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news you can trust I **friDAY 04 may 2018 I vol. 15, no 47 I N300

Sell

$-N 360.00 363.00 £-N 496 .00 506.00 €-N 435.00 445.00

FMDQ Close Foreign Exchange Market

Spot $/N

I&E FX Window 360.46 CBN Official Rate 305.70

5 Years

0.83 11.63

-0.28 10.97

0.00% 12.95%

20 Years

0.09% 13.04%

0.00% 12.92%

BD INVESTIGATIVE SERIES

Despite FG’s claim of defeating Boko Haram, farming activities remain low

ISAAC ANYAOGU & DIPO OLADEHINDE

Continues on page 34

10 Years

Forte Oil may struggle to find buyers for power assets worth N15bn orte Oil Plc which announced plans to sell its power and upstream business in Nigeria and divest from Ghana to focus on its core fuel distribution operation in Nigeria, could raise about N15bn ($42 million) from the sale of the power assets, Business-Day calculations show but investors may not be beating a path to its door soon. According to figures from its

fgn bonds

Treasury Bills

CALEB OJEWALE

he return to productivity in farming which represented the bulk of economic activities in most North-eastern Continues on page 4

L-R: Olakunle Alake, director, NASCON Allied Industries plc/GMD, Dangote Industries Limited; Halim Aliko-Dangote, director, NASCON Allied Industries plc; Paul Farrer, managing director, NASCON Allied Industries plc; ‘Yemisi Ayeni, chairperson, NASCON Allied Industries plc, and Fatima Aliko-Dangote, executive director, commercial, NASCON Allied Industries plc, at the 2017 annual general meeting of NASCON Allied Industries plc in Lagos, yesterday.

MTN Nigeria’s Q1 2018 revenue up 14.4%, led by data … IPO progress being made, due to conclude in 2018

CBN’s $2.5bn swap deal with China seen M boosting trade, easing FX volatility

Endurance Okafor

TN Nigeria continued with the positive momentum of 2017, thereby increasing service rev-

HOPE MOSES-ASHIKE, Lagos & Onyinye Nwachukwu, Abuja

ressure on dollar demand to fund transactions by importers will now reduce and the bilateral trade between Nigeria and China is expected to further rise following the execution of $2.5 billion (N900 billion) currency swap agreement by the Central Bank of Nigeria (CBN) and the Peoples Bank of China (PBoC). The Governor of the CBN,

Godwin Emefiele, led CBN officials while PBoC Governor, Yi Gang, led the Chinese team at the official signing ceremony in Beijing, China, a culmination of over two years of painstaking negotiations by both Central Banks. The currency swap, which simply means an agreement to exchange currency between two foreign parties, will make it easier for most Nigerian manufacturers, especially small and medium enterprises (SMEs) and cottage industries in manufacturing and export businesses

to import raw materials, spareparts and simple machinery to undertake their businesses by taking advantage of available RMB liquidity from Nigerian banks without being exposed to the difficulties of seeking other scarce foreign currencies. The deal, which is purely an exchange of currencies, will also make it easier for Chinese manufacturers seeking to buy raw materials from Nigeria to obtain enough Naira from banks in China to pay for their imports from Nigeria.

Indeed, the deal will protect Nigerian business people from the harsh effects of third currency fluctuations. The transaction, which is valued at Renminbi (RMB) 16 billion, is aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses thereby reducing the difficulties encountered in the search for third currencies. Analysts in the financial Continues on page 4

Continues on page 34

Inside Chef ZARA MUSTAPHA Redefining the way we eat

Nigeria get N720m advance World Cup prize money

2 BUSINESS DAY NEWS

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Passenger demand accelerates in March … as load factor sets another record IFEOMA OKEKE

nternational Air Transport Association (IATA) announced global passenger traffic results for March 2018, showing that demand (measured in revenue passenger kilometres, or RPKs) rose 9.5 percent, compared with the same month a year ago, the fastest pace in 12 months. Capacity (available seat kilometres, or ASKs) grew 6.4 percent and load factor climbed 2.3 percentage points to 82.4 percent, which set a record for the month, following on the record set in February. All regions except for the Middle East posted record load factors. “Demand for air travel remains strong, supported by the comparatively healthy economic backdrop and business confidence levels. But rising cost inputs—particularly fuel prices—suggest that any demand boosts from lower fares will moderate going into the second quarter,” Alexandre de Juniac, IATA’s director-general/ CEO, said March international passenger demand rose 10.6 percent compared with March 2017, which was up from 7.4 percent year-over-year growth

recorded in February. All regions showed strong increases. Total capacity climbed 6.6 percent, and load factor improved 2.9 percentage points to 81.5 percent. African airlines continued to enjoy very strong demand as well, with traffic up 11.2 percent compared with March 2017, which was more than twice the five-year average pace of 4.8 percent. Airlines here are seeing healthy growth on routes to/from Europe and Asia, while the region’s two largest economies—Nigeria and South Africa—continue to improve. Capacity climbed 6.7 percent, and load factor strengthened 2.9 percentage points to 71 percent. Domestic demand rose 7.8 percent in March, which was a slight deceleration from 8.2 percent growth recorded in February, driven primarily by developments in the US market. Domestic capacity climbed 6.2 percent, and load factor lifted 1.3 percentage points to 84 percent. Asia-Pacific airlines’ traffic soared 11.6 percent in March, compared with the year-ago period. Passenger traffic is continuing to trend upwards, supported by strong regional economic growth and ongoing expansion in the number of airport-pair options for travel-

lers. Capacity increased 8.2 percent, and load factor rose 2.5 percentage points to 80.9 percent. European carriers saw March traffic climb 9.8% over March 2017, up from 6.9% annual growth in February. Business confidence in the most-open countries in the region has been hit by trade tensions in recent months, but economic conditions remain broadly supportive. As with Asia-Pacific region, demand is also being stimulated by increases in the number of nonstop airport-pairs. March capacity rose 6.4% and load factor was up 2.6 percentage points to 84.6%, highest among regions. Middle East carriers’ traffic jumped 10.7% in March, much improved from the 4.1% yearover-year increase recorded in February. This reflects healthy growth in the market between the Middle East and Asia. Demand also shows signs of stabilisation on Middle East to North America routes, following the disruption caused in the first half of 2017 by the nowlifted ban on large portable electronic devices, as well as a wider impact stemming from the proposed travel restrictions to the US. Capacity increased 4.3%, and load factor jumped 4.4 percentage points to 76.7%.

Friday 04 May 2018

BUSINESS DAY

4 BUSINESS DAY NEWS

PenCom deploys infrastructure to unlock growth in micro pensions ... as industry assets hit N7.8trn ... releases draft guidelines on micro pension Modestus Anaesoronye & Joshua Bassey in Uyo

he National Pension Commission (PenCom) says it has intensified investment in infrastructure to enable the industry unlock growth potentials in the micro pension scheme. Consequently, it has released the draft guidelines for micro pension scheme for public inputs, expected to herald a new era in the Contributory Pension Scheme in Nigeria. Aisha Dahir-Umar, acting director general of the PenCom made the disclosure at a oneday workshop for insurance and finance journalists organised

by the Commission held in Uyo, Akwa Ibom State. Dahir-Umar, represented by Mohammed Sani, secretary and legal adviser to the Commission said PenCom was intensifying efforts at ensuring the provision of necessary infrastructure for the launching of the Micro Pension Scheme in line with the Commission’s strategic objective of expanding coverage of the CPS to the under-served sectors. She stated that this is a major kernel of the strategy for expanding coverage of the Contributory Pension Scheme, while informing that the guidelines for the scheme are being finalized preparatory to the commencement of the scheme.” She said the pension industry

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has continued to make progress as pension assets as at 28th February 2018 rose to N7.779 trillion. “This represents an increase of N270 billion up from the value of N7.52 trillion as at 31st December, 2017. This increase is attributed to new contributions received, interest/coupon from fixed income securities and net realised/ unrealised gains on equities and mutual fund investments.” She also said that the number of contributors had grown by 390,000 as it increased from7.50 million as at 31st March, 2017 to 7.89 million as at 31st December, 2017 and then to 7.90 million as at 28th February, 2018. On the Pension Enhancement Programme recently approved by

the Federal Government, she stated that Pension Fund Administrators (PFAs) have commenced the enhancement of pensions of all retirees under Programmed Withdrawal with effect from December 2017. “The implementation of the pension enhancement is one of the significant milestones attained since the commencement of the CPS. It confirms that the CPS has workable internal mechanisms to respond to legitimate demands of retirees as they seek a reasonable retirement income. She stated further that the Commission intends to sustain this periodic review exercise in line with relevant provisions of the law.

NIPC, partners release template for profiling investment projects ahead Direct Investors’ Summit ENDURANCE OKAFOR

Yewande Sadiku, executive secretary/CEO, NIPC.

he Nigerian Investment Promotion Commission (NIPC) in collaboration with the United Nations Industrial Development Organisation (UNIDO), Greenwich Trust Limited, NASD OTC Securities Exchange and Asoko Insight Limited, has developed a template for profiling investment opportunities in Nigeria. According to an NIPC pubContinues on page 34

Despite FG’s claim of defeating Boko Haram... Continued from page 1

Herbert Wigwe, GMD/CEO, Access Bank plc (l), with Tony Okpanachi, md/ceo, Development Bank of Nigeria plc, during a courtesy visit by the GMD of Access to DBN headquarters in Abuja. Pic by Tunde Adeniyi

CBN’s $2.5bn swap deal with China seen boosting Continued from page 1

services sector unanimously agreed on Thursday that the development will enhance and reduce volatility in naira dollar exchange rate and boost bilateral trade between Nigeria and China. “This will further increase trade between China and Nigeria”, Johnson Chukwu, managing director/CEO, Cowry Asset Management limited told BusinessDay by phone. Although Chukwu was concerned that the trade between the two countries is not balanced, he said Nigeria will enjoy some form of credit, adding that it has to be unwound. China’s bilateral trade with Nigeria rose by more than 30 percent to $12.3 billion in 2017. The two countries established

formal diplomatic relations in February 1971. Among other benefits, the agreement will provide Naira liquidity to Chinese businesses and provide RMB liquidity to Nigerian businesses respectively, thereby improving the speed, convenience and volume of transactions between the two countries. It will also assist both countries in their foreign exchange reserves management, enhance financial stability and promote broader economic cooperation between the two countries. Ayodeji Ebo, managing director, Afrinvest Securities limited said with the currency swap, it would be easier for importers to fund their transactions rather than demand for dollar to fund same.

“Pressure on dollar will reduce, it will help facilitate trade, improve relationship with China and boost businesses”, Ebo said. Nigeria added the Yuan as part of its foreign reserve in 2011 and agreed a swap deal with Industrial and Commercial Bank of China limited (ICBC), the world’s biggest lender in 2016. Local traders told Reuters on Thursday said demand pressure was piling up on the currency market as some companies were repatriating dividends following the end of the earnings season coupled with importers buying foreign goods to resell at home. A statement signed by Isaac Okorafor, acting director, corporate communication, said with the transaction, Nigeria becomes the third African country to have such an agreement in place with the PBoC.

states, remains shrouded in a cloud of uncertainty as displaced farmers are not adequately empowered to return to their lands in resuming production, while fear and despair also hangs over many residents. Nigeria’s war against Boko Haram insurgents which according to the Federal Government has been technicallydefeated,stillseestensofthousands of displaced farmers seeking refugeinInternallyDisplacedPersons (IDP) camps, unable to return to their land owing to insecurity. Worse still, sources informed BusinessDay during a trip to Borno and Yobe states, that many returnees to areas said to have been liberated, are left handicapped as they lack inputs and tools to till the land. “It will take at least two and half years for proper farming to start in Borno,” said a Civilian Joint Task Force (CJTF) commander in Maiduguri, on the condition of anonymity, from his experiences in working with other security agencies to curtail the insurgency, “15 kilometres from Maiduguri, nobodycanstaythere,exceptforKano road. If people cannot move with military escort, they can’t go the farm. “Even two days ago, 25 kilometres from Maiduguri in Damboa axis was attacked,” he told BusinessDay correspondent. Showing pictures on his phone where they had to clear out terrorists from a farm, he said, “How can the owner of that kind of land come to the farm?” “If there is opportunity, people will farm,” he added. Abdulkadir Jidda, chairman, All Farmers Association of Nigeria, Borno State Chapter, gave further perspectives, explaining that; since 2011 till date, there has been no serious farming activity anywhere (in Borno). Even in areas we say are fairly secure, they are not all that secure in the real sense of it. This is because the villages are not that secure, it is not easy to go there and all our farmers in the bush are

already down. At a time, residents from 17 out of 27 local governments in the state were relocated to Maiduguri (as insurgents had overrun their homes). “From here up to the North, East, to Baga, to the borders with Niger, Chad, and Cameroun, all these are no-go areas for anybody, let alone farmers who have to spend the whole day on the farm,” Jidda said. In Yobe, the situation is said to be better than Borno, but still, there is fear. Buni Yadi in Gujba Local Government Area, reputed to be one of the most viable agricultural areas in the statewas overrun by Boko Haram insurgents at some point, and residents had to flee, but some have now returned. Muhammad Lawan, a farmer in Buni Yadi, who told the BusinessDay correspondent they do not feel so much fear like before, however, also noted that “before, we had like 50 villages ahead of us but they no longer exist. The residents there were all farmers, but they are presently not there because of insecurity.” Ali Modu, another farmer in Buni Yadi, also told BusinessDay “since we came back, it was last year I started to farm due to insecurity and fear. I used to get up to 100 bags of produce before the crisis, but last year, I only got 10 bags in all. “Here, there is peace of mind but surrounding villages have fear in farming especially eastwards, there are places where farming cannot even be practiced,” Modu said. Apart from insecurity, it has also been suggested that many returnees are not provided with inputs or implements to start working on their farms again. Jidda, AFAN chairman in Borno, also said “What has me pained really is that the concern shown to farmers in our area is not adequate. Because, by this time, I was expecting the government should be conceiving and designing some arrangements to get farmers work under whatever conditions.” •Continues online at www.businessdayonline.com

