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Dreams die as graduates wait endlessly for transcripts Document now meal ticket for Nigerian universities

Temitayo Ayetoto

Populism of successive governments holding Nigeria back, says Moghalu

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lvis Izekor graduated from the University of Benin in 2015. Two years later, he wrote to his university seeking his transcript to secure a spot among the bright African

bd investigative serries brains that the Africa Institute of Mathematical Sciences (AIMS) was offering a scholarship for a Master’s programme.

That was when he discovered that a camel could pass through

the eye of a needle much easier than he could obtain his transcript.

A transcript is a document commonly required in the application for postgraduate study.

It consists basically of a list of the course units taken, the exams passed and the credit units

gained. And AIMS needed it to assess Izekor’s capacity.

After initiating the process in November 2017, he learnt two months later that his full file was missing. Heartbroken but undeterred, he quickly opened Continues on page 34

ISRAEL ODUBOLA

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he populist approach of successive Nigerian governments since the 1970s is impoverishing the nation and holding the economy back, says Kingsley Moghalu, a lawyer and political economist.

Moghalu, in a statement, ‘Beyond Minimum Wage: The Limits of Populism and the Need Continues on page 34

Inside P. 29

CULINARY DELIGHTS

L- R: Taiwo Shote, head, corporate banking, Rand Merchant Bank Nigeria; Madukhar Khetan, group CFO, Dufil Prima Foods plc; Michael Larbie, CEO, RMB Nigeria/regional head, West Africa; Ngover Ihyembe-Nwankwo, head, coverage, RMB Nigeria, and Sid Khandewal, CFO, TG Arla Foods Products LFTZ Enterprise, at the RMBN online transactional banking platform launch: RMBN Digital.

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news Apapa: Logistics, infrastructure delay opening of Lilypond Terminal, Trailer Park CHUKA UROKO & AMAKA ANAGOR-EWUZIE

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ontrary to expectations, the opening of the Lilypond Terminal in Ijora and Trailer Park on Apapa-Oshodi Expressway in Lagos earlier scheduled for yesterday (Thursday) and today (Friday) is being delayed due to logistics and infrastructure challenges, BusinessDay findings have revealed.

The Nigerian Ports Authority (NPA) and the Federal Ministry of Works had on Monday assured of the opening of the two parking spaces, as part of measures to decongest Apapa and Tin Can Island Ports, and also clear the seemingly intractable gridlock on roads and bridges leading to Apapa.

But the inability of the Federal Government to put the necessary logistics for running a transit park in place led to the failure of the NPA to open the Lilypond Terminal to container-carrying trucks to use as transit parks as scheduled.

Similarly, the opening of the Trailer Park has been deferred by at least one week due to absence of critical infrastructure facilities such as water, electricity and conveniences that are supposed to be put in place to make the running of the parking facility seamless.

Speaking with our correspondent in a telephone interview, Remi Ogungbemi, chairman, Association of Maritime Truck Owners (AMATO), explained that the NPA needed to put certain lo-

Continues on page 34

Rising co-working locations underpins growth in start-ups, millennial population CHUKA UROKO

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ontrary to high vacancy rates for Grade A office buildings resulting from space oversupply across major cities of Nigeria, development and demand for co-working locations are on the rise, underpinning growth in the start-up community and millennial population in the country.

Co-working spaces, commonly called collaborative work-spaces, are today in high demand driven largely by tech start-ups and the millennials.

Though it is difficult to state the exact population of Nigerians in the millennials class, analysts estimate that they constitute 23 percent of the national population (about 40 million people), noting that this number has moved up since the last population count in 2016.

In its report which monitored the Lagos property market in Q1 2019, Knight Frank, an international firm of estate surveyors and valuers, affirms that millennials and tech startups have remained drivers of co-working space demand.

“Co-working locations in Nigeria, from just two in 2011, has grown to 109 and about 1.7 million individuals are now involved globally,” the firm said in the report.

The report quotes industry experts as suggesting that one co-working location opens every month in Lagos, confirming the city as the commercial nerve-centre and economic hub of Nigeria where opportunities and challenges are in mortal contest for the soul of budding enterprises.

In Lagos, co-working is already a trend that is driven by the city’s high start-up ecosystem. Nigeria has a strong entre-

preneurial culture, according to Global Start-up Ecosystem 2017 Report, which valued the Lagos start-up ecosystem as the highest in Africa with a growth index of 6.6.

Expectation is that as these start-ups continue to spring up, there will be a stronger demand for co-working real estate solutions which means increased investment opportunities for the space suppliers.

Broll Nigeria, in its office market viewpoint, confirms that co-working in Lagos is expanding quickly and the bulk of supply is by local service providers, typically operating in stand-alone converted residential properties or C-grade office buildings.

“In Lagos, we see the global co-working trend through a varied number of local service providers operating in the market. With over 50 local co-working operators, Regus is the only international brand operating under a direct franchise model in the market,” Bolaji Edu, Broll’s CEO, told BusinessDay. At the heart of co-working is the ‘plug & play’ concept which mitigates occupational obligations for tenants such as fit-out costs and lease negotiations while offering flexibility and ease of doing business.

These inherent attributes make co-working increasingly popular across the world, especially in emerging markets such as India and South East Asia. The Global Co-working Unconference Conference (GCUC) estimates a global growth of 108 percent by the year 2022, up from the 14, 000+ global co-working spaces recorded in 2017, showing the speed at which co-working is to expand.

•Continues online at www.businessday.ng www.businessday.ng

L-R: Ladi Balogun, group chief executive, FCMB Group plc; Oladipupo Jadesimi, chairman; Funmi Adedibu, company secretary/general counsel; Olasubomi Balogun, founder, and Peter Obaseki, chief operating officer, at the 6th Annual General Meeting of the Group in Lagos.

Nigerian states generate N1.1trn in 2018 as Ondo records fastest IGR growth …Lagos, Rivers, Ogun account for over 50% OLUWASEGUN OLAKOYENIKAN

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ndo State outran 35 other states in the country in the accrual of Internally Generated Revenue (IGR) in 2018, latest states IGR data by the National Bureau of Statistics have shown.

Ondo grew its IGR by more than double to N24.79 billion in 2018 from N10.93 billion achieved a year earlier, causing the state to jump 11 steps to become ninth-highest revenue-generating state of the federation after Lagos, Rivers, Ogun, Delta, Kano, Kaduna and Edo States which

sustained their positions.

Lagos generated N382.2 billion as revenue in 2018, representing a 14.4 percent increase compared with N333.97 billion realised in 2017. Rivers recorded a 26 percent growth in its IGR to N112.8 billion from N89.5 billion, while Ogun raised N84.55 billion as IGR in 2018, about 13 percent higher than N74.84 billion recorded in the previous year.

As a result, the combined revenue received by the three states accounted for 52 percent of the total revenue of N1.10 trillion generated by all the Nigerian states in 2018, which is 17.8 percent more than N936.47

billion recorded in 2017.

The total growth was driven by increases in the IGR of 32 states that recorded growth, even as four other states comprising Osun, Benue, Cross River and Abia recorded worse revenue performance in the review year compared with 2017.

Osun’s IGR fell the most to N10.38 billion from N11.73 billion. Benue followed closely with a 9.55 percent decline to N11.22 billion from N12.4 billion, Cross River was down by 3 percent to N17.55 billion from N18.1 billion, while Abia recorded a marginal drop of 0.55 percent to N14.83 billion in 2018 compared with N14.92

billion received in the previous year.

However, the revenue generated by each of the four states in 2018 was more than Yobe, Kebbi, Taraba, Ebonyi, Adamawa, Ekiti, Borno, Katsina, Gombe, Nassarawa, Zamfara, Jigawa and Bauchi.

Yobe recorded the lowest IGR of N4.38 billion. Kebbi trailed with a total internally generated revenue of N4.88 billion, while Taraba generated the third-lowest revenue of N5.97 billion in the country in 2018.

Also, the Federal Capital Territory (FCT), Abuja generated N65.52 billion as IGR in the review period.

Again, Reps summon Buhari over killings, banditry ...PDP urges President to return home and face security challenges JAMES KWEN & OWEDE AGBAJILEKE, Abuja

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he House of Representatives on Thursday summoned President Muhammadu Buhari to address the nation on measures being taken to tackle the rising cases of killing, banditry, armed robbery and kidnapping in parts of the country.

The House had on April 11, 2019 extended the same invitation to the President, giving him 48 hours ultimatum to personally speak to the people.

Almost one month after, the President is yet to do so.

In a similar move, the People’s Democratic Party (PDP) charged President Buhari to end his ‘private visit’ abroad and immediately return home to face the rising security chal-

lenges in the country.

The House’s latest resolution on the matter was taken at the Thursday plenary during the presentation, consideration and adoption of a motion titled “Urgent Need for Federal Government’s Intervention on the Ongoing Wanton Killing of Innocent Persons, Destruction of Properties, Armed Robbery and Kidnappings by Heavily Armed Bandits Operating Within Safana/Batsari/Dansamu Federal Constituency”.

The motion was sponsored

by Ahmed Dayyabu-Safana, member representing Safana/ Batsari/Dansamu Federal Constituency of Katsina State.

Dayyabu-Safana, while moving the motion, stated that some villages within his constituency had been serially attacked with many people

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killed by armed bandits.

He said that as an immediate step in containing the evil activities of the heavily armed bandits, the President should urgently declare a state of emergency in the federal constituency.

“The House notes with dismay the ongoing attacks on various communities within Safana/Batsari/Dansamu Federal Constituency of Katsina State by heavily armed bandits who continuously unleash mayhem against my constituents on daily basis,” he said.

“The House also notes that the recent spate of the said attacks on members of my constituency has reached an alarming stage as the perpetrators of this dastardly act continuously kill innocent persons in my constituency and set their homes ablaze @Businessdayng

while defenceless men and women are abducted to an unknown destination,” he added.

Dayyabu-Safana said up to four villages within his constituency had been under attack in the last 48 hours, including Massa Village in Batasari LGA, where no fewer than five persons had been killed, Alhazawa Village in Safana LGA, which had been totally displaced, Guzurawa village in Safana LGA, where several persons were murdered in cold blood, and Gobirawa Village where no fewer than 12 dead bodies were found in the bush while many were still missing.

He said the killings had continued unabated and the bandits “seem to be unstop-

Continues on page 34

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NEWS Chevron working with third party contractor to put out Ojumole fire ... as impacted communities hail effort Olusola Bello

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hevron Nigeria says it is working with third party contractors to safely put out the fire as quickly as possible Ojumole Well 1 in Ondo State that caught fire about two week ago.

“We continue to keep all stakeholders, including the communities engagedonoureffortsinputtingoffthe fire,” according to the company.

It stated that because it placed the highest priority on the health and safety of its workforce and protection of its assets and the environment, there were independent, accredited environmentalconsultantsmonitoring the environment, adding that its post incident activities would be consistent with the relevant environmental laws, regulations and guidelines.

In a statement sent by Sola Adebawo,manager,communication,said: “We continue to conduct our operationssafely,reliablyandefficiently,with utmost consideration for protection of people and the environment.”

Thecompanyinresponsetoseries of enquiries from BusinessDay said due to the peculiar terrain of the well

location, there was the need to create an access path to the slot leading to the wellhead. This will enable the heavy equipment and men required to safely put out the fire, gain access to the well location.

Meanwhile, some people under theumbrellaof‘TheStakeholdercommunities to 1’, in Ilaje Local GovernmentofOndoState,havecommiserate with Chevron Nigeria Limited and all the people of Ikorigho, Ojumole, Zion Ikorigho, Otumara, Ajegunle, Ilueri and Bowoto communities, who are impacted by the fire burning at the Ojumole Well 1 through the activities of inhuman oil thieves and illegal bunkerers.

The stakeholders led by one Ola Judah Akinyomi said immediately the fire started, Chevron informed “our communities and our representatives werepartoftheJointInvestigationVisit (JIV) team to the site of the incident on Saturday,April20,2019.DuringtheJIV, it was discovered that the fire incident was caused by oil thieves who have been coming to steal crude oil from the facility.

“It is a sad thing that valuable assets mostly owned by the people of

Ilaje land and the environment have been imperilled by the actions of a few greedyindividualswhotamperedwith the idle well apparently to steal crude oil, thereby leading to this unfortunate fire incident,” they said.

“We as Ilajes are hospitable people and when a true Ilaje sees his neighbour’s house on fire, he will try to help not extort him. We therefore dissociate ourselves from all attempts to extort CNL or capitalise on this sad incident for political gains. The people doing this are not the appointed leaders of our people and therefore cannot speak for us.

“They said they are already working with Chevron to ensure that their people remain safe and that the fire is put out as soon as possible. “We therefore advise our people not to go near the area where the fire is burning soasnottohampertheeffortstoputout the fire or be in harm’s way.”

The stakeholders call on Chevron toprovidereliefmaterialsforthepeople in the communities near the fire and continuetoimplementalltheactivities being discussed in their continued engagementwithleadersandrepresentatives of the communities.

HuCaPAN organisations to pay N30,000 minimum wage Joshua Bassey with agency report

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uman Capital Providers Association of Nigeria (HuCaPAN) says member organisations will pay workers the new N30,000 minimum wage just as it stresses the need for the promotion of decent work in the country.

HuCaPAN is the umbrella body of registered and licensed providers of outsourced personnel.

Aderemi Adegboyega, HuCaPAN president, said while fielding questions from journalists in Lagos at the association’s eighth annual general meeting in Lagos.

According to Adegboyega, only decent job can bring out the best in a work, hence, members of HuCaPAN subscribe to the standard as stipulated in code of conduct.

He said the review of the minimum wage was a welcome development and expressed hope that implementation would not cause disruption of industrial harmony.

He further said the realities of global market business strategy was that jobs, goods and finance move more freely across country borders to where they would yield optimal returns on investment. ‘’That is why we believe that outsourcing businesses will further support Nigerian economy by providing needed support services for local and foreign businesses. ‘’Countries like India, Mauritius, Philippines and Ghana have taken advantage of Business Process Outsourcing (BPO) to support their economies. ‘’Nigerian human capital are

well positioned to make the country one of the most favourable regions to procure business support services. We have vibrant and young workforce,’’ he said.

He said government intervention to improve on the ease of doing business was a welcome development but that security issues must be tackled for businesses to operate freely.

On quacks, the HuCaPAN did not disclose the number of arrest made if any but said that the association report to the Ministry of Labour and Employment who take necessary action.

He also said that the association carry out certificate check, collect references from casual workers and find out from organisation they had worked before employing to guard against quacks.

Glo gets double honours at BoICT Awards

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lobacom, a fully integrated telecommunications solutions provider, was one of the biggest winners at the 10th anniversary of Beacon of ICT (BoICT) Awards held recently at the Eko Hotels and Suites in Lagos.

Apart from clinching the coveted “Most Innovative Mobile Player” of the year award, the operator was also inducted into the ICT Hall of Fame in recognition of its outstanding contributions to the growth of Nigeria’s telecom industry in the last decade.

The BoICT Award was instituted in 2009 to reward individuals and corporate organisations that have helped to develop ICT in Nigeria and make life more meaningful through innovations in information technology.

Gbenga Adebayo, chairman,

Association of Licensed Telecom Operators of Nigeria (ALTON), who presented the award to Globacom, described the company as the game changer of the telecom industry.

Adebayo, who recalled the difficulties experienced in the early days of telecom service in Nigeria, noted that but for the innovation of Per Second Billing (PSB) system introduced by Globacom, the industry would have taken longer to achieve that feat.

“I want to personally congratulate Globacom for winning the Most Innovative Mobile Player of Year award tonight. Though Globacom came at a later date, its introduction of PSB system at a time earlier operators said it was not achievable, changed the rule of the game. For that unique innovation and many more others it has www.businessday.ng

introduced since then, Globacom deserved this award,” he said.

Adebayo also called on the government to resolve the problem of multiple taxations in the industry and formulate policies to protect the industry’s critical infrastructure. He described the threat by the Nigerian Airspace Management Authority to shut down operators’ base stations as a threat to national security, which will have grave consequences for the country.

In his welcome address, Ken Nwogbo, founder and CEO of Communication Week Media Limited and organisers of the BoICT Award Series, said that in the last 10 years, “Beacon of ICT Awards Series has become widely regarded as the last most prestigious annual event available in the ICT industry in Nigeria”. https://www.facebook.com/businessdayng

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Bukola Saraki’s legacy

Tony Ademiluyi

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011 was a decisive year for Dr. Bukola Saraki. He was nearing the end of his tenure as Governor of Kwara state and the issue of his succession was in the front burner.

His godfather dad, Dr. Abubakar Olusola Saraki wanted his sister Gbemisola Saraki-Fowora to take over the mantle while Bukola preferred that his Chief of Staff, Alhaji Abdulfatai Ahmed take over from him. It was a battle royale as father and son greatly clashed with the son carrying the day. The legendary Olusola Saraki who had only lost one election in 1964 was demystified by his first fruit whom he brought from the banking sector into the murky waters of politics. Bukola’s victory reminded us of the battle between Alvan Ikoku and his son, Samuel Ikoku who fought for a seat in the Eastern Regional House of Assembly. The son triumphed over the dad and effectively retired the renowned educationist from partisan politics.

Bukola’s victory was a case of history repeating itself.

The scion of the Oloye of Kwara politics found his way into the Senate in 2011 like his father had earlier done in 1979 and 1983 in the hey days of the defunct Second Republic.

Bukola was quite vocal in the Senate and was no bench warmer. He contributed to the comatose Petroleum Industry Bill (PIB) amongst a host of others in his capacity as the Chairman of the Senate Committee on the Environment.

In the build up to the 2015 elections,

he defected to the then opposition All Progressive Congress (APC) and ensured that he delivered Kwara to the party. It was a gargantuan risk that he took and he could have lost everything if the election results had gone the other way.

As an ambitious man, he had his eyes set on becoming the nation’s number three citizen and defied the party directive on a choice candidate – Ahmed Lawan who had been penciled down for the plum job. He took advantage of a misinformation that Buhari wanted to meet with the national assembly members of the party to win the elections in which he was the sole candidate present in the red chambers. As a man blinded by raw ambition, he went into an alliance with the opposition Peoples Democratic Party (PDP) who then produced the Deputy Senate President in the person of Senator Ikechukwu Ekweremadu. This act and the fact that Saraki is from Kwara state makes us recall the Yoruba warrior Afonja who enlisted the help of the Fulanis to defeat his enemies in Ilorin. After the war, the Fulanis refused to leave and became permanent settlers in the emirate town.

The APC hierarchy was miffed at the apparent betrayal by Saraki in sharing power with the opposition party that they had only recently chased out. The body language of Asiwaju Bola Ahmed Tinubu who doubles as the National Leader said a lot as he was the most visible spearhead of a Lawan led Senate Presidency. Saraki, having learnt some politricks from his father had outsmarted them all they could only lick their wounds.

The ‘subtle persecution’ of Saraki then began. He faced a trial at the Code of Conduct Tribunal for not declaring some of his assets. Some of his opponents contended that he should step down while the trial lasted. He didn’t bulge and after some months of rigmarole, he was let off the hook.

The medical doctor turned politician seemed invincible – more like a cat with

nine lives as he survived the landmines and booby traps set for him by his political adversaries.

Then came the 2019 elections. He was so confident of his skills as a political spin doctor that he defected to the opposition Peoples Democratic Party (PDP) and sought the presidential ticket under its platform. He lost out at the party primaries but was compensated with the Director-Generalship of the Atiku Abubakar campaign team.

There was resentment in Kwara state against Saraki’s stranglehold. The once slavish and docile populace was tired of serving the Oloye dynasty with nothing but misery and poverty to show for it. They had served the father faithfully and now they were condemned to serve the son. It was high time they threw off the yoke of serfdom and bondage in order to acquire the status of a freeborn.

The otoge movement was then born as a child of circumstances to liberate the state from Saraki’s vicious grip. Dr. Ibrahim Oloriogbe also a medical doctor and former consultant to the World Health Organization roundly defeated Saraki in the Kwara Central Senatorial Elections. The APC also went on to emerge victorious in the gubernatorial elections.

The fact that Saraki isn’t contesting Oloriegbe’s victory at the Elections Petitions Tribunal shows that he has accepted his fate as a soon to be yesterday’s man. Many of Saraki’s minions were also left in the cold. The Governor and his Man Friday, Abdul Fatai Ahmed lost his senatorial bid. Mallam Bolaji Abdullahi who has been his loyalist since 2003 when he was first appointed as his Special Adviser on Strategy was forced to resign as APC National Publicity Secretary and withdrew from the gubernatorial race. Many of his loyalists are now left in political limbo since their master’s fall more devastating than that of humpty dumpty.

When Kayode Egbetokun, the Kwara State Commissioner of Police was posted to Kwara after his rejection in

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Saraki’s fall should serve as a lesson for all politicians who don’t think like statesmen

Lagos, I knew that Saraki was the prime target and so his loss at the polls wasn’t surprising. The security agencies were also complicit in the largely flawed 2019 elections as rightly observed by many of the international observers. Saraki’s foes seems to have finally triumphed over him as they must have been clinking the glasses since his huge fall.

Revenge is best served cold. Post June 2019 will be the best time to deal ruthlessly with Saraki. The code of conduct tribunal trial may be exhumed in addition to the collapse of the Societe Generale Bank of Nigeria (SGBN) where millions of depositors lost their life savings in 2003. His passport may be seized by the Department for State Security (DSS) in order to prevent him from going on a self imposed exile. In politics, there are neither permanent friends nor enemies – only interests enjoy a permanent status. His numerous supporters would with the passage of time rapidly dwindle since its only stomach infrastructure that has been the glue that has kept them. Bukola would discover this reality painfully perhaps in a hot room in solitary confinement.

Saraki’s fall should serve as a lesson for all politicians who don’t think like statesmen. They should think of ways to immortalize themselves through their actions. Stomach infrastructure which was the hallmark of Bukola Saraki’s career is not only short-sighted but extremely wicked as the hoi polloi are perpetually condemned to receiving the short end of the stick. There will be no fond memories for the purveyors of stomach infrastructure. Who still goes to the house of the late Alhaji Lamidi Adedibu?

We remember Zik of Africa for his nationalism; Obafemi Awolowo is remembered for his free education policy and the rapid development of Yorubaland.

Chief Anthony Enahoro would never be forgotten for the motion he moved for independence in 1953. What in God’s name will Saraki be remembered for?

Ademiluyi wrote in from Lagos.

Towards reforming Nigeria’s policing system Kehinde Akinfenwa

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ince 1999, the problem of public security is perhaps the most eminent challenge to Nigeria’s democracy. Following years of military incarceration and civil uprising, the nation has been confronted with the challenge of reviving and rebuilding its depleted civil institutions as lack of viable security structure has given rise to huge range of criminal activities.

The primary institution in the front line of combating these challenges is the Nigeria Police Force (NPF) which according to the constitution has exclusive jurisdiction to protect lives and properties by fighting crime and maintaining law and order. But regrettably, of all public institutions whose record of ineptitude is prominent across the country, the Nigeria Police Force remains a customary point of reference. There is no crime that is alien to the police force, from extortion to rape to murder to kidnapping, to conspiracy; they are never far away from any atrocities one can think of. An average police officer is perceived more as a merchant of oppression than the protector of law and order with penchant to commit crime than to prevent it. Pitifully, these uncivilized demeanours are well acknowledged even within the force fraternity.

Upon assuming command in February 2012,

the former Inspector General, Mohammed D. Abubakar, sordidly affirmed thus: “The Nigeria Police Force has fallen to its lowest level and has, indeed, become a subject of ridicule within the law enforcement community and among members of the enlarged public. Police duties have become commercialized. Our men are deployed to rich individuals and corporate entities such that we lack manpower to provide security for the common man. Our investigations departments cannot equitably handle matters unless those involved have money to part with. Complainants suddenly become suspects at different investigation levels following spurious petitions filed with the connivance of police officers. Our police stations, State CID and operations offices have become business centres and collection points for rendering returns from all kinds of Squads and Teams set up for the benefit of superior officers.

Our Special Anti-Robbery Squads (SARS) have become killer teams, engaging in deals for land speculators and debt collection. Toll stations in the name of check-points adorn our highways with policemen shamelessly collecting money from motorists in the full glare of the public.”

Sadly, all these unruly acts have witnessed an upward trajectory in recent years. According to Segun Adeniyi, what we have now are assassins in police uniform who are passionate to dispense bullets on innocent citizens. The quantum of impunity that exudes in the policing system is capable of instigating civil revolt as such dastardly www.businessday.ng

experiences are becoming unbearable. It is rather disheartening that the force has plummeted from being one of the pillars of grace and service to a cathedral of dishonesty as it is fast becoming a citadel of illegality and institutional dissipation.

However, we will be hallucinating not to admit that this perplexing situation is the product of the infirmity in our nation. The endemic maladministration in governance has been a springboard to the menace of this institution. Criminogenic problems like unemployment, poor education and ethnic tensions have significant implications for social disorder and crime as the force struggles to contend with the realities of the emerging security challenges. It is absurd that a 21st century police force is still battling with mundane challenges of improper training and skills, inadequate work force, lack of modern gadgets, political intrusion, poor working conditions, incompetence, poor remuneration, to mention a few.

In this worsening economic condition, the reality is that Nigerians are becoming more desperate to survive. The vast rate of armed muggings, burglaries, homicide, road-block robberies and armed break-ins, local and international swindles, kidnapping, terrorism, hooliganism, militancy, drug peddling and the likes are the outgrowth of our unconscious society. Lamentably, however, the security structure of the country is a shadow of itself; the police institution presently can never ensure effective security as it commands only about 371,800 official personnel out of which

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over 70 percent are providing personal security for prominent individuals. In a nation whose estimated population stands above 190 million with its incumbent socio-economic and cultural problems, having an underfunded, ill-equipped and understaffed policing system is already an infatuation to lawless society.

Globally, the potent parameters used to assess the proficiency and effectiveness of any police force is to consider its ability to fight crime, resources at its disposal, equipment and apparatus available to it in the discharge of its duties, fewest shots fired by them in a year and fewest persons beaten, shot and killed, strides taken in public protection and its efforts towards the protection of vulnerable persons.

The Nigerian Police Force is in dire need of fundamental reforms where its operational and intelligent structure will be engaged in contemporary discourse. Policing is today a multi-faceted phenomenon where the responsibility of the state and the right of citizenry are effectively managed.

This has brought about an instigating shift from the traditional model of law enforcing to crime preventing and community safety in order to play a key part in the renewal of social democratic level.

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Akinfenwa is of the Ministry of Information & Strategy, Alausa, Ikeja

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comment Sew-what?

Temitayo Fagbule

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ade Thomas-Fahm experienced an epiphany on Edgware Road in 1953. She was in London on a British Council-sponsored scholarship to study nursing but when she saw mannequins modeling fashionable clothes and accessories she decided there and then to study fashion, and enrolled at St Martin’s School of Art. A doyenne and tastemaker of fashion in Nigeria, Thomas-Fahm pioneered the business of fashion from items designed with local fabrics that catered to local and international tastes. She set up Sade, a boutique, at the Federal Palace Hotel in Victoria Island and a garment factory in Yaba in 1960. For a decade, her designs, made from locally woven and dyed textile, were well known, exported to the US and exhibited in Europe. In 1964, her business was valued at £10,000.

Prior to her return from London in the sixties, local fabric wasn’t considered material for fashion. Un-

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deterred, Thomas-Fahm stayed her course. In an interview last June, she recalls returning home “to show all I had [learned] and create the type of garment factories I was exposed to, train people, create jobs.”

Almost sixty years after ThomasFahm took the gambit to think local and act global, Nigerian designers are being recognized for using local fabrics, hand-woven by artisans in the hinterlands, to make bold contemporary designs. Celebrities in shirts, suits and dresses made from colourful and bold prints by designers in Nigeria and in diaspora are drawing attention to the potential the healthy mix of talent and market-size portends.

Though in her eighties, ThomasFahm remains an outspoken advocate of the economic benefits of the fashion industry. She insists that, “Fashion is not only glamour but [economics] and we should understand that.” She wants the government to bring back our textile mills. Unfortunately that’s impossible.

The textile industry in Nigeria, which once employed as many as 450,000 people, gave up the ghost in the 1980s. Devaluation and inflation, aftermaths of the Structural Adjustment Programme (SAP) snuffed out the industry. During this period, particularly the recession that followed shortly, a tsunami of secondhand clothes inundated the market. In “High Fashion and Fluctuating Fortunes”, a case study of the Nigerian garment industry under SAP, LaRay Denzer writes that, “Dwindling buying power made it impossible to con-

tinue buying new garments or buying fabric to be sewn by their personal fashion designer or tailor.”

The 1995 recession also ended the fashion design boom that grew after the import of ready-made garments was barred as part of the adjustment programme. Several women, like Folurunso Alakija, left their jobs in banking, medicine, law, nursing and schools for careers in the lucrative fashion industry. These women were “the new culture heroes of SAP”, celebrated in newspaper features and fashion magazines that sprouted (and wilted almost immediately).

Around the same period, the ready-made garment industry in Bangladesh began to boom generating 3 million jobs, mostly for women.

While mills wound down in Kaduna and Kano; whirring sewing machines stitched together the growth of Bangladesh, making it a distant second to China in the export of ready-made garments. The boom in Bangladesh lifted millions out of economic hardship as poverty plummeted. The economy of Bangladesh has grown by 6 percent a year in the last decade powered by its garment industry. It exported $30.6bn worth of garments in June 2017 – 83.5 percent of total exports.

Ironically, most of the yarn Bangladesh spins into garments is imported; five percent of the cotton used is sourced locally. Instead Bangladeshi garment makers focus on the entire textile manufacturing value chain.

For instance, they knit more than three-quarters of the yarn imported.

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Still, the minimum monthly wage of a garment worker in Bangladesh is $197 compared to $83, the newly approved minimum wage in Nigeria

Through the adoption of technology to scale production, skill development, insistence on quality, supportive policies and incentives, and low labour costs, the South Asian country is expected to become a middle-income economy by 2021.

The success of Bangladesh, however, isn’t stitched with golden threads.

Poor conditions in the factories and fires that killed hundreds of workers fray this remarkable story. Still, the minimum monthly wage of a garment worker in Bangladesh is $197 compared to $83, the newly approved minimum wage in Nigeria.

To stitch together a similar story, Nigeria will have to move beyond the runway into retail. Annual fashion shows in Lagos, the culture capital of Africa, are now a fixture. Nigeria’s youth bulge highlights a potential market and, for the same reason, a pool of talented designers too.

Especially as professions like cooking and tailoring that involve making, materials and considered more meaningful increase in urban areas among a demography referred to as Generation X and Z. Being a chef or fashion designer lends itself to narratives about the process, origin of the materials and the usefulness of the service or product. A story suited for telling with pictures, text and videos on social media. An opportunity that GTBank, which sponsors two of the biggest events on food and fashion, has noted. Epiphanies like ThomasFahm’s can still be experienced.

Fagbule is Chairman, Editorial Board

Tying it all together

Olamide Balogun

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rust you all had a great four day weekend at Easter. Just as an aside, if at the end of the holiday you rolled your eyes up into your head and was unhappy that work starts the next day, it is time to look for another job. If you are not happy at work or your employees are not happy at work then you have a real problem. Those who are working only for the money may do the job but that commitment to do whatever it takes will not be there and the work will not be done the best way it can or should be done.

When your employee is not motivated and what I mean is that they lack passion and a sense of belonging and a sense of well being, they are jaded and just going through the motions propelling the business slowly that the business seems to be stagnant and indeed regressing. There are many things that you have to put in place before you recruit your staff to ensure the fire of passion is continuously burning.

We have discussed the Vision and the ‘Why’ of the business. If you have not read this please go into the archives of Business Day. We have discussed the Organogram (Organisational Chart) and the Personality Profiles analysis with some aspects of the job description.

These are all aspects of Human Resource

planning which can be described as a process of determining the manpower requirements of an organisation which should be aligned with the strategic goals of the organisation. This can be done right at the beginning and continuously by constantly determining how an organisation will move from its current manpower position to its desired manpower position.

Planning is the first step for determining the success of any strategic initiative and ensuring achievement of pre-defined goals as it establishes a roadmap for the realisation of several action plans. Human Resource planning answers the questions of number of employees, skills and knowledge of the employees, proper utilisation of the resources, motivational and welfare tools (the same things you think but not so. More about this later) for the employees.

We have not talked about the job description (and people specification which is always found in the same document) in a lot of detail but it is all part of the ensemble. A major part of the Human Resource planning. It is the document that should state what exactly the job is about, what the general tasks of the job incumbent will be, and other related duties and responsibilities.

Why the job was created. What qualifications ,skills and personality the person should possess. In many cases it also states a salary range.

The job description is produced as a result of conducting a job analysis which means exactly what it says. Analyzing the job by understanding the tasks and the sequence necessary to perform the job. It is the analysis that considers what skills and knowledge needed to perform the tasks.

There is the analysis of the job interrelationship with the organisational strategies and vision.

The analysis helps with the personality specification as well taking into cognisance the kind of personality required to carry out the tasks that will yield the best results.

The job analysis starts off by analysing the

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job interrelationship with the organisational strategy and vision. The analysis determines the uses of the analysis which include recruitment and selection, compensation, training and development and indeed the full Human Resources cycle. The analysis is usually done by the collection of data, observation, interviews and questionnaire administration. The way the analysis is done has a lot of impute from people.

Yes, numbers are crunched and so on but real people have to always be involved every step of the way. We get it wrong many times when we just cut and paste or use a lot of technology to determine these things.

Even after the job description is written alongside the people specification every so often ( timing can be determined from industry and organisation to organisation depending on how dynamic the sector or organisation is) there should be review and updates.

The job description should include relationships with other people like the supervisory and managerial staff and indeed relationship with other stake holders like colleagues, suppliers and external customers.

Sometimes the job description sets out the goals for the job and thereby stating possible promotion routes and conditions. Indeed the document is often used for career pathing (predicting and planning the career of the incumbent) and even succession planning (who is going to success who).

For the employee, having a clear job description allows them to understand the responsibilities and duties that are required and expected of them.

The organisation must be careful not to be too rigid with the job description because it needs to be in a position to be nimble especially in some areas because you don’t want the employee being stuck doing what is now obsolete but still in the job description.

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There needs to be put in place the management of the job description to ensure that it does not become obsolete. That it continues to reflect the job even as it evolves.

In order for you to have a good job description you need a good job analysis In order for you to have a job analysis you need a manpower plan.

I wonder how many people take all this trouble even before they start recruiting or doing business. There are so may organisations that have not done any analysis whatsoever and have just gone on the internet to cut and paste all the documents for their planning and should’ve been as a result of analysis. They then wonder why its like walking around in shoes that are either too large or too small because they were not bought for you.

I know a lady who had made the same mistake of just starting her business without doing all the human resource planning. She likened it to just going out to buy cutting machine when what you need is a sewing machine. Things inner case went horribly wrong she had to shut down and go back to the drawing board to get things right.

