck is their watchword. It makes a lot of sense that there is a return to spending on print after years of alarmist announcements that print is doomed. Print, especially newspapers, is very much alive and kicking.

Here are the reasons why.

A flip through a typical Nigerian newspaper serves up more than news reports and editorial commentary. Therein the reader would find product placements, paid announcements, classified ads, political declarations, open letters, ethnic-sponsored messages, invitations to tender, religious cru-

T

sades save-the-date, spiritual assistance claims, and the list goes on. Some are mere strips.

Others can take an entire page and more.

Of course, there are the birthday messages, chieftaincy conferment notices, honorary awards’ publicity, and obituary announcements. These will merit a whole chapter in any account of Nigeria’s social history similar to Michael J.C. Echeruo’s classic Victorian Lagos: Aspects of nineteenth century Lagos life. To top it all off, readers can peep into the carefully composed Letters to the Editor from readers interested enough in a topic or past article to send in their views deserving to be printed out of several received by email every day.

These appendices to the main news are a big magnet for readers. It is a major reason why many people and businesses buy newspapers, and advertisers splurge money to court their readers.

Visit the websites of these same newspapers. What the visitor finds is a poor representation of the print version.

The rich images found in print are missing, charts and tables are gone, and all the lively appendices that enrich the hard copy reading experience are absent. This is not about good versus bad web design and technology. As a medium-indevelopment, the evolution of online display is still in evolution. If we take the 1993 release of Marc Andreessen’s Mosaic -later Netscape- browser as the enabling technology for website development, then websites, as we know it, are barely 20 years old.

On the other hand, the structural layout of newspapers, as opposed to say novels and textbooks, was settled centuries ago.

There is a paradox about the limitless space of the web. It does not take much to depreciate the user experience with webpage content overload, distracting banner adverts, and undisciplined use of hyperlinks. This blunts the appeal to advertisers. The emphasis on

that would go straight to the delete box in an editor’s email.

It is common to find some commenters peddling fraudulent businesses, and scam relationships. Worst of all are the litany of libellous statements that flood the comment sections. It can be a thicket of

NUMBERS DO NOT LIE

106%

N9B TO N18.5B Rise in 2012/13 advertising spend on print.

Kolawole Oyeyemi, general manager, consumer marketing, MTN (left) and Ediri Ose Ediale,executive secretary, Advertisers Association of Nigeria (ADVAN) at a Google event. MTN is the biggest spender on advertising in Nigeria.

Above-The-Line (ATL) Advertising Expenditure, N

12.95%

110B

2010 2011 2012 2013

100B 90B 80B 70B -4.86%

60B 50B 40B

31.07%

30B

105.56%

-4.32%

20B 10B 0B

TV

Radio

Out-of-home/ Outdoor

Print

Total

Data visualisation by Publican Media Source: Media Monitoring Services Limited and OMD MediaReach

click through rates as a transparent measure of success is the opposite of adverts in print that make no call-to-action beyond viewing.

Moving on from the user in-

terface, the screening of article comments leaves much to be desired. A glance at the bottom of most articles will reveal the most nauseating ethnic sentiments, and downright abuse

thorny plants out there.

One advantage of the web is that its rolling news cycle allows the constant update of news.

This draws visitors wanting to stay up-to-date throughout the

day and advanced content management systems (CMS) help to live pipe news to Facebook and Twitter.

But popularity on social media is directly tied to the institutional strength of these newspapers. This gives the lie to arguments that the web and social media are levellers that give all comers the same resources. Off-line influence is the building block of online stature.

The sober realization by Oby Ezekwesili, a former minister of education and a moving force of the Bring Back Our Girls campaign, that the mainstream print media is vital in engaging Nigerians brings this home. After a botched meeting with the Guild of Editors she admitted that ‘social media has brought us thus far … but we don’t have power over the mainstream media.’ Her comment must be placed in the context of BBOG’s Facebook page having 230,354 likes, 4,333 followers on Twitter and the hashtag #BringBackOurGirls being retweeted over a million times.

There is a temptation to compare popular blogs like Lindaikeji.blogspot.com and Nairaland.com to mainstream media sites that invest considerable amounts to maintain newsrooms that produce original content. Time will tell if their on-the-cheap business models will stand the test of time. To depend on other sites original newsgathering operations and reader-generated content as the ticket to pulling visitors is, without doubt, a profitable short-term strategy.

Whether it can scale is quite another.

It is reassuring to see that print is making a comeback in the pull of advertising naira.

Saner heads in agencies are looking past fad to sift value.

Advertisers are learning that website traffic alone is an incomplete measure of advertising value. Print offers eyeballs and more. All said, OMD Media Facts 2013 has shown that print is not dead. Long live print. ;

FINANCIAL INCLUSION

Glo Xchange gives mobile money lift-off W Continued from Page VM1 Fourth, only MTN and Glo among the GSM operators, have made the bold push into mobile money. Glo being the latter entrant will have learnt from MTN’s missteps.

Finally, this is the only business that ties up all the disparate parts of what the French would call Le Groupe Adenuga. Its tentacles would run the gamut of the extensive real estate assets of

petroleum products distribution, vast financial sector experience, and blanket telecommunications coverage.

Many would recall that Mike Adenuga, the billionaire chairman of Globacom, has antecedents in financial services. The Ijebu-Igbo-born mogul has a long standing interest in banking having founded Devcom Bank, and Equitorial Trust Bank. Though he gave up control of ETB in 2009 his attraction to the sec-

LET THEM IN

NO BRAINER

37.8M in 34.9M out

126M

THE NUMBER OF NIGERIANS formally included in the banking sector versus those outside it

mobile phones VS.

6K bank branches 15K ATMs 125K PoS terminals 20M bank accounts

Source: EFINa – Enhancing Financial Innovation and Access

tor is undiminished. Mobile money is the next challenge for the indefatigable Guru, as he is called by admirers.

Glo’s recent launch of its Security Verified Identity Card (SVID), an insurance plan, for members of the Nigerian Union of Road Transport Workers (NURTW) gives another clue to the financial services ambitions of the Bull.