Friday 04 May 2018

BUSINESS DAY

6 BUSINESS DAY NEWS

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Nigerian students beat off competition World Press Freedom Day: Stakeholders to win Spirit of Innovation challenge advocate better welfare for journalists KELECHI EWUZIE

folabi Williams, team leader, Olubusiyi Famobiwo, Menashi Mordi and Osagumwenro Naaman Ugbo, members of Team Neon from Whitesands School, Lagos, have emerged as the 2018 Power Pitch Winner of the Smoke-Free World category of the Conrad FoundationSpiritofInnovationchallenge summit held at the Kennedy Space Centre, Visitor Complex, Florida, USA. The four junior school students made it to the fourth round and final stage of the competition, the only representatives from Nigeria and Africa that participated in the finals. They pitched their idea on a Virtual Farm project, which falls under the category for Smoke-Free World. The Conrad Challenge is an international and multi-phase innovation competition focusing on five areas: Aerospace Aviation, Cyber Technology and Security, Energy and Environment, Health and Nutrition, and recently, Smoke-Free World. The Conrad Foundation’s Spirit of Innovation Challenge (SOIC) presents high school students with a very broad challenge: create an innovative product that provides solution to a real-world problem such that someone can pay for it, by applying principles in science,

technology, engineering and mathematics (STEM). Students were not just asked to complete a science project: they were required to conduct a research to determine their creation’s potential market impact and develop a full business plan. This annual competition challenges teams to use science, technology, engineering and math innovation, as well as entrepreneurship, to create a more sustainable world for today and the future generations. The global decline of smoking have many positive health impacts, but also brought negative economic consequences to tobacco farmers, many of whom are in developing nations. Students were invited to design 21st Century solutions to farmland that is currently used for tobacco production, especially in African countries. Established in 2008, the Conrad Foundation honours the legacy of Apollo 12 astronaut, Charles “Pete” Conrad, and his four decade passion for innovation and entrepreneurship. The students received the Good Citizen Award in the same summit and were accompanied to the summit by their coach, Matthew Omotoso, the junior school ICT teacher at Whitesands. GTBank covered the cost of the trip for the boys and the coach.

SEYI JOHN SALAU

he need for better welfare package for journalists, especially during election monitoring and reportage, has again been brought to the fore as the world celebrates the World Press Freedom Day 2018, with the theme ‘Keeping Power in Check: Media, Justice and the Rule of Law. The event was organised by the United States Consulate in Lagos to celebrate Nigerian media professionals and proffer a way forward for better reportage in the country. May 3, every year is a date set aside in celebration of the fundamental principles of the press, to evaluate press freedom around the world in defense of the media from attacks on its independence and to pay tribute to journalists who have lost their lives in the exercise of their profession. John Bray, US Consul General in a statement, said, “Nigeria plays a vital role on the world stage, and as the largest economy in sub-Saharan Africa, Nigeria’s stability is crucial to the security and economic prosperity of the rest of the continent.” According to Bray, democratic societies are not infallible but they are accountable, and the exchange of ideas is the

foundation for accountable governance. “Peaceful and credible elections are essential to Nigeria’s continued economic, political, and social development so I am interested in your discussion today on media and the transparency of the 2019 election,” he said. Bray however urged the media to be unbiased in their reportage to shape and safeguard public discourse. “When people don’t have the facts, they make them up and that creates unstable environments, rife with rumours, gossip and lies. And you, as journalists, make sure this doesn’t happen, by providing information, researching, conducting interviews, and then educating the electorate,” he said. Chidi Odinkalu, ex-chairman, National Human Rights Commission, said there was need for data journalism in election reportage in Nigeria to help the media present the facts as they were. Speaking on ‘Media and Transparency of 2019 Election,’ he opined that politicians were depriving the Independent Electoral Commission (INEC) of funds needed for successful and conclusive elections in 2019, as he urged the media to consider share-cost approach for election monitoring.

Friday 04 May 2018

Japan’s economic integration to boost Africa’s investment prospects MIKE OCHONMA

he Japanese government has confirmed its support for renewed efforts across Africa towards greater economic integration. Hiroshige Seko, the Japanese minister for economy, trade and industry, says the move will increase the continent’s “market value” and improve prospects for investment by Japanese companies. Speaking at the inaugural Japan-Africa Public Private Economic Forum in Johannesburg on Thursday, Seko praised the recent signing of the African Continental Free Trade Agreement (AfCFTA) and said further regional integration would make the continent more inviting for Japanese investors. The Japanese government, he said, recognised the potential for Africa to become the new “frontier for global economic growth,” owing to its youthful and growing population and abundant

natural resources. The forum has been convened as a follow up to a commitment made by Prime Minister Shinzo Abe in Kenya, in 2016, when he indicated that executives from Japan’s major business associations and corporations would visit Africa once every three years in an effort to expand trade and investment relations. Addressing the Sixth Tokyo International Conference on African Development in Nairobi, Abe also pledged that Japan would invest $30-billion into Africa during the three-year period from 2016 to 2018. The forum, Seko indicated, was designed to improve prospects for greater trade and investment by allowing African and Japanese business people to meet and network. The Johannesburg forum attracted participants from 42 African countries, including 28 Ministers of State. It also included representative from around 100 Japanese and 400 African companies.

Friday 04 May 2018

BUSINESS DAY

8 BUSINESS DAY NEWS Obaseki advocates non-punitive tax regime for local companies

do State governor, Godwin Obaseki, has made a strong case for more incentives for local companies, including a non-punitive tax regime to encourage more investments and boost the nation’s economic growth. Obaseki made the case while playing host to the management team of Guinness Nigeria, led by the chairman, Babatunde Savage, who paid a courtesy visit to the governor at the Government House in Benin City, the state capital. According to Obaseki, local investors who choose to contribute to the economic growth of the country must be encouraged with a tax regime that will serve as an incentive for their businesses. He said the state government would continue to encourage local investors, noting, “Such measure will attract other investors to locate their businesses in the state.” He emphasised, “Without strong local investors, we cannot attract international investors,” and assured that he would take the campaign for a nonpunitive tax regime to the Federal Government to at-

tract more companies that would create jobs for the nation’s teeming unemployed youths. He commended Guinness for expanding its investment in the state with the unveiling of the company’s new product, Royal Kingdom Premium Lager Beer, noting that it was the beer for Edo people. He lauded the company for complementing the drive by the state government to create employment opportunities, “We commend Guinness for the direct and indirect jobs it has continued to create in the state. Local companies like Guinness have continued to contribute to the overall development of the state.” Earlier, Savage, chairman of Guinness, expressed his company’s appreciation to the governor for supporting their operations in the state, noting, “Through the support of the state government, the company has been able to expand its business in the state. “The company’s new product : Royal Kingdom Premium Lager Beer, has its materials sourced locally. This was a deliberate choice to empower people in the state.”

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Eko Atlantic City ready October 2019 JOSHUA BASSEY

he phase six of the Eko Atlantic mixed development, Nigeria’s premium smart city rising out of Atlantic Ocean waterfront in Victoria Island, Lagos, will be ready by October 2019. Babatunde Adejare, Lagos State commissioner for waterfront, infrastructure development, who disclosed this, Thursday, while speaking with journalists, said the flagship project designed to stand on 10 million square metres of land reclaimed from the ocean had six phases of implementation. According to Adejare, the phase one and two have already been completed with roads, potable water, fibre optics and advanced telecommunication facilities and over 10,000 trees planted within the city in recognition of the Lagos State government initiative to plant one million tress in the state. ‘’The new city emerging will change the aesthetic of the coastline and real estate market,” he added. Adejare said work was progressing on the construction of nine jetties with shelter and shoreline protection and channelisation of four new ferry routes as part of efforts to boost

water transportation in line with the multi-modal transport policy across the state. According to Adejare, the projects, upon completion, will transform water transportation and thereby contribute to the vision of the present administration to reduce pressure on road infrastructure. He said other jetties under construction include VIP Chalet, Badagry; Apa Waterfront, Baiyeku Waterfront, Offin Waterfront, Isalu-Ajido, Badagry; Liado Waterfront, AmuwoOdofin; Ilashe-Ojo Waterfront, Ito Omu Waterfront, Epe, and Takwa Island. “The jetties, which are at various stages of completion ranging from 90 percent to 6 percent, essentially involves the construction of modern concrete jetties with shelter and shoreline protection across the riverine areas of the state. “The work done and ongoing include construction of reinforced concrete jetty supported by 24 number of concrete piles, hydraulic sand filling to be paved using 60mm paving stone, chrome handrail with canopy over the jetty, fenced waiting area, street light, waiting shelter with concrete seats, toilets for male and female, soak-away, among others.”

Friday 04 May 2018

Ireland lauds Obaseki’s reintegration plan for Libya returnees, offers training package

mpressed by the Edo State government’s holistic plan for receiving and reintegrating Libya returnees, Sean Hoy, Ireland ambassador to Nigeria, has expressed his country’s readiness to collaborate with the state in training the returnees on technical and vocational skills to become self reliant and employers of labour. The envoy disclosed this when he led a delegation of Irish diplomats on a courtesy visit to the Edo State governor, Godwin Obaseki, at the Government House in Benin City, Edo State. He commended the efforts of the governor at curbing illegal migration and human trafficking, noting, “Providing the youths with means through which they can acquire skills is a significant step in curbing illegal migration, modernday slavery and human trafficking. “We have identified ways we can assist the state in training these youths. We are in talks with the National Agency for the Prohibition of Trafficking

in Persons (NAPTIP) on the training of returnees. We want the returnees in Edo State to benefit from the programme. “It is important for us to show love and empathy to the returnees and assist them to acquire skills which will provide them with opportunities to seek gainful employment.” In his response, Governor Obaseki said the state government had a comprehensive work plan with clear strategies for curbing illegal migration, which include providing youths with technical and vocational skills. He said his administration was partnering with the EU to empower the youths, and commended the Irish government for offering to support the state in empowering the youths. The governor told his guests that statistics gotten from about 3,082 returnees of Edo State origin showed that 77 per cent were males; 79 per cent of the returnees sponsored themselves for the journey; while 81 per cent of them embarked on illegal migration voluntarily.

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BUSINESS DAY

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On being our brother’s keeper II EUGENIA ABU

ast week we looked at the complications of the world, some of the major causes of how we are all now struggling to stay afloat, from internet to parenting and peer pressure. If a good friend of mine has 2,000 followers, I am going to become fairly upset and pressured as well as feeling intimidated. So I am going to try and spike my figures by doing something bizarrely insane to get past her to may be 2,200 to prove a point. This is millennial kingdom where narcissism with a healthy dose of self-entitlement is going on. This is also where capitalism and commercialization take over from humanity. Big companies encourage people to shoot a colleague, bite off an ear, attempt suicide, steal for the buzz, be a drug dealer online and say so publicly for followers. Number of followers determines your popularity and this ultimately leads to advertising on your platform.

