BusinessDay 03 Jul 2020

How gas firms, Imo government exploit oil-producing communities Odinaka Anudu he people of oil-rich Ohaji, Egbema and Oguta local councils in Imo State, Southeast Nigeria, are cut off from the rest of the world. They are the proverbial

T

geese that lay the golden eggs for oil and gas companies, but their children sit in schools with leaky roofs.

They have no electricity to charge their phones. Their elders die every now and again for lack

of functional medical centres.

They have a major road that was built in 1980s by the then

INVESTIGATION Governor Sam Mbakwe, which is now dilapidated owing to lack

of maintenance. Many of their young men and women have no job. The Niger Delta Development Commission (NDDC) and Imo State government collect billions of naira in taxes from oil and gas companies operating in these communities, yet the

people lack basic amenities that make life meaningful. Oil and gas companies sometimes carry out corporate social responsibilities (CSRs) for the communities, but these hardly translate into Continues on page 30

businessday market monitor

Biggest Gainer REDSTAREX N3.15

Foreign Exchange

Biggest Loser

UNILEVER 4.76 pc N15.3 24,374.40

FMDQ Close

Everdon Bureau De Change

Bitcoin

NSE

-9.80pc

Foreign Reserve - $36.2bn Cross Rates GBP-$:1.29 YUANY - 54.90 Commodities Cocoa US$2,178.00

Gold $1,777.93

news you can trust I ** FRIDAY 03 july 2020 I vol. 19, no 598

₦4,086,711.87 -0.15

N300

Sell

$-N 450.00 460.00 £-N 545.00 560.00 €-N 490.00 507.00

Crude Oil $ 42.53

I

Buy

g

www.

Market

Spot ($/N)

I&E FX Window CBN Official Rate

386.00 361.00

Currency Futures

($/N)

fgn bonds

Treasury bills

3M 0.00 1.67

NGUS jun 30 2021 420.22

6M 0.00 2.09

-0.66

10 Y -2.03

30 Y 0.00

6.46

8.94

11.01

5Y

NGUS jun 28 2023 493.42

@

g

NGUS jun 25 2025 579.37

g

Nigerian banks bleed amid world’s highest cash reserves LOLADE AKINMURELE

F

or every N100 deposit held by Nigerian commercial banks, about N60 idles away with the central bank as regulatory reserves earning zero interest.

This means lower profitability for lenders and then stifling access to finance for millions of small businesses in Africa’s largest economy.

BusinessDay investigation also revealed that for some banks, the portion of their funds held by the apex bank is far in excess of 60%, a clear indication of regulatory discrimination.

While the official Cash Reserve

This Central Bank is headed the wrong way – ex-deputy governor Regulatory CRR - Latest data

Continues on page 29

Inside

Amid poor supply, GenCos say 4000MW of power is rejected daily P. 2

Nigeria Egypt Ghana Ruwanda Pakistan Kenya Even at 27.5%, Nigeria has highest CRR among selected emerging markets

Bangladesh

Vietnam

Morocco

2

Friday 03 July 2020

BUSINESS DAY

news Diversified revenue, tax reform will spur growth post COVID-19 – experts … say economy to contract 8% worst-case scenario Gbemi Faminu

F

inance experts in Nigeria have called for the need to diversify revenue generation sources at all levels of government while implementing a reformed tax system in order to improve economic growth in the country going forward.

This was the discussion at a webinar themed “Nigeria’s Fiscal Sustainability: Imperatives, Impediments and Options” hosted by the Nigeria Fiscal Policy Roundtable (NFPR), a fraction of the Nigerian Economic Summit Group (NESG) held recently.

Asue Ighodalo, chairman, NESG board, said in his address that it was necessary for Nigeria to diversify its revenue base, enhance economic growth and protect the its economy from external shocks, and these can be achieved by enhancing the country’s fiscal policy.

He mentioned that Nigeria recently kicked off a 2021-2025 development plan intended to succeed the vision

2020 and economic recovery growth plan (ERGP), adding that the country’s fiscal sustainability was expected to play a huge role in the new development plan, especially after the economic problems the COVID-19 pandemic had provoked.

Furthermore, Ighodalo said the enactment of the Finance Bill, creation of a favourable threshold to optimise tax collection and reduction of the tax burden on the financially disadvantaged of society would help to improve the economy and cushion the financial effects of taxes.

Speaking at a panel session, Kayode Fayemi, governor, Ekiti State and the chairman of the Nigeria Governors Forum (NGF), said the NGF set up an internally generated revenue dashboard that focused on sharing knowledge and experiences in tax collection and revenue generation across Nigerian states, adding that states cannot continue to depend on federation returns, which is quite low at the moment.

Residents groan as rains expose Lagos’ dilapidated roads JOSHUA BASSEY

F

or straight five hours, Adebola Idowu (not real name) struggled through the debilitating traffic jam stretching from Alakija on LagosBadagry Expressway to the Army Signal Barracks, at Mile 2.

Idowu, who resides in Satellite Town, in Oriade Local Council Development (LCDA) of Lagos, had fixed an appointment for 10am on Martins Street, Lagos Island. Factoring in the usual traffic jam on the expressway, the insurance broker had set out by 7am, hoping he would reach his office on the Island by 10am.

But the traffic jam on Monday, June 29, was an unusual one. By 11:30am, Idowu had only managed to reach the under bridge at Mile 2, where he got stuck for another 25 minutes. His car was dragged out of the murky flood by members of the National

...as traffic jams, robberies worsen

Union of Road Transport (NURTW), Mile 2 ECOMOG unit. From there, he called off the day’s appointment.

Idowu is not alone in this. Nelson Adams, a resident of Festac Town, along the same axis, had a similar experience the following day, Tuesday, June 30. Adams left his home on Fifth Avenue, Festac Town, at 8:33am, heading to Apapa, Nigeria’s premier port city, where he hoped to inspect a consignment of goods at the Apapa Port. He did not arrive Apapa until 1:45pm.

But it is not only productive man-hours and business opportunities that are being lost in the flood induced traffic jams on the Lagos-Badagry Expressway. Lives are also being threatened, just as cash and valuable properties are lost on a daily basis, as armed robbers take advantage of the situation to smash cars’ windscreens and rob

motorists at will.

Solomon Adisa, also a resident of Festac Town, was not as lucky as other motorists who waded through the flooded road unhurt on the night of Saturday, June 27. His car’s window screen was smashed. He was robbed of huge sum of money by armed men under the Mile 2 overhead bridge.

Adisa told BusinessDay it was the most traumatic experience of his life. According to Adisa, his car had just got stuck in one of the ditches beneath the flood when two armed men approached him.

“I initially thought they were coming to assist but they turned out to be robbers. They wasted no time smashing my window glass, pointing a gun at me.

My pleas felt on deaf ears.

They made away with my laptop and the N500,000 I had in the car’s pigeon hole,” Adisa.

These sad narratives have become the daily experience of motorists and commuters at Mile 2 and other roads in Lagos. Even before the rains set in, most roads in the metropolis had been a major headache for commuters. The heavy rainfall being witnessed in Lagos has worsened the condition of what is supposed to be an international route - linking the West African biggest commercial city with countries like Benin Republic, Togo and Ghana.

Less than 10 years after the former administration of Babatunde Fashola undertook the reconstruction and upgrade of the yet to be completed expressway from four to 10 lanes, the drainage system at Mile 2 seems to have collapsed, resulting in unprecedented flood.

Every year, as the rains Continues on page 29

Recapitalisation:

Small insurers have option to merge or be squeezed out by competition Modestus Anaesoronye

S

mall sized insurance firms that may not be able to meet 50 percent of the minimum paid up share capital by December 31, 2020, as directed by the National Insurance Commission (NAICOM), will face severe competition that may squeeze them out of major businesses.

For companies in this category, their best option will be to consolidate through a merger arrangement that would have been half way cemented by December 31, to give customers and brokers the conviction that they would be alive come September 30, 2021, the last compliance date is fixed.

BusinessDay investigations reveal that, beyond the regulatory sanctions of not going to be allowed to participate in certain classes of risks, brokers and customers may not take the risk of placing their businesses with underwriters (insurers) they are not sure will make the recapitalisation list.

Another major challenge for the small players will come from the 2021 renewal seasons, which normally start by November/December every year. Therefore, not being in comfortable position with the recapitalisation by this time may

cast a big shadow on their business prospect for the New Year. NAICOM had on June 3, 2020, extended compliance deadline of the ongoing recapitalisation exercise in the insurance industry to September 30, 2021, with first phase to end December 31, 2020.

The Commission said insurance companies were expected to recapitalise 50 percent of the paid up share capital requirement by end of 2020, and reinsurance companies 60 percent, while the remaining 50 percent and 40 percent, respectively, would be completed by end of September 2021.

According to the Commission, any insurance and reinsurance company that fails to meet the first phase of the capitalisation by end of 2020 may be restricted on the scope of business they will transact.

Pius Apere, chairman/ CEO, Achor Actuarial Services Limited, says the guideline has its implications for the small-size insurance companies (i.e. insurers with low existing capital base).

According to Apere, this may create the risk of selection effect i.e. the insuring public including brokers would select against the insurers with low capital base during the next business

Continues on page 29 www.businessday.ng

Failed Mile 2 section of the Lagos-Badagry Expressway taken over by flood as the rains continue in Lagos. This has become daily robbery spot, as armed gangs take advantage of the flood-induced traffic jams under the Mile 2 flyover to dispossess commuters.

Amid poor supply, GenCos say 4000MW of power is rejected daily ISAAC ANYAOGU

W

hile millions o f Nig e r ia n s share around 3,500MW of power supply, resulting in many hours of blackouts, over 4,000MW of power is unable to reach customers daily, according to data from electricity generation companies (GenCos).

“Due to system constraints, generated power is rejected or forced to be reduced to match the infrastructure that transmits and distributes this power to the Customer,” GenCos told lawmakers in a presentation on June 23.

A copy of the presentation to the Senate Committee on Power Investigative Hearing on Power Sector Recovery Plan and the impact of COVID-19 pandemic, obtained

by BusinessDay, shows that while power generation has grown by 138 percent from 3,427.5MW to 8,174MW since 2013, supply to Nigerians has not kept pace.

“In the first quarter of 2020, despite an available generation capability of 8,145MW, GenCos were only allowed to generate 3,987MW, thus losing an average of 4,159MWdaily,” the document states.

According to the GenCos, with a total available generation capacity of more than

https://www.facebook.com/businessdayng

8,000MW and maximum wheeling capacity of not more than 5,500MW, there will always be a recurring instance of over 2,000MW idle generation.

It gets even worse considering that electricity distribution companies (DisCos) are accused of only requesting for between 3,000MW and 3,500MW daily because of an inability to improve collections.

The implication of this is that those who generate power are bleeding money. According to Joy Ogaji, executive secretary, Association of Power Generation Companies (APGC), debts to GenCos, acknowledged by @Businessdayng

the Nigerian Bulk Electricity Trading Company (NBET), are over N500 billion, but in their books it has risen to over N1 trillion when stranded power, DisCos are unable to take, is included.

Due to the inability of the market to generate enough revenue to cover the cost of producing power, NBET began paying GenCos only for energy DisCos is willing to take, though the power purchase agreement signed by DisCos obligates them to pay for both energy and capacity, Ogaji said.

GenCos are in dire financial strait over poor remittance

Continues on page 29

Friday 03 July 2020

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

3

4

Friday 03 July 2020

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 03 July 2020

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

5

6

Friday 03 July 2020

BUSINESS DAY

news

NBL commits N60m annually to motivate Nigerian teachers for nation building DANIEL OBI

A

total of N60 million is spent by Nigerian Beweries annually to empower Nigerian teachers who prepare the citizens for nation building in line with Sustainable Development Goals (SDGs). This is under its Maltina Teachers of the Year Award which the breweries industry has organised for five years.

This means the company has spent about N300 million to reward teachers nationwide and built classroom blocks in five winner schools since the competition commenced in 2016.

This value which comprises cash prizes to all state and national champions and capacity development training at University of Manchester, UK excludes operational cost in the course of organising the programme.

The breweries company recently announced the opening of entries for the 6th edition of the Maltina Teacher competition.

Speaking at the flag-off ceremony of the initiative, the corporate affairs director, Nigerian Breweries Plc, Sade Morgan noted that Maltina Teacher of the Year is one of the ways the company fulfills and demonstrates its corporate philosophy of ‘Winning with Nigeria’.

According to her, this year’s edition is particularly special and symbolic. “The global coronavirus pandemic has impacted all aspects of our existence including education.

Nevertheless, it has also showcased the resilient spirit of our teachers who have been unrelenting in finding new ways to continue to teach students virtually despite technological challenges and limitations. This demonstrates the important role teachers play in the development of our society and the education of our future leaders,” she said.

Morgan further explained that the “Maltina Teacher of the year is an initiative that is cherished and keenly supported by our management team who are deeply passionate about education. This is why we are committed and very happy to commence our annual search for the best secondary school teacher in Nigeria with the Call for Entry commencing on June 30 and closing on August 14, 2020. The winning and other qualifying teachers would be revealed by October in commemoration of the 2020 World Teacher’s Day. We celebrate Nigerian teachers who continue to break new grounds and immeasurably contribute to the future of our great nation, by helping to groom and nurture the next generation.”

Appreciating the project’s stakeholders; the Federal and State Ministry of Education, the Nigerian Union of Teachers (NUT), All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS), Teachers Registration Council of Nigeria (TRCN) and the media, Morgan enlisted their continued support to reach out to all teachers across the country to inform them of the flag off and how to submit their entries.”

Speaking on the prizes, Morgan said, “As with previous years, the winner will receive a total cash prize of N6.5 million as his/her reward, in addition to a trophy. One million naira as first prize winner, five hundred thousand Naira as state champion and one million Naira annually for the next five years, he/ she also receives a capacity development training while his/her school receives either a block of classroom or a computer laboratory. Our inclusion of a computer laboratory is in recognition of the reality that now more than ever, digital capabilities are essential for Nigeria teachers in teaching students.

Filling stations adjust pump price to N143.80 per litre in FCT HARRISON EDEH, Abuja

F

illing stations in the Federal Capital Territory (FCT) have adjusted their pump price to reflect the directive of the Petroleum Product Pricing Regulatory Agency, (PPPRA) on upward review of price.

The PPPRA on Tuesday announced the guiding pump price of Premium Motor Spirit (Petrol) from N140.80-N143.80 per litre for major oil marketers and independent marketers for the month of July.

Checks in the FCT showed swift adjustment by various filling stations without citing concerns of selling off old stock, a reason some of them gave in June when the price band was revised lower at N121.50 and N123.50.

At Oando filling station in Dutse Junction, along Kubwa Express way, the manager of the station who identified himself as Abdukareem told

BusinessDay that the enforcement of the price band was according to the government’s directive of the price for the month of July.

Other filling stations monitored by our correspondent such as Eterna and NIPCO filling stations along Kubwa Expressway had already adjusted their pump price to reflect the directive of the PPPRA selling at N143.80 kobo.

The executive secretary of PPPRA, Abdulkadir Saidu, revealed that the guiding price comes into effect from 1st of July and is expected to apply at all retail outlets nationwide for the month.

Saidu while explaining factors that influenced the price band said: “After a review of the prevalent market fundamentals in the month of June and considering marketers’ realistic operating costs, as much as practicable ,we wish to advice a new PMS price band of N140.8p-N143.80 per litre for the month of July 2020.

Lagos to double ferry fleet by year-end

G

overnor Babajide SanwoOlu of Lagos State has said the state will double ferry fleet by the end of this year. He spoke during an interview with Adesuwa Onyenokwe, publisher, TW Media –aired on TVC News Tuesday, June 30, 2020. The governor addressed a number of topics in the 15-minute interview related to his office, personal life and dreams of A Greater Lagos – a dream he is determined to see to fruition.

Emphasising his commitment to

his primary constituents, the governor noted, “I am a people’s person, that’s all I’ve done. I share the pain of people and the only reason why I’m in government really is to make life better for them.”

The governor shared his administration’s masterplan for an integrated system that utilises the land, rail and water modes of transportation, iterating the need to develop innovative transport alternatives due to Lagos’ unique topography comprising one-third water. www.businessday.ng

L-R: Isaac Igbanoi, director of administration and corporate services, Neimeth International Pharmaceuticals plc; Olusegun Ogungbemigbe, Lagos State sector commander, FRSC, and Roseline Oputa, executive director, sale and marketing, Neimeth, at the presentation of COVID-19 public enlightenment Kioks to the FRSC by Neimeth in Lagos.

ICRC facilitates $8bn private investments for Nigeria’s infrastructure ...holds talks with Indonesian authorities on PPP projects Onyinye Nwachukwu, Abuja

I

nfrastructure Concession Regulatory Commission (ICRC) has facilitated well over $8 billion worth of private investments for infrastructure development across the country.

Director-general, ICRC, Chidi Izuwah, disclosed this Thursday in Abuja as he held talks with Indonesian authorities led by Usra Hendra Harahap, the country’s ambassador to Nigeria on possible partnerships.

The courtesy visit was specifically to explore various areas of collaboration between the ICRC and Indonesian private entities on Public-Private Partnership (PPP) projects.

Izuwa told his visitors that Nigeria has, over the last one and

a half decade, successfully implemented PPP projects in seaport terminals, silo complexes, hydropower plants and is “currently in the process of procuring private sector partners for 10 selected roads for Tolling, Inland Container Depots/Dry Ports, Truck Transit Parks and hosts of other projects.”

He said the Federal Government, through the respective Ministries, Departments and Agencies (MDAs), has opened windows of opportunities for any genuine local and foreign companies interested to deliver public infrastructure and services through PPP arrangements.

Reeling out achievements so far recorded in Nigeria’s PPP space, Izuwa said the ICRC in the past few years has simplified procurement processes required to attract investors into the economy.

“This has brought in a lot of transactions into our pipeline of projects in view of the shorter period of time in moving transactions from development to procurement and eventual commercial close,” he noted.

The ICRC has also reduced the approval process from two Federal Executive Council FEC approvals to one Full Business Case approval.

“This is a major effort that has reduced the time to fruition of projects and also overall accelerates transactions in the PPP space in the economy,” Izuwa.

In 2017, the ICRC with support from the World Bank launched the first PPP Disclosure Portal in the World, equally noted, adding that the ICRC targets to ensure that PPPs in Nigeria truly become Prosperity Propelling Partnerships

(PPP).

Izuwa said Indonesia, which has accomplished so much in just a few years, serves as a good example for Nigeria which is still struggling to meet up with its huge infrastructure need.

Responding, Harahap said he has been working with the Nigerian government as well as states for the last one and half year to strengthen the bilateral relationship between the two countries, especially on the economy.

He however noted, there are still areas of cooperation, including infrastructure that can be further initiated and explored.

His words, “Today’s meeting is very important especially bringing closer our look to the possibility of us helping complete and further enhance cooperation on infrastructure project.

COVID-19: Caverton’s revenue drops by 5% FG targets efficient service delivery with pandemic sweeping across the inauguration of RMAFC board, others IFEOMA OKEKE

C

averton Offshore Support Group Plc, (COSG), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has announced its unaudited first quarter end results for 2020.

The results show a profit before tax of N585million, and an after-tax profit of N427million.

According to the report, revenue went down by five per cent, while direct operating costs increased by 19 per cent supporting the earnings per share which also dropped by 46 per cent when compared to 2019 quarter one.

Commenting on the recent events, Bode Makanjuola, COSG’s chief executive officer, said: “Coming off the back of a good year end we were looking forward to the next decade with immense optimism. Our maintenance, repair and overall (MRO) facility was due for completion and we were to take delivery of the first ever helicopter flight simulator in sub Saharan Africa.

“We also anticipated good fortunes for our marine business, as we had been pre qualified for a number of contracts.

Unfortunately the corona virus

globe has turned 2020 to an annus horribilis and pushed project dates back and potential contraction and indefinite suspension of some contracts.

“As we all come to terms with the unprecedented effect of the pandemic and its negative impact on our economy, financial prudence is our watchword. We are mindful these are extremely challenging times but we remain resolute to maintaining the same level of service our clients are accustomed to whilst preserving shareholder value,” he said.

Group financial highlights include revenue for 2020 is N7.9b, (N8.3b March 2019); Operating Profit, (excluding other income), is N912m, (N1.6bn March 2019); EBITDA for the period is N2.14bn, (N2.16bn March 2019); Profit before tax of N585m, (N1.2bn March 2019) and EPS is 13kobo, (24 kobo March 2019).

The company has profitability ratios of Gross Margin of 28 percent (43percent March 2019); EBITDA Margin of 27 percent (26 percent March 2019); Net Profit Margin of 5percent (10percent, March 2019) and EBIT/Interest Expense of 2.38x, (3.61x March 2019).

https://www.facebook.com/businessdayng

TONY AILEMEN, Abuja

T

he Federal Government’s push for an efficient public service was strengthened on Thursday with the inauguration of chairmen and members of boards of Federal Character Commission (FCC), Federal Civil Service Commission (FCSC) and the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC): This is especially as the boards have their responsibilities enshrined in the constitution Secretary to the Government of the Federation (SGF), Boss Mustapha, speaking after the boards were inaugurated, said the Revenue Mobilisation, Allocation And Fiscal Commission (RMAFC), has “a very critical role to play, particularly how that we have very serious shortfall in our earnings” “The essence of the revenue mobilisation is to look at the non-oil sector particularly in terms of mobilising revenue for the country. I believe @Businessdayng

that now that they have full compliment of their membership, they should be able to give it the necessary drive.

On the Federal Character Commission (FCC), Mustapha said the institution has the responsibility of looking at the federal civil service in terms of employment, promotion, capacity, adding that “we need a new civil service to take us to the next level “The Federal Character Commission particularly has the responsibilities in the constitution which is very fundamental to ensuring equitable distribution of not only offices but even amenities and benefits and welfare to the people of the country.

He said the “organisations have many things to do in terms of re-energising the system” Members of RMAFC, include Ahmed Yusuf ( Taraba)Bello Wamakko from (Sokoto),Oladele Gboyega (Osun), Adamu Dibai ( Borno), Alfred Egba (Bayelsa), and Hajiya Salamatu Bala (Adamawa)

Friday 03 July 2020

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

7

8

Friday 03 July 2020

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 03 July 2020

BUSINESS DAY

comment

9

comment is free

Send 800word comments to comment@businessday.ng

The art of gifting

Tales from the main road

Eugenia Abu

M

y mum, Josephine Amodu, bless her soul, will always remind me that we are going to visit a family who has been bereaved or just had a baby. Usually, she would also remind me that we have to take a gift. So, we will scour the market for an appropriate gift if it was a birth, and cartons of water or drinks, if it was a passing.

I learnt from my mum that giving is noble and sustains relationships.

Woe betide you if you ever showed me kindness or any of her children for that matter. Amodu will be on her way from Zaria to Kaduna with a car boot full of yams.

Sometimes when we were living in Makurdi she would travel the miles to thank someone for their kindness with a basket of fish. Thankfulness and gratitude, my mother would say avail much. And sometimes, you do not have to have given her anything and she will turn up in your home with a basket of fruits. I benefitted this quality from my mum and learnt that no one is too rich not to cherish a gift and too poor not to give. I have seen the generosity of people who are struggling and it is beautiful. It is akin to the widows’ mite in the bible. The lowly often give the last of what they have. The rich on the other hand can

be very stingy with their charity.