Charles Weller, country head of Deutsche Bank in Ni-

geria, said last year that ‘whoever cracks the conundrum of secure nationwide full-service mobile or internet banking in Nigeria will be discovering a goldmine.’ Mobile money will be Adenuga’s fourth lucky strike after minting fortunes in oil, banking, and telecoms. His business career shows that he has an uncanny ability to be at the right place at the right time. With that in mind it is not likely that the smart money will place bets against him. ;

MARKET DATA

VM | Monday, September 8, 2014 | Issue 009

VM3

TRADING UPDATE Declined Unchanged Advanced

SECTOR PRICE CHANGES - SEP 05, 2014

MARKET REVIEW– SEPTEMBER 01-05, 2014 Blinding analyst insight of the week: ‘The Qatar National Bank – Ecobank Transnational Inc. deal is much much bigger than a Qatar bank taking a stake in a Nigerian bank. Now that Qatar is in, you have to think other Middle East money won’t want to be left behind. So we could see a wave of Middle East money coming into African banks and once they’re there it will spread to other assets as well and all over the continent. I believe the significance of this deal shouldn’t be underestimated on a much bigger scale.’ – Akinbamidele Akintola, VP, Africa Equity Sales, Renaissance Capital Last week the All-Share Index ↓0.89% continued its slow motion slide downward. All other indices took a cue from it and did same. The Oil & Gas index ↓4.51% and Consumer Goods index ↓2.44% shed the most.

In total, 25,592 deals ↑13.8% were closed on 3,279,506,357 shares traded ↑144.4% at a value of N52,807,757,631.74 ↑228.3% last week.

Firing up in front were Premier Breweries ↑52.4%, Ikeja Hotel ↑29.87%, R.T Briscoe ↑14.9%, Fidson Healthcare ↑10.8%, Northern Nig. Flour Mills ↑10.53%, May & Baker Nig. ↑7.75%, Ecobank Transnational Inc. ↑5.68%, Union Bank ↑5.68%, McNichols ↑4.96%, and UPDC Real Estate Investment Trust ↑4.94%.

The loss leaders were Vono Products ↓17.1% leading the losers for 2 weeks in a row, Cornerstone Insurance ↓10.5%, Cadbury ↓7.9% in the same declining position as last week, WAPIC ↓7.6%, Dangote Sugar Refinery ↓6.6%, Conoil ↓6.2%, Wema Bank ↓6.2%, Caverton OSG ↓6%, Oando ↓5.8%, and Access Bank ↓5.8%.

Agriculture Conglomerates Construction/Real Estate Consumer Goods Financial Services Healthcare ICT Industrial Goods Natural Resources Oil & Gas Services

0 2 1 5 3 0 0 0 0 4 1

3 2 7 18 42 7 11 20 5 6 13

2 1 1 6 15 3 0 1 0 1 5

DASHBOARD Ticker

Close

7UP 140.70 ABCTRANS 0.69 ACCESS 9.35 AGLEVENT 1.40 AIICO 0.80 AIRSERVICE 2.00 ASHAKACEM 32.69 BETAGLAS 18.00 CADBURY 54.05 CAP 39.00 CCNN 14.09 CONOIL 55.10 CONTINSURE 0.99 COURTVILLE 0.57 CUSTODYINS 3.96 CUTIX 1.82 CWG 4.75 DANGCEM 225.01 DANGFLOUR 6.98 DANGSUGAR 8.15 DIAMONDBNK 6.17 ETERNA 3.88 ETI 17.86 FBNH 15.00 FCMB 4.26 FIDELITYBK 1.96 FIDSON 3.69 FLOURMILL 64.71 FO 220.00 FORTISMFB 5.68 GLAXOSMITH 62.70 GUARANTY 29.82 GUINNESS 181.00 HONYFLOUR 4.15 INTBREW 28.51 JBERGER 63.00 LINKASSURE 0.50 MANSARD 2.50 MAYBAKER 1.57 MOBIL 174.00 MRS 53.17 NAHCO 5.00 NASCON 9.48 NB 176.10 NEIMETH 1.05 NEM 0.80 NESTLE 1,024.95 NIGERINS 0.50 NNFM 19.95 OANDO 25.85 OKOMUOIL 34.25 PAINTCOM 1.60 PORTPAINT 5.10 PREMPAINTS 10.39 PRESCO 36.99 PRESTIGE 0.50 PZ 34.90 ROYALEX 0.57 RTBRISCOE 1.00 SEPLAT 679.88 SKYEBANK 2.78 STANBIC 30.01 STERLNBANK 2.24 TOTAL 173.01 TRANSCORP 6.40 UAC-PROP 15.21 UACN 58.60 UBA 7.27 UBCAP 2.17 UBN 8.56 UNILEVER 47.15 UNITYBNK 0.50 VITAFOAM 4.13 WAPCO 117.00 WAPIC 0.73 WEMABANK 0.91 ZENITHBANK 24.25

Friday

5-day

Change, % -4.76% -4.17% 0.54% 0.00% 0.00% -4.76% 1.02% -4.51% -1.87% 0.00% -1.81% -4.92% 0.00% 7.55% -1.00% -1.62%

Change, Week Hi Week Lo % 147.73 137.60 1.00% 0.75 0.68 -1.43% 9.90 9.22 -5.56% 1.54 1.40 -4.76% 0.84 0.80 0.00% 2.10 2.00 -4.31% 33.50 32.05 -2.42% 19.00 18.00 -5.26% 62.84 54.05 -6.08% 39.11 39.00 -0.05% 14.84 14.09 -1.54% 65.05 55.10 -15.24% 1.00 0.97 -1.00% 0.57 0.53 3.64% 4.00 3.85 0.25% 1.95 1.82 -0.55%

0.00% 10.44% 0.00% 0.98% -3.96% 5.00% 3.45% 0.47% 0.51% 2.79% -1.95% -0.45% 0.00% 1.60% 0.00% 0.24% -1.69% 0.46% 0.00% -0.79% -1.26% 0.00% 0.00% 1.42% 0.32% 0.05% 0.00% 2.56% -0.49% 0.00% -4.73% 1.37% -3.49% 0.00% 4.79% 0.00% -2.92% 0.00% 8.70% -0.02% 2.96% 0.03% 2.75% -1.14% 0.00% 0.66% 0.84% 0.28% 0.00% 4.39% -2.38% 0.00% -3.95% 1.39% -3.95% 0.00% 0.17%

