Footprint Magazine April 2017 LBSAA Jubilee Edition

First Issue 2017

LBSAA's Silver Jubilee:

Expanding the Oasis of Sanity Speed Networking with Anchors

A Day in the Life of a Female Academic -Dr Ogechi Adeola

Africa, Trade not Aid! -Christopher Akor

Contents

5 7 9 14 31 56 64 67 71 74

Editor’s Desk Corporate Affairs Desk Research News Cover Story Home Front Features

LBSAA's Silver Jubilee: Expanding the Oasis of Sanity

Port Harcourt Zonal Dinner 2016 – Alumni Party in the Garden City Alumni Day 2016: Transforming to a Production Economy Lagos Business School Achieves Double Accreditation…Joins GMAC PAU Convocation – December 2016 Speed Networking Event – March 2017 Understanding the Influence of Human Emotions in Organisations: The Emotional Extent Effects – By Lambert Ofoegbu Trade not Aid – Chris Akor The Future of Banking – Rafiq Raji A Day in the Life of a Female Academic – Dr Ogechi Adeola

Alumni in the News Class Notes Alumni Benefits Calendar of Events

Footprints is published by the Lagos Business School Alumni Association (LBSAA) Editor: Bunmi Afolabi Deputy Editor: Dianabasi Akpainyang Editorial Adviser: Eugene Ohu All correspondence goes to: Bunmi Afolabi, Director Alumni Relations, Lagos Business School.

Km22, Lekki Epe Expressway, Ajah, Lagos P.O. Box 73688, Victoria Island, Lagos.

Email: oafolabi@lbs.edu.ng Direct Line: 0902 666 6640 Design/Print Production: LTC-JWT, Lagos.

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Editor’s Impact On my Mind Note T

“the force of impression of one thing on another: a significant or major effect

he last one year and couple of months particularly, I have witnessed a spate of deaths and the Lagos Business School alumni body has had its share. One source of consolation at each of the services to celebrate the lives of members who have departed this side of heaven that I have attended or heard about has been the testimony given of their lives. While people generally tend not to speak ill of the dead, actual testimonies of the good deeds or character of these people convinced me that those speaking were sincere.

This leads me to thinking about impact. The word became doubly relevant because of the 25th anniversary of the conception of the LBS Alumni Association which we mark in this edition. We have chosen to focus on the impact of the Alumni Association on members as well as the impact our members have had on their part of the world and one another.

When our tenancy on earth ends, the only thing left would be our deeds and the testimony of our character that others will give. Do we live for ourselves or do we ensure that our existence benefits someone else – family, friends, colleagues, business associates and co-workers? Whatever we believe our destination after our sojourn here to be, the one thing that remains is the impact we have had.

One of the definitions given by Merriam Webster for impact which is applicable in this context is: “the force of impression of one thing on another: a significant or major effect” The words that jump at me in this definition are ‘Force’ and ‘Another.’

To have an impact requires some element of force, in other words – deliberate effort, as impact is not created by sitting back or taking things easy. It is done consciously and deliberately. Impact is not for self. It is about others. Ultimately, the benefits circle back to the individual because as the popular saying goes: “what goes around comes around,” but the motivation is the desire to make life better or easier for another. This is one of the reasons LBS actively encourages its alumni to engage in corporate social responsibility projects that make a difference for others in the society.

We are proud of the fact that our members have truly excelled in this area. From giving willingly of their time and talent to the school's and alumni activities, to supporting us financially through various gifts, alumni have continually shown that they care for LBS. The CSR projects classes have done vary from donations to various less privileged people, infrastructure projects for schools and communities to intellectual activities such as; mentoring, part-time teaching in schools and many more. A few classes have also provided medical services to various communities as part of the impact they want to make.

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It is easy to look around and believe only people seemingly less privileged than us need help. The truth however is everyone needs help in one form or another. I am glad to also share that LBS alumni are wonderful at impacting fellow alumni. No example says this more than the Speed Networking event held earlier in March this year.

We improved the programme this year by having six specific alumni anchor the event in addition to members meeting one another. All six anchors were wonderful, sharing from their wealth of experience very freely, giving introductions to companies and other people without hesitation. A member told me how he had been having issues with a project and needed access to the CEO or CFO of a particular manufacturing company to get those issues resolved. It had looked impossible until he attended the Speed Networking event and met an alumnus who works in that company. Without hesitation, the other alumnus promised him the required introductions and his project should get back on course. We call it “the power of the LBS Network”. The Alumni Relations office appreciates all our alumni for their selflessness.

There is another side to the Impact story I need to mention before closing this. We learn something new hopefully, every day. That's the way we grow. One of the words I think I heard for the first time after I started working in LBS is timeously. I first heard this word from my boss. It means “sufficiently early”. Too late is a phrase I personally do not like to hear. In choosing to impact another, we need to be conscious of the fact that “a stitch in time saves nine”. Procrastination is a thief. Do not postpone to tomorrow what you can do today. While praying for long life to accomplish all we desire to, we need to be conscious of the fact that all we are guaranteed is the moment. There may not be a tomorrow to perform that wonderful assignment. I adopted the mantra of living every day as if it were my last a while back. Doing whatever we want to do timeously is just as, if not more important than the very act of doing.

As part of our efforts to impact the lives of alumni, we are introducing Alumni Sessions on the mainland this year as well as two networking lunches; one each on the two major divisions of Lagos namely: Island and Mainland. Keep an eye out for the emails announcing these programmes. Please feel free to reach out to us via emails, phone calls, WhatsApp messages or physical visits. You are never alone.

There will always be someone that has been positioned to help you and we are happy to facilitate that introduction as much as we can. If you are not signed up on Alumni Connect (http://lbsalumniconnect.com) yet, now is the time to get on board. It is also available as an app on both Apple and Google Play stores.

Our annual President's Dinner comes up on July 2, 2017 at the New Harbour Point in Victoria Island. Registration has started and can be done at https://goo.gl/1LCTH6.

We look forward to celebrating a great evening with all our members as we mark the 25th anniversary of the conception of the LBSAA. Do make it a date.

Thank you to all our advertisers and those who consistently support our Alumni Relations efforts in various ways. We would not do it without you. We are grateful.

Decide to impact someone every day, in any way – big or small. It adds up!

Bunmi Afolabi Director. Alumni Relations oafolabi@lbs.edu.ng

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Corporate Affairs Desk LBS MBA Students Emerge Overall Best Team Worldwide in Global Strategy Contest

LBS Walks for the Education of Disadvantaged Children

Lagos Business School full-time MBA students (MBA 14) emerged winners of the global virtual contest hosted by Business Strategy Game International (BSG) during the week of Monday, November 14 through Sunday, November 20, 2016.

BSG is a strategy simulation exercise, where top-performing teams of students across the world manage companies competing for global market leadership, superior financial performance and sustainable competitive advantage. Each week, the best-performing BSG companies measured on 4 performance variables (Overall Score, Earnings Per Share, Return on Equity, and Stock Price) are honored. There were 5206 teams from 303 colleges/universities that participated in the simulation worldwide.

This reflects the quality of instruction they receive from LBS, which has produced five winning teams in the last three years.

LBS Host Symposium to Celebrate 25 years

As one of the activities to celebrate 25 years of developing responsible leaders, Lagos Business School hosted a symposium on Tuesday November 22, 2016.

The symposium themed "Management Education in 21st Century Africa: Building People and Growing Businesses" discussed the role of management education in economic development - with emphasis on the African continent.

The keynote speaker, Guy Pfeffermann, Founder and CEO, Global Business School Network, addressed the importance of business schools impacting the society. "The inside out approach of growing a business school addresses the need to impact the society. For LBS the impact on society is evident in its core ethical values and principles. LBS stresses on the importance of good governance to companies, which is for their own interest and sustainability" he said.

Speaking on the impact LBS has had on management education over the years, Dr Enase Okonedo, Dean, Lagos Business School, stated that LBS has provided qualified and ethical managers who have a vast and deep-rooted knowledge in business and its practices "LBS has had a tremendous impact on management education over the years. In 25 years of existence, we have graduated over 6,000 alumni from the degree and executive programmes. It means that in the corporate world in Nigeria, we have contributed to providing a talent pool of qualified managers who are very knowledgeable in the peculiarities of doing business in Nigeria and in more recent years, Africa" she said.

innovation on the continent. The conference was attended by a nexus of experts, professionals, academics and learners who are devoted to promoting innovation and expertise in Africa.

In her opening remarks Dr 'Yinka David West, Academic Director, LBS, emphasised the important role technology has come to play in our lives. "We are coming together to think of how we can transform our continent. The theme of the day, Make Innovation Happen, is really apt because we see how technology, has changed the way we live, think, and the way we work in everyday life. We use financial services differently, we consume media products and services differently, and all sort of other good things".

Staff, participants and members of alumni of Lagos Business School (LBS), came out in the early hours of Saturday, November 19, 2016 to participate in a charity walk for the education of disadvantaged children in Nigeria.

As part of LBS 25th anniversary celebration, the School decided to mark this incredible milestone by giving back to the society. According to 2014 UNICEF reports, about 10 million Nigerian children are not in school. This Walk-forEducation was geared towards raising awareness and funds for the education of some of these children that fall under this statistic.

Speaking on behalf of the official sponsor of the charity walk, John Obaro (CEP 8), CEO SystemSpecs stated that his organisation was extremely glad to be a part of the Walk-forEducation because LBS is a model for quality education.

"LBS stands for good quality education in Nigeria, we are delighted to partner with them; when we were asked it was a very easy thing for us to do. LBS stands for good ethics; good education and these are two areas that are very important to us at SystemSpecs" he said.

Marie-Therese Phido, CEO, Elevato and Associates (AMP 23), stated that the charity walk for education of disadvantaged children was necessary because education is paramount, as it is the foundation of the society. "It is important that we continue to highlight to society how important education is. Nowadays most charities focus on other aspects namely; illness, infant mortality, orphanages and hardly anybody focuses on education. Education is the bedrock of the society and in order to impact the next generation, we must continually beam the spotlight on it and put it on the forefront" according to her.

LBS Partners Nerve Africa for Innovation Conference

A lot of innovation has taken place within Africa in recent times. Unfor tunately there has been little or no documentation or media coverage of these innovations happening within and around the continent.

She also pointed out the key role LBS plays in the innovation of the African continent. "Whether we like it or not, industry is changing and we need to take note of those changes, and create the people industry wants. Businesses want smarter people, and our responsibility as educators at Lagos Business School is to create the human capital".

LBS Hosts International Sustainability Conference The 4th edition of the International Sustainability Conference, hosted by Lagos Business School (LBS), First Bank Sustainability Centre took place on Tuesday, November 8, 2016.

The conference, themed "Business as Catalyst for Sustainable Development" had in attendance various leaders from different sectors of the Nigerian economy, discuss ways in which businesses can contribute to the social development, social progress and economic growth of the community or environment.