It was said that Mother Theresa when gifted with rice at a difficult time, walked across the road to share with her Muslim neighbours. Giving has no barriers. It does not know ethnicity, nor class. Have a heart of giving no matter who is involved. Be led to give and don’t give as precursor to receiving. Give without a thought as to what you can get back. It is said in the holy books that we should try and not reward our enemies with the evil they showed us but to be kind for if we are kind to only those who are our friends, we have not done much because it is expected that we will do that.

I remember a young man at the Nigerian Television Authority, NTA, when I was Executive Director programmes, who I had never met but suddenly had his case on my table.

He had made a grievous mistake. He had failed to punch off a computer button where he was carrying out a dub. What then happened was unimaginable. The premium 9pm NTA Network news went out with the correct pictures but with the audio from his computer which had nothing to do with the news. It was unprecedented and a crime that could cost him his job. Worse still it went on for all of nearly seven minutes. I received calls from top level persons drawing my attention and calls also went to the Director General before the young man realised what had happened. It was a difficult day and preparations were on for heads to roll.

Although the young man did not work with me directly, he was on my nominal roll and posted to a station.

Things went very quickly without me.

He was first of all suspended while the investigations were going on. I sent for

him and near tears, he narrated his story. He had been given an assignment by his immediate boss which he was doing on the computer and had no idea it was going out. I asked him to explain himself in writing to management and apologise promising that it will never happen again. Also, to say his boss had also given him a deadline to complete an assignment which was why the work on the computer was going on simultaneously with his operational duties.

To my utter shock and horror, this boss in question who was also my staff denied that she gave him anything to do because as I later found out it was something personal, she asked him to do something which jeopardised his official assignment. She could not rise as a human being and did a Judas on him. In the meantime, the hawks were circling calling for his head. Anticipating a big hammer on his head, he came to tell me all these happenstances. I wrote to the DG pleading for mercy. I also found that those other colleagues of his who could have helped to mitigate the disaster as members of the team failed to show up for duty on the day. Operational areas especially in broadcasting and transmission are team led and where there are awkward moments, another team member can save the situation.

In this case before, during and after the disaster, they left him out to dry.

I pursued his case relentlessly and did not give up until at least he got a fair hearing. He was reinstated but sadly was demoted. Be that as it may, he was thankful. One day to show his gratitude, he turned up in my office carrying a live chicken. It was amazing.

As he went on his knees. I felt a lump in my throat. My mum, he said, says I

‘

Gifting is a very special assignment giving to humanity. It melts hearts, elevates people and elicits prayers.

Nothing is more beautiful than receiving a gift from the most unlikely person and cherishing that moment for the rest of your life

should give you this. She says she will always pray for you and will never forget you. It was my biggest and most important gift that month. A live chicken from a woman I did not know and had never met. She says she does not have much, her son said, but this is from her heart.

Gifting is a very special assignment giving to humanity. It melts hearts, elevates people and elicits prayers.

Nothing is more beautiful than receiving a gift from the most unlikely person and cherishing that moment for the rest of your life. When children pick you out of all their parent’s visitors and give you their favourite toy, worn and bald if it used to have hair, it’s one of the most beautiful things in the world.

Sometimes it’s a spittle filled biscuit which is dear to them and they offer you. It’s a gift of the spirit. You may not eat it because it is so gooey but accept it with mirth.

Giving fills hearts with joy and underlines the articulate point of faith that says it is better to give than to receive.

Gift all the time. Your guard, an orphanage, some rice to the needy. Your store is bursting at the seams. Give so you can receive the reward of giving from God himself.

Always remember to say thank you. A little note, a little gift. Do not wait until you need another favour from someone before you show your thankfulness. Spread some joy. Give for no reason during this pandemic.

You do not know where it pinches the receiver. Spread joy... It is a good thing.

Eugenia Abu is a broadcaster, writer, trainer, brand and multimedia strategy expert and media consultant.

Email: abu_eugenia@yahoo.com Phone number: 08033109820

Wash your hands off the matter or wash your hands of the matter: Grammar and prepositions

D

espite being a closed-system word class that does not admit new words into its fold, prepositions, which are words used to connect or show the relationship between nouns/pronouns and other words, can be arguably described as the most problematic part of speech to master by both native and second language users of English.

On the heels of this standpoint, this article will deliver commentaries on some of the widespread errors associated with the use of prepositions, in three categories. In other words, I shall rigorously discuss inappropriately used prepositions, incorrectly inserted prepositions and wrongly omitted prepositions.

First off, there are considerable instances of inappropriately used prepositions. On this account, the vast readership should be mindful of the fact that the use of certain prepositions is idiomatic in nature. Consequent upon the aforementioned, such usages are unalterable and invariably unquestionable. For instance, to intentionally cease to be involved with something or someone is to wash one’s hands OF somebody/something; not wash one’s hands OFF somebody/something. In a similar vein, when peoples’ predictions, postulates, verdicts and the like are inaccurate, they are aptly regarded as wide OF the mark; not wide OFF the mark.

Not only that, I reasonably presume that you will not frown ON these new grammatical discoveries. At this juncture, it is incumbent upon me to apprise zealous learners that there is a discernible difference between “frown on/upon” and “frown at” and, as such, they shouldn’t be engaged arbitrarily. For clarity’s sake, frown AT is deployed to portray a furious, serious or apprehensive countenance. Frown ON/UPON, on the other hand, is used to express displeasure or

voice condemnation. Thus, “James frowned ‘at’ his dog for leaving his bedroom in a shamble,” while “Dr GAB frowns ‘on/upon’ inexcusable grammatical gaffes.” That said, with an unwavering resolve, you, too, can become an authority ON English grammar.

On this score, it is of paramount importance to note that one can be an authority ON — not IN — an area of competence. Astonishingly, however, the synonyms of authority, “expert” and “specialist,” are collocates with IN. Alternatively, thus, Dr GAB can be regarded as an expert/ specialist IN English language. Such are the dynamics of prepositions that I must put you to the wise that things are cut IN half/two, and not INTO half/two, as often mentioned by the vast majority. Notwithstanding this, it is grammatically admissible to cut things INTO pieces, slices and crumbs. Accordingly, we cut a pineapple IN two but cut bread INTO slices. Besides, it is essential to clarify that, sometimes, quarrels result IN (not INTO) fisticuffs; some people dabble IN (not INTO) politics; and children gain admission TO (not INTO) educational institutions. Let me exercise my prerogative to round off this first segment by stating in express terms that you call people liars IN/WITHIN other people’s hearing, and not TO their hearing. Moreover, some people become instrumental IN other humans’ downfall; not TO their downfall.

Do you really covet this appreciable mastery of English grammar? If yes, then it is about time you buckled DOWN; not buckled UP. For specifics, to undertake a task with determination is to “buckle down,” while to fasten one’s seat belt is to “buckle up.”

Moving on, it is imperative to desist from adding prepositions to some transitive verbs.

This is because, for the most part, transitive verbs www.businessday.ng

are not succeeded by prepositions. In particular, to ask for something is to “demand” it, and not “demand for” it. In addition, “Tinuke ‘orders’ (not ‘orders for’) pizza every other day,” while “Senator Patrick has ‘contested’ (not ‘contested for’) the election twice.” Likewise, it behoves you to “request” things, and not “request for” them. Other classic examples of such transitive verbs are “source” (not “source for”); leverage, consolidate, stress and emphasise (not “leverage on/consolidate on/stress on/emphasise on”); “voice” (not “voice out”) and “heed” (not “heed to”). It is, nevertheless, worthy of note that when some of these words are deployed as nouns, they can admit prepositions.

Such nouns include “demand,” “request,” “order,” “contest,” and “emphasis.” That being the case, you can make a “demand (noun) for” or a “request (noun) for” something. Similarly, I could say: “Who placed an ‘order (noun) for’ a taxi?” “He lays ‘emphasis (noun) on’ adopting a healthy lifestyle” and “The ‘contest (noun) for’ the most beautiful girl is in the offing.” On top of all that, some phrasal verbs can be contextually right in some circumstances and wrong in other situations. For instance, to physically walk into a building is to “enter” the place, and not to “enter into” same. In striking contrast, one can “enter into” an agreement, a contract, an alliance, negotiations, a dialogue, disputes, a transaction, a treaty, partnership, a pact or correspondence with another individual or organisation.

It is pertinent to equally throw the spotlight on a few instances of erroneous omission of prepositions in English usage. Everyone who cares about standard English should note that we “dispose of” things that we do not need, and not just “dispose” them. Equally, don’t forget to infuse the preposition TO, whenever you enlist the verbs “enable”

https://www.facebook.com/businessdayng

The Gift of Gab

Ganiu Bamgbose and “allow” into expressions. That is: “Getting an excellent education will enable you ‘to’ interact brilliantly with your counterparts.” Mark you, I didn’t write: “...will enable you interact...” Furthermore, “My father didn’t allow me ‘to’ visit my friends;” not “...allow me visit...”

Last but not least, take cognisance of the fact that “comprise” should be used without “of” in the active form, as in, “Nigeria ‘comprises’ (not ‘comprises of’) 774 LGAs.” By comparison, when comprise is used in the passive (the verb “be” plus “comprised”), it can admit “of.” As such, it is grammatically spot on to say, “My establishment is (the verb ‘be’) ‘comprised of’ six parts.” The rule, here, is that something “comprises” other things or something “is comprised of” other things. Meanwhile, the verb “consist” always collocates with “of,” and doesn’t exist in the passive form. Hence, say, “My family ‘consists of’ nine people.” Don’t say, “My family ‘is consisted of’ nine people.”

Dr Bamgbose (Dr GAB) has a PhD in English and lectures at the Pan-Atlantic University, Lagos. He is a social commentator who writes on different issues of national concern and the author of daily online English lessons titled “English for Today” with hundreds of lessons available on his website www.englishdietng.com.

@Businessdayng

10

Friday 03 July 2020

BUSINESS DAY

comment

comment is free

Send 800word comments to comment@businessday.ng

Why we must heed the IMF and World Bank warnings THE NEW WEALTH OF NATIONS

Obadiah Mailafia

W

ithin days of each other, the Washington institutions – the International Monetary Fund (IMF) and the World Bank (WB) – have both warned that our economy is heading towards a massive recession. Both agree that the novel coronavirus pandemic and the ensuing lockdown have had a heavy impact on macroeconomic growth, poverty and on our human and development prospects. The two international financial institutions are never known for any frivolity. Their warnings ought to be taken seriously by our economic managers.

The IMF announced that our economy would undergo a deeper contraction of 5.4 percent rather than the more optimistic contraction of 3.4 percent that was earlier projected in April. However, they are forecasting a rebound of 2.6 percent in the coming year of 2021.

The Fund explains that their downward revision of their earlier forecast is informed by the larger than expected turbulence in global value chains occasioned by the novel coronavirus and its accompanying disruptive impact on international trade and the global aggregate demand for goods and services.

As if this is any comfort, the IMF projects the South African economy will fare worse than Nigeria’s, with a projected decline of a whopping -8.0 percent in 2020, although expected to do better in its rebound forecasted at 3.5 percent for 2021.

The Fund’s Chief Economist Gita Gopinath was quoted as saying, “our

projection for sub-Saharan Africa overall is a negative 3.2 percent in 2020 with a recovery in 2021 of 3.4 percent.” The general position of the Fund is that the poorer developing countries will fare worse than their advanced industrial counterparts because of their lower level of diversification and their weaker capacity in terms of resilience: “…for many countries that are staring out at lower per capita income levels when you have a growth hit of 3 percentage points, the distress that it causes in peoples lives is in a bigger magnitude than a similar decline for an advanced economy so these are very difficult times…With the relentless spread of the pandemic, prospects of long-lasting negative consequences for livelihoods, job security and inequality have grown more daunting”.

On its part, the World Bank warns that the collapse in oil prices, together with the Covid-19 pandemic, will plunge the Nigerian economy into its worst economic recession since the 1980s. The WB, in its report, “Nigeria In Times of COVID-19: Laying Foundations for a Strong Recovery,” forecasts a likely contraction of 3.2 percent in 2020, which is only very marginally more optimistic than the IMF’s forecasted contraction of 3.4 percent. The WB’s forecast assumes that the spread of the pandemic Nigeria would be contained by the third quarter of 2020. However, if the spread of the novel pandemic gets worse, the economy is likely to contract even further.

Even before the outbreak of the pandemic, the Nigerian economy was forecasted to grow at a modest 2.1 percent in 2020, a figure that is way below the demographic average annual growth of 3.2 percent.

Much appears to be hinged on what happens to oil, which still accounts for over 90 percent of foreign earnings and at least 50 percent of government revenues. Oil also accounts for 30 percent of commercial banking credit.

For much of this year, oil prices have plummeted to as low $12 per barrel before inching upwards to the current

$40 per barrel today.

The WB also notes that the pandemic has led to a fall in FDI and portfolio investments, even as capital flight continues to dampen stock exchange activities. More pressures on the Naira may further weaken the exchange rate, which in turn will inevitably spur inflationary pressures.

As an international development finance institution, the WB pays particular attention to the human costs of world economic conditions. The bank predicts that, bbeyond the loss of life, the novel coronavirus shock alone is forecasted to push some 5 million more Nigerians into poverty this year. Before the pandemic, the number of the poor was ordinarily expected to increase by about 2 million as a consequence of normal population growth which continues to outstrip the current macroeconomic growth trajectory.

This would mean that the additional 5 million in addition to the normal expected 2 million, will mean an additional 7 million that will fall into the conditions of poverty as internationally defined. From my own calculations of 96 million poor in 2019, there will be a staggering 103 million poor people in Nigeria in 2020. Inevitably, the worst affected will be the most vulnerable segments of society – women, children, the elderly and the infirm.

There is also the worsening for employment. The WB reported that more than 40 percent of Nigerians employed in non-farm enterprises reported a loss of income during April-May of this year.

There is also the inevitable fall in remittances which is likely to translate into lower levels of household consumption in those sections of the society that depend on remittances from family and relations living abroad. Massive losses in manufacturing and services and the impact of the lockdown during this rainy season could also mean lower agrarian productivity and falling incomes for rural dwellers.

Linked to this is a fact that both the IMF and WB have shied away from mentioning. During the lockdown in

‘

Things are very difficult for our government.

Revenues have plummeted precipitously.

There is massive hemorrhage, rent-seeking and corruption everywhere. The anti-corruption strategy has itself become an instrument of corruption.

There is no man with enough cojos and brains to get things fixed and to call the bluff of every crook in that administration

Nigeria, rural bandits and shadowy herdsmen militias have moved into the rural parts of the Middle Belt, which is the bread basket of the country.

They have wreaked havoc in terms of a scorched earth policy of killing, raping and land grabbing. Many farmers are finding it difficult to return to their farms during this crucial planting season. Also increasingly affected are States such as Katsina and Sokoto, where killings have increased in recent times. If care is not taken what we may face is not only a massive recession but also creeping famine and widespread food insecurity.

Lead Economist and one of the authors of the WB report, Marco Hernandez, notes that, “The unprecedented crisis requires an equally unprecedented policy response from the entire Nigerian public sector, in collaboration with the private sector, to save lives, protect livelihoods, and lay the foundations for a strong economic recovery”.

I consider myself neither a “wailer” nor a professional armchair critic.

Wherever government does well, we ought to be generous with our commendations. And whenever they err, it is our bounden and patriotic duty to point out those errors and to point the way. It was former American Secretary of State, Henry Kissinger, who famously observed that “political office taxes intellectual capital”. I have always known that it is far easier to stand outside while criticizing the smoke inside the kitchen.

When you are inside the arena while battling a nightmare combination of imponderables, you have more reason be moderate and restrained in your criticisms.

Note: The rest of this article continues in the online edition of Business Day @https://businessday.ng Dr. Mailafia is a former Deputy Governor of the Central Bank of Nigeria, a development economist and public finance expert with a DPhil from Oxford obmailafia@gmail.com; 08036590990 (text messages only)

Diversity, inclusion and the challenges

W

elcome to the third quarter of this year. This year has been described as a very interesting year. So much has happened and a lot more is expected to happen. Have you taken stock of what this year has meant for you? Please do if you have not already done so.

Today we are looking at Diversity and Inclusion in the workplace. This refers to what happens in an organisation that intentionally employs a workforce composed of individuals of varying gender ,religion , age, ethnicity, education and other attributes. Diversity therefore just means the similarities and differences amongst employees.

People are different enough taking into consideration gender, culture, race , social and psychological characteristics but also in their perspectives and prejudices. Diversity makes the work force heterogeneous. Employing a diversified workforce is a necessity for every organisation that wants to succeed, however to manage such a diversified workforce can also be a big challenge for management.

Focusing on diversity and inclusion is not only the smart thing to do for your business but also the right thing to do for humanity. There are all kinds of benefits, both tangible and intangible, internal and external. Implementation is however a challenge. Diversity hiring brings a fresh array of perspective to the table. This can lead to better problem-solving and increased productivity. It is tantamount to when you’re

looking for something sending everybody in the same direction as opposed to having people go in different directions where they are likely to find more solutions quicker.

Sometimes the idea of bringing in a new perspective seems to intimidate people and they may feel potential awkwardness. However research has shown that companies that bring in diversity see a 60 percent improvement in decision making abilities. Everybody bringing their own realities to bear makes problem solving easier.

Employees are no longer simply looking for a 9-to-5 job that pays well. They are looking for space where they can grow, feel accepted and be challenged. That is why a company that embraces diversity will attract a wider range of candidates who are looking for a progressive place to work therefore diverse companies are more likely to attract the best talent Also, a company that is actively looking for diversity candidates will have access to a wider talent pool. While companies should always be selective about who they hire, being overly selective about traits that do not matter will significantly decrease the number of people they can consider, therefore making the pool very small. Therefore, embracing diversity in background, thought, ethnicity and other factors are key to finding good help.

The same reason that makes strategy meetings have better results when they are held offsite or when there’s a change of pace that makes a hitherto difficult problem seemingly easy to

www.businessday.ng

resolve. Recent study has found that companies who score well on indicators of diversity tend to be much more innovative When employees see a representation of a variety of cultures backgrounds and ways of thinking they are more likely to feel comfortable being themselves. This in turn leads to happier, more productive employees. On the other hand, research has found that a strong homogeneous culture can stifle natural cognitive diversity due to the pressure to conform. If employees don’t feel like they can be themselves at work they are more likely to fear rejection and may not produce their best work.

Research shows that diverse teams perform better and bring in more profits. In 2015 McKinsey (an American consulting firm) produced a report for 366 companies in America and found that those who were racially diverse in management, were 35 percent more likely to have financial returns above their industry standard. Additionally, those in the top quartile for gender diversity are 15 percent more likely to have returns above the industry standard.

Another study found that companies with diverse executive boards have a 95 percent higher return on equity than Companies with homogeneous boards there was a direct correlation that increasing the diversity of the leadership team lead to improved financial performance Challenges of diversity Aligning diversity practices with unique

https://www.facebook.com/businessdayng

Olamide Balogun organisational goals and implementing diversity in the workplace is a big commitment and unfortunately there’s no handbook that you can copy and paste from.

The diversity program must align with the unique set of goals of your organisation which means taking into account the specific culture you have. While figuring out your approach don’t just copy what you see in your industry.

For example, if you already have a diverse ethnic workforce, it doesn’t make sense to create an objective around increasing those numbers simply because that’s what other companies are doing. Focus on another aspect of diversity that will leverage on your existing strengths.

For example, you can move from ethnicity to gender. Consider using a diversity focus survey to identify your specific gaps

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Balogun is the founder of Box & Cedar Ltd a boutique Recruitment and HR Consulting firm Www.boxandcedar.com

@Businessdayng

Friday 03 July 2020

BUSINESS DAY

comment

11

comment is free

Send 800word comments to comment@businessday.ng

Dateline Lagos 1925-1931 – the gunpowder plot HumanAngle

Femi olugbile

1

931. It was clear that the end of the road had been reached as far as His Majesty King George V’s government was concerned. The final ruling of the Privy Council in London, just announced, effectively cut the ground from under the feet of the government and judiciary of the colonial territory of Nigeria.

For Governor Graeme Thomson, it was a most bitter pill to swallow.

The matter of Eshugbayi Eleko had become a sore point. Technically it was beneath him, to be dealt with by the Resident of the Colony, BirrellGray, working under the direction of Baddeley, the Officer Administering the Government. In reality, the conclusion of the proceedings in London was an unexpected rebuke which he took personally, especially as it came in the twilight of his stay in Nigeria.

The matter had occupied his time and virtually soaked up all the oxygen in the atmosphere since he took over from his predecessor, Hugh Clifford as Governor of the country six years ago.

Frankly, he was looking forward to his next posting, of which he had just

been apprised. He was going to be the 26th Governor of British Ceylon. Asia, with all the difficulties it portended, would be a welcome relief from the endless intrigues of Lagos, and Nigeria.

The treaty ceding Lagos to Her Majesty Queen Victoria did not speak of the local chief as “King” and merely placed the incumbent Prince on a stipend for his lifetime. But that seemed to matter not a jot to these people.

At the height of the Lagos troubles, after His Majesty’s government decided that Eshugbayi had to go and followed up firmly by sending him into exile in Oyo Province, the government had gone to the trouble of ensuring the buy-in of the traditional kingmakers in choosing an appropriate replacement among other Princes.

For a moment, they had thought the worst was over and the government could now concentrate on the finer points of governance.

As the days passed, it became obvious that Eshugbayi’s supporters were not about to let sleeping dogs lie. A visceral us-and-them slugging match ensued.

The agitators challenged the government all the way to the Nigerian Supreme Court and also took their agitation to the court of public opinion, trumpeting up accusations against the government, especially in Herbert Macaulay’s “The Lagos Daily News”.

They queried the governor’s authority to carry out the deposition and deportation of their monarch.

When the Nigerian court found against them, they had the audacity to take their case to the Privy Council in London.

The council reviewed the matter and directed the Lagos judiciary to hear the case again. This was in 1928.

What had him, Graeme Thomson, frothing at the mouth on this day, in 1931, six years after he signed the original order banishing Eshugbayi from Lagos was that Lagos was in festive excitement about the imminent triumphant return of Eshugbayi. It was a slap in the face that he felt keenly.

In delivering its final judgment, after the second appeal of the agitators, which followed the dismissal, again, of their case by the Lagos court for lack of merit, the Privy Council vacated the judgment of the Nigerian court and asked that the matter be revisited.

It was a coded way of telling Lagos that legal procedure was at an end, and a political solution would have to be found. The careers of local colonial officers, from the governor downwards, might depend on the adroitness with which a resolution was procured.

Gritting their teeth, swallowing their bile, His Majesty’s representatives in Lagos were faced with a Hobson’s choice. They would have to reinstate and recognise Eshugbayi Eleko as the head of the Docemo Ruling House.