Volume

Open

83 12,476 216,082 774 77,433 100 3,616 50 2,107 248 1,597 1,247 2,000 100 13,087 341 0 1,190 10,236 41,826 7,937 4,533 27,445 63,194 29,161 125,943 6,513 1,904 1,132 0 27 120,672 2,798 11,607 2,949 197 15 2,243 2,117 390 50 17,923 5,608 15,090 3,686 40,528 2,045 100 3,508 44,483 1,692 0 0 0 1,488 0 614 3,058 7,941 13 176,445 1,959 212,922 8,641 131,804 1,748 16,082 31,941 513,148 7,958 2,201 13,934 3,362 4,242 25,902 15,259 185,322

139.31 0.70 9.90 1.47 0.80 2.09 33.50 19.00 57.55 39.02 14.31 65.01 1.00 0.55 3.95 1.83 225.00 7.00 8.74 6.10 3.71 16.90 15.19 4.25 1.98 3.33 66.66 226.55

226.50 7.00 8.80 6.20 4.50 17.86 15.48 4.27 2.00 3.70 67.00 236.85

220.00 6.32 8.02 5.98 3.71 16.50 14.38 4.16 1.95 3.30 64.71 218.50

64.80 64.80 62.70 29.90 30.98 29.00 181.99 185.00 180.00 4.17 4.18 4.08 28.00 29.00 28.00 63.00 65.00 62.60 0.50 0.50 0.50 2.50 2.59 2.49 1.43 1.59 1.33 177.00 177.00 174.00 57.85 58.69 53.17 4.94 5.03 4.90 9.80 9.97 9.45 178.00 179.00 171.15 1.09 1.10 1.03 0.81 0.82 0.77 1,026.00 1,089.99 1,009.05 0.50 0.50 0.50 20.94 22.05 19.95 27.40 27.95 25.00 34.08 35.49 34.08 1.60 1.60 1.60 5.35 5.35 5.00 36.30 0.50 33.25 0.60 0.87 690.00 2.90 30.00 2.26 180.00 6.10 15.16 59.00 7.44 2.24 8.10 48.10 0.50 4.15 117.01 0.79 0.95 24.60

36.99 0.50 35.95 0.61 1.00 700.00 2.96 30.50 2.30 180.00 7.08 15.95 60.00 7.70 2.25 8.56 49.00 0.50 4.30 118.49 0.79 0.97 24.90

35.30 0.50 33.25 0.57 0.87 675.04 2.70 30.00 2.13 172.06 5.99 15.11 57.20 7.02 2.15 8.00 47.15 0.50 4.10 110.00 0.73 0.90 24.01

4-Week Volume

4,959 31,704 931,062 3,784 149,877 1,524 31,392 1,155 14,287 2,912 20,028 8,357 27,915 18,562 65,927 9,439 0 0.00% 154,879 -0.29% 14,351 -6.75% 115,250 1.15% 270,893 4.58% 443,186 5.68% 17,964,603 -1.25% 507,808 0.24% 228,138 -1.01% 2,248,960 10.81% 35,426 -2.93% 6,700 -2.89% 14,792 0 -3.24% 574 -0.27% 394,657 -0.54% 15,637 -0.48% 55,655 1.82% 133,854 0.00% 10,950 0.00% 66 0.00% 8,939 9.79% 16,584 -1.69% 2,560 -8.09% 569 1.21% 61,607 -3.27% 21,984 -1.07% 71,381 -3.67% 30,396 -1.23% 183,355 -0.10% 6,541 0.00% 1,798 -4.73% 5,655 -5.66% 253,473 0.50% 8,538 0.00% 55 -4.67% 20,557 0 1.90% 5,950 0.00% 529 4.96% 14,905 -5.00% 44,258 14.94% 26,497 -1.47% 1,787 -4.14% 560,761 0.03% 109,615 -0.88% 1,306,462 -3.88% 11,221 4.92% 2,327,449 0.33% 8,092 -0.68% 56,666 -2.28% 343,036 -3.13% 901,562 5.68% 26,695 -1.98% 52,906 0.00% 46,096 -0.48% 17,940 -0.01% 27,937 -7.59% 202,925 -4.21% 83,477 -1.42% 473,980

Open 126.78 0.77 9.8 1.45 0.8 2.12 34.2 17.7 70.54 39.91 15 75.73 1 0.55 3.94 2 4.75 230 7.7 9 6.33 3.89 18.49 15.48 4.25 2.02 3.13 71.82 240 6 62.41 30.44 196.2 4.14 27.12 66.65 0.5 2.54 1.62 173 57 5.02 10.36 185 1.08 0.8 1110 0.5 21.68 27.3 35.98 1.54 5.5 10.39 36.01 0.51 37.12 0.57 0.95 699.47 3.17 30.01 2.2 180 5.59 16.7 62 7.9 2.16 8.94 49.85 0.5 4.25 119.94 0.82 1 25