Unfortunately things don’t go horribly wrong, just wrong and people just keep going losing money and sleep.

Please do the necessary planning before you start business so you don’t have to shut down, however of you have realised there are major mistakes, it is best to shut down, re-align and start up again rather than plod on trying to repair a machine when it is running even though that is impossible.

Happy workers day. I hope you got some well deserved rest. Of course you will know if your rest was not well deserved. Selah.

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

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Friday 03 May 2019

BUSINESS DAY

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Socializing for business opportunities and the game of networking

EIZU UWAOMA

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he fundamental element that defines the quality of your life is the people you surround yourself with, the mutual value and opportunities that the relationship brings; the conversations, mutual influence and the engagements you have with them.

Nigeria runs on connections and networking. Who you know is a networking game only a few really play right.

There is a stunning research from the sociologist Mark Granovetter, whose classic 1974 study: Getting a Job. He surveyed 282 workers and business people in relation to how they got their jobs and current business contract.

What he found was that 56% got jobs through a personal connection. Of those connections, most were weak ties. Only 16.7% saw the contact often, 55.6% saw them occasionally, and 28% saw them rarely. This should be weird. But you actually can get too close to people or someone to be thought of when a deal comes to table.

In a world that can’t stop talking and networking, it seems like everyone should always be out there. Well, basic economics 101 shows that a degree of scarcity creates value. This is valid even for human relationship in circles, and brands in the market place. We can clearly be too in people’s face with our brand, product and self-till it loses value.

The relationship between popularity and value is not linear. Let me break it down. Imagine value over popularity as a graph. It’s never linear but polynomial, say cubic differentiated into quadratic.

Finding the minimax and maximin of the curve, is like finding what point Diminishing Return hits the X and Y variables of Productivity Curve in economics. You can actually represent it in a graph, (the curve will be like the in-

verted U shape curve, like classic curve of the Law of Diminishing Return). Your role as a CEO is to supply some level of selective popularity around what truly matters and not over stretching it. You can be too in a person’s face that they forget that you’re there. It’s a delicate rise though and your role is to find at just what point is best before a negative turn in the graph.

We generally think the closer to those up there, the more they’d help us, right?

Well, wrong!

This summarizes a very personal central ideology I have always had and shared. Be friendly but have few friends.

You don’t have to attend every party you are invited to. Don’t put your product in every shelf available, know your market.

Even in your market, don’t over supply so the price doesn’t drop. This is a metaphor for human relationship. Networking is great and social intelligence is key. But don’t over-network or make yourself overly available. As a business man, being a connector is just enough.

Well, I know you’d be asking, how best can we all network? Every good networker is to know not to ask without giving first. And to try not to pour from an empty cup. Too many people find themselves in the high table of men without being really prepared so they lose the opportunity The truth is, the fundamental of networking is built on trade by barter, that is value for value (from surplus to deficit) and vice versa, good networkers know to not start at that middle ground but to give value first assuming there is none to receive. It’s a good state of mind to be in while networking. The truth is, you can get anything from anyone you so desire if you can first give them what they need.

Whenever you find a good event to network, do it right. A good networking event technically isn’t based on the number of high profile people but more on the number of connectors at the event. There are three important set of guys in any social circles, events and groups. They are the; Mavens – Experts of the current discussion the audience in engaged in.

Sneezers – popular guys and then The Connectors.

The connectors are more important

than the high profile people. Chances that you are not a connector, for it’s a rare gift. Connectors are those select few extroverts, highly like-able with an extraordinary knack for making friends and acquaintances. Connectors are an elite group of people so expert in cultivating connections that they are the reason the rest of us are connected. If you can’t be one then have one always handy. It is advised to rather go for an event hosted by a connector (you have personal ties with).

It’s a false assumption that if you are thrown in a room of 100 Forbes Millionaires for 100 minutes that you’d get 100 complementary cards (talk less of having meaningful conversation afterwards that leads to deals). Networking is grossly misunderstood. You can always track a good crowd if the ratio is 1: 10 (1 high profile connector per a crowd of 10). The point now will be on how you can find a connector per crowd (in this case to know how many connectors will be coming before you waste your time and resources to attend such function).

How to identify a connector?

So, to illustrate this, let’s play a game, mentally or with a pen and a pad make a list of 40 of your closest friends (family and colleagues excluded), then walk backwards to how you met them, trace the sources and see if there is a trend, asymmetric pattern of correlation, or frequency of some source, see if your closest friends came from any frequent source. If so, then that common source is the connector!

Connectors are people who connect us to the world.

First of all, you rarely can network in any hall way more than 150 people (it’s actually a magic number, same way the human mind can’t exactly remember any numbers above 8 characters, why your phone lines ends up as that (the “080” doesn’t count). That’s why any wedding with more than that usually ends up in a jamboree.

In general, be friends or network mainly with connectors. Networking with successful people is overrated especially when you don’t have tangible value to add to them. You just might end up either name dropping or running errands for them. This is

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...the fundamental of networking is built on trade by barter...Good networkers know to not start at that middle ground but to give value first assuming there is none to receive

because highly successful people are either known to not be friendly, or for political motives, friendly but have few friends. Keep a weak tie relationship with a lot of people but strong ties with connectors.

The best advice is to add value. Be busy with building yourself, art and price tag till you wake up morning and people want to network with you.

Networking works more for people who seem to not have too much time for it.

In this world where everybody is screaming your network determines your net worth. I still think it is grossly over rated. In this generation of internet, you can become known without forcefully being present to be known.

Just do your thing in your corner but plus the Internet to it and you’d sit and be called upon. There is already too much traffic and headache in most Nigerian cities to be jumping from one event to the other all in the name of finding opportunity and networking.

Even generally, we are more generally likely to get a big break from people we don’t know too deeply at the point when you connected. Most break through come from weak ties.

Acquaintances are more likely to know something you don’t. They represent social power — and the more acquaintances you have, the more powerful you are. Make you acquaintances mainly connectors. Connectors are important for more than simply the number of people they know but most importantly people that know them for their value. Strive to be this, and continually share value but leave it at that.

Also, to be a networking individual and connector, ensure you know a vast majority of people from different field and not just one field and make them primarily weak ties; people you know peripherally. Strong ties are known to have over familiarity which breeds contempt. They are prone to hate, jealousy and strife.

Note: The rest of this article continues in the online edition of Business Day @https://businessday.ng Uwaoma is a start-up, corporate restructuring and strategy consultant. He writes via contacteizu@gmail.com

Why personality development is crucial to business success Gideon Olukotun

“He who knows others is wise. He who knows himself is enlightened.” ~Lao Tzu tarting a company and keeping it sustainable is a really huge responsibility especially in Nigeria where the environment doesn’t seem economically friendly for small and medium enterprises.

However, so many business owners and startup entrepreneurs are so busy trying to grow their organization that they often forget how important it is for them to grow themselves.

At the root of every successful business or person in the world today and in ages past is a burning desire to become better by the day or to be the best at whatever they do. They constantly seek to empower themselves by consciously investing in human resources as

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much as they do in material resources. This is from the understanding that you cannot maximize a resource beyond the level of your knowledge.

Now do you know the understanding of your personality and that of those around you can affect the growth of your business?

It’s somewhat easy for any coach or consultant to identify the problem of your business but recommending a personalised solution is not a common thing for many of these professionals. Oftentimes they give generalised one-fits-all solutions to peculiar problems. But as the popular human right activist and convener of the #EndSARS campaign, Segun Awosanya who is also a brand strategist recently said in a group meeting that “every killer brand strategy begins with Competitive Analysis. Who are your key competitors? What can you learn from them and what does it take to outperform them?” So also, every personal/ organizational success begins with Personality Development.

Jared Lewis, the Principal Consultant at GoalMate, once wrote in an article that “the

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type of business personality you have can affect the way that you run your company.

It can give you an advantage to know this personality type so you can assess how you make your business decisions.” When you, as the business owner, fully understand your personality, you will be able to determine your need for any role in the business. As a business owner, you always want to hire for your weaknesses more than you do for your strength, and knowing this information about yourself will help you when making strategic hiring decisions. A good understanding about temperaments will give you clarity on who can manage people more and the type who can manage products more.

The understanding of personality is, however, not limited in capacity to affect only your immediate working environment as a business owner but also has the power to influence your target market and the approach needed for success. Everyone is not your ideal customer, especially if you are offering professional services. When you understand the nature and need for your business, you will be clear

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about what you can offer potential clients and ensure that you attract the clientele you can serve best. For instance, if you are providing health services, you know which personalities are best fit for the business and how to target them.

If you’re however searching for ways to take your business to a higher level, you may not need to consider increasing your staff base or market and advertising budget. There are myriad of challenges that many business owners face regularly for not understanding the personalities of people working with them which leads to workers inefficiency and short-term exit from the organization. If you don’t already have a personality development program, now is a good time to find a one, otherwise, you’d be limiting your business growth and minimising the potential of your human resources. In fact, investing in personal-development programs is among the biggest ROI’s you’ll find on anything.

Olukotun wrote via olukotungolushola@gmail.com

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Friday 03 May 2019

BUSINESS DAY

Editorial Publisher/CEO

Frank Aigbogun editor Patrick Atuanya DEPUTY EDITORS John Osadolor, Abuja Bill Okonedo NEWS EDITOR Chuks Oluigbo EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha EXECUTIVE DIRECTOR, STRATEGY, INNOVATION & PARTNERSHIPS Oghenevwoke Ighure GENERAL MANAGER, ADVERT Adeola Ajewole ADVERT MANAGER Ijeoma Ude FINANCE MANAGER Emeka Ifeanyi MANAGER, CONFERENCES & EVENTS Obiora Onyeaso BUSINESS DEVELOPMENT MANAGER (South East, South South) Patrick Ijegbai CIRCULATION MANAGER John Okpaire DIGITAL SALES MANAGER Linda Ochugbua ASSIST. SUBSCRIPTIONS MANAGER Florence Kadiri GM, BUSINESS DEVELOPMENT (North)

Bashir Ibrahim Hassan

Implementing the N1 trillion cattle ranching plan

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our months after official approval by the National Economic Council on January 17, 2019, there has been official silence on the implementation of the trillion Naira National Livestock Transformation Plan. First introduced in June 2018, NEC sealed the deal on the plan following a memo from Agriculture Minister Audu Ogbeh. The lofty objectives of the National Livestock Transformation Plan require strict and active implementation and information to stakeholders at every stage and milestone.

The National Livestock Transformation Plan (2018–2027), is “a multifaceted intervention that will modernize livestock management in Nigeria and help achieve improved productivity and security.”

According to the Federal Government, “The National Livestock Transformation Plan (NLTP) is a comprehensive one that covers everything from Economic Investment to Humanitarian Interventions to Conflict Resolution and Strengthening of Law and Order. “ To underscore its scale and significance, the National Economic Council approved a N1trilllion Federal Government initial investment. Government states, however, that the NLTP would be a publicprivate sector project. It believes that the project would attract additional investments of N2trillion and quadruple that figure over the initial lifespan of ten years. Government assured that “the implemen-

tation of the Plan will be coordinated at both Federal and State Levels. This multi-level partnership is critical to the success of the Plan.”

Kebbi State Governor Atiku Bagudu spoke for the NEC after the January 17 meeting. Limited knowledge of its livestock assets and dimensions hindered Federal Government in the past, he stated. Problems are size of assets, locations, availability of water and insecurity.

Bagudu: “The approach is to invest in the livestock sector to provide ranches, mitigating the escalating crisis between pastoralists and farmers. It is about creating condition to launch the peaceful transformation of the Nigerian livestock ecosystem to add, at least, N2 trillion to the economy. NLTP has been backed up with the ECOWAS Heads of State and government approval since 2005, because whatever we are doing in the livestock sector must incorporate the ECOWAS protocol. Otherwise, whatever success that is recorded in Nigeria can be complicated by the ECOWAS arrangement which we are part of.”

In addition to PPP, the Federal Government affirmed on June 19, 2018 that “All stakeholders have agreed that ranching is the way forward for the management of livestock in Nigeria. Not just to prevent conflicts, but also to improve yields and productivity and derive maximum economic benefit.” It added on its official Twitter handle, “Open grazing is no longer viable, that’s why we’re switching to Ranching. We will do everything needed to stop clashes

between farmers and herdsmen”. #Li vestockPlanNG#SecuringNigeria The national strategy for livestock management revolves around six pillars of investment, conflict resolution, law and order, humanitarian relief, strategic communication and cross-cutting issues (being research and innovation). Phase one will commence with seven states of Adamawa, Benue, Kaduna, Nassarawa, Plateau, Taraba and Zamfara. There would be grazing reserves in each state with four ranches within them. Herders, ranchers and investors would bring their cattle to a fattening ranch site where they would feed cattle with high quality feeds and water for 150 days. The plan is to boost average weight of the cows from 200-250kg to 450-500kg. The feedlots would process 3000 cattle per cycle and have two cycles per year.

As with most government projects, the NLTP looks good on paper.

Animal husbandry is largely a private business in Nigeria. However, government can make the case for its investment on the grounds of significance for security and to provide direction for the growth of the sector. The security consideration is overwhelming.

Herder versus farmer clashes and later herder banditry claimed 4000 lives in the two years of 2017-2018 and over 10000 lives in ten years. It is imperative to end it.

Some communities that will be affected by the NLTP do not have substantial information about how it will work, or faith that it will be effective.

For the plan to succeed, the government needs to educate the public

about its provisions, get more affected parties invested in its success, and ensure that the plan is strictly carried out. Unfortunately, none of this will happen before election season, and the prospects of successful implementation depend heavily on the outcome of the elections.

Clashes between two groups there have killed more than 10,000 people in the last decade, almost 4,000 of them in the last two years alone.

The conflict is mainly between the sedentary crop farmers and the nomadic cow herders of Nigeria’s middle belt, where competition over diminishing land and water resources has turned lethal in an environment of near-total impunity.

A different source of violence in Nigeria often overshadows this one: Boko Haram, the terrorist organization operating out of the country’s northeast. But according to the International Crisis Group, in 2018 the conflict between herders and farmers was six times deadlier than Boko Haram, with a death toll of 1,949, almost double what it was the year before.

The Nigerian government has not kept official figures on the conflict, let alone effectively responded.

Rather than help find solutions, some government officials have made matters worse by attributing blame to groups on both sides before conducting investigations.

And many politicians are using the conflict to exploit social divisions for political purposes, especially in the lead-up to the general election scheduled for February.

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

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Friday 03 May 2019

BUSINESS DAY

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cityfile Oil fire: Communities want Chevron to provide relief

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ommunities affected by the recent oil field fire, in Ilaje local government area of Ondo State, have called on the Federal Government and Chevron Nigeria Ltd to provide relief materials to the victims.

Residents of the communities, led by Ola Akinyomi, made the appeal in Akure.

The fire at Ojumole Well 1 owned by Chevron occurred on April 18.

The communities said they were already working with Chevron to ensure the safety of the people.

“We, the stakeholder communities to Ojumole Well 1 in Ilaje local government of Ondo State, hereby commiserate with Chevron Nig, Ltd. and the people of Ikorigho, Ojumole, Zion Ikorigho, Otumara, Ajegunle, Ilueri and Bowoto communities, who are affected by the fire burning at the Ojumole Well 1 through the activities of wicked and inhuman oil thieves and illegal bunkers, who have no respect for human lives and the environment. “ I m m e d i at e l y t h e f i re s t a r t e d , Chevron informed our communities and our representatives were part of the Joint Investigation Visit (JIV) team to the site of the incident on Saturday April 20.

“During the JIV visit, it was discovered that the incident was caused by oil thieves, who have been coming to steal crude oil from the facility.”

The communities promised not to use the incident to extort the company for any “political or personal gains’’.

“We, as Ilaje people, are hospitable and when a true Ilaje sees his neighbour’s house on fire he will try to help not extort him. We, therefore, dissociate ourselves from all attempts to extort Chevron or capitalise on this sad incident for political gains.

It would be recalled that the management of Chevron visited the state deputy governor, Agboola Ajayi last Monday, and assured that the company was taking steps to ensure the safety of the communities around the oil well.

Members of ASUP, SSANU, NASU and Joint Action Front (JAF) protest against campus dictatorship and financial recklessness in Lasu and Laspotech at the 2019 Workers’ Day celebration in Lagos.

Pic by David Apara

Family threatens to demolish property in Ikeja, Magodo over court’s judgment JOSHUA BASSEY with agency report

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here is mounting anxiety in some parts of Ikeja, the Lagos State capital, as the Akinole Oshiun family is threatening to demolish several property within Ikeja and highbrow Magodo following a Supreme Court judgment in their favour.

The family says the affected property owners have seven days to regularise their titles or risk losing their valued property in a demolition gale that will follow if they fail to comply.

Solicitors to the family, Ayo Opadokun & Co, who addressed newsmen on Wednesday, said the seven-day notice took effect from April 29. Kayode Akano, who spoke on behalf of the firm, said the Supreme Court had granted ownership of 398 acres of the hitherto disputed land, covering areas in Ag-

Living below poverty line:

Facial cancer patient needs support

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inka Popoola, a 47-year-old woman is a chronic facial tumor patient. For the past eight years, Popoola has been battling with the strange growth.

The condition has left her mouth disproportionately bigger than her face. And due to her condition, she has been abandoned by her husband and five children.

Popoola can’t really explain how or when the sickness started. But before she contacted this disease, she was a business woman.

Popoola who resides at Ayobo local government area of Alimosho, Lagos, needs N5 million for a corrective surgical operation in India.

We could not use Popoola’s current picture here, because it could be offensive to your sight.

indingbi, Alausa, Magodo, Ikeja and others, to the family.

Akano listed the areas on which property had been built to include: Alhaja Ashabi Cole, Hakeem Balogun and LTV Way, MKO Abiola Way, Sections of IPM Road, Otunba Jobifele Way and Adeleye Street. Also affected, according to him, are Assibifi Road, Elephant Crescent, LJ Dosunmu Street, Impressive Close, Bayo Ajayi Street, Kareem Ogungbeye Street, Amara Street, a section of Celestial Church Street, Yusuf Street, Yusuf Close, and Abiodun Shobanjo Street.

Other areas include Adedeji Street, Ade Street, Ajobiewe Street, Awayemasere Street, Fagba Crescent, Ajumobi Olorunoje Street, ACME Crescent, a section of Lateef Jakande Road inside the 398 acres, and a section of ACME road, were also covered in the judgment.

Also listed are Nurudeen Olowopopo Drive, a section of Ahmed Tinubu Road, a section of CMD Jubilee Way, Magodo Brooke’s both north and South and sections of Raji Oladimeji Crescent and Akin Tijani Street.

“The Akinole Oshiun family had secured favourable judicial pronouncements/judgments from the Lagos High Court to the Court of Appeal and the Supreme Court, finally on the 398 acres in May 2010. The development

was the outcome of a 42-year-old legal tussle between the family and the Lagos State Government over the ownership of the land.

“In consequence of the family legal possession of its land and the receipt of the Certified True Copy of the Form 0 confirming that the vast land in Agidingbi area of Ikeja, Lagos State, covered by Survey Plan.No:CK /LS/272 dated 22/12/1977 had been peaceably delivered to the Akinole Oshiun family .

“The family wishes to emphasise that for the avoidance of doubt, all property within the Akinole Oshiun family, as contained in the survey plan, shall be dealt with in accordance with the judgment granting an order for possession and demolishing any illegal structure standing therein by order of the High Court of Lagos State in the suit mentioned therein.

“The family statement, as contained in the public notice pasted on all affected property on their land, has directed all those affected by the order of execution on April 26, 2019 and another public notice in the Nation Newspaper of April 29, 2019 to comply with the expectations that all property owners so affected must contact their solicitors, Ayo Opadokun and Co.” Akano said the exercise was not to scare anyone but rather to enforce an order of the court.

60,000 driver’s licences yet to be collected in Lagos– FRSC

L

Popoola

If you are interested in sponsoring any of the persons featured on this page, pls call 08030814083 or e-mail: Bailey.oluwabunmi@businessdayonline.com

www.businessday.ng

agos sector command of the Federal Road Safety Corps (FRSC) says over 60,000 driver’s licences are yet to be collected by applicants.

The sector commander, Hyginus Omeje, disclosed this, saying the implication is that over 60,000 drivers are plying the roads in Lagos without valid licences.

According to him, driver’s licence is the only document that qualifies a driver to be on the road, as every other document is for the vehicle.

“Many drivers claim the reason for not having the driver’s licence is that they have not received a text message to come and collect. But

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they don’t have to wait to receive text messages.

Omeje explained that although 60 days was the duration given at the point of capture for the document to be ready, but the licence could be ready earlier than this period.

“In most cases, we do 30 days after capturing. The problem now is collection. People feel free to drive with temporary licence while they continue to give excuse that they have not received text messages for the original licence.

“Applicants should feel free to go and collect their driver’s licence at the various centres at no cost. Let them go with their temporary one and they would be given a valid one,” he said.

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14

Friday 03 May 2019

BUSINESS DAY

MoneyInsight

$100m Pan-African venture fund targets start-ups CALEB OJEWALE

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Sub-Saharan Africa fund t a rg e t i ng $ 1 0 0 m n t o make early-stage minority investments from USD 250,000 to USD 5 million in the most promising and innovative ventures across sectors and countries in Africa, is being launched by Seedstars in partnership with First Growth Ventures.

Called the Seedstars Africa Ventures, the fund is expected to make its first investments by the end of this year. The partnership between Seedstars and First Growth Ventures was announced last month at the Seedstars Summit in Lausanne. Seedstars, a notable startup community for emerging markets active in over 80 ecosystems, says it offers unrivalled deal flow, market access and startup support programs. With activities in over 20 sub-Saharan Africa markets and physical hubs in key countries such as South Africa, Nigeria, Ivory Coast and Tanzania, the fund is being developed on strong foundations, the company says in a statement.

The First Growth Ventures founding team brings investment and support experience covering tech startups and high growth enterprises in Africa, Europe and MENA. The partnership structure allows for independent decision-making, enabling the fund to target both Seedstars accelerated start-ups and other companies.

African growth has consistently exceeded that of developed economies in the past 15 years according to

the World Bank, providing numerous investment opportunities. While laterstage funding is becoming increasingly available with analysts recording an increase of late-stage transactions of up to 45 percent in 2018, enterprises across the continent struggle to find long term, early-stage capital. Early stage transactions have only grown by 10 percent in 2018, emphasizing a VC gap for young companies, Seedstars noted in a statement.

Charlie Graham-Brown, the Chief Investment Officer at Seedstars, said the organisation has been working for six years to close the entrepreneurial ecosystem gap in emerging markets through various startup focused initiatives.

“Since 2017 we have been actively investing at a seed stage and although venture capital investment volumes in Africa grew to over a $1bn in 2018, Europe, a similar sized region, had volumes near $20bn. This fund will help reduce this VC funding gap and in turn contribute to reducing the GDP gap,” he said The investment team’s experience in portfolio support and institutional fund management will be leveraged to accompany entrepreneurs in their growth. Entrepreneurs will also benefit from the support of Seedstars’ local and international networks, training programs and infrastructure, which it says have so far allowed 44 per cent of their cohorts to raise significant follow on funding, similar to what the best US accelerators have achieved.

“The challenge of providing quality early-stage support across the

continent is one of the main reasons explaining the lack of early-stage funding at this scale. Partnering with Seedstars who has a demonstrated ability to assist companies where they need it most will help us bridge that gap,” said Tamim El Zein, partner at First Growth Ventures.

Most venture funds focus on finding the next African tech unicorn in only a few ecosystems, and according to Seedstars, unicorns are rare on the African continent. Seedstars Africa Ventures will also be searching for “Gazelles”: post-commercialisation, scalable, high growth companies

that abound on the continent outside the three main VC markets. Some of Africa’s most successful companies have developed products and services addressing the needs of the entire population, beyond the digital frontier, and these ventures will also be on the radar for the fund.

Access Bank’s merger: A jolt for financial institutions FRANK ELEANYA

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ne of the many realities that the digital transformation has brought to the financial services sector is the change of status quo where business has to be done differently with particular focus on what the customer thinks. The old ways of doing things is no longer going to be good enough, hence the need for a new strategy, new roadmap and new alliances.

The Access Bank merger with Diamond Bank is one testimonial that a new order is setting in the Nigerian financial services landscape and players have to brace up.

The 30th of March 2019 marked the conclusion of the Access Bank merger with Diamond Bank with a glamorous celebration. At the event, the Bank recapped all the proceedings that have occurred in the last few months as it privately navigated the merging of its business assets with Diamond Bank and presenting a new united identity.

The Bank also unveiled its new logo and visual identity that retains the old typeface and font but

changes the logo itself to combine the characteristic triple chevron and diamond symbol of both banks into a new logo that projects stability and progress. With this new merger completed, the bank can finally get www.businessday.ng

to work serving its new 29 million strong customer base.

Before moving on from the merger, it is important to take a moment to deconstruct the news around the merger. Traditionally, mergers are

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only announced at the very end of negotiations and proceedings, even though granted, news of this kind is hard to suppress and rumours would naturally swirl for months before anything is made official. On this occasion, both Banks chose to make early pronouncements about the merger while the actual terms were discussed privately. Indeed, every other part of the merger process was transparent, press talks were held regularly with both CEOs allowing the media to be an active part of the process.

For this route to work, the banks did something unexpected, they began to take on joint projects as a demonstration of how well they worked in practice. The Lagos City Marathon was their first dual project and this year’s success and bigger cash prize was a flex on naysayers who felt having Uzoma Dozie and Herbert Wigwe double bill would create a sense of confusion among customers. There was also the Women’s Month celebration culminating with the annual ‘W’ conference. The ‘W’ Conference was especially important as a good @Businessdayng

percentage of itinerant entrepreneurs in the country are women, and they are often ignored when corporate organizations make efforts to reach customer audiences.

The new Access Bank has presence in 11 countries and customer base that includes 29 million people, about 10 per cent of the national population. However, its challenges are many even as it remained committed to its sustainability initiatives.

Now that the merger has been successfully concluded with minimal haemorrhaging of customer base or goodwill, it begs the question, when will the rest of the financial services industry catch up?

The Access Bank merger has prioritized sustainability as a key feature of the agreements and has already shown enthusiasm to implement with the issue of the Green Bonds even before the merger was concluded. Interestingly, in communication, ideas and execution, theBank is offering a show of strength. It is time the rest of the financial services industry pay attention.

Friday 03 May 2019

BUSINESS DAY

COMPANIES & MARKETS

COMPANY NEWS ANALYSIS INSIGHT

15

FSDH Merchant Bank Group records 44.95% increase in PAT Pg. 16

DEALS

Union Bank’s Atlas Mara exits four African markets, bullish on Nigeria operations OLUFIKAYO OWOEYE

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tlas Mara has announced that it is exiting some of its operations on the continent in exchange for a share of Kenya’s biggest bank.

Atlas Mara in a statement said it will swap operations in Rwanda, Zambia, Mozambique, and Tanzania for a 6.27 percent stake in Nairobi-based Equity Group Holdings Plc, the value of the transaction is worth about $106 million.

“Shareholding in EGH and the relationship that this represents with the leader in digital banking in Africa can meaningfully enhance our value proposition across our operations, our strategic review continues, but we believe the new Atlas Mara emerging from the proposed transaction is the right model for delivering value for shareholders over the long-term,” the statement said.

According to the company, Chief Executive Officer, John Staley is stepping down to pursue other interests after a review of the business that has struggled to contain costs that engulfed

income and its share price plummeted more than 80 percent since being listed in London at the end of 2013, An analysis of the company’s full-year 2018 result for the period 31st December shows that net income plummeted 12.5percent to $39.7 million in 2018. Out of this, its biggest investment, Union Bank of Nigeria contributed associate income of an estimated $56.5 million for full year 2018 compared to $38.4 million in 2017, which reflects the company’s share of income on an equity accounted basis of $27.8 million in 2018 as well as the impact of the gain on acquisition of $28.7 million Atlas Mara increased its stake in Union Bank of Nigeria from 44.5 percent in Q4 2017 to 49.0 percent in Q4 2018 and 49.7 percent as at 30 April 2019.

Financial highlights from Union Bank show that Profit after tax increased by 39percent to N18billion returns on average tangible equity at the bank increased from 5.9percent to 11.3percent, NPL ratio declined from 20.8percent to 8.1percent resulting from loan book clean-

up, improved collections and collateral management, and adoption of IFRS 9, total expenses increased by 12percent, largely due to higher AMCON/ Nigerian Deposit Insurance Corporation (NDIC) premium, increased depreciation, and

maintenance expenses, staff costs, and business promotion expenses, while loans and advances reduced by 8percent mainly as a result of write-off of some fully provisioned nonperforming loans and deposits increased by 7percent, reflecting

the success of the bank’s mobilization efforts.

Atlas Mara Limited is a financial services institution founded by ex-Barclays Plc chief, Bob Diamond and listed on the London Stock Exchange with presence in seven sub-Saharan countries.

BANKING

Proceeds from Sukuk magnify Jaiz Bank’s margin in Q1 ISRAEL ODUBOLA

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igeria’s pioneer noninterest lender, Jaiz Bank Plc started the year with an impressive footing as proceeds from Sukuk elevated bottomline margin by some 987 basis points in the first three months of 2019.

Proceeds from Sukuk, which accounted for 87 percent of the lender’s investment income, surged 224.82 percent year-on-year to N817.4 million in the review quarter, thereby skyrocketing total investment income by 210 percent to N936.9 million.

Jaiz Bank began the year with total Sukuk investment of N18.9 billion, and grew it to N25 billion in quarter one of 2019, owing to N4.85 billion addition during the year, N773.3 million from premium and N423.6 million from rental receivables.

The non-interest lender purchased Sukuk worth N4.85 billion through the secondary market, in which rental payment is semiannually and principal redemption is a bullet payment on maturity.

Income from financing contracts improved by 5.6 percent to N1.65 billion, driven by 13.4 percent growth in total profit from Murabaha

transactions, boosting gross income from financing transactions by 38.7 percent to N2.59 billion.

Total income of the lender, which comprises gross income from financing transactions and other income soared to N2.32 billion, representing 42.8 percent rise over N1.63 billion, driven by huge increase in proceeds from Sukuk and other operating income Consequently, margin grew to 16.5 percent, an uptick from 6.7 percent reported in the previous comparable period.

This implies that Jaiz Bank was able to retain N167 as profit from every thousand naira earned as revenue after settling operational expenses. This equally rubbed-off on earnings per share as it skyrocketed in triple digits to 145 kobo in the quarter review, from 50 kobo a year earlier.

The non-interest lender did well in with regards to asset growth in the review quarter as total assets appreciated by about N12 billion quarteron-quarter to N120.1 billion on the back of Sukuk investment and cash & balances with the Central Bank of Nigeria which surged 23.6 percent and 37.8 percent respectively.

Total liabilities up 7.12 percent to N60.3 billion in the first three months of 2019 on the back of cus-

tomer deposits and other liabilities, which comprised manager cheque, account payable and e-banking payable among others.

Despite impressive profitability and asset growth, Jaiz Bank was unable to cut cost in the review quarter.

This premised on the fact that the three component of total expenses – staff cost, depreciation & amortiza-

tion and operating expenses grew 18.1 percent, 22.9 percent and 29.6 percent respectively.

This caused total expenses to accelerate by N360 million or 24.07 percent to N1.84 billion in the review quarter, a significant uptick from N1.49 billion a year earlier.

Jaiz Bank Plc is the first-fully fledged non-interest financial insti-

tution in Nigeria. It began business operations seven years ago, with three branches in two states and Federal Capital Territory.

Investors reacted positively to the attractive figures as its shares gained 8.70 percent to 50 kobo after Tuesday trading. Its current price is 25 kobo short of its year-high of 75 kobo.

L-R: Agulefo Izu, HR admin manager, Chevron Nigeria Limited; Ubong King, director, Nigeria-South Africa Chamber of Commerce; Bolatito Ajiboye, sector head, Stanbic IBTC; Foluso Phillips, chairman, Nigeria-South Africa Chamber of Commerce; Anike Odulani, nigerian content, Chevron Nigeria Limited; Mike Kabi, manager, policy, government and public affairs, Chevron Nigeria Limited representing Esimaje Brikinn, general manager, policy, government and public affairs, Chevron Nigeria Limited; Osayaba Giwa-Osagie, director, Nigeria-South Africa Chamber of Commerce; Kikelomo Longe, principal, Capital Alliance of Nigeria; Femi Olayiwole, act director, human resources, Chevron Nigeria Limited; Iyke Ejimofor, executive secretary, Nigeria-South Africa Chamber of Commerce; Ajibola Olomola, director, Nigeria-South Africa Chamber of Commerce, and other guest at the Chamber’s breakfast forum sponsored by Chevron Nigeria Limited.

Editor: LOLADE AKINMURELE (lolade.akinmurele@businessdayonline.com) Graphics: David Ogar

16

Friday 03 May 2019

BUSINESS DAY

COMPANIES&MARKETS

Business Event

BANKING

FSDH Merchant Bank Group records 44.95% increase in PAT HOPE MOSES-ASHIKE & SEYI JOHN SALAU

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SDH Merchant Bank group posted a 44.95 percent increase in its Profit after Tax (PAT) to N4.74 billion at the end of its financial year ended December 31, 2018 from N3.27 billion in 2017.

Presenting the Financial Performance of the bank for the year ended December 31, 2018, Femi Agbaje, Chairman, FSDH Merchant Bank Limited, said, the group realised a Profit Before Tax (PBT) of N5.57 billion for the financial year, representing an increase of 43.93 percent over the PBT of N3.87 billion for the year ended December 31, 2017.

However, Earnings per Share (EPS) for the group was 164kobo, which is 55kobo higher than the 109kobo that was recorded in the financial year ended December 31, 2016.

The bank realised a PBT of N3.86 billion for the financial year ended December 31, 2018

which represents an increase of 30.85 percent over the PBT of N2.95 billion recorded in 2017.

Similarly, PAT for the bank increased by 29.93 percent from N2.84 billion in 2017 to N3.69 billion in 2018.

During the period under review all FSDH subsidiaries posted profits indicating better management of shareholders fund. FSDH Asset Management (FSDH-AM) contributed a profit of N327.70 million, while Pensions Alliance Limited (PAL) and FSDH Securities (FSDHSEC) added N1.31 billion and N96.16 million respectively to the Profit after Tax of the Group.

However, when compared with the PAT for the year ended December 31, 2017, this translates to an increase of 2.55 percent, 32.59 percent, and 103.04 percent for FSDH-AM, PAL and FSDH-SEC, respectively.

According to Agbaje, Nigerian economy is expected to sustain its upward trajectory in the short-to-medium term in 2019, as the Federal Government (FG) continues to push

harder with the implementation of the Economic Recovery and Growth Plan (ERGP) for economic growth.

The FG has signalled that it intends to run a fiscal deficit of about N1.86 trillion in the fiscal year 2019. However, the FG plans to cover the deficit mainly through borrowing a total of N1.65 billion, which is N824.82 billion from both external and domestic sources.