But the greatest provocation of all had occurred three years ago, after the initial 1928 judgement of the Privy Council, which the opponents of government interpreted, prematurely, as a victory for their side. Herbert Macaulay, that gadfly in the colonial ointment, had caused to be published in his newspaper a rumour that a consignment of gunpowder had been spirited into Lagos through the Lagos quays by the enemies of Eshugbayi, led by Chief Obanikoro, with the collusion of His Majesty’s government, and that they were intent on bombing Eshugbayi Eleko’s motorcade when he rode back to reclaim his throne. The rumour spread like wildfire. On the streets,

‘

Nothing was beyond political arrangement in this vast land known as Nigeria. The man on the stool would be prevailed upon to volunteer to leave

some people began to point accusing fingers at suspected enemies and to abuse them. “Traitor!” “Murderer!”

At that point, Thomson had simply had enough. Someone would pay, dearly. And pay they did. Macaulay and his co-owner of the “The Lagos Daily News” Akinlade Caulcrick were charged with sedition before a Magistrate’s court.

Macaulay was sentenced to six months imprisonment with hard labour, without the option of fine. Caulcrick was fined five hundred pounds.

Thomson could admit to himself that he had felt a sense of quiet satisfaction to see Macaulay hauled off to the Lagos Prison.

But now, on this sunny day in 1931, things had come full circle. Macaulay had served his time and returned from prison emboldened, and more popular than ever among the masses of Lagos.

And the Privy Council had delivered this damning judgement, which effectively compelled the government to ease out the incumbent and restore Eshugbayi Eleko to Iga Idunganran.

To Thomson, it was worse than swallowing poison.

But it would be arranged. Nothing was beyond political arrangement in this vast land known as Nigeria. The man on the stool would be prevailed upon to “volunteer” to leave.

He sighed. He was thankful that his successor – Donald Cameron would be the one to deal with all that, and to continue to engage with the likes of Macaulay, perhaps all the way to eventual independence for Nigeria, who knew?

For him, duty called, elsewhere, and he was happy to get away from Lagos – the heat and the intrigues.

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

Leadership and conflict resolution

A

ccording to Cloke and Goldsmith every society, organisation, group and family creates a culture of conflict, a complex set of words, ideas, values, behaviours, attitudes, customs and rules that powerfully influence how its members think about and respond to conflict. Cultures of conflict are shaped in and by our experiences. They set parameters for what we believe is possible when we are in conflict and define what we can reasonably expect, both of ourselves and of others. Conflict shapes our capacity to think and ask questions, it alters how we see our opponents and ourselves, and tells us what is acceptable and what is not.

Every workplace and organisation, school and neighbourhood, family and relationship generate spoken and unspoken rules about what we should and should not say and do when we are in conflict.

How to resolve conflicts as a leader Identify the source of the conflict: by investigating the root of the conflict, it becomes easy to weed out the issues. Sometimes, conflict stems from mundane things that were overlooked over a period until it became a toxic situation. As a leader, it is very vital that you discover the cause of any conflict on time and pre-empt the possible consequences. Do not let negativity thrive in your organisation because it is very easy for issues to escalate than it is to restore peace after a disagreement.

Tackle the problem not the person: when conflict arises, an important thing to note is that it doesn’t in any way, portray those involved as problematic or malicious. A disagreement between two or more people doesn’t make them the problem of any workplace; it simply means that there is a problem to be addressed before it festers. So, the people involved should not be berated for the ruckus, rather there should be a mindset shift that enables them to see the

problem for what it is. This will inspire them to jointly seek a solution rather than trying to turn the workplace into a war zone.

Promote unrestricted communication: allow your team members to air their grievances and express how they feel. The pent-up resentment as a result of long-term silence needs to be released. It could be a one-on-one interactive session between you and the employee involved or a closed town hall meeting between you and all the parties involved. Voices may be raised and emotions may be all over the place, but one thing is certain: communication will help unburden the weight of the conflict and provide clarity to the cause of the conflict. This will further guide you as a leader to seek the right solution to handle the matter.

Seek solution: once those involved in the conflict have poured their hearts’ contents, and you have identified the root of the dispute, the subsequent step is to proffer a balanced solution to the challenge at hand. This should be done without judgement or bias and assessing the situation with all honesty before arriving at a decision that will settle the disagreements for good.

Find a common ground for both parties: in the process of reconciliation, avoid proffering solutions that will make a party feel cheated and the other celebrating victoriously. It paints a picture of uneven conflict resolution that will stir a ruckus sometime in the future. It is your duty as a leader to find a balanced approach to the conflict at hand so that at the end of the day, the matter becomes amicably solved and both parties have a better understanding of how to avoid similar conflicts in the future.

Things to do as a leader while resolving conflicts Listen to both parties without bias: everyone wants to be heard, irrespective of what they have to say. This holds true especially during

www.businessday.ng

an argument where opinions are contrasting, and everyone thinks they are right. It is your duty as a leader to grant them an audience so you can deduce the cause of the disagreement and how it can be resolved quickly. Listen to your employees’ concerns with objectivity, take note of their complaints and acknowledge it.

Even though you may not have the solution at that moment, ensure that they see that you are genuinely interested in making things work out and promoting peace.

Do not pass an instant verdict: take time to reflect on every complaint and grievances that have been expressed. If the issues are weighty and may require convening another meeting within the shortest possible time, then adjourn the current meeting and propose a later date.

This will help you as a leader to carefully evaluate the situation and choose the best possible solution to quell the brewing conflict. Do not be pressured to pass an instant verdict during the heat of the moment, you could make biased decisions that could further complicate the situation at hand.

Maintain order while resolving conflict: while resolving conflicts, things can go from subtle to confrontational in a flash. Raised voices and verbal assaults will only do more harm than good. Rather than resolve the conflict, it will further aggravate the parties involved and increase tension which is an indicator that the situation is worsening. The ability to remain calm and maintain order during a heated debate is one of the traits of a competent leader. You wouldn’t want things to spiral out of control while seeking a way out. Therefore, you should master the art of serenity in every situation.

Draw out the lessons: behind every conflict is a timely lesson to be learnt and new adjustments to be made. As a leader, do not be overwhelmed by the enormity of the conflict that you

https://www.facebook.com/businessdayng

Toye Sobande overlook the lessons to be learnt which can be applied in your next attempt at conflict resolution in the workplace. Cementing the bond between your subordinates is important but sensitivity to the practical life lessons to be discovered in every conflict is also important. Do not miss this.

Leaders should not be afraid of conflicts or try to shy away from it; with every conflict you resolve, comes a better knowledge of human relation and conflict management.

Conflicts are like storms; you cannot stop them from happening, but you can safely and expertly navigate your organisation out of it, so it won’t sink your organisation. Rather than see it as a threat to the success of your organisation, maximise every conflict phase to iron out issues between your subordinates and foster peace.

It is not the conflict in its entirety that poses a threat to the success of any organisation, it is the leader’s final action and the conflict resolution techniques put in place that will determine if the conflict will cause long term devastating effects or unite the workplace eventually. If we humans remain, there will be disagreement and diverse point of views. How you handle this is another rest of your leadership.

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

@Businessdayng

12

Friday 03 July 2020

BUSINESS DAY

Editorial Frank Aigbogun

Nigerians feel economic cost of COVID-19

editor Patrick Atuanya

Many are broke, hungry and unemployed

Publisher/Editor-in-chief

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

Bashir Ibrahim Hassan

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

N

igerian households won’t forget 2020 in a hurry after the painful effect of the COVID-19 pandemic on their health and livelihood.

The year has brought so much hardship on households, worsening further an existing precarious state of life due to fundamental socio-economic challenges Nigeria was battling.

Similarly, the pandemic has weakened the ability of the federal government to ease the sufferings of households. Since the outbreak of the COVID-19 pandemic, global oil prices have plunged by 60 percent as demand for oil slumped amid a global oil glut. Money earned from oil accounts for over 70 percent of the revenue of the federal government, weakening further the already feeble knees of the Nigerian economy.

To this end the federal government has little or no resources available to simultaneously combat the public health crisis of COVID-19 and a weakening economy.

Invariably, devastating shocks such as the COVID-19 pandemic disrupt growth trends of an economy and households bear most of the brunt.

When the economy dips and businesses struggle, households suffer lower disposable income affecting consumption budget; when there is a health crisis, households suffer still.

In a survey by the National Bureau of Statistics (NBS): Nigeria COVID-19 National Longitudinal Phone Survey (COVID NLPS), households said they were concerned about the health and financial impact of the pandemic. According to the survey, 78 percent of respondents were worried about themselves or their family members becoming seriously ill from the coronavirus, while 92 percent saw the coronavirus as a threat to their finances.

These worries are justified given the underdeveloped and underfunded state of the Nigerian healthcare system and slow business activities experienced by firms. Forty-two percent of respondents reported not currently working due to COVID-19 while 79 percent reported that their households’ total income had decreased since mid-March.

Companies without enough cash have been unable to keep their staff on payroll; most have either sacked some of their workers or halve their salaries.

This is coming at a time when

Nigeria is experiencing a simultaneous increase in inflation despite rise in unemployment rate and stagnant or declining economic output, what economists call stagflation.

Nigeria’s inflation rate which measures general increase in prices and fall in purchasing value of money – largely supply side driven – has remained above 9 percent upper limit of the CBN target for five years now, rising to 12.40 percent in May 2020 as food inflation quickened to 15.04 percent, the highest rate since March 2018. A higher inflation rate means the purchasing power of households with a low income in periods like this is eroded further, making them worse off.

Measures to curb the spread of the virus such as a ban on interstate travel coupled with the pre-pandemic clashes between herders and farmers have made staple foods like yam, rice and beans more expensive. Half of households in the NBS survey said they reduced food consumption because they were running out of cash or had lost their job.

The sudden surge in food prices this year is the worst economic shock households have had to face since 2017. To soften the impact of this economic shock on households,

boosting food supply and tackling insecurity are important steps to keep prices in check.

Worse still, the daily surge in COVID-19 numbers especially in Lagos state - the commercial hub of Nigeria - may spell more woes on households if spread of the virus is not curbed. If surge persists, the Lagos state government may result in imposing another lockdown measure which will further slowdown or halt business activities.

This means more threat on households’ jobs and income.

While some countries of the world have begun experiencing the second wave of the pandemic, weakening further their health systems, such experience can be best imagined in Nigeria which still battles its first wave. A second wave of the virus in Nigeria would overwhelm further her health system and may see Nigeria record more fatality rate.

Public sector interventions, initiatives of private and nongovernmental organisations must bear in mind that Nigerian households are important to the economic growth of Nigeria -household consumption accounts for more than 70 percent of the economy.

Providing stimulus for businesses is a good idea but they need consumers with money to buy their products.

EDITORIAL ADVISORY BOARD Imo Itsueli Mohammed Hayatudeen Afolabi Oladele Vincent Maduka Opeyemi Agbaje Amina Oyagbola Bolanle Onagoruwa Fola Laoye Chuka Mordi Mezuo Nwuneli Charles Anudu Tunji Adegbesan Eyo Ekpo Wiebe Boer Paul Arinze Boye Olusanya Ayo Gbeleyi Haruna Jalo-Waziri Clement Isong

Enquiries NEWS ROOM 08169609331 08116759816 08033160837

} Lagos Abuja

ADVERTISING 01-2799110 08033225506 SUBSCRIPTIONS 01-2799101 07032496069 07054563299 DIGITAL SERVICES 08026011296 www.businessday.ng The Brook, 6 Point Road, GRA, Apapa, Lagos, Nigeria.

01-2799100 Legal Advisers The Law Union

OUR Core Values

Mission Statement To be a diversified provider of superior business, financial and management intelligence across platforms accessible to our customers anywhere in the world.

BusinessDay avidly thrives on the mainstay of our core values of being The Fourth Estate, Credible, Independent, Entrepreneurial and Purpose-Driven.

• The Fourth Estate: We take pride in being guarantors of liberal economic thought • Credible: We believe in the principle of being objective, fair and fact-based • Independent: Our quest for liberal economic thought means that we are independent of private and public interests.

• Entrepreneurial: We constantly search for new opportunities, maintaining the highest ethical standards in all we do • Purpose-Driven: We are committed to assembling a team of highly talented and motivated people that share our vision, while treating them with respect and fairness. www.businessday.ng

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 03 July 2020

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

13

14

Friday 03 July 2020

BUSINESS DAY

COMPANIES&MARKETS EQUITIES

Guinness shares hit all-time low after full-year revenue warning OLUFIKAYO OWOEYE

S

hares of Guinness Nigeria traded at N13.95 on Thursday, an all-time low as investors dump shares of the beer maker after it released a profit warning ahead of its full-year financial result release.

Diageo-owned Guinness Nigeria plc on issued a revenue warning ahead of the release of its full-year audited financial result for the period ended 30th June.

According to the brewer, the adverse impact of the sharp contraction in economic activities and the knock-on effect of the COVID-19 lockdown took a toll on the on-trade segment of its business across all markets with production and revenues have been negatively affected.

The brewers of Origin drink said it carried out a comprehensive review of its asset base and made a

strategic decision to impair a certain category of assets, which were generating suboptimal returns, in line with the company’s the longterm strategy of delivering

value to shareholders.

“Due to a combination of the impact of COVID-19 and the asset impairment, we expect the profitability of the Company for the Fi-

nancial Year to 30th June 2020 to be impacted. The Company’s balance sheet however remains strong, and this gives the Board the confidence that the Compa-

ny has the right resources to continue to deliver the strategy,” the statement said.

The audited financial results for the year as approved by the Board will be

L-R: Charles Babarimisa, head sales B2C; Bola Adeniji, head, marketing, B2C; Nitin Mehta, vice president, business head B2C, and Bolaji Anifowose, vice president, commercial, all of Crown Flour Mill Ltd; at the launch of Crown Premium Pasta at the Crown Flour Mill Pasta Factory, Ikorodu.

published in accordance with extant rules and guidelines after the completion of the year-end audit in the month of August 2020.

Guinness reported revenue of N96.08 billion for the nine months that ended March 31, 2020, showing a fall of 5.3% compared with N101.40 billion recorded in the corresponding year of 2019.

In a d d i t i o n , f i na n cing cost rose by 97% to N3.582 billion compared to N1.817 billion recorded in 2019. Guinness Nigeria PLC ended the period with a profit after-tax of N1.672 billion, plunging by 60% from N4.252 billion recorded in 2019.

On Thursday, the company’s market capitalization was N30.6billion, its price to book ratio, which is valued at 0.3571 and a dividend yield valued of 10.86percent showed the stock was highly undervalued with great potential in the long term.

BANKING

FINANCIAL SERVICES

Nigeria Liability Insurance Pool considers new market Omoluabi Mortgage Bank commended on efforts in housing, urban development opportunities in Cybercrime, Kidnapping, others IFEOMA OKEKE

MODESTUS ANAESORONYE

N

igeria Liability Insurance Pool, a vehicle operated by about 10 insurance companies in the market is considering taking advantage of opportunities in cybercrime liability risks, kidnapping, and new technologies that has been brought to limelight by the Covid-19 pandemic.

Edwin Igbiti, chairman of the Pool at its 10th Annual General Meeting said t h e re c e nt g l o b a l pa n demic and its disruptive i m p a c t o n e c o n o m i e s, business es and hous e holds are causing businesses across the world to re-think their business models, product offerings and value propositions.

He said for instance, that the insurance business transactions in most c a s e s re q u i re p hy s i c a l contact and on-site inspections, but with the Covid-19 pandemic bei n g e a s i l y t ra n s f e rab l e t h ro u g h p h y s i c a l c o n tacts, the prospects for insurance business seem

uncertain at least in the short-term.

Igbiti however noted that a closer look at the pandemic however shows that it has not come entirely without its own benefits, for instance, the insurance industry could explore the windows of opportunity made available through the risks associated with cybercrime.

He said virtual markets and tech platforms such as Amazon, Zoom & Facebook have been significant boost in revenues as customer resort to online/ virtual solutions for their business and household needs.

The chairman however charged the management of the Nigerian Liability Insurance Pool to continue to assiduously explore emerging opportunities in new markets including Cyb ercr ime L iability Risks, Kidnapping and Ransom while tailoring solutions for the varying ne e ds across customer segments.

Nigerian Liability Insurance Pool started in 1988 by an association of some reputable insur-

ance companies with the objective of domesticating liability risks within the industry. Then, the industry was facing the challenge of getting overseas reinsurance for liability risk and so they thought of coming together as a p o ol to br idg e the gap and underwrite that class of risks. The pool is an aspect of reinsurance. It is not the conventional reinsurance, so you can say is a quasi reinsurance.

But, their duty is to cover the risk of their members alone and not the entire industry. From the pool, members that suffer losses are assisted to pay their claims. Specifically, the pool focuses on liability aspect of motor insurance, pu b l i c a n d p ro d u c t l iability, liability aspect of contractors-all-risk and workmen’s compensation insurance.

The pool has gone through a lot of transformation in membership beginning from 2001 and recapitalization in 2005 and finally consolidation in 2010, now having 10 members from initial 25, earlier on.

www.businessday.ng

O

moluabi Mortgage Bank Plc’s constant support for the state government in housing and urban development has been commended by the Speaker of the Osun State House of Assembly, Timothy Owoeye.

Owoeye gave the commendation while receiving the new management team of the bank, led by Kunle Adewole, Managing Director, in his

office, in Osogbo, on Wednesday, July 1.

The Speaker observed that the company, which is partly owned by the state government, has been “playing an important role in bridging the state’s housing deficit”.

He, therefore, urged the bank to continue to see itself as a critical stakeholder in the development of Osun State and the country at large.

In his response, Adewole thanked the Speaker, members of the State Assembly and the Osun government for the

encouragement the bank has been receiving from the state since its inception.

“The bank is particularly grateful to His Excellency, Governor Adegboyega Oyetola for the support the bank has been getting from the state as founding fathers, partners and customers,” Adewole said.

He also used the opportunity to unveil the bank’s mid-term strategic direction aimed at building capacity to contribute more to the state’s housing development.

IFC Supports Nigeria’s FCMB to Finance SMEs Facing COVID-19 Related Challenges MICHAEL ANI

T

he International Finance Corperation, a member of th e World Bank Group, has announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.

The loan, made through IFC’s COVID-19 fast-track financing support package, reflects IFC’s commitment to Nigeria’s private sector

https://www.facebook.com/businessdayng

following the severe health and economic crisis brought by the pandemic.

The funds will allow FCMB to support hundreds of businesses with trade financing and working capital loans.

Adam Nuru, CEO, FCMB, said, “IFC’s loan facility will allow us to keep credit flowing to SMEs as well as corporate companies across all sectors of Nigeria’s economy, including in the health, pharmaceutical, food and trading industries.”

IFC’s Country Manager for Nigeria, Eme Essien Lore, said, “Supporting financial institutions like FCMB is @Businessdayng

vital to keeping smaller businesses solvent, saving jobs, and limiting economic damage in the face of a challenge as formidable as COVID-19.

Although Nigeria has a strong and dynamic private sector, it needs liquidity now to ensure it remains viable during and after COVID-19.”

IFC’s $8 billion global COVID-19 fast track facility was launched in March 2020 to support existing clients through direct lending to affected companies and to financial institutions so they can continue lending to their clients and help to preserve and create jobs.

Friday 03 July 2020

BUSINESS DAY

COMPANIES&MARKETS

Business Event

15

Investment One’s dollar fund offers Investor comfort amid FX uncertainty MICHAEL ANI

W

ith a minimum of $500, investors seeking to hedge their savings against currency risk can invest in Vantage Dollar Fund (VDF)managed

by Investment One Funds Management Ltd and would earn a steady return on their investment.

The pool of funds will be invested in Nigerian originated dollar denominated assets including sovereign and corporates, the firm said.

Since launched in 2018, the Vantage Dollar Fund has awarded investors a good value for their money both in terms of interest income and capital appreciation.

As of 11th June 2020, the fund recorded a gain of 17.8 percent after its unit price rose to N472.5 from the N401.02 it closed in 2019, according to data from the Securities and Exchange Commission(SEC).

The Dollar Fund is an open ended fund, meaning investors can continuously

make additional investment in multiples of $1.00 to their already subscribed units.

It has a minimum holding period of 180 days and a redemption cycle of T+5 (payment is made not later than five business days after an investor submits a redemption form).

The fund is regulated by the Securities and Exchange Commission (SEC) and in accordance with regulation, it has an independent trustee and custodian.

As a petrodollar economy, Nigeria is susceptible to weakness in global oil prices which has continually impacted the country’s exchange rate and brings to the table conversations around devaluation of the local currency as was the case in 2016 when the local currency devaluation led to a more than 50 percent decline in the dollar value of investors naira assets.

Diversification of investment portfolio between naira and dollar assets has proven to be a superior investment strategy as it helps in saving

to further dollar obligations such as vacation, schooling amongst others.

The Vantage Dollar Fund by the financial services firm, is one of such funds that seeks to protect investors’ assets against currency risk, as the investment is dollardenominated.

For flexibility, the firm noted that investors who might have need for their monies within the minimum holding period, to be allowed redemption during the minimum holding period subject to a 15 percent charge on the positive total return on the units being redeemed on the day of redemption.

According to Investment One, who is the fund manager, every unit holder shall be entitled to receive an electronic certificate for the number of units purchased by such unit holder, and this electronic certificate shall be conclusive evidence of the number of units held.

L-R: Folashade Kafidiya, charter secretary, Magboro Unique Lions Club, presenting an appreciation award Ibrahim Abiodun, member, Ikeja Metro Lions Club, and John Oriazowan, president, Ikeja Metro Lions Club, during the handover and award ceremony of the club in Lagos.

Dradrock poised to deepen corporate governance with appointment of new board MODESTUS ANAESORONYE

D

radrock Real Estate Limited, a Lagos based real estate development company, has unveiled a five-man board of directors that will take the fast-growing organization to the next level.

The board was formally introduced at a brief media event, which took place at Dradrock’s corporate office in Lekki, Lagos.

Oladipo Idowu-Agida, managing director of the company, explained that the primary goal of this new line of action was to institutionalize every aspect of quality corporate governance

in the organization. The board is ultimately responsible for ensuring that the company complies with legal and regulatory obligations.

Speaking briefly on the issue, Idowu-Agida stressed that one fact he has taken away from vast entrepreneurship training is that when building a sustainable business, the company must have a life of its own to grow one key element that nurtures and sustains a business is a corporate governance. His words, “Corporate governance is the life of a growing business, and the lack of it has killed most businesses in our environment.

(Well-structured corporate

COMPANY RELEASE

Ariston donates 600-Litres capacity water heaters to Lagos State COVID-19 Response Team

I

n line with its global effort to support government response across the globe in managing the COVID-19 pandemic, Ariston Thermo Heating Technology Nigeria Limited, maker of Ariston Water Heater – global player in thermal comfort solutions for domestic, commercial and industrial spaces has donated 600-Litres capacity Water Heaters to support the efforts of the Lagos State Government in containing the global pandemic.

The donation which includes 4 units of 100-litres water heater units and 1 unit of 200-litres water heater unit would be installed at designated COVID-19 Treatment Centres across the state.

The donation, according to a statement h was announced in a letter, addressed to the Lagos State COVID-19 Response Team through the Honourable Commissioner for Health, Lagos State, Akin Abayomi and signed by the Company’s Director, Central Africa, Gaurav Bisaria.