There are too many online millionaires and not all of them are healthy. Some thrive on dirt, others thrive on sleaze and others thrive on hurting other people to get along. Some types of reality TV is hurting us all. It’s okay to sleep with each other like dogs on heat on live Television; it’s okay to learn to destroy, backbite and destroy another’s self-esteem; it’s okay to confess your infidelity, it’s all okay. Not only is it just entertainment but it’s all about big money for those on the show, for television executives and also for the networks. The advertisers get tax rebates and their products get a spike in sales and popularity. Everybody wins big except the vulnerable persons in society, the impressionable kid, the already depressed guy or woman, ordinary folks. It is from some of these programs that we feel like we have achieved nothing, we begin to think of crooked new ways to make money and the winner takes all in the games do not help the other participants who have lost. The race to take over our minds has only just begun. How does a culturally oriented society deal with this dog eat dog mentality which is considered in other circles as big business? Exactly what have the winners done to earn all these money. The

Being a burden-bearer is not easy, being a caregiver is hard and our psychologists and psychiatrists are struggling with so many patients. We do not have enough of them. About one million persons to one psychiatrist as statistics go. Staggering! reward for sleeping with each other? But then that is a story for another day. What shall we do to keep an eye on each other, to reduce depression, to help each other, to reduce sadness and reduce violence and suicide?Blasé as it may sound, talking, listening, getting psychological and psychiatric care, managing anxiety disorders and taking them seriously among friends and family is key. The other day, I met a young lady who had everything going for her, a great job, a good family and good looks. At the hotel lobby, she seemed out of sorts and all I said was are you alright? She began to wail uncontrollably at the side lobby where I took her. All was not well. She was anxiety-ridden and felt she had disappointed her family by not doing well at her Masters course and her office had spent a lot of money. She

was practically falling apart. But I could tell she had deeper issues that needed attention so I asked her to seek the help of a counsellor. I do not live in Lagos so I made some recommendations and I have been in touch with her. Being a burden-bearer is not easy, being a caregiver is hard and our psychologists and psychiatrists are struggling with so many patients. We do not have enough of them. About one million persons to one psychiatrist as statistics go. Staggering! Talking to a family member who has issues can go a long way, listening is such an important tool. Of course you cannot go around listening to everyone’s problem, you cannot even do so, even if you wanted to, it is humanly impossible. But you can address a family member today who seems to be struggling and listen and talk them out of their hole or refer them to a counsellor. We used to think counselling was for white people only. This is not true. That mentally ill person you see on the street could have been rescued if he/she got help on time. Remember no one is immune from mental health issues. It can happen to anyone. I congratulate Dr. Maymunah Kadiri, my friend and sister who is doing such an incredible job on mental health issues from movies to newspaper columns (The Guardian and other papers) and Gloria Ogun-

dipe who is also active in the Punch Newspapers in a weekly Sunday column called Mental Health issues. I salute all my friends who are psychiatrists or Psychologists and all their colleagues. It is not easy. Everyone should benefit from their knowledge and experience. Valuable and eye-opening. I read in the papers two weeks ago that a young 25-year-old Nigerian man committed suicide on account of the European league and a bet. He lost the bet and had to give out his motorcycle to the winner of the bet as agreed. That was the source of his livelihood. Before long, the sadness of losing the bet and his source of income overwhelmed him and he took his own life. We all know that there might have been deeper issues and perhaps he was already on the fringe of a mental breakdown. Let us keep our eyes and ears open to assist another. Be our brother’s keeper, for the death of one diminishes us all and a healthy society is for our collective benefit. Enough said. N.B: I would like to hear from you. Please send emails to an alternative email: abu_eugenia@ yahoo.com) The symbol between my name and surname is underscore. I look forward to your mails.

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Brainstorming vs. brainwriting: Why most organizations are turning to brainwriting

WITH

‘UJU ONWUZULIKE

Uju Onwuzulike is Nigeria’s leading authority on Systems Thinking and Strategic Management. He was a Steve Haines trained strategy and systems thinking expert and a former global partner of Haines Centre for Strategic Management, California, USA. He is the founder and Chief Results Officer of MCL – a strategy and outstanding performance specialist firm. He can be reached on 09091142093 or uju.onwuzulike@mclgroup.net.

t is a candid fact that creative ideas are what keep organizations thriving even in turbulent times. It is also what helps organizations in innovating better ways of scaling up their businesses. So it would not be out of place to agree that creative ideas rule organizations. In order to be on top of your organizational game, CEOs and senior management should concern themselves with: “how can they encourage everyone to come up with the creative ideas or develop the creative capability required to solve organizational challenges, innovate new ways of delivering values, achieving results and above all, satisfying the customers”? So, day by day CEOs and senior management are burdened by having to be constantly on the lookout for creative and innovative ideas that can transform their organizations and lead to better performances against competitors. And one of the usual ways CEOs and boards would want their people to come up with “these creative and innovative ideas” is usually through brain-

storming sessions. This is why going for an offsite to brainstorm has usually been seen as something inevitable in most organizations and thus has been seen as an avenue to come up with better ideas and ways of transforming one’s business. But, does brainstorming that most organizations spend so much resources putting together deliver the desired results? My answer is no, brainstorming indeed, does not get better ideas out of your people and also does not improve their creative capabilities. Here is why: Let’s take a case of a bank that has identified one of their regions as the worst performing and non profitable. The CEO of that bank feels that the region in question has all it takes to be a performing region, so being deeply concerned with the poor performance called for a brainstorming sessions with the people in that region. Now on the D-Day, either the CEO or the line Executive Director (ED) with some senior manage-

ment welcomes the people and then kick starts the brainstorming session. The biggest challenge is that no matter how the CEO or the line ED encouraged people to be free and come up with creative ideas that can turn around the non performing region; you would find that most people would still be held back. So, because many people are held back, the regional manager and few other key staff in that region take centre stage, and end up dominating the discussions – thereby preventing others from coming up with their relevant ideas. At the end, the whole exercise becomes more of the same. Now, why did most people hold themselves back from contributing their own ideas? They were not comfortable speaking, they felt ideas from people with authority count more; they thought that personality is more important than the ideas themselves, and then the band wagon effect (I have to acquiesce in what my manager says, I don’t want to incur his or her wrath). So after spending days brainstorming, the overly dominating people in that region would have their voices heard, while the usually quiet and introverted people’s voices are suppressed and their ideas (that might even turn things around) not communicated. And this is why research has shown that in an average brainstorming session; only 20% of voices are heard 60-70% of the times. How bad can it get? This is why brainstorming sessions do not get better ideas out

of your people. But the good news is that there is a better alternative and proven way of getting creative ideas out of your people – and it is called “Brainwriting”. How is “brainwriting ”a better alternative? Contrary to brainstorming where ideas are verbalised during discussions and not everyone is willing to come up with creative ideas especially the quiet and introverted people, but in Brainwriting, everyone is encouraged to write their creative ideas down anonymously first and foremost before any discussion. Now, looking at that the two, brainstorming involves verbalizing ideas, brainwriting entails writing down ideas individually – putting aside all judgment and practicality- that way everyone present in the traditional brainstorming gets a chance to write out something. Unlike brainstorming that usually has between 30 to 40% participation rate, in brainwriting the participation rate is almost 100% as everyone writes anonymously what they feel the issues are and what can be done from their own perspective – way before the discussion starts. Brainwriting is a method that aims to avoid the pitfalls of brainstorming as titles, personality, politics and other issues in offices today can be avoided and focus on the most important thing: quality ideas. Rather than ask participants to yell out ideas (as it is done in the

traditional brainstorming sessions), you ask them to write down their ideas (anonymously) about a particular question or problem being faced; then, you have each participant pass their ideas on to someone else, who reads the ideas and adds new ideas. This process repeats itself again based on the numbers of participants, numbers of creative ideas expected from each person and the time allocated. Now, when these ideas are collected, the next will be the discussion phase - based on what everyone has written. And because everyone was involved in writing down the ideas or would be solutions, they would also be glad to be involved in the discussion phase and eventually come up with what the organization can implement. This is awesome! Here in Brainwriting session, the general principle is that idea generation should exist separate from discussion. That way few people did not dominate the issues on ground and idea generation, everyone is given a chance. That way, the openly dominating people have been neutralized and the usually quiet and introverted people are energized. Feel free and let me know if you want to start applying brainwriting for your organization’s increased innovation, increased performance and transformation. I would be glad to help. All to your success!

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A silent agricultural revolution in Kaduna state SOJI APAMPA Olusoji Apampa is the CEO of The Convention on Business Integrity. Twitter: @sojapa E-mail: aviga@ cbinigeria.com

n 2016, around the time the Federal Ministry of Agriculture & Rural Development was ‘thinking aloud’ on whether or not to import grass (pasture) from Brazil, a team of Nigerian Experts had through research identified availability of Napier grass in East Africa, brought in some seedlings (£1,000 worth) for trial at the Ladduga Grazing Reserve, Kachai Local Government, Kaduna State. This took less than 90 days to establish and the Pastoralists did controlled trials to determine the efficacy. They kept 4 cows on current fodder and another 4 only on the new Napier grass. Those fed on Napier increased their milk yield from a low base of about 1L per day (single milking) to over 3L per day making an average increase of 2L per cow per day while there was no change on the ones on the current fodder. The Kaduna Government that year invested £200,000 setting up nurseries and making Napier seedlings available to some 80 communities. The initial Pastoralist

AMAKA ANAGOR-EWUZIE, CHUKA UROKO AND CHRIS AKOR “In whatever arena of life one may meet the challenge of courage, whatever may be the sacrifices he faces if he follows his conscience – the loss of his friends, his fortune, his contentment, even the esteem of his fellow men – each man must decide for himself the course he will follow.” John F. Kennedy. ver the years, Apapa, that hitherto calm, serene port city where both residents and export and import trading find meaning and flourished has turned into something unrecognisable: a decrepit wasteland where money is still being made but where virtually all infrastructure have been allowed by government to decay and collapse and where the environment has been degraded almost irredeemably by desperate merchants whose trucks and tank farms have overrun the city. Almost surreptitiously, Apapa, the city of aquatic splendour where expatriates, corporate executives, the elite and top government officials found home along its well laid out roads and avenues lined with flowers and ornamental trees and renowned for its exquisite night life and attracted residents from other parts of Lagos, became a metaphor for stress, suffering and suffocation, devoid of any charm and consequently avoided like leprosy by those who do not have

community assisted, in 2017, sold some N6m worth of seedlings (at about N20 per stem) and started a credit scheme for its members from the proceeds. Based on the increased milk yields, the women were trained to handle and process milk more hygienically using pasteurization and cottage yoghurt production as vehicle for attracting them to training. They were able to sell their new product for N600 per litre against the N100 they got for a litre of milk – the product now lasting 5 days instead of the 1-day shelf life their milk had previously. The new pasteurization technique taught use of the indirect heating method instead of boiling off the milk saving the women 20% by volume of milk. Inspired by this, the local experts encouraged the cooperative to consider establishing a rural milk processing plant and found them a social investor, Mobihive, to partner with their cooperative. The government, inspired by this development, has finally let the contract to fix the road from Ladduga Grazing Reserve to the highway. Contracts are being negotiated so the plant can start operations in the next 6-8 weeks. Today, Homestead Napier propagation is now a strategy of the Kaduna State government; other pastoralist communities now call Napier, “Ladduga Grass” and are buying it and the Federal Government has now included Napier homestead propagation in its own strategy too. Commercial farmers have seen the benefits (with one in

They were able to sell their new product for N600 per litre against the N100 they got for a litre of milk – the product now lasting 5 days instead of the 1-day shelf life their milk had previously Birnin Kudu reporting a 30% reduction in production costs) and have planted some 200Ha of the grass. Recently, a new player wanting to develop over 2,000Ha has emerged who will also pelletize and create silage so there is feed for pastoralists in the dry season. The women are particularly happy they can settle, and their children start attending school as a result of the development. Hon. Commissioner Balaraba Inuwa then of the Ministry of Rural & Community Development (MoRCD) KDSG wanted to reach thirty-three of the hardest to reach communities, grouped into 3 millennium villages under the Kaduna State Millennium Villages Project. The plan was to roll out some infrastructure to those communities. The Nigerian Experts had an opportunity to present to her some lessons learnt from their reflection sessions on rural development

and based on that, she agreed to start with economic empowerment for those communities rather than lead with infrastructure. The Experts had seen that where good seed was bundled with right inputs and knowhow on application and timing of use and other good agricultural practices, in maize production, the poor producers invariably moved from their low productivity of 0.7t/ Ha to a maximum of about 4.8t/Ha with the average being about 3t/Ha. This meant there could be a tripling of the incomes of the poor producers potentially. The State agreed to try with some 2,700 odd farmers. The State was going to provide these inputs as a grant and the Experts managed to convince MoRCD to convert this to a loan repayable from extra bags of grain produced through this intervention which the farmers agreed to. Based on the visible productivity increases, MoRCD was inspired to improve feeder roads in order to improve access to off-takers, schools, hospitals and water supply to those communities. Additionally, Community Development Associations (CDAs) were formed to manage each of the facilities provided so that the infrastructure provided by government could become community owned and managed through contributions made by the service users. The farmers had challenges with repayment (about 30% recovery) as MoRCD had designated warehouse locations too far for them to walk to deposit their grain rather than estab-

lishing a collection centre in each of the communities to aid loan recovery and those responsible for collection did not do a good job. Having said that, the Governor was still suitably impressed by the development that he ordered six more Millennium Villages to be added in a next round and the Hon. Commissioner was moved to Works and Housing (the largest portfolio) in a move that was read by all as a promotion. Further, she was invited to address the UN on her experiences, and the UN Millennium Villages project asked Kaduna State to request more assistance from them on the strength of this performance. In 2017, in a project funded by Oxfam Nigeria, the Experts investigated the possibility of including women in the value chains of the large food and beverage companies in Nigeria who are major off-takers of agricultural produce from poor producers. In the course of the research project they found that whilst extant literature touted 50% of food production in Nigeria as involving women, it did not sufficiently emphasize the fact that they are mostly in menial casual labour, post-harvest – earning as little as N1,000 a day for a period less than a couple of weeks in a 6-month cycle.