Given the expected increase in the government’s expenditure from the implementation of the New Minimum Wage, the short-term outlook of the crude price and the OPEC’s production cut, the government may borrow more in order to fund the budget “...governments’ ability to implement its fiscal policies, the direction of crude oil price and production coupled with increased security in the country will drive the performance of the Nigerian economy in 2019,” said Agbaje, at the 7th Annual General Meeting (AGM) held in Lagos.

L-R: Olusegun Osidipe, director, economic and statistic, Manufacturers Association of Nigeria (MAN); Paul Gbededo, chairman, MAN economic policy committee, and Michael Adebayo, chairman, gas user group, MAN, and Segun AjayiKadir, director-general, MAN, at the press conference to launch the Manufacturers CEO’s Confidence Index (MCCI) in Lagos. Pic by Olawale Amoo

TECHNOLOGY

Chams’ revenue appreciation, tax expense cut elevate profit in Q1 SEGUN ADAMS

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hams, Identity Management and E-Payment solution provider announced a 53 percent improvement in its bottom-line driven by better revenue generation and lower tax expense in the first quarter of 2019.

The significant gains trickled down to grow profit after tax as Chams posts N182.84 million for the quarter.

Highlights of the company’s financials show that revenue grew to N1.26 billion, 70 percent more than it noted in the year before.

Even though cost of sales grew faster at 104 percent year on year to N848.45 million in 2019, Chams was able to grow gross profit by 27 percent to N410.94 million in the period.

For the quarter, operating

profit saw an improvement of 41.46 percent as it hit N183 million compared to N129.65 million in first quarter of 2018. The surge was triggered by 31 percent rise in other operating income to N17.84 million, outpacing the 17 percent increase in administrative expenses over the same time period.

Finance expense rose from N122, 000 to N734, 000 but was compensated for by a finance income of N363, 000.

Consequently, the Information and Communications Technology (ICT) Company’s profit before tax grew 41 percent to N182.85 million in the first quarter of 2019 as against N129.52 million noted a year before.

Tax expense declined by 100 percent approximately, to N11, 000 compared to N10.36 million tax expense incurred by Chams in the same quarter of 2018. The

decline in tax helped sustain the momentum as profit after tax grew 53 percent from N119 million in the first three months of 2018 to N182.84 million in the corresponding period of 2019.

Last year, Chams broke a 3-year consecutive loss streak as the company turned the corner to hit a 5-year high profit level for full year 2018. The growth in profit in the first three months of 2019 would be a much needed catalyst to sustain its improved performance or perhaps raise the bar for 2019.

For the first quarter of 2019, Chams grew its assets by 16 percent from N2.99 billion in Q1 2018 to N3.47 billion while liabilities declined 4 percent to N4.16 billion.

Shareholders’ equity or Net Asset ballooned by 176.75 percent to N1.95 billion from N704.67 million over the review period.

OIL & GAS

MRS Oil begins 2019 in red on dampened PMS turnover Executive Director, Bissohong, bows out ISRAEL ODUBOLA

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ndigenous oil marketing company, MRS Oil Nigeria Plc incurred N730 million losses in the first three months of 2019 as huge decline in receipts from Premium Motor Spirit (Petrol), a core product, substantially weighed down on bottom-line.

Proceeds from petroleum products, which accounted for about 74 percent of the oil firm’s total top-line, plummeted 58 percent to N9.9 billion, from N23.5 billion recorded a year before, pushing turnover to dip 60 percent from N33.5 billion in the previous comparable period to N13.5 billion in the quarter review.

Meanwhile, the Board of Directors have approved the

resignation of Paul Bissohong as Director of the company effective, Tuesday, April 30.

Bissohong was appointed Managing Director of MRS Oil Nigeria Plc in 2012, and four years later, he was re-deployed to MRS Holdings Limited to oversee strategic aspects of the company.

The significant dip in earnings from PMS weighed down on gross profit as it shed in double-digits at 64 percent to N687.7 million, despite production cost slashed 59 percent from N31.6 billion to N12.8 billion.

Gross margin was not spared from the beating as it shed a whopping 35 percent points to 5 percent in the quarter review, a deteoriation from 40 percent in the previous corresponding quarter. www.businessday.ng

This then means that the oil firm was able to retain just N50 from every thousand naira earned in revenue, compared with N400 a year ago, before settling indirect expenses, tax and interests.

The firm incurred N625 million operating loss compared with an operating profit of N658 million realized a year earlier, basically because of the tangible decline in reversal on financial assets which shed N144.1 million.

All these brought about weakened profitability as aftertax loss nosedived to N730.6 million compared with N374.6 million profit made twelve months ago. And as a result loss per share accumulated to N2.40 from a profit per share of N1.47 a year earlier.

L-R Ayodeji Oluwadare, Creative Director, CYCDI; Foluke Michael, CEOProject Director, CYCDI; Tayo Orekoya, Managing Consultant, CITC Global Consulting and Ehi Braimah, CEO, Neo Media & Marketing at the Global Partnership on Solution 17 SDG MoU Signing in Lagos Nigeria.

L-R: Lawal Adekunle Kolawale, director, biotechnologu, Federal Institute of Industrial Research, Oshodi; Ifeanyi Dike, corporate affairs director, Pally Agro Products Limited; Collins Onyeagu, chairman; Anwuli Onyeagu, managing director, and Solomon Etu, chairman, Abyssinia, during the official launch of the Pally Agro Products, Tru Unripe Plaintain Flour, Banga fresh Palm Fruit Extract, and Pally Soya oil in Lagos.

Pic by Olawale Amoo.

L-R: Tunde Coker, MD\CEO, Rack Centre; Olushola Teniola, president ATCON; Muyiwa Ogungboye, CEO, e.Stream Network Ltd; Gbenga Adebayo, chairman, ALTON, and Biodun Omoniyi, MD, Bitcom Systems Ltd, at the Beacon Of Information & Communication Technology Awards BOICT in Lagos.

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Friday 03 May 2019

BUSINESS DAY

17

LEGALPERSPECTIVES With Odunayo Oyasiji

Maxims of equity

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quity aids the vigilant and not the indolent- This simply means that equity will only aid people who are awake to their rights and take steps towards the protection of same. Another form of saying this which is also popular is that “delay defeats equity”. If your right is breached and there is a delay in bringing an action to enforce it then it is likely that equity will not aid the party that delayed in enforcing his right or seeking a redress.

Laches and acquiescence are defences which can be raised in relation to equity cases. Under acquiescence, a party breaches another person’s right and the person whose right was breached fails to take steps to address the issue. He may not be allowed in equity to bring an action with regards to the breach. Under the defence of laches, the court will determine if there has been unreasonable delay in bringing the action. If the court’s findings is that the delay was unreason-

able then the party that delayed will not be aided by equity.

The difference between the two is that while acquiescence suggests a situation whereby there is failure to take steps or the person has conducted himself in a way as to suggest that he is not interested in enforcing his right, laches focuses more on whether the time lapse that is between the period the right was breached and the time an action is brought is unreasonable.

The latin maxim for this

is “Vigilantibus non dormentibus jura subvenientequity aids the vigilant and not the indolent. If you sleep on your right your right will slip away from you. It must be noted that statute of limitation bars some actions from being instituted after a certain period of time- mostly civil matters. In Nigeria, some statutes establishing some organisations also do state expressly the period within which an action can be brought against an organisation or its officers.

LOCUS CLASSICUS

Sule vs Norwich Fire Insurance (unreported) high court of western state suit no W/74/70 1971.

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n this case, the plaintiff was a driver for the Action Group. The Action group purchased an insurance contract with the defendant which insured the plaintiff – as the driver – and the Action group – as the owner of the car. The plaintiff was involved in an accident against a third party. This person sued the plaintiff and was awarded damages against the plaintiff. The plaintiff then sought to rely on the insurance contract entered into by the Action Group with the defendant insurance company.

The defendant insurance company sought to avoid liability on the ground that it wasn’t the plaintiff who entered into the agreement with them. The court held that the plaintiff could claim indemnity from the defendant insurance company since he was a beneficiary of the contract of insurance.

TULK VS. MOXHAY (1848) 2 CH. 774 In this case, the plaintiff owned some plots of land and sold the garden in the centre to a certain Elms.

He made him agree not to build on it but preserve it in its existing condition.

After a series of conveyances, the land was sold to the defendant. The defendant, although knowing about the restrictive covenant, proposed to build on it. Thus, the plain-

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tiff sought an injunction against the building of the purposed structure. The action succeeded on the ground that the defendant had prior knowledge of the restrictive covenant.

In order for a restrictive covenant to be enforced, it has to be to the knowledge of the defendant.

Also, the original vendor needs to have other land in the vicinity which would benefit from the restrictive covenant.

When silence means yes in business

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n business, parties communicate on important matters through letters.

However, while some letters require the party to whom it is addressed to reply others may not. An example of a letter that may not require a response is a general letter showing services rendered by another organisation. On the other hand, it is extremely important to reply to sensitive business letters that requires that denial, acceptance or an expression of the company’s position on business issues. Failure to reply to such letter

automatically amounts to an admission of the statements in the letter.

The above position has been established in various cases in Nigeria. Therefore, it is an unpardonable offence under the law as the law will deem the statements in the letter admitted. In the case of Trade Bank Plc v Chami (2003) 13 NWLR pt.836, pg.216.Salami JCA stated that “The defendant in this case did not answer the letter and the failure or neglect to answer such a letter in the circumstance is tantamount to an admission

of the assertion in it. The letter was not a social but business letter. While social correspondence may be ignored business letters deserve to be answered. The failure or neglect of the defendant to reply or answer the letter is amounts to an admission because what is asserted in the letter and is not denied is deemed admitted.” In the matter, the bank wrote a demand letter to the defendant and he refused to answer. The Court of Appeal held that the failure to answer the letter amounts to an admission of its content.

When promise becomes a debt under the law

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n our day to day lives people make promises and fail to fulfil it. What happens in that situation?

We simply move on without making claims as it is just a promise and since nothing is given in exchange for it then no claim can be made.

However, the condition is different with regards to contractual issues. Ordinarily, a contract without consideration (consideration can be in form of a price or something in return) may not be enforceable. The doctrine of promissory estoppel makes such contract enforceable even though there is no consideration attached. An illustration of such situation is where someone (a footballer) approaches you as the head of a sports centre to discuss taking training classes/sessions for people interested in football. Based on this, you then incurred expenses to put in place the needed facilities and in the long run the footballer changes his mind. You may think that you have no claim since there is no contract. However, promissory estoppel can help you claim for the cost you incurred by acting on the promise of the footballer.

To claim successfully under promissory estoppel, there is need to establish some elements. They are-

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1. That a clear promise was made.

2. You relied and acted based on the promise.

3. The reliance was a reasonable one and foreseeable by the person making the promise.

4. You suffered injury due to the reliance.

A promissory estoppel punishes the person making the promise for misleading

Plaintiff moved 2200 miles from Los Angeles to Hawaii to take the job and was fired prior to the end of the oneyear contractual term. On appeal, the court affirmed and held that the action of plaintiff moving 2200 miles from Los Angeles to Hawaii was foreseeable by defendant. Injustice could only be avoided by the enforcement of the contract

the person he promised. The person is prevented from claiming that it was just a promise and no consideration was given and therefore no contractual obligation exists. An example of where the principle was applied was in the case of McIntosh V Murphy 52 Haw. 29, 469 P.2d 177 (1970) In this case, the defendant employer challenged a decision entering judgment for plaintiff former employee in an action for breach of a one-year oral employment contract.

and the granting of money damages because no other remedy was adequate. The court found that it was also clear that a contract of some kind did exist. Plaintiff ’s reliance was such that injustice could only be avoided by enforcement of the contract.

Therefore, extra caution must be taken in making promises especially in business dealings. Such careless promises if relied on can be enforceable in law even though no consideration was given.

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18

Friday 03 May 2019

BUSINESS DAY

FINTECH News

Products Review

Technology Review

Personality Review

Company Review

Technology Review

How Xpress Payment is changing narrative in Nigeria’s fintech space Stories by FRANK ELEANYA

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intech has gone from a buzzword to become a mainstay in the financial services industry.

Almost every player is innovating with technology, investing in new technologies and collaborating with tech infrastructure companies to stay ahead of competition.

In Nigeria, fintech is a rapidly growing industry as multitudes of the population are increasingly reaping the benefits of sending and receiving money without necessarily having a bank account. Nigeria particularly is home to some well-grounded fintech establishments such as Interswitch, Flutterwave, e-Tranzact, Unified Payments, just to mention a few. However, there is still a growing concern in the rate of financial exclusion in Nigeria. According to a report

by EFInA in 2018, 36 per cent of Nigeria’s adult population are financially excluded, and although that figure is an improvement on the 2016 figures which put financially excluded Nigerians at 41.6 per cent, the desire to drive Financial Inclusion has led to the establishment of myriads of fintech services in Nigeria.

Xpress Payments is one of the few start-ups that stand out in terms of accomplishments within a short time.

Incorporated in 2016 as a private company limited with a share capital base of N5 billion issued and fully paid up, as well as an asset base of N6 billion, Xpress Payment Solutions Limited is a financial technology company that specializes in the design, implementation and provision of electronic payment solutions.

Licensed by the Central Bank of Nigeria (CBN), the company offers services including but not limited to payment solutions, transac-

tion switching and third-party processing, payment terminal service with notable clients and partners as well as a platform that provides financial services to customers where there are no sufficient initiatives or capacity to establish formal branches.

Beyond these, the company boasts of sound partnership with heavy weights in the Banking Industry; Access Bank, First Bank, United Bank for Africa (UBA), Zenith Bank among others.

Though relatively young in an increasingly competitive space, Xpress Payments has made significant inroads.

Notable among these was in Delta State where for a system that could secure, restructure and manage funds were urgent. Xpress Payment’s e-Cashier - a multi-account and multi-bank collection platform designed to enable public and private clients collect and pay funds was considered a perfect fit. In the end the organisation succeeded in helping Delta State realize an increase in the revenue allocation; reduce revenue leakages on the state collections.

Xpress Payment also provided very similar solutions in Ogun and Oyo States. In the former, it did so with the de-

ployment of a revenue monitoring and collection platforms for Ogun State internally generated revenue and Stateowned tertiary Institutions using various channels. While in Oyo State, it employed an effective collection platform, provision of POS and a fund disbursement platform.

Another remarkable feat worthy of mention is Xpress Payments’ Commencement of PTSP Operations in Nigeria, and how in a short space of three years, are remarkably ranked 6th in transaction value as per monthly ranking

by NIBSS out of 20 other players. Currently managing POS terminals for 16 merchant acquirers, Xpress Payments also boasts of a robust, flexible and scalable transaction switching and processing platform which is designed as an open development platform, with a broader spectrum of transaction processing and retail banking task automation, to meet the contemporary payment challenges such as mobile payment, prepaid card customization, payment with use of tokens such as account, card, code etc.

Perhaps the most obvious question is how a supposed start-up would flourish in an already saturated fintech industry in Nigeria. Oluwadare

Owolabi, managing director and CEO of the company is unperturbed.

“At the inception, few things were at the very core of our objectives; the solutions we brought to bear, which are quite essential in the consumer domain, we equally gave a careful thought to products and services that are not rendered by our competitors, which gave us an insightful edge into the minds and needs of the consumers,” says Owolabi. “A fitting example would be one of our products; e-cashier; this product was developed to enable public and private clients collect and pay funds, monitor what was collected from the desk of the merchant and sweep to a designated account.

The feel-good story of Xpress Payment is essentially a by-product of understanding the needs of the consumers, as well as a desire to maintain an enviable level of flexibility and simplicity of products and services rolled out to consumers.

“In the process of rolling out a product we have made it a point of duty to adopt the simplest patterns possible without reducing the quality of the said product,” says Oluwatoyin Albert, group head, Switching and Terminal Services.

Ghanaian President makes 200 speakers’ list for Web Summit 2019 in Lisbon

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ana Akufo, President of Ghana is among the 200 speakers’ list that comprises world leaders, CEOs of big tech companies, startup entrepreneurs, investors and regulators at the 2019 edition of the Web Summit taking place in Lisbon, Portugal from Monday, 4 to 7 November.

With nearly 70,000 attendees from over 160 countries, over 1,800 promising startups, Fortune 500 companies, 24 tracks to follow and over 200 employees working very hard to prepare it, Web Summit has grown to become one of the largest technology conferences in the world.

Ghanaian President is arguably the first African President to grace the big stage.

Last year, the continent was not well represented in nearly all the sessions of the event. BusinessDay was the only mainstream media organisation from sub-Saharan Africa in 2018. Paystack and Carbon (former Paylater) were the only two startups that showed up from Nigeria.

In a statement sent to BusinessDay, the organisers of the Web Summit said new themes in technology such as gaming and streaming will be made more prominent at the 2019 conference. In that regard, the CEOs of Hulu (Randy Freer) and Microsoft Xbox (Phil Spencer) will be www.businessday.ng

speaking for the first time in the history of the summit.

Other technology leaders expected to speak at the

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event include Anna Gedda, CSO of H&M; Sri Shivana-

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nda, CTO of PayPal, Brad Smith, President of Microsoft, Gillian Tans, CEO of B o oking.com ; V ladamir Klitchko, founder of Klitchko Ventures GmBH; Julia Goldin, CMO of Lego Group; Elie Seidman, CEO of Tinder; Kristen Garcia Dumont, CEO of MZ; Adam D’Angelo, cofounder, Quora; and Laura Miele, Chief Studios Officer of Electronic Arts.

The organisers have also expanded the Venture session to a three day conference, with the stage being made available to all attendees. This will be alongside the invite-only event for the world’s most influential inevstors from top international funds.

Friday 03 May 2019

BUSINESS DAY

19

LEADINGWOMAN

Tonya Lawani is all the way up

ship in Africa led to me convening The Lagos Enterprise Summit- the largest gathering of entrepreneurs in Nigeria in January 2019; discussing jobs for the Nigeria of tomorrow through the Enterprise initiative. This worldclass event recorded over 3,000 attendees.

While the HSE Summit was held in April 2019. The summit was organised in partnership with major stakeholders to create more awareness on HSE after being moved by the several Health, Safety and Environment disasters especially after the itafaji building collapse in Lagos island where several children were victims. The event played host to over 3, 000 attendees which included key stakeholders in both private and public sectors

KEMI AJUMOBI

T Biography

onya Lawani is a consummate entrepreneur and the Group Chief Executive of Seal Group, a Conglomerate of Companies with business interests traversing Advertising, Hospitality, Retail, Print Media, Real Estate and general merchandizing with business experience spanning almost 15 years.

She started out with trading as a university undergraduate, a passion that helped her hone her skills in business.

Tonya has developed a notable drive for starting up and successfully growing her businesses organically. Her inspiring entrepreneurial story has been featured on various media platforms.

Upon graduation from Ahmadu Bello University, Zaria Tonya sought to be an employer of people by establishing the Virgin Vie Angel Limited in 2005; A Merchandising & Retail outfit. She catered for most big corporate companies merchandising and branding needs making her name in the industry as one of Nigeria’s most consistent, innovative and value creating brands.

Her passion for branding stirred her to the establishment of an advertising subsidiary in 2006– ABC Inflatables Nigeria Limited; a specialized innovative advertising Company; Most corporate launches and marketing drives in Nigeria engage the branding team at ABC to deliver an effective and targeted advertising.

The Virgin Hospitality Company was founded in 2010 by Tonya. The need for this company came about as a result of the branding activities of VVA but this time to engage specifically in branding of hospitality businesses. Today, VHC has over 500 hotel clients.

The Quick Print Shop Limited was founded to complete the value chain of all activities in the SEAL group. The group no longer outsources its printing but now provides a modern state of the art printing facility in the heart of Nigeria’s commercial Print city- Shomolu, Lagos.

Tonya has built many years of outstanding leadership and management skills. Her ability to grow businesses successfully till date in the unique terrains of Nigeria is applaudable.

Tonya graduated with a BSc in Economics from the renowned Ahmadu Bello University, Zaria.

She went on to complete an MBA with the Metropolitan School of Business & Management, United Kingdom. Tonya’s drive to continuously improve her leadership style propelled her to attend the Lagos Business School- Owner Manager Programme, renowned for its unique delivery of leadership and business management courses in West Africa.

Tonya is the Author of the iSucceed Business Planner, A must-have Productivity tool for the Smart Entrepreneurs and Business Managers! (www.isucceed.biz) Early years Growing up in the North was fun as the last born of seven children. Before my father died, I could do no wrong in his eyes. He had utmost faith in my abilities. I was ten years when he

died. Even after his death, I was still the centre of attention; my mother and siblings continued all the spoiling right up to when I was in the University. Even when I was at the Ahmadu Bello University, Zaria, where I studied Economics, the spoiling continued until I drew the line.

Virgin Vie Angel and the journey so far?

The journey so far has been fulfilling, challenging and exciting. I started Virgin Vie Angel Limited when I graduated from the university in 2005. It is a merchandising & retail outfit which started as an importer of brand promotional goods then expanded to manufacturing of hospitality amenities for luxury hotels, restaurants and big corporate companies with the establishment of the Virgin Hospitality Company in 2010. Today, VHC has over 500 hotel clients.

ABC Inflatables My passion for branding stirred me up to establish ABC Inflatables Limited, an advertising subsidiary in 2006. It is a specialized innovative advertising company dealing with advertising balloons. Most corporate launches and marketing drives in Nigeria engage the branding team at ABC to deliver an effective and targeted advertising. ABC Inflatables Nigeria Limited www.businessday.ng

remains a leader in its sector and continues to demonstrate stellar performance year on year.

Quick Print shop The Quick Print Shop Limited was founded to complete the value chain of all activities in the SEAL group. The group no longer outsources its printing but now provides a modern state of the art printing facility in the heart of Nigeria’s commercial Print city- Shomolu, Lagos.

Building your businesses from scratch to an enviable height I am a consummate entrepreneur and I always tell people that procrastination is the biggest reason for failure with entrepreneurs. I believe in starting what I set my mind to do because only two things can happen; either I win or I lose. But either way, I learn. This has been my major driving force to building four successful companies and getting to where I am today. It can only get better.

The Lagos Enterprise Summit & The HSE Summit My passion to educate and mentor young entrepreneurs on the rudiments of being excellent economic contributors in the society and changing the narrative of entrepreneur-

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iSucceed Business Planner and impact so far I started working on the iSucceed Business Planner in 2016 but was able to complete it in 2018. I created this productivity tool because I wanted to help young entrepreneurs meet their deadline and appraise themselves against all the many odds in our every day lives. I had been in a situation several times where I’ll just pick up a sheet of paper and write, and because my state of mind wasn’t right at the time, I would start to look for those papers; some had very critical things I had noted. One day, I stumbled on one journal that put me in line a bit. Even at that, there was one more thing that I wanted that the journal couldn’t provide. This made me dig up planning guides then I started drawing up different elements I found and merging elements not used in the guides to create what we now have as my first publication-The iSucceed Business Planner. The reception I got when the planner was launched was enormous. I sold out my first week of online release. What even gladdens me more is the testimonials I get from people who use the planner telling me how they are more organised and productive at work.

Can a woman have it all?

Yes, she can! If she sets her mind at it and works towards it against all societal odds.

Managing all companies under SEAL effectively I am a disciplined business leader and I guess this has brought the businesses this far, along with an amazing team of dedicated workers.

Challenges My personal challenge which also happens to be my professional challenge has always been- “Being Young and Being Female”. Over the last 15years in doing business in Nigeria, this has remained my biggest challenge, I lost business so many times because of this but it didn’t make me stop, I lost business sometimes and earned so many times too!

This challenge however has reduced enormously in recent times as I have grown older.

Read the concluding part of Tonya’s interview on www.businessday.ng

@Businessdayng

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Friday 03 May 2019

BUSINESS DAY

HEALTH BUSINESS&LIFE

Making quality focus of Nigeria’s universal health coverage ANTHONIA OBOKOH

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igeria’s government report on National Health Insurance S cheme (NHIS), says achieving universal health coverage (UHC) to provide about 198 million population with access to a collective set of comprehensive health services of adequate quality, at the same time as financial protection is achieved when direct payments made to obtain health services do not expose people to financial hardship and do not threaten living standards.

The government report also identifies that service coverage and affordability are critically important, but not sufficient, to ensure achievement of UHC. As such, it is important to improve the quality of care at the entry point into the health care system which is the Primary Health Care system.

The National Health Act 2014 set aside 1 percent consolidated revenue for the health sector and consequently laid the foundation for Nigeria towards achieving Universal Health Coverage.

The World Health Organisation (WHO) says the Universal Health Coverage is a political choice for countries themselves to make. A study released recently by WHO showed that 85 percent of the funding gap to achieve universal health coverage could be met by countries themselves, although up to 32 of the poorest countries will require development assistance.

Nigeria’s primary, secondary and tertiary institutes are beset by challenges, although PHC facilities are the people’s first point of contact with the health system, insufficient service delivery, overburdened clinics with long queues, and poor quality of services has resulted in many people avoiding PHC facilities and going straight to hospital outpatient departments where services are perceived to be better.

Industry watchers say for Nigeria to achieve universal health coverage to deliver substantial health, economic and political benefits across populations, healthcare provision should be considered as a human right and no one should be denied access to healthcare due to financial reasons, gender reasons, issues related to geographical barriers or any other issues which might create

a barrier to healthcare access.

They further say Nigeria can set in quality at the core of universal health coverage, through improving the National Health Insurance coverage, implementation of national policy and having an ideal clinic with good infrastructure spaces, needed equipment, information and communication technology, adequate staff numbers, adequate medicines and supplies, good administrative processes, guidelines, and collaboration support to ensure the provision of quality health services to the public.

They added that government needs to encourage activities through non-governmental agency to promote advocacy, nationwide screening program in order to enhance early detection, control the upward trends and reduce the mortality rate of Non- communicable diseases.

Chibuzo Opara, Co-CEO DrugStoc Nigeria, said approaching the issues of universal healthcare is about elaborating equitable and affordable healthcare at the end of the day, adding that there should be an agreement and a commitment between citizens and decision makers on where the country places universal healthcare among other important priorities.

“In order to create a catalytic process within the system, we need to focus on tackling the issue of financial access to healthcare, holding individuals and entities accountable and measuring the impact of interventions and activities in the healthcare sector. Infrastructure challenges are still a key issue and the need to sensitise and make people aware of the inherent advantages in a healthy population, especially now that we are still a young aged country,” said Opara As part of efforts to achieve UHC, the country has been to set of guidelines defining the basis for Administration, Disbursement, Monitoring and Financial Management (ADMFM) through the Basic Healthcare Provision Fund (BHCPF, “The Fund”) The guidelines address urgent interventions put in place to tackle persistent and emerging causes of population mortality in Nigeria including Maternal Mortality, Perinatal Mortality and Road Traffic Injuries (RTIs) However, guidelines processes is also to be applied, the responsibilities

of various stakeholders including (but not limited to) participating healthcare providers, healthcare facilities, Federal Government parastatals such National Health Insurance Scheme (NHIS), the National Primary Care Development Agency (NPHCDA), Federal Road Safety Corps (FRSC), National Emergency Management Agency (NEMA), State Governments, Local Governments and their participating agencies including State Primary Health Care Development Agencies (SPHCDAs) and the accompanying accountability expectations contingent on these responsibilities.

The models at the moment both the NHIS and the HMOs have covered less than 5 per cent of the population which attaining universal health coverage is one of the core mandates of the scheme.

Doyin Odubajo a Public Health Expert, however expressed the view that as at today, Lagos, Abia, Kwara, Delta, Ekiti, Kano and Bauchi.

Ogun, Enugu, Anambra, Ebonyi and more are reported to be at advanced stages with enabling laws of State Supported Health Insurance Schemes (SSHIS) that has been passed through National Council of Health memo approved in March 2014 by the federal government.

“Making health insurance mandatory as some a state have started in the country, is expected to benefit all Nigerians and will as well serve to improve the country’s economy when more people are healthy.

“Government should be responsible for the accountability of the health providers for service delivery and it must be monitored to ensure the providers deliver quality healthcare services at the end of the day,” Odubajo said.

According to Tedros Adhanom Ghebreyesus, WHO director-general, said Universal health coverage is ultimately a political choice. It is the responsibility of every country and national government to pursue it. I personally commit to spearheading the advocacy required to secure the political support of global, regional, and national leaders “We need to do more to enable your advocacy and activism efforts, to support of universal health coverage and to increase access to essential medicines and health commodities” said Ghebreyesus.

NHEA introduces four new award categories ANTHONIA OBOKOH

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s nominations for the 6th Nigeria Healthcare Excellence Award (NHEA) 2019 continues, organisers have introduced four categories. This was as a result of representations made by players in the pharmaceutical and the financial services sectors.

Two new categories have been added to the pharmaceutical. It includes; Pharmaceutical Distribution Outlet of the Year and TechnologyDriven Pharmaceutical Distributor of the Year making it four in this category. While in the Special Award category, Healthcare Financial Institution of the Year was removed and replaced with Outstanding Healthcare Project-Friendly Bank of the

Year and Outstanding Healthcare SME-Friendly Bank of the Year.

Shola Alabi, NHEA Project Coordinator, says, ‘We are a listening organization. We also believe in continuous improvement to encourage participation. A lot of impactful innovation and disruptions have taken place in the pharmaceutical sector in the last few years, especially on how drugs are distributed.”

According to Vivian Alikali, NHEA Executive Secretary, stakeholders should visit the award website, www. nigeriahealthcarewards.com.ng/ online-nomination-form to make their nominations.

Nomination will close on midnight of May 24, 2019. After which the jury will meet to shortlist those who meet the set criteria and announce the nominees for each award category www.businessday.ng

for voting to begin. Winners will be announced at a grand ball event on June 21st, 2019 at the Convention Centre, Eko Hotel & Suites, Victoria Island, Lagos. Any member of the public can make nominations for any corporate body or individual who meets the set criteria for the selected category. Nomination can be made either online or by downloading the nomination form.

Furthermore, Alikali said, about 26 awards and recognitions will be presented at the ceremony. These are made up of four main categories; Special Awards, Healthcare Delivery Services, Biomedical Technology and Pharmaceuticals.

NHEA is organised by Global Health Project and Resources (GHPR) in collaboration with Anadach Group, United State of America.

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How herbal medicine can eliminate Nigeria’s reliance on crude oil

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raditional medicine according to the World Health Organization (WHO) refers to the knowledge, skills and practices based on the theories, beliefs and experiences indigenous to different cultures, used in the maintenance of health and in the prevention, diagnosis, improvement or treatment of physical and mental illness.

Herbal medicine is a natural remedy derived from medicinal herbs in the management of disease. Herbal medicine is a part of traditional medicine and is the aspect that can be the most standardized and generalized of all aspects of traditional medicine Over 60% of the entire world’s population utilize traditional medicine, with over 80% of Africans depending on herbal medicine for treatment of disease as a first point of contact.

Herbal medicine using medicinal plants have been found to have been used as early as 5000

the immune system. As of now, there is yet to be a pharmaceutical drug that helps the immune system for normal people without causing any dangerous side effects.

On the other hand, several medicinal plants show strong immune boosting qualities. Traditional medicine generally has fewer side effects. This is due to the fact that they are not synthetically derived, the active ingredients are at lower concentration and therefore the side effect profile is also reduced.

Finally I base my conclusion of this; if Nigeria wants to eliminate our need for oil, investing in the development of traditional medicine is the way to go. Our current oil economy is declining; we produced just $17 billion USD worth in 2017.

However, the current herbal medicine industry is worth about $117 billion USD. If Nigeria becomes one of the world’s major

years ago in places like ancient Egypt and Sumeria. Surprisingly, Nigeria has one of the highest volumes of biodiversity in the world in terms of the availability of medicinal plants of which many are yet to be studied or even discovered.

The benefits of traditional medicine are not to be underestimated as we will discuss the benefits of traditional medicine and how it can eliminate our reliance on oil. Herbal medicine and traditional medicine will be used interchangeably for the purpose of this article.

Herbal medicine is more affordable than prescription medications. It is easier to obtain that prescription medication especially in Nigeria. Medicinal plants grow like weeds in Nigeria so to find it just require little to no effort.

Herbal medicine stabilizes hormones and improves metabolism. Something as simple as wild yam root extract can help alleviate fertility problems in women. Following the conventional medical route, the woman will have to use dangerous synthetic hormones which are full of dangerous side effects. Herbal medicine promotes natural healing and strengthens

exporters of herbal products producing just 40% of the world’s herbal products, we will already be at $46 billion USD! The morphine industry used for managing post operative pain and chronic pain is a $10 billion USD industry and already, there are natural alternatives to morphine found in Nigeria that can offer even better pain relief without the dangerous side effects such as addiction and respiratory failure. Imagine combining that with a multibillion dollar food export economy and the sky is the limit for us.

Traditional medicine if properly developed and standardized can be used in collaboration with conventional medicines to treat malaria, diabetes, sickle cell, and hypertension and even possibly cure HIV/AIDS. Let us all look inwards and find ways to improve the Nigerian economy, and the first step is to develop ourselves and develop our natural resources.

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Contributor Tobi Ayodele Keeney Managing Director Quincy Herbals Email address: tobi@quincyherbals.com

Friday 03 May 2019

BUSINESS DAY

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HEALTH BUSINESS&LIFE 2019 World Malaria Day: Mortein, FG partner for a malaria free Nigeria ANTHONIA OBOKOH

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n continuation of its fight against Malaria and as part of activities marking this year’s World Malaria Day with the theme: “Zero malaria starts with me”, Reckitt Benckiser (RB), makers of Mortein insecticide, joined forces with the National Malaria Elimination Program (NMEP), Lagos and Abia State Governments, to scale up action on the elimination of malaria in Nigeria.

According to the press release made available to BusinessDay, speaking at the press briefing in Abuja to commemorate the 2019 WMD, Leferink Aliza, the marketing director, RB West Africa, said the collaborations are part of numerous activities by the company to end the prevalence of the malaria scourge in Nigeria and Africa as a whole.

She said the partnership with the State and Federal Governments, which has been on-going for years, further demonstrates the company’s efforts and commitment at different levels in the fight to ensure a malaria free country.

On this year’s theme: ‘Zero Malaria Starts with Me’, Aliza said, “The theme challenges all of us to make a personal commitment to saving lives and helping communities to

thrive by ending malaria. Decades of significant progress against the disease have slowed as cases of malaria increased in 2016 and 2017. There is an urgent need to reenergise the fight to eliminate the disease, which still threatens half of the global population and kills one child every two minutes.”

Aliza further said that it is organisations belief that changing the trajectory of current malaria trends will require enhanced and better coordinated action, adding that at RB, our global vision is to have a world where people are healthier and live better.

“In achieving this, we will continue to make a difference by giving people innovative solutions for healthier lives and happier homes.

We know that regular combined interventions of Long Lasting Insecticide Nets (LLINs) and Mortein insecticide use is the solution to achieving a Malaria-free Nigeria.