Bisaria disclosed that the donation is in line with the Group’s effort to support government response across the globe in managing the COVID-19 pandemic.

“We commend the Lagos State Government under the able leadership of Governor Ba-

bajide Sanwo-Olu for the proactive and effective management of the COVID -19 Pandemic in the state so far. We also recognize the fact that the government alone cannot shoulder the burden of the COVID-19 Pandemic. This is why Ariston Thermo Heating Technology Nigeria Limited would like to support the effort of the state government with the donation and installation of some units of our Ariston Water Heaters at the Treatment centres.

“These water heaters are to ensure the constant availability of the much-needed hot water for bathing and other usage at the treatment centres,” Bisaria wrote explaining that “the combined 600-litres capacity of the Water Heaters would provide the treatment centres with up to 18,000 litres of hot or warm for bathing, cleaning, sanitation and laundry, hand-washing and other usage at the treatment centres on a daily basis.”

Reacting to the donation on behalf of the Lagos State Government, Director, Healthcare Planning, Research and Statistics, Lagos State Ministry of Health, Dayo Lajide expressed her delight while appreciating Ariston Thermo Group for their support towards the state fight against the COVID-19 pandemic. www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

governance) is what investors, institutions, and customers want to see. “The extraordinary growth of the Dradrock real estate company can be attributed to the vision and entrepreneurial skills of Idowu-Agida.

Idowu-Agida further highlighted that investors want to know that they are dealing with an institution, not an individual; they want to visualize a predictably sustainable organization.

Additionally, “when we started Dradrock, our goal was to build an indigenous company that will grow a multinational organization with a board that will develop a process that ensures growth and sustainability.

16

Friday 03 July 2020

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 03 July 2020

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

17

18

Friday 03 July 2020

BUSINESS DAY

FT

FINANCIAL TIMES

World Business Newspaper

US jobless rate dropped to 11% in June before virus spike Evidence of economic recovery precedes return of lockdowns JAMES POLITI, LAUREN FEDOR AND COLBY SMITH

U

S employers added 4.8m new jobs in June and the unemployment rate dropped to 11.1 per cent, as the economic rebound from the initial coronavirus shock gathered pace last month before lockdowns began to be reimposed.

The fall in jobless rate from 13.3 per cent in May was better than expected but was based on data collected in the second week of last month — predating a spike in infections that has hit several large US states since then and caused some authorities to restore restrictions on activity.

According to the Bureau of Labor Statistics, the job gains were broad-based, with leisure and hospitality recovering 2.1m positions, retail restoring 740,000 people on payroll, and manufacturing adding 356,000 jobs.

Even so, the US has now clawed back only 7.5m of the 22m jobs lost since March. As happened in previous reports, the BLS acknowledged that a “misclassification error” was still distorting the results of its survey — without it the jobless rate would have been 1 percentage point higher on a non-seasonally adjusted basis.

While the number of people on temporary lay-off dropped by 4.8m in June, one concerning trend last month was the rise of workers with permanent job losses from 2.3m to 2.9m.

I think immediately we have to look past [the jobs report] and really consider what the impact is on this blooming next wave of the virus Marvin Loh, senior global markets strategist, State Street Global Markets

The US jobs market is suffering a vast churn as many employers lay off workers even as others are hiring them back © Bryan Woolston/Reuters

A separate release by the US labour department showed that 1.4m people filed for jobless benefits last week, highlighting the vast churn in the labour markets as many employers lay off workers even as others are hiring them back.

US Treasuries sold off following the data release, sending yields higher. The benchmark 10-year Treasury note yield was up 0.03 percentage points to 0.7 per cent, while the yield on the ultra-long 30-year note rose slightly more to 1.5 per cent. Shorter-dated Treasuries declined at a slower clip, with the more policy-sensitive two-year note falling less than 0.01 per cent to yield 0.16 per cent. US equities rose, with S&P 500 opening 1.2 per cent higher.

“It was a solid number”, said Marvin Loh, senior global markets strategist at State Street Global Markets. “The economy is proving more resilient than certainly what was the worst-case scenario and a much more dire outlook just two months ago.”

But he warned that the current rise in coronavirus cases across the country could pose a threat to the ongoing recovery. “I think immediately we have to look past [the jobs report] and really consider what the impact is on this blooming next wave of the virus and the slowdown in activity in those states,” Mr Loh said.

The employment figures, delivered ahead of the July 4 holiday weekend, come at a pivotal moment in economic policymaking. Congress and the White House are preparing for negotiations on a possible new package of stimulus measures, after already agreeing to $3tn in fiscal support earlier this year.

Within the next few weeks, the impact of the initial spending burst will start to fade, as an extra dose of unemployment benefit payments approved early in the crisis is set to expire. Small businesses face an early August deadline to apply for forgivable loans, while the benefit of a $1,200 direct cash payment for

each American adult begins to dwindle, and pressure on strained state and local government budgets mounts.

While Democrats approved a $3tn new stimulus package to address these fiscal “cliffs”, Republicans and the White House have resisted the plan, leading to a stalemate that has yet to be resolved.

US president Donald Trump held a press conference on Thursday to tout the data. “Today’s announcement proves that our economy is roaring back,” he said. “We have some areas where we are putting out the flames of the fires, and that is working out well.”

Mr Trump said his administration was talking with lawmakers about a payroll tax cut, something the president has long pushed for but some congressional Republicans, and many Democrats, have been reluctant to embrace it.

Top Democrats warned that the US economy was still a long way off from recovery. “Today’s jobs report

may just be a slight peak in a much larger valley, and unless President Trump demonstrates real leadership in fighting the health crisis and Senate Republicans get off their hands and finally work with Democrats to quickly provide additional federal fiscal relief, the pain America is experiencing will only worsen,” said Chuck Schumer, the Senate’s most senior Democrat.

Joe Biden, the presumptive Democratic presidential candidate, highlighted the underlying jobless numbers. “We’re still down nearly 15m jobs and the pandemic is getting worse not better,” he said.

At the Federal Reserve, which has slashed interest rates, officials have started debating ways to firm up their commitment to loose monetary policy for the foreseeable future. The central bank has already expanded its balance sheet and introduced a series of new lending facilities to shore up financial markets.

According to minutes from the most recent meeting on June 9 and 10, Fed officials intensely debated ways to firm up their forward guidance, to clarify that they will not raise interest rates until certain economic milestones are reached either on inflation or employment.

Fed officials were pleased that economic data in May showed an earlier-than-expected bounceback in job creation but have consistently warned that the US economy faces a long road to a full recovery, particularly if new waves of infection cannot be controlled.

While financial markets have recovered substantially since sharp falls in March and April on fears about a deep recession, James Bullard, the president of the Saint Louis Fed, warned that the risk of a financial crisis remains if the economy sours and more businesses are forced into bankruptcy.

Tesla shares surge as car-maker rides out coronavirus shutdown Deliveries well ahead of expectations in victory for Musk who battled California authorities to keep plant open MAMTA BADKAR AND RICHARD WATERS

T

esla revealed on Thursday it had ridden out the coronavirus shutdown far better than expected, triggering a renewed surge in shares a day after it overtook Toyota to become the world’s most valuable carmaker.

The electric car maker said it had delivered 90,650 vehicles in the second quarter, well ahead of ahead of analysts’ expectations for 74,130, according to a Refinitiv survey. This was despite closing its Fremont, California, plant from late March to early May. The news that Tesla’s operations had withstood the worst of the shutdown marked a personal victory for Elon Musk, chief executive, who battled local authorities in the

San Francisco Bay Area to keep his company’s main plant open for as long as possible.

Although the latest quarterly deliveries were still down nearly 5 per cent from the same quarter a year ago, Tesla’s shares continued to rise on Thursday following its overtaking of Toyota by market value 24 hours earlier.

They were up 8 per cent to $1,207 on Thursday, a more than fivefold increase from $230 about 12 months ago. The company’s shares are up 167 per cent yearto-date.

The latest jump pushed its market value up to $224bn, or nearly $20bn more than Toyota, even though Tesla delivered only 3 per cent as many cars last year and has yet to turn an annual profit. www.businessday.ng

Tesla’s performance in the quarter was cushioned by output from its new car plant in Shanghai, where operations were largely unaffected by the response to the pandemic. A rapid ramp-up in production at the plant, which opened in early January, has been one of the main factors behind the near three-fold rise in the company’s stock price this year.

The Tesla delivery figures were a “jaw dropper” in a performance that could be “characterised as a ‘major home run’ speaking to its Teflon-like business model”, said Daniel Ives, analyst at Wedbush.

“Bulls will run with this as a potential paradigm changer moving ahead.”

While the company did not break out regional figures, Mr Ives

https://www.facebook.com/businessdayng

said China “was a major source of strength in Q2 based on our analysis and industry data”.

Wall Street has been betting that Tesla’s lead in electric cars will be extended by the coronavirus crisis, as big carmakers that had been hoping to make inroads in the new market struggle to deal with the effects of the crisis on their existing operations.

Most analysts had assumed that Tesla would sink to a loss in the second quarter, but were still hoping that it would rebound later in the year to record its first annual profit.

The better than expected deliveries came even as Tesla’s Fremont plant stopped production on March 23 because of the coronavirus crisis. The company then sued Alameda County, where the @Businessdayng

electric car maker employs more than 10,000 people, and threatened to relocate operations.

It eventually restarted production in defiance of authorities, before ultimately getting a green light to resume limited production in May. Earlier this week it was reported that Tesla could break even despite the pandemic. “Breaking even is looking super tight,” Mr Musk wrote in an email to employees obtained

by Bloomberg. “Really makes a difference for every car you build and deliver. Please go all out to ensure victory!”

The bulk of the production and deliveries were in the lower-priced Model 3 and Model Y sport utility vehicles. The company produced 75,946 of them and delivered 80,050.

Friday 03 July 2020

BUSINESS DAY

19

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Delistings threaten to spoil Singapore exchange’s challenge to HK Corporate governance scandals and other challenges could mean ‘death’ of the bourse, says one analyst MERCEDES RUEHL AND HUDSON LOCKETT

S

ingapore’s stock exchange is struggling with a rash of delistings and governance scandals that threaten its ambition to replace Hong Kong as a regional finance hub.

SGX has long been one of Asia’s top exchanges, attracting companies to list in one of the region’s only developed financial centres.

But years of delistings outnumbering new joiners have taken their toll, together with a series of corporate failures and the loss of critical trading business to rivals.

Some bearish analysts see it as an existential crisis.

“It’s really the death of the stock exchange,” said Arnaud Vagner, who exposed the accounting problems that led to the delisting and near-collapse of Singapore-listed commodities trading house Noble Group in 2018. Mr Vagner writes under the name Iceberg Research.

Academics have cited low liquidity and valuations for the many companies that have delisted over the past decade and a half. Local industry figures also point to the 2013 penny-stock crash, which wiped S$8bn ($6bn) from a market that had been fuelled by false trading in a few shares.

“Equities have taken a beating since [that] saga, which dented enthusiasm,” said David Gerald, president of the Securities Investors Association of Singapore.

New joiners have failed to offset those departing the exchange. The

Years of delistings outnumbering new joiners have taken their toll on Singapore’s stock exchange © FT montage; Dreamstime

number of companies quoted in Singapore fell from 776 in late 2013 to 715 in May this year.

At the same time, Hong Kong listings grew from around 1,600 to almost 2,500, according to exchange data. Tokyo’s increased from under 1,800 to more than 2,100.

Besides Noble, recent flops for SGX-quoted companies include Hyflux, a water treatment company that filed for bankruptcy in 2018 and Eagle Hospitality Trust, whose shares were frozen this year after questions were raised about its disclosure practices.

Eagle Hospitality’s $575m initial public offering in 2019 was the

city’s biggest in two years, from a hotel owner whose portfolio included the Sheraton Pasadena in California. Before being suspended, Eagle Hospitality’s shares had fallen more than 80 per cent, having never once finished a trading day higher than their IPO price.

Now Eagle Hospitality’s directors are being probed by the Monetary Authority of Singapore and the Commercial Affairs Department of the city’s police force.

The trust has said it is co-operating with inquiries. It did not reply to a request for comment.

The exchange has taken steps to improve corporate governance in its equity market, spinning

out its regulatory arm, as well as strengthening rules and market surveillance.

Having high governance and listing standards is just “one part of the equation”, said Mohamed Nasser Ismail, head of equity capital markets at SGX. Legislating against individual negligence and corporate malfeasance is almost impossible, he said, adding that observers would be “hard-pressed” to find a better exchange with a more consistent approach to good governance.

A key source of listings in recent years, from real estate investment trusts, is also under threat. Many smaller Reits are consolidating,

attracted by the premium enjoyed by bigger rivals. That is further whittling down numbers.

“The Reit sector was a great move and has unlocked incredible value. They executed on that extremely well but the question is what’s next for SGX?” said David Smith, head of corporate governance at Aberdeen Standard Investments in Asia.

Singapore has been seen as a potential winner from events in Hong Kong, where Beijing’s move to impose a sweeping national security law threatens its status as a regional financial hub. But SGX has increasing competition from “very strong” nearby markets including Indonesia, Malaysia and Thailand, said Jason Elder, a partner at law firm Mayer Brown.

Hong Kong’s exchange, he added, has always benefited from its close connection to mainland China. That has helped the city to beat Singapore to listings from Chinese technology giants such as Alibaba and JD.com.

SGX’s Mr Ismail said the bourse had “a healthy and robust pipeline of regional companies including Chinese companies of substantial size”.

In recent years, Singapore’s exchange has entered into agreements with the US’s Nasdaq and the Tel Aviv Stock Exchange to pursue joint listings, but these collaborations are yet to produce any secondary listings in the city-state.

“It takes time to cook some of these things,” Mr Ismail said. “We are very optimistic there will be good outcomes.”

Ukraine scraps bond sale after central bank governor quits Departure ‘came out of the blue’ said investment managers set to buy the debt ROMAN OLEARCHYK AND TOMMY STUBBINGTON

U

kraine has cancelled a bond sale hours after the country’s central bank chief Yakiv Smolii announced his resignation due to “systematic political pressure” that he said threatened the institution’s independence.

Mr Smolii’s departure, a setback for President Volodymyr Zelensky, could jeopardise a recently agreed IMF bailout that is vital to seeing the country through the coronavirus crisis.

Kyiv had hoped to take advantage of positive sentiment in the sovereign bond market following the fund’s approval last month of a $5bn, 18-month loan — conditional on preserving central bank independence and delivering reforms in the banking sector and elsewhere. The $1.75bn sale of 12year debt priced at 7.3 per cent on Wednesday, before being scrapped on Thursday morning.

“We were all waiting for our allocations and then [the resignation] came out of the blue,” said Uday

Ukraine’s central bank governor Yakiv Smolii announced his resignation late on Wednesday © Reuters

Patnaik, head of emerging market fixed income at Legal & General Investment Management.

The resignation could damp appetite for Ukrainian debt with EM investors, who have snapped up the country’s bonds over the past year as Kyiv announced marketfriendly reforms. Ukraine’s dollar bonds fell by about 2 cents on the dollar on Thursday.

“Ukraine has been a consensus www.businessday.ng

overweight position for EM investors,” Mr Patnaik said. “If Zelensky doesn’t appoint someone the markets believe will be independent, things could get ugly pretty quickly.”

Timothy Ash, an analyst at BlueBay Asset Management, said the decision by Ukraine’s finance ministry to cancel the placement due to the political crisis “shows its good faith”.

https://www.facebook.com/businessdayng

“I think if things calm down at the National Bank of Ukraine, then they can return to the market, and hopefully price this relatively cheaply again,” he added in a note to investors.

In a statement overnight aimed at calming traders’ concerns, Mr Zelensky’s office said: “Ensuring the independence of the National Bank of Ukraine remains our unconditional priority, as the president of Ukraine has repeatedly stated.” The central bank’s board would “continue its activities on the basis of independence and professionalism”, it said.

A spokesperson for the IMF said the independence of the bank was “at the centre” of its economic support programme, and “must be maintained under his [Mr Smolii’s] successor”. Under his leadership, the IMF said, “Ukraine has made important strides in achieving price stability, amply demonstrating that an independent central bank is a key element of modern macroeconomic policymaking.”

Announcing his resignation late @Businessdayng

on Wednesday, Mr Smolii wrote in a tweet: “This decision has been taken as an answer to systematic political pressure that denied fulfilment of my duties as the governor.

Let it be a warning for attempts to undermine institutional independence of the central bank.”

In a statement responding to his departure, ambassadors in Kyiv representing Ukraine’s G7 allies said that undermining the central bank “would be a big step back and jeopardise the credibility of and support for Ukraine’s reforms”.

Ukraine’s central bank has been under constant pressure since Mr Zelensky, a former comedian, was elected president last year by riding a wave of anti-establishment voter sentiment.

His presidential campaign was backed by Igor Kolomoisky, an oligarch who has challenged in the courts the 2016 nationalisation of PrivatBank. The commercial lender, which Mr Kolomoisky previously owned together with partners, was taken into public hands after the central bank identified a $5.5bn hole in its balance sheet.

20

Friday 03 July 2020

BUSINESS DAY

MONEYINSIGHT The good and not so great of CBN’s Regulatory Sandbox vestors’ confidence Many investors are attracted to markets with regulatory sandboxes as long as their primary goal remains aligning compliance and regulation with the rapid growth of fintech companies without drowning them in rules. In most cases, sandboxes bring about legal clarity by streamlining authorisation, occasionally accompanied or enabled by regulatory change.

In the CBN framework, participants are required to provide, among other things, an exit strategy should the test fail or be discontinued; and the next steps the firm would take if the test is successful.

FRANK ELEANYA

T

he Central Bank of Nigeria would be ushering in a new era of regulation in the fintech space as soon as its Draft Framework for Regulatory Sandbox Operations issued on Monday gets on the way.

The apex bank has invited stakeholders to make input before the final draft is released.

The framework, according to the bank, would enable the promotion of a safe, reliable, and efficient payment system to foster innovation without compromising the delivery of its mandate.

The Sandbox application process is open to both existing CBN licensees (financial institutions with FinTech initiatives) and other local companies. This may include financial sector companies as well as technology and telecom companies intending to test an innovative payments product or service industry deemed acceptable by the CBN. The payment system in Nigeria is not new to regulatory policies as the CBN had in the past introduced several guidelines that target the different segments of the evolving industry. Some of the guidelines already issued by the bank include Guidelines on Mobile Money Services; Operations of Electronic Payment Channels in Nigeria; Regulation for Bill Payments in Nigeria; Regulatory Framework for the Use of Unstructured Supplementary Service Data (USSD) FOR Financial Services in Nigeria; Guidelines on International Mobile Money Remittance Service in Nigeria; Regulation for Direct Debit Scheme in Nigeria; Guidelines on International Money Transfer Services in Nigeria; and Draft Risk-based Cybersecurity Framework and Guidelines for Deposit Money Banks and Payment Service Providers among others.

The regulatory sandbox is, however, the first time the CBN is trying to get a grasp of innovation from the onset with the goal of promoting competition, embracing new technology, encouraging financial inclusion and improving customer experience, and in so doing boost public confidence in the financial system.

What is a regulatory sandbox?

A regulatory sandbox describes a framework set up by a regulator that allows fintech firms and other innovators to carry out live experiments in a controlled environment under the supervision of a regulator.

In the controlled space, incumbents and new startups can experiment with designs lying on the edge of or outside the existing regulatory framework.

A regulatory sandbox also creates an environment in which regulators are able to reduce future risks by working with fintech innovators by having a ring-side view of the potential problems.

Although the draft would still have to undergo public scrutiny, the CBN says it cannot be used to circumvent existing laws and regulations and is, therefore, not suitable for a proposed product, service, or solution that is already appropriately addressed under prevailing laws and regulations. It does not also recognise products already rejected by the regulators or the Nigerian government.

According to a report by CGAP, a global partnership of 34 organisations that seek to advance financial inclusion, there is evidence that regulatory sandboxes have become an important vehicle for regulatory monitoring and incremental change, sometimes bearing ties to financial inclusion efforts. With the CBN’s announcement, Nigeria’s regulatory sandbox joins the over 50 operational sandboxes in the world.

There are cost implications Setting up a regulatory sandbox comes at a price. Although the CBN did not state whether it would be responsible for the cost of set-

Defaulting on easy micro-loans harms credit scores STEPHEN ONYEKWELU

K

ahinde heaved a sigh of relief, she had just paid off a micro loan of N30, 000 spread over a three month payment period at over 20 percent interest rate per month with Carbon (formerly Paylater), a Fintech Company.

Seven days afterwards, she got this message from KwiMoney, another Fintech Company “You’ve been selected for an instant loan!

Visit get.kwicash.ng for KwiCash and borrow from N1k to N100k. Your loans grow with good payment.”

This got Kehinde thinking. She has great payment history with Carbon. In fact, she makes it a point to pay

off her micro loans before it is due and at some point last year her micro-loan with Carbon came at 12.50 percent per month a difference of 7.50 basis points from what she paid on the last loan she took. So, the interest rate charged on her loans is falling because of her payment history.

This is not the story of her colleague Linda. Linda took her first micro-loan with Branch International, a fintech company. However, she defaulted on her payment by over seven days. The company persuaded her to meet her financial obligation, she eventually did.

Before she paid off the micro-loan, she attempted to take another with Carbon www.businessday.ng

but she was told she did not qualify. She was very surprised how this could be. In addition, Branch International downgraded her status by reducing the range of micro-loan she can access.

With the advent of bank verification number, credit scores and history will become easier to track and this will have significant implication for personal finance.

A credit score, also known as a credit rating, is a number that reflects the likelihood of an individual paying credit back. Lenders like banks and credit card companies will look at your credit file when they calculate your credit score, which will show them the level of risk in lending to you.

ting up the sandbox in the draft, a survey of 28 regulatory agencies in 28 countries including Africa, the Americas, Asia, and Europe conducted by CGAP in 2019, found that in many jurisdictions, the payments or banking supervision department had responsibility for maintaining the innovation facilitator.

The cost of setting up a sandbox in many of the jurisdictions varied in terms of human resources committed, ranging from 1 to 25 permanent staff. A majority (73 percent) of the respondents used internal resources rather than hiring new people.

The financial resources committed to the sandbox range from $25,000 to over $2 million.

This discrepancy could be because not all jurisdictions included the salaries of staff dedicated to the sandbox. Nearly all respondents used funds from their core budgets, and only one jurisdiction indicated that it charged application fees for entry into the sandbox,” the report noted.

Regulatory sandboxes vs in-

A note of caution Some experts have also expressed concerns that regulators facilitating and hosting the sandbox may play the role of gatekeeper, slowing down, or even halting innovation. A report

by Financial Times found a fintech sandbox to be a harmful regulatory approach for consumers. Also in 2019, 80 consumer groups overwhelmingly opposed a sandbox proposal made by the US Consumer Financial Protection Bureau (CFPB) on the grounds that it was “arbitrary and capricious and unlawful measure that could, in effect, give entire industries relief from complying with aspects of consumer protection laws.”

Dan Quan, Adjunct Scholar, Centre for Monetary and Financial Alternatives, Cato Institute, makes the point that there are fewer sandbox success stories than there are critiques of unsuccessful sandboxes.