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Abbah: A profile of courage and leadership pressing need to go there. Going to Apapa became synonymous with ‘journeying to hell’. Many businesses died in the city and many more still lucky to remain alive, fled to saner places in Lagos. Equally, Many residents who had the means relocated, leaving behind empty homes for rats, rodents and ‘lucky maiguards’ who now enjoy the comfort of castles and mansions. But what has been the response of government: Hand-wringing and finger-pointing between the federal and state governments and among the various agencies of government. For years, officials of both the state and federal governments, who control billion of dollars in budget between themselves, have visited the place and promised several times to take action to reverse the rot and restore the beauty of Apapa; but those promises have amounted to nothing with the city deteriorating with each passing day. So bad did it get that even ministers and top officials of the state government complained privately to concerned individuals that the bedlam in Apapa has defied all solutions and may well remain so for the foreseeable future. Enter Rear Admiral SAG Abbah, the Flag Officer Commanding (FOC) Western Naval Command of the Nigerian Navy who was drafted in as a last resort, to attempt to restore order and manage the traffic and insecurity menace in Apapa and its environs. With no budget attached to the task but with only

Rear Admiral Sylvanus Agada Abbah

a rugged determination and excellent leadership and organisational skill, Rear Admiral Abbah, together with his men, in a short while, found the courage and the will to tackle the Apapa traffic helping to restore sanity and ensuring that other road users aside truck drivers have easy and quick access into Apapa. The logic he used was simple: The tankers and trailers were made to use only one lane of the road leading to and coming out of Apapa freeing the other lane for other motorists. What seemed like an impossible task had been accomplished in so short a time drawing praise from different stakeholders including the Apapa GRA Resident Association (AGRA), businesses and port users. Even the trailers and trucks saw a change in fortune as the new order improved the turnaround time of trucks and trailers coming to pick cargo at the ports. The improved traffic situation and order also helped to reduce the demurrage and storage

charges importers and manufacturers pay to shipping companies and terminal operators for delay. With sanity restored, Admiral Abbah quickly withdrew his men to the barracks and handed over the task of sustaining the status quo to the police, LASTMA and other traffic management agencies in the true spirit of Military Aid to Civil Authorities, which does not allow sustained military presence on the streets. However, hardly had the Naval personnel gone than the old order returned with a vengeance. Tankers and trailers again took over the entire road making Apapa inaccessible once again. But the nuisance value isn’t restricted to the just blocking the road alone. The drivers and their motor boys used any available drain or space on these roads as toilets and places to wash and dump refuse. The hapless residents, workers and commuters, had to resort once more to bikes or Okada’s who also constituted a greater nuisance, to go into and out of Apapa. This necessitated the return of Admiral Abbah and his boys to the roads. This time, there is unanimity among stakeholders that the Naval personnel should remain in charge of the roads for the foreseeable future. Born Sylvanus Agada Abbah in Orido-Otukpa, Ogbadibo local government area of Benue state, Admiral Abbah enrolled at the National Defence Academy on July 5, 1982 at course 32RC and was commissioned into the Nigerian

Navy on July 5 1985. He attended several military courses in Nigeria and Germany and held several positions including Director of Lgostics, Director of Naval Intelligence, Director of Administration, Nigerian Navy Headquarters, Navy Secretary and currently the Flag Officer Commanding (FOC) Western Naval Command. Rear Admiral Abbah has distinguished himself in all the positions he held in the Navy winning awards and decorations such as the Forces Service Star (FSS), Meritorious Service Star (MSS), Distinguished Service Star (DSS) and General Service Star (GSS). While congratulating Admiral Abbah for the great work he and his men are doing in Apapa, we wish to remind him that the reward for good work is more work. It will be difficult to sustain the sanity on the Ijora axis of the road leading to Apapa without also finding a solution to intractable problem of the Mile 2 axis. Admiral Abbah has to reach into his military books of tactics to find an innovative way of clearing the entire stretch of the road of trailers and trucks. There will be problems; individuals and groups that have benefitted from the old order will constantly look for ways to sabotage the progress made in returning order and serenity to Apapa. But Admiral Abbah must remain strong and committed to the task of restoring sanity to Apapa even in the face of government neglect and with little or no resources.

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Frank Aigbogun EDITOR-IN-CHIEF Prof. Onwuchekwa Jemie EDITOR Anthony Osae-Brown DEPUTY EDITORS John Osadolor, Abuja Bill Okonedo NEWS EDITOR Patrick Atuanya EXECUTIVE DIRECTOR, SALES AND MARKETING Kola Garuba EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha EXECUTIVE DIRECTOR, DIGITAL SERVICES Oghenevwoke Ighure ADVERT MANAGER Adeola Ajewole MANAGER, SYSTEMS & CONTROL Emeka Ifeanyi HEAD OF SALES, CONFERENCES Rerhe Idonije SUBSCRIPTIONS MANAGER Patrick Ijegbai CIRCULATION MANAGER John Okpaire GM, BUSINESS DEVELOPMENT (North)

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Friday 04 May 2018

More than the ban on codeine syrups

ll it took was one feature on the BBC World Service to make officials of the Federal Ministry of Health react in knee-jerk fashion with a policy directive with consequences on businesses, employees, citizens and a whole sector. The response was without due process as there was no consultation with stakeholders nor provision of recourse of any kind to persons that it would affect. It harked back sadly to the days of “with immediate effect”. The Federal Government declared on May 1 a ban on the manufacture and marketing of cough syrups containing codeine. This followed an increase in the intensity of the abuse of the syrup by young people. It got to an epidemic proportion in Kano. However, Nigeria requires much more than a ban on one line of opiates to tackle the evolving drug abuse challenge. Many issues deserve attention on the matter of youth drug abuse in Nigeria. They demand careful consideration, planning and implementation of a plan that enables the country stand a chance of winning. Groups including Government are already working on the challenge. The Senate did

a study of the situation and is working on a Bill. The Federal Ministry of Health set up the Codeine Control and Other Related Matters Working Group. Given this setting, the knee-jerk response coming soon after a BBC documentary is worrisome. Youth around Nigeria abuse more than codeine. They abuse prescription and over-the-counter drugs. They drink codeine, Tramadol, Rohypnol and Lexotan. They sniff glue, gum and methylated spirits. They abuse various local substances, from petrol to faecal matter. Why is the incidence of youth drug abuse rising? Why more so in particular locales than others? Who are the stakeholders and what roles should they play to tackle this challenge? Who is coordinating? What, for instance, has the Government of Kano declared as its strategy for tackling this scourge? Today, the Federal Government has banned cough syrups containing codeine. Would it also ban the other drugs and substances that the young abuse in search of a high? What would be the effect of a ban on these medications for citizens who need them as part of a health regimen and who do not abuse them? Codeine is an opiate. Opiates are common in medications. Morphine and codeine are some

of the most common opiates. In effect, many painkillers contain opiates in varying proportions. In medicine and pharmacology, these natural opiates have many uses. Morphine goes beyond pain to application in abnormal or laboured breathing (dyspnea) while codeine is deployed to pain, diarrhoea, and irritable bowel syndrome in addition to use in cough medicines. What happens to codeine for uses other than in cough syrups? Then there is the matter of the enabling environment for business operations in the country. It does not resonate with planning and due process for government to wake up and just announce a ban that would seriously affect the operations of manufacturing enterprises. Nations plan these things, and give notice. The cough syrup with codeine is one of the lines of no fewer than 22 pharmaceutical manufacturing companies. The popular Benylin with codeine has been manufactured by a firm that has been in our country for more than 50 years. Government ought to have given a notice of at least one quarter to stop the sale and manufacture of the drugs whose abuse have now brought out their potency as opioids. The ban also raises a more fundamental question about drug use in Nigeria. Because of

the structure of the drug trade over the years, there is hardly any line between over-the-counter and prescription medicines. The norm across the world is to have a fairly rigid line when it concerns prescription medicines. In Nigeria, people just walk into a pharmacy, chemist shop or medicine store in the market and buy any and all drugs. The Federal Ministry of Health and the Pharmaceutical Council should go to the drawing board to fashion out new modalities and templates for drug distribution and use in the land. Even in neighbouring smaller countries on the West coast of Africa, they uphold the distinction and do not sell or buy drugs the same way as tomatoes. The call is on the Federal Ministry of Health to collaborate with sector stakeholders to devise preventive measures against drug abuse. One of those measures would be to adopt best practice standards in drug distribution and sale as applies across the world. The Federal Government and state governments should also work with sociologists, psychologists, doctors and therapists as well others in the health eco-system to tackle this growing challenge of drug abuse. We must borrow best practices from other jurisdictions to ensure we save our young from this problem.

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Friday 04 May 2018

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Ecommerce competition landscape shrinks as Konga, Yudala merge FRANK ELEANYA

s Zinox completes its game plan for its latest acquisition, Konga merging it with Yudala from May 1 - the competition landscape in Nigeria’s troubled ecommerce space shrinks further leaving only a few players. BusinessDay paid a visit to Konga.com on the eve of the merger, 30 April. Although the site has many items displayed for sale, a message was directing customers to sign up on a new site konga. com/newKonga. A customer representative on Yudala told BusinessDay that the merger was aimed at creating the “biggest organised retail and e-commerce/ marketplace outfit” in Africa. Customers making purchases on Yudala.com on the eve of the merger were allowed to do so. However, new and existing accounts on Yudala will be transferred to the new Konga platform. Zinox Group announced the merger in April 2018. “Combining forces to power the new Konga will enable us effectively achieve our goals of platform expansion and accelerated growth, as we embark on an ambitious journey to redefine the retail ecosystem with the industry’s most advanced technology,” Olusiji Ijogun, the newly appointed chairman of Konga said at the announcement. Some experts have seen the merger as confirmation that the ecommerce space

remains a hard nut to crack for investors and will take more than new monies to witness real growth. Till date, no ecommerce business in Nigeria has turned profitable. “In Nigeria, ecommerce is not a digital business,” Ndubuisi Ekekwe, a technology expert wrote in a recent blog post. “It is a traditional business because the highest element of its marginal cost is offline.” To make matters worse, the space has seen more significant exits that it has witnessed new investments. Efritin.com and OLX are the most recent casualties in the space. Reports have also emerged that investors in Jumia, the biggest ecommerce platform and Konga’ major rival, is seeking an exit through the Nigeria Stock Exchange. As if to confirm the reports, the company recently sold Jumia House, an arm of its

business to Propertypro. ng – formerly Tolet.com. ng. Jumia struggles became evident when in the first 9 months of 2017, it saw its losses widen to €80.7m ($99.1m), while revenues were just €57.3m ($70.4m). With the exit of Yudala from May 1, the ecommerce space will essentially be open for new competition. At the moment it is not clear who the dominant player will be. There is Payporte which has been bankrolling the popular reality TV show, Big Brother Naija and is reported to have generated a lot of revenue from the show. But sources close to the company have told BusinessDay that revenue from retail is not so impressive. Although Zinox Group is clearly planning to take over the number one spot in the competition landscape, it is not entirely clear whether it wants to continue with the old Konga model of retail

which let the company bleeding revenue or employ the more offline based strategy of Yudala. One strategy that could return with the merger is the payment-on-delivery (PoD) which was banned just days before the acquisition by Zinox Group. Gideon Ayogu, corporate communications manager for Zinox wrote in BusinessDay recently that the new Konga will leverage “the huge access to technology” it has at its disposal. “I like the merger between Yudala and Konga,” Collins Onuegbu, director at Lagos Angels Network told BusinessDay. “We need to have more of such deals happening as part of the support system for the tech ecosystem.” Onuegbu predicts that konga could adopt Yudala offline strategy. “I suspect you will have a retail chain with an online strategy.