Therefore, to protect ourselves and our children, the first thing to do is to educate ourselves about prevention,” she said.

Phoebe Larry Izamoje , brand manager, West Africa, Reckitt Benckiser, explained that, through the grassroots community engage-

ment, RB educates communities on the importance of hygiene and how the simple habit of maintaining clean surroundings and drainages can significantly help to reduce malaria exposure.

Reiterating Mortein’s commitment to eradicating Malaria, Phoebe stated that Mortein has been at the forefront of the fight against Malaria in Nigeria. “In the past few years, Mortein has partnered with the Federal Ministry of Health through NMEP, Lagos State Ministry of Health (LSMOH) and various state ministries of health to foster education on malaria prevention via TV infomercials, education at primary healthcare centers and the Mortein Own a Community Project which has been well executed in selected local government areas in Lagos State. We have taken this a step further by having doctors in markets to conduct free Malaria tests and consultations in cities of high prevalence across the country, bringing the message closer by imploring everyone to do one preventive act towards the eradication of Malaria within their immediate environment.

“Mortein brand has continuously put structures in placeto drastically reduce the intensity of

malaria transmission in the country through sustainable initiatives. We do more than talk about malaria prevention once a year.

In collaboration with Market Doctors, we are currently running free Malaria testing and consultation in major markets across – Lagos, Oyo, Edo, Kwara, Cross River, Rivers, Abia, Imo, Anambra, Enugu, Kaduna, Kano, Niger, Plateau, Nasarawa and Sokoto states, as well as Abuja.

“We are also going round communities to sensitize and educate residents on the immense benefits of maintaining a clean environment and use of Mortein which is an effective insecticide.” She added.

Isaac Adewole, minister of Health, in his address at the Abuja event, said this year’s campaign aims at drawing significant attention to the need to completely eradicate the malaria scourge in the country.

He commended all stakeholders for their work and sustained support in the fight against malaria through collaborations with the government. “I therefore pledged the Federal government’s continued commitment to working with all stakeholders to ensure total eradication of malaria in the country”.

Blood test may predict heart disease

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ew research suggests that a simple blood test, which doctors currently use to diagnose heart attacks, may be useful in predicting the risk of cardiovascular disease.

According to the latest statistics from the American Heart Association (AHA), almost half of the people living in the United States have some form of cardiovascular disease.

In fact, according to 2016 figures, 121.5 million U.S. adults, or 48 percent of the entire population, have cardiovascular disease (CVD), which is a cluster of conditions that includes hypertension. Doctors often call hypertension the “silent killer” because it does not show any visible symptoms until it is too late.

The same AHA report predicts that by 2035, over 130 million adults will have a form of CVD that could bring costs in the U.S. to 1.1 trillion dollars.

Currently, heart disease is the top leading cause of death in the U.S., while stroke is the fifth.

But what if there was a blood test that could accurately predict whether a person will have heart disease or a stroke?

New research suggests that such a test may already exist. By detecting the blood levels of specific proteins that heart muscles release when they are injured,

HBL TEAM

scientists may be able to predict a person’s risk of eventually developing CVD. Dr. Christie Ballantyne, who is the cardiology chief at Baylor College of Medicine in Houston, TX, and his team, detail this idea in a new study that appears in the AHA journal Circulation.

Troponin levels can predict CVD risk Troponins are proteins that signal heart muscle damage, and in the new research, Dr. Ballantyne and his colleagues wanted to see if detecting troponin in the blood of healthy middle-aged adults or seniors could predict CVD risk.

Dr. Ballantyne and colleagues analyzed a group of 8,121 people

aged 54–74 who participated in the “Atherosclerosis Risk in Communities” study. None of the participants had a history of cardiovascular disease.

The scientists identified troponin levels in 85% of the participants and applied Cox proportional hazards models to examine the links between these levels and cardiovascular disease.

Namely, they studied correlations with coronary heart disease, myocardial infarction, ischemic stroke, atherosclerotic cardiovascular disease, heart failure hospitalization, global cardiovascular disease, and all-cause mortality.

The research found that high levels of troponin correlated strongly with “increased global CVD incidence in the general

population independent of traditional risk factors.”

High-sensitivity troponin tests, therefore, proved to be an accurate way of predicting CVD risk, especially when combined with a standard method of calculating a person’s 10-year cardiovascular risk.

“What we’re finding out is that these tests can be used in the general population to give us information as to who is most likely to have a future problem, whether it be a heart attack, stroke, or heart failure,” says Dr. Ballantyne.

“If you can treat someone much earlier, before {they] have symptoms, you will be far more effective in preventing events,” continues the researcher, who adds, “Our major problem is that

we do too little too late.”

“If the first time you find out that you’re at risk for heart failure is when you actually start getting short of breath and you end up in the hospital, you probably have advanced heart disease already, and it is going to be harder to treat than if that person took steps years earlier.” Dr. C. Ballantyne Instead, knowing the risk in advance can prompt people to take preventive measures, such as exercising more and watching their blood pressure.

However, the scientists explain that although doctors currently use troponin tests to diagnose a heart attack, they do not yet accept them as a tool for predicting risk. Scientists need to do more research before using these tests to evaluate risk.

“Research in this area is leading us toward individualized care more and more, so we can better predict who’s at risk for developing adverse cardiovascular outcomes,” comments Dr. Rebecca Vigen, an assistant professor of internal medicine at the University of Texas Southwestern Medical Center in Dallas, who did not participate in the research.

“This study is a step in the direction of personalizing care,” Dr. Vigen says.

Culled from Medical News Today

ANTHONIA OBOKOH and ANI MICHAEL / Reporters. Email: obokoh.anthonia@businessdayonline.com I David Ogar, Graphics

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Friday 03 May 2019

BUSINESS DAY

Harvard Business Review

MANAGEMENTDIGEST

Future-Proof your climate strategy JOSEPH E. ALDY AND GIANFRANCO GIANFRATE

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s global weather becomes more extreme, the threat that climate change poses for companies is no longer theoretical. Businesses are working to protect their assets and supply chains from increasingly severe hurricanes, heat waves and droughts. Companies are figuring such “climate risk” into their calculations, and investors are paying close attention. But there is a related threat that many haven’t fully taken in: carbon risk — the impact of climate-change policies on a company’s strategy and returns. As global warming worsens, companies can expect tougher government measures that will extract a growing price for their carbon emissions. These mechanisms could sideline the unprepared.

The approach used more and more is internal carbon pricing, or ICP. At its core, this involves setting a monetary value on the company’s own emissions that reflects carbon prices outside the firm. In 2017 nearly 1,400 companies were actively using internal carbon pricing or planning to do so. By putting their own price on carbon, companies can better evaluate investments, manage risk and forge strategy.

An ICP is typically a theoretical price used in economic and strategic analyses. For some companies, the price adopted internally is just a reflection of the existing carbon tax or price imposed where they do business. Some firms may not have operations in jurisdictions with explicit carbon-pricing policies, but they may still face carbon risk if their supply chains extend into those areas.

Since different countries are adopting different environmental regulations and carbon prices, companies committed to establishing their own ICP should determine the quantity and geographic location of both their direct and their indirect CO2 emissions. Direct emissions come from sources owned or controlled

by the company — for example, emissions from combustion in a company’s boilers or from its vehicle fleet. Indirect emissions result from a company’s consumption of purchased electricity, heat, steam and cooling. Other indirect emissions occur up and down a company’s supply chain — for example, in the production and transport of purchased materials and in waste disposal.

After mapping their emissions, companies should examine their exposure to current and estimated future carbon prices, beginning with an assessment of existing climate policies in the countries where they operate or plan to expand. In jurisdictions with cap-and-trade policies, the price placed on a ton of carbon is made explicit in the marketplace for emissions allowances. In other jurisdictions, carbon tax rates can be easily determined by looking at national tax laws. Additionally, several international organizations have compiled explicit and implicit carbon prices under existing government policies.

Companies also need to make predictions about future carbon prices. Predicting carbon prices requires navigating and critically reviewing data and analyses from climate experts, research institu-

tions, peer companies and environmental agencies. Forecasts produced by academics and government analysts are based on assumptions that are difficult for nonexperts to fully gauge. And relying solely on the estimates disclosed by peer companies may lead to groupthink effects and biased forecasts. Companies need to develop in-house expertise or rely on external professionals to identify the likely evolution of public policies and associated carbon prices. Ideally, they should project not only the level of prices but also the timeline of their changes, the extreme values that could be reached, and the probabilities attached to each possible scenario.

With a sense of the likely trajectory of external carbon prices, companies can set their ICPs. This requires a deep understanding of both carbon economics and company operations and strategy.

One consideration is the time period that an internal carbon price is expected to cover. It is not uncommon for a company to adopt different prices for decisions with different time horizons.

In making short- to medium-term decisions, it’s probably adequate to set ICPs in line with current carbon prices. When making business decisions with a long-term

impact, such as those that affect a firm’s business model, applying an internal price that reflects future scenarios makes more sense.

Some companies have established specific emissions or carbon-intensity targets. Carefully considered ICPs can help them meet those targets. In most cases these ICPs are framed as “shadow prices,” meaning that the carbon price is included in the evaluation of investment options, just as other costs are. This price, rather than representing actual outlays today, may reflect the costs the firm expects to be imposed on carbon emissions as public policy and regulations evolve over the lifetime of the investment. Suppose a firm is choosing among energy sources for a new power plant.

Fossil-based energy may be the cheapest option given current regulations, but when a carbon price reflecting likely future climate policies is taken into account, a renewable power source may be more financially attractive.

Sometimes internal carbon prices are not just hypothetical costs; they can also be used to levy an actual fee on business units for their emissions. The goal is to encourage a shift to low-carbon investments and behaviors, so the ICP must be set high enough to

2017 Harvard Business School Publishing Corp. Distributed by The New York Times Syndicate

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drive the desired change. Companies using this model charge each business unit an amount proportional to the emissions associated with its energy consumption. The fees generated can then be used either to reward the units with the best emissions-reduction performance or to make further investments to green the company.

The integration of carbon prices into operations and strategic decisions should be regularly reassessed and the results fed back into the process to set updated prices. For example, if the ICP isn’t driving enough emissions reduction by the business units, or if the firm operates in a jurisdiction where the carbon price is higher than the firm’s ICP, it might make sense to raise the internal price.

Getting a business carbonready requires real commitment and a cultural transformation that should start with the board and top management. Leadership must communicate the firm’s emissions targets and strategies to all employees and consider monetary incentives for delivering on the targets. Companies should share the objectives of their ICP programs with partners along the supply chain and work with suppliers and customers to reduce their carbon risk. This will help optimize the ICP and enhance collaboration with all stakeholders — including customers, supply chain partners, local communities where green funds are directed and, crucially, investors.

The rapid adoption of internal carbon pricing shows that companies increasingly recognize its importance to competitive operations and strategy. Only firms that understand and proactively manage carbon risk will sustain longterm advantage as more and more countries move to decarbonize their economies.

Joseph E. Aldy is an associate professor of public policy at Harvard Kennedy School. Gianfranco Gianfrate is an associate professor of finance at EDHEC Business School.

Friday 03 May 2019

BUSINESS DAY

AGRIBUSINESSINSIGHT Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

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Send in Commentaries to caleb.ojewale@businessdayonline.com

Why Nigeria needs to rethink hard stance on Cannabis (3) Stories by CALEB OJEWALE Twiiter: @calebtinolu

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n 2018, South Africa decriminalised possession and cultivation of Cannabis, but not for sale. The country also allows it for medical purposes. Nigeria of course, does not have to follow everything other countries implement, but developing the right knowledge and making adjustments where found logical, should be considered.

“The Global State of Hemp: 2019 Industry Outlook”, notes that a significant educational process will be required among lawmakers and cultivators throughout the African continent regarding the difference between hemp and marijuana, and about the range of ways in which hemp can be used to address the continent’s economic growth and development challenges.

Stigma against cannabis remains high in many parts of the continent, especially in traditionally religious countries, and hemp seeds are even considered poisonous in some quarters. As educational and regulatory development progresses, Africa will be positioned to capitalize on the opportunities to come with joining the global hemp industry.

It has been described as a medicinal plant with economic benefits, not one that should be abused, particularly in the absence of requisite legislation. As noted in

earlier parts of the article, there are variations of the cannabis plant, with diverse uses and not all is reduced to ‘drug’ purposes.

Giadha Aguirre de Carcer, CEO & founder, New Frontier Data, a company that says it is providing transparency into the cannabis industry via unbiased vetted data & analytics reporting, told BusinessDay in an emailed note, that increasing knowledge is gradually changing how Cannabis is perceived across the world.

According to de Carcer, “in the past five years alone, cannabis perception has shifted dramatically away from a stigmatized drug, to a medicinal plant representing endless opportunities to generate revenue, combat the opioids epidemic, and support domestic socioeconomic growth.”

He further explained that as a result of increased availability and access to reliable data and mature research (accessible not only to regulators and financial stakeholders, but also patients and physicians), there is now a gradual expedited adoption and acceptance of cannabis and hemp production worldwide, with more than 50 nations having legalized medicinal cannabis programs.

Whether or not the approach to cannabis in Nigeria will become liberal, what is more important is developing the right knowledge on its potentials, and applications in different areas. The utilitarian purpose that can be developed for Cannabis should be as important as the perceived ills.

“Three of the world’s top 10

cannabis-consuming nations are in Africa, highlighting both the importance of cannabis reform and related business opportunities throughout the region,” said de Carcer, whose company states on its website that it takes no stance on the legalization of cannabis, rather, to provide data that will be used to make informed decisions in the growing industry.

In healthcare, Medical cannabis is used to reduce nausea and vomiting during chemotherapy for cancer patients, to improve appetite in people with HIV/AIDS, and to treat chronic pain and muscle spasms.

In Industrial Use (which applies strictly to hemp), Cannabis sativa cultivars are used for fibres due to their long stems. It refers to any industrial or foodstuff product that is not intended for use as a drug.

Many countries regulate limits for the psychoactive compound (THC) concentrations in products labelled as hemp, making its industrial usage possible.

Cannabis for industrial uses is valuable in numerous commercial products, especially as fibre ranging from paper, cordage, construction material and textiles in general, to clothing. Hemp is described as stronger and longer-lasting than cotton. It is also a useful source of foodstuffs (hemp milk, hemp seed, hemp oil) and biofuels.

As part of what de Carcer describes as efforts to increase

knowledge and drive discourse about Cannabis, the company’s next InterCannAlliance Symposium, scheduled for May 24-25, will be taking place in Victoria Falls. It will bring together high-ranking African government officials with African and European financial stakeholders to openly discuss socioeconomic impacts of hemp cultivation across the continent, and Africa’s unique potentialities to meet exploding European CBD demand.

As recommended in the “Global State of Hemp: 2019 Industry Outlook”, to increase adoption and accelerate education, Africa needs a unifying organization like the FAO, African Union, or African Development Bank to step forward and help countries establish a central set of regulatory standards to jump-start hemp pilot projects for research and commercial cultivation.

Such action, the report notes, could develop regulatory frameworks and standards to start a hemp industry and protect farmers afraid that ignorant and/or corrupt government officials might seize their crops.

Hemp, cannabis, marijuana, still confusing? Hopefully not, but if it still is, when policy makers in Nigeria decide to embrace k n ow l e d g e a n d f ig u re o u t a utilitarian direction for the country as it pertains to Cannabis, then all possible confusion will hopefully be cleared.

New guidelines released to enhance food Corteva Agriscience to support Nigerian farmers in seed development insecurity, malnutrition analysis

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ew global guidelines have been published by the Integrated Food Security Phase Classification (IPC) initiative, to further hone food security and nutrition analysis processes for better and more actionable information during humanitarian crises.

After thorough consultations, food security and nutrition experts from 15 organizations released a third version of the IPC Technical Manual.

In addition to the IPC’s Acute Food Insecurity scale, it incorporates two new scales, measuring chronic food insecurity and acute malnutrition. It also includes a new classification of the IPC Acute Food Insecurity scale’s Phase 5, called ‘Famine Likely’.

Additionally, the updated manual introduces new data requirements to analyze areas with limited or no humanitarian access. The collection of high-quality food security and nutrition data in these locations has faced major challenges including security, legal and logistical constraints, often preventing humanitarian actors from reaching populations during emergencies.

To address these challenges, the IPC Technical Manual Version 3.0 introduces additional data collection modalities that target key access points to obtain evidence for IPC analysis.

These access points include locations where populations have newly arrived after displacement, nearby locations, displacement camps, health centres and distribution points among others.

“This is a major development, especially for humanitarian crises

in conflict contexts with little or no humanitarian access, because the IPC Technical Manual Version 3.0 will improve our ability to reach conclusions in these contexts to better inform decision-makers.” said José Lopez, the IPC Global Programme Manager.

The earlier versions were the basis for the declaration of Famine in Somalia in 2011 and in South Sudan in 2017, and informed humanitarian response decisions. The IPC Technical Manual Version 3.0, which includes protocols for the most severe crisis contexts, also sets a new global benchmark for Famine declarations with the introduction of the ‘Famine Likely’ classification.

This applies in locations where there is insufficient evidence for Famine classification due to circumstances on the ground, but where available information indicates that Famine is likely occurring or will occur. This will boost the IPC’s ability to warn about potential Famine in contexts where limited data previously was a barrier.

For the first time, the IPC Technical Manual Version 3.0 also includes a wide range of IPC scales: Acute Food Insecurity, Acute Malnutrition, and Chronic Food Insecurity. This creates a better understanding of the linkages between the three conditions, providing decision-makers with invaluable information for the strategic design of response actions to comprehensively address food insecurity and malnutrition. www.businessday.ng

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s part of efforts to help optimise farm productivity in Nigeria, Corteva Agriscience, the agriculture division of DowDuPont, says it is partnering local farmers on seed development, expected to boost food productivity in the country.

Prabdeep Bajwa, president, Corteva Agriscience, Africa & Middle East disclosed this during this year’s seed connect conference and expo organised by the National Agricultural Seeds Council in Abuja recently.

He explained that the country’s agricultural sector is vital to the overall economy because of its importance in creating jobs and wealth. According to him, the agric sector is only second to oil as the leading contributor to the country’s gross domestic product.

“Nigeria’s abundant resources are a great foundation on which to build a sustainable agricultural sector. I believe the utilisation of technological innovations can help overcome local challenges.

“We’re committed to ensuring that Corteva Agriscience is an enabling collaborator for the Nigerian agricultural sector,” he said.

Bajwa described Nigeria as one of the leading African countries in farming based on levels of productivity and profitability. The country, he says, has about 70 per cent of the workforce employed in agriculture and the small farms

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produce 80 per cent of the total food, while 33 per cent of land is under cultivation for this purpose.

He highlighted the company’s continued footprint expansion across African markets, saying that it is committed to serving agricultural sector optimisation by providing the best insights, products, and technology to farmers and a market that is under-served.

On his part, Alain Pescay, Commercial Director for Corteva Agriscience, North West, West, and Central Africa region, expressed the company’s commitment to support the Nigerian government’s initiatives towards achieving food security goals, import substitution, job creation, and economic diversification. “ We a re c o m m i t t e d t o s u p p o r t i n g g ov e r n m e n t i n advancing the agriculture sector— @Businessdayng

the critical foundation of any successful economy and country,” he said, adding that “we can’t do this alone and collaboration is central to what we do in Nigeria.”

Corteva Agriscience already has presence in Nigeria through its “Pioneer” brand seeds, crop protection solutions as well as collaboration with Flour Mills of Nigeria Plc to develop maize hybrid seed in the country.

Other projects by the company include collaborating with several NGOs on the bid for a new $60 million USAID West Africa trade hub, and engaging with USAID to develop a concept for a new Global Development Alliance related to smallholder farmers. It is also collaborating with USAID and CNFA in Nigeria to advance demo plots and extension services through the USAID maize value chain project.

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Friday 03 May 2019

BUSINESS DAY

Hotels

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

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

Protea Hotel Apo Apartments Address: Ahmadu Bello Way, Apo, Abuja Tel: 09 480 1818

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

Tel: +234 9 4603900, +234 805 7522500

Chida Hotel International Address: Plot 224, Solomon Lar Way, Utako, Abuja Tel: 0810 871 8882

A night in the ‘Tree House’ OBINNA EMELIKE

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he receding even i ng su n wa s partially hidden by a dark cloudy sky, but not completely as its dark golden glow splashed over the beach fronts, giving it a yellowish hue. The breeze whistled gently sweeping across the coconut trees.

The coconut fronts bowed at the touch of the cool breeze as if in reverence to a deity.

Yet, sunset offers a more glowing scene from the comfort of ‘Oba Ileriji’(the Tree House), while night rest seems unending with the comfort inside.

Just by the shore of Atlantic Ocean, ‘Oba Ileriji’, one of the unique offerings in the Lagos hospitality market, is simply being intimate with nature your own way.

Built on the white sandy beach (about 10 metres from the ocean bank), the tree house stands on eight wooden sticks, about six feet high. Just under the house is a small swimming pool demarcated by sliced trunks of coconut trees, which are

in abundance on the Lagos beach front.

The staircase made of slices of locally processed wood speaks volume of ingenious creativity, while the dry stems of small trees serve as part of the staircase.

They turn golden in colour as the shaft of the late evening sun cascades on them.

At the entrance to the house is ‘gangan’ (Yoruba drum). On the right is a mini-balcony with wooden stools and tables. One could sit here and watch the sun recede and gradually welcome the night that would immediately cast its spell on the earth.

One could also watch the ocean water in its monotonous crashing on the shore and then receding to repeat the same again while sipping a class of his/ her choice wine. Most importantly, specially trained and traditionally dressed attendants are attached to this audacious concept in luxury suites that combines modern luxury and the Ijaw primeval architectural design. Their job is to make sure, the best of wine, best of food (seafood), best of massage, best of fitness and best of pamper never lack www.businessday.ng

in and within the environs of the ‘Tree House’ for its deserving guests.

Inside, the luxury suite is more alluring. The floor is made of wood with an overlay of marble. A sixby-six bed at the centre of the room welcomes you to play. The interior décor is purely African. There is a clean modern bathroom and a toilet. The rest room is also built with the bamboo while a special thatched ceiling cools the inside. Yet, it houses the most modern entertainment and luxury gadgets.

The intrigue is over 70 percent of the content of the Tree House is locally sourced from Ikegun Village, Ibeju Lekki, Lagos, the host community of La Campagne Tropican Beach Resort, promoter of ‘Oba Ileriji’. This allows for that authentic African feel amidst nature pamper and manmade fun. The design of the house is such that it has huge, wide windows overlooking the ocean.

“The materials and the builders are from this community and I am indeed very pleased with this development.

“My joy is that more of

it will be built in the nearest future and replicated across Africa. This would, no doubt, lead to more jobs and opportunities for the entire community where the facilities are made”, Wanle Akinboboye, the founder of La Campagne Tropicana, explains.

Akinboboye insists that you should visit to partake in the romance with nature which, according to him, has gone a notch further with the introduction of the Tree House.

Beside the novel concept, the whole resort is an adventure that awaits any tourist any day. From a palm-fringed land, white sandy beaches where time slows down in sync with the rhythm of the waves that gently laps the shore to a dip in the refreshing surf of the Atlantic Ocean on your left or the placid water of fresh water lake on your right, the resort beckons for a date with nature and man.

While you plan a visit, please keep aside from N100,000 per night in ‘Oba Ileriji’. It is only your visit and experience that will tell if the Tree House offerings are worth the money you expend on your visit.

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

206 Hotel Plot 206 Cadastral Zone B02 Opposite Kenuj 02 Mall, Oladipo Diya Road, Durumi District, Abuja Tel: 08119707993 Email: 206abuja@gmail.com

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

Protea Hotel (V/Island) Off Ajose Adeogun Street, V/ Island

Gombe Jewel Hotel, 22, Njamena Street, off Aminu Kano crescent Wuse 2, Abuja.

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

Friday 03 May 2019

BUSINESS DAY

25

INTERVIEW ‘We are actively engaging potential customers on what they need to know about life insurance’ African Alliance Plc, a specialist life insurance company recently rebranded after 60 years of doing business in Nigeria.

Funmi Omo, managing director, African Alliance Insurance Plc in this interview with Modestus Anaesoronye shares her thought on vision of the company, new innovations and what customers should expect in the new brand. Excerpt: African Alliance recently rebranded, what does this mean for the company and its customers? irst, we are a company that has been in existence since 1960.

This speaks to our longevity and ability to adapt and evolve. It also speaks to our resilience, as well as the trust our customers have in us.

The main reason we had to undergo a rebranding process is along these same lines. We want to continue to adapt to changing times and deliver superior value to our customers. The country has changed a lot since 1960. Our customers, both young and old, single and family units, retail and businesses, are more digitally inclined. Our tastes, preferences and even dreams have changed. It is important that we continue to power and support the dreams of our customers while providing value in the best way; one of which is convenience.

In this fast-paced world, customers value convenience above all things. We have therefore optimized our channels and our people to ensure that customers can take on a new life insurance policy, renew or change their policies from the comfort of their homes or from their computers. We are also actively engaging potential customers on what they need to know about life insurance. We are working to demystify the experience and help people understand why life insurance is so important at every stage of life.

Finally, for us as a company, this rebranding has brought greater confidence to internal stakeholders – from staff to management and board members – to our shareholders. We are positioned for the next few decades.

What should stakeholders expect from the company in the area of innovation and product development?

Firstly, optimizing our channels has granted us access to data that helps us determine the periods that people need life insurance products the most. In this area, we are not only narrowing products to fit the stage of each customer’s life, we are able to tweak our products to suit our current environment and the economic climate we face today.

Secondly, in terms of engagement, life insurance companies are becoming more relatable. We are leading the charge to ensure that there are open communication lines in our offices, digitally and otherwise. Our social media pages are constantly engaging with leads. In fact, I dare say we are one of the top three engaging insurance brands in the digital space today. By relating to people, we can better understand their pain points and proffer the best solutions. Our website also runs around-the-clock customer service centre to swiftly respond to needs.

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Funmi Omo

Thirdly, as I said earlier, times have changed and we understand this. Our products are not as rigid as they were before. Now, we have products with flexible paying arrangements. We have products that are presently in development. All our customers need to do is ask, and we can personalize products to suit their needs.

Your company in the past had some flaws in the area of regulatory compliance, what should we be seeing going forward?

In the past year, we have worked closely with consultants and our ever-supportive internal teams to tackle this. We are changing, not just our brand presence and experience, but internally, there are stringent restructuring going on to ensure we are on the good side of our regulatory partners as well.

What major changes took place in the last two years since coming on board of the new management, and what is your growth plan?

A lot of changes have occurred. The rebranding is one major change – it is the company’s first brand overhaul since its inception in 1960! I am grateful to be a part of this change and I thank our board members and staff for believing in this new chapter of our history and future.

In terms of strategy, I have been more deliberate ensuring staff members con-

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tribute to our strategic growth. When people feel that they are a part of a story, they are more willing to put in their best and make sacrifices when they need to. We have had intensive strategy meetings and have put in place smart goals, key milestones, and measure to test our growth. In the next few months, I dare say that these will yield the much-expected results we have been working towards.

‘‘

We have learned that we should always be prepared for changes in the environment.

I believe that our regulators and the government want what is best for us to succeed

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More importantly, I have been focused on ensuring that African Alliance Insurance Plc is recognized as one of the best places to work in the broad financial services industry. We are already getting there. The number of CVs we receive now compared to years ago has grown exponentially. People trust our story and they trust that when they take on a life insurance plan with us, we keep to our promise to provide a secure future for them and their loved ones.

The insurance industry is undergoing through a transformation now, how prepared is African Alliance to key into the new areas of growth?

We are very prepared. All the activities we have embarked on are geared towards contributing significantly to the growth of the insurance industry. We are not just consolidating our products in response to the demands and needs of our customers; we are aligning our purpose to that of the general insurance environment.

Retail is the way to go in deepening penetration, what is your plan in this area?

We are indeed deepening their engagement in the retail space. We have identified the challenges of our retail customers – complex insurance products, lack of understanding of the value insurance offers and accessibility of products, being key among these problems. Our current strategy and of course, rollout, address these challenges. In time, we will reap the benefits.

Will you be surprised to see the regulator announce a new capital requirement for the industry?

Frankly, we have learned that we should always be prepared for changes in the environment. I believe that our regulators and the government want what is best for us to succeed. Our job is to ensure that we support them in achieving the overall success of the broad financial services industry.

Why should somebody invest or retain their investment in African Alliance African Alliance Insurance is the foremost life insurance company in Nigeria.

We have been around since 1960; this speaks to our resilience to economic forces and our longevity. We are not going anywhere soon; In fact, we have taken deliberate steps to reinvent ourselves in line with the rapid changes in the revolving socio-economic landscape we operate in.

Why should you retain or invest in African Alliance Insurance? I will say three things – we have a great customer response rate, we promise what we can achieve and surpass, and we constantly listen to our customers’ feedback to ensure that we are working in tandem with their goals. These are the reasons why anyone should do business with us.

@Businessdayng

26

Friday 03 May 2019

BUSINESS DAY

entertainment

There is a synergy between what I stand for and what Trophy is known for’ Folarin Falana, popularly known by his stage name of Falz, is a Nigerian rapper, song writer, actor and comedian, whose foray into music started in high school when he formed a group called ‘The School Boys’. His work in the entertainment scene has gain wide acceptance. While some would say his music lately has been controversial, others say it is high time the industry had an honourable man who spoke the truth. Falz has also caught the eyes of world class brands that align with his personality and humility. Only recently, he became the Brand Ambassador for Trophy lager, a premium beer brewed by International Breweries, a member of the AB Inbev family, the world’s largest brewer. He spoke to Obinna Emelike on the connection he shares with Trophy and why he accepted the brand ambassadorship. Excerpts.

As an entertainer, what would you say are the attributes that attracted you to the Trophy brand? here is great synergy between what I stand for and what Trophy has been doing. Trophy has been encouraging Nigerians to indulge in actions that bring honour to themselves and their communities, while I have tried to create a moral compass for Nigerians through my songs. This is a brand that, so to speak, speaks the same language with me.

They have shown over the years their business ethics, so it was not a difficult task at all when my team was

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approached and I accepted to become the ambassador for the brand.

As the ambassador for Trophy, what are those unique features you would like to project, which rightly describe you and the brand?

I will like to continue to be who I am, by speaking directly to the conscience of Nigerians. I really want to live in a society where there is a great deal of sanity and will always encourage people to take actions towards achieving that objective. So, in summary, I will continue to take action by speaking and by encouraging Nigerians to speak. This I believe rightly describes

me and the brand.

How would you use this ‘office’ to teach young people about responsible drinking?

Of course, my message to young Nigerians has been that they should learn to take responsibility for their lives and become more conscious of their roles in building a better country.

It surely follows then that once you take responsibility for your actions, you will definitely appreciate the value of drinking responsibly.

Folarin Falana

Lagos theatre to promote creative economy

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eyond providing infrastructure that will aid creative minds, the Lagos State government, the promoter of the four new theatres across the state, is looking at further promoting the creative economy in the state with the theatres.

Starting with the 400 guests capacity theatre at Oregun in Ikeja, which was commissioned recently by President Muhammadu Buhari, discerning youths and the artistically endowed across the state and the country at large can now take advantage of the facilities to boost their creativity and reach their target audience.

The Oregun Theatre is one of the four theatres conceived and executed by the administration of Akinwunmi Ambode, governor of Lagos State, in line with the vision of making tourism, hospitality and entertainment, as well as, sports the cornerstone of his development.

The Lagos Theatre in Oregun, like the others located at Igando, Epe and Badagry, sits over 400 guests with a standard furnishing, a gallery, artistes dressing room, rehearsal hall, restaurant space, rest-rooms and alternative power generating set.

Speaking at the commission, Governor Ambode noted that the theatre is conceived as a strategy to absorb many Lagosians with the ability to

be innovative and imaginative, especially the youths, as well as, provide a platform for artistic expressions in film-making, stage theatre, poetry, dance and other stage performances. This according to the governor, will also set the stage for their experience in the strategic locations across the state. ‘’The Lagos Theatre located at Oregun and replicated in other areas of the state, which includes: Igando, Epe and Badagry in its first phase, is to expand arts and promote a thriving creative economy within the communities where these projects are located”, the governor said.

He also said that the Lagos State initiative to bring theatre experience closer to more neighbourhoods across the state would also generate positive excitement among the teeming youths of the state.

For Steve Ayorinde, Lagos State Commissioner for Culture, Tourism and Arts, the Lagos Theatre will increase the arts space, as well as, provides an opportunity for youths to showcase their talents in music, comedy, play and poetry.

The commissioner noted that the theatre has tremendous economic viability for the government and stakeholders in the entertainment industry because both parties would recoup their investments.

He assured that the governwww.businessday.ng

If you were an athlete, what sports would you have played?

Football.

ment would provide support for users of the facility to enable them achieve their aims through regular maintenance of the theatre, adding that nobody would be discriminated against using the facility.

Kunle Afolayan, veteran Nollywood film director and producer, expressed delight over the projects, saying it would add economic value to both the government, producers/actors in terms of income generation.

“This theatre will benefit both government and producers/actors in the film industry through income generation.’’

Afolayan said.

In comparison, Afolayan boasted that the Lagos Theatre surpass any other theatres on the mainland, considering the facilities and security that define the edifice.

The Nollywood film producer stressed on the multiplier effect of the theatre in terms of job creation for young people, as well as, inspire creativity among young people.

For Bolanle Austin-Peters, founder of Terra Culture, an arts theatre oufit in Lagos, ‘The ‘Lagos Theatre will encourage the local arts community to grow because they now have a home, where they can showcase what the have. music artistes, movie producers and even poets can come here and showcase what the have.’’

In some quarters, it is believed that these generations of musicians are not creating music that can be termed ever-green like the music of yester-years.

What is your take on this?

People generally are entitled to their opinions. All I can say is that there are songs today that will last for years to come, just as there were songs of yesteryears that are still relevant today. So, it will always be like that.

What is your sense of style and how do you relax?

My style is simple and African. Well, I relax by escaping to a solitary environment.

Aelex celebrates World Intellectual Property Day ...premieres movie, ‘Potato Potahto’

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hile the global creative community marked the World Intellectual Property Day on Friday, April 26, 2019, Aelex; a full service commercial and litigation firm, marked the day with series of activities aimed at placing spotlight on the entertainment industry in Nigeria.

As well, particular attention was given to Intellectual Property (IP) issues faced by production companies, record labels and talents at the event, which held at Aelex’s

office at Marble House, Falomo, Ikoyi, Lagos.

One of the highlights of the event was a presentation by Davidson Oturu, Aelex Partner, on the relevance of the World IP Day and also about some of the market trends and challenges in the Nigerian entertainment industry.

Another highlight of the event was the screening of the movie ‘Potato Potahto’ which guests found entertaining. The screening was followed by a panel session where members of the panel discussed some

L-R: Olanrewaju Ogunmefun, artist, Davidson Oturu, ǼLEX Partner, Ajoke Silva, veteran actress and Akintunde Bada Johnson, country manager, Viacom, at the event.