“Consumer groups are right to observe that sandboxes, just like any tool, can be misused or even abused,” he wrote. “However, a welldesigned and executed sandbox can facilitate innovation and protect consumers, avoiding the pitfalls that concern many critics.”

Freedom Foundation empowers 231 youths with business Start-Up-Kits

A

s part of its mandate to tackle societal ills, Freedom Foundation at a graduation ceremony held on Monday, supported over 231 youths with business startup kits. This is a milestone achievement in a time where there’s a rising need for entrepreneurial skills to drive social change, improve standards of living, create wealth and contribute to Nigeria’s growing economy.

In line with its vision to address the social and economic challenges in our society, Freedom Foundation in collaboration with Act Foundation designed the Freedom Empowerment project to build economic capacity among thousands of young people. The increasing percentage of young people in Nigeria, and the high number of underprivileged youths who

https://www.facebook.com/businessdayng

L-R: Atinuke Obagbemi, graduand with Chinoso Akponnor, coordinating manager, Freedom Network, at the Freedom Foundation Empowers 231 youths with business Start Up Kits held recently.

desire a better life but often resort to social vices due to poverty and lack of education, requires that we invest in improving standards of living. A feat which can no longer be left for government alone.

Across various local gov@Businessdayng

ernment in Lagos state including Ajegunle and Isolo, the Freedom Empowerment Project has trained and empowered youth in skills such as; Art and Craft, Fashion Designing, Catering, Photography, ICT, Hospitality, etc. Entrepreneurs are frequently thought of as national assets to be cultivated, motivated, and remunerated to the greatest possible extent. Their successful innovations improve standards of living, create wealth with entrepreneurial ventures, create jobs and contribute to a growing economy.

It is our hope that the entrepreneurial training this young people have received will help them be self-reliant and confident enough in their own ability to take calculated risks necessary to succeed, and subsequently become independent when they achieve success.

Friday 03 July 2020

BUSINESS DAY

21

AGRIBUSINESSINSIGHT Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

Send in Commentaries to caleb.ojewale@businessdayonline.com

‘Farmers lose billions annually to farm theft, lack of employee vetting’ Getting farm labour in many parts of Nigeria could be a herculean task, particularly in the south, and more so, vetting prospective farm workers to filter those who may be in the habit of stealing and moving from one farm to another unsuspecting one. FOLAKE AINA, managing director, VD&S Farms, VD&S Feed mill, and VD&S Farmers’ Centre, a group of companies comprising the farm, feed mill and a farmers’ centre, is also co founder of Know Your Farm Hands (KYFH), a technology driven platform that aims to help farmers vet their prospective employees to curb multi-billion naira losses due to theft. A graduate of law who worked in the banking industry for about 25 years both locally and internationally, Aina had operated a farm all along, until her resignation 6 years ago to face agriculture full time. In a zoom interview with CALEB OJEWALE, she discusses how much farm owners are losing to theft, and how the platform can help curb it.

W

hat is K n o w Y o u r F a r m Hands all

about?

I have been into farming for a long time and I have a lot of friends who are also into farming. One thing we know and I hope the people out there also know is right now there is not a lot of profit in the business. This is because there are so many things that are competing with profit. There are things that are within the farmer’s control and there are things that are not within the farmer’s control for instance infrastructure, farm logistics and lots more; they are not within the farmer’s control.

The ones that are within our control which if you ask every farmer they will tell you the same thing is the incidence of farm pilferage. It is very high in the industry. On my farm alone we are big in commercial poultry and at least on three different occasions we have caught three of our staff, with a minimum of 10 crates of egg that they each stole. So I sat down one day and I did the math, at the farm gate price of N850 if those 3 steal every week it becomes N25,500 per week, multiplied by 4weeks in a month it comes to N102,000.

I calculated for a year and it came to N1.2million, did that across 100 farmers, it came to N122million, and across 1000 farmers, it came to N1.2billion.

Then I am like; see what the industry is losing!

In Epe we have farming communities which are areas with many farmers and every week we see posts on our different group platforms of complaints about different staff that stole and abandoned the farm etc. The following week you see another set of pictures; ‘does anybody know these guys?

They want to work for me I want to hire them’. Essentially, there are no checks except the limited one within groups where a person can say this face looks familiar I think he has worked for somebody before.

Folake Aina

These people go from farm to farm because of the shortage of hands. When they steal from one farm they just keep working (elsewhere), do the same thing, and they go on and on.

After sitting down and feeling the pain of farmers, we came up with KYFH. It is a technology hub for farmers and farm owners and it enables them detect crime. The farm owner will register on the platform, registering the farm and workers so that every worker’s information is on the platform, including biometrics. Here, the owner can flag offenses, indicate disengagement, and can recommend a staff or whatever is required, just like an appraisal system.

Should I as a farm hand work on your farm and steal, you can just put it there.

Rather than the farmer putting it on WhatsApp ( or social www.businessday.ng

media) when he wants to hire someone, he can go on the platform and do a search and once he does his search and sees what I have done, my recommendations etc he makes an informed decision as to whether or not he wants to hire me. The idea of this is to sanitize the industry so that by the time they know that they are being tracked or being monitored they actually behave themselves. They know that if they go to a farm, the owner will know they have stolen and may not get the job. That is just the basic thing about KYFH. What happens in instances of false accusations, take for instance a farm hand is alleged to have done something and perhaps it is a malicious accusation by a scornful former employer that just

https://www.facebook.com/businessdayng

wants to mess the person up. Have you considered this?

Yes we have. On the platform we warn that because people’s livelihoods and names may be slandered, we warned and we expect that what the farm owners or the farm managers are putting should be true as much as possible. Secondly, we have a weighting system so we do not expect that you would base your decision entirely on that, it just gives you a guide.

In the past I have hired people whom before Know Your Farm Hand came out, I was told committed various offenses in certain places. However, when I interviewed them I did not think the offences warranted me not hiring them. There will be cases that people will tell you but we still expect you make an informed decision not just based on what one person has told you. The way we have done this is that; you go there and put your rating on an individual as farm A, then farm B goes there and puts another rating and this gives an average weighting. The ratings are likely to be different except for instance the person in question is actually a thief that is stealing from farm to farm.

Are comments included?

Yes, so you can say this is what the person did on this particular day or other available details.

How can one get access?

It is available right now on play store. Just enter Know Your Farm Hands in playstore or on the web www.knowyourfarmhands.ng Let’s say someone is registered on one farm with one name, then goes to another farm with a different identity, how do you check mate that?

Actually, that is what they do.

By the time they move to the next farm they will have a totally different identity for instance their hair may be colored or faces may be marked. However, we considered all that and the biometric is the only one that is foolproof because they change @Businessdayng

identity that you would not even know them. The next one we are considering but not fully decided on is the iris scanner.

Once we are taking the picture it scans the eyes so that is another thing being considered as we are working with the biometrics.

Is this because things like voters’ card or national Identity can be forged or they can say they do not have any ID? When you work with the farm hands, they hardly have anything. They do not even have bank accounts. It is that bad.

It is when they come for work we start issuing them ID cards and all that. Majority of them only get to open bank accounts when they come to work for us.

Will the platform be serving any other functions?

During COVID-19, a lot of people were not able to move.

The middlemen who used to go to the farm were not able to because of harassment from the police, the stress, and all that.

What happened was a lot of farmers had eggs on their farm that were piling up day by day.

Chickens continued laying, so we thought; why not connect the farmers with the market?

What we are now looking at, as part of what we came up with from this COVID, is we are going to connect farmers to retailers and to wholesalers.

For instance, on the platform the farms are registered but we can extend it a bit to include when I am expecting a harvest. Then the person who wants to buy, either as a supplier, distributor, middleman, supermarket etc now goes there and searches for farmers to connect with.

Eventually, we will also include suppliers of raw materials, because that was another problem that we had during the COVID (lockdown). We had a lot of people who sold off their birds prematurely because they were not able to feed them, and instances where the raw materials came, the prices were high.

22

Friday 03 July 2020

BUSINESS DAY

HEALTH BUSINESS&LIFE Psychological, physical domains seen increasing risk of non-communicable disease – Study ANTHONIA OBOKOH

Executive Travel Health: Advice for woman travellers Executive Travel Health

T

he reduction by a third of premature non-communicable disease (NCDs) mortality by 2030 is the ambitious target of Sustainable Development Goal (SDG), increase in psychological, physical and social domains is known to influence risk of NCDs and prognosis in cases of established diseases, according to a study by WellNewMe, a health technology company has revealed.

The findings from a 2019 Nigeria study of about 1,900 people, pilot to determine Nigerians risks for developing chronic diseases.

It shows that women (43%) seemmoreatriskthanmen(36%) for developing hypertension, while the risk increases as the age of the pilot enrollee increases.

With diabetes, it was found that almost three quarters of those assessed had an increased risk of having diabetes with 10% having a high risk while men were more at risk than women. The diabetes risk also increases as the age of the pilot enrollee increases.

“Some of the other interesting anecdote from the pilot revealed that men were four times more likely to be risk for developing cardiac disease, and in Rivers, 85% of the adults assessed had an increased risk for developing chronic disease,”

said Obi Igbokwe, the Co-founder of WellNewMe and author of the pilot report.

The study reveals that participants were from across all the states from Nigeria, including the Federal Capital Territory, Abuja, which majority of them coming from Lagos (30%), Oyo (8%), Abuja FCT (8%), Ogun (7%) and Rivers (5%).

The World Health Organisation (WHO) has said that the COVID-19 pandemic might have had significant impacts on the health of people with NCDs, such as hypertension, cardiovascular diseases, diabetes and cancer.

According to the study, the situation needs to be urgently addressed, especially in the present COVID-19 pandemic era, as persons with underlying conditions are most vulnerable to the deadly virus.

Igbokwe said recognizing that NCDs, such as hypertension, are largely driven by exposure to risk factors related to human behaviour and genetics, WellNewMe partnership with

Novartis, a global pharmaceutical company has designed an algorithm-based health risk assessment platform,” “Being a global leader in the cardiovascular healthcare space, Novartis is mobilising the setup of these cardiovascular risk assessment stations at various pharmacies across the country, with the aim of reaching a thousand patients.

“There is still insufficient evidence regarding the number of Nigerians who were at risk of developing NCDs,” he said.

Igbokwe explains that the platform encompasses psychological, physical and social domains, which are known to influence NCD risk and prognosis in cases of established diseases.

“It incorporates the ability of healthcare providers (HCPs) to standardise their approach to cardiovascular disease management by using an algorithmic process and harnessing relevant data to ensure a set of potential outputs, which result in better outcomes for the patient.

Telehealth: MeCure Smart partner HelloDoc to provide over 10,000 online doctors ANTHONIA OBOKOH

I

n order to cater for the huge demand of access to quality and safe healthcare , as the impact of the COVID-19 pandemic on healthcare, businesses and the economy continues to mount, with public and private healthcare institutions in Nigeria and around the world leveraging technology to best serve their clients, MeCure Smart, a smartphone app (msb.ng) that allows remote online consultations has partnered HelloDocApp, the largest online community of doctors in Nigeria, to bring over 10,000 doctors on its platform.

Online Consultation or TeleMedication services have been around globally for more than a decade and various scientific

studies conclusively prove that they are a great first channel for primary healthcare.

The demand for these services, however, has picked up exponentially ever since the pandemic took over. The change in behaviour has been nothing short of dramatic. Now, patients prefer remote consultations and visit clinics only if absolutely necessary for tests . This allows both the doctors and patients a very safe and effective environment to manage healthcare.

“Access to quality and safe healthcare is quite simply the most important need not just for Nigerians but citizens of every country in the world. But, if you have a cough or a fever, how safe would you feel visiting a doctor’s clinic today? How do you diagnose and treat diseases

while maintaining social distancing guidelines? The answer is Tele-Medicine or Online Consultations,” said Ajinkya Shelar, product manager who heads MeCure Smart.

According to him, the scale and demand for tele-medicine services is overwhelming today.

Hence, we decided to tie up with HelloDoc. This partnership will allow us to onboard 4000+ doctors across every specialty ranging from General Physicians to even Neurosurgeons on our MeCure Smart app immediately and we intend to further expand it to up to 10,000+ doctors by end of 2020.

“We hope that through this initiative anyone in Nigeria will immediately have access to quality and affordable healthcare that is also COVID safe.

Ajegunle residents get hygiene, personal protection items against COVID from Vetsark CALEB OJEWALE

V

etsark, a provider of digital solutions for Agriculture and health systems has donated hygiene and items for personal protection to some residents of Ajegunle Community in Lagos state, as part of its Corporate Social Responsibility, to help Lagos state combat COVID-19 pandemic.

According to a statement by the company, the donated items, which included facemasks, hand gloves and soaps, were handed out over about 8 weeks. They targeted mostly

underprivileged people such as local market women, police officers, medical staff and other essential workers who are the first responders on the frontline, providing care and treatment to people affected by the virus in Ajegunle community.

Mene Blessing, CEO of Vetsark described the company’s intervention in Ajegunle community as very timely because it is considered as the largest slum in Nigeria and one of the largest in Sub Sahara Africa. “Our goal was to increase awareness and prevention of COVID-19 among the over www.businessday.ng

500,000 residents in the area, and distribute 5,000 critical protective equipment to the most vulnerable people living in Ajegunle, over an 8 weeks period. We have no doubt that the protective equipment will play an important role in containing the spread of COVID-19 in the community and Lagos state as a whole”.

In addition to providing protective equipment, Vetsark also sensitized the people of Ajegunle community on hygiene practices, keeping social distance, handwashing with soap and water as well as the do’s and don’ts of COVID-19.

Dr Ade Alakija Q-life Family Clinic

C

ontrary to popular opinion, world travel and exploration have never been the sole prerogative of men. There have been some well-known intrepid women travellers who have travelled to the far corners of the earth.

How they overcame the social, moral and religious objections to their gender is left to the modern woman to imagine but some of these objections still exist today at various levels in different countries.

Women travellers have their own peculiarities due to the age-old problem of physiology which includes menstruation, contraception, pregnancy, breastfeeding, traveling with children and ‘personal safety’ are all too present.

Apart from all necessary basic steps a traveller must take before travel, a woman must seek travel advice on, menstruation, personal hygiene, fluid retention, contraception, pregnancy, traveling with children, personal safety and security.

If you are going to a country where medical facilities are poor or not easily accessible, it is advisable to have a gynecological check-up at least 6 weeks before departure. If you have had a previous gynecological problem, you should have a clear understanding of the problem and carry a written note of the problem.

Pregnant women and breastfeeding women are in an altered state of health that requires practical consideration prior to travel. If possible, delay your trip or plan carefully. Emotional upset, exhaustion and travelling through different time zones can all contribute to an upset

in the menstrual pattern. Irregular menstruation is a very common problem affecting women travellers.

Excessive exercise and the stress of travel may cause infrequent periods. If this is the case, it may lead to confusion over the timing of oral contraception and great anxiety of unplanned pregnancy. Dysmenorrhoea (Painful menstruation) may also be aggravated by travel.

Ask your doctor about oral contraception which may be used to suppress menstruation if the need arises. This is achieved by taking the pill continuously without the usual seven day break. It is advisable to take extra packs and note that Biphasic and triphasic pills do not work.

Personal hygiene is important. Though Tampons and Sanitary towels are becoming more common in developing countries, they are still scarce luxuries in some places.

Cultural and religious attitudes exist in some countries towards menstruation. Women may be forbidden to enter places of worship and even to touch or walk near food during their periods. To avoid such situations, discreet use of and disposal of sanitary towels and tampons is advisable.

During prolonged journeys on buses, trains and planes, the female bladder can be under considerable stress due to lack of or infrequency of ‘comfort stops’. In an inhospitable environment, if you must squat over a hole in the floor or behind a bush, squat high to avoid bites. Women are tempted not to drink ‘too much’ which can cause problems of dehydration. Drink small amounts of fluid frequently and avoid alcohol.

For remote travel like expeditions where water is rationed, lack of skin cleansing, sweating and inappropriate clothing can encourage chaffing, open sores and monilial (fungal) infections. Along with sports like water sports (e.g. water skiing) the female anatomy may be subject to risk of foreign body penetration and inrush of contaminated water resulting in ascending vaginal infections.

It may be advisable to

take a supply of antibiotics and treatment for fungal infections more so if you have suffered similar ailments in the past. Fluid retention arises mainly during inactivity and prolonged sitting during long journeys. Postural Oedema (swelling of the feet and legs) arises, especially in older women with poor venous circulation. Use of a simple diuretic may help. Exercise where possible. Little walkabouts or exercise while sitting e.g. rotating ankles, flexing muscles in the arms and legs etc, can reduce the risk of deep vein thrombosis (DVT) by improving circulation.

Women using contraceptive patches, contraceptive vaginal rings oral or injectable depot contraceptives have an increased risk of DVT during travel involving long periods of immobility so exercise during the journey.

Dress for comfort rather than fashion. Loose fitting skirts and trousers allow for waist expansion, and comfortable shoes will prevent the struggle to replace or force on tight shoes at the end of the journey.

For the avoidance of disease and pregnancy, especially for those women who plan to be sexually active, please consult your Doctor for the best form of contraception for you. Remember HIV/Aids, is more transmissible from men to women than vice versa and other STD’s (Inclusive of the Zika Virus) can cause increased transmission of the virus.

Remember, if not your partner, then abstinence is best. Personal safety and security are very important, especially if travelling alone.

Leave an itinerary of your trip with a responsible person contacting the person at prearranged times and dates. Be careful in ostentatious display of jewellery, money, luggage and dress, to avoid the wrong type of attention. Be aware of your luggage and hand bags at all times.

Note: The rest of this article continues in the online edition of Business Day @https:// businessdayonline.com/

Medflit launches ‘Medflit Pay’ to make healthcare more accessible for Nigerians ANTHONIA OBOKOH

M

edflit, a health information technology platform that proffers solutions to healthcare problems primarily through telemedicine has recently launched MEDFLIT PAY, a credit facility innovation that allows individuals to borrow money to access health care services including drug purchase, laboratory tests, doctors consultation, and medical counseling.

Speaking at the launch of Medflit Pay, Adeyinka Adeniran chief executive officer (CEO) Medflit stated that many people fall sick and need just basic healthcare services to get better but unfortunately do not have

https://www.facebook.com/businessdayng

money in the present moment to pay for it.

Medflit is the first integrated telemedicine technology in Nigeria, a convenient and affordable platform that allows patients to book hospitals, have unlimited consultations with doctors and get medications from the nearest pharmacy at low cost online.

According to Adeniran, this was why we introduced Medflit Pay. We want to make healthcare more readily accessible and affordable for the average Nigerians noting that Medflit Pay allows you to lend money for essential healthcare services and pay later.

‘The cost of seeing a healthcare provider or purchasing @Businessdayng

medications can force individuals to make tough choices between health and the financial well-being of their family. We are making it easier for everyone by providing instant access to drug purchases, laboratory tests, doctors’ consultation, and medical counseling.

“Medflit Pay is an offer for patients that are registered on medflit.com; they can have access to the loan on our platform, in order to consult doctors, buy drugs and to do lab tests. We work closely with clients who apply for the loan to individualize treatment plans according to his or her financial situation.

This removes the stress of payment and allows you to focus on recovery,” Adeniran explained.

Friday 03 July 2020

BUSINESS DAY

23

entertainment

Changing the movie narrative with Netflix African Originals series Stories by Obinna Emelike

N

o doubt, the African continent has a wealth of diversity, multiplicit y, and beauty in stories that are yet to be told.

When told, these unique stories that celebrate African realities, culture and heritage are expected to change the narrative for the continent across the world from poverty stricken, corruption, underdevelopment to spotlighting remarkable feats.

While quality production and veritable platforms to convey the stories have been part of the challenges in the past, Netflix is offering support and platform to African story tellers and movie makers to tell their stories amid quality production.

Netflix, the world’s leading streaming entertainment service, is extending it presence on the African continent with several movie projects and production partnerships.

Of course, the successful partnership with Genevieve Nnaji in her movie, Lion Heart, has opened doors for more engagements with the Nigeria movie industry on film production and distribution.

Today, the streaming giant with over 183 million paid memberships in over 190 countries, is tasking content creators in Nigeria to tell stories ‘they have not had a chance to tell yet’.

Bearing that in mind, Netflix has created Nigerian Netflix Originals series, a platform that allows the powerful stories crafted by Nige-

A scene from Lion Heart acquired by Netflix

rian creatives to enjoy a worldwide audience.

Recently, Netflix engaged Mo Abudu, through her production company, EbonyLife Media, to create two Netflix Originals series, as well as, multiple Netflix branded films and a series that have been licensed to the service.

With the partnership, Mo Abudu will create the on-screen adaptations of literary works by two critically-acclaimed Nigerian authors: a series based on contemporary author, Lola Shoneyin’s best-selling debut novel, The Secret Lives of Baba Segi’s Wives and a film adaptation of Death And The King’s Horseman, a play by 1986 Nobel Prize laureate in Literature, author, poet & playwright, Wole Soyinka.

Yet, Netflix has also engaged

Akin Omotoso, accomplished filmmaker, to direct Untitled Akin Omotoso, another exciting Nigerian Netflix Original starring Kate Henshaw, Ade Layoe, Richard Mofe Damijo and Joke Silva among others. The six-part series, announced in February 2020, is set in contemporary Nigeria and shot in Lagos.

Explaining the rationale for creating the newfound access to the global stage for the Nigerian movie industry, Netflix noted that Nollywood has been at the epicentre of the African entertainment industry, creating stars and producing contents that resonate with fans across the continent.

According to Ben Amadasun, Netflix’s director of content acquisition and co-productions in Africa, who hails from Nigeria,

FilmOne Entertainment, Zeb Ejiro Productions, Dioni Visions, partner to make sequel of Domitilla

T

hree renowned film production companies; FilmOne Entertainment, Zeb Ejiro Productions and Omoni Oboli’s Dioni Vision, have signed a partnership to produce the sequel of Domitilla, a Nollywood classic. The project is a response to recent demands by the huge fan base of the first Domtilla, which was a favourite on home screens in the ‘90s. Production of the film is set to kick-start later in the year, while its release in cinemas is scheduled for the first quarter of 2021.

The crime/drama film tells the story of a young Domitilla Junior, who gets into adventurous romantic escapades for survival. She and her gang of prostitute friends are unfortunately caught up in the mysterious death of a politician and must do everything possible to prove their innocence.

Speaking about the project, Kene Okwuosa and Moses Babatope, co-founders of FilmOne Entertainment, were enthusiastic.

“We are happy to once again, bring

magic to the big screen by producing this breathtaking movie. In Domitilla, we have identified an entertaining and artistic masterpiece that would appeal to different generations of film lovers; and to know we are partnering with great professionals in Zeb Ejiro and Omoni Oboli is soothing. We look forward to a phenomenal accomplishment”, they said. Zeb Ejiro, a veteran director and CEO of Zeb Ejiro Productions, said, “When we first made Domitilla, it was a story inspired by societal challenges that have over time, proven to not only be akin to the ’90s, but trans-generational; and so, in recognition of its relevance in these times, we have decided to make a sequel to the story, factoring recent socio-cultural advancements.”