Change, Volume % 10.98% 14,294 -10.70% 667,362 -4.59% 12,281,046 -3.45% 10,277 0.00% 973,848 -5.66% 18,809 -4.42% 174,754 1.69% 26,098 -23.38% 44,295 -2.28% 14,130 -6.07% 139,578 -27.24% 103,770 -1.00% 3,159,612 3.64% 66,126 0.51% 359,302 -9.00% 38,730 0.00% 83 -2.17% 182,130 -9.35% 370,940 -9.44% 516,257 -2.53% 1,861,359 -0.26% 540,543 -3.41% 18,627,077 -3.10% 2,210,407 0.24% 966,953 -2.97% 3,246,599 17.89% 338,662 -9.90% 53,942 -8.33% 69,484 -5.33% 160,937 0.46% 7,208 -2.04% 1,925,798 -7.75% 32,403 0.24% 311,047 5.13% 205,864 -5.48% 23,659 0.00% 321 -1.57% 268,203 -3.09% 80,603 0.58% 33,863 -6.72% 18,828 -0.40% 189,700 -8.49% 211,708 -4.81% 317,011 -2.78% 82,151 0.00% 1,094,615 -7.66% 603,548 0.00% 6,529 -7.98% 25,454 -5.31% 1,006,263 -4.81% 50,176 3.90% 49,336 -7.27% 60,998 0.00% 102 2.72% 32,827 -1.96% 64,746 -5.98% 70,907 0.00% 233,627 5.26% 92,256 -2.80% 8,488 -12.30% 1,227,649 0.00% 269,871 1.82% 2,516,995 -3.88% 18,895 14.49% 6,260,169 -8.92% 58,093 -5.48% 183,649 -7.97% 1,675,668 0.46% 1,418,007 -4.25% 137,797 -5.42% 144,089 0.00% 1,367,118 -2.82% 61,704 -2.45% 102,167 -10.98% 663,450 -9.00% 395,782 -3.00% 1,920,798

5-Week trading1

52-Week price range Low 64.80 0.65 7.22 1.25 0.74 2.00 13.87 10.69 54.05 35.96 8.00 25.92 0.93 0.50 1.30 1.59 4.75 185.00 6.32 8.02 5.86 2.48 12.40 11.50 3.01 1.85 1.80 58.10 35.00 5.15 62.05 22.67 162.00 2.56 17.98 59.18 0.50 1.95 1.33 102.02 32.53 4.56 9.45 140.00 0.79 0.55 926.10 0.50 18.00 9.32 32.15 1.33 4.00 10.39 32.00 0.50 30.08 0.50 0.84 590.00 2.70 17.48 2.09 146.26 1.34 12.00 42.58 6.65 1.23 8.00 42.50 0.50 3.66 88.92 0.66 0.89 19.30

Close ( )

High

YtD

147.73 96.98% 0.97 -11.74% 10.70 -2.60% 1.86 -14.11% 1.00 -13.04% 4.23 -40.30% 34.20 49.41% 22.10 24.74% 110.00 -44.38% 51.66 -18.72% 15.98 17.51% 79.80 -10.14% 1.32 -17.50% 0.89 -12.31% 4.11 81.65% 2.27 -6.67% 5.83 -18.52% 250.02 4.09% 10.76 -31.77% 12.49 -27.88% 8.20 -17.73% 5.73 -17.97% 18.60 8.97% 17.29 -7.98% 4.59 10.94% 2.95 -27.41% 3.70 34.18% 83.64 -20.91% 259.94 136.89% 6.66 -9.41% 74.97 -10.43% 31.80 7.46% 266.70 -23.31% 4.50 7.79% 31.50 0.67% 76.45 -0.12% 0.50 0.00% 2.73 0.00% 2.64 -38.43% 182.00 50.00% 70.00 2.80% 6.46 -21.26% 15.10 -36.16% 189.00 6.72% 2.08 -4.55% 0.97 -1.23% 1,250.01 -13.29% 0.54 0.00% 25.65 -9.36% 36.89 -3.29% 48.05 -23.60% 2.30 -17.95% 6.25 -2.86% 10.39 0.00% 49.00 -5.15% 0.81 -20.63% 42.29 -5.67% 0.69 5.56% 1.49 -29.08% 735.00 12.41% 4.67 -38.36% 31.50 34.33% 2.74 -10.40% 195.50 -0.17% 7.08 47.47% 21.31 -1.08% 67.85 4.66% 9.60 -20.55% 3.04 -4.41% 10.80 -10.93% 64.00 -11.04% 0.72 0.00% 5.70 -14.14% 136.73 1.74% 1.48 -35.40% 1.40 -28.91% 27.40 -3.00%

PE

EPS

30.05 3.29 5.94 6.22 5.26 4.00 40.62 5.58 35.08 23.32 12.86 18.28 6.06 5.00 16.46 9.58

4.46 0.21 1.57 0.23 0.15 0.50 0.80 3.38 1.57 1.67 1.12 3.34 0.16 0.11 0.24 0.19

19.07

11.80

3.72 6.39 4.87 6.95 4.84 2.88 15.38 19.16 47.27 4.59 22.01 9.13 22.97 12.21 45.22 9.64 12.57 16.35 17.00 16.67 53.81 15.39 9.23 33.62

0.81 1.65 0.61 3.67 2.16 0.88 0.68 0.24 3.38 4.63 1.18 3.00 3.27 7.88 0.34 0.63 6.74 0.04 0.15 0.09 10.44 1.04 0.32 1.05 5.24

0.41 35.36 25.00

1.96 28.82 0.02

23.19 15.07 4.57 8.52

1.11 2.29 0.35 0.60

4.30 1.99 26.83 5.69

8.38 0.25 1.34 0.10

3.32 15.82 3.56 13.33 72.94 6.97 27.35 4.28 7.48 45.79 35.03 4.65 6.06 14.44 14.44

0.84 1.92 0.63 12.91 0.09 2.20 2.14 1.70 0.29 0.19 1.37 0.11 0.71 8.10 0.07

7.01

3.46

Liquidity Rating2

LEGEND 5-week trading bar: This bar shows the volume of the company’s shares traded during the 5 most recent weeks. Each alternate colour bar represents a consecutive week. The bar is to be read from left to right. The first bar on the left (light blue) represents the traded volume five weeks ago. The next bar (grey) represents the volume 4 weeks ago. The 5th and last bar (light blue) signifies the volume of shares exchanged last week. The purpose of the Weekly Trading bar is to give readers an instant view of trading volumes as they compare on a week-by-week basis.

1

Liquidity Rating: This indicates the level of demand for a company’s shares based on the number of deals rather than volume done over the past week. Stocks are graded according 5 categories. Blue spheres are used to represent liquidity.

• Category 5: This is the highest liquidity rating shown by 5 blue spheres.