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of the challenges and how lawyers can help to solve them. The panelists include; Ajoke Silva, veteran actress and executive producer of ‘Potato Potahto’, Olanrewaju Ogunmefun, an artist better known as Vector Tha Viper, Bada Akintunde Johnson, country manager, Viacom and Davidson Oturu.

As expected, the panel’s engaging discussions led to an interactive session with the guests, and later followed by cocktail. Speaking at the event, Oturu noted that Aelex team is proud to host the event, which helped to explore ways of better positioning of the entertainment industry in Nigeria.

AELEX has nine partners and over 60 associates. It has offices across West Africa – Lagos, Abuja, Port Harcourt and Accra. Its lawyers have qualification to practice in Ghana, Nigeria, New York, Texas, England and Wales.

It was established in 2004 through the merger of the practice of a Senior Advocate of Nigeria and three other leading commercial law firms in Nigeria. The merger established one of the largest and most diversified law practices in West Africa.

Friday 03 May 2019

BUSINESS DAY

entertainment

Business of online shopping Business etiquette

Janet Adetu

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n the past shopping for me has always been an exciting exercise even when I had no clue as to what I wanted to buy. I guess like many other women there was always this adrenalin rush attached to buying something new. Being a young mother of three small children at the time I had to develop a strategy for shopping especially when it was not for domestic shopping, but for me to gain the best advantage of good quality yet competitive pricing when it comes to shopping for my kids. I would wait for the time of sales and great bargains to maximize my limited resources. I was always good at getting fantastic clothing for my kids at best prices and best stores.

Today bargain and bonanza sales are still there but it becomes more challenging having to drive out to the store, find parking space as well as join the hustle and bustle crowd searching for items that may not be there, all a stroke of luck.

The invent of online shopping and cashless transacting indeed is a pleasant introduction to modern day shopping, and har core shoppers who love the idea of shopping till you drop.

Shopping online is simply life made easy in the sense that there is a world of products available to the buyer online, everyone has easy access to the products based on availability. You can pick and choose and once satisfied with the price, you can make a cashless payment using various methods of payment, with the introduction of the bank card you can pay by debit or by credit or by other secured payment platform. The items are then

delivered to your doorstep, in the most convenient way. The great thing about shopping online is that you just do not need to travel far and wide, you can obtain the best quality from the best vendor from anywhere in the world. As I am writing this article, I have actually conducted three separate online transactions today, paying for both products, also an annual subscription all in the comfort of my own space. Let me just add that though it appears quite smooth and easy to execute it surely does come with its challenges.

System errors will occur that may frustrate the process which you must be prepared for inspite of your technical knowhow.

Back to my little experience, my last transaction was surprisingly declined for some reason even though I was very sure of the funds available to pay. When I called the bank to prompt them of my ordeal, it was a routine security check to ensure that I was truly the same person making those payments and not a fraudster. This made me realize that shopping online does not come so easy, there are surely some down sides and the need to be savvy for both safety and security reasons.

Today all businesses are leaning towards online shopping to reach out to a wider customer base, to create awareness for brands, corporate image and to meet global standards. Many online users do not take the time to assess the risks that could occur, certain information they

need to know or the silent laws that govern many transactions. These are a few of the online shopping technicalities you

27

need to remember.

Online Shopping Savvy Etiquette Safe Site With this new advent of shopping online, whether you use the website direct, or links like Instagram, Facebook, WhatsApp, Twitter as your call to action, it calls for serious vigilance. Today it costs almost next to nothing to build an attractive website that is so enticing for customers to want to purchase from, but It is also important to note that many original sites are being cloned meaning that you may feel you are on the correct site but unfortunately it is a fake site. A lot of social media platforms that are equally doing very well are also experiencing duplicate sites by fraudsters.it is now not unusual for you to see an angry customer complain about an order that never arrived, only to discover that the purchase was made from a dummy site and not the original. To help identify the authenticity of a website before you engage in online shopping it is safer to use a recommended site used by others.

You may also verify your order with an additional telephone call.

Payment Method Many sites will let you know if their site or platform is secured for payments, do not assume that all platforms are secure so again look out for this is indicted.

Releasing your card details online takes a lot of trust and should not take place if you have your doubts. It is best to use one card for online payments that has just minimum funds inside while you can top up regularly. Avoid using a card that is loaded just for extra protection and secured card information. Better still, once the item has a cost threshold of more than a certain amount then seek physical presence before you pay. If this is not available, then rely on the authenticity of the source.

VAT All items from abroad that are imported are just like it is with physical shopping subjected to Value Added Tax. The cost of the item indicated will include this statutory governmental cost which cannot be

‘

The great thing about shopping online is that you just do not need to travel far and wide, you can obtain the best quality from the best vendor from anywhere in the world

avoided It is important to allow for this extra cost to be added to your purchase.

Shipping Costs In some certain purchases it is normal to receive a proforma invoice of your purchases that indicates the fee to you.

However there are shipping and delivery costs that may not be captured until the shipment process takes place. An estimate may be given but may not be all in all conclusive meaning that upon shipment may need to add more though this is not always so common. Ask the vendor prior to payment if all costs have been included and all shipment charges are conclusive, Some vendors may ask you to settle the difference even when you have paid and collected the goods.

Seeing Before Buying With online shopping it is not possible for you to see, try on or test the item physically before you make that purchase; you will have to rely very much on product information and details. Look out for style, color and size availability. Choose what works for you. If one site does not have it, then check the many other sites available until you find what you want.

Internet Connection Online shopping though quite easy only works with full knowledge of how to operate your laptop, phone, tablet or device. Most times just follow the prompt once you enter your device. The biggest challenge will be in ensuring you do have internet connectivity when you are shopping online. Any down time in connectivity requires you stop the transaction and try again later to avoid double transactions. Full knowledge of being online savvy to large extent is a must.

There are many items that are best bought from the store and not online.

Where you cannot verify the source or secure any warranty do not by online but instead purchase from the store direct.

Wishing you the best of luck!

Janet.adetu@jsketiquetteconsortium.com @janetadetu @jsketiquetteconsortium peakperformancecoach www.jsketiquetteconsortium.com

@

Movie Review – “AVENGERS; THE END GAME”

Linda Ochugbua

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F you haven’t seen the latest blockbuster movie breaking all ever set records, then I wonder what you are waiting for to see this new amazing movie from the Marvel family. So if you read my review a few weeks ago, about the new movie “Captain Marvel” and how they needed to introduce her to us, because we were going to be seeing her at work here in the new Avengers; End Game, she did appear in a few roles, but played a strategic role in aiding the destruction of the bad guys. She is probably the strongest superhero there is on earth now. The excitement and eagerness for Avengers was extremely out of this world, as usual you know the Marvel Group do spend a lot on publicity and marketing and the trailers have being on every blog, site and social media handle, just like the coming of the new season of Game of Thrones.

Everyone was waiting patiently for this new edition and end as they kind of told us and which doesn’t really seem so at all. I am great fan and follower of the Avengers family, I have loved every single character and superhero introduced and somehow you can’t just help but love them all, they sincerely do have a way of getting into your life and sticking there. I remember how they introduced the first

ever black superhero to appease the black fold, and they cashed out in over a billion dollars in revenues surpassing every imagination or expectation.

So for all of us we deep down knew that this new one would definitely be a work over for them and it surely was, grossing over a billion dollars in four days, yes you heard me four days.

I have being thinking for a few days now, wondering how they had told the “Avengers” stories for years and preparing that one day the whole series would come to an end and they would have to be a link to all past editions and all the ever created different characters, sincerely the directors Anthony Russo, Joe Russo and the writers Christopher Markus and Stephen Mcfeely, – I must say are geniuses. I must commend them for the outstanding job carried out in making this movie a huge success, making it one of the greatest movie ever in history. I will give you a few stats on how well this movie has done In just 6 days and still counting comparing it to some others. So far the movie has made over 1.2b dollars in the cinema making over 357m dollars on its opening day , making it the highest ever in the movie industry world history. It is now obvious that they will make it into the world’s highest grossing movies of our time beating the 2b dollar bench mark. Presently only four films have made it into the 2b dollar ranking, they are ‘Avatar’ of 2009 they made 2.7b dollars, then we had ‘Titanic’ of 1997, followed by Star Wars; the Forces awakens (2015) and then finally ‘Infinity War’.

For you to get a clear understanding of this movie, its paramount that you have seen the other Marvel group movies and the previous ‘Avenger” movies, because this movie brought previous characters to life and all editions had a critical role in this final one called End Game. So remember the last edition of the Avengers Infinity war, where at the end half of

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the population disappeared, I knew there was definitely going to be another one, which I told you to watch out for, and the introduction of the last superhero “Captain Marvel” made us understand that she would be essential in putting an end to Thanos. In this new movie, the super heros alive had to seek a way to save all their loved ones that were trapped in time. In the process of thinking, ‘Ant Man” who had disappeared in his last movie, through the time machine came back and told them, that they could use the new Time machine to go back in time, reverse things and change all that Thanos had done, After much deliberations and with a few heros volunteering to go on the mission, they started the race back in time to save the world and destroy Thanos for good.

There were loads of flash back and time travel, and in this process they started to retrace their lives back to undo Thanos’ snapped fingers. Tragedy is must say was rocked this Avengers boat hard. For me, there were some fighting scenes that dragged longer than normal but I couldn’t complain. If you are not careful and alert you might take a few naps, and miss the crucial parts of the movie. The best part of these movie for me was towards the end, when every super hero that ever lived in the Marvel group had to return to fight and destroy Thanos and his evil men, hence saving the world. Oh and you all must love how Captain America commanded lightening with Thor’s famous hammer.

Cast: Robert Downey Jr., Chris Evans, Mark Ruffalo, Chris Hemsworth, Scarlett Johansson, Jeremy Renner, Don Cheadie, Paul Rudd, Brie Larson, Karen Gillian, Danai Gurira, Bradley Cooper, Josh Brolin & Winston Duke Genre: Action & Adventure, Drama, ScienceFiction & Fantasy Director; Anthony Russo, Joe Russo Written by: Christopher Markus, Stephen

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Mcfeely Ratings: P13 (For Sequences of Sci-fi Violence and action and some languages) Runtime: 182minutes Studio: Marvel Studios Release Date: April 26th 2019 It’s obvious that a lot of sacrifices had to be made in the production of this fantastic new movie. Although, I had a bit of reservations here and there with the movie being over rated, over hyped and some scenes unnecessarily too long, I must confess that it was a very good movie after all, hence my score of 9.5/10. I am a huge fan of the Marvel group and the Avengers movie, having followed them from ‘The Incredible hulk” of 2008 till date with this new movie called ‘The Anengers; The End game”. They have produced a total of 22 movies till date having an average of 2 movies every year, and they have certainly gone from being good to being one of the greatest, allowing them to become one of the most successful studios in history, with having almost every movie as a hit. Wssse couldn’t have asked for more as they have continuously set the bench mark of super hero movies so high. I am definitely recommending this movie, especially to my action movie lovers out there, I am quite sure you will enjoy this movie and you would understand why each previous edition had to end the way they did, the link and the connectivity in this final one was just impeccable, and I can’t take it away from them.

Feel free to review any movie of your choice in not more than 200 words, please send us a mail to linda@businessdayonline.com , also please do answer the question of the week on social media and stand a chance to win a free movie ticket.

Linda Ochugbua @lindaochugbua

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28

Friday 03 May 2019

BUSINESS DAY

Sports Nigeria intensifies 2019 AFCON preparations, play Zimbabwe, Senegal in friendlies

... As NFF appoints Okocha, Kanu, Babangida as Super Eagles scouts Stories by Anthony Nlebem

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head of the kick off date for the most prestigious football competition in Africa, the 2019 Africa Cup of Nations (AFCON), the Nigeria Football Federation (NFF) is gearing up top class preparations for the Super Eagles to ensure that Nigeria performed excellently well and hopefully bring the AFCON trophy home.

The Super Eagles will do battle with Zimbabwe and Senegal in pre-AFCON 2019 friendly matches in the month of June, thenff.com can confirm.

The three –time African champions will open camp in Asaba, capital of Delta State on 2nd June, ahead of the clash with the Warriors of Zimbabwe at the Stephen Keshi Stadium on Saturday, 8th June.

Zimbabwe, who have in their ranks globally –acknowledged talents Knowledge Musona and Kharma Billiat, finished top of a qualifying group that included two-time African champions, Democratic Republic of Congo, a resurgent Liberia and 1972 AFCON winners, Congo Brazzaville.

The day after the match with Zimbabwe, the Super Eagles delegation will depart Asaba aboard a chartered flight for Ismailia, Egypt where they will set up a final training camp.

On Sunday, 16th June, the Eagles will file out against Africa’s number one –ranked team, Senegal at the Ismailia Stadium in their final tune –up game.

This is a match to look forward to, between

Africa’s number one and number three –ranked teams, just few days to the kick –off of the 32nd Africa Cup of Nations.

Amaju Melvin Pinnick, President of the Nigeria Football Federation (NFF), said: “We have sealed the matches with the Warriors of Zimbabwe and the Lions of Teranga and these are two matches we are really looking forward to. There cannot possibly be a better way to get into the AFCON spirit than playing the number one –ranked team in Africa just before the finals begin.”

His Senegalese counterpart, Augustine Senghor, stated: “We shall only have one friendly match against Nigeria as we prepare for the 2019 Africa Cup of Nations.”

Apart from being Africa’s number one –

Eunisell Boot Award to hold in June

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lans to host the second edition of the Eunisell Boot Award are in top gear.

Sponsors, Eunisell, a leading global chemical solutions and production engineering solutions group, confirms the ceremony will hold in June 2019.

At the event, the top goal scorer of the 2018/2019 NPFL season, will be presented with the coveted Eunisell Boot trophy and N200,000 for each goal scored.

Junior Lokosa, the highest scorer with 19 goals in the 2017/2018 NPFL season, won the inaugural edition and was presented with N3.8million and a glittering trophy.

T h e m e d i a hy p e around Lokosa’s award caught the attention of African Champions, Tunisia’s Esperance Sportive de Tunis, who offered the Kano Pillars striker a twoand-a-half-year contract in January this year.

Chika Ikenga, the Group Managing Director of Eunisell said: “The Eunisell Boot was instituted not only to honour top performers, but to make players work on their game, be more competitive and to boost the profile and interest of the

domestic, topflight league.”

Ikenga stressed that the initiative is a confirmation of Eunisell’s commitment to the development and increased interest in Nigerian football.

“Too often we lose sight of the importance of the domestic league and its players, opting instead to follow the European and UK leagues for example. What we forget is that a significant percentage of those talented players are Nigerians, who started their careers at home in the NPFL, and even more remarkable, is the fact that our young stars rise to the top here and abroad without having had the benefit of local academies or sponsors in their formative years, ” Eunisell extended the brand’s involvement in the domestic premier league with the launch of ‘Eunisell Boot’ in 2018.

The company first became involved in the NPFL in 2015, when the decision was made to sponsor Rivers United FC. Eunisell subsequently made history as the first club sponsor in Nigeria to achieve five consecutive seasons with one team.

Ikenga called on other well-meaning Nigerians, football enthusiasts and corporate sponsors to emulate Eunisell’s efforts in supporting the NPFL and players.

“It’s time we got behind our own league, our clubs and players and recognise their incredible talent, and the contribution they make to the game. The prestigious trophy and value of the Eunisell Boot award will spur players into performing better we believe and we are indeed proud to be associated with our home-grown stars,” he said.

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ranked team, the Lions of Teranga have in their ranks the revered Liverpool FC of England pointman Sadio Mane. They come up against a Nigeria side also brimming with talent, depth and creativity.

The day after the clash with Senegal, the Super Eagles’ delegation will move to Alexandria, venue of their Group B games. They take on Burundi on 22nd June, tackle Guinea on 26th June and confront Madagascar on 30th June.

Also, the Nigeria Football Federation has appointed former Super Eagles’ captains Austin ‘Jay Jay’ Okocha and Nwankwo Kanu, as well as former star winger Tijani Babangida as scouts and motivational figures for Nigeria’s campaign at the 32nd Africa Cup of Nations taking place in Egypt this summer.

According to NFF General Secretary, Dr. Mohammed Sanusi, the three legends will monitor the activities of the Super Eagles’ opponents leading to the finals in Egypt and report to Technical Adviser Gernot Rohr, and will continue their assignment in Egypt during the championship.

“Okocha, Kanu and Babangida served Nigeria meritoriously as players and we believe they have the capacity to excel in this particular assignment. They will also serve as role models for our young team in Egypt,” Dr Sanusi told thenff.com on Tuesday.

Okocha was a key member of the much –fancied Golden Generation, which qualified Nigeria for her first FIFA World Cup finals, won the Africa Cup of Nations for the first time on away soil and impressed in reaching the Round of 16 at Nigeria’s debut in the World Cup in 1994. The team was named the second most entertaining team of the finals behind champions Brazil.

The flamboyant midfielder also captained the Super Eagles to the 2002 FIFA World Cup and the 2004 Africa Cup of Nations, where he was named Player of the Tournament. He played in three FIFA World Cup finals for Nigeria.

Kanu narrowly missed the cut for the 1994 FIFA World Cup, but captained the Nigeria U23 team to win Africa’s first Olympic football gold in Atlanta, USA in 1996 and was a member of the squad that finished as runners-up in the 2000 Africa Cup of Nations. He also played in three FIFA World Cup finals for Nigeria.

Babangida was Nigeria’s alternate player at the 1994 FIFA World Cup, but featured at the 1998 finals in France where he scored Nigeria’s only goal in the Round of 16 defeat to Denmark.

StarTimes, Bundesliga treat fans, customers to funfest

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t was a combination of football, comedy and music last weekend when StarTimes and Bundesliga International treated their fans and customers to a Bundesliga funfest Experience at the Fun Factory, in Lagos.

Part of the activities to celebrate the Fan Fest event held on Saturday 27th of April 2019 was a 5Aside football competition that involves children within the age bracket of 8- 13 years from selected schools fully kitted with different Bundesliga club Jersey like; Bayern Munich, Borussia Dortmund, Borussia Mönchen-gladbach, RB Leipzigb, Schalke 04, TSG Hoffenheim among others.

Out of the Six Teams that participated in the children’s competition, the two finalists, Ghetto Light lost 7-6 on penalties to Ablaze after the regulation time had ended goalless.

Apart from the sporting and video games experienced by the children, there was a celebrity match that took place amongst the German Embassy in Nigeria, StarTimes staff, The Bundesliga Legend and Media practitioners.

The presence of former Super Eagles captain and Bundesliga legend, Austin Okocha, added glamour to the Celebrity legend 5 -Aside football competi-tion. Jay Jay Okocha emerged champions in the celebrity mini tournament with the former Eintracht Frankfurt of Germany emerging the highest goal scorer and Most Valuable Player.

The fans also had opportunity to watch two live matches involving Borussia Dortmund and Schalke 04, which ended 4-2 in favour of the away team while Stuttgart defeated Borussia

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Monchengladbach 1-0 The event also had in attendance celebrity guest Dr. Sid while performance of live entertainment featuring one of the top musicians in the country, The Legbegbe Crooner ‘’ Mr. Real’’ added glamour to the event as he thrills fans to his non-stop popular jamz.

StarTimes is the leading digital-TV operator in Africa, covering 80% of the continent’s population with a massive distribution network of over 200 brand halls, 3,000 convenience stores and 5,000 distributors. It owns a fea-tured content platform, with 440 authorized channels.

Chidozie. Bede-Nwokoye, Marketing Manager, GOtv, presenting a cheque of N1million and the Mojisola Ogunsanya Memorial Trophy for Best Boxer at GOtv Boxing Night 18, Opeyemi “Sense” Adeyemi in Lagos recently.

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Friday 03 May 2019

BUSINESS DAY

29

CULINARY DELIGHTS Craft Gourmet by Lou Baker a consistent Lagos favourite

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raft Gourmet is conveniently located on the 3rd Floor, Mega Plaza on Idowu Martins Street in Victoria Island. It opened its doors in 2016 and it is safe to say that it has been a consistent favorite among Lagosians for over 3 years. Craft Gourmet is one of those restaurants that everybody loves because the team and owners have

generous and filling. I will definitely keep coming back”. Funke Shonekan.

Here is a fun fact... Craft Gourmet is one of two restaurants in Lagos that offer ‘Chicken Yassa’ which is a rice-based traditional Senegalese dish made out of chicken and caramelized onions. I have tasted both restaurants and Craft Gourmet’s chicken yassa tastes like an authentic meal made

African and Western cuisine and have cultivated their own unique Craft Gourmet style of food. All the recipes are inspired by Loubna’s delicious family recipes. Additionally, the staff is extremely polite, professional and knows the menu well. They also are very good at recommending food from the menu.

Craft Gourmet is perfect for a catch up with a friend, a special large group event,

@lehlelalumiere Lehle works at BusinessDay in Strategy Innovation and Partnerships, she is also a financial inclusion advocate and radio anchor.

Originally from Senegal Lehle has a passion for food and culinary experiences and enjoys discovering new restaurants in Lagos.

GUEST

dedicated their time and resources to providing repeated excellent service and food.

I can say I have been here over 15 times in the past two years. It’s one of the restaurants I go to the most.

After a long work week, there is nothing better than going out for brunch on a Saturday morning. Brunch has to be my favorite type of meal because it falls in between breakfast and lunch and can be a mix of savory and sweet dishes. On this occasion, my brunch companion was my friend Funke Shonekan who is the Executive Director at the Chris Ogunbanjo Foundation. We both love the food at Craft Gourmet and decided it would be a neutral place to catch up. Craft Gourmet’s interior reminds me of Paris in the summertime... it is simple, yet chic and elegant yet has a distinguished ‘home’ feel to it.

As we were met by a friendly waiter who led us to our table we went through the menu and I decided to have the pulled lang burger with fries and freshly squeezed orange juice and Funke had the chicken penne pasta with a freshly squeezed green smoothie. absolutely loved my food, it was fresh, soft and very well marinated. Here is what Funke had to say about her experience “I like the ambiance at Craft Gourmet, every time I have been there, the staff at courteous, the food is tasty and their portions are

FUNKE SHONEKAN Executive Director, The Chris Ogunbanjo foundation

RATING 4.5 Pulled lamb burger and fries N5200 Fresh orange juice N2500

in Senegal. This might be because one of the owners is from Senegal. The restaurant is owned by a Lebanese couple and the woman, Loubna grew up in Senegal. Let’s just say it has been wonderful to have a piece of home food here in Lagos.

If I were to describe the food at Craft gourmet, here are the words that come to mind: fresh, wholesome, healthy, carefully and tastefully made culinary experiences.

The owners have mixed fusion of Lebanese,

a work lunch, a weekend brunch or even a weekday breakfast. They have a great variety of freshly baked pastries, including delicious mini cholate croissants which are authentically made as well as fresh juices, mocktails, and cocktails. Some of the more popular dishes are the chicken and waffles, the English breakfast, spicy roast beef and the chicken avocado salad. I definitely recommend this restaurant and I look forward to hearing about your experience!

Chicken Pesto Pasta N6200 Cucumber, apple and ginger juice N2500 Total N16400

Contact: www.instgram.com/wearecraftgourmet

To make recommendations or for collaborations please send an email to lehle.balde@businessday.ng www.businessday.ng

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30

Friday 03 May 2019

BUSINESS DAY

Live @ The Exchanges LOSERS

GAINERS Opening

Closing

Change

MOBIL

Company

N177

N186

9

GUINNESS

N48.6

N50

1.4

NB

N65

N65.75

0.75

CCNN

N14

N14.6

0.6

N18.8

N18.95

0.15

Company

Opening

Closing

Change

MOBIL

N177

N186

9

GUINNESS

N48.6

N50

1.4

NB

N65

N65.75

0.75

CCNN

N14

N14.6

0.6

N18.8

N18.95

0.15

DANGFLOUR DANGFLOUR

Global market indicators

Market Statistics as at Thursday 02 May 2019

Top Gainers/Losers as at Thursday 02 May 2019

ASI (Points) DEALS (Numbers) VOLUME (Numbers)

29,171.73 4,836.00 279,618,390.00

VALUE (N billion) MARKET CAP (N Trn

2.824 10.963

FTSE 100 Index 7,351.31GBP -33.95-0.46% S&P 500 Index 2,905.47USD -18.26-0.62% Generic 1st ‘DM’ Future 26,180.00USD -210.00-0.80%

Deutsche Boerse AG German Stock Index DAX 12,345.42EUR +1.34+0.01% Nikkei 225 22,258.73JPY -48.85-0.22% Shanghai Stock Exchange Composite Index 3,078.34CNY +15.84+0.52%

Stock market kicks off new trading month in green …Mobil, Guinness, Nigerian Breweries lead gainers Stories by Iheanyi Nwachukwu

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igerian stock market on Thursday May 2 halted a three-day sell pressure to kick-off the new trading month in

the green. Though, at the close of equities trading session on the 9th floor of the Nigerian Stock Exchange (NSE), only 21 companies gained as against 26 losers.

The equities market closed on a positive note as NSE All Share Index (ASI) increased by

0.04percent. The NSE ASI increased from preceding day low of 29,159.74 points to 29,171.73points.

The value of listed equities increased to N10.963trillion from preceding trading day low of N10.959 trillion, adding N4billion.

In 4,836 deals, stock

traders exchanged 279,618,390 units valued at N2.824billion.

Transcorp Plc, Dangote Flour Mills Plc, Chams Plc, Access Bank Plc and Japaul Oil Plc were actively traded stocks on the NSE. Mobil Oil Nigeria Plc stock price advanced most, from N177 to N186, adding N9 or 5.08percent.

Guinness Nigeria Plc followed after its share price moved up from N48.6 to N50, up N1.4 or 2.88percent.

Nigerian Breweries Plc stock price also increased from N65 to N65.75, adding 75kobo or 1.15percent. On the losers table, Presco Plc led the chart after its share price declined from N62.75 to N58 , losing N4.75 or 7.57percent.

Total Nigeria Plc stock price also dipped from N166.1 to N164, losing N2.1 or 1.26percent, followed by Conoil Plc which was down, from N20.8 to N20.1, after losing 70kobo or 3.37percent.

We will not encourage illicit funds into capital market- SEC

T

he Securities and Exchange Commission (SEC) has restated its commitment to ensure that the Capital Market domain is not used in any way to inject illegal funds into the sector and the financial system as a whole.

This was stated by Acting Director General of the SEC, Mary Uduk in her opening remarks at the Anti-Money Laundering (AML) Training for Compliance officers of capital market operators held in Lagos, Thursday.

Uduk who was represented by Adamu Sambo, a Deputy Director and Head of Department, Monitoring, at the SEC said being the apex regulator of the Nigerian Capital Market, with a vision

“to develop and regulate” a world class Capital Market that is free from any criminal activity, the Commission is not relenting in its drive to fight the menace of money laundering and terrorist financing.

According to Uduk, “financial Institutions shoulder great responsibility in ensuring compliance with all Rules and Regulations governing financial system.

It is our collective responsibility as stakeholders to collaborate and work together as a community in building more capacity in the system for effective compliance programme.

“The Principles for market Intermediaries is to have an efficient functioning system that delivers compliance www.businessday.ng

with standards for internal organisations and operational conduct.

“The Commission is investing in human capital training and developments in addition to the promotion of innovative technology and proffer solutions in the SEC’s and the Capital market operations as contained in the SEC 10-year Capital Market Master Plan (CMMP)”.

She said the AML training which is being done in collaboration with the Nigerian Financial Intelligence Unit (NFIU),is going to be hands on, practical approach aimed at addressing challenges by CMOs in rendition of statutory returns and taking compliance to the next level in the Capital Market.

Uduk further emphasized the SEC’s willingness to engage relevant stakeholders in building capacity on developments and trends in compliance; changes in laws and rules and regulations; the interpretation and application of same by the relevant authorities in order to encourage and promote the culture of compliance among Financial Institutions.

AML software application is a fully integrated software solution developed specifically for use by Financial Intelligence Units (FIU’s) and is one of United Nations Office on Drugs and Crime, UNODC’s strategic responses to financial crime, including money-laundering and terrorist financing.

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FCMB partners SystemSpecs to provide a unique solution for SMEs

F

irst City Monument Bank (FCMB) has partnered SystemSpecs to introduce a payroll solution designed to meet the yearnings of thousands of its SME customers seeking efficient, easy-to-use and affordable business tools to seamlessly operate their businesses.

The product tagged, “FCMB Payroll” comes with exciting features that enable SME owners to easily process payroll; pay employee salaries into commercial/ micro-finance bank accounts or wallets and issue them regular pay slips. To all staff of any customer or registered SME, the solution also over-rides collateral requirements even without the traditional documentation to access loans from FCMB. The product enables these customers easily maintain historical personal and payment records of all employees, including their taxes, pensions and other possible transactions among other numerous benefits.

FCMB Payroll is delivered in partnership with SystemSpecs, one of Nigeria’s leading payroll solution and services companies with over 25 years’ experience of providing payroll solutions and services to public and private sector organisations in Nigeria and other African countries. The company is also the provider of Remita Payments Application, Payment Gateway and Payment Infrastructure.

Commenting on the initiative, FCMB Executive Director, Retail Banking, Mr. Olu Akanmu, said the introduction of the FCMB Payroll initiative is in line with the commitment of the Bank to grow the nation’s economy by providing SMEs with cutting-edge business tools @Businessdayng

to support their operations and help them build scale. Akanmu said, “We are pleased to partner with SystemSpecs, a major solutions provider in the financial ecosystem to address some of the challenges confronting SMEs. The FCMB Payroll platform is designed to provide a more convenient and modern business tool for business owners and their employees. As a Bank that is continually innovating to meet our increasingly dynamic customer base, we are confident that the FCMB Payroll initiative will go a long way to boost the operations of SMEs and improve their productivity.’’

Also speaking, the Managing Director of SystemSpecs, John Obaro, said, “As an organisation, our aim is to continue to provide individuals and organisations with innovative tools to help them become more productive and take full charge of their operations.

We are delighted at the opportunity to partner FCMB to extend our experience and expertise in payroll solutions to FCMB customers. We are convinced that FCMB Payroll would help SME customers improve their processes, maintain a satisfied workforce, boost margins and increase scale speedily.”

FCMB Payroll has offerings for SMEs at different phases of growth and these are available to all FCMB SME business account holders and a select SMEs segment that maintains business accounts with other banks. The base option is FREE to use for all SMEs. Signing up to use FCMB Payroll is easy and fast and can be achieved from the Bank’s website.

Friday 03 May 2019

BUSINESS DAY

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INSIGHT NSIA’s N44.3bn revenue raises hope for infrastructure development The Nigeria Sovereign Investment Authority (NSIA), administrator of Nigeria’s Sovereign Wealth Fund, has released its results for the 2018 financial year. Osa Victor Obayagbona writes that the results show strong performance in a year many international markets under-performed and the world economy experienced a modest pace of growth.

H

ighlights of NSIA’s activities and performance during the period show that total comprehensive income (including the impact of foreign exchange gains) of N44.34 billion in 2018, as against previous year’s figure of N27.93 billion.

The NSIA, a corporate body established by the Nigeria Sovereign Investment Authority (Establishment, among others) Act 2011, is mandated to manage funds in excess of budgeted hydrocarbon revenues.

Uche Orji, managing director, NSIA, says the NSIA Act mandates the organisation under, his leadership to run three ring-fenced funds – stabilisation fund, future generations fund, and Nigeria infrastructure fund with asset allocation of 20:30:50, respectively.

The NSIA mission is to play a leading role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure and providing stabilisation support in times of economic stress. NSIA operates three mandate funds: the Stabilisation Fund, the Future Generations Fund and the Nigeria Infrastructure Fund.

Despite concerns over international trade flows, slow growth in key economic indicators and increased volatility across financial markets, the Authority’s investment strategy proved robust with headline numbers maintaining a favourable trajectory across the three funds – The Stabilisation Fund, Future Generations Fund and Nigeria Infrastructure Fund.

NSIA achieved total comprehensive income (excluding the impact of foreign exchange gains) of N26.29 billion (previous year: N26.28 billion) while total assets recorded a growth of 16 per cent to N617.70 billion at year-end (previous year: N533.88bn).

Return on Capital Employed (ROCE) on the core funds showed that Stabilisation Fund (100 per cent Funds deployment); Future Generations Fund (81% fund deployment) and Nigeria Infrastructure Fund (17% fund deployment).

There were also increased focus on domestic infrastructure projects specifically in agriculture, healthcare, and infrastructure enabling financial institutions.

For instance, on healthcare, the company reached financial close on three healthcare projects including a Cancer Centre at Lagos University Teaching Hospital (LUTH) and Advanced Diagnostic Centres at Federal Medical Centre Umuahia (FMCU) and Aminu Kano Teaching Hospital (AKTH). We have commissioned the LUTH cancer Centre. The facility will soon be fully open for clinical operations.

The Presidential Fertiliser Initiative showed that increased output with approximately 12 million bags of fertiliser produced to date with a total of 18 blending plants participating while Presidential Infrastructure Development Fund (PIDF) received $650 million from NEC and commenced capital deployment across three of the major road projects under PIDF including second Niger Bridge, Lagos – Ibadan Expressway and AbujaZaria-Kaduna-Kano Road.

The joint venture of NSIA and UFF reached financial close on Project Novum, a fully integrated farm located on 3,500 hectares of land in Panda, Nasarawa State. The NSIA having created InfraCredit, attracted other investors to the company and de-recognized it from the book. InfraCredit is poised to transform the infrastructure bond market having facilitated

Uche Orji, managing director, NSIA

transactions for North South Power and Vitan.

New investors in InfraCredit AfDB and KfW. Other key infrastructure projects in the pipeline for 2019 include: The company also said that Commodities Exchange (NCX) showed that progress has been made and we are in the process of choosing a strategic partner. There was also Investment in Basic Chemicals with OCP Morocco: Basic Chemical Platform to produce ammonia and other fertilizer products.

Assets under management NSIA has core capital of $1.5 billion while other third party managed funds comprised of PIDF - $650 million; DMO - $122.60 million ($120.95 - Fair value 31 Dec 2017); Nigeria Stabilisation Fund – N13.64 billion. There is also gross sum of $417.46 million ($350m principal plus returns) repaid to the Nigeria Bulk Electricity Trading Company (NBET) following the expiration of the four-year investment term.

Outlook for 2019 The global market in 2018 experienced high volatility, however 2019 is expected to return to a relatively stable terrain. According to JP Morgan, there is a deceleration in growth momentum, which is expected to end by midyear 2018 on account of policy changes that support China easing and the Federal Reserve pausing.

There are no apparent expectations of Recession risks in 2019. However, the Authority continues to monitor the market conditions with the view to leverage the upside risks that avail themselves in the market. We expect that our strategy will continue to deliver positive returns.