Financing

Do I know you? INI AKPAN

eing a small business owner can be hard, it can indeed be excruciating, especially in Nigeria. You have a lot to contend with on a daily, hourly basis: competitors, inadequate capital, exorbitant bills and taxes, poor infrastructure. You already know the problems you encounter and I need not remind you. My intention is not for you to teeter on the edge of despair. But there is one problem all small businesses face, including yours that we will tackle today. It is akin to calling up your beautiful crush two hours after she gave you her phone number and hearing her say, “Sorry, do I know you?” Damn! That hurts! I know you are wondering what problem your business faces that could be causing you so much embarrassment and pain. Yes, I know. Your curiosity is at its peak. What if I told you that by reading this, you are literally gaining insight into what this problem is and how you can solve it? Here’s the thing. When you cold-call a prospective client, you may get either of three responses: No, never. No, later. Yes, let’s meet. If you get the third response every single time you cold-call, this article is not for you. If you get the first two responses frequently, let’s continue. Now, imagine that when you call again, the same person picks up the phone, listens to your brief introduction and says, “I’m sorry, I do not remember ever having a discussion with you. What exactly do you want?” These are the kind of responses that can dampen your entire week. But you know this

already, don’t you? How can you avoid these dismal scenarios? Let’s flip the coin. It’s a sweltering Wednesday afternoon and you just ‘jumped and passed’ a clash with a difficult client. Your phone rings and because you are nearest to it, you pick up. It’s my sonorous voice on the line cold-calling you. You feel the tension dissipate slowly from the soothing effect of my voice but you cling to the familiar wariness that shrouds you like a second skin whenever some stranger calls you. You are about to tell me you have no intention of buying when I say that I would like to send you some tips on Customer Retention for free. I assure you and request that you check out my website for my free eBook on Customer Retention and weekly updates on the same subject. Of course, you are a smart business owner so you agree to check my website. Three months later, I am facilitating training on Customer Retention for your five-man staff. What changed? It is most likely that I applied the same techniques I have used in this article to draw you in. It’s not jazz. It’s not hypnotism. It’s not seduction. Or maybe it is. It most certainly is copywriting. As a business owner, how can you leverage the tools of copywriting in reeling in clients and loyal customers? You will find out in my next story next week. Ini Akpan (also known as IniWrites) helps busy professionals author excellent books by providing editing, ghostwriting and consulting services.

What Diaspora entrepreneurs need to succeed in Nigeria STEPHEN ONYEKWELU

or Diaspora entrepreneurs, it is a little tricky transposing business ideas into profitably business enterprises in Arica and here is what you need to know to succeed, inspired by africajumpstart.com In a Podcast of how a Nigerian woman, Ijeoma who grew up in the United States of America failed pathetically with her business enterprise loads of lessons could be distilled. The Podcast was published on a platform owned by a Nigerian-American entrepreneur, Ifeoma Okparaeke, a member of Africa Business Academy, who recently returned to Nigeria. The story was one of financial loss, huge emotional struggle, and utter disappointment by someone who wanted to build something

in Africa. This was sad but not shocking. Most of the struggles of Ijeoma and others in a similar position are avoidable. Ijeoma’s story play up typical Diaspora mistakes and she did eventually recognise some of them on her own, acknowledging that it was not really Nigeria’s fault, but mostly her own. But sadly this was in retrospect and only after she had lost everything; including her precious energy and motivation, stating she had no desire to go back to Nigeria and that she would stay in the US. Here is a snippet of her story. Ijeoma left the U.S. in 2013. She followed a tip by her older sister in Nigeria that money was to be made selling Western clothing. She spent all her savings to buy stock, ship it to Nigeria, lease a property for one or two

years, work on the interior, organise a great opening party, and then started her boutique in Enugu, Nigeria. Two days later she received a notice out of the blue…two months later the building was demolished by bulldozers. Reason: There was a plan to widen the road. Ijeoma lost her life savings and her dream. And during

this time of desperation she felt she was also let down by her connections and acquaintances in Nigeria, forcing here to return to the USA. While Ijeoma recognised a few of her mistakes in retrospect it is important to know about some of the typical mistakes she made, so you are aware of them and avoid them.

Here are some typical mistakes and how to avoid them. Making emotional business decisions Ijeoma chose Nigeria, simply because it was home. But she did not really inform herself about the business climate and risks in her target market. As a result she overestimated opportunity and underestimated risk. She followed the advice given by her sister who lived in Nigeria and trusted that her sister would know since she was on the ground. Africa is a high risk market Yes, opportunity in Nigeria is absolutely huge. But fact is also that Nigeria is a high risk market. It falls under the category of high risk/high opportunity market and that increases your failure rate significantly as a new comer from abroad. Your industry of choice

might not be on a clear upward trend There are industries in each African market that are on a clear upward trajectory. So much so that you could basically jump on them and ride the trend. ‘The import of clothing’ is certainly not among that. While it can be lucrative, fact is that African governments are very busy cutting down on imports making them more difficult and expensive. Research your target group to understand their pain points Ijeoma just assumed that what she offered is what the market wanted, and how she offered it (boutique) is the way how the market wanted it. She dived in without understanding how her business model would meet the requirements of her local market and her ideal customer.

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Friday 04 May 2018

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INSIGHT

Is the Nigerian Off-Grid Sector at an Inflection Point?

n the 4th of April 2018, on a beautiful evening in the heart of Kaduna, a number of top personalities in the country braced the hot weather to witness the launch of a new Solar Plant and Training Academy. The Solar Plant is the brain child of Blue Camel Energy and the first of its kind not just in Kaduna state but all over the North. Similarly six weeks earlier, ASTEVEN Group also pulled an impressive crowd of policy makers and business people to the launch of it’s ASTEVEN Renewable Energy Academy and Centre of Excellence. The launch which opened the academy’s world class training center was “built primarily and structured in line to support rapid developing markets for renewable energy and energy efficient industry”. This has been heralded as a great win in the advancement and adoption of renewable energy solutions in the country with the potential to greatly boost the economy and improve youth employment in the country. Similarly, there is a sudden increase in investment portfolios for the Decentralized Renewable Energy (DRE) sector kicked off by the recent portfolio investments announced by ALLON; an impact investor into three DRE technology companies. The beneficiaries of the ALL-ON investments includes Green Village Electricity (GVE) reputed as the largest Mini-Grid provider in West Africa – with an equity and debt funding that enables GVE expand its Mini Grid solutions into the Niger Delta region. Other investments include Lumos Global BV, which received a debt facility to expand its Solar Home Systems (SHS) offering in the Niger Delta; and Cold Hubs – a Solar Powered Cold Storage Food facility who received a convertible debt facility to enable it expand its

solar-powered marketplace cold storage business in the Niger Delta as well. This investment amongst others, has sent a lots of positive signals that the Nigeria’s DRE sector is slowly coming of age. This is all coming on the heels of strong efforts by the Nigerian Rural Electrification Agency (REA) to address the huge electricity deficit across Nigeria through its Energizing Economies and it’s Mini Grid strategy as part of its multi-pronged approach to meet the needs of 96 million un-electrified Nigerians. The RE A’s Mini-Gird strategy came on the heels of the much heralded Action Learning Event which it cohosted with the World Bank and the Rocky Mountain Institute in December 2017 where the projected investment for the Mini-Grid sector was put at $9.2bn USD. This event was followed up by a three day Mini Grid design Charette hosted by the Rocky Mountain Institute and the REA with the goal of getting critical global and local stakeholders in the industry to create a roadmap to reduce the costs of mini-grid projects and services by over 60 percent, “by addressing items such as system costs, demand stimulation, and enabling policy”.

Some of the immediate benefits includes not just the growing confidence in DRE as a more viable and accessible option to grid based power; the benefits are also evident in the projections (and in some cases launch) of new Mini-Grid projects across the country. We also have companies emerging with innovative business and financing models that allow customers purchase systems on installmental, rental or PAYG with the ability to enable collections across different channels and platforms including bank cards and transfers. And Nigerian companies are expanding and diversifying in much more aggressive ways. With A-Steven group of companies launching in Sierra Leone on March 2nd, 2018 and expanding into Liberia and Ghana. We also have SOSAI Renewable Energy launching its new experience center in Kaduna on 6th April 2018, as a way to bridge the DRE knowledge gap and building an interactive feedback loop through virtual technologies. This experience center allows clients and customers get a first-hand view of products through the center’s solutions explorer screen and also provide training facilities for clients and employees of the company.

From investments; to new and evolving business models; to new and improved technologies and to world class training centers; it is clear that the DRE sector in Nigeria is on the rise. And with this rise comes several other energy dividends associated with energy access. It is no secret that Nigeria has a bulging youth population and for a couple years has battled high unemployment, amidst worsening security and increasing crime. The promise of DRE is tied directly to the ability of creating opportunities and hope for millions of Nigerians especially the youth. This is why the growing focus on training and skills development in the Decentralized Renewable Energy sector which is slowly gaining traction amongst industry players must be supported. However, all these giant strides will be in vain if the government fails to create the enabling environment for the DRE sector to strive. The imposition of a newly introduced 10% tariff on solar panels coming into the country is capable of undoing all the great strides been made in the DRE sector, and if not changed, it will put the Nigerian government on the wrong side of history. The impact on technology providers and users is

already proving to be quite grievous and potential for capital flight and investments in the sector is eminent. All-On estimates that so far millions of dollars’ worth of potential capital from a variety of local and international investors that would have come into the sector has been put on hold because of the uncertainty caused by this new development. It should be clear that Nigeria does not have the luxury of losing foreign investment of this magnitude especially as the country continues to recover from the recession of the past 3 years. At a recent DRE taskforce meeting, convened by Power For All in April 2018, a number of DRE companies lamented that they have their solar panels and other products stuck at the ports accumulating demurrage due to the fact that several of them were taken unaware of the reclassification of the Nigerian Customs HS Codes. The amount needed to clear these goods have become ridiculously high and for those with pipeline projects with orders on the way, the story is no different as it has affected all their financial modelling and cost recovery mechanisms on such projects. There is a clear and present danger in this new policy shift by the Nigerian government particularly at a time when efforts are geared at accelerating the DRE market ; increase DRE penetration and connections and expand the number of players in the market, that some of the smaller companies might be forced to re-organize their business operations. In addition to this, international private investors are now developing cold feet in investing in the DRE sector. But perhaps the most affected will be the millions of citizens in Nigeria that will still not have access to power because these DRE solutions will now be priced far above their reach.

A reoccurring conversation around development and socio-economic growth in Nigeria revolves around the prevalent energy poverty which limits productivity and amplifies the lack of opportunities especially for her burgeoning youth population. As a global campaign with country level focus, Power For All believes in the “fierce urgency of now” which requires that we address policy issues, as well every other aspect of the eco-system; by preparing Nigerians for the emerging DRE energy architecture and it’s opportunities. It is equally paramount that we address the human capital resources that can accelerate DRE penetration in Nigeria. There is a growing cottage of solar assembly plants springing up across the country that might eventually be the precursor to local manufacturing of DRE components including panels. There is also a growing DRE educated populace unwilling to wait for the grid or depend solely on it. There is however the need for government to complement these efforts by creating an enabling environment for supply to meet the growing demands for DRE technologies and solutions for today. With the current evolving energy paradigm shifting rapidly in favour of DRE solutions, it is not surprising that several companies in Nigeria are beginning to take advantage of local capacity needs to reduce their operating costs and create new markets for their organizations across the continent. Despite all of the recent progress which indicates a positive tipping point in the Nigeria DRE industry; there is certainly still a lot to be done. Nevertheless from the on-going activities highlighted previously, we can confidently assert that the ground work has started already. - Ifeoma Malo and Daramfon Bassey

Azuri Technologies Ranked 230th in Financial Times’ list of Europe’s fastest-growing companies

zuri Technologies has been ranked 230th in the FT 1000 – the complete list of Europe’s 1000 fastest growing companies, annually compiled

by the Financial Time. The ranking is based upon annual growth rate in revenue between 2013 and 2016 and those that make the list are considered to be at the forefront of European

business and innovation. Azuri ranked 230th on the list, having achieved a 603% revenue growth during the four-year period. Azuri was the only offgrid solar company listed

and the company’s growth can be attributed to the need for affordable, offgrid energy solutions in sub-Saharan Africa. This is a region where 600 million people lack access to reli-

able energy services and modern devices. A z u r i’s C E O, Si m o n Bransfield-Garth, comments: “Azuri continues to go from strength to strength and it’s great to

Isaac Anyaogu, Email: isaac.anyaogu@businessdayonline.com, 07037817378, Graphics: Joel Samson

be gaining recognition for our work. This year’s FT 1000 results show that innovative solutions can produce growth and make a real difference to the lives of millions.