In his opening remarks, Dr Chris Ogbechie, Head, Department of Strategy and Entrepreneurship, LBS, spoke on the significance of businesses having a tenable impact on the society. According to him; "Businesses should provide a significant net positive return for society at large, this is because they have enormous opportunities to use their skills and their expertise to shape and solve society problems".

In the keynote address titled: "Business as a Partner in Achieving Sustainable Development", Mutiu Sunmonu, Chairman, Julius Berger Nigeria, explained how businesses can contribute to the sustainable development of the society, in order to eradicate poverty. According to Mr. Sunmonu, "Sustainable development is anything that can contribute to the long term goal of the society, and human endeavor in a balanced way. Businesses need to help in raising the voices of the poor, the legislative houses must speak up for the poor and start a call of action for them in order to completely eradicate poverty".

The conference came to an end with a plenary session, discussing the various ways private sector strategies, facilitate and promote sustainable growth.

In response to this, The Nerve Africa in partnership with Lagos Business School (LBS) hosted the maiden edition of the Emergent Continent Conference on November 16, 2016, at the Intercontinental Hotel, Lagos.

The conference, themed "Make Innovation Happen" focused on innovation in Africa, and the crucial role technology plays in the internalisation and facilitation of

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Corporate Affairs Desk LBS Hosts Digital Financial Service Conference There is no denying that poor and underprivileged individuals in Nigeria have access constraints to the country's financial systems. In response to this, Lagos Business School (LBS), hosted a Digital Financial Conference, tagged "Digital Financial Services: Market and Industry Overview", on December 7, 2016 at the School premises.

an agribusiness analyst "I want to know global best practice in doing things along various agricultural value chains; this will enable me sharpen my skills so I can be able to advice customers better" he said.

Nwagwu joins Advisory Board of NBS' Sustainability Centres Community

This conference was part of a research project, supported by the Bill and Melinda Gates Foundation, titled "Sustainable Business Models for Delivering Digital Financial Services to Lower Income Unbanked Citizens of Nigeria". This was facilitated in order to have a better understanding; of the delivery and access constraints the poor face in relation to the financial system, and also to proffer appropriate business models to enhance access and financial inclusion through Digital Financial Services.

Representatives from most of the companies expressed that they had high expectations and were hopeful to identify talent that will be a good fit for their organisations. Adesuwa Nwokedi, Head, Strategy, Vurin Group, shared "Lagos Business School has a reputation of churning out quality graduates year after year. I have had the opportunity and privilege of working with their graduates as far back as four to five years ago" she said.

The companies that participated in this year's career fair include: Airtel, Gr8 Jobsng, Stanbic IBTC, BOSCH, Nielsen, ARM Limited, Brownstone Education and Immigration Consulting, Dow, Vurin Group, Saro Agro sciences, Godrej, Lafarge, Nestle, Ideas House, Total, The Boston Consulting Group, Unilever, Dalberg, GTBank, GE and BASF.

The conference came to an end with a case exhibition of Digital Financial Service initiatives, which have been deployed across the world, primarily focusing on emerging markets.

LBS Welcomes MAP 2 The 2nd edition of the Management Acceleration Programme, MAP 2, began at the School on Wednesday, February 8, 2017. The class is made up of professionals from different sectors of the Nigerian economy including oil and gas, telecoms, services, pharmaceuticals and financial services.

Participants were welcomed by the Director, Alumni Relations, Ms Bunmi Afolabi. They were also given a guided tour of the School's facilities before settling in for the classroom sessions for the day.

Speaking at the welcome cocktail, participants expressed high expectations of the programme. Anthony Akaeze, Front Office Manager, Golden Tulip, hopes the programme enhances his managerial capacity. For Chinazo Okoye, Project Manager, Enterprise Development Centre, she hopes the programme will enable her become an effective leader as well as an effective manager.

LBS Welcomes AgMP 6

The 6th edition, of the Agribusiness Management Programme, AgMP 6, commenced at the School on Monday, February 13, 2017. The class comprises of 42 professionals in the agribusiness value chain. Speaking at the welcome cocktail, participants made known their expectations of the programme. Adeoye Durodola, CEO, Joad Geo Project Limited, hopes the programme will enable him have an in-depth understanding of agribusiness value chain strategies. "I want to branch into agriculture and I hope to have an understanding of the agribusiness value chains strategies" he said.

For Oladipo Bolaji, Agribusiness analyst, Union bank, he hopes the programme will enable him sharpen his skills as

Dr Ijeoma Nwagwu, Centre Manager, First Bank Sustainability Centre (FBSC) has joined the advisory board of the Sustainability Centres Community (SCC) of the Network on Business Sustainability (NBS).

The Network on Business Sustainability (NBS) is an expanding not for profit network set up in 2005. NBS is committed to producing and disseminating information on important sustainability issues with the aim of shaping management practice and research. NBS consists of global academic professionals and business leaders worldwide with an interest in corporate social responsibility (CSR) and practice-based research.

The Sustainability Centres Community (SCC) was launched in 2012, in response to the need for a digitised platform to facilitate collaboration amongst various sustainability centres in business schools around the world.

Companies Continue Search for Talent at the 14th Annual MBA Career Fair

Despite the current economic recession in the country, 21 companies continued to look for talent at the 14th MBA Career Fair held at Lagos Business School on Wednesday, February 22, 2017.

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Research News S/N

Journal Articles

TITLE

JOURNAL

AUTHOR

1

Export Market Orientation and Export Performance Relationship: An Examination of its Mechanisms and Boundary Conditions from a Developing Market Perspective

International Marketing Review

Dr. Ogechi Adeola

2

Regulation of Securitisation in China: Lessons from the US

Research in International Business and Finance, (37), 477-488.

Dr. Franklin Ngwu

3

Overhauling the Institutional Structure of Bank Regulation in Nigeria: The UnďŹ nished Reform

Journal of Banking Regulation, (10), 1-21

Dr. Franklin Ngwu

4

Executive Compensation and Banking Sector Performance: Evidence from Nigeria

Journal of Developing Areas

Ikechukwu Kelikume & Kayode Omoregie

5

Dynamic Interaction Between Savings, Investment and Economic Growth in Nigeria: A Vector Autoregressive (Var) Approach

Journal of Developing Areas (in press)

Kayode Omoregie & Ikechukwu Kelikume

6

Firm Performance and Its Drivers: How Important Are the Industry and Firm-Level Factors?

International Journal of Economics and Finance, 8(11),14

Dr. Akintola Owolabi

7

Valuation of Interacting Time-to-Build and Growth Real Options in Infrastructure Investments

International Journal of Economics and Finance, 8(11),14

Dr. Akintola Owolabi

8

Business Ethics and the Challenges of Compliance in Nigeria

The International Journal of Business and Management, 4 (12), 10.

Rose Ogbechie

9

Africapitalism and Corporate Branding

Africapitalism: Rethinking the Role of Business in Africa. Cambridge University Press

Dr. Tayo Otubanjo

10

Introduction and Emerging Issues

In F.N. Ngwu, O.K. Osuji & F.H. Stephen (Eds.), Corporate Governance in Developing and Emerging Markets (pp. 11). New York: Routledge-Taylor and Francis

Dr. Franklin Ngwu

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Research News S/N

Journal Articles

TITLE

JOURNAL

AUTHOR

11

Origin and Development of Corporate Governance in Developing and Emerging Markets

In F.N. Ngwu, O.K. Osuji & F.H. Stephen (Eds.), Corporate Governance in Developing and Emerging Markets (pp. 11). London & New York: RoutledgeTaylor and Francis

Dr. Franklin Ngwu

12

Corporate Governance in Developing and Emerging Markets: The Way Forward

In F.N. Ngwu, O.K. Osuji & F.H. Stephen (Eds.), Corporate Governance in Developing and Emerging Markets (pp. 11). London & New York: RoutledgeTaylor and Francis

Dr. Franklin Ngwu

13

Addressing Climate Change Due To Emission Of Greenhouse Gases Associated With The Oil And Gas Industry: Market-Based Regulation To The Rescue

In M.A.Gonzalez-Perez & L. Leonard (Eds.), Climate Change and the 2030 Corporate Agenda for Sustainable Development (pp. 45-75). Emerald Group Publishing Limited.

Dr. Franklin Ngwu

14

Experiential Learning Methods for Teaching Entrepreneurship with a Sustainability Mind-set

In K. Kassel & I. Rimanoczy (Eds), Developing sustainability mindset in higher education. Saltaire, UK: Greenleaf Publishing

Dr. Henrietta Onwuegbuzie

15

Indigenous Knowledge for Sustainable Development: An opportunity for Africapitalism

Africapitalism, Entrepreneurs and Socio-Economic Development: Problems, Paradoxes and Possibilities.

Routledge

Dr. Henrietta Onwuegbuzie

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Research News

Books & Industry Reports

Books SUBJECT CATEGORY

TITLE

PUBLISHER

AUTHOR

Organization Behaviour & Human Resource Management

Get in Shape for your Leadership brand

Create Space Independent Publishing Platform

Dr. Akin Oparison

Corporate Governance

Corporate Governance in Developing and Emerging Markets.

Routledge-Taylor and Francis

Dr. Franklin Ngwu

TITLE

PUBLISHER

AUTHOR

The Rise of African Platforms: a regional survey

The Center for Global Enterprise

Dr. Olayinka David-West

Digital Financial Services in Nigeria: State of the Market Report

Lagos Business School

Dr. Olayinka David-West

Industry Reports SUBJECT CATEGORY Information Management Systems

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LBSAA's Silver Jubilee:

Expanding the Oasis of Sanity -Dianabasi Akpainyang

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COVER STORY

W

hen the ďŹ rst set of the Chief Executive Programme (CEP 1) conceived the idea to establish the Lagos Business School Alumni Association, they were kick-starting a dream. One that blossomed from an idea at a gathering of a little more than ten people, to an association which few would dispute is a lighthouse, demonstrating what an alumni association can be and do, especially in Africa. That trailblazing class formalised the process for the take off-of the Association in 1992, electing as pioneer president, Pascal Dozie who at the time was the managing director of Diamond Bank Plc. The pioneer secretary was Fola Adeola, then the managing director of Guaranty Trust Bank.

From 1992 when Pascal Dozie and his colleagues set the sail, there have been 12 presidents of the association to date.

The Lagos Business School Alumni Association started with one class of 11 chief executives. But as the School grew in status and its fame s p re a d a c ro s s t h e s p h e re s of business and management in Nigeria, more people enrolled and got the high quality education offered within its walls. Twenty ďŹ ve years later, the alumni population has grown to over 6000 members in about 190 classes. The numbers continue to go higher and as this happens, the philosophy of the Oasis of Sanity espoused by the pioneer class continues to expand.