Stocks that have traded more than 20 deals per day on at least 4 days in the past week are awarded this score • Category 4: This is shown by 4 blue spheres. It indicates that the stock has 2

traded between 12 to 19 deals per day on at least 4 days in the past week • Category 3: Shown with 3 spheres, this liquidity classification represents those stocks that have traded 8 to 11 deals per day on at least 4 days in the past week • Category 2: Shown with 2 spheres it identifies those stocks that traded 4 to 7 deals per day on at least 4 days in the past week • Category 1: This is shown by one blue sphere to represent stocks on which 3 deals and/or below were traded per day on at least 4 days in the week.

VM4

MARKET DATA

VM | Monday, September 8, 2014 | Issue 009

MARKET SNAPSHOT 3-MONTH PRICE TREND OF BELLWETHER STOCKS

ACCESS

9.35 0.55

7.22

PE 5.94

10.70 -0.25 -2.60%

YtD

3M

-0.43 -4.40%

July

August

-0.55 -5.56%

1W

01/09

June

CONTINSURE 0.93 -0.21 -17.50%

YtD

-0.09 -8.33%

PE 6.06

July

August

-0.01 -1.00%

1W

01/09

June

FCMB 0.42 10.94%

YtD

3M

0.09 2.16%

July

August

0.01 0.24%

1W

01/09

June

GUARANTY 22.67 2.07 7.46%

YtD

3M

-0.24 -0.80%

PE 9.13

July

August

-0.08 -0.27%

1W

01/09

June

MANSARD 0.00 0.00%

YtD

3M

0.08 3.31%

July

August

0.00 0.00%

1W

01/09

June

OANDO -0.88 -3.29%

YtD

3M

6.85 36.05%

July

August

-1.55 -5.66%

1W

01/09

June

STANBIC YtD

3M

5.21 21.01%

July

August

1W

01/09

June

UBA YtD

0.01 0.03%

-1.88 -20.55%

3M

-0.24 -3.20%

1W

1.85 3M

PE 2.88

July

August

-0.17 -2.28%

-0.02 -1.01%

1W

01/09

June

GUINNESS 162.00 -55.01 -23.31%

YtD

2.50 1.40%

July

August

PE 22.97 -0.99 -0.54%

1W

01/09

June

MOBIL

182.00 58.00 50.00%

YtD

3M

48.99 39.19%

July

August

-3.00 -1.69%

01/09

June

OKOMUOIL 32.15 -10.58 -23.60%

YtD

3M

PE 15.07

July

August

0.17 0.50%

1W

01/09

June

TOTAL

195.50 -0.29 -0.17%

YtD

3M

3.01 1.77%

July

August

-6.99 -3.88%

01/09

June

UNILEVER 42.50 YtD

-5.85 -11.04%

3M

PE 35.03

1W

August

FLOURMILL 58.10

-0.95 -1.98%

0.07 1.15%

1W

3M

PE 19.16

July

August

-1.95 -2.93%

1W

01/09

June

HONYFLOUR 2.56 0.30 7.79%

YtD

0.15 3.75%

PE 12.21

July

August

-0.02 ????

1W

01/09

June

NASCON -5.37 -36.16%

YtD

3M

-3.29 -25.76%

July

August

-0.32 -3.27%

1W

01/09

June

PRESCO -2.01 -5.15%

YtD

3M

0.97 2.69%

July

August

0.69 1.90%

1W

01/09

June

UACN YtD

3M

0.38 0.65%

July

August

-0.40 -0.68%

1W

01/09

June

WAPCO YtD

136.73 2.00 1.74%

3M

-6.71 -5.42%

127.13 136.89%

YtD

3M

-30.00 -12.00%

July

August

-0.01 -0.01%

PE 47.28 -6.55 -2.89%

1W

01/09

June

INTBREW 0.19 0.67%

YtD

3M

2.62 10.12%

July

August

0.51 1.82%

1W

01/09

June

NB

189.00 11.09 6.72%

YtD

3M

-7.10 -3.88%

July

August

-1.90 -1.07%

01/09

June

PZ -2.10 -5.67%

YtD

PE 26.83

42.29 3M

-0.12 -0.34%

July

August

1W

01/09

June

3M

-2.32 -13.23%

July

August

ZENITHBANK 19.30

1W

3M

0.05 0.33%

05/09

M T W T

F

24.25 0.35 PE 7.01

27.40 -0.75 -3.00%

August

-7.30 -10.43%

3M

July

August

01/09

August

05/09

M T W T

F

01/09

June

July

August

05/09

M T W T

F

01/09

June

July

August

-0.76 -3.04%

05/09

M T W T

F

1W

01/09

June

05/09

M T W T

JBERGER

-2.10 -3.24%

1W

3M

-5.00 -7.35%

July

August

0.00 0.00%

1W

01/09

June

NESTLE

1250.01 -157.05 -13.29%

05/09

M T W T

3M

-47.06 -4.39%

July

August

PE 35.36 -1.05 -0.10%

1W

01/09

June

SEPLAT

05/09

M T W T

PE --

735.00 75.08 12.41%

3M

4.88 0.72%

July

August

-10.12 -1.47%

1W

01/09

June

F

679.88 10.12

590.00 YtD

F

1024.95 1.05

926.10 YtD

F

PE 9.64

76.45 -0.07 -0.12%

05/09

M T W T

63.00 0.00

59.18 YtD

F

PE 22.01

01/09

05/09

M T W T

F

-0.35 -1.42%

1. 52-week low price 2. Year low price 3. Current price 4. Year high price 5. 52-week high price 6. Current price 7. 5-day price change 8. PE ratio 9. 1-year price change 10. 3-months price change 11. 1-week price change 12. Daily price movement over 3 months.