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COMPANIES & MARKETS

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‘Technology is reinventing public relations practice in Nigeria’

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Co m pa n y n e w s a n a ly s i s a n d i n s i g h t

Shareholders commend Transcorp for industry leading role in improving access to electricity in Nigeria

agos, Nigeria – May 2, 2018 – Shareholders of Transnational Corporation of Nigeria Plc (Transcorp) strongly commended the Board and management for Transcorp’s impressive contribution to transforming the Nigerian power sector, through its power subsidiary, Transcorp Power. The commendations were received at the 12th Annual General Meeting of Transcorp, held on April 30th 2018, at Oriental Hotel, Victoria Island, Lagos. The shareholders were responding to Transcorp’s exceptional feat of increasing the available capacity of its power generation plant from 160MW, when acquired in 2013, to 701MW by November 2017, surpassing the demanding performance target of 670MW by August 2018, set for Transcorp by the Bureau for Public Enterprises in 2013. Through its consistent performance, Transcorp has led the power industry in delivering a sustained increase in available and generated capacity in Nigeria, consistently leading the power generation sector in Nigeria, in terms of capacity and with an impeccable health and safety record. Transcorp continues to be the backbone

for improved access to electricity across Nigeria, and this was emphasised by the National President, Association for the Advancement Rights Nigerian Shareholders, Dr. Faruk Umar, who expressed appreciation for the commendable performance of the company. Transcorp’s President/CEO, Adim Jibunoh, who thanked the shareholders for their continued support, informed them that beyond the company’s power sector strategy, Transcorp is aggressively pursuing the conclusion of its $100m upgrade of the Transcorp Hilton Abuja hotel, with a target of July 2018 for completion, while plans have been concluded for the development of Transcorp Hilton hotels in Lagos and Port Harcourt. Transcorp’s Chairman, Tony O. Elumelu, CON, promised shareholders that the Board is committed more than ever before to ensure that Transcorp will continue to touch and transform lives. The Chairman informed shareholders of the Board’s commitment towards developing the company’s oil and gas assets, as well as optimizing the huge gas deposit in OPL 281, by constructing a 40 km gas pipeline for dedicated gas supply to Transcorp’s

CFAO NIPEN plc announces N2bn revenue income MIKE OCHONMA

he Nigerian Ball-Point Pen Industries Plc. (NIPEN), a manufacturing subsidiary of CFAO Nigeria Plc. has announced a revenue income of N2 billion for its business operations in 2016. This was disclosed by Stephen Faderin, the chairman of NIPEN Plc board of directors, at the company’s 42nd Annual General Meeting (AGM) held in Lagos recently. According to Steve Faderin, the company generated N6.9 billion, which is N2 billion more than N4.9 billion achieved in the same period of the previous year. Whilst reviewing the company’s operational activities for the period ended December 31, 2016 to the teeming shareholders of the company, the board chairman said the year was indeed challenging. He added that the major focus of the management during the period was to keep the company’s production level steady and market share intact. Among other products from its

stable, NIPEN manufactures and distributes BiC ball point pens, cristal pens, premium pens, razors and plastic crates. Faderin said the performance of the company was impacted by the nation’s economic head winds which he said was “characterized by low crude oil prices, tight capital controls and high foreign exchange volatility.” According to him, the financial performance was modest although the net operating income reduced due to high cost of administration and general expenses based on foreign exchange translations. The chairman added also that “with respect to the major concern of keeping facilities, staff and market share intact through this period, we were successful overall.” He commended BiC, the company’s offshore partners for their immense support during these trying times which he said ensured minimal attrition to the company’s business. The company chairman also appealed to the government to create more opportunities for growing the manufacturing sector of the Nigerian economy.

Tony Elumelu, chairman, Transnational Corporation of Nigeria (Transcorp) Plc ( 2nd right); Adim Jibunoh, president/ CEO, (3rd right); Helen Iwuchukwu, company secretary (1st right) ; Stanley Lawson, directors, and Emmanuel Nnorom, at the 12th Annual General Meeting of the company held in Lagos.

power plant at Ughelli. This, he noted, is part of the energy valuechain optimization strategy of Transcorp, which was directed at creating the leading infrastruc-

ture player in Nigeria, playing the dominant role in bridging Nigeria’s infrastructure and power deficits. Mr Elumelu said, “Our corporate ambition is nothing

less than the transformation of Nigeria’s power sector, which in turn is the critical enabler of Nigeria’s broader economic transformation.”

Vodacom Nigeria commits to delivering innovative technological solutions to customers …scoops three accolades at Beacon of ICT Awards AMAKA ANAGOR-EWUZIE

odacom Business Nigeria has assured its customers of continuous delivering of high quality innovative technological solutions that will boost their businesses. The company, which was recently, honored with three major accolades at the Beacon of ICT (BoICT) Awards 2018, also promised to not relent in the provision of innovative technological solutions that will not only accelerate business growth and profitability, but also turn the business challenges of its customers into solutions. Speaking at the Award Ceremony, held in Lagos recently, Lanre Kolade, managing director of Vodacom Business Nigeria said that the awards were in an affirmation of company’s diligence and commitment to delivering the

highest quality enterprise-grade total communication solutions in the industry. According to Kolade, winning the three awards elicits two very distinct emotions and they include pride and humility. “Pride in the achievements of our dynamic and tenacious team over the years, and humility because we would be nowhere without our customers, who continue to trust us to meet their total communications needs and keep them connected 24/7,” he said. The awards include Enterprise Solutions Provider of the Year, which was conferred on the company consistently since 2013; Internet of Things (IoT) Focused Company, owing to its pioneering and visionary endeavors in this area in the past two years and Enterprise Broadband Services Provider of the year. The BoICT awards is a merit

based celebration organised by Nigeria CommunicationsWeek, Nigeria’s leading technology publication, which recognises outstanding contributions to the growth and development of ICT in Nigeria. In 2018 alone, over 2 million readers of Nigeria CommunicationsWeek voted in different categories and Vodacom emerged as the clear winner in the above mentioned three categories. Vodacom Business Nigeria, a subsidiary of the Vodacom Group, is a leading pan-African corporate connectivity and telecommunications provider to businesses in sectors like oil and gas, retail, banking, mining, distribution and tourism. Vodacom connects over 580 million people across more than 40 African countries with over 50 satellite transponders, 24 dedicated teleports and multiple sub-sea cable landing ports.

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‘Technology is reinventing public relations practice in Nigeria’ Ann-Melody Oluwakemi Areola currently SA (New Media) to Minister of Communications is the prime mover behind Vivacity Public Relations. After completion of her Electronic and Communications Engineering degree at London Metropolitan University, she went on to chart a new course and sort to experience the adventures and education a diverse work life could bring.

he started her modeling agency “Vivacity Models “In 2005 when she wasn’t contented with the treatment given to young ethnic models. The modeling agency was accompanied by a clothing store “Urban Vivacity” and both gave the young urban communities of the United Kingdom a glimmer of hope. The agency created jobs for over 500 models and clothing store kept everyone looking trendy. Kemi somehow found herself promoting and running events, presenting her own TV show on B sky B and a contributing writer for online and print publications as well as presenting on radio shows here and there. The media loved her and she loved the media, Kemi became the go-to person whenever anyone needed anything, from models to venues to car rentals to advertising space - You could always “Ask Kemi” it was time to monetize this interaction with the public and hence the birth of Vivacity PR. Vivacity PR is a Public Relations firm that has over the last 10yrs served a number of clients worldwide. Vivacity PR consults develops and implements effective Public Relations strategies. Vivacity PR’s services span over a wide range of areas, with specialization in Entertainment, Corporate

and Political PR. Over the years Vivacity PR has been involved in promoting many ground-breaking events, international artists, corporate firms and political aspirants. Currently, Areola is boosting her operational profile to ensure that her firm represents Nigeria in major cities of the world, including New York, London, Shanghai, considering that her firm has served a number of clients worldwide for the past 10 years with cautious effort to develop and implement effective public relations strategies. In this interview with Ifeoma Okeke, she speaks about public relations practice in Nigeria: the prospects and challenges. Do you think governm ent sh ould le g islate against social media? No. Freedom of speech is paramount but part of what I am working on and I would advice government to do is social media for good governance. What we are trying to do at ministry of communication is to educate Nigerians on the best use of social media. A lot of individuals are not aware of the benefits of social media. They are not aware of what you can achieve with a phone and a laptop. You can send messages on whatapp that could fetch you money than sending negative messages all the time. Until we are able to explain what people

Ann-Melody Oluwakemi Areola

can do with social media, people may not realise the power of the media. Today, I am the special adviser to the minister on social media. This is a job I got through my use of social media. I did not study social media, I did engineering but because I was constantly posting on social media, I became known for my skills in social media and now social media is making me money. That must not happen for everybody but there is a way you could use the huge human capital that

are using social media. Use your data and megabits to your advantage. We need to sensitise top level on the best use of social media; social media for job creation; social media can contribute to the Gross Domestic Product and I feel we are at that stage now when we need to use social media. What are the challenges of public relations in Nigeria? Public Relation is not totally understood in Nigeria. When I tell people that I am

a PR consultant, they just ask me what it is, ‘are you a PRO or a blogger?’ I am the interface between the brand and the public or the public and the brand. I feel we need to educate more people on what PR is and the benefits of PR. Public relations encompasses marketing, advertising but it is not limited to these, so it is more about brand development. It could include research and development. You also need to understand that it is a two way thing. We are listening as well as we are talking. We don’t just put our products out and not understand how the public feels. We need positive PR. Nigeria itself needs more positive PR. The PR at the moment drags people down and we are not so much focused on the positive. We are not looking inward for ways to create jobs. PR can play a great part in facilitating these things. What is the future of PR in Nigeria? Technology is currently creating ways to do things differently. It has its advantages and disadvantages. I think the future is bright and technology will impact the industry more in a positive way. Social media will enable the industry get messages out better and quicker. How can public relations firms focus on content creation and storytelling? Public relations firms in Nigeria still don’t understand their primary function. People see public relations

firms as an advertising agency. They don’t understand that content creation forms the bedrock of what they truly are. What we need is to create better understand of our role as PR experts. Content in PR firm is sometimes different from how you see it in advertising firms. We create a third person story and so the way the content is created is different. We need to look at the foundation across our institutions and address key issues. What I will also advocate for is more PR courses that experts can attend. I attended courses in my MBA programme and you can see that I am on the right line. How can budgets be made for PR campaign? Nigeria firms don’t make budget for public relations. The bulk of the work for PR is mental. It is for you to sit down and think of how to create an outside the box campaign or plan or content but we don’t respect intellectual property. If you don’t invest enough into that, you are not going to get what you deserve because you don’t understand the creativity that is behind a PR expert. People feel you can employ just anybody. They think it is not a difficult job. You need to hire someone, who has experience or outside the box thinking and those people don’t come cheap. If you are not investing into that, you may end up spending much more in solving problems.

According to Adeniyi, asides all the various medical services offered on the plan, customers would also be able to beat long queues, request an out of pocket reimbursement and access the 24/7 Customer Contact Centre. Under the new plan, customers can also select a payment option by either paying for a full year or half year

health cover and enjoy access to a growing list of over 30 hospitals nationwide. “AXA Mansard is renowned to be at the forefront of health improvement and the company has continued to make a difference in the lives of her customers through their other offerings in investment and pension administration in Nigeria”, Adeniyi added.

AXA Mansard Health launches new health plan

XA Mansard Health, one of the nation’s leading health care insurance company, and member of the AXA Mansard Group has launched a new health plan called “Easy Care health insurance plan” to help Nigerians access affordable and quality health plan. With the new Easy Care health insurance plan, sub-

scriber can with as low as N12,000, premium access various health care services which include, In and Out Patient Care, General and Specialist Consultation; XRays; Laboratory & Diagnostic Tests. Other health care benefits accessible to subscribers on the plan are NPI Immunizations; Prescribed Medicines and Drugs; Accidents

and Emergencies; Dental care; Evacuation of patients to the hospital; HIV/AIDS – to the Extent of Diagnosis and Treatment at Free Specialist Centres nationwide. Speaking on the newly introduced health plan, the Chief Executive Officer, AXA Mansard Health, Tope Adeniyi noted that, with this plan, customers will have access to hospitals in their

area of choice. “We are pleased to announce the launch of Easy Care health plan to our customers with the assurances of superior service delivery. Also, they have an additional opportunity of selecting the hospital of their choice from their dashboard on MyAXA Mobile app, where they can search for and book a hospital”.