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COVER STORY

Mr Pascal Dozie First President of LBSAA

Mr Fola Adeola

Mrs Bola Adesola

First Secretary of LBSAA

Current President of LBSAA Footprints

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COVER STORY

The Oasis of

Sanity A

ccording to Prof Albert Alos in his book: Not by Chance, Memories of the Lagos Business School: “The Lagos Business School was conceived as a practical way of championing business ethics and embracing the aims of the School. They (the founding class members) created the motto: an 'Oasis of Sanity.' They envisioned that as more CEOs and executives passed through LBS and imbibed the principles of professionalism and business ethics, the oasis will grow into a sea.”

The concept of an Oasis of Sanity encapsulates the idea that if each person unrelentingly holds up their candles to brighten up their little corners, the whole room will

inevitably become completely lit up. It may happen slowly, but surely it will. With Nigeria being the immediate 'room' and Africa representing a much more expansive 'room,' the leadership of LBSAA from inception has always worked towards having its members light up the 'rooms' that have been long enmeshed in the throes of pitch darkness. Many agree with this asser tion wholeheartedly. For instance, one of the principal actors, Henry Onukwuba, whose name will most likely pop up at anytime there is a discourse on the history of the association, having served as director, alumni relations for more than seven years; had this to say on how much the association has fulfilled its primary mandate:

“I think the most important of the benefits of alumni membership has been the values which the School has impacted on its alumni and which the alumni association has consistently upheld. This is the value of spirit of service, professionalism and social responsibility. Many alumni have imbibed these values and have been able to live them out in their respective environments. Many of our alumni have distinguished themselves in their careers and have made tremendous impact on the society. In the public sector, we also have alumni who have served or are currently serving as governors, ministers, special advisers, commissioners etc. So, yes, we have been able to, through these alumni, contribute to the development of Nigeria.

In the league of directors of alumni relations at LBS, apart from Henry Onukwuba have been Tim Keenly, Prof Pat Utomi, Ike Emeagwali, Gabriel Diejomaoh and currently, Bunmi Afolabi. These great minds have had one thing in common: the unique ability to mobilise the alumni community to do great things in the society and for LBS.

are well documented. In doing these, they have realised the dreams of the founding fathers of the Association and have been expanding the oasis with the hope that it would one day become an 'ocean.'

These are pictures of some of the personal and class CSR initiatives of some LBS Alumni.

Alumni have responded to this call in many ways.

Through personal social impact initiatives to those embarked upon by class groups, the huge philanthropic gestures extended to the Nigerian society by LBS alumni Footprints

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COVER STORY

Paul Orajiaka of AMP 20 and EMBA 14B, CEO Auldon Toys Company

Career Mentoring Session at Government Technical College, Odomola-Epe, Lagos

Women and Youth Empowerment through the Auldon Toys Dress Initiative

Renovation of Salvation Army Nursery and Primary School, Agunfoye Igbogbo, Ikorodu, Lagos.

BEFORE

AFTER

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COVER STORY

AMP 26, Medical Outreach to Iseyin, Oyo State

LBSAA Abuja Zone – Visit to Internally Displaced Persons (IDP) Camp in Abuja

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COVER STORY Renovation of Salvation Army Nursery and Primary School, Agunfoye Igbogbo, Ikorodu, Lagos.

BEFORE

AFTER

MEMBA 1 - Water Project at Dustbin Village, Ajegunle, Lagos, 2015

SMP 39 – Water Project at Agegunle JMJ Community, 2016

AMP 26 – Establishment of a Computer Laboratory at Lekki Community High School, 2016

IMP 1, Donation of Computers to Sangotedo High School, 2016

CSR ACTIVITIES OUTSIDE LAGOS

AMP 24's Visit to the Compassionate Centre in Port Harcourt

AMP 22 Renovates Handicapped Children's Home in Kano Footprints

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COVER STORY

LBS Alumni Serving as State Governors

N

igeria needs the 'Oasis' to become an 'Ocean' at the earliest possible time. One of the ways LBS alumni have taken the message of ethics and professionalism synonymous with the LBS brand to the Nigerian nation is by aspiring to high political offices. LBS

alumni have served as state governors and have performed creditably well. The current governors of Anambra and Edo States, Chief Willie Obiano and Mr Godwin Obaseki, respectively, are proud products of Lagos Business School.

Chief Willie Obiano, AMP 8, Governor of Anambra State

Mr Godwin Obaseki, CEP 9, Governor of Edo State

At the federal level, alumni have also occupied and currently occupy top leadership positions such as: Cabinet Ministers, Senators, Representatives and Heads of Federal Agencies and Parastatals, They have used their offices to show what is indeed possible if things are done

properly. As the Oasis expands, we look forward excitedly to the day a member of this distinguished association will occupy the highest office of the land, the office of the President of the Federal Republic of Nigeria

The LBSAA-Inspired CSR

T

he Association is so passionate about corporate s o c i a l re s p o n s i b i l i t y t h a t i t m a k e s t h e implementation of such initiatives one of the cardinal parameters for appraising the performance of alumni classes. This has inspired classes under the umbrella of the association to make CSR a key thrust of their yearly activities. The main body itself, led by the Executive Council (EXCO) has in recent times made concerted efforts to lead from the front in this regard. The

immediate past executive council led by Mr Wole Oshin initiated a training on the digital economy for 54 members of the Lagos State Judiciary in May 2016. Under the initiative, judges were trained on the dynamics of the emerging digital economy and were given tips on how they could harness these advancements to dispense justice effectively. See some pictures of the maiden edition on the next page:

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COVER STORY

Impact of LBSAA on its Members

I

t would never have been considered a worthwhile experience if all the Lagos Business School Alumni Association is about is an outward show of love without a commensurate inward reception of same. This is particularly in tune with the common saying that 'you cannot give what you do not have.' As major stakeholders in the running of the LBSAA, it would amount to unnecessary self-praise if we aggrandise how much impact our activities have had on individual members of the Association.

Therefore, for the purpose of transparency and originality, we asked the alumni – the ones who 'wear the shoes' to tell how they have been affected by their membership of the Alumni Association. Has the Association had the desired impact on its members?

See next page for some of the testimonies:

Cross Section of LBS Alumni

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COVER STORY

In January 2015, my business partner, Laide Agboola and I were pondering on the next steps for our firm, Purple Capital Partners. The political climate was volatile (national and local elections), and the policy environment looked far from certain. Most economic players were adopting a “wait and see” attitude till after elections. But we had to move quickly. We needed to raise $20m in equity and debt to develop a new retail concept which had hitherto not been done in Nigeria; building an international standard neighborhood mall.

creation (as against the norm of short term gains). We shared that belief that if you work hard and do things properly, though it may be strenuous initially but in the long run sustainable value and wealth will be created.

With respect to funding we adopted a fund-as-you-build approach. We committed our initial equity, and then fund raising was continuous through the life of the project.

Obinna Onunkwo (EMBA 14A) Leverages Alumni Network and 'Hits Big' with Maryland Mall

The challenges were numerous; getting a good location, optimal financing mix, quality contractors, subc o n t r a c t o r s , a p p ro v a l s a n d p e r m i t s , p ro j e c t management, and getting local investors who would take a long-term view (in an economy where most local investors typically make 90-180day investments). And of course, get tenants to occupy the mall on completion.

The project was delivered within 18 months within cost estimates and on opening day was 85 percent fully let with 60 percent of tenants trading. We were also able to demonstrate that with the right solutions; local investments can fund long term commercial retail projects.

We decided to adopt a two-pronged strategy. Firstly, focus on each challenge and develop a unique solution such that the challenge would become a competitive advantage. Secondly, leverage our extensive contacts/network from our years of investment banking experience to engage stakeholders.

As we tapped into our network, I leveraged my LBS alumni connections and got the most significant contact of all. Our eventual land partner (Omotola of the Omoniyi Family) is a fellow alumnus. Furthermore, one of the two leads on leasing at the mall, Rogba Orimolade is also an alumnus of LBS. This meant that from inception, all of us shared common values with respect to business ethics as well as a commitment (and preference) to long term value Footprints

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The Lagos Business School Alumni Association has impacted positively on my life and career.

To start with, having interacted with scores of professionals in our association, my yearnings for acquiring additional knowledge has increased greatly. This has made me to continuously seek for additional skills, knowledge and qualification, thereby reaching the pinnacle of my career.

With the confidence and leadership skills I have exhibited in my workplace, I have been recognized for outstanding performance by my group managing director and I have been given numerous awards.

Being a member of the Lagos Business School Alumni Association has opened doors for me in so many ways. One of such is the ability of being a guest speaker at several lectures/seminars organized by the Lagos Business school, some non-governmental organizations (NGO), media houses, to mention but a few. Today, I am a renowned speaker at various lectures, seminars and conferences in Nigeria and beyond.

Further to this, the association has brought out the best in me by bringing me out of my shell. It has also showcased me to the Nigerian government. In a particular occasion, I was invited by the former first lady of Cross River State, Mrs. Onari Duke to be a guest speaker on Empretec Nigeria Foundation (ENF), a private sector initiative of the United Nations Conference on Trade & Development (UNCTAD).

The event was widely publicised in the Nigerian media.

As an alumnus of the great Lagos Business School, I now have a sense of responsibility of being the best I can be and try as much as possible to always impact my society. This

Dr Harbhajan Batth (EMBA 7) Relishes Career Growth and Personal Development

made me decide to always inspire people around me. I have mentored over two-dozen students to pursue their post graduate studies (MBA/MSc) at various universities. This has helped them upgrade their skills in their chosen endeavors.

In addition, I championed the cause on danger of drug addiction youth empowerment conference in collaboration with an NGO - “The Meljenstin Youth Empowerment Initiative”. I give regular lectures on the danger of drug abuse to the Nigerian youth. Today, “Say No to Drugs” campaign is now an annual event.

In mid 2007, though my business was doing well and I already had an MBA degree, I decided my business needed a shake up and I envisioned a programme like the Owner Manager Programme at Lagos Business School was what I needed. As it would turn out, the programme not only shook my business, it turned my life upside down, inside out and finally got me on the right path (This is a 10-year story in the making!)

Suleiman Shaibu (OMP 10) Becomes Better Professional, Husband and Father

One of the guests invited to speak to us during the OMP programme was Mr. Charles Anudu (AMP 1) of Swift Networks. He spoke about how he left a company called the Candel Company temporarily to go back to school in Canada to study electronics and telecoms in preparation for his second company, Swift Networks. The message had such a profound effect on me that I felt emboldened to chart a new career course for myself outside information technology even though I had spent over 23 years in it. I took a 3-month online programme at Harvard Business School Footprints

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and a John Maxwell Leadership Certificate course because I wanted to start a career in Public Speaking.

Secondly, he talked about the role of family in the life of a business executive. He explained how he had prioritized his time for his family to enable him guide his children with their homework while running two companies (Candel and Swift Networks) with total staff strength of over 200 people. I had an epiphany: here I was thinking that I was too “busy” to have time for my family, after all, I was running an organization of 13 people! My usual excuse about being too busy and not having time for my family evaporated!