13. 30-day moving average 14. Daily price movement over last week

1 2 TICKER

4

3

19.23 1YtD

5

25.23 0.018

July

August

05/09

M T W T

F

PE 7.29

27.406 0.23 0.92%

3M

2.90 12.99%

7 0.01

1W

0.04%

10

12

July

-0.19 -1.25%

62.70 2.10 -5.31 -7.81%

9

June

PE 6.95

1W

74.97

June

F

PE 6.97

01/09

YtD

July

62.05

05/09

M T W T

21.31

June

1.65 4.96%

15.21 0.05

12.00 YtD

-0.20 -1.32%

GLAXOSMITH YtD

F

LEGEND

UAC-PROP -0.17 -1.08%

3M

01/09

June

F

34.90 1.65

30.08

-1.30 -7.98%

YtD

05/09

M T W T

17.29

05/09

M T W T

-0.22 -1.54%

1W

15.00 0.19

11.50

F

PE 33.62

1W

August

05/09

M T W T

176.10 1.90

140.00

July

FBNH

F

PE 45.22

31.50

3.62 34.57%

05/09

M T W T

28.51 0.51

17.98

F

PE 14.44

1W

259.94

3M

01/09

June

F

220.00 6.55

35.00

2.10 17.51%

YtD

PE 12.86

15.98

05/09

M T W T

05/09

M T W T

117.00 0.01

88.92

August

FO

F

PE 27.35

67.85 2.61 4.66%

July

0.96 5.68%

1W

05/09

M T W T

58.60 0.40

42.58

1.01 5.99%

01/09

June

F

PE 4.30

49.00

3M

05/09

M T W T

36.99 0.69

32.00

1.47 8.97%

YtD

14.09 0.22

8.00

F

PE 4.87

18.60

CCNN

05/09

M T W T

17.86 0.96

12.40

F

PE 9.23

15.10

August

-0.02 -0.05%

1W

05/09

M T W T

9.48 0.32

9.45

July

ETI

F

4.15 0.02

3M

1.00 2.63%

05/09

M T W T

4.50

3M

01/09

June

F

64.71 1.95 -6.06 -8.57%

-8.98 -18.72%

YtD

PE 23.33

51.66

05/09

M T W T

83.64 -17.11 -20.91%

YtD

F

47.15 0.95 -1.46 -3.00%

July

05/09

M T W T

64.00

-0.53 -7.91%

01/09

June

F

PE 13.33

1W

PE 3.72

05/09

M T W T

173.01 6.99

146.26

3M

39.00 0.02

35.96

F

6.17 0.07 8.20

-1.33 -17.73%

YtD

F

34.25 0.17 1.25 3.79%

5.86

CAP

05/09

M T W T

05/09

M T W T

48.05

August

DIAMONDBNK

F

PE 16.67

1W

July

-3.50 -6.08%

1W

05/09

M T W T

174.00 3.00

102.02

-21.95 -28.88%

PE 35.08

01/09

June

F

181.00 0.99

3M

3M

05/09

M T W T

266.70

-43.13 -44.38%

YtD

F

1.96 0.02 -0.04 -2.00%

110.00

05/09

M T W T

2.95 -0.74 -27.41%

YtD

F

PE 4.28

9.60

August

0.01 0.00%

1W

05/09

M T W T

7.27 0.17

6.65

July

FIDELITYBK

F

PE 15.82

31.50 7.67 34.33%

-4.21 -1.84%

05/09

M T W T

30.01 0.01

17.48

3M

PE 19.08

01/09

June

F

PE 23.19

36.89

8.85 4.09%

YtD

54.05 3.50

54.05

F

225.01 0.01 250.02

CADBURY

05/09

M T W T

05/09

M T W T

25.85 1.55

9.32

DANGCEM

F

PE 16.35

2.73

August

-0.81 -2.42%

1W

05/09

M T W T

2.50 0.00

1.95

July

185.00

F

29.82 0.08 31.80

3.74 12.92%

05/09

M T W T

PE 40.63

01/09

June

F

PE 4.85

4.59

3M

05/09

M T W T

4.26 0.01

3.01

32.69 0.81 34.20

10.81 49.41%

YtD

F

0.99 0.01

3M

13.87

05/09

M T W T

1.32

ASHAKACEM

11 14

13 May

21/07

June

July

25/07

M T W T

F

MARKET DATA

VM | Monday, September 8, 2014 | Issue 009

VM5

MARKET SNAPSHOT +140% SLIPPING +130%

LEADING

13

Bubble size = Market Cap

+120% +110% +100%

24

WTD

YTD

1 DANGCEM

-2.16

4.09

2 NB

1.41

7.87

3 GUARANTY

4.84

7.75

4 NESTLE

-3.66 -13.20

5 ZENITHBANK

0.37

-1.60

+90%

6 FBNH

3.97

-6.81

+80%

7 WAPCO

-1.67

1.75

8 STANBIC

1.90 34.29

9 GUINNESS

-4.17 -22.89

+60%

10 ETI

2.42

+50%

11 UBA

3.19 -18.69

12 FO

-1.50 143.94

13 OANDO

3.59

14 TRANSCORP

6.64 40.55

15 ACCESS

2.70

16 UNILEVER

-1.82 -9.25

17 FLOURMILL

-0.04 -18.53

18 UBN

-0.86 -15.71

19 PZ

-5.38 -10.13

+70%

YEAR-TO-DATE RETURN

# TICKER

28 29

11

+40% 8

+30% +20% +10%

2

0% -10%

14

34

31 39

15

20

5 30

-20%

16

6

33

17 12 32

22

-30%

26 7 1 27

9

3

19 18

4 38

10

23 35 25

37

36

-40%

21

-50% LAGGING -20%

YtD, %

ASI NSE30

-1.05% 0.40%

NSEBNK

-0.58% 1.55%

NSEINS

-1.56% -0.19%

NSECNSMRGDS

-2.44% -0.54%

-10%

-15%

Indices -0.89% 0.35%

40

WtD, %

TRADING BREAKDOWN

BY SECTOR

DtD, %

Sector -0.41%

%

Financial Services

84 \ 65

Conglomerates

7 \ 14

-1.91%

Oil & Gas

3

Others

6 \ 16

-4.84%

FGN Bond Index 3010

-6.91%

-8.86%

-4.51%

NSEOILGAS -0.13%

34.99%

-1.71%

NSELOTUSISLM -0.05%

-6.43%

-0.25%

NSEINDUSTR 0.65%

14.2

Market Value YTD Return

3005

14.1

3000

14.0

2995

13.9

4.95%

-9%

-6% -4% -2% 0%

2%

2990 13.8 01/09 03/09 05/09

5%

0%

-5% WEEK-TO-DATE RETURN

5%

IMPROVING 10%