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COMPANIES & MARKETS Hutchlam Services sensitises stakeholders on digital ready network HOPE MOSES-ASHIKE

utchlam Services Limited a foremost information and communications technology (ICT) solutions firm has partnered with Cisco to sensitise stakeholders on cost effectiveness in digitally ready network solutions. Addressing industr y players at the seminar, t h e ma na g i n g p a r t n e r, Hutchlam Services Limited, Mesahidu Elamah disclosed that the company’s decision to host key industry stakeholders is to ensure that they understand the importance of digitally ready network, and cost effective solutions to advance and drive bottom line for the businesses of the stakeholders. The seminar held on Tuesday 24 in Lagos, had in attendance a wide array of key players and decision

makers within the ICT industry. “Network is the cornerstones to digital success and failure. Unprecedented demands on the network and digital disruptions can lead to slow and error prone operations, our goal as an ICT support services provider, is to proffer cost effectiveness in driving digitally ready networks for business”, he said. Elamah described that the seminar was to give more insight to business owners and industry players on the benefits of its Digital Business software solutions for more cost effective ways to drive their business operations. He noted that the company is committed to providing world class service solutions through its partnership with Cisco to its clients which is why it continues to invest heavily in technology to improve business operations. He announced that its partner Cisco, one

of the biggest OEM players that drives interconnectivity around the world is moving to Software Defined Network (SDN) which is the future in networking. Elamah commended the partners and distributors for their patronage and loyalty to Hutchlam Services. He then assured the partners of the company’s commitment to support them through ICT solutions that deliver cost effectiveness and increase business turn over. Responding on behalf of the business stakeholders, Kanu Ijere, IT manager Eroton commended Hutchlam Services Limited for deeming it fit to organize the seminar. He said it will further endear the company to its clients. Another stakeholder in the ICT industry who attended the seminar, Adetayo Adeyemi, head Network Core Management and Design UBA said it was a welcome development to the ICT industry and they look forward to more of such seminars.

Phase3 Telecom rolls out ICT programmes for techpreneurs

n honour of women who transform the world in the telecommunications, information and communication technology ecosystem, one of West Africa’s largest independent fibre optic infrastructure and telecommunications services providers – Phase3 Telecom— says it will continue to aggressively offer grant support to programmes and initiatives targeted at advocating, engendering as well as promoting sustainable and active engagement of girls and women in the ICT space. In addition to its network of over 14 ICT- focused grant recipients, the firm will be collaborating with Django Girls Abuja, a non-profit and community relations organisation that empowers girls and women, to take on full career options in ICTs through free yet resource-based technology and programming workshops.

Phase3’s drive to increase network of ICT- related NGO partnerships rides on its commitment to marking the globally celebrated annual International Girls in ICT Day with CSR programs that are measurable, impact driven, sustainable and have transformational effects on the livelihood of Nigerian youths, especially girls who are often disadvantaged and underrepresented in the socioeconomic strata, the firm says in a statement. The Girls in ICT Initiative of the International Telecommunication Union (ITU) is a global effort designed to raise awareness on empowering and encouraging girls and young women to consider studies in science, technology, engineering and math (STEM) and lifelong careers in ICTs. To date, over 300,000 girls and young women have taken part in more than 9,000 Girls in ICT

Day-based events held in 166 countries around the world, the firm adds. Commemorating the 2018 instalment themed, ‘Expand horizons and Change Attitudes’, Stanley Jegede, chief executive officer, Phase3 Telecom, said early education, digitalised training, developing technology skills for girls and women as well as harnessing those skills promptly were critical to Africa’s rapid socioeconomic development and sustainability. Jegede said one of the key elements of addressing poverty was consistent empowerment of girls and women, stating that there was no better way of doing that than ensuring their sustained representation in the world of ICTs where they could be fully equipped with the essential skills and tools to take advantage of the benefits of a world steered by digital economy.

Business Event

L-R: Mohammed Alfa, assistant director, Other Financial institutions Supervision Department (OFISD), Central Bank of Nigeria (CBN); Aminu Gwadabe, president, Association of Bureaux De Change Operators of Nigeria (ABCON); Mukhtar Gambo Usman, assistant director, Trade and Exchange Department (TED), CBN; Olawunmi Oladipo, deputy manager, OFISD, CBN, and Tifase James, past president, ABCON, at the launch of the ABCON’s forex rate publication engine room. www.naijabdcs.com in Lagos. pic by Olawale Amoo

L–R: Temitayo Ade-Peters, CSR lead, Nigerian Stock Exchange (NSE); Olumide Orojimi, head, corporate communications, NSE receiving the 2018 award for “CSR in Education” from, Asiwaju S. K. Onafowokan, past president, Lagos Chamber of Commerce & Industry (LCCI) during the 2018 LCCI Awards at the in Lagos.

L-R: Wole Fagbola, marketing manager, specialist care; Omongiade Ehighebolo, director, communications and government affairs; Kunle Oyelana, marketing director, and Laja Odunuga, medical director, all of GSK Pharmaceuticals Nigeria, at an event organized by GSK to commemorate World Asthma Day in Lagos.

Contravention: 4 banks pay N493.27m penalties in 2 years

he Naira on Wednesday closed at N362 to the dollar, stronger than N363 posted on Monday at the parallel market, the News Agency of Nigeria (NAN) reports. The Pound Sterling and the Euro closed at N505 and N442, respectively. At the Bureau De Change (BDC) window, the Naira exchanged at N362 to the

dollar, while the Pound Sterling and the Euro closed N504 and N436, respectively. Trading at the investors’ window saw the Naira close at N360.67, while it closed at the CBN window N305.7. Meanwhile, the foreign exchange market witnessed another milestone with the unveiling of BDCs live engine room.

Aminu Gwadabe, President, Association of Bureaux De Change Operators of Nigeria (ABCON), said that the engine room would ensure price discovery in the FX market. Gwadabe noted that the site would also serve as a rallying point for investors’ and journalists who needed to know the exchange rates across the nation.

L-R: Mercy Aigbe, Competition judge; Zoe Ekwegh, winner Cussons Baby of the year 2018; Parent of the winner, Mr and Mrs Ekwegh; Mai Atefo and Yetunde Babaeko, both are Competition judges, at the PZ Cussons Baby Moments Season 5 Grand Finale in Lagos.

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‘Nigerian doctors in Diaspora need efficient infrastructure to return home’ NNAMDI C. ELENWOKE is a neurosurgeon based in Basque, Spain. He works in a hospital in Santiago Apostol, Vitoria-Gasteiz, Spain. In this interview with ODINAKA ANUDU, he speaks on brain drain, medical tourism and why Nigerian doctors in the Diaspora are not interested in returning home.

rain drain in the Nigerian Health sector Indeed, brain drain is a legitimate concern for any country. Naturally, humans tend to move to better places to fulfill their needs or desires. This has always been the case throughout history. An interesting research by NOI polls published in August 2017 indicated that Nigeria has about 72,000 medical doctors registered with the Medical and Dental Council of Nigeria, with only approximately 35,000 practicing in Nigeria. About 20,000 medical doctors are currently working outside the country. It is also important to note that patients also emigrate as well. Also in August 2017, the president, Healthcare Federation of Nigeria, HFN, Clare Omatseye, mentioned that a total of $1 billion is lost annually to medical tourism in Nigeria. If you want to solve this problem you have to tackle the root cause of brain drain. What caused your exit from Nigeria? I left the country because I was part of the 100 Nigerian students selected by the then President Obasanjo’s government to study medicine in Cuba. Upon completion of the study, I, together with the others, came back to be absorbed into our medical system and to give back to my country. Unfortunately, inadequate and slow integration into the medical system made this move impossible. Also, I saw the need to get specialist training and going outside was the better option. I had to go on to study Family Medicine and later pursued another medical specialty, Neurosurgery, in Spain. Regardless of the difficulties of integration, I have been coming in and out of the country to collaborate with other medical agencies on how to bring sustainable healthcare to our people. Your area of specialty is conspicuously low in Nigeria, how can the Nigerian government resolve this among others? The needs of neurosurgeons in general are not too different from most highly specialised medical professionals. A good economic condition will make most professionals to return. Preference should be placed on our health sector so that necessary provisions will be made to enhance our health systems. According to Trading Economics, historically, our health expenditure is less than 5 per cent of our GDP, contrary to the Abuja declaration of 2001. Policy makers usually

Though low wages can cause frustration, availability of necessary functional infrastructure and respect for the profession can encourage doctors to stay and do their best. Interestingly, doctors are amongst the highest paid workers in their respective countries including Nigeria. However, average doctors’ wages in our country are low in comparison to their counterparts in many other countries. Medical tourism is on the rise, can the return of specialists like you curb the trend? This is not what one can do alone but requires teamwork. Many people are already doing a great job. For example, Douglas Okor of Spine Fixed in Abuja (SFIA) and his team are doing a wonderful job. Naturally, medical tourism will decrease when there is trust from the citizens. I mentioned before that I am actually working with Docotal Health. Some of the consultants are in the Diaspora. The other part of it is medical foundation whose vision is a prioritised sustainable healthcare for the vulnerable and the aged. We have a fantastic team working with other organisations and hospitals to help Nigeria achieve all the United Nations Sustainable Development Goals. If other medical personnel in Diaspora will keep thinking homeward, there is no quantifying what health success we will achieve in our country. I am willing and ready to work with our companies and hospitals on contract to achieve this success. allocate more to sectors that will increase revenue. It means that the health sector is yet to become top priority in allocation. Health is wealth. If necessary facilities are put in place in Nigeria, will doctors in Diaspora return home? This is true to an extent. Sustained increase in generated revenues in a transparent society increases government spending on other sectors like health. There is a bilateral long-run relationship between economic growth and health expenditure. This is neither easy nor impossible. It involves organised planning and dedicated action. I believe that when most people in the Diaspora observe upgrades in infrastructure and security, they will decide to come back and stay. A worker is more productive in a conducive and safe environment.

Providing online solutions to medical problems Although brain drain can increase a country’s inflow of hard currency through remittances or increase the culture popularity like Nigerian entertainment sector, the disadvantages to a nation far out-way the advantages. My priority is to come back and stay. I am aware that there are limited number of Neurosurgeons in our country, and the need for neurosurgeons out way this limitation. Some doctors in the Diaspora have developed means of working from their resident countries. Some are doing great works that involve transferring knowledge or exporting medical equipment to Nigeria. I am part of Docotal Health, a medical company with consultants comprising mostly Nigerian doctors within and outside of the country, who provide online solutions to medical problems. The Docotal Health Foundation

seeks to provide medical equipment and facilities to various agencies as well as services to communities. The world is now a global village and we are in the information age. We are using every available channel to avail our people with health services. Why the decision to become a medical doctor? Since I was a child, I have always had interest in helping sick people. I remember the first day I went to visit my aunt in the hospital and I saw all the sick people in the hospital. I fell in love with the hospital. Also, I love to know how the human body functions. This inquisitive nature has made me to continue studying hard till today. Do you think that medical practitioners in Nigeria are properly paid? The wages, although very important, is not only what makes a doctor to stay in a country.

What other message do you have for the government, Nigerians as well as your friends back home? The government is trying her best. It is not easy to rule a nation of more than 190 million with a large number of varied ethnic groups, where ethnocentrism seems more important than nationalistic values. The general population doesn’t understand how the government works. Policy making can become difficult where you do not understand your neighbour. If you don’t understand your neighbour, then prejudice and lack of trust will have a way. Trust is fundamental in an effective team. Friends and well-wishers back home should understand that we are doing our best to achieve this dream. It is a gradual process that requires all hands being on deck. John Nash, the American mathematician, once said that the best for the group comes when everyone in the group does what’s best for himself and the group.

Friday 04 May 2018

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BUSINESS DAY

Codeine ban: Open season for black-market operations ANTHONIA OBOKOH

he recent ban on codeine announced by the minister of health Isaac Adewole could lead to illegal production and importation of the drug, experts have said. The Nigerian Senate in October 2017 estimated that about three million bottles of codeine are consumed daily in Kano and Jigawa States alone. Millions of bottles are consumed all over the country which is rising to epidemic proportions with grave consequences for the youths. However, many Nigerians say the directive by the Federal Government is reactive and not well thought out. Lanre Yusuf, a medical practitioner based in Lagos said, “It a good development for the country but I have mixed feelings on the ban of codeine drugs .The drug in question can be very powerful, opium drug for cough syrup and some pain killers. “The federal government of Nigeria placing a ban on the production and importation is not enough, there should be a strict enforcement follow up on licensed companies so as to avoid open market and other illegal smuggling into the country. “Certainly, for a short time, black market might boom, but

with proper enforcement and supervision with time, it will be down. Replacing it with dextromethorphan which is less addictive, might result in issues when it comes to managing patients because we use alternatives and codeine is a very effective drug for treatment,” Yusuf said. Codeine syrup addiction is a problem across Africa, with reports of addiction in Kenya, Ghana, Niger, and Chad. In 2016, India banned multiple brands of codeine cough syrup following reports of addition Richard Adebayo, consultant Psychiatrist/clinical Psychologist at Federal Neuropsychiatric Hospital Yaba, Lagos said codeine is a very serious concern in the country and abuse of it is prevalent in northern part of country. “Banning codeine is not the solution; it will make people shift to illegal production and importation,” Adebayo said. According to Adebayo, the abuse of these drugs has effect of altering the brain function. “Gone are the days people look at cannabis and other substances, codeine is a big problem and it should be tackled effectively. “Public enlightenment will help to educate people s to know how bad the effect of these drug can be and also the government needs to strengthen the NAFDAC, NDLEA so as to do the

work and the mental health bill should be passed so people can be taken care of,” said Adebayo Many reactions on social media were also along the same line. “Banning is good but there’s always the black market. With the bans in place, proper education and rehab centres will permanently curb this uprising of drug abuse. If not, the black market will have a field day. Drugs will be more scarce and expensive; abusers will become desperate and more dangerous,” said a Tweet from Teetee Tor‫@ ‏‬ pitchblack_2. “Banning codeine won’t do

much good. Closing the open drug market and creating strict drug distribution is the key,” another said. “The problem is really not banning codeine; the problem is the chaotic drug distribution network in the country. So long as non-pharmacists keep handling drugs, we will keep going round and round a vicious circle. Soon, we will run out of our options when it comes to antibiotics,” another user said. Codeine abuse can lead to common side effects like nausea, vomiting, constipation and drowsiness. Other severe side

effects include shallow breathing, low blood pressure, seizures, urination problems, confusion, agitation, and hallucinations. Further abuse of codeine, such as mixing it with alcohol or other sedatives, can also lead to respiratory damage. Addiction to the drug can lead to physical dependence which occurs when a person’s brain and body becomes so used to the presence of the opiate that if they suddenly stop taking it, they will experience withdrawal symptoms like severe shaking of the body, shock, and even schizophrenia.