The greatest benefit that I got from the LBS came a few years later. In Mid 2010, the LBSAA piloted its first ever mentoring programme. I was lucky to have volunteered to be a part of that programme (one of the benefits of being an alumnus).

that fate was saving the best for the last: Dr. Yinusa Mohammed has been a great mentor. Every aspect of my life has been touched by the mentoring programme. I am a better father, husband and a professional because of the mentoring.

The mentoring has aided my transition from being an employer (CEO B2B Solutions) to an employee (worked for Microsoft and Temenos spanning 4 and half years) and I am now back to managing my own business (Pinnacle Mobile).

That my children can speak Yoruba fluently is testament to the leadership and coaching of Dr. Yinusa. The OMP programme has been rewarding for me on several fronts, the return has been in the areas of financial, professional and personal development. The network built cannot be quantified. I will like to encourage the LBSAA to continue its mentoring programme. It has been a life-changing experience for me.

Though I was the last person to get a mentor, it turned out experience of speakers from different backgrounds and industries.

Since I became a member of the LBS Alumni Association, my business has not been the same. It has grown from foundation to lintel levels. I have found a complete balance in terms of work, play and life generally. My relationship with God has also improved tremendously. The LBS Alumni Association is also full of dynamism; the study trips abroad are very enlightening.

Furthermore, through donations and volunteerism, alumni through the Association contribute financially to the sustenance of the School. The contributions enable the School to provide students with newer technology and better facilities, which in turn keeps the institution's ranking very high, competitive and appealing to the world. The giving ethos of the Association spurs alumni to give back to the society.

HRH Segun Aderemi, (OMP 10 and IMP 2), “My business has grown from foundation to lintel level…”

I have been impacted in so many ways ethically from my membership of the alumni association and from my relationship with Lagos Business School as a whole. My status as a life member of the Lagos Business School Alumni Association afforded me the opportunity of attaining higher heights in business.

The benefits range from business networking among members, study sessions, and tutelage from personal

The LBS Alumni Association helps members to enjoy a fantastic networking platform. For instance the Alumni sessions which hold on the last Thursday of every month is a great forum, where old classmates and members of other alumni classes meet to discuss new intellectual innovations, and technology as well as proffering possible solutions to business challenges. The members gain access to library facilities by borrowing books from the library to read and improve themselves.

Finally, the Footprints Magazine is also an avenue for LBS alumni to publish informative, topical, and intellectual articles and to pass corporate messages and advertisements to the world.

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“I participated in the CEP 9 Executive Programme and the knowledge enrichment for me inter alia is the strong interpolation of ethics and rules of the engagement (in business dealings) which resonate with my personal principle on issues universally. As I confront the inherent challenges to this conviction in both personal and professional life, I have been guided on the side of ethics as imbued from my LBS (and LBSAA) experience.”

Nze Chidi Duru, CEP 9 Sees the 'Narrow Path' of Ethics as Critical to Business Survival

In a recent experience involving Nze Duru's company and its industry regulatory agency, the strict adherence to ethical dealings and insistence on the rule of law have seen wisdom and common sense triumph over brute force and abuse of power.

“The Advanced Management Programme at Lagos Business School made me learn and sharpen my skills as a top management executive with the help of highly qualified faculty and well-structured modules (especially finance and accounting) and plenty of local Nigerian business case studies. Furthermore, the Chief Executive Programme of Lagos Business School was like icing on the cake for my career in Africa. LBS (and LBSAA) have shaped my personality as a better decision maker, socially active entrepreneur and truly responsible leader in my personal and professional life.”

Anil Glover, AMP 22 and CEP 24; A Better Decision Maker and Socially Active Entrepreneur

“I have personally admired anybody who went to a business school and especially the Lagos Business School. I had started my own business after working with other companies for about 15 years and rising to the position of General Manager. In 2009, I started a security services company and it was growing very well with international branches already active. I knew that if I did not get good business education, I would reach my saturation point. LBS was the option I chose and I have not regretted the decision since. I personally decided to do the Senior Management Programme (SMP) in company of one of my staff. It was a modular class so I grew new relationships with business leaders and managers from different parts of the country during the programme and our relationships have continued till date.

Ubong King, SMP 47, “We have more businesses, more assets and we practice corporate governance

The SMP Class accorded me the opportunity to hear the kind of lessons a senior management staff will be exposed to and also challenged me as a business owner to humble myself to look at my business from a contributory position. The quality of lecturers and lectures opened my mind to different business decision-making strategies, to understanding the macro and micro-economic environment; what indices I should look at in order to invest or not invest. I have also built my relationship management skills. I came out fulfilled but more importantly, I came out Footprints

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equipped. Today, my business has grown more with access into Anglophone and Francophone countries.

Today, my companies and I are the better for it because of the education I got at LBS. We have more business, more assets and we practice corporate governance.”

The results of the positive impact of my study at LBS made me approve training for all senior managers in our companies to attend the Senior Management Programme.

“I started out as class president of my class. So, even before I joined the School as an employee and became the alumni director, I already knew, from my active participation in alumni activities at my class level, the tremendous benefits of being an active member of the alumni association. I recall that when I stepped into the uncertain terrain of entrepreneurship a couple of years before joining LBS, I got a lot of support from my class members. As I moved into the wider alumni body, the scope of the support became wider.

This support has continued even till today. If you want to get into arguably the strongest business school alumni network in Africa, then take an executive or academic programme at LBS. Years after you must have forgotten where your certificate was kept, you will continue to reap from the support and patronage of the friends and acquaintances you have made in the association. Inactive alumni members are shortchanging themselves. Part of what you paid for to come to LBS was the lifelong, hand-holding support the school would offer you through its alumni association. Take advantage of this support which comes at no extra cost.”

Henry Onukwuba, EMBA 9, Understands Deeply the Tremendous Benefits of Belonging to the Alumni Association

Testimony from EMBA 4…

An Amazing Experience

EMBA 4: 17 Years of Friendship and Counting,

by Dr Alex Orewa, Class President Since the year 2000 when 28 of us from the LBS/IESE EMBA met and formed our EMBA 4 alumni group, we have been an amazingly united and cohesive family unit .

We have had seven class presidents and class meetings 4 times a year in unbroken succession, for 17 years and still going strong!!

and ethically in such a way that almost all of us have risen to top management positions in our varied organizations viz Shell, ExxonMobil, Flour Mills, MTN, Accion MFB Schlumberger, HSBC, Dangote Group, GTB, Diamond, Access Bank, Coca-Cola etc.

As soon as we finished the EMBA in 2000, encouraged by the togetherness of our Alumni group, we incorporated our group investment vehicle- The Hysperia Multipurpose Society. We have 3 main investments so far vizIn the stock exchange (dividends have been paid out yearly for many years)

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In the stock exchange (dividends have been paid out yearly for many years) In the PAU cooperative land in Ibeju Lekki (we bought several plots of land) Imminent investment in the alternative energy sector to help resolve the power challenges The School and the Alumni have helped all of us to imbibe a great spirit of giving. We donated N1m for a syndicate class in LBS upon graduation and have won the best class award once. We currently support the following charities and initiatives: Visola Foundation-to train and empower the girl child Raco Child and Rural Care Initiative Support for Internally displaced people in North East Nigeria (in collaboration with EMBA 9)

Social Events: Without the Alumni we would not have had such a great forum to share our birthdays (naming ceremonies and sadly a few bereavements of our parents).

We also lost Mr Tayo Aboaba (a top insurance executive) We have had 2 ship cruises to the Mediterranean and Caribbean with our kids and spouses joining in. Our WatsApp group keeps us in touch daily.

Together with Co-Creation Hub (CcHUB) we have started Easter and summer coding classes to help bring our kids to know one another the way the alumni group has helped make us ONE BIG FAMILY. It's been an amazing experience and we are grateful for being part of the LBS Alumni.

Going Forward…

One major objective of the LBSAA is the continuous education of its members. For this reason, the Association has not wavered in its commitment to hold the monthly alumni sessions, the annual alumni conference (Alumni Day) and the annual study trips abroad. Another objective is to foster stronger bonds of friendship and camaraderie among the members of the alumni community. In doing this, the classes should continue to meet and interact, alumni should attend events and network in the larger body, and the networking portal – www.lbsalumniconnect.com must be put to full use.

Networking is critical to business, career and general life success and this should be continued.

Alumni must

especially as they are ambassadors of LBS, the stronghold of ethics in Africa. They should also remain relentless in corporate social responsibility projects so as to make the society a much better place every day. More importantly, alumni should remain true to the ideals of LBS and commit to the development of the School – their alma mater, for without LBS, there can be no LBSAA. The vision encapsulated in this quotation from Bunmi Afolabi, the current Director of Alumni Relations, perfectly fits the direction which the LBSAA will be going in the coming years and gives a sense of what should be and, hopefully, will be.

be ethical in their business dealings;

“I see an Alumni Association whose members are relevant – to Nigeria, the world at large and LBS, as we build each successive generation of leaders and managers. I see an LBS Alumni body that is the de facto place to find managers, anywhere in the world, who live a life of integrity and are making their own section of the world a better place on all fronts – the Oasis of Sanity we talk about. The LBSAA would be the place to come to find a crop of people who would deliver dependable solutions for whatever issues an organisation faces. The presence of an LBS Alumnus or Alumna in any situation should make a difference by virtue of the LBS DNA that we are cultivating in our members” Footprints

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Alumni Party in the Garden City -Dianabasi Akpainyang

It was another night of fun for alumni at the South Eastern Zonal Dinner onThursday, October 27, 2016. The dinner held at the Anioma Restaurant of the Golden Tulip Hotel, Port Harcourt and had over 70 guests in attendance.

Amidst the fun and entertainment, dinner guests had the opportunity to learn from a distinguished Nigerian, a former managing director of Diamond Bank Plc, Dr Alex Otti who dissected the realities of the Nigerian economy while speaking on the topic: 'Receding the Recession Debate: Time for More Robust Discussion of the Structure of the Nigerian Economy.’ The dinner also featured the cutting of birthday cake for Onyema Abazie, wife of the Zonal President.

The dinner was supported by Strides Energy and Maritime Limited, Ugo Ejim and Co, Income Electrix Limited, Cutix Plc and Survicom Limited.

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Alumni Party in the Garden City

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Alumni Party in the Garden City

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Alumni Day 2016: Transforming Nigeria from a Consuming to a Producing Nation, by Dianabasi Akpainyang

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lumni of Lagos Business School gathered on Thursday November 17, 2016 to explore the direction of the Nigerian economy in the new year and to discuss how best to instigate the needed transformation of the economy to a ourishing status.

The Honeywell Auditorium of the School was ďŹ lled as alumni and invited guests converged, eager to constructively engage in an intellectual conversation to mobilise like-minded Nigerians to take positive actions to pull the country's economy out of the woods.