The deployment of the Presidential Infrastructure Development Fund will play a key part of our infrastructure investment strategy for the year. Healthcare remains a focus area going forward with the implementation of next phase of diagnostic and treatment centres. The Board has also approved Gas industrialisation as an area of focus.

Increased focus and capital deployment in Infrastructure is likely to affect future returns.

Financial statement review The Authority’s performance for 2018 reflected the strength of the Authority’s strategy

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across all the funds as the Authority aggregate performance outstripped most global market indicators in the period.

Equity market experienced a dramatic decline in the last quarter of 2018 as Investors were burdened with rising US central bank interest rates, lower than expected growth in Asian market particularly China and other political issues including Brexit, Eurozone and the China-US trade conflict, characteristically fuelled Investor apathy for most of the year. However, in spite of these market challenges, the Authority’s fund performed favourably by generating aggregate returns of 8.2 per cent.

Total income grew by 88.5 percent, rising from N30.62 billion in 2017 to N57.73 billion in 2018. Considering the volatile global and generally challenging local investment environment, this performance reflects the strength and capability of Portfolio and risk management within the institution.

Interest income - N23.82 billion (a component of Total income) earned in 2018 represents a nine per cent year-on-year increase from the N21.77 billion in 2017. This underscores our commitment to generate fixed income returns from low-risk securities that generate predictable interest, and steady returns including Eurobonds, Treasury bills and other secured deposits.

The Authority rebased its foreign denominated balances to N325/$ from N305/$, to reflect its foreign exchange transactions appropriately in line with its market. Therefore, the Group recognised a foreign exchange gain of N18.05 billion.

Fund review Within the year, the Authority committed significant capital across all three ringfenced funds and gained traction within the Nigeria Infrastructure Fund (NIF) as commitments were being made on approved project/investment opportunities. With respect to the other funds, the Authority continued to operate a diverse and global investment portfolio of traditional and alternative assets.

The year was an eventful year with significant capital deployment in the priority sectors of Agriculture, Healthcare, Motorways

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and Power. Highlight of activities undertaken across the infrastructure sectors are provided below: Agriculture The agriculture sector remains a focus area to the Authority. Key programmes undertaken by the Authority within the period under review included: Presidential Fertiliser Initiative (PFI). Continuing its role as programme manager, the NSIA sustained the implementation plans for the PFI. As at year end, an addition 5.5 million bags of NPK 20:10:10 fertilizer had been produced and sold in Nigeria bringing the total project output from inception to date at over 12 million bags. Furthermore, 2 additional blending plants were accredited in Kaduna and Zamfara, respectively, bringing the number of plants to 18 in total. With PFI, NSIA is helping to reduce input induced food price inflation.

Novum Agric Industries: Under the UFFNAIC Fund (a $200m 50-50 co-sponsored agriculture fund with UFF Agric Fund), NSIA acquired a fully integrated farm located in Panda, Nasarawa State. Development of the farmland has commenced. The Authority expect to start farming activities in late 2019 with the completion of irrigation facilities expected to be finalized in second half of 2019.

Key national road projects Following NSIA’s appointment as the programme manager of the PIDF, the Authority received the sum of $650 million from the National Economic Council. Funds have already been disbursed for construction works on; (i) Lagos-Ibadan Expressway, (ii) Second Niger Bridge; and (iii) Abuja-Kaduna-ZariaKano Road. To date, NSIA has disbursed N77.6 billion under the PIDF programme.

Other projects being undertaken under PIDF include Mambilla Hydro-Power Project and East West Road.

NSIA’s involvement is principally to ensure an increased inland road stock while creating cross-country arterial roads to catalyze the flow of economic activities. The programme is an initiative of President Buhari, which is designed to facilitate the rapid completion of key infrastructure projects that have been stalled for years.

Healthcare NSIA reach advanced stages in the implementation of three healthcare projects in the year. The first is the NSIA – LUTH Cancer Centre, which is structured under a public-private partnership (PPP) arrangement between the NSIA and the LUTH. The project was for the rehabilitation, equipping and operation of an existing cancer centre co-located in LUTH. The centre was subsequently commissioned by the President in early 2019. The centre will provide advanced radiotherapy and chemotherapy treatment services.

The other two projects are NSIA-AKTH and NSIA-FMCU diagnostic centres, which are scheduled for commissioning second half of 2019.

Despite market volatility and softening that characterised most markets in the period under review, the Authority’s maintained its comprehensive strategy for manager selection, which proved effective. At year-end 2018, the SF has been fully invested.

The Authority maintained its sophisticated deployment strategy with the FGF remaining evenly apportioned across global public equities, private equity, hedge funds and ‘other diversifiers’. As of December 2018, the Authority had deployed about 81 percent of its capital across all the strategic asset classes of the FGF.

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Friday 03 May 2019

BUSINESS DAY

news Dreams die as graduates wait endlessly...

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a new file and, this time,

it was worse. His record of raw score went missing three times before it was eventually found three months later.

“At that point it was belated because the scholarship admission was over,” Ikezor told BusinessDay. “There is nobody you can query or question. Even if you shout till tomorrow it won’t change anything. And it has been like this for many people.”

With the decline in the quality of education in Nigeria and employers’ increasing preference for overseas degrees, graduates in the country are constantly seeking international exposure through admission in foreign universities.

Many of these graduates often strive to offset the cost of quality education with scholarship opportunities.

But many Nigerian graduates aspiring to pursue further studies overseas have lost opportunities to a dysfunctional system that unduly delays processing of an academic transcript.

Beyond the time it takes to

process a transcript, the document has become a revenue source for the universities.

A graduate of a Nigerian university applying for five different scholarships concurrently, for instance, with the hope of winning at least one would be made to pay five times to the same university for each transcript application. This way, the graduates have to keep navigating through a mesh of unending payments or halt aspirations that require transcripts.

“In Nigeria, I had to pay a lot of money for them to mail my transcript to my postgraduate school because they wouldn’t hand it over to you,” said Damilola ApotieriAbdulahi, an MA graduate of the University of the Witwatersrand, South Africa.

“If you needed to send to 10 Institutions, you will have to pay 10 different times. But my South African university gave me my transcript for free during graduation,” ApotieriAbdulahi said.

Local transcript processing and delivery rates at the Federal University of Technology

Owerri (FUTO), for instance, were updated in 2018 to range from N15, 000 to N17,500.

The first foreign issuance is pegged between N27, 500 and N45,000 while subsequent issuance is between N25,000 and N42,500.

In the University of Nigeria, Nsukka (UNN), the rates were hiked a few years ago to N15,000 and N30,000 for local and international transcript delivery, respectively, from the previous N1,250 and N2,500.

But while Nigerian universities are caught in this endless circus, their peers in other African countries have moved on, including Ghana’s University of Cape Coast where students are handed their certificates and transcripts upon graduation.

Weak electronic solution To ease transfer of transcripts to institutions that require them, the Electronic Transcripts and Documents Exchange in Nigeria (ETX-NG) was created in 2013 by ETX Solutions Nigeria Limited.

It works in collaboration with the university managements to accelerate collection of transcript.

This sort of digitisation is what most federal universities

now claim to have upgraded to in recent times, saying only those who graduated before the digital migration were likely to experience minor hitches in accessing their transcripts.

Yet, the problem persists.

Even private universities withtheexpectationofefficiency built into their pricy tuition fees often fall short in this regard.

Temilore Orekoya graduated from Covenant University in 2015 but her transcript was not available until 2017.

She attempted collecting it a few months after graduation but the university management said it was not ready.

The release was only accelerated by an agent who had it sent by courier to her office in Lagos where Orekoya picked it up to facilitate her applications. Then, it was only available in physical copy and cost N7,000. She had to scan it into a readable digital document before the University of Manchester, United Kingdom, could allow her pursue a M.Sc. in Business Analysis and Strategic Management.

In contrast, upon graduating from the University of Manchester, Orekoya was given access to a free digital copy of her transcript, with the

hard copy attracting a charge of £25 (about N12,000).

“My transcript was made available to me after my M.Sc. in three days, whereas my Nigerian transcript wasn’t available until two years after graduation,” Orekoya said.

The nightmarish process of obtaining a transcript from Nigerian universities begins with an application letter, but approval from the university registrar is a needlessly protracted process.

It gets complicated with requirement that payment must be in banks resident within the university campus.

The application is then forwarded to Exams and Records Department, which in most institutions is just a big room that holds more dust than files.

With the wheels of bureaucracy turning slower than a herd of elephants going uphill, progress is painfully slow.

In a single request for transcript, there is a pile of expenditure on transportation, accommodation, monetary compensation for university staff efforts in digging the records, typing and photocopying among other things.

The bid, in many cases, robs some Nigerian univer-

sities’ alumni deadline opportunities and financial resources channelled into a vain venture. In other cases, it also costs them their lives.

The rise in requests for official transcript of academic records is an offshoot of increased interest of educational bodies and other institutions’ in the detailed academic records of applicants. This is to strengthen verification and detect cases of fraud and malpractices.

In other instances, it is required for academic transfers, employment, visas or permits and scholarship awards.

However, the inefficiency in the local system continues to put alumni of Nigerian universities’ steps behind their international peers.

Question of custody The delays and the high rates charged for transcripts are shifting the debate from why obtaining transcript is excruciatingly difficult to the question of who should be in custody of the transcript.

BusinessDay checks show there is no law emphatically giving the universities custody over academic transcript or

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Populism of successive governments...

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for Fundamental Economic

Reforms’, issued in Abuja on Thursday, congratulated labour and the Federal Government on the introduction of a new minimum wage.

Populism refers to a political approach that strives to appeal to ordinary people who feel that their concerns are disregarded by established elite groups.

He added, however, that while the new minimum wage of N30,000 will help tackle poverty, there was need to do more, saying 95 percent of Nigerians still live below $5.5 a day (approximately N170 or N49,500 a month) while 90 million (nearly 50 percent of the 200 million population) live below the “extreme poverty” line of $2 a day.

“Populism, resilient in our governance culture since the 1970s, has made us a poor country,” Moghalu, who contested and lost against President Muhammadu Buhari at the last general elections, said.

“It is the reason Nigeria failed to develop a strong savings habit,” Moghalu said.

“The political culture operates with the mind-set that all public income must be spent, including even what we have not earned.

“It is why we did not set up a sovereign wealth fund in the heyday of the oil price, and even when we did decades later, the project still faced stiff resistance from several politicians,” the 56-year-old added.

Nigeria’s populist mentality is also why the Federal Government bailed out profligate states “that carry on as if the only reason they exist is to pay the salaries of bloated bureaucracies”.

“Populism should no longer hold rational economic policy thinking hostage in Nigeria,” Moghalu said.

To get the economy on a path of sustainable growth, Moghalu said beyond immediate policy actions, the constitutional restructuring of Nigeria back to true federal-

Again, Reps summon Buhari over killings...

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pable with a specific instance at Gobirawa Village in Safana LGA where the bereaved villagers were forced to abandon the corpses during the burial and scampered for safety when they sighted the ban-

dits coming back to launch another offensive”.

He said the bandits “operate both at night and in broad daylight on motorbikes” and parade “sophisticated weapons including AK 47 assault rifles and other dangerous

Apapa: Logistics, infrastructure delay...

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gistics in place before opening the terminal gate to truckers.

“We were there yesterday (Wednesday) with the NPA officials and discovered that there were other things that needed to be put in place

before opening the terminal to truckers,” Ogungbemi said.

“For instance, the NPA needs to remove the empty containers stacked in the Lilypond Terminal and put some other things in place. We were supposed to be there today (Thursday) but something www.businessday.ng

L-R: Babajide Sanwo-Olu, governor-elect, Lagos State; Emmanuel Emefienim, executive director, institutional banking, Sterling Bank, and Ademola Adeyemi, business executive, Sterling Bank, at the Nigeria Governors’ Forum 2019 in Abuja, recently.

ism by transforming geopolitical zones into regions that will be the federating units and geo-economic zones remains the long-term path

to prosperity for the millions of the country’s poor.

The Federal Government should develop and establish, in consultation with labour

unions, a set of policies to mitigate the likely short-term inflationary impact of the removal of petrol subsidies and permanently end such

subsidies as from the budget for 2020, he said.

weapons which they use in committing heinous crimes against my constituents”, adding that “despite persistent cries from the affected communities, the security operatives appear not being proactive especially on security tip-off and most times fail to respond promptly”.

Other members who contributed to the debate on the motion urged the executive arm of government to take the lead and lead Nigeria out of the present state of insecurity.

In his remarks, Yakubu Dogara, Speaker of the House, said it was necessary to invite the President for an address

since the issue of banditry has become national.

Adopting the motion, the House called on the Federal Government to deploy the military to the areas under attack to assist the police and other security agencies in flushing out the criminal elements operating in the constituency.

It also called for the declaration of state of emergency in the area while urging the National Emergency Management Agency (NEMA) to urgently provide relief materials to the victims of the attacks.

happened,” he said.

Ogungbemi said the NPA was trying to put some logistics in place before opening the terminal’s gate to truckers, adding that the authority was also waiting for final directive from the Federal Government before taking off.

He was, however, optimistic that the picture would be

clearer by today (Friday).

However, Adams Jatto, general manager, corporate and strategic communication of the NPA, said in a telephone interview that the NPA was summoned to a meeting with the Office of the Vice President, which was held at the Nigerian Shippers Council (NSC) on Thursday, to agree

on the modalities for managing traffic in Apapa.

“The meeting finished very late and that was why we could not go to Lilypond for commissioning but we will be there tomorrow (Friday) and truckers will be able to start entering the terminal,” he said.

He assured that logistics issues would not hinder the

NPA from starting as the issues would be handled while the terminal was operational. He pointedtoputtingconveniences like toilets in place as the only major issue in Lilypond, saying that would not stop the NPA from going ahead to allow trucks into the terminal.

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Friday 03 May 2019

BUSINESS DAY

NEWS

FG commits to affordable digital financial services to unbanked SEGUN ADAMS

S

enior special adviser to the President on Information, Communication and Technology (ICT), Lanre Osibona, has reiterated the Federal Government’s commitment to bring affordable digital financial services closer to Nigerians who are un-banked or under-banked.

Osibodu made this assertion in his keynote address at the recently concluded Lagos Fintech Week that was held in Lagos.

Lagos Fintech Week is an invigorating week of distinct Fintech events that delivers exciting discussions, stimulating demos and insightful debates.

He said digital financial services was critical to building a robust digital economy and government was determined in using it to make financial services affordable to everyone, irrespective of their

status and gender.

He added that part of the efforts by the government to embark on the digital financial services was the rollout of digital identity to register all Nigerians and legal residents with a digital identity – the National Identity Number (NIN).

“For those who have registered, they can verify their NIN by typing *346# from their registered phone number.

We have inherited the record of five million registered Nigerians when we assumed office and we have grown the number to over 37 million registered Nigerians,” he said.

He also pointed that government has put in place a number of initiatives that include FEC’s approval of the Strategic Roadmap for Harmonisation of all silo identity agencies, developed Data Protection and Privacy Bill to ensure trust between the government and citizens.

He said the Federal Government was expected to

have setup an independent Data Protection Agency. “This is currently in the National Assembly for final adoption before being signed into law,” he added.

The President’s senior adviser also mentioned that government is developing a robust cyber security framework on the outcome of the cyber security assessment initiative.

“We have upgraded the National Identity Management Commission (NIMC) technology in order to scale the number of records it can hold and working with a number of stakeholders including the private sector to develop strategy for e-commerce in the digital economy.”

He stated that the country cannot afford to lose out in leveraging the opportunities that digital economy is bringing but must work together in developing policies and regulations that will address challenges of data sovereignty, data ownership and commercialisation of data.

Alleged N2.5bn scam: NBC DG arraigned, granted bail Felix Omohomhion, Abuja

D

ire ctor-g eneral, National Broadcasting Commission (NBC), Ishaq Modibo-Kawu, was Thursday arraigned before a Federal High Court, Abuja, over alleged N2.5 billion fraud.

Arraigned along with him are managing director of Pin-

nacle Communications, Dipo Onifade, founder and chairman Board of Directors of Pinnacle, Lucky Omoluwa, and Pinnacle Communications Limited.

The Independent Corrupt Practices and Other Related Matters Commission (ICPC), filed charges against them over alleged misappropriating of N2.5 billion, for the nationwide

rollout of the digital transmission of home television signals.

The defendants are facing a 12-count charge bordering on abuse of office, money laundering and misleading a public officer with the intent to defraud the Federal Government, in contravention of Section 19 of the Corrupt Practices and Other Related Offences Act, 2000.

realities for the vast majority of our people.

While we commend the Buhari administration for assenting to the minimum wage bill, I humbly submit that N30,000 is hardly a living wage in today’s Nigeria. Consider a typical household of couple and four children. You should expect their rent to be at least N5,000 monthly. Feeding should take at least N10,000; transportation N5,000; fees and school expenses another N10,000. What happens when a child falls sick or when another unforeseen emergency crops up?

My own humble opinion is that the N30,000 is only the beginning of the discussion.

It is not really a living wage.

Someone pointed out on social media that when the minimum wage was raised to N18,000 during the regime of Goodluck Jonathan, it amounted to US$100, given that the exchange rate was N180/US$1 at the time.

Today, N30,000 amounts to only US$88, given that the exchange rate has fallen to N360/US$1.

The issues facing the working class are deeper than just issues of a minimum wage. The poor need access

Dreams die as graduates wait endlessly...

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denying graduates of same.

But Nigerian universities claim they keep the transcripts in their custody and issue directly to requesting institutions to forestall falsification.

Oluwatoyin Ogundipe, vice-chancellor, University of Lagos, told BusinessDay in an interview that universities retain the custody of transcripts primarily because of the tendency for falsification and alteration of authenticity.

“There are a lot of problems we have with transcript being mutilated when they are given to people. That is why when we send transcripts directly to where it is supposed to be used. As a requester, you must tell us where you want the transcript to be sent,” Ogundipe explained, ruling out the possibility of graduates having their transcripts at disposal.

“But we now give student’s copy which cannot be used for official transaction. The university cannot bear the burden of moving your transcript to another university,” he said.

Even though Benjamin Ozumba, a former vice-chancellor of UNN, admitted that there is no law stipulating that the university should be the custodian of transcript, he defended the exclusivity of right to custody under a universal code of ethics that backs the will to fight forgery.

“There is an element of fraud all over the world. The bodies that need these transcripts don’t receive it from individual students because

they don’t trust it. That is why each time, they want it from the university,” Ozumba said in a telephone interview.

“If you want it 1,000 times, you pay 1,000 times because the services have to be paid for.

And as a good alumnus of a tertiary institution, the money you pay should not amount to much,” he said.

Abiodun Olanrewaju, public relations officer, Obafemi Awolowo University, Ife, ascribed the university’s policy of withholding transcript to the culture of corruption and indulgence in the country.

“All of us want to advance in life, and particularly those who want to further their education. Even in Osun State here, they recovered over 750 workers who gained employment through forged certificates,” Olanrewaju said.

“If the transcript is in the custody of students, there is every tendency to want to alter grades to suit necessities of where they are going,” he added.

BusinessDay findings, however, show that host universities, especially in advanced climes, are more particular about submitting an authentic transcript, verifiable by the issuing institution, than ‘who’ is submitting the transcript. Indeed, most foreign universities now request the prospective post-graduate student to scan and upload the transcript alongside other documents, implying that they expect the student to have a handy copy of the transcript.

“The application is made

by you anyway, an individual.

They’re not too fussy about how it’s received, so long as it is,” Orekoya said responding to whether communication of transcript has to be solely done by the issuing university.

The Nigerian Universities Commission (NUC), a government agency which regulates higher education in the country, sees no reason why somebody’s transcript shouldn’t be released as is being done in universities around the world.

“There is absolutely no reason why somebody will finish from the university and have difficulty collecting transcript.

Anywhere in the world, they give you your transcript yourself,” said Ibrahim Yakasai, NUC public relations officer.

“If any university is doing that, they are wrong. Anyone requesting transcript and not getting it should petition the university,” Yakasai said.

Femi Falana, a senior advocate of Nigeria and human rights activist, said Nigerians should explore legal means to condemn any injustice perceived in the transcript access process.

“If graduates say it (the amount charged for transcript) is much, why are they not challenging them (universities)? You use the alumni association or unions to take up these matters. They can also take it up with the NUC. You have the National Human Rights Commission; people must learn to use established legal forum to challenge what they consider unjust,” Falana told BusinessDay.

Entertainment, health and the livewell ...

Solidarity forever!

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to quality education for their children; they need access to healthcare; and they need access to housing and sanitation and affordable public transport systems. The poor also need a comprehensive social transfer on a means-tested basis. We need a social development policy that structures intervention measures to help the poorest of the poor.

We need to understand that economic development is not a zero-sum game. When we help the poor it does not make the rich poorer. Lifting the poor from destitution actually lifts up the status of our society as a whole. A literate, healthy, happy and well-fed population conduces to the happiness of all.

One of the worst aspects of social and economic life in our country is the fact that inequalities are actually deepening. The elites live in choice areas of our cities, many of them in gated and well secured communities.

They send their children to private schools and they go to college abroad. When they are sick they are attended to ion posh hospitals, some of which look more like five-star hotels. Those who can afford it perform the obligatory medical pilgrimage to India. The huddled masses are cramped

into hovels barely tolerable for beasts. Most have no access to electricity, running water or sanitation. Their children attend government schools where teachers no longer teach anything. Many die of preventable diseases because of the lack of access to decent healthcare. When their children graduate they have no access to jobs. By contrast, as soon as the children of the rich graduate and complete national service, plum jobs are waiting for them.

Even with a first class honours degree, the chances of the daughter or son of a peasant securing a good job are virtually zero. For the children of the elites, the world is their oyster. Every day I get heartbreaking pleas from parents and their wards, looking for jobs. Gone are the days when civil service recruitments were based on merit.

A new social structure is emerging, based on intergenerational self-reproduction.

The elites are recreating their own kind while the children of the poor are being condemned to the status of their parents. This iron law of oligarchy is bound, sooner or later, to sow the seeds of violence, upheaval and revolution.

Solidarity forever!

that they were aware of that responsibility. It was all about money and glamour. ‘Celebrities’ were wearing human hair from Brazil, instead of cultivating an authentic look which could be exported.

‘Should we as artists be colluding in Nigeria’s moral breakdown?’ she asked rhetorically.

She moved up on the stage to join a panel of much younger people populated with some well-known characters. There was Damilola Elliot, architect and celebrity photographer.

There was ‘LazyWrita’ – writer, famed blogger, and a social influencer recognized by Google. He looked young and suave and anything but lazy in his dapper casual clothing. Eniola Olaosebikan – ‘SoulwriterAlways’ – was a petite young lady in an afro wig. She was a published writer and blogger. ‘dmx2’ – Bayo Oyenuga – rap musician, Instagram celeb who was also an architect,

completed the panel.

The discussion became quite lively.

‘SoulWriterAlways’ admitted she had experienced depression at a certain time in her life and was worried people did not pay attention to mental health, even when they talked about health in Nigeria.

‘LazyWrita’ put it all to stigma and ‘the fact that there are no psychiatrists and psychologists in Nigeria that you can visit as you would in other countries’.

Someone expressed worry that the social media were addictive, and people were getting bullied, with some even driven to suicide.

Elliot the photographer weighed in pithily at a point.

‘If you don’t stand for something, you’ll fall for everything’.

People were afraid of their own thoughts, and often misused entertainment, especially the social media. They were always on their smartphones, on twitter and Instagram, hiding from thinking or interacting.

According to ‘dmx2’, people often misunderstood celebrities such as Wizkid. ‘I tell people – don’t look at what they do or say – look at the person behind it. The person may be a sad insecure, lonely soul, just ‘forming’.’

Someone from the audience corrected ‘Lazywrita’, confirming that there were indeed many psychiatrists and psychologists in Nigeria, but it was the culture of help-seeking that needed to improve, as well as the creation of access for people who were too poor to pay the fees.

The first day of the Grand Health Bazaar was gradually winding to a close. The young celebrities and the admiring audience accepted that entertainment was crucial to health, that ‘SoulWriterAlways’ was right about the importance of mental health, and that it was alright to be hip without being arrogant, so as not to draw the ire of ‘Aunty’ Taiwo AjayiLycett and the ‘old school’.

enough time with them or we think we are too busy to spend at least two hours with them daily?Are there enough geriatric doctors?

I also learnt that intergenerational ageing is a good thing. We learn from the age-

ing and they learn from the youth. Young persons who spend time with the aged get seven years added to their lives and it is scientifically proven.

Look after yourself. Plan early. Enough said.

Lessons in ageing Continued from back page

into our homes. Do we have caring people around them even in our homes or we have house helps who yell at them and starve them when we are away? Do we spend

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news IBEDC blames poor delivery on vandals tampering with electricity facility Temitayo Ayetoto

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he Ibadan Electricity Distribution Commission (IBEDC) says activities of vandals tampering with the Discos’ facility are preventing it from tending to customers’ needs.

John Ayodele, chief operating officer, condemned the erection of houses, shops and relaxation spots under tension cables, bypassing of meters by 70 percent of Nigerians, speaking at stakeholders’ engagement and press parley to mark the World Safety and Health at Work Day. Referencing the theme “Safety and Health and The Future of Work,” he said people must be aware of the dangers of living under power lines and breaching electricity cables, adding that it appeared most Nigerians were willing to break the law than adhere to it.

“Safety is a factor in life and people must know this. We are dealing with people’s lives and we must provide safety for them. The power lines range from 11,000 volts to 33,000 to 333,000 volts and the key issue is that if you live under high-tension wire, you are living under a death threat, which is as good as staying in Kirikiri awaiting the noose of the hangman.

People who sleep and find it convenient to do trade under such lines should know that it’s dangerous and they should desist from it,” he said.

He ascribed the practice of lawlessness of most Nigerians to the

loss of value system in the country but praised officials of the Nigeria Security and Civil Defence Corps (NSCDC) for being helpful at protecting some of their equipment across its five zones of operations.

They are in various strategic discussions with different stakeholders on how to curb the destruction of their properties and are ready to heighten protection, he said.

He believes everyone including staff members must be safety conscious when working on the electricity poles, as the management has realised that staff also fail to follow outlined rules in the discharge of duties. This most times cause fatal accident.

Ade Ayileka, chief technical officer, IBEDC, appealed to report electrical issues to the nearest IBEDC office instead of engaging local electricians who could expose the whole community to risks due to illegal connection and tampering of the cables.

The facilitator of the event, Kemi Agbakaye, Ampak Nigeria Limited CEO, said the success of any business was to ensure safety in all facets, which would go a long way in making IBEDC achieve the ISO 45001 mandate.

World Day for Health and Safety was initiated by the International Labour Organisation (ILO) to stem the tide 6,300 people who die as a result of occupational accidents or work-related diseases. More than 2.3 million deaths are recorded yearly.

World Press Freedom Day: Buhari urges commitment to ethics … as Obaseki charges journalists on peace journalism, assures on revamp of state-owned media outfits Tony Ailemen, Abuja

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s journalists celebrate World Press Freedom Day, President Muhammadu Buhari on ThursdaycalledonMediapractitioners to recommit themselves to the ethics of the profession.

The President, while saluting Nigerian journalists who are joining their professional colleagues around the globe to mark the World Press Freedom Day, also joined the global community in paying tributes to journalists who lost their lives in the course of performing their duties.

The World Press Freedom Day is observed May 3 of every year, to celebrate fundamental principles of press freedom, evaluate press freedom round the world, defend media from attacks on their independence, and pay tribute to journalists who have lost their lives in the exercise

of their profession.

The President therefore urged “Nigerian journalists to use the day to appraise and recommit themselves to the ethics that guide their noble profession” According to him, “Without adherence to ethics, professions turn awry, and become part of national malaise, rather than solutions.

“That is why journalists must constantly recommit to the canons of fairness, accuracy, objectivity, balance, and other ideals that guide their profession.”

“On this occasion of World Press Freedom Day, I urge you to rededicate yourselves to the role of being watchdogs of society, while being mindful of the cohesion and equilibrium of that same society.

“There are always those who want to use the media to emphasize our fault lines as a people, dwell on primordial sentiments, and keep the country perpetually on the same

spot. Be wary of such.”

Meanwhile, Edo State governor, Godwin Obaseki, has tasked journalists on framing their reports to promote non-violent resolution of conflicts and other pressing societal issues, noting that such approach to their duties will drive sustainable development in developing countries.

The governor also cautioned against peddling of fake news, urging media practitioners to close ranks to fightthemenacetorestoreconfidence and professionalism in their trade.

He also assured that the revamp of the state-owned media organisations, including The Nigerian Observer and Edo Broadcasting Service (EBS), was ongoing, with the initial operational change yielding impressive results.

According to Obaseki, “As we mark the World Press Freedom Day, I want to call on journalists to uphold their constitutional duty of speaking truth to power and holding leaders

accountable for their actions. But in doing this, they should also uphold the tenets of peace journalism, which givesthepeoplethepowertoconsider and opt for non-violent means to resolve conflicts.

“With Media for Democracy: Journalism and Elections in Times of Disinformation as this year’s theme for the commemoration, I also use this opportunity to appreciate the Nigerian press for their socially-responsible conduct during the 2019 generalelectionsandhowtheyfought disinformation and fake news while the polls lasted.”

According to the UN SecretaryGeneral, António Guterres, “A free press is essential for peace, justice, sustainabledevelopmentandhuman rights. No democracy is complete withoutaccesstotransparentandreliable information. It is the cornerstone for building fair and impartial institutions, holding leaders accountable and speaking truth to power.”

Workers Day: Agbakoba, Okorie, others seek restructuring, reforms to guarantee good governance Iniobong Iwok

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minent Nigerians including activist, Olisa Agbakoba, and former minister of works, Ebenezer Babatope and Chekwas Okorie, have called for an urgent restructuring of the country and initiation of electoral reforms to guarantee good governance in Nigeria.

Speaking in separate interviews with BusinessDay to commemorate the Workers Day celebration, they noted that restructuring of the country would make states to be creative and utilise their resources to develop it and impact on the citizenry.

They, however, added that it was increasingly difficult for state governments to initiate economic programmes and provide basic infrastructures that can impact on the lives of the citizenry after large chunks of the revenues and allocation are used in paying salaries.

While Nigeria has large labour force, latest data from the National Bureau of Statistics (NBS) show that the number of the unemployed persons across the country has increased in recent times.

This is further compounded by the inability of several Nigerian states to create fresh jobs as they continually devote more of their meagre funds to recurrent.

Agbakoba, a senior advocate of Nigeria, faulted the nation’s electoral system and called for a reform of the Independent National Electoral Commission (INEC) to make it accountable for

its actions, while making public office holders accountable to the electorates.

“If we are serious about improving the lives of Nigerians and guarantee good governance, fight poverty, we need to take steps to initiate electoral reforms that would make INEC independent and justify elections it conducts.

Imagine INEC just sitting and watching Atiku Abubakar and Muhammadu Buhari arguing in court on results Atiku got on their server,” he said.

“INEC should present and produce the real election result it is not until they are compelled by the court. The reforms will make the voting process to be transparent that we can all see,” Agbakoba said.

However, Okorie, who is now the national chairman of the United Progressive Party (UPP), faulted the current structure of the country, blaming it for the high poverty among Nigerians and bad governance over the years.

Okorie said the country would likely remain in the same position for a long time because the current centralised structure does not allow states to be creative and have funds left for development and drive good economic polices after paying salaries.

“If you talk of good governance and accountability, that is why well-meaning Nigerians are advocating for restructuring so that every states can develop at its pace, so that there would be healthy development. There is so much power at the centre. www.businessday.ng

L-R: Khade Idogho, chief marketing officer, Renmoney; Adeola Adeyemi-Solaja, brand and communications manager, Renmoney; Frank Aigbogun, publisher/CEO, BusinessDay Media; Oluwatobi Boshoro, CEO, Renmoney; Iyayi Oludapo, head, sales, Renmoney, and Yetunde Faulkner, head, commercial, Renmoney, at the courtesy visit to BusinessDay head office in Lagos, yesterday.

Pic by David Apara

NNPC confirms cost saving of $2.5bn in bid process of direct crude sales since 2016

… commences open bid for 132 firms who made submissions HARRISON EDEH, Abuja

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he Nigerian National Petroleum Corporation (NNPC) has confirmed that $2.5 billion has been saved in cost sincethecommencementofopen biddingprocessforthedirectsales of crude and direct purchase of petroleum in 2016.

Maikanti Baru, group general managing director of NNPC, gave the information at the opening bid for direct-sales of crude oil directpurchase of petroleum products (DSDP)heldonThursdayinAbuja.

The scheme, Baru noted, prides itself with a competitive pricing framework that over the years has ensured significant reduction in product demurrage cost in the range of 84 percent and cost savings of about $2.2 billion.

He informed at the opening bid process conducted at the full glare of the Nigeria Extractive Transparency Initiative (NEITI) and the Bureau for Public Procurement (BPP), the supervisors of the oil and gas sector in transparency and procurement process, that this year bid had seen four companies added to last year’s 128 companies with this year reaching 132.

The DSDP scheme, it would be recall, was introduced in 2016 with efficient and cost effective systems and processes to plug the eroding loopholes of the January 2015 OPA contracts.

“Since the inception of the DSDP scheme in 2016 to March 2019, 29.5 million metric tons (39.6bn litres) of petroleum products have been supplied under the scheme, representing over 90

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percent of the national requirement.

“Furthermore, the scheme has through a transparent competitive bidding and evaluation process, enlisted a robust supplier mix comprising of the big international players and strong Nigerian downstream companies for supply flexibility and local capacity development,” he said.

Barulistedthekeyobjectivesof the2019-2020DSDPtenderobjectives to include: engaging reputable qualified companies for the direct sales of Nigerian crude oil and direct purchase of petroleum products, while ensuring selection of off-takers was aligned with tested transparent and accountable procedures in compliance with the Public Procurement and Nigerian Content Acts.

“We are looking at 14 Cargoes @Businessdayng

of Petroleum Product from the licensed bidders, and 14 billion litres of crude from them annually,” Baru said.

Mele Kyari, the group general managing director of the DirectSale of crude Oil-Direct-Purchase of Petroleum, said at the bid opening process that the government was keen on optimising local presence in the crude lifting business.

A cargo of crude, findings reveal, costs $72 million, prompting Kyari to inform that nobody who could not raise letter of credence should bid.

He noted that companies, who bid should have a track record with regard to tax payment, statement of account, and must be a public quoted company and must have track record of transparency.

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Stakeholders push for re-orientation of value system to build sustainable development Jumoke Akiyode-Lawanson

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takeholders in Nigeria’s private and public business sectors say that the current value system of our economy is a hindrance to speedy growth and therefore needs a total re-orientation for impactful change and economic development.

This was the general consensus of experts at the maiden edition of the Nigeria Corporate Services Conference organised by TenticP communications which held in Lagos on Thursday 2nd of May 2019.

“We need a total re-orientation of our value system in Nigeria. We place value on the most irrelevant things right now, but the moment we start to focus on the more important things, we will definitely see a steady growing economy,” Afolabi Sofola, chairman, Kosofe Local Government said.