The initial Domitilla released in 1996 starred A-list actors such as Anne Njemanze, Sandra Achums, Kate Henshaw, Adah Ameh and Enebeli Elebuwa, to mention a few. As such, the sequel is set to be a showcase of an artistic www.businessday.ng

harmony between veterans and younger actors. Speaking about the project, Omoni Oboli, ace Nollywood actress and director, who is the CEO of Dioni Visions, was excited. “When I was a teenager, I auditioned for Domitilla but I didn’t get any part; perhaps, I was too tiny. Today, I’m proud to be one of the stars, executive producers, producer and creative director of the sequel. It is going to be a very exciting ride and I can’t wait”, she said.

FilmOne Entertainment is a leading film production and distribution company, responsible for blockbusters such as; The Wedding Party & The Wedding Party 2, Merry Men 2 and recently, Sugar Rush, to mention a few.

Dioni Visions are the makers of blockbusters such as; Wives on Strike, Okafor’s Law, Moms at War and recently, Love is War, among others. Zeb Ejiro Productions were behind the making of classic home video hits such as Domitilla (1996), Nneka the Pretty Serpent and Sakobi: The Snake Girl.

https://www.facebook.com/businessdayng

“Great stories come from anywhere in the world, and Africa is full of incredible stories that we finally get to share with the world. We have a wealth of fables that have been passed down from generations, and Netflix has a great opportunity to bring those stories to the forefront, which will resonate all over the world.’’

As well, Kenyan-born, Dorothy Ghettuba who leads African Originals for Netflix, explained that the continent has a wealth of diversity, multiplicity, and beauty in stories that have yet to be told. “We want to be top of mind for creators in Nigeria, especially when it comes to stories they haven’t had a chance to tell yet.”

African creatives are also excited about the new platform that is

pushing them further to the global audience.

Speaking on the development, Mo Abudu, CEO, EbonyLife Media, noted that, “This unprecedented partnership is testament to the Netflix’s investment in African storytelling and we at EbonyLife are grateful and excited about the opportunity to work together with the Netflix teams to deliver a slate of unique and riveting stories from Nigeria over the next few years for Netflix audiences around the world.”

For Akin Omotoso, Netflix represents an incredible opportunity to get Nigerian stories to 190 countries. “It is an indescribable moment for the Nigerian production industry, and we are thrilled to share our stories with the world”, he said.

Also speaking on the relevance of the Netflix platform for the Nigerian movie industry, Genevieve Nnaji, ace actress/producer, explained that Nigeria has amazing talent and but have not had an adequate platform to showcase her talent across the board. “It is a good thing, especially for upcoming artistes who want a chance. We have so many more stories to tell”, she said.

Meanwhile, movie lovers are waiting to see how Mo Abudu’s EbonyLife will produce Wole Soyinka’s Death And The King’s Horseman, a play most stage directors find difficult to produce. But based on its track records with top box office grossing movies such as The Wedding Party, Fifty among others, EbonyLife is promising world class production in the Netflix Nigerian Originals series.

Big Brother Naija Season 5 premieres July 19

M

ultiChoice Nigeria, t h e o rga n i s e r s o f Big Brother Naija (BNNaija), has announced that the Season 5 of the popular TV reality show in Africa, would premiere on Sunday July 19, 2020. Viewers on DStv and GOtv across Africa can tune in to witness the start of the most anticipated season yet, which is proudly sponsored by Betway in association with Guinness.

The announcement follows the conclusion of the online auditions in May, which recorded over 30,000 entries from BBNaija hopefuls across Nigeria.

BBNaija season 5 will be broadcast live and 24/7 on DStv channel 198 and GOtv Max and Jolli packages on channel 29, with the live eviction shows and weekly highlights aired on Africa Magic Showcase, Africa Magic Urban and Africa Magic Family. DStv viewers will also follow the drama this season with the DStv Now app on a smartphone, tablet or laptop.

Meanwhile, this season’s prize money promises to be bigger including other surprises for viewers and fans of the show.

DStv customers who would like @Businessdayng

to opt out of viewing the show can do so by sending “BBNOUT [space] smart card number” to 30333.

While GOtv customers can do same by sending “BBNOUT [space] IUC Number” to 30333. Additionally, customers can activate the parental control option on their DStv and GOtv decoders for viewers younger than 18 years.

To not miss a moment of the entertainment the brand new season is sure to bring, fans are encouraged to sign up on DStv via www. dstvafrica.com or get GOtv Max or Jolli on www.gotvafrica.com, and download the MyDStv and MyGOtv apps from the app store for more self-service options.

Given the prevalence of the COVID-19 pandemic, MultiChoice Nigeria has assured viewers that global best practices, precautions and preventive measures will be followed throughout the show.

24

Friday 03 July 2020

BUSINESS DAY

Hotels

Why African has been at the centre of our growth-Radisson Hotel Group OBINNA EMELIKE

N

o doubt, there is a fierce scramble for market share of the African hotel business by international brands. Among the big brands involved in the healthy rivalry, the Radison Hotel Group seems consistent with its strategy.

While Africa has always been at the centre of its growth strategy, Radisson Hotel Group is further accelerating its presence across the continent and across all its brands as Africa evolves and diversifies itself.

Having succeeded in having a flagship hotel under its Radisson Blu brand in most of the key capital cities across Africa, the hotel group now seeks to leverage on the success with the introduction of newer brands from Radisson RED to Radisson, Park Inn

by Radisson and Radisson Collection.

The Group has been one of the fastest organically growing hotel companies in African and as such has been affiliated to most of the recent openings, which has often translated in higher brand recognition, as well as, demonstration of its active role in providing employment and local support.

Again, Radisson Hotel Group has been a key supporter of the Meetings Incentives Conferences and Events (MICE) sector. Most of the larger African forums and conventions have often occured in one of its properties, showing the strength and

expertise of its brand across the continent.

By 2025, five years from now, Radisson Hotel Group is targeting 150 hotels from its present almost 100 properties in operation and under development across the continent.

While it is a tall ambition, the Group insists that it is realistic.

In preparation for achieving the target, it recently appointed new hands to lead the African growth strategy.

Ramsay Rankoussi is now the new head of development for Africa and Daniel Trappler was appointed senior director, Development for Sub-Sahara.

The two will lead a team of professionals in realizing the growth target for Africa. The development is coming as the group continues to increase its presence and renews its commitment to Africa.

Speaking on the target, Rankoussi said that the objective represents over 150 hotels in operation and under development. “Today we are almost at the first milestone

of 100 hotels, which would then represent an annual objective of 10 additional hotels per year. This represents an adequate target given the size of the region but also demonstrates our focus in quality and in securing the right opportunities in the right location and with the right partner”, he said.

Explaining the strategy for further expansion, Rankoussi said the group is accelerating its growth through take-overs of existing hotels, compelling offerings and solutions for the investment community. This is in addition to its pragmatic approach in both design and operation, as well as, transparency in discussions and ability to take decisions faster than most.

Another strategy, according to the new head of development for Africa, is creating scale in focus countries, such as Morocco, Egypt, Nigeria and South Africa. “Also in neighbouring countries where we aim to create a

cluster of hotels to translate synergies and operational efficiencies in specific geographies”, he explained.

Taking the group’s rich human capital in account, Rankoussi said that the expansion strategy is driven by a team of individuals who make up the group’s winning team. The team include all experts within their respective sub-region and mandate but also bringing complementary skills from feasibility to capital markets, as well as, multi-linguistic representing the diversity of the continent.

As well, Radisson Hotel Group’s organic growth in Africa has been possible because of its credible African partners and investors.

According to Rankoussi, the growth demonstrates the quality and trust of the group’s partners, which has been a mix of private and public investments.

“We foresee further activities from the private sector as the industry has shown positive potential, not only in terms of returns but also the impact it brings on society, employment and the overall economy”, he assured.

Speaking on the new normal of doing business in hotels, occasioned by the impact of coronavirus, he assured that Radisson Hotel Group has taken a pivotal role in the creation of safety and hygiene protocols across all its hotels. “We believe that this will become the norm across the industry, which will aid in reassuring consumers in their travel habits but would also help alleviate further risks from any future spread”, he concluded.

Top BusinessDay Partner Hotels Four Points by Sheraton Hotel (Oniru Chiefatancy Estate,Lekki) Tel: +234 1 448 9444

Transcorp Hilton Abuja 1 Aguiyi Ironsi Street Maitama, Abuja Tel: +234-708-060-3000

The Wheatbaker #4 Onitolo(Lawrence Road), Ikoyi, Lagos.

Tel: 01 277 3560

Hawthorn Suites by Wyndham Abuja 1 Uke St, Garki, Abuja.

Tel: +234 9 4603900, +234 805 7522500

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

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

206 Exclusive Hotel Plot 206 Oladipo Diya Road Opposite Olympia Estate

By Games Village Second Gate Durumi2 Abuja

Novotel Port Harcourt Address: 3 Stadium Road Rumuomasi, Port Harcourt Rivers State, Tel: 0809 713 5734

Sun Intercontinental ready to open

Resorts, hotels, casinos, restaurants to reopen

S

un International said it welcomed the announcement by the President that it could soon reopen its resorts, hotels, casinos and restaurants. The company said that it was well prepared to reopen its operations.

Anthony Leeming, Sun International CEO said, “Once government has announced the dates we will stagger the reopening of our properties across the country. Our leisure attractions, golf courses and swimming pools will also reopen subject to necessary regulatory guidance.

“We have put in place world class health and safety protocols which are considerably beyond what is required. Our properties will observe strict head

counts and social distancing rules.

“Prior to the lockdown, we had introduced social distancing queue management, while every alternative seat at our casino slot machines and tables was removed to create space between customers. Our restaurant layouts were also reconfigured to increase

www.businessday.ng

space between tables and meet head count limits. We had also introduced stringent and comprehensive cleaning, sanitising and front and back-of-house food handling and housekeeping procedures. These measures have now been further amplified across all areas of our properties countrywide.

“Once we reopen, we will conduct temperature tests for all customers at our hospitality, leisure and gaming operations, and all guests will need to complete a medical screening questionnaire on arrival at hotels, and in advance for casino visitors. For the foreseeable future, only members of our loyalty programme - our Most Valued Guests (MVGs) - will be allowed access onto the casino floor. It will be mandatory for all visitors to wear cloth masks at all times.

“After an extended lockdown, we have put every measure in place to welcome our first guests back to our properties, and we will do everything required and more to keep them safe while they enjoy themselves.”

https://www.facebook.com/businessdayng

Radisson Lagos Ikeja #42-44 Isaac John Street, GRA Ikeja, Lagos

Southern Sun IkoyI Hotel Address: 47 Alfred Rewane Road, Ikoyi, Lagos Tel: +234 1 280 5200 / +234 1 280 0630 Email: ssikoyi.reservations@ tsogosun.com

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

Friday 03 July 2020

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

25

26 BUSINESS DAY

Friday 03 July 2020

news

Shipping liners suffer as escalating port congestion pushes waiting days up to 50

TETFUND commits N200m into coronavirus-focused research …as government encourages local innovation for economic growth GBEMI FAMINU

T

he Tertiary Education Trust Fund (TETFUND), in its move to arrest the coronavirus pandemic, has disbursed N200 million for a research focused on the virus. The move is targeted at curbing the spread of the virus and boosting the growth of the country.

This was made known by Suleiman Elias Bogoro, executive secretary, TETFUND, at a roundtable hosted by the Nigeria Triple Helix themed ‘How Innovation Drives Economic Development’ held recently.

“TETFUND is sensitive to prevailing issues and, apart from the N7.5 billion national research grant, N200 million has been disbursed to research specifically focused on COVID-19 pandemic,” Bogoro, who was represented by Salihu Bakari, director of research and development, said.

“In addition to this, two-

thirds of the 2020 research grants will focus on science, technology and innovation while the rest will cut across humanities, security, national integration and others,” Bakari said.

Mohammed Abdullahi, minister of state, Science and Technology, in his address, said that the lessons of the COVID19 pandemic has brought to the fore the need for Nigeria to look at home-grown innovations for economic growth, adding that the ministry has developed a science and technology park that will serve as a platform for efficient transfer of scientific and technological breakthroughs from the academia and research institutes to industries and businesses.

“The Ministry of Science and Technology believes that institutions need to become more innovative and that research and development needs to be commercially driven for industrial and economic growth,”

Abdullahi said.

“Also, technological incubation centers and cluster projects are being created to facilitate the development and nurturing of young entrepreneurs and firms as the ministry is streamlining research and development across various sectors and agencies to ensure proper co-ordination.” He further said.

The minister also revealed that TETFUND is providing training to about 600 researchers to help build institutional capacity and help Nigeria compete favourably within the innovation space. He further said that the partnership of the Triple Helix Roundtable is helping to incubate ideas.

“The Science and technology innovation ecosystem (STI) roadmap will help develop the innovation space, and promote development of raw materials. It will also help universities focus on skill acquisitions rather than academic contributions,” the minister said.

…firms pay minimum of $20,000 on Nigerian waters AMAKA ANAGOR-EWUZIE

S

hipping liners in Nigeria are now spending close to 50 days waiting time before having access into the nation’s seaports in Lagos to discharge laden goods due to the escalating congestion in the port terminals.

By implication, ships pay a minimum of $20,000 to $100,000 per call at the Lagos Secure Anchorage, managed by private security firm known as Ocean Marine Solutions Ltd (OMSL), to wait for their turn to enter Nigerian ports.

Checks shows that it costs about $2,000 per day stay as the Lagos Safe Anchorage, and the heightening port congestion could be attributable to the worsening Ease of Doing Business as Nigerian ports. The ports have yet to achieve a 24hour operation as mandated

by Executive Order on Ease of Doing Business signed by Vice President Yemi Osinbajo, three years ago.

Hassan Bello, executive sec-

retary of Nigerian Shippers Council (NSC), said there is serious congestion in the port as majority of the terminals are recording 95 percent yard occupancy due to failure of cargo owners to take delivery of their consignments.

“Right now, there is congestion at the ports and shipping companies are paying thousands of dollars every day.

The waiting days for vessels on Nigerian waters have gone up to 50 days and this is impacting on the cost of doing business,” said Bello.

He said that Nigerian seaport is congested, and one of the reasons, is that the ports operate only from Monday to Friday.

Bello, who stated that during the Covid-19 lockdown Shippers Council was able to extend port operation days to include Saturday and Sunday, said the officers of Nigeria Customs cooperated, and freight forwarders were also on ground to pick their goods at weekends.

According to him, there is need for all the parties involved

in cargo clearing at the port to begin to operate 24 hours just like the airport, if the nation’s port system must move forward.

“We need electronic bill of laden which would make it compulsory for people to transact online. Another important thing is to ensure the port has inter-modal cargo evacuation system. We have the train in some terminals, the barges and also the road.

We cannot have one mode of transportation because it means chaos,” he said.

Speaking on port congestion and long waiting days, Hadiza Bala Usman, managing director of the Nigerian Ports Authority (NPA), said to ensure efficiency in port operation, NPA has mandated Maersk Line, which the largest container carrier is calling Nigerian ports, to use other ports when Apapa Container Terminal is not available.

According to her, the whole of the 50 days waiting time is not spent sitting on Nigerian anchorage, but used to drop cargoes in other West African ports.

Nigeria must embrace taxation post Covid-19, says Lagos commissioner

L

agos State commissi o n e r f o r f i na n c e, R a b i u O l o w o, s ay s stakeholders in the nation’s economy must embrace taxation post covid-19.

Olowo made the assertion during a two-day academic symposium of the Centre for Business Taxation, Oxford University.

Rabiu, who is among over a hundred public finance and tax experts from across the globe who attended the online event, noted that oil has always been unreliable and lessons from the Covid-19 crises have further affirmed this position.

He stated that that from discussions at the Oxford symposium, developing and oil-dependent countries have been left far behind in the areas of taxation.

According to the commissioner, Nigeria’s current tax to GDP ratio of between 4 to 7 percent is very far from satisfactory.

“This has been an issue for some time but the Covid-19 economic crisis provides a renewed opportunity for stakeholders to frontally confront this problem. We cannot be waiting for oil to develop our country when its volatility is a well-known problem. We need to summon the politically will to embrace tax. We cannot be doing the same thing and expect different results,” he said.

Olowo further noted that there is hardly any developed country without effective taxation. Even the gulf oil producers are now embracing taxation despite their lower population, higher oil reserves and

lower cost of oil production.

The advanced countries are no longer discussing whether to tax or not but are now deliberating on how to manipulate policies for optimum impact. Here we are still thinking of how to tax. From discussions at the symposium, it is obvious we are losing billions of dollars to tax manipulation by multinationals and we should look into this urgently.

Speaking he said: “For government, there is need to engage more with citizens on tax and to gain trust through such engagements.

In Lagos state, Governor Sanwo-Olu has been exemplary in working round the clock to engage citizens” He further admonished tax administrators to redouble their efforts and to treat taxpayers as clients who deserve to be served.

He stated that other state governments and their tax authorities can learn from the Lagos Internal Revenue Service (LIRS) which is recording significant success despite the Covid-19 crisis. He urged the media to focus more on taxation, adding, “the media appears to favour sensationalism in reporting EFCC and public frauds but neglects the huge gap in taxation. The media must also remember that uncollected public revenues are as bad as misappropriated funds.”

The advised the citizens, saying “if we evade or pay lower taxes, we should expect lower quality of governance. Most of the countries we admire are built on high tax-high quality governance.

We cannot be an exception.” www.businessday.ng

Seyi Makinde (m), governor, Oyo State; Hosea Agboola (r), chairman, state advisory committee, and Bashir Olanrewaju, permanent secretary, ministry of environment and natural resources, during the governor’s inspection to some flood area in Ibadan.

LASG sealed 10 private schools for flouting closure directives MARK MAYAH

T

he Lagos State Government has sealed off ten private secondary schools for flouting the closure directives of the federal and state governments as a result of Covid-19 pandemic to ensure the safety of students.

The director-general, Office of Education Quality Assurance (OEQA), Lagos State, Abiola Seriki-Ayeni , who led the monitoring and investigation team of the office, announced the action during the second phase of the monitoring of private schools’ compliance with the directive to curb the spread of the Covid-19 scourge.

The affected schools were, however, not disclosed, but are located around Somolu, Akowonjo, Abule Egba, Lagos Island, Ketu, Ilasa and Ifako areas of the state.

A statement by the public affairs officer of OEQA, Olaniran Emmanuel, quoted the director-general as saying “a

large number of private schools visited across the state were found to have complied while those found not to have complied have been sealed off.

“The exercise would be continuous and encompassing, cutting across all the education districts in the state to discourage the nonchalant attitude of some schools to this directive.

Central to the monitoring exercise is the safety of all learners due to their vulnerability”, Seriki-Ayeni said.

“On the field, we want to stay put to what we know is true and we want to consistently do it to students and school based staff”, the DG said.

The director-general, who earlier warned of the danger inherent in the exposure and clustering of students in a class in the name of lesson, strictly reiterated that any school where teaching and learning is ongoing while trying to beat government scrutiny without concern for the health and safety of learners will be sealed.

https://www.facebook.com/businessdayng

Covid-19: Dangote assists PTF to test Nigerian returnees

A

s more Nigerians are being evacuated from abroad, the Dangote Group, through the Aliko Dangote Foundation (ADF) has offered a helping hand to the Presidential Task Force (PTF) on COVID-19 to provide testing for the returnees.

The foundation has since May this year, assisted the PTF to conduct tests for over 500 Nigerian returnees to determine their status and ensure adequate isolation of positive cases where necessary across the country.

Besides, ADF has also assisted the group subsidiaries to donate relief materials comprising food and cash to cushion the effects of the coronavirus pandemic in their host communities in the country. The gesture is in addition to the over N2 billion and other materials earlier donated by Dangote through the Private sector-led Coalition Against COVID-19 (CACOVID) to complement Federal Government efforts. @Businessdayng

Specifically, ADF has helped the subsidiaries of the panAfrican conglomerate to provide food palliatives such as rice, spaghetti, noodles and bread to host communities in Ibeju-Lekki, Lagos; Ibese, Ogun; Ijebu-Igbo, Ogun; Okpella, Edo; Obajana, Kogi; Benue; and Ankpa, Kogi Coal Mines’ communities.

Zouera Youssoufou, chief executive of the ADF, disclosed that since the outbreak of the pandemic, the foundation has on daily basis distributed bread to the vulnerable ones in the society, an indication of the company’s goal to reach and sustain connection with the people.

“The decision to offer help to the PTF to help them test returning Nigerians is yet another step in the company’s Corporate Social Responsibility programme, not only to develop the economic welfare of the Group subsidiaries host communities, but also to build a meaningful relationship with the people”.

Friday 03 July 2020

BUSINESS DAY

27

POLITICS & POLICY Lopsided appointments: We can no longer sit and watch, says Adebanjo Iniobong Iwok

E

lder statesman, Ayo Adebanjo has said that some leaders in the country instituted a suit against the Muhammadu Buhari administration because they could no longer sit and watch the large scale lopsidedness in appointments under his watch.

Recently, some eminent socio-cultural leaders from Southern and Middle-belt Nigeria sued President Buhari for N50 billion over alleged marginalisation of the people of the regions in

the appointments to security, quasi-security agencies and strategic agencies of government.

The suit was instituted at the Federal High Court in Abuja and has continued to generate reactions among Nigerians.

Speaking on the suit in an interview with BusinessDay, Thursday, the octogenarian noted that it was necessary, lamenting that President Buhari had consistently violated a section of the Nigerian constitution which was against the intrest of all sections of Nigerians.

Adebanjo said Presi-

Ayo Adebanjo

Sowore, Agbakoba deny new political coalition Iniobong Iwok

O

moyele Sowore, a presidential candidate in the 2019 presidential election and eminent Lawyer, Olisa Agbakoba have distanced themselves from the new political coalition formed Wednesday by some prominent statesmen, civic society leaders and politicians.

The leaders in a communique had said that the birth of the coalition was necessitated by the continued slide of the country in all sectors, political anarchy and the unabated killings which it blamed on the ineptitude and failure of the current administration and ruling class.

The coalition promised to offer a credible alternative political class and leadership, saying that it was formed after extensive nationwide consultations with groups, political stakeholders and individuals,

while machinery are being put in place across the six geopolitical zones in the country for an effective takeoff.

However, reacting in a separate statements Thursday, Sowore and Agbakoba said though the move was commendable since it would provide Nigeria with alternative to the existing present political parties, they were not part of the founders of the group.

Agbakoba, a Senior Advocate of Nigeria (SAN), denied knowledge of the group, stressing that he was never consulted about its formation.

“My attention has been drawn to a widely circulated story that I am part of a new political movement known as the National Consultative Front.

“Without prejudice to the need for such a political movement, I want to place it on record that I was not consulted and so I am not part of the National Consultative Front,”

dent Buhari had consistently violated the federal character quota since he assumed office in his appointments, stressing that he should defend his actions in court.

When asked if he was confident the leaders would get justice in court, Adebanjo said the court had the duty to defend the constitution of the country, adding that every one would be watching the outcome of the matter.

According to him, “Yes, we took him to court because he has not kept to the terms of the constitution; what the constitution says

Agbakoba said.

On his part, Sowore, who is the publisher of SaharaReporters, said that he remained committed to any effort that would galvanise effort to end the suffering of the masses but that he is not part the coalition formation.