The guest speaker of the conference and World Bank's lead economist and programme leader for Nigeria, Dr Khwima Nthara, led the discussion around the conference theme: 'From Consumption to Production:

Imperatives for a Successful Economic Transformation.'

The main conference session was followed closely by the economic session with distinguished panelists offering insightful perspectives in trying to answer the question: 'Where is the Nigerian Economy Headed in 2017?' The panelists were Peter Bamkole, Director of the Enterprise Development Centre of Pan-Atlantic University and Opeyemi Agbaje, CEO of RTC Advisory Services Limited, Lagos.

Sponsored by the Chief Executive Programme (CEP) 23 Class, the conference was chaired by Frank Aigbogun, publisher of BusinessDay Newspapers, while the economic session was moderated by Dr Bongo Adi, lecturer of Economics at Lagos Business School.

Economic Session Panelists

Mr Frank Aigbogun,Conference Chairman

Mr. Peter Bamkole, Panelist

Mr Sukanmi Adenuga, MC

Dr. Enase Okonedo, Dean, LBS

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Mrs Clare Omatseye, Vice President,LBSAA

Mr Anil Glover, President, CEP 23

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Alumni Day 2016:

Transforming Nigeria from a Consuming to a Producing Nation

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Alumni Day 2016:

Transforming Nigeria from a Consuming to a Producing Nation

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Alumni Day 2016:

Transforming Nigeria from a Consuming to a Producing Nation

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Alumni Day 2016:

Transforming Nigeria from a Consuming to a Producing Nation

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LBS Achieves Double Accreditation…

Joins GMAC -by Ruona Phido

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agos Business School (LBS) has o n c e a g a i n p ro v e n i t s h i g h standards in management education as the International Accreditation Advisory Board of the Association of MBAs (AMBA) has accredited the MBA programmes offered by the School.

AMBA accreditation represents the highest standard of achievement in postgraduate business education (MBA, DBA and Masters programmes) and is earned only by the best programmes.

By this accreditation, LBS has joined an elite group of only 2 percent of top business schools in 70 countries with AMBA accreditation. In Africa, there are nine other schools that have achieved this accreditation with six in South Africa and one each in Tunisia, Morocco and Egypt.

LBS becomes the first school in West, East and Central Africa regions to achieve this accreditation.

The AMBA system judges the quality of a business school's strategy, mission, faculty, students, curriculum, and assessment. For example, to be accepted as an AMBA accredited school, students admitted to a school's programme must have at least three years of work experience and three quarters of a business school's faculty must have a Masters or Doctoral degree in a relevant

discipline.

With the recent acquisition of the AACSB accreditation, LBS has now been endorsed by two out of three main accrediting organisations, recognized globally, for business schools. AACSB is the leading global accreditation body for business schools offering undergraduate, masters and doctorate degrees in business and accounting.

AACSB involves a process of rigorous i n t e r n a l re v i e w, e v a l u a t i o n , a n d adjustment, which can take several years to complete. Over this time, the school develops and implements a plan to meet AACSB's Accreditation Standards, which demand a high quality teaching environment, innovative programming, and active engagement with industry.

These landmark accreditations confirm the School's commitment to world-class education and professionalism.

of leading graduate business schools in the world, is also the owner and administrator of the GMAT exam. This membership puts LBS in the league of 220 leading graduate business schools worldwide, to become affiliates of the Graduate Management Admission Council.

By this membership, LBS aims to assist with the work of the council by building closer engagement with GMAC in order to grow domestic management talent in Nigeria and across Africa.

GMAC member ship is offered by invitation only and at the discretion of the Council's Board of Directors. Invited schools are required to complete a rigorous application process that addresses the school's sustained commitments to supporting the Council's mission of providing quality graduate management education, fair and ethical treatment of candidates and students as well as serving the graduate management education community.

LBS Joins the Graduate Management Admission Council (GMAC) Lagos Business School (LBS) recently became a member of the Graduate Management Admission Council (GMAC).

GMAC which is a non-profit organisation

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PAU Convocation – December 2016

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total of 201 graduands received various degrees at the 13th Convocation Ceremony of Pan-Atlantic University held on Saturday, December 3, 2016.

The graduands were drawn from Lagos Business School's MBA and PhD programmes (Executive MBA 19, Modular Executive MBA 2, the Fulltime MBA 13 classes and PhD in Management) and the School of Media and Communication.

The guest speaker at the event was Mr Okechukwu Enelamah, the current minister for Industr y, Trade and Investment.

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PAU Convocation – December 2016

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Speed

Networking

with Anchors -Dianabasi Akpainyang

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lumni of LBS gathered for the ďŹ rst strictly networking session of the year on Saturday, March 11, 2017 at TLS School, Acadia Drive, Ikoyi, Lagos. It was an improved version of previous speed networking events with the introduction of anchors who were on hand to provide guidance and information to alumni who had the opportunity of meeting them.

Below is the list of anchors at the networking event: 1. Mrs Clare Omatseye (EMBA 3), MD/CEO, JNC International Limited

2. Dr Ngozi Onyia (EMBA 11), Founder/CEO Paelon Memorial Clinic 3. Mrs Funke Medun (EMBA 11), Consultant, Executive Director, LEAPWORLD Limited 4. Dr Batth Harbhajan (EMBA 7), Chief Information OfďŹ cer, Chellarams Plc 5. Mr Isa Omagu (EMBA 6/AMP 24), Divisional Head, Commercial Banking, Lagos Mainland, GTBank Plc 6. Mr Yomi Badejo-Okusanya (OMP 6), Managing Director, CMC Connect (Perception Managers) See the event in pictures:

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FEATURES Footprints

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Understanding the Influence of Human Emotions in Organisations:

The Emotional Extent Effects – By Lambert Ofoegbu

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motional disengagement of employees may cause poor organisational performance, while emotional commitment of employees may enhance organisational performance. Studies show that one of the challenges in meeting up with the phenomenal dictates of competitive and innovative dynamics is traceable to human resource and organisational behavioural capabilities. Several authors have established that contemporary organisations depend on stable emotional and the motivational ability of the employees to deliver on the overall prescriptions of the market environment successfully. I was concerned with the theory of psychological ownership in organisations (POO), which suggested that organisation-oriented self-esteem (OOSE) were positive predictors of encouraging behaviors in organisations (EBOs). Emotional possession usually retained a significant influence on the individual sub-elements of EBO, while OOSE possessed an important consequence on the spiritual compor tment and interactive coherence.

Emotional Extent Effects (EEE) is an emerging theory that materialised from a doctoral scholarly endeavour using the qualitative multiple case study that involved the three selected companies that represented the three industrial sectors in Nigeria namely: financial, construction, and oil and gas. In striving to explore how

employees' emotional interactions in the workplace translate to organisational per formance, I conducted face-to-face interviews with 24 participants that had a minimum of 5 years' experience in their respective organisations. The data analysis that cumulated to the EEE theory included transcription, coding, and querying. Five themes that emerged from the study included; Positive Emotions (PEs), Negative Emotions (NEs), O rg a n i s a t i o n a l S u c c e s s ( O S ) , Organisational Failure (ORF), and Contextual Excellence (CE).

In the first instance, the simple interrelationships between the themes of the EEE theory posited that PEs contributed to the OS, and NEs encouraged ORF. It was evident that employees' commitment, teamwork, motivation, and self-actualisation were the attributes of PEs that the par ticipants used to achieve technological innovation, creativity, market excellence, effectiveness, and e f fi c i e n c y i n t h e i r re s p e c t i v e organisations. Consistently, the respondents' experiences of dysfunctional behaviors, counter productivity, fraudulent activities, and antisocial tendencies in their respective organisations instigated NEs that resulted in poor organisational performance.

Secondly, my study revealed an entirely new theme of CE that emerged on the occurrences of asymmetrical outcomes of both

employees' PEs and NEs respectively.

From the field perspectives, the interplay between PEs and CE signified that PEs alone might not guarantee the employees' willingness toward committing to OS. I traced the exposures of PEs towards CE to the social cognitive and self-efficacy theories accepting that the inherent peculiarities of people helped in influencing individual responses to motivational incentives offered by organisations. Most of the participants' responses that linked PEs to CE implied that self-actualisation perception s , per s on a l beliefs , paradigms, and motives encouraged t h e i r u s e of P E s t o w a rd s O S .

Conversely, it was a bit strange to discover the CE as a distor ted outcome of NEs from the study.

Conventionally, employees' negative emotions (NEs) would instigate organisational failure, but it was paradoxical to establish that negative emotion that was associated with failures consistently contributed to organisational success. A valid interpretation of the later development presupposes that the participants' NEs intermingled with other human behavioural theories to manifest the Contextual Excellence (CE). The participants' attributes that contributed to the materialisation of the CE included vicarious learning (VL), self-efficacy, servant leadership (SL), and goal setting (GS). In the context of VL, the consolidation of previous cognition that did not utter the employees' behavioral outcomes Footprints

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ollowing the negative emotional d i s p o s i t i o n s t h a t o c c u r re d highlighted the essence of efficacy beliefs and their impact on emotions and behaviours towards hindering the predicted behaviours. It therefore became evident that intrinsic characteristics of individuals had impacts on decision outcomes reinforcing the precepts of VL as witnessed in my study.

From the study on EEE, I traced the positive emotional experiences that did not out rightly transcend to organisational excellence as well as asymmetric negative emotions (NEs) that emerged as Contextual Excellence (CE) to the notion of selfefficacy. Employees that were positively oriented by their selfefficacies manifested the theme of CE irrespective of their succeeding emotional dispositions. I discovered that invariable outcomes of employees' positive and NEs towards CE had the social cognitive and selfefficacy theories that altered the influencing individual responses to motivational and de-motivational incentives offered by organisations.

The theme of CE retained the notion of social learning (SL) that reiterated the experiences of the employees' that prioritised the needs of others above their own. SL manifested as a social identity charter that reinforced the organisational citizenship and pro-social behaviours thereby exposing the essence of positive psychology movement involving resilience, optimism, and hope towards the CE that related to SL. By the virtues of goal setting (GS), the employees remained resolute to the g o a l of a c h i e v i n g e x c e l l e n c e i r re s p e c t i v e of t h e e m o t i o n a l manifestations at the workplaces thereby depicting the essences of personal interests, gratitude, and pride in the organisational setting.

Employees were anchoring their

goals on the predetermined organisational targets that proffered distinct successful outcomes that do not directly relate to emotional manifestations.