GLOBAL INTEREST RATES & INFLATION TARGETS Central Last Date % Inflation Rate Bank Change Change Target China 6.00% 05.07.2012 -0.31 4.00% Japan 0-0.10% 05.10.2010 -0.20 2.00% UK 0.50% 05.03.2009 -0.50 2.00% USA 0-0.25% 16.12.2008 -0.75 2.00% Eurozone 0.15% 05.06.2014 -0.10 <2.00% Brazil 11.00% 02.04.201 +0.25 4.5% +/-2.0% Canada 1.00% 20.07.2010 +0.25 2.0% +/-1.0% Egypt -0.50 8.25% 05.12.2013 India 8.00% 28.01.2014 +0.25 Indonesia 7.50% 12.11.2013 +0.25 4.5% +/-1.0% Malaysia 3.25% 10.06.2014 +0.25 Mexico 3.00% 06.06.2014 -0.50 3.00% +/-1.0% Morocco 3.00% 28.03.2012 -0.25 Nigeria 12.00% 10.10.2011 +2.75 6.00% - 9.00% Qatar 4.50% 10.08.2011 -0.50 Russia 8.00% 28.07.2014 +0.50 5%* Thailand 2.00% 12.03.2014 -0.25 0.5% - 3.0% Turkey 8.75% 24.06.2014 -0.75 5.00% * +/- 1.5 pct point uncertainty band

Date

Deals

Turnover Value

Traded Stocks

Declined Stocks

Unchanged Stocks

All Shares Index Value

1

01.09.2014

4,455

222,428,264

2,268,818,441.66

111 \ 130

25 \ 21

30 \ 24

56 \ 85

41,398.05

2

02.09.2014

6,034

296,097,762

6,488,172,003.56

114 \ 114

20 \ 19

33 \ 33

61 \ 62

41,264.65

3

03.09.2014

5,392

201,067,115

2,443,398,113.59

105 \ 110

20 \ 16

33 \ 27

52 \ 67

41,207.79

4

04.09.2014

5,304

2,253,228,903

38,878,125,591.14

109 \ 118

17 \ 31

38 \ 20

54 \ 67

41,017.49

5

05.09.2014

4,407

306,684,313

2,729,243,481.79

111 \ 106

36 \ 29

16 \ 19

59 \ 58

41,160.62

The \ arrow signifies week-on-week change in value. This week’s value is shown on the left of the \ sign, and last week’s value on the right.

0.22

-9.18 -40.78

22 DANGSUGAR

0.46 -22.65

23 INTBREW

5.26

24 7UP

8.40 95.03

25 DIAMONDBNK

-1.61 -18.67

26 FCMB

-1.16 10.68

27 JBERGER

-3.08 -0.12

28 ASHAKACEM

-1.09 53.11

29 MOBIL

0.71 52.59

30 GLAXOSMITH

1.93

-7.43

31 TOTAL

-1.13

3.87

32 FIDELITYBK

0.51 -26.67

33 STERLNBANK

-0.88 -9.60

34 CONOIL

-5.03

35 SKYEBANK

-1.69 -35.70

36 PRESCO

0.25

37 OKOMUOIL

-2.21 -23.98

38 CAP

-0.08 -18.67

39 NEIMETH

-9.17 -0.91

40 MAYBAKER

-10.63 -43.92

NSEASI

Index

Week Opening

Week Close

Change

WtD

MtD

QtD

YtD

1

All Shares Index

41,532.31

41,160.62

-371.69

-0.89

-2.23

-3.11

-0.41

2

NSE 30 Index

1,890.50

1,870.68

-19.82

-1.05

-2.64

-3.16

-1.91

3

NSE Banking Index

428.67

426.18

-2.49

-0.58

-1.67

-1.55

-4.84

4

NSE Insurance Index

144.56

142.31

-2.25

-1.56

-3.70

-3.08

-6.91

5

NSE Consumer Goods Index

1,027.86

1,002.81

-25.05

-2.44

-5.22

-5.24

-8.86

6

NSE Oil/Gas Index

480.48

458.82

-21.66

-4.51

-2.34

-2.01

34.99

7

NSE Lotus Islamic Index

2,725.59

2,678.96

-46.63

-1.71

-4.28

-6.81

-6.43

8

NSE Industrial Index

2,679.33

2,672.58

-6.75

-0.25

-1.50

0.22

4.95

5.37

41,160.62

-1.13

6.02

-6.92

41,60 41,45 41,30 41,15 41,00 Mo

Tu

S&P 500

We

Th

Fr

2,007.71

2,010 2,006 2,002 1,998 1,994 Th

Fr

Tu

FTSE 100

INDEX PERFORMANCE

3.13

21 CADBURY

Fr Advanced Stocks

2.51

20 UACN

MARKET SNAPSHOT Turnover Volume

3.11

We

Th

Fr

6,855.1

6,879 6,864 6,849 6,834 6,819 Th

Fr

Tu

JSE FTSE

We

Th

Fr

51,789.4

52,10 51,80 51,50 51,20 50,90 Fr

Mo

Tu

We

Th

Fr

VM6

ARENA

VM | Monday, September 8, 2014 | Issue 009

ART AS AN ALTERNATIVE INVESTMENT

Contemporary African art takes centre stage in London

Oliver Enwonwu is the director of leading Lagos gallery, Omenka and president of the Society of Nigerian Artists. oliver@omenkamagazine.com

WO WEEKS AGO we talked about the 7th FNB Joburg Art Fair, which had a strong focus on Nigeria. Two galleries from Lagos, Omenka and Red Door, and two art platforms, Art Twenty One and LagosPhoto, were included in the program.

This week, we will be looking at the fast-rising 1:54 Contemporary African Art Fair initiated by Moroccanborn Touria El Glaoui. It takes place from October 16 to 19 in London.

The 1:54 fair, which gets its name from the 54 countries on the African continent,

T

hopes to expand the scope of appreciation of African art by providing a platform amongst an international audience for galleries, artists, curators, art centres and museums involved in African and Africarelated projects. The fair will also be a unique opportunity to draw further attention to established and emerging talents from the African continent.