According to the statement, “I just read the report of the new political coalition formed by some comrades and announced in newspapers since yesterday.

“Whereas I find it commendable that political organisations that may provide alternative(s) to the current rotten system might be emerging, I want to make it clear that I was not part of those who formed the Organisation.

“I remain committed to a revolutionary grassrootsbased radical political movement that galvanises the collective energy of the suffering masses of Nigeria to put a final end to their misery,” Sowore

is that he has to keep to the federal character quota and as President of Nigeria he is not doing that ; all can see.

“Go and read the law and see if what he is doing is within the law. Let them go and defend themselves and their actions in court; we cannot continue to keep silent and watch this.”

“Well, if we would get justice is another matter; we have done our own to tell the court he is violating the law of the land. We are going to put our facts on the table; the court I believe is there to uphold the law,” Adebanjo further said.

Edo guber: 20,000 so far defected to PDP - Aziegbemi IDRIS UMAR MOMOH & CHURCHILL OKORO, Benin

E

do State chapter of the People’s Democratic Party (PDP) says about 20,000 persons have so far defected to the party since the Edo State Governor, Godwin Obaseki joined the party.

Obaseki had on June 19 defected to the PDP after being disqualified from the All Progressives Congress (APC) governorship primary election by the party’s screening committee.

Tony Aziegbemi, who made the disclosure in a telephone interview with BusinessDay in Benin City, said the decampees are from APC and other opposition parties in the state.

He explained that opposition party members defect daily to the party across the 192 wards in the 18 local

government areas.

“The National Headquarters of our party gave us 20,000 membership cards before the primary election, but by this Saturday we would have exhausted the cards.

“After the exhaustion of the membership cards next Saturday, we will ask the national headquarters for additional 20,000.

“Every day people are defecting in the various wards across the 18 local government areas in the state to PDP,” he said.

He expressed the optimism that the party will leave no stone unturned in delivering the state for Governor Godwin Obaseki and his running mate, Philip Shaibu.

While adding that the party and the governor are enjoying massive support from the electorate and the

people of the state, he noted that 90 percent of the electorate are ready to return the governor to the government house during the September 19, 2020 governorship election.

He also disclosed that the party is putting modalities in place to ensure that it does not breach the COVID-19 measures put in place by the Federal and the State Governments during the gubernatorial campaigns in the state.

“G overnor G odwin Obaseki and PDP are enjoying massive support from Edo people who are happy with the recent defection of Governor Godwin Obaseki from APC to PDP. “If not 95 percent but at least 90 percent of the electorate in the state are with the governor, and PDP and are ready to vote for the governor,” he said.

Anambra South: Two docked for using forged court papers to sack Ubah Felix Omohomhion, Abuja

O

binna Uzor and his lawyer, Eziafa Enw e d o, w e re docked Thursday before Justice Okon Abang of a Federal High Court, Abuja, for allegedly using a forged Originating Summons and court processes to obtain a forged judgement from an FCT High Court to nullify the election of Senator Ifeanyi Ubah, representing Anambra South .

They were arraigned on a six-count criminal charge of

felony to writ.

The forged judgment has since been set aside by the Supreme Court of Nigeria Charged alongside the duo by the federal government include Anani Anacletus Chuka, Aroh Ifunanya and Faith Samuel, all said to be at large.

In the charge marked FHC/ ABJ/CR/78/2020, they allegedly conspired and used a forged motion with No. M/4017/19, and forged originating summons to obtain the upturned judgement that sacked Dr. Ifeanyi Ubah of the www.businessday.ng

Young Peoples Party (YPP), as the lawmaker representing Anambra South Senatorial District. It was also alleged that the judgment presented by the duo was forged.

They were alleged that by their action, committed an offence contrary to Section 3(b) of the miscellaneous offences Act Cap M17 Law’s Of the Federation Of Nigeria 2004 and punishable under Section 1(2) of the same Act. Some of the charges slammed on the defendants, read: “That you Eziafa Samuel Enwedo on or about Sep-

tember, 2019 at the Federal Capital Territory within the jurisdiction of this court did conspire with Anani Anacletus Chuka, Aron Ifunanya, Faith Samuel and Obinna Uzor all of who are at large to commit a felony to with forging originating summons number CV/3044/18 Anani Anacletus Chuka Versus Ubah Ifeanyi Patrick and Others and thereby committed an offence contrary to Section 3(b) of the miscellaneous offences Act Cap M17 Law’s Of the Federation Of Nigeria 2004 and punishable under

https://www.facebook.com/businessdayng

Section 1(2) of the same Act. “That you Eziafa Samuel Enwedo (M) and the following other persons now at large that is Anani Anacletus Chuka(M),Aron Ifunanya (F), Faith Samuel (F) and Obinna Uzor (M) sometime in ,2019 at the Federal Capital Territory Abuja; made a press release to Elombanews with attached court documents that Senator (Dr) Ubah Ifeanyi Patrick, the distinguished Senator representing Anambra South Senatorial District at the 9th Senate of the National Assembly Of the Federal Republic Of Nige@Businessdayng

ria has by that Judgment been removed from the Senate on the grounds of having Forged his NECO Certificate and that his party, Young People’s Party (YPP) did not conduct primaries, a message or news that is grossly offensive or indecent, obscene or menacing, and you caused annoyance, inconvenience or needless anxiety to the said Senator (Dr) Ubah Ifeanyi Patrick, even though you knew the information to be false, and thereby committed an offence punishable under Section 15(1)(a),(b) Cyber Crime Act 2015”.

28

Friday 03 July 2020

BUSINESS DAY

LEADINGWOMAN

Meet ADERINOLA MARY OJULARI, the boss lady at Mercedes-Benz Nigeria KEMI AJUMOBI Aderinola Mary Ojulari is the Deputy Managing Director/ Chief Finance Officer at Weststar Associates Limited (Weststar). Weststar is the sole Authorised General Distributor for Mercedes-Benz passenger cars’ and commercial vehicles in Nigeria. Weststar coordinates Daimler AG‘s business activities in Nigeria that includes of sales, after-sales services, dealer support, fleet management support, warranties, marketing, corporate communication, and trainings.

Mary is a focused and result oriented finance executive with over 20 years’ experience of which she spent 12 years working in the diaspora.

Mary has worked in a range of senior and director level roles in the media and service sectors. She has a reputation for setting strategic direction and establishing robust working relationships with relevant stakeholders. Her specialties are continuous improvement, financial management, financial reporting, leadership, networking, project management, strategy, production management and due diligence.

She is an enterprising and versatile professional with broad experience in leading all aspects of finance. At Weststar, she oversees a number of departments from the finance to the after-sales. She is responsible for managing Weststar’s budget, fund investments, company policies with regards to capital requirements, risk and cash management and supervises raising of project funding to execute the company’s various expansion projects. She ensures that each department has a clear direction on how to achieve its targets.

She started her career in Audit at KPMG UK, before moving to Bass Group PLC as a management accountant in 2003 and thereafter Whitbread PLC UK as a Management Accountant. She joined the British Broadcasting Company (BBC) as an Analyst in 2006. Her main responsibilities at BBC was Business Partnering across various divisions. In 2009, she was promoted to the Business & Corporate Planning Manager in the corporate finance division.

She relocated to Nigeria in 2012, where she worked with CNBC & Forbes Africa as the Chief Financial Officer for West Africa. In addition, she was responsible for the administration and human resources division for the West African region for 5 years before joining Weststar Associated Ltd in 2017, where she currently works.

Mary holds a degree in Accounting and Finance from London South Bank University and is a Fellow member of the Association of Chartered Certified Accountants since 2008. She also has several Human Resources certifications from the Lagos Business School. Her passion lies in motivating and mentoring young people. She is married and with two sons.

G

Early years rowing up was a lot of fun! My parents were disciplined, yet flexible. The values that they instilled has to a large extent, nurtured me into the person that I am today. Thanks to them, I understood early in life the importance of discipline, hard work and time management. These principles helped me early on to structure my life in a path that I desired. My father was always target driven which helped me focus on setting targets. At every given time, there is always a target that I have set to achieve.

Transition and experience from KPMG UK to Whitbread PLC I worked at KPMG UK as an audit trainee for three years and was responsible for conducting audits on several clients. This was an excellent training ground as it provided a lot of exposure to various industries and sectors. My audit experience at KPMG UK is still useful till this day. I must also mention that it was not all pleasant - I recall working from a dark cold room at a client’s office and falling under the weather immediately afterwards.

Once I completed the trainee programme at KPMG UK, I was determined not to continue in the audit practice and sought opportunities to broaden my knowledge

outside audit. Then, I was employed by Whitbread Plc UK as a Management Accountant. At this time, I was able to put into practice all that I had learnt in training at KPMG UK. Learning for me is a lifelong experience and this is what I continue to do till date.

Being deputy managing director and Chief Financial Officer (CFO) at Weststar Associates Limited I oversee various departments from the finance to the after-sales.

Across all departments at Weststar, I manage the budget, fund investment, risk and cash management, supervision and raising project funding to execute the company’s various expansion projects. I also ensure that each department is able to run profitably with a clear direction on how to achieve Weststar’s targets.

Expectations for this role are very high, but I get through with the support of my dedicated team. I am also fortunate to be surrounded with likeminded professionals and together, we seek to build a work environment and culture that supports individual and collective development.

Working at Mercedes-Benz Nigeria The automotive industry at the time I joined was completely new to me; and I think this was the catch. There www.businessday.ng

is always some level of excitement when learning and researching new fields. The structure and work practice of Daimler AG (which we apply at Weststar), provides an organised professional framework that supports learning and career growth. The Original Equipment Manufacturer (OEM) did not just arrive at the Mercedes-Benz slogan “Nothing but the best” – they actually live, dwell, believe and apply it in their work and private lives. Working at Weststar so far has been a great experience! And yes, my knowledge base continues to increase with more prospects and assurances of a better tomorrow!

What does women empowerment mean to you?

Women empowerment to me means the continuous learning and educating of a female child. I believe that every other thing falls into place once a female child is nurtured rightly and properly educated. It is therefore a very strategic factor in the development of our society today. The female child is a potential mother who eventually would be charged with the responsibility of raising the future leaders of tomorrow. They are usually the next line educators after the teachers in school, and they tend to spend the most time with the children. It would only be wise for

https://www.facebook.com/businessdayng

every society to focus on ways to empower women significantly with the right educational standards so that they too can pass down the right values and knowledge to their children. This is what will eventually improve women’s economic power and well-being.

tination and its path. I sought for employment in places that aligned with my personal and career aspirations too, and mentors who were appropriate at each stage of my progression. My mentors have been excellent guides to ensuring that I stay ahead.

What are your personal and professional challenges?

I would say “getting the right” balance between my personal and professional life. As a representative of an extremely successful global brand, the delivery of excellence in our output is quite fundamental. There is a lot of pressure when work hits an “all-time high” and this is the time when I have to prioritize rightly to be able to maintain the professionalism that the brand deserves, and also my family life.

What are you looking forward to?

I am looking forward to a life post COVID-19. The COVID-19 pandemic took us all by surprise and quite frankly, at some point in the early days of its existence in Nigeria, it was quite difficult to make concrete plans. There is not much that we can do about the situation until a cure or vaccine is found.

The best we can do is to continue to uphold and promote the recommendations made by health professionals globally. Thankfully, Weststar is forward thinking and has embraced the adoption n of a new normal that is sure to take us through these strange times.

The journey to the top as a career woman I live a life of purpose as I mentioned earlier. I started my career with a vision, and I understood exactly what my objectives were in order to bring my vision into reality. I did not spare any cost investing in education and selfdevelopment. My aim was always to look forward to the next target and at some point; it felt like I was on auto pilot, fully aware of my des@Businessdayng

Never to be forgotten The day I got married 27th December 2003. My husband is the greatest joy that God has bestowed on me and it has been 17 years with no regrets! If I came back to this world again, my choice would still be Leke Ojulari.

Friday 03 July 2020

BUSINESS DAY

29

News Residents groan as rains expose...

Continued from page 2

come, motorists plying the road become victims of armed gangs who cash in on the situation to dispossess them of their valuables.

On Tuesday, June 30, members of the NURTW were seen taking up the task of pouring interlock stones on the flooded road to assist vehicles pull through the water.

Managing director of AA Motors, who doubles as chairman of Amuwo-Odofin branch of the NURTW, Ajele Abayomi, described the development as disturbing.

According to Abayomi, the situation has affected their transport business, as daily trips by members have been significantly reduced, thus impacting their income generation.

“The situation has been like this since rain started.

We’re appealing to the minister of Works and Housing to liaise with the Lagos State government to fix this road.

They need to drain out the water, work on the collapsed drainage channel and repair the bad portion of the road,” Abayomi said.

Indeed, other sections of

the road - such as the stretch from Igbo Elerin to Volkswagen, have also collapsed.

Particularly troubling is the section between Lagos State University (LASU) and Iyana Iba-Volkswagen. It has resulted in disruption of vehicular movement, to the extent that motorists now spend upward of two hours between Igbo Elerin and Volkswagen, a short journey that should not take more than 10 minutes.

In the bid to help themselves out of what has become a mess on the road, motorists have resorted to driving against traffic flow (one-way).

The result is total breakdown of law and order, as LASTMA officers posted to that axis to control traffic have become helpless.

When contacted, Sina Odunuga, public affairs officer of the Lagos State Ministry of Works and Infrastructure, said the state government was mobilising China Civil Engineering Construction Corporation to return to site and fix the collapsed portions of the road.

“We will issue a statement,” Oduunuga told BusinessDay, but as at the time of this report the statement was not yet out.

Amid poor supply, GenCos say 4000MW ...

Continued from page 2

by DisCos, she also said. The situation is worsened because GenCos are compelled to bill for only power requested by the DisCos rather than how much power they can generate (capacity).

However, the Nigerian Electricity Regulatory Commission (NERC), which regulates the sector, approved an eligible customer provision in 2018 to allow GenCos sell power directly to customers with capacity for large-scale energy use. But putting the regulation to work has been problematic.

Azu Obiaya, CEO, Association of Nigerian Electricity Distribution Companies (ANED), who speaks on behalf of the DisCos, said the eligible customer rule would adversely impact them because GenCos would cheery pick their most profitable customers without adequate compensation.

The Eligible Customer rule provides for a fee calculated from a percentage of the customers cost, known as Competition Transition Charge.

“The CTC charge has not been put in place” said Obiaya.

Idowu Oyebanjo, a power sector analyst, said the exact details of the CTC were yet to be worked out.

“DisCos have experienced a lot of disappointments having signed performance agreements based on promises, which have not been kept

by other parties and are thus reluctant to go head-on with the Eligible Customer policy and get their fingers burnt again,” Oyebanjo wrote in an article for BusinessDay. Obiaya further said the problem with inability to distribute stranded generation was not the fault of the DisCos, but, “What they are telling you is that there is not enough gas, it has nothing to do with the DisCos.” While operators trade blame, the Nigerian economy is losing over $29 billion annually due to epileptic power supply. The productivity of Nigerians is diminished due to limited access to electricity, and poverty keeps increasing for millions of Nigerians.

Six years after the privatisation, GenCos have exceeded their contracted capacity but payments for their service have failed to catch up. DisCos have maintained the same pattern of distribution for the past six years despite the government sinking over N1.72 trillion in subsidies to keep the sector afloat.

What would have emerged as a sector capable of galvanising economic growth represents the country’s worst example of retardation.

Analysts have said the solution is to fix the electricity market. Nigeria’s electricity market loses money and depends on the government’s bailout to maintain a semblance of normalcy; hence it has been unable to attract investments. www.businessday.ng

L-R: Busola Wale Micaiah, USL Securities Limited (Registrar); Joshua Ojo, Deloitte and Touche (Auditors); Bola Ajomale, MD, NASD plc; Oladipo Aina, acting chairman; Lola Ikwuagwu, company secretary (GIO Nominees Limited), and Kasimu Kurfi Garba, audit committee chairman (APT Securities), during the 7th annual general meeting of NASD plc in Lagos.

Nigerian banks bleed amid world’s...

Continued from page 1

Ratio (CRR) for banks is 27.5 percent, bankers say the CBN currently holds as much as N10.3 trillion in CRR, which adds up to a CRR of between 58 and 60 percent of total naira deposits of N17 trillion.

CBN’s spokesperson, Isaac Okarafor, did not return calls seeking comment on why the CBN is holding so much money in CRR. At 60 percent, Nigeria’s CRR is not only more than double the official 27.5 percent rate but it is the highest across developed, emerging and frontier markets surveyed

by BusinessDay. The N10.3 trillion the CBN holds is also about the size of the country’s federal budget.

Implication for banks and economy “This means Nigerian banks are having to work significantly harder than banks elsewhere in the world to deliver profitability, and get held to even higher expected return hurdles,” said Adesoji Solanke, an analyst at Renaissance Capital.

“Higher CRR hurts the banks’ liquidity ratios, compels them to borrow and take extra trading risks to generate supposedly “risk-free” income,” Solanke said by email.

Fitch rating, which has a negative outlook for the Nigerian banking sector partly because of the CRR policy, notes, “It dampens banks profitability and is creditnegative for the sector as it restricts lenders’ ability to lend” thereby stifling access to credit for businesses.

To get a sense of how much the banks are losing as a result

of the curious policy, if the N10.3 trillion held by the CBN is invested in government bonds at 10 percent, it would return a N1 trillion profit to the banks.

The amount (N10.3trn) is also 200 times the size of a N50 billion fund set up by the CBN to support households and small businesses whose livelihoods and business activities had been upended by the COVID-19 pandemic.

CRR rising in Nigeria but falling in other countries The CRR rate is ever increasing in Nigeria at a time it is falling in other countries that are easing liquidity to stimulate credit flow in their economies and curtail the impact of the COVID-19 pandemic.

From Ghana to Rwanda and Kenya, the CRR rate is in low single digit territory. Even before the pandemic, some countries were already doing away with the requirement altogether in order to aid their banks, boost lending to the economy and stimulate growth.

“This is the time for the CBN to loosen up and ease liquidity rather than sit on capital or hike CRR,” said Obadiah Mailafia, a former deputy governor of the CBN. “I don’t believe that freeing up capital at this time brings any significant inflationary pressures, so the CBN has no excuses for sitting on as much as N10 trillion,” Mailafia said by phone.

The CBN raised the CRR to 27.5 percent in January from the previous 22.5 percent rate, citing the need to mop up excess liquidity in the banking system to curtail inflation.

The CBN said at the time that banks were able to apply for a portion for the release

Small insurers have option to merge or...

Continued from page 2

renewal cycle.

This is because the insuring public would prefer to do business with insurers that have already met the phase 1 of the segmented re-

capitalisation requirement (50% of required minimum paid-up capital for insurers) or already fully recapitalised in the run-up to the business renewal period, Apere states.

“The fear of an insurer

https://www.facebook.com/businessdayng

of their CRR if they had a socalled “real sector friendly project” to fund.

Bankers say it has created the quagmire of a situation whereby one man has discretion over N10.3 trillion.

Both Fitch and the International Monetary Fund (IMF) have criticised the CBN’s CRR policy, saying it contradicts the CBN’s lending mantra.

“The CRR increase is an example of the kind of unpredictable regulatory intervention, seen especially since 2019, that poses challenges for Nigerian banks,” Fitch said at the time of the CRR increase.

The plethora of regulatory hurdles thrown at banks also means investors are less willing to buy their stocks, which have plunged to a three-year low.

Mathematically impossible CBN rules Banks do not only have to contend with the world’s highest CRR but a regulatory directive to maintain a loan to deposit ratio of 65 percent, which means for every N100 in deposits with the CBN, banks must lend N65 in an economy that is still reeling from a contraction of 2016.

Both policies, including another mandate to maintain a 30-percent liquidity ratio, make it mathematically impossible to satisfy the CBN’s regulatory ratio requirements. Yet, the CBN has gone on to punish banks that fail to meet up.

“The math has stopped adding up for a while now yet the CBN doesn’t see the need to explain what is happening to anyone,” a banking source familiar with the matter said.

“The assumption is that the incessant debits of banks by the CBN over CRR or LDR breach is a strategy being used as a tool to manage FX demand as they usually happen

days before an FX auction,” the source said.

“It’s especially curious that the CBN is on one hand saying it is keen to boost lending but on the other hand is aggressively mopping naira liquidity with spurious debits over CRR or LDR breaches,” according to the source.

The latest round of bank debits by the CBN was a sum of N219 billion, which the banks had to give up for breaching the CRR guidelines. That took bank debits made by the CBN, whether for breaching CRR or LDR ratios, to a total of N2.1 trillion in 2020. The CBN had taken N459.7 billion from the banks some weeks before and N1.4 trillion in April.

The IMF called for an elimination of the LDR policy during its article four consultation with monetary authorities earlier in the year, but the CBN has remained adamant.

Supporters of the CBN’s CRR and LDR policies say the policies are to stimulate lending to the real sector, which the banks were not doing, as they chose instead to park cash in low risk government securities.

“The banks are not keen to lend because of the risk-laden environment, if those risks are addressed it’s a no brainer that banks will boost lending since their profitability depends on it,” a business leader said.

“Other than that, the banks are happy to leave cash with the CBN rather than lose their initial capital by taking risky gambles with depositors’ money,” the person said.

Cash Reserve Ratio (CRR) is the share of a bank’s total deposit that is mandated by the central bank to be maintained with the latter in the form of liquid cash.

being restricted to write a class of business in the near future would make the insuring public to be cautious in dealing with small-size insurance companies,” he notes.

He notes that while it is expected that some will not make it, he urges the regulator to introduce a manda-

tory default (merger/acquisition) option, as plan B, for such insurers (if they have not already put in place such plan) in the run-up to December 31, 2020, in order to avoid last minute disqualification by September 30, 2021, that would affect the smooth transitional to the recapitalisation process.

@Businessdayng

30

Friday 03 July 2020

BUSINESS DAY

Investigation How gas firms, Imo government exploit...

Continued from page 1

improvement in the lives of the majority of people living there.

Ohaji, Egbema and Oguta host major oil and gas companies such as Shell Nigeria, Chevron Corporation, Waltersmith, Sterling Global, among others. These companies operate in Umuapu, Obitti, Awarra, Obile and Assa in Ohaji; Abacheke, Abaezi, Mmahu in Egbema, and Agwa in Oguta. For administrative convenience, Ohaji and Egbema operate as one local government.

BusinessDay has toured Ohaji/Egbema and Oguta to investigate the level of development there, but some of the findings are startling.

The neglect Agwa in Oguta hosts Sterling Global Oil Exploration and Energy Company. The town has several autonomous communities such as Mgbala Agwa, Obudi Agwa, Umukpo Agwa and Umuomi Agwa.

Nnamdi Onyema, 52, a native of Mgbala Agwa, has not seen electricity supply from a public source or Enugu Electricity Distribution Company (EEDC) in the village in the last decade. Like other villagers, he pays to charge his phone at a business centre in the community that puts on generator twice a day.

He heaved a sigh of relief four years ago when his children in primary and secondary schools were given scholarship forms by an agent of Sterling Global. But in the last four years, his children have filled out such forms three times without any outcome.

He complains that his wife can no longer farm because of the negative impact of the activities of the oil company on her farm.