Involving the higher order level of critical reasoning that I acquired during the 4 years of scholarpractitioner immersions in Leadership and Organisational Change specialisation to the EEE theory, I have recommended that organisations should implement workplace spirituality (WS), learning taxonomy ( LT ) , a n d s u s t a i n a b l e h u m a n resources practice towards realising innovative socio-economic performance. Corporate organisations in Nigeria should imbibe the precepts of WS that involve using the elements of deeper organisational and personal values as well as connectedness towards achieving the notions of goal setting, social learning, and the self-efficacy of the employees. WS will enable a transcendent culture that acknowledges that employees have both a mind and a spirit as well as seek to find meaning and purpose in their work, including aspiration towards connecting with other employees in mutual understanding. The presence of the WS ideologies in an organisation may consistently i n fl u e n c e t h e o c c u r re n c e s of contextual excellence irrespective of employees' emotional interference.

WS inculcated the essence of respect and personal integrity towards the organisational ethical climate.

Implementing the WS guidelines in organisations may enhance the employees' satisfaction and commitment towards realising excellent organisational performance and business sustainability.

precepts of vicarious learning depicting a consolidation of previous cognition that did not utter behavioral outcomes following the emergent emotional dispositions.

Institutionalising the various tenets of learning as an enduring agenda that could shape the subjective beliefs of employees toward achieving excellent organisation citizenship is essential. The precepts of organisational learning that encourage enhancement of existing processes as well as becoming a learning organisation should be the ideals of a contemporar y organisation. Detached commitment by workers is a source of concern to the modern-day organisation that tends towards competitive improvement. Encouraging sustainable human resource practices towards succeeding in the contemporar y and competitive marketplace will influence corporate environment that fosters safe and positive psychological experiences for employee engagement toward personal and team performance for competitive advantage.

Organisations should revisit policies relating to training and development, socialisation, performance management, and employee entitlements towards facilitating improvements in employee engagement that influence positive outcomes.

Lambert Ofoegbu (OMP 4) holds a PhD in Management from Walden University, USA, with specialisation in Leadership and Organisational Change.

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Africa,

Trade not Aid! -By Christopher Akor

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ime was when calls to Cotonou (Benin Republic) from Lagos – a distance of only 121.5 kilometres, had to be routed, first through London (6, 769.1 km from Lagos), then Paris (6, 309.3 km from Lagos) before getting connected to Cotonou. While today, this may not sound reasonable, it made perfect sense for the European colonial masters. They were in Africa for the benefit of their countries and so roads, railways and other communication infrastructure were built not to connect or enable interAfrican trade or interaction, but to facilitate easy movement of goods to the sea where they would be transported to the destination cities.

Unfortunately, little has changed since independence. The bulk of the continent's trade is still with Europe and America, and more recently, Asia.

Intra-African trade has improved only marginally, despite the existence of several regional economic and trade communities. The statistics is stark: inter-African trade at just 12 percent is the lowest in the world. In comparison, inter-European and

inter-Asian trade stands at 60 percent while inter-American trade stands at 40percent. Transpor t and other infrastructure that will enable intraAfrican trade and communication are still underdeveloped and in some cases, worse than they were during colonial times.

Trade, by its nature, generates growth and is the fastest and most effective means of lifting people out poverty However, the aforementioned benefits would only occur if trade is conducted between or among equals/partners. Sadly, Africa has always been at the receiving end of trade with Europe and America.

Constrained by the international division of labour, Africa specialised only in the production of raw materials while it imported finished and mechanised goods from the We s t . H o w e v e r, s h o r t l y a f t e r independence, the prices of primary products/raw materials collapsed in the international market due partly to the development of synthetic substitutes while the prices of its imports (mechanised/manufactured goods) kept increasing by the day.

Expectedly, the centre could no longer hold and the economies and public finances of most African states collapsed. With no alternative source of income and with economies and a population that depends almost exclusively on state funding, most African states had to approach the international financial institutions for loans and assistance. This opened the way for aid inflow into Africa with the attendant huge debt burdens and malfunctioning economies that depend on imports for survival.

Sadly, foreign aid on which some African states now depend on for survival is by nature, an instrument for promoting the donor countr y's economic and foreign interests. It may benefit the receiver, but the benefit to the giver is real and indubitable. It is used usually to create beneficial trade avenues and new markets for donor countries just like the Marshall Plan helped open the European market to the United States after World War II. In her book: Dead Aid, the Zambian Economist, Dambisa Moyo, gave a compelling account of how aid is hurting Africa. For her, what appears

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Africa, Trade not Aid! as a benign intervention on the surface can have damning consequences. With a simple example of a mosquito-net manufacturer (who is put out of business by foreign supply of free mosquito-nets), she describes how aid kills African local industries and encourages government abdication of responsibility.

Recent figures from the OECD show that a great chunk of aid budgets get spent in donor countries and not in the countries and not in the countries they were meant for. A shocked Guardian Newspaper recently listed some items the British government spent overseas aids budgets on in the UK to include: global citizenship lessons in Scotland, campaigns to boost public support for UK overseas development, education and immigration services, payment of pensions to former colonial officials, and salaries and other costs of experts and consultants.

That is not all; when aid funds reach the recipient countries, it provide quick avenues for corruption. From Congo DR, to Zambia, to Malawi, to N i g e r i a , g o v e r n m e n t of fi c i a l s brazenly steal aid funds without fear of repercussion. The late Mobutu SeseSeko (former President of Congo DR) was estimated to have stolen $5 billion. Malawi's former President Bakili Muluzi was charged with embezzling aid money worth $12 million, while in 2011, aid donors raised alarm over the mismanagement or total embezzlement of about $45 million (N72.9 billion) given to Nigeria over a period of seven years for the control of HIV/Aids, tuberculosis and malaria.

F u r t h e r m o re , a i d e n c o u r a g e s

government irresponsibility and undermines efforts to develop a strong taxation system without which no country can truly claim to be developed or self-sustaining. It has undermined democracy by making African governments accountable to donor countries and agencies rather than to their own people.

Intra-African trade however, has the capacity to foster large-scale capital investment, enhance economic e f fi c i e n c y, a n d i m p ro v e competitiveness of national enterprises before exposing them to the rigours of global competition.

Economic literature suggests that such kind of intra-regional trade among equals promotes economic growth and development. More importantly, it will reduce Africa's over-dependence on Western aid a n d c o n s e q u e n t l y, t h e We s t 's unwieldy influence on the continent.

The need for intra-African trade has never been more compelling than now. Till this day, the European Union and the US have continued to use punitive tariffs to prevent African countries from exporting finished products. As reported by Calestous Juma, the Harvard Professor, in 2014 Africa – the home of coffee – earned nearly $2.4 billion from coffee while Germany, a processor, made about $3.8 billion from coffee re-exports.

How is this done? The EU placed a stiff tariff barrier of 7.5 percent on impor tation of roasted coffee.

Meanwhile, non-decaffeinated green coffee is exempt from the charges.

Naturally then, Africa's export is dominated by unroasted green coffee.

cocoa like chocolate bars or cocoa powder and 60 percent for some other cocoa refined products).

Consequently, Cote d'Ivoire, which produces 33 percent of the world's cocoa, earned only $2.5 billion from the export of cocoa in 2015 while Mar s Inc, a cocoa processing company in the US, made a whopping $18 billion in 2015 as net income.

But Africa cannot trade with itself when African countries do not even have contact with one another. IntraAfrican travels are some of the most difficult. Some time ago, Aliko Dangote, Africa's richest man, with a chain of investments in more than a dozen African countries, openly complained that despite his status and his vast business empire in Africa, he finds it very difficult to get visas to other African countries. He said he needed 38 visas to move around Africa and had to rely on informal networks to get those visas. Time is ripe for Africa to wean itself from dependence on Europe and US! Christopher Akor is a first class graduate of Politics and an alumnus of Oxford University, United Kingdom. He is a regular Columnist.

Even more vexatious is the charge on cocoa (30 percent for processed

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FUTURE OF

BANKING

A

bout 40 percent of Nigeria's 88 million adults are financially excluded. Digital Financial Services (DFS), increasingly embraced by Nigerian banks and their customers, make it cheaper to increase the number of the banked, currently standing at 53 percent. Research done by Lagos Business School (LBS) – “Digital Financial Services in Nigeria: State of the Market Report 2016” – suggests that mobile money adoption remains relatively tepid, however: 0.1 percent in 2015. This is despite mobile phone ownership rate of almost 90 percent. And some 20 million Nigerians would probably own a Smartphone by 2018 – almost half of the banked adult population of about 47 million – some suggest.

-By Rafiq Raji

the cost of non-bank led ones, LBS research suggests.

Social Financial Networks The fundamental thesis here is that the real threat to the banking industry may not be the so-called Fintech companies and mobile network operators so much as the customers themselves. Two phenomena in par ticular : social networks and virtual currencies. MMM, a social financial network, though a ponzi scheme, and unabashedly so, has somehow managed to attract 3 million 'sane' Nigerians. And despite the CBN's frantic efforts at curtailing the menace, its disintermediation effects continue.

When warned of the risks of MMM, subscribers, as if in a trance, are almost fanatical in defence of the scheme. More importantly, note how almost 10 percent of the banked Nigerian population were successfully organised, albeit for a promised enticing return of 30 percent, for financial intermediation activities with no more than a website. And in a manner that effectively made the regulator impotent. Still, that even some ordinarily cautious Nigerians jettisoned reason to invest in the scheme points to a gap in the banking industry: savings accounts offer a paltry 5 percent. It also points to the possibility of financial intermediation outside of the traditional financial services industry. Banks beware.

Of course, a distinction has to be made between mobile money, an electronic wallet service, and the use of internet banking ser vices via smart mobile devices. The latter has caught on, with an increasing number of Nigerians using their mobile devices to transfer funds, pay for services and so on. The former, in contrast is much lower as only 1.2 percent of electronic payments in 2016 were done using a mobile channel, based on data from the National Bureau of Statistics (NBS). Even as point-of-sale terminals are now quite pervasive, only 1.2 percent of e-payments in 2016 were done using the channel. What about Automated Teller Machine (ATM) cards?

Just 8 percent.

Digital Currencies

According to NBS data, the predominant electronic payment channels in 2016 were NIBSS instant payments (59 percent) and NIBSS electronic fund transfers (22 percent); both of which can be done via internet banking. For DFS to successfully increase the country's GDP by 12.4 percent (US$88 billion) by 2025 as envisaged by McKinsey, a global consultancy, mobile money adoption has to rise significantly from current lows. But who will lead the charge? Bank-led mobile money operators, eight of the twenty-one licensed by the Central Bank of Nigeria (CBN), are able to serve their customers relatively cheaply; about half

Bitcoin, a digital currency, is increasingly gaining ground as a store of value.

(Incidentally, MMM subscribers can now give 'help' with Bitcoin.) And it is opensource: no central bank owns or controls it and anyone and everyone can use it.

Imagine a scenario where bank account holders withdraw money en masse from their local currency accounts to buy foreign exchange for the sole purpose of acquiring bitcoin. The transactions they are used for thereafter are almost entirely out of the reach of central banks.