Muda Yusuf, director general, Lagos Chamber of Commerce and Industry (LCCI), in his keynote address said it was time to walk the talk, as writing down ethics and code of conducts on pieces

of paper would not necessarily translate into delivery of quality services.

“We must commit to abiding by established rules, regulations and codes of conduct in our corporate and public endeavours; we must make doing things right our national priority. We need to change our mind-set from the entitlement-based to a service focus,” Yusuf said.

Speaking on the theme, “Building a sustainable economic growth through corporate services delivery,” Yusuf said that professionalism in the public and corporate world should be promoted and deterrent sanctions should be given to unethical and unprofessional conduct.

“We all know that in Nigeria, those who do the right things suffer the most. The ones paying duties at the ports are the ones that will face the most headaches with customs and running an ethical business in this country can be very challenging.

This is especially as we have a very weak judicial system and seeking redress can be exhausting,” he said.

Babatunde Fowler, chairman, Federal Inland Revenue Services (FIRS) said that automation and technology in tax payment systems is helping Nigeria build sustainable economic growth.

“Things like the e-receipts, e-tax clearance certificates and the automated VAT collection that we want to do in key sectors will help build sustainable economic growth. Already, states like Lagos, Kano, Edo, Kaduna and Akwa-Ibom are doing very well business wise because of internally generated revenue from tax proceeds and we can see how well businesses are doing in those states in the ease of doing business ranking,” Fowler said.

He said although Nigeria has a low tax-to-GDP ratio, as the International Monetary Fund (IMF) states that a 15 percent minimum threshold is associated with significant acceleration of growth and development, while Nigeria is currently at nine percent, the country working towards achieving double figures in tax-to-GDP ratio in the near future.

Africa needs 5% annual growth to achieve 126m tourist arrivals by 2030 … as tourism contributed 8.5% to continent’s GDP in 2018

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n view of the United Nations World Tourism Organisation’s (UNWTO) forecast that 1.8 billion people will be travelling globally by 2030, and that Africa will increase its share from current 5 percent to 7 percent of all global arrivals, tourism stakeholders on the continent have been urged to collaborate in sustaining a 5 percent annual growth in order to achieve the 2030 tourist arrivals goal.

Derek Hanekom, minister of tourism, South Africa, made the urge in his opening speech at the 2019 Indaba Travel show in Durban, South Africa, noting that Africa’s tourist arrivals, which currently stand at 67 million people (about 5% of total global arrivals) will increase to 126 million people by 2030, representing about 7 percent of the total global number, if the continent makes and sustains the necessarily efforts.

The minister disclosed that Africa has grown on average of 8 percent for three years in a row now but requires a growth of about 5-4 percent every year until 2030 to achieve the 126 million-

tourist arrivals target.

He further noted that collaboration and commitment are needed because Africa lags in wooing global tourists despite her natural endowments and considering the fact that over 50 percent of the 1.3 billion people that travelled the world in 2018 visited Europe, 24 percent visited Asia Pacific, 16 visited the Americas, 5 and 4 percent visited Africa and Middle East, respectively.

The minister also decried fact that tourism contributed 8.5 percent to Africa’s GDP in 2018, below global average of 10.4 despite supporting more than 24 million jobs on the continent, or 6.7 percent of all jobs.

“The overall tourism contributions to GDP in Africa are still well below the global average of 10.4 percent of GDP. What this tells us is that we have huge unrealised potential to unlock,” the minister said.

Proffering solutions to achieving the ambitious arrivals target by 2030, the minister urged African countries to be innovative, breakdown barriers, collaborate and pro-

mote unique offerings to the world. “We must enhance Indaba every year to drive massive growth in tourism numbers by bringing together a range of our best and most unique products from across our continent and connecting them with buyers from across the world”, he said.

He also urged Africans countries to emulate sister countries that are doing well in tourism such as Ethiopia, which was Africa’s fastest growing travel economy by 48.6 in 2018 mostly because of Ethiopia’s success in establishing itself as regional transport hub, and visa relaxation. He said many African countries could learn from that, especially South Africa.

He believes other countries experiencing crisis should learn from Egypt’s considerable resilience, and safety improvements, including feats across some destinations such as Seychelles and Kenya’s excellent performance in 2018, with tourist arrivals growing by a whopping 37 percent to surpass the 2 million mark for the first time ever.

Dubawa holds 4-day training for journalists ahead fact-checking fellowship OLUWASEGUN OLAKOYENIKAN

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igeria’s foremost independent verification and fact-checking platform, Dubawa, in collaboration with Heinrich Böll Stiftung Foundation, has organised a four-day intensive training for five journalists to kick-start its maiden fact-checking fellowship.

The training, which commenced on Monday, April 29, to Thursday, May 2, 2019 in Abuja, was aimed at deepening the newsmen’s fact-checking skills ahead of the fellowship, and expected to last for a period of six months spanning from June through November 2019.

“The training was carefully designed to provide, not just a one-directional training for the fellows, but to encourage engaging conversations between the trainers and the fellows,” said Ebele Oputa, programme officer and editor, Dubawa.

“This would help attain the right approaches to solving the information disorder problem in Nigeria.”

Deceptively presenting false information as real news is gaining momentum globally, particularly in Africa’s most populous nation, which has 114.7 million internet users, according to the Nigerian Communications Commission (NCC). This makes it easy to spread misinformation and all forms of information disorder, thereby endangering the media ecosystem.

To address the challenges of mis- and dis-information in

Nigeria and beyond, Dubawa selected five journalists across different media organisations in the country as fellows for the programme out of 58 applications received in a week to research and write truthbased and factual stories; and also to institute a culture of fact-checking in newsrooms across Nigeria.

The five fellows were drawn from BusinessDay, News Agency of Nigeria (NAN), Guardian, Tribune and The Nation newspapers, which are considered as Nigeria’s top media organisations with wide reach, according to Ebele, adding that there are plans to extend the initiative to other media organisations, depending on the success of the 2019 fellowship.

In the course of the training, the fellows were exposed to the misinformation ecosystem, the rise of social media and how they can response to the spread of misinformation, accountability journalism and the practice of fact-checking in any sector.

Others include; advanced research techniques and the place of social media of data journalism in fact-checking, social media hacks, ethics and advanced writing skills.

During the six-month fellowship period, the fellows are expected to train their colleagues and champion the setting up of fact-checking desks in their respective newsrooms.

“You can imagine the impact of this on the media landscape in Nigeria,” the Dubawa’s programme officer said. www.businessday.ng

L-R: Anthony Youdeowei, CEO, Ikeja Electric (IE); Ukagbo Esther, one of the young engineers; Kola Adesina, board chairman, IE; Oladehinde Ayodeji, young engineer, and Folake Soetan, chief operating officer, IE, at the induction of young graduate engineers at Ikeja Electric, Lagos, yesterday.

Pic by Pius Okeosisi.

Labour minister fears unemployment index may reach 33.5% by 2020 INNOCENT ODOH, Abuja

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inister of labour and employment, Chris Ngige, has expressed worries over the increasing level of unemployment in Nigeria estimated to hit an index of 33.5 percent by 2020, stressing that this will present serious challenges to the nation.

The minister, who relied on the latest figures released by the National Bureau of Statistics (NBS), indicating that Nigeria’s unemployment rate may reach an all-time high of 33.5 percent by 2020, raised this alarm while

making his presentation at a workshop in Abuja on Thursday.

The two-day workshop, which drew stakeholders in the labour circle, was predicated on the theme: “Breaking the Resilience of High Unemployment Rate in the Country.”

The minister noted that urgent steps were needed to be taken to avert the situation, adding that President Muhammadu Buhari’s administration had mapped out strategies to tackle the menace through various social interventions programmes.

The NBS’s current unemployment rate in 2019 stands

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at 23.1 percent, while underemployment is estimated to be in the threshold of 16.6 percent even as the stakeholders attributed the high prevalence of crimes such as murders, insurgency, militancy, armed robbery, kidnappings, drug abuse to the growing number of unemployed.

“It is a worrisome status as the global poverty capital (World Bank, 2018); as if this situation is not scary enough, it is projected that the unemployment rate for this country would reach 33.5 percent by 2020, with consequences that are better imag@Businessdayng

ined, if the trend is not urgently reversed,” the minister said.

“It is a thing of joy to note that Nigeria has not been resting on her oars over the years in terms of dedicated efforts to curb the unemployment problem,” he said.

According to Ngige, there have been various government social intervention programmes, aimed at tackling the unemployment scourge especially among the youth and eradicating poverty, which he noted had been implemented by different administrations since Nigeria gained independence in 1960.

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Live @ The Exchanges LOSERS

GAINERS Opening

Closing

Change

MOBIL

Company

N177

N186

9

GUINNESS

N48.6

N50

1.4

NB

N65

N65.75

0.75

CCNN

N14

N14.6

0.6

N18.8

N18.95

0.15

Company

Opening

Closing

Change

MOBIL

N177

N186

9

GUINNESS

N48.6

N50

1.4

NB

N65

N65.75

0.75

CCNN

N14

N14.6

0.6

N18.8

N18.95

0.15

DANGFLOUR DANGFLOUR

Global market indicators

Market Statistics as at Thursday 02 May 2019

Top Gainers/Losers as at Thursday 02 May 2019

ASI (Points) DEALS (Numbers) VOLUME (Numbers)

29,171.73 4,836.00 279,618,390.00

VALUE (N billion) MARKET CAP (N Trn

2.824 10.963

FTSE 100 Index 7,351.31GBP -33.95-0.46% S&P 500 Index 2,905.47USD -18.26-0.62% Generic 1st ‘DM’ Future 26,180.00USD -210.00-0.80%

Deutsche Boerse AG German Stock Index DAX 12,345.42EUR +1.34+0.01% Nikkei 225 22,258.73JPY -48.85-0.22% Shanghai Stock Exchange Composite Index 3,078.34CNY +15.84+0.52%

Stock market kicks off new trading month in green …Mobil, Guinness, Nigerian Breweries lead gainers Stories by Iheanyi Nwachukwu

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igerian stock market on Thursday May 2 halted a three-day sell pressure to kick-off the new trading month in

the green. Though, at the close of equities trading session on the 9th floor of the Nigerian Stock Exchange (NSE), only 21 companies gained as against 26 losers.

The equities market closed on a positive note as NSE All Share Index (ASI) increased by

0.04percent. The NSE ASI increased from preceding day low of 29,159.74 points to 29,171.73points.

The value of listed equities increased to N10.963trillion from preceding trading day low of N10.959 trillion, adding N4billion.

In 4,836 deals, stock

traders exchanged 279,618,390 units valued at N2.824billion.

Transcorp Plc, Dangote Flour Mills Plc, Chams Plc, Access Bank Plc and Japaul Oil Plc were actively traded stocks on the NSE. Mobil Oil Nigeria Plc stock price advanced most, from N177 to N186, adding N9 or 5.08percent.

Guinness Nigeria Plc followed after its share price moved up from N48.6 to N50, up N1.4 or 2.88percent.

Nigerian Breweries Plc stock price also increased from N65 to N65.75, adding 75kobo or 1.15percent. On the losers table, Presco Plc led the chart after its share price declined from N62.75 to N58 , losing N4.75 or 7.57percent.

Total Nigeria Plc stock price also dipped from N166.1 to N164, losing N2.1 or 1.26percent, followed by Conoil Plc which was down, from N20.8 to N20.1, after losing 70kobo or 3.37percent.

We will not encourage illicit funds into capital market- SEC

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he Securities and Exchange Commission (SEC) has restated its commitment to ensure that the Capital Market domain is not used in any way to inject illegal funds into the sector and the financial system as a whole.

This was stated by Acting Director General of the SEC, Mary Uduk in her opening remarks at the Anti-Money Laundering (AML) Training for Compliance officers of capital market operators held in Lagos, Thursday.

Uduk who was represented by Adamu Sambo, a Deputy Director and Head of Department, Monitoring, at the SEC said being the apex regulator of the Nigerian Capital Market, with a vision

“to develop and regulate” a world class Capital Market that is free from any criminal activity, the Commission is not relenting in its drive to fight the menace of money laundering and terrorist financing.

According to Uduk, “financial Institutions shoulder great responsibility in ensuring compliance with all Rules and Regulations governing financial system.

It is our collective responsibility as stakeholders to collaborate and work together as a community in building more capacity in the system for effective compliance programme.

“The Principles for market Intermediaries is to have an efficient functioning system that delivers compliance www.businessday.ng

with standards for internal organisations and operational conduct.

“The Commission is investing in human capital training and developments in addition to the promotion of innovative technology and proffer solutions in the SEC’s and the Capital market operations as contained in the SEC 10-year Capital Market Master Plan (CMMP)”.

She said the AML training which is being done in collaboration with the Nigerian Financial Intelligence Unit (NFIU),is going to be hands on, practical approach aimed at addressing challenges by CMOs in rendition of statutory returns and taking compliance to the next level in the Capital Market.

Uduk further emphasized the SEC’s willingness to engage relevant stakeholders in building capacity on developments and trends in compliance; changes in laws and rules and regulations; the interpretation and application of same by the relevant authorities in order to encourage and promote the culture of compliance among Financial Institutions.

AML software application is a fully integrated software solution developed specifically for use by Financial Intelligence Units (FIU’s) and is one of United Nations Office on Drugs and Crime, UNODC’s strategic responses to financial crime, including money-laundering and terrorist financing.

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FCMB partners SystemSpecs to provide a unique solution for SMEs

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irst City Monument Bank (FCMB) has partnered SystemSpecs to introduce a payroll solution designed to meet the yearnings of thousands of its SME customers seeking efficient, easy-to-use and affordable business tools to seamlessly operate their businesses.

The product tagged, “FCMB Payroll” comes with exciting features that enable SME owners to easily process payroll; pay employee salaries into commercial/ micro-finance bank accounts or wallets and issue them regular pay slips. To all staff of any customer or registered SME, the solution also over-rides collateral requirements even without the traditional documentation to access loans from FCMB. The product enables these customers easily maintain historical personal and payment records of all employees, including their taxes, pensions and other possible transactions among other numerous benefits.

FCMB Payroll is delivered in partnership with SystemSpecs, one of Nigeria’s leading payroll solution and services companies with over 25 years’ experience of providing payroll solutions and services to public and private sector organisations in Nigeria and other African countries. The company is also the provider of Remita Payments Application, Payment Gateway and Payment Infrastructure.

Commenting on the initiative, FCMB Executive Director, Retail Banking, Mr. Olu Akanmu, said the introduction of the FCMB Payroll initiative is in line with the commitment of the Bank to grow the nation’s economy by providing SMEs with cutting-edge business tools @Businessdayng

to support their operations and help them build scale. Akanmu said, “We are pleased to partner with SystemSpecs, a major solutions provider in the financial ecosystem to address some of the challenges confronting SMEs. The FCMB Payroll platform is designed to provide a more convenient and modern business tool for business owners and their employees. As a Bank that is continually innovating to meet our increasingly dynamic customer base, we are confident that the FCMB Payroll initiative will go a long way to boost the operations of SMEs and improve their productivity.’’

Also speaking, the Managing Director of SystemSpecs, John Obaro, said, “As an organisation, our aim is to continue to provide individuals and organisations with innovative tools to help them become more productive and take full charge of their operations.

We are delighted at the opportunity to partner FCMB to extend our experience and expertise in payroll solutions to FCMB customers. We are convinced that FCMB Payroll would help SME customers improve their processes, maintain a satisfied workforce, boost margins and increase scale speedily.”

FCMB Payroll has offerings for SMEs at different phases of growth and these are available to all FCMB SME business account holders and a select SMEs segment that maintains business accounts with other banks. The base option is FREE to use for all SMEs. Signing up to use FCMB Payroll is easy and fast and can be achieved from the Bank’s website.

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World Business Newspaper

US labour leader warns of ‘inferior’ China trade deal AFL-CIO’s Trumka fears agreement will lack restraints on Beijing’s industrial subsidies JAMES POLITI AND DEMETRI SEVASTOPULO

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ichard Trumka, America’s top union leader, has warned Donald Trump that he risks striking an “inferior agreement” with China to end the trade war if he fails to rein in Beijing’s use of industrial subsidies, raising pressure on US negotiators in the final stretch of talks with Beijing.

The 69-year-old president of the AFL-CIO said the deal being hashed out between US and Chinese officials did not seem to contain anything “very earth shattering or very helpful” to rebalance the trade relationship between the two countries, he said in an interview with the Financial Times.

In particular, he urged Robert Lighthizer, the US trade representative, and Steven Mnuchin, the US Treasury secretary, to secure binding commitments from China to prevent currency manipulation and restrain the use of industrial subsidies. Some currency measures are expected to be included in the deal, but big curbs to subsidies are not thought to be part of the agreement, according to people familiar with the text. “[The Chinese] circumvent comparative advantage by underwriting the cost of their uncompetitive industries or by targeting an industry and subsidising [it]. That has to come to a screeching halt,” said Mr Trumka. “If the agreement

doesn’t do that, and gives us a way to enforce it, then it will be an inferior agreement. And it’ll be another opportunity, a great opportunity, missed.”

Mr Trumka’s reservations are significant because they highlight the risk of a political backlash against Mr Trump if he is seen as striking a weak deal.

While US labour unions generally favour Democrats, they have been sympathetic to the president’s protectionist stance on trade. A rejection of the China deal by Mr Trumka, who has led the AFL-CIO labour federation for a decade, would be a big blow to Mr Trump’s hopes of claiming that his deal will benefit rust belt voters who backed him in droves in the 2016 presidential election.

Speaking in a Washington office decorated with memorabilia celebrating past political and union campaigns as well as the Pittsburgh Steelers American football team, Mr Trumka said the president would be making a “colossal mistake” if he favoured Wall Street over US workers in the China deal.

“If they go [on] the side of Wall Street, a couple of billionaires will benefit from it and do just fine, but the rest of the American people won’t do that. It will continue to hurt our economy and our ability to be a world power, because we are losing that capacity,” Mr Trumka said.

He warned that the US president was already losing his hold on

Horseman Capital suffers big losses as stocks rally Ultra-bear hedge fund manager hit by rising market fuelled by central banks’ looser monetary policy LAURENCE FLETCHER

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ne of the few hedge fund managers still betting that stocks are too high has suffered heavy losses this year, as a rally fuelled by looser monetary policy makes life increasingly tough for bears.

London-based Horseman Capital, which manages more than $800m in assets, suffered a 12 per cent loss in its Global fund during April, according to figures seen by the Financial Times.

That takes its loss this year to more than 25 per cent. The fund is run by Russell Clark, a media-shy Australian who took over the fund from star stockpicker John Horseman almost a decade ago.

Mr Clark’s losses highlight the conundrum facing traders whose fundamental analysis shows markets are overvalued but who realise that negative bets would stand in the face of a rally driven by years of aggressive monetary easing by central banks. During the first three months of this year, for example, dovish moves by the Federal Reserve after a choppy end to 2018 contributed to the best quarterly performance for the S&P 500 in a decade.

“Markets are making things very tricky,” wrote Mr Clark in a letter sent to investors last month, seen by the FT. “The question that hangs over a fund like mine, and the entire hedge fund industry, is that if there are no obvious downsides to central

bank loose monetary policy, what is the point of short selling?”

Mr Clark was not immediately available for comment, and a spokeswoman for Horseman declined to comment further.

The fund manager, who has previously described quantitative easing as a “disastrous policy”, has been running a huge bet against stocks — whereby his bets on falling prices are more than double his wagers on rising prices. Such positioning is extraordinary by the standards of the hedge fund industry, leaving him as one of a dwindling band of ultra-bears.

Almost all managers skew towards positive bets on prices, for fear of being hurt by a stock market rally that has run almost uninterrupted for a decade.

Mr Clark is known among investors for his colourful letters, which can often reference his favourite films.

In one, sent to investors in 2016, he depicted then-Federal Reserve chair Janet Yellen as Star Wars hero Luke Skywalker, confronting Darth Vader, who represented deflation.

His fund made double-digit gains in 2014 and 2015 before losing around 24 per cent in 2016.

“The degree of dovishness that central banks have exhibited has surprised me, as has the willingness of markets to look beyond weak earnings in markets that look very oversupplied, particularly in semiconductors,” Mr Clark wrote in his April letter. www.businessday.ng

Richard Trumka: ‘We’ll give the agreement a fair, honest, look, and if it’s a good agreement, then we’ll do what we can to support it’ © AFP

union members. “They are coming back across the bridge,” he said.

“Unfortunately for [Mr Trump] the list of things he’s done to hurt [members] massively outweighs the number of things he’s done to help them.”

Mr Lighthizer and Mr Mnuchin were in China this week for talks that the White House labelled “productive”. Liu He, China’s vicepremier, will be in Washington next week for what could be the final round of negotiations before a signing summit between Mr Trump and Xi Jinping, the Chinese president.

“We’ll give the agreement a

fair, honest, look, and if it’s a good agreement, then we’ll do what we can to support it. If it isn’t, we’ll say what we think is wrong,” Mr Trumka said of any potential deal.

Mr Trumka has also been critical of the USMCA, a trade deal to replace Nafta signed by Mr Trump last year with his counterparts from Canada and Mexico. The agreement is facing an uphill battle in the US Congress to secure ratification, partly because trade unions and Democrats have said it does not ensure enforceable labour standards in Mexico and offers excessively good terms on exclusive data protection for pharmaceutical

companies.

Mick Mulvaney, the White House chief of staff, this week stepped up the pressure on Congress to approve the USMCA by saying the US was prepared to pull out of Nafta if lawmakers did not ratify the agreement. Mr Trumka rejected the threat and insisted that changes to the deal were essential.

“That’s not the way to get to yes.

It was a take-it-or-leave-it attitude,” Mr Trumka said. “And quite frankly the American people deserve better than that. So I hope they will reconsider and actually work with us to get to yes, because this agreement right now is premature.”

Tesla to raise $2bn to bolster balance sheet

Electric carmaker’s CEO Elon Musk to buy $10m of stock as part of deal RICHARD WATERS AND ADAM SAMSON

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lon Musk bowed to the inevitable on Thursday and revealed plans to return to Wall Street for cash, seeking up to $2.3bn in equity and convertible debt to underpin Tesla’s balance sheet.

The planned capital raising followed news last week that the US electric car maker had burnt through $1.5bn in the first three months of the year, cutting its cash reserves to their lowest level since the start of 2016. Its shares rose 4 per cent in pre-market trading on Thursday on relief that Mr Musk was finally acting to repair its strapped finances.

The Tesla boss argued for much of last year that the company had become financially sustainable and would not need to raise more money, despite ambitious plans for new vehicles. It has raised cash separately to develop a plant in Shanghai, tapping banks in Asia for more than $500m this year.

However, after generating $1.8bn in free cash flow in the second half of last year, Tesla’s finances went into reverse in 2019.

The calls on its cash included the repayment of a $920m bond issue.

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Mr Musk’s change of course follows an erosion of confidence that has caused a 30 per cent fall in Tesla’s share price this year, with an 11 per cent drop since it reported bigger than expected losses last week.

Daniel Ives, an analyst at Wedbush who had been a strong supporter of the company but was among those who turned negative last week, called the capital raising “a clear net positive” for the company. Tesla “needed to take its medicine and clear the air of the very real investor worries” that it would not be able to meet upcoming calls on its cash, he wrote in a note. These include a debt repayment due in November, as well as development costs for new models including the Model Y and its first electric truck.

Mr Musk last week sought to justify his resistance to raising more money. “I don’t think raising capital should be a substitute for making the company operate more effectively,” he said on the company’s earnings call. “I think it is healthy to be on a spartan diet for a while.” He added, though, that the financial discipline had paid off and it was now time to consider tapping Wall Street again. @Businessdayng

Tesla said Mr Musk would purchase $10m of stock as part of the fundraising.

Mr Musk’s return to Wall Street for cash comes nearly eight months after he announced on Twitter that he planned to quit the public markets entirely, with a buyout for which he claimed he already had “funding secured”.

The SEC sued him over the claim, leading to a settlement in which Mr Musk agreed to restrictions on his Twitter use.

He has fought a running battle with short-sellers since then, and he told analysts on the earnings call last week that he would rather Tesla was private.

Tesla said it would offer $650m in common stock and $1.35bn of convertible bonds as part of the offering. The proceeds of the deal would rise by $300m if underwriters exercise an option to purchase additional securities. The money will be used to boost the group’s balance sheet and for “general corporate purposes”, it added.

The bonds that Tesla is selling are convertible into cash and/or shares at the group’s election, it said. It last issued common stock in early 2017 as it geared up for the launch of the Model 3.

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Friday 03 May 2019

BUSINESS DAY

FT

NATIONAL NEWS

Black South Africans lose out as economic divide bites Voters prepare to go to the polls in one of the world’s most unequal countries JOSEPH COTTERILL AND CHELSEA BRUCE

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outh Africa votes next week in its sixth democratic election since 1994’s first all-race poll, which followed the end of apartheid.

Politically the country has changed a great deal in the past 25 years. But polling stations will still be divided between well-off gated suburbs and corrugated-iron shacks in shanty towns, in what the World Bank calls “the most unequal country in the world by any measure”.

About a tenth of the country’s population is estimated to own about nine-tenths of the wealth. The inequality reflects the old racial divide.

President Cyril Ramaphosa is seeking another majority for the African National Congress, which has ruled throughout the country’s democratic era, with a promise of a “new dawn” for the economy. But it has been a long night.

Symptoms of inequality — such as one of the world’s highest unemployment rates, at 27 per cent — have been exacerbated by what even Mr Ramaphosa admits were “wasted years”.

Under his predecessor Jacob Zuma the economy languished as grand corruption spread through the state. It meant that the black majority fell even further behind in overcoming apartheid’s legacy.

Since the turn of the century, after Nelson Mandela relinquished the presidency, the jobless rate for black South Africans has stubbornly remained at about a quarter. Unemployment for their white peers has never moved above 8.1 per cent in that time.

This has an impact on incomes: on average black South African households earn less than 20 per cent of white South Africans’ average earnings.

The divide is entrenched early in people’s lives: in the education system. Almost all white pupils pass the final-year secondary school exams that are required to enter university.

Only two-thirds of their black counterparts manage the same feat.

Black South Africans also face disadvantages accessing healthcare and other services.

To some, Mr Ramaphosa encapsulates the country’s failure to tackle inequality at its root. He is a wealthy tycoon, part of a narrow — some say oligarchic — black business elite that was forged by ANC policies.

Others believe the former trade unionist is the last hope for reviving economic growth.

Gross domestic product grew by 2.9 per cent on average between 1994 and 2000 after Mr Mandela led the ANC into power and set out to rebuild an economy wrecked by apartheid’s last years.

Apollo to ditch partnership status and become a corporation Private equity group follows moves by rivals Blackstone and KKR to simplify structure MARK VANDEVELDE

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pollo Global Management said on Thursday it would abandon its partnership status and become a corporation, following private equity rivals Blackstone and KKR, which have opted to pay more tax in an effort to simplify their structure and draw more investors.

The investment group estimates corporate taxes will eventually eat up between 7 and 9 per cent of the profit it would otherwise have earned, with a smaller impact in the first year.

But it believes wider ownership could smooth out the volatility in its share price.

Apollo shares rose 5 per cent in pre-market trading in New York.

Analysts go further, arguing that listed private equity firms could enjoy permanently higher stock market valuations if they can attract a slice of the $6.8tn now held by passively managed funds, despite the drag on earnings from having to pay more tax.

Since the biggest private equity firms listed on the stock market as partnerships a decade ago, much of their income was exempt from corporate tax, with US authorities treating the cash as if it had been earned directly by shareholders themselves.

But the clever structure has also made their shares difficult to own. Investors have been forced

to file complex tax forms in multiple US states, a requirement that applies even if they hold stock indirectly, through an index tracker or mutual fund.

Consequently, private equity firms’ valuations have languished, as passive funds — which now manage 4.5 times more money than they did in 2007, according to the Investment Company Institute — declined to buy the shares.

Since Donald Trump’s tax reforms slashed the levy on corporate income from 35 to 21 per cent, a growing number of investment groups have decided that complexity is more harmful to their share price than submitting to the taxman.

Ares last year became the first major alternative assets manager to become a corporation. KKR soon followed, and Blackstone announced a similar move last month, after studying its rivals’ progress.

The moves seem to be paying off. In the year since KKR announced it was ditching its partnership structure, mutual funds and other institutional investors have increased their ownership of the company to 21 to 35 per cent.

The company enjoyed a share price pop before falling back in the December market rout; its shares are now about 15 per cent higher than the day before it announced the move. www.businessday.ng

President Recep Tayyip Erdogan insists ‘organised crime’ helped seal win by opposition party in Istanbul’s local elections. © Reuters

Turkey opens criminal probes into disputed Istanbul election Erdogan’s ruling AKP party lodged in battle to regain control of city after high-profile defeat AYLA JEAN YACKLEY

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urkish prosecutors have opened dozens of criminal investigations into alleged irregularities in a mayoral election in Istanbul as the ruling party continues to wage its legal battle to regain control of the city after it lost the municipality a month ago.

The opposition candidate, Ekrem Imamoglu, has been certified as mayor and began his fiveyear tenure last month after a series of recounts sought by the ruling Justice and Development party (AKP) failed to close his narrow winning margin in the March 31 poll.

But Recep Tayyip Erdogan, Turkey’s president, has demanded the Istanbul election be canceled and repeated, arguing that “organised crimes” helped seal Mr Imamoglu’s victory.

Now authorities want to question more than 100 polling station officials who are viewed as sus-

pects in 32 separate investigations, following complaints filed by the AKP and its ultranationalist allies, the state-run Anadolu news agency said on Thursday. The investigations are focused on three Istanbul districts located on the city’s Asian side, it said.

The wrangling over the Istanbul vote has unnerved already shaky financial markets, as investors fret about political instability and the government’s commitment to fiscal and monetary discipline if it enters another election cycle.

The lira was steady on Thursday but has fallen 11.3 per cent against the US dollar for the year to date.

It has also cast a pall over the Republican People’s Party (CHP) victory in the March 31 poll, when Mr Imamoglu snatched control of the Istanbul municipality from the AKP, which has run Turkey’s biggest city for a quarter-century. The AKP also lost the capital Ankara and about 10 smaller provincial

capitals to the CHP. Separately, Mr Erdogan said on Thursday he was determined to lower interest rates, as well as the lira’s exchange rate and inflation that is rising the fastest in 15 years.

“All of the indicators show a return to a rising trend. Turkey will grow within a free-market economy,” Mr Erdogan also told a meeting of business leaders in comments broadcast live.

During the election, voters expressed frustration with Mr Erdogan’s handling of an economy in recession following a currency crisis last year and unemployment that has almost reached 15 per cent.

The Supreme Election Council, the ultimate authority over Turkish elections, has yet to make its final ruling on the AKP’s petition to cancel the vote, though a decision is expected by Monday. The board is dominated by members of the AKP.

UBS shareholders revolt after record French tax-evasion fine Vote to discharge board and top executives from liability falls short of majority needed STEPHEN MORRIS

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BS’s shareholders have voted against the Swiss bank’s top managers after they made an ill-advised bet to fight rather than settle a French probe into money laundering, which resulted in a record €4.5bn penalty.

At the lender’s annual meeting in Basel on Thursday, 42 per cent of investors voted against and 17 per cent abstained from discharging the board and top executives from legal liability in protest at their handling of the French tax case, meaning it fell short of the majority needed to pass.

The vote was expected to be close after influential proxy adviser Institutional Shareholder Services said investors should vote against UBS after a French court found the bank guilty of illegally soliciting ultra-rich clients and laundering the proceeds of tax evasion in February.

A judge levied a record €3.7bn fine and ordered UBS to pay €800m in damages. The bank is appealing, but that process could take years.

The decision is “a reflection of your concern about uncertainty surrounding the court case in France and you want to keep all possible legal options open. I can understand

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that,” chairman Axel Weber said after the defeat. “It wasn’t possible to reach an acceptable out-of-court settlement,” which meant we had “no choice but to go to court.

“We believe this was in the best interests of shareholders” and “will not waver from the chosen path”, he added.

UBS also suffered a protest vote on executive pay. Twenty per cent of shareholders voted against the compensation report of UBS — slightly more than Zurich rival Credit Suisse last week — after another proxy adviser Glass Lewis urged them not to approve it because a small decrease in the 2018 bonus pool did not reflect the sharp fall in the share price last year and the multibillion-euro French penalty.

The result is “lower than in recent years, disappointment with the stock performance clearly left its mark on the outcome of this vote, as well as the case in France”, Mr Weber said.

“We will take this as an opportunity to review carefully our compensation model and adjust it if necessary.”

It has been a tough few weeks for UBS. Last week, it reported a 64 per cent plunge in first-quarter profit at its investment bank and a 21 per cent decline in earnings at its flagship wealth management unit. The poor results piled pressure on long-serving @Businessdayng

chief executive Sergio Ermotti, who has seen the sheen wiped off his previously lauded turnround of the Swiss lender.

Separately, Mr Weber said the bank had found no evidence of “systematic discrimination” against women returning from maternity leave, despite more than a dozen new mothers telling the Financial Times they had suffered long-term cuts to their bonuses when restarting work.

Mr Weber said a “very meticulous” review of its maternity policies “has shown that our controls are effective”, dismissing the FT report as “rumours” in response to questions about the issue from shareholders at the annual meeting.

“Employees have been encouraged to contact HR if they feel treated unfairly on pay . . . I promise you each and every case is reviewed by experts, if there are exceptions they will be remedied,” the chairman said.

In March, top female wealth management staff in Switzerland criticised the lender over its practice of using their maternity leave as a reason for imposing long-term cuts to their bonuses. Some said they had resigned in frustration, while others having begrudgingly continued working for less pay than before they became mothers.

Friday 03 May 2019

BUSINESS DAY

45

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Stocks fall as caution follows Fed rhetoric on rates MICHAEL HUNTER AND ALICE WOODHOUSE

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lobal stocks took a knock and the dollar held near its recent highs after the Federal Reserve stopped short of opening the way for a rate cut to stoke inflation.

After speculation that the US central bank could point toward such a move, its chairman’s words were supportive of the dollar. Jay Powell said: “We do think our policy stance is appropriate right now — we don’t see a strong case for moving in either direction” as “solid fundamentals” were supporting the economy.

The index tracking the dollar held just under 98 points, leaving it up by around 1.6 per cent for 2019.

Wall Street’s S&P 500 slipped a further 0.1 per cent in opening trade. Over the previous session it recorded its worst day since March in the wake of the Fed comments, falling 0.8 per cent

and moving away from its run of record highs touched in April.

Sterling held above $1.30 after the Bank of England sounded positive on the outlook for UK economic growth, lifting the forecasts for its annual expansion to 1.5 per cent from the 1.2 per cent it mentioned in February, which came as a 10-year low. There was little in the BoE’s statement to deter expectations that its next move on rates would be a rise. That has helped the pound to an 11-session high this week, and established it over the $1.30-mark. It slipped 0.1 per cent after the BoE’s announcement, to $1.3040.