“Nothing grows there again,” he mutters “Yet, we are not compensated.”

Eze Blaise O. Uba, the traditional ruler of Mgbala Agba, runs four generating sets in his palace. He says the community has made representation to the oil firm, yet nothing has come out of it. According to Uba, the oil company moves 48 tankers of oil out of Mgbala Agwa community every day, but does not contribute to road rehabilitation.

Road from Umuokanne to oil-producing communities in Ohaji

“Our community produces the largest quantity of oil around, but it has no electricity, good road and water,” he says.

True to his words, the source of water in the community is mainly from wells as there are no taps anywhere.

Uba complains that the company has never sponsored any free medical test and does not recognise him as a traditional ruler. He says bad roads, especially during rainy season, prevent women from going to their farms.

“No son of Agba works in the company,” the traditional ruler says.

“A contractor handles employment and even brings security personnel from outside Agwa,” Uba discloses.

He explains that the community once appointed a contractor to help its case, but Sterling Global did not recognise him.

“We have no community liaison officer. The company said it would not work with me. Our health centre has no facility, and drugs are bought by the centre and sold to people,” he further says.

A sizeable number of young people in the entire Agwa community are jobless.

Even when they work, they do menial jobs due to lack of opportunities in the com-

www.businessday.ng

munity, a senior member of Agwa says.

Two young men in the community say they earn N600 ($1.33) and N700 ($1.55), respectively, each day from working in people’s farms even though they both possess an Ordinary National Diploma (OND), a certificate obtained from completing a two-year course in a Nigerian polytechnic. This puts them in the extremely poor-people category, going by the World Bank classification of persons living on less than $1.90 per day.

The company is accused of killing a woman few years ago with its vehicle, paying just N1 million ($2,778 at exchange rate of N360/$ then) to the family as compensation and then giving the deceased’s brother a job.

“But the company sacked him three months after,” one villager alleges.

Sterling Global is an Indian oil exploration and energy company operating in many communities in Nigeria.

In May 2019, the House of Representatives, Nigeria’s lower legislative chamber, ordered the firm to halt oil exploration at Ogwu Ikpele in Ogbaru Local Government, Anambra State.

Chukwuma Onyema, who represents Ogbaru in the House of Representatives, had accused Sterling Global of operating in their land without Environmental Impact Assessment, Baseline Survey, Social- Economic Impact Assessment and CSR. No official of Sterling Global agrees to speak with BusinessDay on these allegations or at least provide the company’s CSR in the community. One of the officials of the company says he does

not know who should react to the allegations within the company.

The electricity fraud Communities in Oguta and Ohaji/Egbema are cut off from the national electricity grid. At Obitti, located in Ohaji, one of the oil-producing communities, a 73-year-old man says he has not seen electricity supply from a public source since he was born.

The entry of a new power supplier, EEDC, in early 2014, has not changed that.

Most of the communities visited by this writer do not have electric poles. As businesses thrive in communities with electric power, communities such as Umuokanne, Ohoba, Obosima, Obiakpu in Ohaji, among others, look like deserted places, as entrepreneurs avoid them like a plague. Telephone network service is limited in some of the communities, making communication difficult.

The bigger story is that individuals have been collecting millions of naira as electricity bills from Imo State Oil Producing Areas Development Commission (ISOPADEC) in the last 10 to 15 years on behalf of Ohaji/ Egbema, even though com-

Hope Uzodinma, Imo State governor, had said in March 2020, during a visit to Mmahu community, in Ohaji/Egbema, that he would no longer tolerate the culture of misuse of funds accruing to the oil-producing communities in the state. He had described as outrageous, the monthly N10 million ($22,222 by today’s exchange rate of N450/$) electricity bill paid to EEDC by ISOPADEC, stressing that the government was looking into the issue.

An official of Imo State government says the government is yet to begin investigation into the fraud.

“Section 15 subsection (5) of the Constitution empowers the state to abolish corrupt practices and abuse of power when found,” Odinakachukwu Okeke, a lecturer of law at a Nigerian university, says.

“It is a general umbrella that accommodates issues of corruption. Again, the governor can petition the Independent Corrupt Practices Commission (ICPC) or the Economic and Financial Crimes Commission (EFCC),” he recommends.

Joel Shaibu, a human rights activist, urges the gov-

Proposed Obitti Secondary School Site. This site has lied dormant for over 10 years

munities in the local councils have no electricity insignia.

Their act is very familiar: They collect the money from ISOPADEC claiming to pay the EEDC, the electricity distribution company, on behalf of the oil-producing communities. But the payment, if done, is questionable considering that the communities in question do not have electricity.

“Do you pay for electricity you have not used?” Ike Ibeabuchi, a businessman, who is familiar with corruptionrelated issues, asks.

This writer is told that this act was common during former Governor Rochas Okorocha’s eight-year regime. Not just electricity bills, money meant for projects in Oguta and Ohaji/Egbema is siphoned by individuals known to the government.

All fingers are pointing at ISOPADEC that has become a conduit pipe for politicians who have no interest of the people at heart.

https://www.facebook.com/businessdayng

ernor to probe the matter to ensure that justice is done to the communities.

Light at the middle of the tunnel?

In December 2019, Emeka Ihedioha, immediate past governor of Imo State, visited Ohaji/Egbema alongside ISOPADEC and Waltersmith Petroman Oil Limited, an integrated energy company, to flag off an electrification project for Umuapu, Obite, Ochia, Awarra, Assa and Obile in Ohaji/Egbema. The project was valued at N460 million and was to be funded jointly by Waltersmith and ISOPADEC. Waltersmith Petroman had released a statement saying that it was proud to be an equity partner in the project being a symbol of its CSR. However, in January 2020, the Supreme Court of Nigeria removed Ihedioha as Imo State governor and declared Uzodimma as winner of an earlier 2019 election.

Since Ihedioha was sacked @Businessdayng

and Uzodimma became governor, the project is yet to kick-start.

Eriye Onagoruwa, external affairs and government relations manager, Waltersmith, tells BusinessDay on enquiry that “Waltersmith is co-funding an electrification project in conjunction with ISOPADEC for Ohaji/Egbema and as part of its commitment to fund 50 percent of the project. It has paid the first milestone payments towards the actualisation of the project.” Sources tell BusinessDay that ISOPADEC is yet to pay its own part.

13% Derivation, NDDC taxes Imo State government earns 13 percent derivation monthly from the Federal Government of Nigeria as an oil-producing state. The revenue comes to the state as a result of activities of oil and gas firms at Oguta and Ohaji/ Egbema. But the money is not being used to develop the oil-producing communities.

Oil companies also pay taxes to the NDDC for the development of the communities. Shell paid Nigerian government $5.6 billion (N1.7trn) in taxes, royalties and fees in 2019, the company disclosed in its sustainability report for 2019.

According to the report, the NDDC received $136.6 million as fees that year. The company paid $6.30 billion to the Nigerian government in 2018, out of which NDDC received $81.5 million. In 2017, Shell paid $4.32 billion to Nigeria out of which NDDC got $79.6 million. Out of $3.638 billion paid by Shell to the Nigerian government in 2016, $125.14 million was collected by the NDDC. Nigeria was the biggest tax recipient from the oil giant in 2016. The tax data of other firms are not immediately available.

Those familiar with oil industry matters confirm that the only reason for paying taxes or fees to the NDDC is to enable them fix infrastructure decays in the Niger Delta states such as Imo, Abia, Ondo, Rivers, Bayelsa, Cross River, Akwa Ibom, Edo and Delta.

Imo IGR Imo State has earned billions in Internally Generated Revenue (IGR), thanks to taxes and fees paid by oil firms in the state. The state earned N5.80 billion in IGR in 2011; N6.81 billion in 2012; N7.58 billion in 2013; N8.12 billion in 2014, and N5.47 billion in 2015. It further had N4.93 billion in 2016 and N5.87 billion in 2017. The IGR rose rapidly to N14.88 billion in 2018 and N16.09 billion in 2019, according to data from the National Bureau of Statistics (NBS). The IGR does not include 13 percent derivation and allocation from the Federal Government.

Friday 03 July 2020

BUSINESS DAY

31

Sports Boost for boxing as Mojisola Ogunsanya Memorial/GOtv Boxing Gym set to open Stories by Anthony Nlebem

B

oxing in Nigeria is set to receive a huge boost following the completion of an international standard boxing facility, the Mojisola Ogunsanya Memorial/GOtv Boxing Gym, which is expected to be commissioned soon.

Located in a serene location in Lagos, the boxing gym is the brainchild of Adewunmi Ogunsanya, Chairman, MultiChoice Nigeria and GOtv Boxing.

The multimillion-naira gym, funded by Ogunsanya, is conceived as a prebout preparation facility for local and international boxers coming to fight in Nigeria as well as an academy for nurturing young

Adewunmi Ogunsanya, chairman, MultiChoice Nigeria and GOtv Boxing

Messi hits 700 career goals… but the LaLiga record holder is not finished yet

L

ionel Messi’s goal in 2-2 LaLiga Santander draw at home to Atletico de Madrid was the 700th of the Argentina international’s stellar career.

Messi’s previous 699 goals came across all competitions over his 16 years to date as a senior player with club and country. He now has 630 in 724 games for FC Barcelona and 70 in 138 caps for the Argentina international team.

The current Barça captain’s first goal for the Catalans came in LaLiga against Albacete on 1 May 2005. He now has 441 goals in 480 LaLiga games in LaLiga, 114 in 141 Champions League appearances, 53 strikes in his 75 Copa del Rey outings, three in four European Super Cup finals, five in five appearances at the Club World Cup and 14 goals in 19 games in the Spanish Super Cup. Also skipper of the Argentina national team, he scored his first senior goal for his country in a friendly against Croatia in March 2006, while his latest strike came in his most recent international game against Uruguay in November 2019.

A winner of 10 LaLiga titles, four Champions Leagues and six career Ballon d’Ors, Messi has scored three or more goals in 54 different games to date for either club or country. He scored five in one Champions League game against Bayer Leverkusen in 2011-12, while his 91 goals in the calendar year 2012 is another unique personal record. In October

2014, Messi became LaLiga’s all-time top goalscorer, breaking the previous record of 251 reached by legendary striker Telmo Zarra playing for his only club Athletic Club between 1940 and 1955.

Zarra now sits third on that list, with Messi’s long-time rival Cristiano Ronaldo finding the net an incredible 311 times during his 292 LaLiga games for Real Madrid from 2009 to 2018.

Now at Italian side Juventus, Ronaldo’s total career goals to date is 728 (in 1005 senior career games, including 99 goals in 164 international caps with Portugal).

Comparing goals and records across different eras of football history is difficult, but it is generally acknowledged that at least seven players have reached the 700 goals mark in senior competitive football.

Czech-Austrian forward Josef Bican has been credited

www.businessday.ng

with 805 goals between the 1930s and 1950s, although those were different times.

Former Barcelona star Romario claims 772 goals, although some say that figure is conveniently just ahead of the 767 reached by his fellow Brazilian Pele. Ex-Real Madrid forward Ferenc Puskas retired in 1966 on 746 goals in total, while Germany’s Gerd ‘Der Bomber’ Muller reached 735 by the time he hung up his boots in 1981.

Messi (and Ronaldo) are still going and they have been playing at the highest level during the highly competitive and demanding modern era, which for many places their achievements as the greatest ever.

Having just turned 33 in late June, Messi also has time on his side to push his many personal records even further into the stratosphere. 700 career goals… and counting.

and promising boxers to stardom.

The facility, which has a hostel to accommodate 30 boxers at a time and located in an expansive compound, is fitted with modern training equipment such as a standard ring, thread mills, punching and speed bags, double-end bags, wrecking ball snatchers, sparring mitts, focus mitts and bar bells among others.

The gym will also provide boxers with gears such as hand wraps, gum shields and mitt gloves. Boxers will be supervised by some of the most accomplished boxing coaches in the country.

Being residential, it is fully air-conditioned and has an assortment of leisure facilities, including satellite television facilities and board games. Boxers in training and their coaches will also be fed

throughout their stay in the facility.

Giving reasons for setting up the gym, Ogunsanya said it is a continuation of the efforts, which began in 2014, at reviving the sport in Nigeria.

“We are happy about the progress Nigerian boxing has made since the intervention through GOtv Boxing Night began in 2014.

“But there is a need to accelerate the progress by ensuring we address the dearth of training facilities in the country.

“We have talented boxers, who are disadvantaged by the inadequacy of training facilities and proper grooming. We believe that this gym will go a long way in addressing that challenge and help to bring our boxers to par with their colleagues abroad,” Ogunsanya said.

Jenkins Alumona, CEO, Flykite Productions, organisers of GOtv Boxing Night, commended Ogunsanya for his commitment to the growth of Nigerian boxing.

GOtv, promoted by MultiChoice, has been the biggest supporter of the sport in Nigeria over the last six years through GOtv Boxing Night, which has revived the sport by providing regular bouts through which boxers have earned considerably bigger remunerations and benefitted from exposure to international audience via SuperSport, which broadcasts the event live to 49 African countries.

GOtv Boxing Night also gave rise to GOtv Boxing NextGen Search, an initiative to identify and nurture deserving talents to full professional status.

Time running out for Setien as Barcelona title hopes fade

B

arcelona’s hopes of retaining the Spanish title look to be slipping away after Tuesday’s 2-2 draw with Atletico Madrid, and the decision to leave Antoine Griezmann on the bench for almost the whole game appeared to sum up the malaise which has taken hold in the Catalan capital.

Tw ice Barcelona led against Atletico at the Camp Nou only to be pegged back and forced to settle for a third draw in their last four La Liga outings which leaves them a point behind leaders Real Madrid having played a game more.

The scenario was a repeat of last weekend, when Quique Setien’s team were ahead twice away at Celta Vigo only to draw 2-2. Real can now go four points clear by beating Getafe on Thursday, while also boasting the head-to-head advantage over their title rivals.

And yet while Barcelona desperately needed three points against Atletico, Setien saw no reason to send on Griezmann until the 90th minute.

The French World Cup winner was also only brought on as a late substitute against Celta, but Tuesday amounted to a humiliation for Griezmann against his former club, who sold him for 120 million euros ($135 million) last summer.

Sergi Roberto and 17-year-old Ansu Fati had

https://www.facebook.com/businessdayng

already come on before Setien turned to Griezmann as a last-minute replacement for Arturo Vidal.

When asked about the bitpart role to which his former player was restricted, Atletico coach Diego Simeone’s reply was as cutting as it was short. “Speechless”, said the Argentine.

“It is true that it is hard bringing him on like that, for a player of his level. But the circumstances forced me to do it,” said Setien.

“I could have taken a different decision, not brought him on for example, but you always have the hope that a player like him can win you the game.”

Setien added that he would not be apologising to the 29-year-old and claimed the player would understand why he was left out.

Time running out Nevertheless, Setien’s handling of Griezmann can only increase the pressure on the coach, who has not @Businessdayng

won over those who doubted his ability to succeed at the Camp Nou after he was appointed in January.

Having excelled under Simeone at Atletico, Griezmann always appeared an unnatural fit for Barcelona, wedded to their 4-3-3 formation or variations thereof.

The Frenchman looks even more out of place with Luis Suarez back fit to team up with Lionel Messi in attack.

More importantly for Setien, a third straight title looks beyond Barcelona.

When appointed in January, the 61-year-old ex-Betis coach admitted he could not promise to make his team win. “But I promise that my team will play well,” he said.

They are not even doing that, and it is impossible to watch this Barcelona side and not long for the glorious football played by Pep Guardiola’s team almost a decade ago now, or even Frank Rijkaard’s dazzling side of several years before that, when Messi was just emerging.

“I am used to finding myself in difficult situations. I might not be as happy as I was at the beginning, but inside I am doing fine,” Setien said, while insisting that the dressing room was behind him.

Barcelona have not won a trophy since 2015. They still need to get through a last-16 second leg against Napoli in order to qualify for the final eight in Lisbon.

Women in Business

A

bimbola H. Alale (Ph.D) is the current Managing Director and Chief Executive Officer of the Nigerian Communication Satellite Limited (NIGCOMSAT), Abuja, Nigeria.

Nigerian Communications Satellite Ltd (NIGCOMSAT) is a company and agency under the Federal Ministry of Communications and Digital Economy whose mission is to be the leading satellite operator and service provider in Africa.

NIGCOMSAT Ltd owns and operates the Nigerian Communications Satellite systems.

The NigComSat-1R system is built to provide domestic and international satellite services via a 2 way satellite communications services across West, Central, South East Africa, Europe and Asia.

As a Nigerian Satellite Technologist, in 2016, she was appointed as the Chief Executive Officer for Nigerian Communications Satellite Limited by Goodluck Jonathan, former president of Nigeria. She was re-appointed in 2019 for another 4 years term in office by President Muhammadu Buhari. As of 2016, she stood as the first and only female CEO of a major satellite company in Africa, Europe, and the Middle East.

She holds a postgraduate degree in Space Studies and an MBA degree from the International Space University, Strasbourg, France.

She also is a Ph.D. degree holder of Peace, Security & Strategic Studies from the Institute of Governance & Development Studies, Nasarawa State University, Keffi, Nigeria. Other Certificates were obtained at the Massachuttes Institute of Technology, USA and the Management School, London.

For over seventeen years, she has pursued an active career in the Space Sector, a career that began at the National Space Research and Development Agency (NASRDA) where, as the Assistant Project Manager, she was part of the team that championed the manufacture and launch of the first sub-Saharan African com-

munication satellite, NigComSat-1 in May 2007.

Abimbola Alale actively worked on some national priority projects such as the NigComSat-1, NigComSat-1R projects and the establishment of a National Direct-to-Home Digital Transmission Centre. She is presently driving the full commercialization of NIGCOMSAT Ltd. She has also been able to manage relationship with the public sector, consultants, satellite operators and other stakeholders within the industry and the media to create awareness, acceptance, and endorsement of NIGCOMSAT vision and strategy for the space and telecommunications industry.

Known for her strategic market savvy, she formulated a commercialization strategy and execution plan that leveraged on existing infrastructure with the objective of increasing revenue and decreasing capital expenditure, adopting the Public-Private Partnership model in the NIGCOMSAT Direct-To-Home project.

Today, Abimbola Alale stands tall amongst satellite professionals not only in Nigeria but the world as the visible woman at the head of a communication satellite business around the globe. She is a member of the American Institute of Aeronautics and Astronautics (AIAA) federation. She is also a member of the International Space University Forum. She was recently admitted as a board member of Space Generation Advisory Council.

Until she became the M/D and CEO of NIGCOMSAT, she was the Executive Director, Marketing of the company. In 2015, she replaced Engineer Ahmed Timasaniyu, as the Chief Executive Officer of Nigerian Communications Satellite. She served as a member of Advisory Board Members to the Space Generation Council (SGAC), 2018–2019. The advisory board was designed to provide strategic direction and advice to SGAC. She has contributed to many national projects such as the NigComSat-1, NigComSat-1R projects and the establishment of a National Direct-to-

Odunayo Sanya Ag. Executive Secretary MTN Foundation at MTN Nigeria

O

dunayo is a versatile professional with 20+ years of postgraduate work experience in the education, financial services and telecommunication sectors of which 15 years have been in management positions. She is currently a

General Manager in MTN Nigeria, Africa’s leading Telecommunication Company, with an active base of 57million subscribers (April 2016) - where she leads the Planning and Customer Management team.

She is knowledgeable in customer expe-

BUSINESS DAY Friday 03 July 2020 www.businessday.ng

By Kemi Ajumobi

Abimbola Alale Managing Director, NIGCOMSAT Limited Home Digital Transmission Centre.

“It is our duty that our connectivity to every industry, whether big or small, local or international, be achieved within a limited time possible to propel our economic growth.” She said.

Abimbola has always been captivated by astronauts and space; however, meeting a

trailblazer in that line of career encouraged her to “Do something that is more beneficial to your people”.

As a lover of science, she often encourages girls to come on board because she believes that the girl child is a catalyst to national development if exposed to science and technology.

rience management, business process outsourcing, customer intelligence (analytics), contact center management, billing services, retail management, collections and credit management. She is adept at conceptualizing and implementing innovative customer –centric practices and procedures to improve efficiency in an organisation.

An Alumni of the Lagos Business School (SMP 27) and IMD with executive trainings from the Harvard Business School and Cornell University, she is a certified Professional Forecaster (CPF) and a member of the Institute of Business Forecasting & Planning (New York).

An international speaker, Odunayo has presented papers at the IIR Telecoms loyalty &Churn in Berlin (2009) and Nice, France (2010). A conference advisor at Fleming Gulf’s ‘Win Your Customer’ conference in South Africa (2011). She is also a volunteer mentor on the platform of WISCAR (Women in Successful Careers). Odunayo is a John Maxwell certified Coach, Speaker and Trainer.

MTN Foundation was incorporated in 2004 to drive the various CSR initiatives of MTN Nigeria Communication PLC. It was commissioned in May 2005 with MTN Nigeria Communication PLC committing up to 1% of its Profit after Tax (PAT) as its main source of funding for projects.

Drug abuse, especially among the youths is worrisome and as such, MTN Foundation through the Anti-Substance Abuse Program (ASAP), from 2018-2019, implemented a multi-sectoral, multi-stakeholder focus intervention with the aim to contribute to a significant reduction in the rate of first time and habitual use of drugs and narcotic substances amongst youths in Nigeria specifically, those within 10-25 years.

For Odunayo, Nigeria has a young population (70% under 24), which demands that

we pay attention to this demography. The United Nations Office on Drugs and Crime released a report in 2019 which states that the number of drug users in Nigeria is estimated at 14.3 million. “From that report, we can deduce that substance abuse in Nigeria is dire indeed. Prior to the UNODC report, BBC in 2018 highlighted the burden of the substance abuse in Nigeria particularly codeine and tramadol among Nigeria Youths. Self-medication and easy access to drugs over the counter is rife and tends to compound the substance abuse problem.”

She said.

The year has been a tough one for many but Sanya advises you to do the following in the remaining part of 2020 and beyond.

She says you have been resourced with all you need, always find strength to look inside, practice forgiveness, it is a life skill; Be kind, it is always an opportunity to be blessed; Enable, empower, encourage and elevate others; Be authentic, you are called to be you; Legendary only happens outside our comfort zones; Love is the highest virtue, embrace and radiate it; All change is difficult at first, messy in the middle and beautiful in the end, keep at it; Be more, sweat in practice so you don’t bleed in war (spartan creedo) always prepare; Don’t just win, win by a wide margin; Be adventurous, it unlocks your creativity; Live your legacy don’t just leave it behind; Love yourself, that is the measure by which you can love others; Take care of your body, it is where you live; Take care of your spirit, it is who you are; Your fortune follows your fearlessness; Potential that is unexpressed turns into pain; Fear is a valid emotion and like energy, you need to convert it into a usable state of Faith; and finally, Life is urgent, remember you are finite and mortal.

For sponsorship and advert placement contact: kemi@businessdayonline.com Published by BusinessDAY Media Ltd., The Brook, 6 Point Road, GRA, Apapa, Lagos. Advert Hotline: 08033225506. Subscriptions 01-2950687, 07045792677. Newsroom: 08169609331 Editor: Patrick Atuanya. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.