In most developing countries – most African ones at least, where there are no bitcoin exchanges, the authorities are

effectively powerless. But what about the countries where digital currency exchanges are domiciled; China, for instance? As it turns out, the People's Bank of China (PBoC) announced recently that it would close any of them that violated regulations, a move that caused bitcoin prices to drop sharply.

African central banks are still looking on.

Open-source Biometrics Aadhaar is a cloud-based biometric identification system set up by the Indian government, initially to ensure that intended recipients (who get assigned a unique 12-digit number) of welfare payments are actually the ones that receive them. The system would this year have on record all of India's adult population. Together with an online database of citizens' documents (tax filings, bank statements, etc) called “India S t a c k ” a n d a “ U n i fi e d Pa y m e n t s Interface”, the digital ID and document ecosystem would, when fully operational, be nothing shor t of revolutionary for what is still largely an informal economy. Whether it is the acquisition of a phone line or a job application, all that is required to verify a person's identity is now no more than a fingerprint scan. In the Nigerian case, the Bank Verification Number (BVN) is analogous, but unfortunately not as useful. Having a BVN does not exempt you from onerous know-your-customer (KYC) checks if you wanted to open a bank account elsewhere. Besides, the socalled unbanked and under-banked Nigerians, who though may not have bank accounts, ordinarily own a mobile phone. And their biometric data reside with mobile network operators and their regulator. Banks of the future would be agile, open-source and collaborative.

Dr. Rafiq Raji (MBA 5) is managing director & chief economist at Macroafricaintel Investment LLC, an Africa-focused macro research & investment consultancy based in Lagos, Nigeria. He was previously an Africa economist at Standard Chartered Bank in London, United Kingdom

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A Day in the Life of a

Female Academic

– By Dr Ogechi Adeola

shopping. Some things just take time, I reckoned consolingly. A wide self-deprecating grin spread across my face.

Proud of my almost 40 days of forfeiting most of the culinary luxuries of life - ice cream, fruit cake, fruit juice, fruit pastilles, yummy chocolate bars and all, I basked in the euphoria. Seated at the breakfast table, I traded orange juice for green tea, calorie-laden white bread for a bowl of Quaker oats and a bar of Mars Chocolate for a handful of Almond nuts. With a belly still rumbling with hunger but 'will' satiated, it was time to prepare for the next class. I walked back to my office calmly without any premonition of the events that will follow shortly after.

A letter just came in the mail. Not the Postmaster kind of mail which is delivered from door to door. No, not a mail in an envelope neatly labelled with the recipient's name and address, placed inside the pigeon hole in the mail section of the ground floor of the business school. This type pops up in your handheld device, with a distinct sound that announces its arrival, whether night or day.

The address looked familiar, and so did the sender.

Instinctively, I knew it was not from our climes, it came from far yonder. Did it bring good tidings? I wondered. I took in some breaths, momentarily paused and then I opened it. Well, I clicked on it as I walked on.

Weather Conditions: Humid, Lagos, Nigeria Occupation: Teaching (well, knowledge impartation – theoretical and practical) New Attributes (Physical): Front hairlines greying, change in eyeglasses prescription. Stress-induced?

Disposition check (Rational): Jovial (am); Preoccupied (noon), Reflective (pm).

New Year Resolution: Write more journal articles, Lose Weight, Shop less (in no particular order…)

I

t was a bright and undramatic Wednesday morning.

Feeling a bit bored, I decided to evaluate the New Year resolutions I had meticulously penned down on January 1, 2017. I was doing quite well on the first two items on my list, but struggling with the third.

Remembering my measures of central tendency, I scored myself an average, using the arithmetic Mean, the Median and the Mode. Not too bad for the beginning of the year! I was writing more, eating less…well, still

It started well, with some nice appreciation for my time (energy?), with some acknowledgement of my output (input?), and some other phrases in the valley of the hills called 'niceties'. Then came the bombshell; the harbinger of disappointing news. An anti-climax of some sort, it was for me...a rejection letter for an academic paper I had submitted since last year. I was quiet for a while, read the 'love' note a couple of times, stared at nothing... and gave little smiles to colleagues that passed by, oblivious of the silent tears welling up inside me. I walked in a mini daze.

I decided to read the email again as I sat at my desk.

Perhaps, I missed out some parts. Perhaps, there were some 'alternative facts' I missed out. I read again. The same details as the first time stared back at me. What was I expecting?

How can I describe my feelings? I had been hopeful.

Flashbacks of events of 2016: I remembered the sleepless nights, the midnight candles, and the endless search for data, the writing up stage and the chocolates I consumed as I worked tirelessly. Yes, I recalled the chocolates, vividly.

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A Day in the Life of a

Female Academic research activity, again. I just didn't have the energy to start some work where the outcome could not be predicted. However, a different kind of zeal unexpectedly surged forward. The zeal to binge suddenly returned from its far-flung journey of December 31 as I opened my black handbag and brought out 'my former best pal'. A giant bar of Mars Chocolate – big, black, yummy, foreign (well, 'made' in Dublin). Ever present in the handbag (out of habit), but I was never tempted to nibble, well since the New Year.

gathered since sunset, and the winds blew cool breeze into my bedroom. Hope arose in my bosom. Like lightning flashing across the sky, two very compelling words 'I will' flooded my thoughts.

I will lift up my eyes to the hills...

Psalm 121:1 I will publish more. Yes! I will still lose weight this year. Yes!

I pondered. I mused. I reflected. I ate.

Compartmentalising my emotions, I went into the classroom, disposition best described as cheery. The session participants smiled at me, I smiled back as I orchestrated smoothly – with a belly filled with scrumptious chocolate (they could never have guessed!).

We discussed the changing landscape due to digital economy - Uber, Airbnb, Amazon, Wakanow – strategies to succeed in the new economy. It was a good session.

Class over, it was time to go home. I made a mental note to replenish my depleted supply of chocolate…Aha!

I will not replenish my supply of Mars.

A definite Yes. I will shop less. Well…

Dr Ogechi Adeola teaches Marketing Management at Lagos Business School

Nightfall, the weather is cool. Taking another bite of my favourite chocolate bar retrieved from the kitchen pantry, I gradually forgot my New Year resolution as I pondered, yet again on the life of an Academic. The thrills, the highs, the lows….paper acceptances, paper rejections, conference presentations, travels, et al., feelings best described as ambivalent.

Suddenly, I felt an urge to pick up my phone again, a pull from my cocoa-binge-induced pity-party. A WhatsApp message. I clicked open. A friend just sent a quote from Dr Martin Luther King Jr.

'...Accept f inite disappointment, but never lose infinite hope.’

H o w p r o f o u n d ! A n E p i p h a n y. A c c e p t fi n i t e disappointment? Yes, I will accept the paper rejection and move on. Never lose infinite hope. Yes, there is a silver lining in every cloud. The tides suddenly turned. Once again, I am motivated. I am energised. I will pick up myself again. I will start again. I will work on the paper again, improve on it and resubmit to another journal. Opening the Venetian blinds slightly, I looked out of the window.

Lagos skyline looked so beautiful. The clouds had

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Alumni in the

News Footprints

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Alumni in the News Godwin Obaseki (CEP 9) is the New Governor of Edo State

On November 12, 2016, Mr Godwin Obaseki was sworn in as the Governor of Edo State after being declared winner of a keenly contested gubernatorial election which held on September 28, 2016.

Nigerian Stock Exchange. The company was awarded the Best Asset Management Firm in Nigeria in 2014 by the Wealth and Finance International Magazine's finance awards. He sits on the board of several companies.

Godwin Obaseki is an astute professional who has distinguished himself in the private sector in such areas as investment banking, asset management and securities trading. He started his career in 1983 at Capital Trust Brokers Limited, Lagos before moving to International Merchant Bank. He later joined AVC Funds Limited where he served as Project Manager before moving to Equatorial Finance Company in New York where he served as a principal between 1993 and 1995.

In the public sector, Mr Obaseki served Edo State as the Chairman of the Economic and Strategy Team between March 2009 and September 2016. He served as either chairman or member of several committees, including; Tax Assessment Review Committee for Edo State Internal Revenue Service (TARC) - Chairman, Committee on Micro, Small and Medium Enterprises (MSME) – Chairman, Committee on Contributory Pension Scheme – Member and Land Use Charge Committee – Member, to mention just a few.

Mr Obaseki founded Afrinvest West Africa Limited (formerly Securities Transactions and Trust Company Limited – SecTrust) in 1995. The Company has grown in status over the years to become one of the leading investment banking and management firms in Nigeria under his leadership. Specialising in investment advisory and corporate finance, the company has pioneered innovations and inspired landmark transactions in the

Godwin Obaseki obtained a B.A in Classics from the University of Ibadan and holds an MBA in Finance and International Business from Columbia University, New York. He is a fellow of the Chartered Institute of Stockbrokers, Nigeria and attended the Chief Executive Programme (CEP) 9 of Lagos Business School in 2000.

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Alumni in the News Ademola Adebise (EMBA 8

Mr Hafiz Bakare (EMBA 5)

becomes Deputy Managing Director of Wema Bank in January 2017

now the Acting Managing Director of Keystone Bank

The Board of Directors of Wema Bank Plc in January 2017 announced the appointment of Ademola Adebise as Deputy Managing Director of Wema Bank Plc. In this capacity, he will oversee the bank's corporate and business directorate comprising of corporate banking, treasury and financial institutions, south business group and business support division.

Prior to this appointment, Mr Adebise was the executive director in charge of the corporate and south directorate of the bank. His banking experience spans such areas as information technology, financial control and strategic planning, treasur y, corporate banking and risk management.

Before joining Wema Bank Plc, Ademola was the head, finance and performance management practice at Accenture and led several projects in business process reengineering, information technology and risk management. He ser ves on the board of AIICO Insurance, AIICO Pensions Management Limited and FITC. Mr Adebise holds a bachelor's degree in Computer Science from the University of Lagos. He completed the Executive Masters in Business Administration (EMBA) 8 of Lagos Business School. He is also an alumnus of Harvard Business School, having completed the Advanced Management Programme of the School. He is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an associate of the Chartered Institute of Taxation, and an honorary member of the Chartered Institute of Bankers of Nigeria.

Following the recent take-over of Keystone Bank by the Sigma-Golf Riverbank Consortium, Mr Hafiz Bakare was appointed the acting managing director of the Bank. His appointment takes effect from April 1, 2017.

Prior to this appointment, Mr Bakare served as executive director, corporate bank and treasury at the Bank, covering such areas as business development, treasury and financial institutions, wealth management and international and domestic correspondent banking.

Before he joined Keystone Bank in 2014, Mr Bakare was running a management consulting and capacity development firm he founded called HBO Consulting.

Between November 1999 and June 2012, Mr Bakare served as group director at Industrial and General Insurance Plc. He had also served as chief strategy officer and head, products at First bank Nigeria Limited.

Mr Hafiz Bakare holds a B. Pharmacy Degree from the University of Lagos and attended the Executive Masters in Business Administration (EMBA) 5 of Lagos Business School. He also attended programmes at the International Banking Summer School in Melbourne Australia and Harvard Business School.