European bourses eased. The FTSE 100 fell 0.3 per cent, hit by the firm pound. Frankfurt’s Xetra Dax 30 ticked up 0.2 per cent and the region-wide Stoxx 600 fell 0.5 per cent.

There were gains in Asia, where Hong Kong’s Hang Seng rose 0.8 per cent and Seoul’s Kospi added 0.4 per cent. Chinese and Japanese markets remain closed for public holidays

Barclays vote against Bramson is no victory for long-termism Chief executive Jes Staley must now do everything to prove the activist investor wrong MATTHEW VINCENT

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ctivist investors seek to put their mouth where their money is. But Barclays shareholders have told Edward Bramson he may not do the former, having failed to do the latter.

At their annual general meeting on Thursday, 87.2 per cent of investors who voted opposed Mr Bramson becoming a boardroom mouthpiece for those who believe Barclays should shrink its investment bank. For many of them, the reason was that Mr Bramson had not used his own money to take a 5.5 per cent stake — he had borrowed $1.4bn from Bank of America, and then hedged his leveraged position to protect against share price falls. Opponents suggested his approach was short-termist and destabilising.

Had Mr Bramson won over another 38.2 per cent of the vote, it is easy to see how both criticisms might have looked increasingly valid. He would have been able to use his board seat to propose a hurried but ill-defined scaling back of Barclays investment banking activities — his only apparent strategy was to cut back on leveraged loans — but with far less exposure to the revenue implications than long-term investors.

He would also have hastened the departure of chief executive Jes Staley — advocate of Barclays’ investment banking revival — and other directors, creating management instability.

So, is Mr Bramson’s over-

whelming defeat a victory for long-termism and continuity?

Not exactly.

Even with the support of only 5.3 per cent of the independent shareholders who voted, Mr Bramson has ensured shorttermism. Mr Staley must now do anything and everything to hit this year’s return on tangible equity target — to prove Mr Bramson wrong and all those shareholders right. But that will almost certainly require some drastic and hasty decisions.

Mr Staley set a target of lifting Barclays’ group ROTE to 9 per cent this year and 10 per cent in 2020, from 8.5 per cent in 2018.

But ROTE at the corporate and investment bank stands at 7.1 per cent, less than half the level at Barclays’ retail banking and credit card operations, despite requiring nearly three-quarters as much capital as the other two units combined. It looks even lower when one-off tax credits and impairment releases are stripped out; Numis analysts put it at 5.4 per cent.

That leaves Mr Staley with only two ways to hit his 9 per cent group target: raise CIB revenues, or cut CIB costs. With revenues down 10 per cent in the first quarter, that just leaves shortterm cost cutting. Bonuses have already been slashed, spending may be next.

And, even with 87.2 per cent of shareholders supportive of current management, Mr Bramson’s pressure has made Barclays seem less stable. www.businessday.ng

Lloyds Banking Group: Brexit learning

What matters for markets is lender’s scope to return more cash to shareholders

T

hought Machine sounds like a controlling robotic character in a sci-fi film. In the real world, it is an east London fintech company. Lloyds Banking Group paid £11m late last year for a 10 per cent stake. Bionic thinking will help the UK’s largest mortgage lender ride out technological disruption. Its biggest immediate threat, however, is man-made: Brexit.

First-quarter results on Thursday, while falling short of analysts’ expectations, bore few scars of the economic uncertainty. After tax profits edged up 2 per cent, and would have been higher without unspecified charges for resolving a contractual dispute with Standard Life Aberdeen.

True, Lloyds is not a growth story.

Indeed, its mortgage and credit card loan books are contracting. Splashy tech spending will help fend off the

threat from low-cost challenger banks. It plans £3bn of investments in artificial intelligence and the like. But that is par for the course for European banks. Problems at new competitor Metro Bank, where the discovery of a reporting error has led to depositors exiting, are largely of its own making.

What matters for markets is Lloyds’ scope to return more cash to shareholders. In February, it announced plans for a larger than expected £1.75bn in buybacks. A ruling this week by UK regulators on risk buffers resulted in it lowering its target CET1 ratio, a measure of financial strength, by 0.5 percentage points to 13.5 per cent. That is equivalent to about £1bn that could be returned to investors. That is not all. The bank hopes this year to increase returns on tangible equity, up to 15 per cent from 11.7 per cent in 2018, which

could create another £4bn of excess capital.

Lloyds’ shares have risen 20 per cent this year, easily outperforming those of Barclays and Royal Bank of Scotland. Yet investors have applied a Brexit discount. Lloyds’ shares trade near its book value. Continental European banks with similar projected profitability trade at multiples a third or more higher.

So far Brexit effects have resulted most overtly in UK companies delaying investment decisions. Lloyds, although a proxy for the UK economy, is light in corporate banking. Competition in UK mortgages, however, is intensifying, which largely explains lower first-quarter net interest margins. A Brexit-induced downturn that forced increased bad loan provisions would quickly put those shareholder payouts on hold.

Anglo American sacrifices one hour of earnings THOMAS HALE

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nglo American had an important announcement to make today.

The mining company, which generated underlying earnings of $9.2bn last year, said that it will be investing into the World Bank’s Climate Smart Mining Facility. The fund aims to “support the sustainable extraction and processing of mining products used in developing clean energy technologies”.

But how much is Anglo investing?

That would be $1m, over five years.

That’s $200,000 a year. It’s also equivalent to the amount of “under-

lying ebitda” the company generates in approximately one hour. (h/t to David Sheppard, FT commodities guru, who noted that the amount is also roughly equivalent to a two bedroom flat in central London).

The pressures emerging from climate change activism have propelled large companies into a kind of publicity vortex, where they are incentivised to market their environmental credentials as heavily as possible. The latest result of which is today’s press release.

The fact that extraction of certain minerals is crucial to the development of many renewable-energy industries is at least of interest. It highlights, in a world of intercon-

nected supply chains, just how many ways there are to make a claim towards environmental progress (we recall Repsol’s green bond in 2017).

Anglo American does also say it is targeting carbon neutrality in future. As for the fund, as well as establishing partnerships for sustainable extraction, it will also “provide assistance to governments for the development of policy, regulatory and legal framework that encourages climate-smart mining and private capital”.

That’s ambitious with $1m.

Though, to be fair, the World Bank does target total investment of $50m. Which, for Anglo American, is approximately two days earnings.

Under Armour results top view but N America sales sag Athletic wear maker boosts outlook as turnround continues

MAMTA BADKAR

U

nder Armour investors cheered progress in its turnround efforts as its first-quarter results topped estimates and the company boosted its outlook, however sales continued to slip in its crucial domestic market.

Revenue rose 2 per cent from a year ago to $1.2bn in the three months ended in March, just ahead of analysts’ expectations for $1.18bn.

Under Armour shares rose 4 per cent to $22.97 and were eyeing their best one-day showing since February.

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However, the report showed revenues in North America fell 3 per cent to $843m — where the company has consciously been cutting back on promotions. That contrasted with rival Nike, which posted a 7 per cent jump in sales in the market despite a slower pace of growth.

Despite the slowdown at home, Under Armour reported a 12 per cent increase in international sales to $328m.

The company also swung to a profit of $22.5m, or 5 cents a share, from a loss of $30.2m, or 7 cents a share, in the year-ago quarter. That also topped @Businessdayng

analysts’ estimates for the company to break even on a per-share basis.

Gross margin rose 100 basis points to 45.2 per cent compared to the previous year, driven by higher prices. And inventory fell 24 per cent to $875m, the company said.

“Under Armour delivered a highquality [first quarter] beat and FY19 EPS guidance raise,” analysts at UBS noted. “This likely clears the market’s bar since few expected this given the tough US macro environment in Q1. It also suggests Under Armour’s turnround is on track and slightly ahead of schedule.”

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Friday 03 May 2019

BUSINESS DAY

FT

ANALYSIS

Steve Bannon’s alt-right academy — and one village’s fight to stop it How an Italian monastery became part of a plan for a populist Europe t first glance Letizia Roccasecca seems an improbable figure to encounter on the front line of the push back against the global alt-right. The 64-yearold housewife and grandmother of four lives in a two-storey farmhouse in Anagni, 40 miles south of Rome, better known as the birthplace of four popes.

The house used to be in the countryside but, over her lifetime, it has been swallowed up by urban sprawl. She shares it with her husband, five dogs and an insouciant trio of goats, from whom she zealously guards the hot chillies she grows on her small plot.

But appearances can be deceptive. For a decade, Roccasecca has battled powerful interests as she campaigned against the dumping of toxic industrial waste in the nearby Sacco river. The disposal

With their help, he is finalising preparations for the opening of an alt-right academy, in a monastery in the mountains above Anagni.

Bannon plans to turn this unlikely location into the centre of a European network of finishing schools for ultra-conservatives.

The Academy of the JudeoChristian West will, Bannon claims, serve as an incubator for nationalist leaders of the future.

Roccasecca is part of a motley alliance of anarchists and nonne, local civil servants and housewives, politicians and ecowarriors who hope to frustrate Bannon’s ambitions in Italy. The location of the academy in the monastery at Trisulti, a former Carthusian charterhouse buried in oak forests on a mountainous ridge, is particularly contentious, they say, given the core Christian values of compassion and love, and Pope Francis’s repeated calls

of toxins in this valley is alleged to be the cause of rising rates of tumours, including among Roccasecca’s neighbours, and, she believes, contributed to her sister’s death from cancer. Now she has a new adversary: Steve Bannon.

One of the most influential figures in Donald Trump’s 2016 presidential campaign, Bannon spent four years before that election running Breitbart News, turning it into a single platform for the disparate rightwing elements of modern America, from pro-lifers and climate-change deniers to white supremacists.

Since being ousted from his position as White House chief strategist in 2017, he has shifted his attention to Europe, helping launch the Brussels-based The Movement, a rightwing thinktank to support nationalist, antiestablishment groups.

With European Parliament elections to be held later this month, Bannon is attempting to reinvent himself as Europe’s high priest of populism, uniting nationalist parties in shared opposition to immigration, progressive liberal values and the EU itself.

Drawing on his expertise in polling, messaging, slogans and data targeting, he has toured European capitals touting himself as a mentor to a new breed of “strongmen” such as Italy’s deputy prime minister Matteo Salvini and Hungary’s prime minister Viktor Orban.

While a number of Europe’s rightwing leaders have sought to keep Bannon at arm’s length, in Italy, his Christian-centric, pro-family (and vehemently antiabortion) message has chimed with ultra-conservative Catholics.

for Roman Catholics to protect migrants and refugees.

With a centuries-old medicinal herb garden and pharmacy, and a library of more than 30,000 books, many relating to early medicine, the monastery represents knowledge and culture, says Roccasecca.

“For us, Trisulti is a special place, key to the cultural identity of the area,” she explains, sitting at the kitchen table where she bottles and preserves her chillies and jams, her favourite Jack Russell barking at her feet. “You have to respect the history of the place, you cannot give it to those who have the opposite ideology.”

The rebels’ goal is local — blocking Bannon’s personal European project from opening on the holy ground of the monastery — but they see themselves as foot soldiers in an ideological showdown that is playing out across the globe. “Trisulti is becoming the centre of the worldwide struggle against fascism and nationalism,” Roccasecca says. “We have already been poisoned by industry here, but this is another kind of poison, more subtle, more insidious.”

On a misty Saturday morning in March, with snow still on the mountain peaks, about 100 demonstrators gather to march on the monastery. It seems a woefully inadequate army to challenge the forces of global populism, as even the organisers acknowledge.

“This is David versus Goliath,” says Daniela Bianchi, a regional councillor who works for a bank in Frosinone, the nearest large town. “We are just ordinary men and women against lobbies and powerful interests.”

HANNAH ROBERTS

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Martin Zielke (left) of Commerzbank and Christian Sewing of Deutsche Bank © FT montage / Getty

How the dream of creating a German banking champion died Commerzbank’s signature drink ‘Apfelsecco’ remained in the fridge as Deutsche Bank’s CEO ended talks over breakfast OLAF STORBECK, STEPHEN MORRIS, ARASH MASSOUDI AND DAVID CROW

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aul Achleitner was in his element at Davos this year.

As usual, the affable Deutsche Bank chairman roamed the corridors of the Grandhotel Belvedere and pop-up bars on the Swiss ski resort’s main Promenade, exchanging gossip and sounding out deals. But this January he had a special mission.

After working behind the scenes for months to persuade politicians and shareholders of the merits of a merger with local rival Commerzbank, he was now touting the benefits of a deal more openly, according to several people who met the grandee of German finance at the World Economic Forum.

His hard work paid off. With widespread support for exploratory talks now secured, he only had to wait. Within days his chief executive Christian Sewing received a call from Martin Zielke, his counterpart at Commerzbank, who said it was time to hammer out a deal to unite Germany’s two biggest banks.

The conversation started a threemonth saga that gripped the financial world. The long-touted combination would have created a banking juggernaut and given a jolt to Europe’s fraying and fragmented banking sector.

The combined entity would have commanded €1.8tn of assets, 141,000 staff and 30m German clients. Deutsche’s humbled investment bank would have cut its soaring funding costs, which were pricing it out of deals by more muscular Wall Street rivals.

A merger would have helped draw a line under a gruesome seven years for both banks, blemished by scandals, regulatory probes and poorly executed management changes that undermined Germany’s financial centre.

For Mr Achleitner, one of Deutsche’s strongest internal advocates for a deal, the merger was a chance at personal redemption, after a torrid time in charge. The upper echelons of Commerzbank were similarly keen, as they were about to abandon yet another set of middling financial targets.

However, the Deutsche chairman realised his dreams of doing a historic deal to transform Germany’s banking industry were dashed when Mr Sewing consulted him in the middle of last week about his fears that such a move could backfire.

By the next morning the deal was dead, leaving both banks scrambling to find convincing plan B’s.

The FT has spoken to more than a

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dozen people involved to understand how a deal that had seemed inevitable ended in failure.

A ‘duty’ to step in By the end of 2018 Germany’s finance minister Olaf Scholz and his deputy — the ex-Goldman Sachs banker Jörg Kukies — had decided they could no longer wait on the sidelines. They owned 15 per cent of Commerzbank after a 2009 bailout.

Deutsche’s share price had tumbled to record lows, confronted by a series of humiliations. These included a police raid on its headquarters, the revelation that it had cleared $150bn of suspicious Russia-linked money for Danske Bank’s Estonian unit and questions from the US Congress about its links to President Donald Trump.

The market’s nervousness echoed late-2016 when rumours of a potential $14bn US fine rocked Deutsche, before it eventually settled for half that.

“Back in 2016, we were wetting our pants and Deutsche’s stock was at €13 — now it was [almost] half that,” said one government official close to the merger discussions, adding they now felt a “duty” to step in and push the two banks to start talks.

Promising chemistry Mr Sewing and Mr Zielke knew each other well, having crossed paths in the summer of 2016, when the two sides briefly looked at a tie-up.

The two Germans have a “genuine personal chemistry” rooted in their similar backgrounds, those closest to them said. Both were apprentices at Deutsche Bank and have since spent long spells working for homegrown companies.

Since taking over as CEO a year ago, Mr Sewing repeated ad nauseam his desire to “get our house in order” before considering a deal.

His approach was undermined by a steady stream of leaks about potential talks and a steep fourthquarter loss.

By late February, the Deutsche boss asked his board’s permission to open a back channel to Commerzbank. That leaked too, piling pressure on Deutsche to act.

Six sleepless weeks Formal discussions were announced at midday on a Sunday in March. About 20 due-diligence groups were created to examine issues from retail banking synergies to corporate client overlap, tax questions, accounting implications and capital needs.

The FT reported internal calculations showing that Deutsche might need to raise up to €10bn in capital and fire 30,000 people to make a deal work. Implacable unions mobilised @Businessdayng

street protests and lobbied politicians in Berlin.

Paranoid about leaks, Deutsche limited its team to a tight-knit group led by Mr Sewing. The bank was represented by chief financial officer James von Moltke, general counsel Florian Drinhausen, head of corporate M&A James Ruane, head of strategy Alex von zur Mühlen and chief operating officer Frank “the tank” Kuhnke — so-named for his “robust” communication style.

The six-foot-seven Mr von zur Mühlen — a close confidant of Mr Sewing — “was the guy that really held it all together,” according to one person involved.

On Commerzbank’s side Mr Zielke was backed up by CFO Stephan Engels, head of strategy Jörg Hessenmüller, general counsel Günter Hugger and Carsten Schmitt, an investment banker.

The teams met at a variety of Frankfurt venues from their respective skyscraper headquarters to the offices of their lawyers and advisers.

Rothschild’s offices — easy walking distance for both one block south of the city’s stock exchange — was a favourite site.

Mr Sewing and Mr Zielke also held one-to-one meetings on Sundays to escape the constant interruptions of underlings.

The fact that negotiating teams spent six weeks locked in talks shows how serious they were about the deal, according to one executive involved.

“If it had been a slam-dunk, black and white thing, we would have come to a conclusion some weeks ago,” the executive said. “It was very transparent and collaborative.”

However, the talks ran into a number of obstacles. One roadblock emerged over how much access Commerzbank — and one of its main advisers, Goldman Sachs — would have to see the inner workings at Deutsche’s investment bank.

Deutsche worried its Wall Street rival would use its privileged position to gain a competitive advantage, said a person directly involved.

Managers justified their blocking tactics by saying “we would be buying Commerzbank and it is clear which investment bank we are keeping; we are just going to shut 100 per cent of their operations”, the person said.

The endgame

By April 24 it was clear talks were faltering. Mr Sewing barely left his office on that Wednesday — his 49th birthday — poring over arcane spreadsheets of merger maths and debating with his inner circle. He turned for advice to the deal’s grandfather, Mr Achleitner, who had so far stayed neutral on the outcome of the talks.

Friday 03 May 2019

BUSINESS DAY

47

POLITICS & POLICY

INEC to meet on Okorocha’s Certificate of Returns Iniobong Iwok

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he Independent National Electoral Commission (INEC) has said that it would meet next week to deliberate on the latest letter writing by incumbent Governor of Imo State, Rochas Okorocha, while a decision could also be taken whether to issue him certificate of returns.

Okorocha was the candidate of the ruling All Progressives Congress (APC) in the February 23 Presidential and National Assembly for Imo West senatorial seat.

The commission withheld his certificate of returns after the Presiding Officer had declared him winner of the election.

INEC claimed the declaration was made under

duress.

But in an interview with BusinessDay, Thursday, Festus Okoye, INEC commissioner for information and voter education, stated that though both parties were in court on the issue, the commission’s chairman would meet with commissioners to deliberate on the issue and know the next line of action.

“INEC chairman would meet next week with Commissioners to deliberate on the latest letter written by Okorocha and take a look at the issue again. Both parties are in court, but the INEC chairman is outside the country and most of the commissioners are on duty,” Okoye said.

The INEC Commissioner further stated that the commissioner was not concerned about comment at-

Rochas Okorocha

tributed to the governor on the issue, stressing that it will, however, not take action that is outside the law.

Boko Haram terrorists do not earn more than Nigerian soldiers - Army Stella Enenche, Abuja

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he Nigerian Army has said Boko Haram terrorists do not earn more than soldiers who are engaged in counter insurgency operations in the North east.

It would be recalled that a member of the Nigeria’s Presidential Committee on the North East Initiative (PCNI), Sidi Mohammed, had alleged that Boko Haram members earn as much as $3,000 daily, as against the Nigerian soldier who is paid N1,000 only.

However, the Acting Director Army Public Relations, Sagir Musa in a statement on Wednesday, said the allegation is “not true, pure lie and highly irresponsible comment coming from a

supposedly knowledgeable person of his calibre.”

The Colonel said, it was “Criminal and preposterous to compare the gallant soldiers of our Armed Forces with the rag tag terrorists’ criminal gang. Indeed, there is no such basis at all between the outlawed criminal terrorists who commit crime against humanity and our highly patriotic, courageous and brave soldiers whose sacrifice cannot be quantified.

“Over time, we have been alerting the world that the menace of Boko Haram terrorism is being aided and abetted by sympathizers, such as Doctor Sidi Ali Mohammed. He must have been associated with the terrorists’ group beyond what he may want the public to know for

having the knowledge of how much a terrorist earns per day to commit atrocities against fellow Nigerians and other innocent people including women and children.

“His statement could be part of the deliberate attempt to demoralise the patriotic soldiers serving their fatherland so that the terrorists will take advantage of it. It is also a way of swaying the gullible youths to believe the lies of Boko Haram terrorists as being peddled by him.

“Therefore, we are calling on all Nigerians to discountenance the statement credited to Doctor Sidi Ali Mohammed; while we take necessary steps to formally report him to the appropriate authorities to further substantiate these unfounded allegations.”

“The case is in court but we believe what we are doing is in accordance with the law. We would not act out-

side the law,” Okoye added.

Governor Okorocha who is completing his second term in office later this month, had insisted recently that going by laws governing elections in the country, INEC had no right not to issue him a Certificate of Return.

He added that if there were issues with an election after the announcement of a winner, the Election Petitions Tribunal would resolve them.

According to him, “Section 285(1) of the 1999 Constitution states that ‘There shall be established for the Federation one or more election tribunals to be known as the National Assembly Elections Tribunal which shall, to the exclusion of any court or tribunal, have original jurisdiction to hear

and determine petitions as to whether (a) any person has been validly elected as a member of the National Assembly.

Section 133 of the Electoral Act 2010 (as amended) provides that ‘No election and return at an election under this Act shall be questioned in a manner other than by a petition complaining of an undue election or an undue return presented to the competent tribunal or court in accordance with the provisions of the constitution or of this Act, and in which the person elected or returned is joined as a party.’

“Where then did INEC derive the power to withhold a certificate of return after a winner in an election had been announced?” Okorocha said.

Atiku hails appointment of Nigerian, Kaycee Madu, as minister in Canada ...Says it’s proof of value of Nigerians Innocent Odoh, Abuja

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ormer Vice President and Presidential candidate o f t h e Pe o p l e’s Democratic Party (PDP) in the last election, Atiku Abubakar has hailed the appointment of Kaycee Madu, a Niger ian, who was first elected as a Member of Parliament in Alberta, Canada, and has subsequently been appointed Minister for Municipal Affairs.

Atiku in a statement he personally signed and made available to Busi-

n e s s D a y t h ro u g h h i s Media Adviser, Paul Ibe, noted that for Nigerians to prosper in Nigeria, and around the world, has always been the cornerstone of his vision, the “Atiku Plan.”

“Upward mobility and local and international successes, of the type displayed by Mr. Madu, go a long way in changing the international narrative of Nigeria, which, in recent years, has suffered some challenges.

“Even more importantly, we must highlight the role education played in preparing Mr. Madu for

the spotlight. As I have said previously, education is the single investment that yields the biggest dividend. I should know, I have put my money where my mouth is.

“The more Nigeria invests in education, the more our people will become beacons of light, both locally and internationally.

“Today I celebrate Mr. Madu’s achievements. I am proud of you and will do all within my power to ensure that many Ahmadus, Gbengas and Emekas, follow in your footsteps,” Atiku added.

Jukun/Tiv crisis: Group rejects composition of peace committee by Taraba government Nathaniel Gbaoron, Jalingo

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he Wukari Local G overnment branch of the Tiv Cultural and Social Association (TCSA), Taraba State on Wednesday rejected what they described as a one-sided peace committee in resolving the Jukun/Tiv crisis in the area.

This is contained in a press statement issued in Jalingo and signed by the As-

sociation’s Chairman, Paul Igo and Secretary, Anthony Shembee.

The association in the statement condemned the senseless killings and destructions occasioned by the Jukun/Tiv crisis which largely affected the Tiv people of Taraba and faulted the non-inclusion Tiv people of Taraba in the peace committee.

“We commend the move by the government of Taraba www.businessday.ng

and Benue in constituting a peace and reconciliation committee that would bring lasting solutions to this lingering crisis.

“In as much as we commend the initiative to constitute a peace committee, we reject in its entirety the noninclusion of a Tiv person from Wukari LGA of Taraba State in the committee.

“We want to place it on record that Kente where the crisis started is in Taraba

State and the public should note that Ikyaior, GborGbor, Iorlumun Nege, Ioryina Tor-Musa and Tar-Orshi among other communities that were burnt down in the crisis by Jukun youths are all in Taraba State.”

They noted that the noninclusion of the Tiv people of Taraba State in the committee was a deliberate move by some actors to sell a wrong narrative to the public that the crisis is between the

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Jukun of Taraba and the Tiv of Benue.

The association, which said they viewed the noninclusion of the Tiv people from Wukari LGA into the committee as an oversight on the side of the government of Taraba State called for a review of the committee.

The statement further noted that allowing the committee to stand will not produce the desired result of restoring peace and tranquility in @Businessdayng

the area.

“Lack of social justice is the main reason for the agelong Jukun/Tiv conflagration and for lasting peace to be achieved justice must be allowed a chance and the truth be given priority.

“So, for the committee to have any meaningful impact, it’s composition should first be seen as carrying along all the critical stakeholders on both sides of the divides,” the statement read.

BUSINESS DAY

news you can trust I Friday 03 MAY 2019

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Opinion Lessons in ageing

Solidarity forever!

THE NEW WEALTH OF NATIONS

Obadiah Mailafia

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ast Wednesday 1 May was Labour Day. I have great esteem for working people. Every day, as early as 7.00 am, as I saunter out of my shower to grab a cup of tea, I often see across the distant horizon that labourers in the building sites are already at work.

As early as 5.00 am millions are huddled in buses heading for work in our cities and towns. As the rainy season returns, throughout the wide expanses of the primeval savannah and forests, you will find peasant farmers busy at work with their wives and families from dawn to dusk. I grew up in a village and I have an idea of how gruelling and back-breaking farm work can be.

Like most young undergraduates of my time at university, I had a romance with Marxism. But mine was rather brief. In the Samaru campus of Ahmadu Bello University of those days, the communist cells used to meet on Sunday mornings. Perhaps it was deliberate to ensure that anyone who held strong Christian beliefs would technically be excluded. But that was not what did it for me. A thesis was once being debated about “the inescapability and necessity of violence as the only means of successful revolution”. Marx and Fanon were the cited authorities. I had the audacity to articulate a

nonviolent counter-motion, on the authority of Mahatma Gandhi and Martin Luther King Jr. If I recall correctly, Muazzam and Raufu ordered for me to be thrown out immediately! I did not leave Marxism; rather, Marxism left me.

Over the years, I have realised that Marxists have only falsely claimed monopoly over the right to speak for working people.

My social consciousness owes not only to Marx but also to a long line of social thinkers and activists such as theologian Walter Rauschenbusch; the Japanese Christian social worker Toyohiko Kagawa; the Harvard social psychiatrist Robert Coles; and Nobel laureates Amartya Sen and Joseph Stiglitz.

Mine is a humble family origin. I know what suffering is. And I know what poverty is. Something always pricks at my conscience when I drive by in my air-conditioned car while watching the unwashed masses baking in the blistering African sun.

Writing this article on May Day provokes me to think more deeply about the human condition of the poor in our country today.

The statistics are now familiar: 88 million destitute poor; 22 million unemployed youths; and 13 million children out of school. But the figures do not tell the whole story. Nigerians are probably the most traumatised people in the world today. We have the dubious prize of being not only the kidnap capital of the world but also the poverty heartland of planet earth. India has 70 million poor while we have 88 million.

But you can better place it in perspective when you realise that India’s 70 million poor are out of a total population of 1.3 billion (18 percent), as against Nigeria’s 88 million out of 200 million, which amounts to 45 percent. In the northern part of our country, the situation is dire. The percent of the poor

hovers around the 70 percentage mark.

Added to it is a murderous insurgency which has taken its toll on entire communities. There is also the challenge of rural banditry in such places as Zamfara, Birnin Gwari and the vast expanses of the ancient Savannah of my birth in the Middle Belt. Today, a silent genocide is ongoing in Kajuru in Southern Kaduna.

A little-reported incident during Easter was of strange gunmen who opened fire on a Boys Brigade group in Gombe, killing 10 and injuring over a dozen more. It led to serious tension in a normally peaceful state. As a patron of Boys Brigade, I felt the pain deeply. A few years ago, a madman driving a truck in Barkin Ladi, Plateau State, rammed into a team of marching Boys Brigade; killing 18 of them and injuring many more. Such deliberate acts of carnage motivated by hatred and wickedness have become a part of the moral fabric of our benighted country. In most parts of the Middle Belt, militia herdsmen have gone gung-ho on a killing spree, with no one to stop them.

There are more than 3 million of our people huddled up in ramshackle IDPs. Social capital that was built over centuries has been destroyed, not to talk of livelihoods and the spiritual moorings that hold communities together. Hunger, disease and unemployment have become the grim Continues on page 35

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)

Entertainment, health and the livewell initiative HumanAngle

Femi olugbile

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ivewell International (LWI) is a not-for-profit organization that has been around for several years now.

It was founded by Mrs. Bisi Bright – a Pharmacist widely known as a bundle of energy and an irrepressible fountain of new ideas. Countless government officials and CEOs of corporate organizations are familiar with her in-your-face lobbying and cajoling, designed to get everyone involved in some health project or other – a health screening, some action on HIV or hepatitis.

Once a year, Livewell International hosts its marquee event -the Grand Health Bazaar (GHB). It is a three-day gala at which people from the private sector mix and mingle with government officials and university students as they listen to presentations from invited speakers and follow the conversation of panelists holding forth on a wide selection of subjects. For each year there is an overarching theme, and there is a main topic for each day’s discussion. The speaker could be from oil and gas, or from some bank or pharmaceutical manufacturer. It always tracks back to health – of employee or executive or society at large, or, as is most usual, for all of them at once. The connections she makes and the variety of interest groups she routinely assembles at these ‘Grand Health

Bazaars’ set a tone that affirms that health is the business of everybody.

GBH2019- this year’s installment of the GBH took place last week. The overall theme was ‘Sustainable Development Goals as a Catalyst for Enhanced Corporate Sustainability’.

For the opening day, the discussion was on ‘Entertainment as an ingredient for Good Health and Wellbeing’.

A number of celebrities had been invited to join the audience.

Bisi Bright had badgered you into accepting to be Chairman for the day.

Soon after proceedings took off, it was time for the Chairman’s opening remarks.

It would warm the audience to the work at hand if you opened up the subject in all its richness, you decided.

Entertainment, you explained, was really communication, created and delivered with the use of creative talent. The human being was a social, gregarious animal who was able to create entertainment, as well as consume and appreciate it.

Entertainment could take the form of music, or drama. It could be comedy. It could be art. It could be poetry, or prose.

With regard to the connection with health, the linkages were legion. Music and drama, as well as art, were now recognized tools of therapy in mental health care.

Entertainment of the appropriate sort could help productivity at work, as well as general wellbeing. Even in the harshness of war, the value of entertainment was recognized in boosting morale, hence the practice in the best armies of sending singers and dancers to entertain troops at the war front.

But it was not a one-way street.

There were health and other dangers deriving from unguided, unregulated

entertainment. You asked the audience to search their own minds for what could be the health-consequences on the youth of Nigeria of mouthing and imitating the contents of the lyrics Olamide’s popular song on ‘chemistry’.

Taiwo Ajayi-Lycett- one of the invited stars wanted to get some thoughts off her mind.

She was the grand old lady of the Nigerian stage and film. Was she really seventy-nine years old, you wondered, yet again? With her distinctive accent, her voice sounded imperious.

The crowd of mostly young men and women applauded, star-struck, as she reached the lectern.

Entertainment was communication, she averred, firmly. It pained her that Nigeria – her country was in such a bad way, politically and culturally. Art and artists – all ‘creatives’, had a responsibility for portraying culture and values which people seldom talked about. In her view, there was too much focus on ‘celebrity’. She was miffed by the air these young people put on. Broadcasters called themselves ‘On Air Personalities’- ‘OAP’s.

For goodness sake what was wrong with ‘Broadcaster’- a title many great Nigerians – the Mike Enahoros, the Julie Cokers, the Nkenna Ndagubas had carried with great pride in the past?

There was only a thin line between selfconfidence and arrogance.

Since celebrity status automatically made people into influencers, for good or for ill, those in the spotlight needed to realize that it was their duty to help to mend the broken values of the nation. She saw no evidence Continues on page 35

Femi Olugbile is a Writer and Psychiatrist.

Comments to synthesiz@gmail.com’

Tales from the main road

Eugenia Abu

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geing has become a thing these days because millennials seem to be in a world of their own where parents and older relatives are often excluded. As the world spins on its axis, we see the most amazing elder abuse going on. Either the elders are attacked by miscreants for money or they are attacked by their own children who demand the keys to cars or property and manhandle their own parents if they do not get money or property papers which they then sell for easy money. What can we put this down to? Drugs, meanness…? In between all of these are those children who do not visit, do not care and act as if their aged parents do not exist.

Something terrible has happened to our humanity and it is getting younger. These are signs that everyone must invest in their old age. Save enough for a care giver, for health checks, get a medical insurance. Save for a cook, a house help, a driver. Also be careful while you are at it when you do finally have to hire, it pays to do itmost discerningly. These days, helps have been known to attack, steal from or kill their bosses. Who lives with you, no matter the age matters but who lives with you or works with you as you grow older is even more critical. Because you are no longer as energetic and your memory not so keen, they try to take advantage. The sad truth is that today’s children are not anything like we were, very few are incapable of caring for their elderly relatives and very few still are interested in doing so. We looked after our parents till God called them. Effectively managing their emotions, health challenges and all those things related to ageing including but not limited to memory loss, Alzheimer’s and accidents involving fractures.

When I retired from public service two years ago, I was still quite young at 55 and took off to Malta to visit the United Nations Ageing Institute. It was a combination of curiosity, adventure and knowledge seeking. I was interested in how we aged, what diseases were lurking and what one needs to do to stay healthy. I discovered that unfortunately Nigeria is one of the few countries in the world without an ageing policy. Depressing. With so many pensioners and the aged, it is tragic. Ageing policies are critical for data and statistics, for planning and for provision for the ageing. Not having one is simply saying the ageing demographic does not matter and in Nigeria they constitute about 8.7 million of the population and that is a significant number. In a lot of other countries with a smaller ageing population, senior citizens are given special privileges, like percentage off bus rides, hotels and educational opportunities. Some supermarkets apply certain discounts for them. Here not only are they denied the early payment of their due monies, they are often ignored and in their own families suffer discrimination.

My research about how Nigeria ended up without a policy will amaze you. The stake holding ministries of labour and health could not come to an agreement about who to lead the initiative in spite of an international funding to support it. It has stalled for many years and as at the time I attended the policy training in Malta two years ago, there has been no motion on the matter.

I learnt at the Ageing institute that it is good if one can provide the facilities and support care needed for the aged to age in place. In other words, in their homes, where they have familiarity. But this is not always easy as we work away from our parents and we have no choice but to bring them Continues on page 35

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

Contact. abu_eugenia@yahoo.com

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