This year’s 1:54 will showcase over 85 artists represented by 24 carefully selected galleries from countries including Kenya, South Africa, France, Italy, Germany, UK and USA. Last year, only five of the commercial spaces at the fair were occupied by galleries with bases on the continent: ARTLabAfrica from Nairobi, Carpe Diem from Ségou, First Floor Gallery Harare from Harare, Galerie Cécile Fakhoury from Abidjan, and Omenka Gallery from Lagos. The presence of South African and north African galleries at this year’s fair shows its rising reputation.

The art fair runs concurrently with the well established Frieze fair in London.

Frieze attracts more than 170 galleries each year and visitors can view and buy art

from over 1,000 of the world’s leading artists. According to El Glaoui, ‘running the event during Frieze is a strategic decision to ensure that the artists and galleries get the best visibility and leverage on the over 70,000 visitors in London, and benefit from the presence of major private and institutional collectors in London at that time.’

The first edition of 1:54 held last year attracted 6,000 visitors. This year the organizers are expecting 12,000 visitors. Going by the turnout last year, the idea of holding the fair during Frieze was a good one.

A number of African and Africa-related galleries will feature at 1:54 for the first time. Expected are the WHATIFTHEWORLD/GALLERY and SMAC Art Gallery from Cape Town, Afronova from Johannesburg, Knight Webb Gallery, Purdy Hicks Gallery, and Selma Feriani Gallery from London, Primo Marella Gallery from Milan, Art Twenty One from Lagos, Taymour Grahne from New York, Galerie Anne de Villepoix and (S)ITOR/ Sitor Senghor from Paris, and VOICE Gallery from Marrakech.

ARTCO Gallery Booth at the 2013 edition of 1:54 art fair, London

Following the huge success of last year’s educational programme, this edition of 1:54 will be accompanied by a critical conversations series, curated by Cameroonianborn Koyo Kouoh of Raw Material Company, a mobile site for art practice and critical exchange in Dakar. She has served as curatorial advisor for the globally influential dOCUMENTA 12 (2007) and

13 (2012).

The series will aim to stimulate discussion and debate with some of the most inspirational thinkers in the art world. It will feature lectures, artist talks, film screenings and panel discussions presented by international curators, artists and key experts.

Themes will center on the current trajectory of contemporary African art production

and practice in a global context, while exploring modes of existing, retrospective and theoretical artistic practice.

Previous participants include Hans Ulrich Obrist, Chris Dercon, Olafur Eliasson, Bisi Silva, Elvira Dyangani Ose, Edson Chagas and Otobong Nkanga.

This year’s fair will take place in the East and West Wings of Somerset House. ;

people go on to address the accompanying male member of her team as her boss instead. On a few occasions, she has come face-to-face with unspoken chauvinism in her male-dominated industry.

What she believes is that talent, diligence, and integrity will carry the day irrespective of gender. Each setback has been an opportunity to learn, and relaunch.

The principal of Sesema PR has a passion for youth.

Her concern at the level of decay in Nigerian education inspired her to start a scholarship program for two bright indigent students and sponsor them through their course. On their graduation they receive automatic employment at Sesema PR. Aside that she invests a good amount of her time

transmitting the right values to younger professionals. In a way, she considers her firm to be a leadership training school for the next generation of stars in the communications industry. Her endearing quality is a commitment to helping people become the best they can be.

On Ms. Atta’s Twitter feed is a childhood photograph of her mom helping her put on earrings. Mrs. Iyabo Atta raised her and her 3 siblings after the death of their father, Alhaji Abdul-Aziz Atta in 1972. He served as a permanent secretary in the Eastern Nigeria Civil Service under Nnamdi Azikiwe, and later as Secretary to the Federal Government under General Gowon. He had to overcome racial prejudice to rise in the colonial civil service. A 1947

memo by a British superior approving his appointment to a minor post stated that Atta’s Oxford University education has enabled him ‘overcome the typical Igbirra defects of character, namely excitability and vindictiveness that are prominent in his father, the Atta of Igbirraland.’ Other distinguished relatives include her sister, the writer Sefi Atta, her uncle, Abdul Malik Atta, Nigeria’s first high commissioner to the Court of St. James, and her aunt, Ambassador Sefi Judith Attah, widow of the poet Christopher Okigbo, and Nigeria’s first minister of Women’s Affairs.

When asked her advice for successful living she pauses for a moment and says ‘live your life and not someone else’s.’

Authenticity defines her. ;

SPOTLIGHT

Alima Atta, MD, Sesema PR

Alima Atta

WELVE YEARS after Alima Atta started Sesema PR she has not slowed down. This scion of the Igbirra royal house has an enviable roster of clients and the recognition of her peers.

Instead of pausing the accolades drive her further. Sesema PR has come a long way from

T

being one determined lady armed with a phone and laptop. Back then, her fledging firm squatted in a spare room at her mother’s office. Today, the company employs 13 graduates in an office befitting one of Nigeria’s most innovative agencies.

Under her watch, Sesema, whose first client was Cisco has grown to win Etihad, British American Tobacco, Hennessy Cognac, Visa and De United Foods, makers of Indomie noodles.

The University of Londontrained graduate jokes that she can be taskmaster with an OCD for attention to detail, perfection, and professionalism. Her pet peeve is when prospects fail to appreciate the value of her craft and propose to pay based on the lowest quotations they receive. Other

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things she deplores are the perception that PR requires only rudimentary training and the institutionalized expectation for gratification in PR. She is an advocate for an abiding ethical for PR practitioners.

Her entry to PR was unplanned. After stints in marketing and conference production in the UK and US, she went to see a recruitment consultant who advised her, based on her skill set, to enter PR. Looking back, she says that she knew next to nothing about the amount of hard work it takes to succeed in the field because it looked like so much fun and glamour from outside looking in.

Ms. Atta is often amused when she goes into meetings and people assume that she is younger than she is. It would be a compliment except that

EDITOR: MIDENO BAYAGBON GROUP BUSINESS EDITOR: OMOH GABRIEL

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