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CLASS NOTES

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CLASS NOTES AMP 1

Florence Seriki

founder of Omatek Computers passed away on March 3, 2017.

Until her death, she was the Chief Executive Officer and Group Managing Director of Omatek Ventures Plc, the first indigenous IT Company to be listed on the Nigerian Stock Exchange.

AMP 14 Remi Adeseun is now the Country Manager, West Africa for QuintilesIMS, the world's leading healthcare information technology and service solutions company. The appointment took effect from March 1, 2017.

AMP 19 Valentine Okelu has been appointed Executive Director, Foods Division at May and Baker, effective December 2016.

AMP 22 Olayinka Ikiebe celebrated her 50th Birthday and Official launch of Skaista Options on Saturday, November 12 November, 2016 Mobola Faloye has been appointed Executive Director at Standard Chartered Bank Nigeria, effective March 2017.

Nwanneka Okolo has been selected as the National President of the Catholic Women Organisation (CWO). The inauguration ceremony took place at Our Lady Queen of Nigeria Pro-Cathedral, Garki, Abuja on Sunday, March 5, 2017.

Mac Ekechukwu celebrated the wedding of his son, Sydney Chiedozie Ekechukwu to Stella Chiwendu Unogu on November 5, 2016 at the Archbishop Vining Memorial Cathedral, Ikeja, Lagos

AMP 26 Funmi Omo has been made the MD/CEO designate of African Alliance Insurance Plc

AMP 20 Ijeoma Ozulumba AMP 28 Saheed Olawuyi has been promoted to Partner at KPMG Professional Services Femi Alabi was blessed with twins - Toluwalogo and Oluwatominiyi on 6 March, 2017

CEP 8

Olusegun Aina

was honoured with a Doctor of Science Education (D.Sc Ed.) (Honoris Causa) by Tai Solarin University of Education, Ijagun, Ijebu Ode, Ogun State during the convocation ceremony of the School held on Monday, November 28, 2016

CEP 19

has been appointed Chief Financial Officer of the newlylicensed Development Bank of Nigeria (DBN).The appointment was announced by the minister of finance, Mrs Kemi Adeosun after a retreat in March 2017

Dr Olayinka Akindayomi launched the book: “Who Needs to be Normal?” on October 19, 2016. This was part of the 20th Anniversary celebration of the Children Development Centre, a facility that caters for people with developmental disabilities in Lagos, Nigeria.

Chief Innocent Oparadike died on January 23, 2017 of cardiac arrest. His funeral

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CLASS NOTES obsequies took place on February 24 at his home town of Oburo Ogwa Mbaitoli Ikeduru in Imo State.

Mr Moritz Abazie, President of the LBSAA, South Eastern Zone, celebrated his 50th birthday on Friday, March 24 during the Zonal Alumni Session in Port Harcourt held on that day.

EMBA 15 Oluwaseun Obidipe passed away on Wednesday, March 7, 2017. He was involved in a fatal car accident. He was buried on Friday 17th March 27.

EMBA 3 Korede Adenowo Korede Adenowo has been appointed CEO of Standard Chartered Bank Gambia and Senegal, with effect from April 1, 2017.

Oredolapo Olasumbo

MEMBA 2 and Adeyemi Olayinka (both members of MEMBA 2) got married on Saturday, March 25, 2017 at the Redeemed Christian Church of God, Beautiful Gate Parish, Arepo, Ogun State. Reception held afterwards at the Batten House, Alausa, Ikeja, Lagos

EMBA 3 Clare Omatseye has been appointed Independent Director at the newlylicensed Development Bank of Nigeria (DBN). The appointment was announced in March 2017.

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CLASS NOTES OMP 5 Mr. Oluwole Adeyemi departed this life on Wednesday, March 22, 2017. A Service of Songs was held in his honour on Wednesday, April 26, 2017.

OMP 19

Mr Emmanuel Nwakanma

Class President has been invested with the Papal Knighthood of Saint Sylvester (KSS) by Pope Francis, the leader of the Catholic Church. The Investiture took place at St. Patrick's Catholic Church, Awka on April 22, 2017.

SMP 6

Funmilayo Babington-Ashaye

launched her book titled: Insurance in Practice: All You Need to Know About Insurance in Nigeria on Wednesday, March 22, 2017.

SMP 19 Olabode Adetoyi was elected National Vice President of the Poultry Association of Nigeria on March 16, 2017

SMP 20 Chief Ikenna Okafor has been invested with the papal Knighthood of Saint Sylvester

by Pope Francis. The Investiture ceremony held on Sunday, April 22, 2017 at St. Patrick's Church, Awka.

OMP 6

Mr Yinka Onibokun

died on 27th December 2016. He was buried on 30th December, 2016 by the Redeemed Christian Church of God, Sunrise Parish, Iwoye Ijesha, Osun State

SMP 31

Chukwuka Chukutem

is the new Executive Director, Pharma Sales at May and Baker, with effect from December 2016.

SMP 35 Adenrele Oni Has been appointed Managing Director of Richway MicroďŹ nance Bank, Lagos, effective March 2017

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LAGOS BUSINESS SCHOOL ALUMNI ASSOCIATION

GUIDE TO ALUMNI MEMBERSHIP BENEFITS CATEGORY

AIRLINES

HOTELS

DESCRIPTION

BENEFITS

South African Airways

8 – 11% discount on business class; 8% discount on economy class (all routes)

British Airways/Iberia

10% discount

Emirates

From 5%

Sheraton Abuja Hotel

33 – 37% discount

Transcorp Hilton, Abuja

11 - 41% discount

NICON Luxury, Abuja

25% - 35% discount

Grand Towers Hotel, Abuja

Up to 67% discount

Barcelona Hotel, Abuja

30% discount on Rooms

Golden Tulip Hotel, Port Harcourt

20% discount

Hotel Presidential, Port Harcourt (I) All rooms, including suites (ii) Banquet Halls

30% discount 25% discount

Novotel Hotel, Port Harcourt

28 – 37% discount

Le Meridien Ogeyi Place, Port Harcourt

22-25% discount

Protea Hotel, Kuramo Waters, Lagos

20% discount

Protea Hotel, Ikoyi Westwood, Lagos

16 – 22% discount

Eko Hotel and Suites, Lagos

12 – 49% discount

Ambassadors Hotel, Ikoyi

15% discount

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LAGOS LAGOS BUSINESS BUSINESS SCHOOL SCHOOL ALUMNI ALUMNI ASSOCIATION ASSOCIATION

GUIDE TO ALUMNI MEMBERSHIP BENEFITS CATEGORY

HOTELS

OTHERS

DESCRIPTION

BENEFITS

Southern Sun, Ikoyi

35% discount

Gran Melia Hotel, Lekki-Epe Expressway, Lagos

33 – 36% discount

Blowfish Hotel, V/I, Lagos

Rooms, 40% discount on Halls and 15 – 20% discount on Meals

The Wheatbaker, Ikoyi, Lagos

28 – 30% discount

Lagos Oriental Hotel

30 – 48% discount

Millennium Residence, VI, Lagos

30% discount on rooms (including meeting/conference rooms), 20% on food and non-alcoholic drinks

Epe Resort, Epe, Lagos

N15,000.00 off the cost of rooms

Sheraton Hotel, Gambia

Up to 36%

Labadi Beach Hotel , Accra, Ghana

29 – 38% discount

The Michelangelo, Sandton – Gauteng, South Africa

34 – 39% discount

Windhoek Country Club Resort (Windhoek – Namibia)

·30% discount

Marannatha Hotel, Owerri

50% discount

Simba Group Nigeria

22-2515% discount on inverters % discount

Laterna Ventures (Bookstore)

10% discount on business books, 7.5% on Christian books

BusinessDay Newspapers

50% discount on cover price

Swift Networks Internet subscription

20% discount

Clean Ace Dry Cleaners

15% discount for Life members; 10% discount for Annual members

Soul Lounge, The Palms

10% individuals, 15% groups

MG Cars from Coscharis Motors

5% discount

Natives Hospitality and Services Limited, V/I, Lagos

20% discount on meals

Sovereign Trust Insurance plc, 17 Ademola Adetokunbo Street, Victoria Island, Lagos

12.5% discount on motor insurance and 20% discount on all other classes of I nsurance

Contact Lanre on 08056157400 or 08099929145; email; lanre.ojuola@stiplc.com Footprints

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CATEGORY

DESCRIPTION

BENEFITS

Footprints Alumni journal

Free copy

Alumni Sessions

GENERAL: ALL ALUMNI

Last Thursday of the month

Alumni Day

Free seminar/conference, tea/coffee and lunch

President's Dinner

Right of attendance and discounted ticket

LBSAA website/Directory

Access

Right of brief consultation with LBS Faculty Use of the LBS library Access to research materials

South African Airways To enjoy the South African Airways discount, please send an e-mail to lbs@ng.hrgworldwide.com or call Mutiu Badmus on 01-2702690 – 4, 08087184000, Dianabasi Akpainyang on 08129120797 or dakpainyang@lbs.edu.ng for flight bookings.

How to Access the BusinessDay Discount: Please pay your subscription fee to BusinessDay Media Limited, Zenith Bank account: 1012308966.

Email:subscription@businessdayonline.com. And for further enquiry, please call Gertrude on 08027754785 or Ezekiel on 07034809009

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2017 Calendar of

Alumni Programmes APRIL - DECEMBER MONTH

PROGRAMME

NOTE

April 22 April 27

Reunion for Classes of 2007 Alumni Session 6 - Mainland @ 10 am Footprints 1st Edition

Venue TBC Venue TBC

May 25

Alumni Session 7 – Lagos Island

Lekki

June 15

Networking Lunch Island @ 12.30 p.m.

Venue TBC

July 2

President's Dinner

The New Harbour Point

July 20

Alumni Session 8 – Lagos Island

Lekki

August 24

Alumni Session 9 – Lagos Island

Lekki

Sept 14

Abuja Zonal Dinner

Transcorp Hilton

Sept. 28

Alumni Session 10 - Mainland

TBC

Sept. 22 - 30

Study Trip

TBC

Oct

CEP Reunion

TBC

Oct 2

Speed Networking Mainland

TBC

Oct 19

Port-Harcourt Zonal Dinner

Golden Tulip Hotel

Oct 26

Alumni Session 11 – Lagos Island Footprints October Edition

Lekki

Nov 2

Networking Lunch Mainland

TBC

Nov 16

Alumni Day

LBS Lekki Campus

LBSAA EXCO MEETINGS: April 4, June 6 and Oct 3 GOVERNING COUNCIL MEETINGS – May 13 and Nov 4 EXECUTIVE PROGRAMME GRADUATION: September 16 CONVOCATION CEREMONY: December 2nd *TBC – To Be Confirmed

Footprints

APRIL 2017

74