Flying Doctors steps up to save sickle cell patient DAVID IBEMERE

n desperate need of surgery to alleviate the ravages of sickle cell disease and previous medical care that worsened his condition, university student Abiodun Bakare was about to give up hope when he discovered the cost of his surgery would be N18 million (about $50,000). Bakare, his family and friends had done their research and discovered that a hospital in India could provide him with the care he needed, but the cost of the care and the journey was well beyond his reach. Digging deeper, Bakare was determined to solve his challenge locally, and finally his search connected him with a hospital in Nigeria’s northern state of Sokoto where medical experts agreed to perform the operation for a nominal fee. Bakare’s friends jumped in, launched a social media fundraising campaign, and pulled together the money needed for the operation. However, Bakare still had to overcome one huge hurdle: how to get to the

HBL TEAM

hospital. The 18-hour overland journey was out of the question due to Bakare’s critical condition. Fortunately, a friend stepped in again and discovered a solution: Flying Doctors Nigeria, which agreed to fly Bakare to the hospital free of charge. The offer reduced a journey that would have taken longer than a day, to just over an hour. “I knew we had to support Bakare with air ambulance services because it would have been impossible for the student to pull together the funds to pay for the service,” explained Ola

Brown, founder of Flying Doctors Nigeria, West Africa’s first and leading indigenous air ambulance service organisation. The news came as a surprise to Bakare. “I didn’t even know there was an air ambulance service in Nigeria. I thought these services exist only in the Western world. My health condition opened my eyes to the fact that this kind of service is available in Nigeria,” Bakare later said. He appreciates the support of Flying Doctors Nigeria and understands its value. “This is a journey that the firm could charge over a million naira for.

KEMI AJUMOBI, Editor - kemi@businessdayonline.com

It is still like a dream to me that this kind-hearted firm would intervene in my situation and provide their air ambulance services at no cost to me,” he added. Ola Brown says that there are a number of reasons air ambulance services are essential to both the patient in particular and the healthcare community in general. “The first hours of an emergency situation are critical and the life of individuals shouldn’t depend on how far they live from the medical facility best equipped to handle their injury or illness,” she said. “And we know that the sooner patients receive the proper care, the sooner and better they recover,” she added. “Further, a firm like Flying Doctors Nigeria helps us solve the logistical problems involved in providing good healthcare in Nigeria, where the roads are often poor and the distances between the patient and healthcare are wide,” she explained. “Ultimately, this allows us to save money by centralising healthcare services.”

Bakare remains grateful. “I want to say thank you to Flying Doctors Nigeria for their support, and encourage other Nigerians to embrace this means of transporting critically ill patients, because if not for Flying Doctors Nigeria, I could have remained in my serious and painful medical condition.” Ola Brown established Flying Doctors Nigeria almost 10 years ago. Since then, the firm has saved lives across the West Africa sub-region, including infants, children, and pregnant women. Corporate organisations, such as those in the construction, mining, oil & gas industries, have also come to depend on the services of Flying Doctors Nigeria. Born, raised and trained in the UK, Ola Brown graduated as one of the youngest medical doctors in England. She is also a trainee helicopter pilot. She leads a team of 50 emergency healthcare professionals from the Flying Doctors Nigeria base at Murtala Mohammed Airport Lagos where their aircraft is located.

ANTHONIA OBOKOH, ANI MICHAEL, Reporters I David Ogar, Graphics

BUSINESS DAY

Friday 04 May 2018

BUSINESS DAY

Friday 04 May 2018

CITYFile Anambra probes Nkwogbe Market fire disaster EMMANUEL NDUKUBA, Awka

nambra State is to set up a committee to investigate the cause and extent of damage of the fire disaster at Nkwogbe Market Ihiala, Ihiala local government area of the state. Christian Mmadubuko, the commissioner for trade and commerce, said this when he led other officials on a visit to the market. The fire disaster which occurred on Sunday evening, according to unconfirmed eye witness reports, was triggered by an exploded gas cylinder in one of the lock up stores, burning to ashes goods estimated at millions of naira. Affected traders were seen picking the rubbles of their wares. Addressing the traders, Mmadubuko said that the committee would collate the names of those affected and assured that government would also make arrangements to situate fire stations closer to markets across the state. Some of the traders who spoke with reporters lamented the loss of their goods.

Commercial motorcyclists and their passengers, on the Outer Northern Expressway at Dei-Dei in Abuja. NAN

Waste: Lagos goes after environmental law offenders F

Forum to renew building construction practices in Lagos

JOSHUA BASSEY

agos is activating its environmental laws against persons and corporate organisations found culpable of indiscriminate dumping of waste into the water bodies and other unauthorised places including markets, streets and highways. The move is in the effort to stem the rising heaps of refuse in most parts of the metropolis. Although Visionscape Sanitation Solutions, the metropolis waste manager which signed a deal in 2017 with Lagos government, to collect and manage domestic waste in the state, is seen still struggling to deliver on its mandate of riding the streets of Lagos of waste, the state government, however, believes that much of the challenge has to with indiscriminate dumping of refuse by individuals and

groups on unauthorised places. Recently, officials of government arrested and paraded some cart pushers and PSP operators alleged to have dumped refuse collected from residences, on the streets, and dubbed them saboteurs. Babatunde Durosinmi-Etti, the state commissioner for the environment, who spoke with journalists, Wednesday, in Ikeja, warned that such could no longer be tolerated. According to Durosinmi-Etti, already, 2,097 environmental offenders have been arrested, as all regulatory agencies of the state have been empowered to frontally enforce compliance to standard and regulations, and curb all unsanitary behavior of residents. “We have continued to monitor industrial facilities based on indicators such as chemical storage permit, environmental audit report, petroleum storage, solid waste management and use of personal protective equipment etc.

Sixty-three percent of the eighty-one industrial facilities monitored in the last one year were satisfactory while thirty-eight percent were unsatisfactory, thereby leading to the issuance of non-compliance notices to two hundred and nine facilities due to their recurring environmental issues,” he said. Durosinmi-Etti said seventy-six percent of the 4,378 tenements and 597 private facilities monitored for compliance to wastewater policy of the state were served abatement notices while sixty percent of 1185 complaints received on noise pollution were abated. According to him, one Hundred and thirty-six offenders were engaged in communal service across the metropolis while others were arraigned for prosecution in line with the law at the Samuel Ilori Court, Ogba and Special Offences Mobile Court, Oshodi.

Hope rises for sickle cell patients in Abia GODFREY OFURUM, Aba

ufferers of sickle cell disorder in Aba, Abia State can look to some level of relief, as the government, in collaboration with NEU- DYX Global Investment, medical oxygen providers, has established a clinic dedicated to the treatment of the disease at Aba General Hospital. The programme, an initiative of Vicar Hope Foundation, a pet project of Nkechi Ikpeazu, wife of the state governor, is targeted at delivering affordable and available medical care to the people of the state. The sickle cell clinic would be run and maintained by NEU- DYX Global Investment. Nigeria is said to have about the greatest burden of sickle cell disease (SSD) in the world. About 150,000 children born annually have SSD in Nigeria compared to 14,000 born in Ghana, and 2,000 in the United States. From available statistics, about 100,000 infants die from SSD in Ni-

geria annually. This accounts to the reason the Vicar Hope Foundation (VHF) has SSD as its flagship programme. The Foundation would continue to work with other agencies and corporations with similar interests in breaking the cycle of SSD and provide care to those affected at a reasonable cost. It would be recalled that the Abia government recently launched telemedicine with the aim of making healthcare delivery more accessible to the citizens. Telemedicine allows health care professionals to evaluate, diagnose and treat patients at a distance using telecommunications technology. The approach has been through a striking evolution in the last decade and it is becoming an increasingly important part of healthcare infrastructure in developed countries of the world, especially United States of America. Telemedicine involves the use of elec-

tronic communications and software to provide clinical services to patients without an in-person visit. Telemedicine technology is frequently used for followup visits, management of chronic conditions, medication management, specialist consultation and a host of other clinical services that can be provided remotely via secure video and audio connections. With telemedicine, patients will have less time away from work, wont encore travel expenses or time; will have less interference with child or elder care responsibilities as the case may be. With telemedicine, patients will privacy and would not exposure to other potentially contagious patients. Introducing the innovation to a large audience at the just concluded SouthEast stakeholders forum on ease of doing business, held in Aba, Governor Okezie Ikpeazu affirmed that the state has gone digital on certain things in this State.

itzgerald Umah, chairman, Nigerian Institute of Architects (NIA), says that “2018 Lagos Architect Forum’’, is targeted at renewing the processes and systems in which the built environment endeavours were being conducted. Umah made the assertion when he addressed the media to herald the 2018 Lagos Architect Forum (LAF) on Wednesday in Lagos. The theme of the forum is: “Lagos 9.0 – Architectural Regeneration 1- The Lagos Response’’. He said there was need to renew and update the modalities and methods in which the building construction practice were being conducted in the light of present day realities. According to him, the forum will devise new ways of doing running practices and also highlight contemporary issues, including the new directions for building material technology, value and positioning for architecture, urban regeneration and new opportunities. He added that the forum would be an opportunity for networking among affiliated companies, service providers, manufacturers, corporate bodies, prospective end-users and relevant stakeholders. “The three-day event, holding from May 9 to May 12 will be an avenue to explore some of the interesting ideas in architecture as it relates to our environment. “Sessions will highlight contemporary issues such as regeneration of architectural designs and practices in view of the current economic challenges, issues surrounding incessant building collapse and new directions for building material technology. “Inspiring speakers and industry leaders from the local and international arenas will be present to deliver insights and share from their wealth of experience,’’ he said. Umah added that the motive was to regenerate the environment and for operators in various professions to be exposed to new trends of global realities. Akinyosoye said the LAF 2018 would spend quality time building the capacity of the professionals in the built environment to meet the international standard. He enumerated professional development sessions, planned seminars, exhibition of Architects’ works, post-conference site tours and building product manufacturers expo as lined up activities of the forum.

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Hotels Accra Weizo to honour top 100 hotels in West Africa …as Ghanaian minister delivers keynote address OBINNA EMELIKE

n response to the need for organised and availability of tourism products in the West African region, as well as, to encourage intraregional tourism, Akwaaba African Travel Market, organisers of Accra Weizo, will be hosting an award for the Top100 Hotels in West Africa at this year’s edition of the annual travel show, which takes from June 22-23, 2018 at La Palm Royal Beach Hotel, Accra, Ghana. Beyond the awards of excellence to performing hospitality outfits across the region, Accra Weizo 2018 will also witness a hospitality panel made up of top hotel managers in West Africa to discuss, ‘The Adapting of International Hotel Standards to the African Environment’. Already confirmed panelists, which is a mixture of African and non African hotel managers include; Marigold Vivian Mingle of Ridge Royal Resort at Cape Coast ; a former general manager of La Palm Royal Beach Hotel in Accra, Emmanuel Geadda-Asando, vice president, Ghana Progressive Hotels Association, Sajid Khan, general manager, Tang Palace Hotel Ghana, one of the most experienced hotel managers in West Africa having managed Fiesta Royal Accra, Golden Tulip Lagos, Golden Tulip Hotel Accra Ghana among others and Malah Saleh, CEO of Djembe Hotels and Balafon Hotels in the Gambia, and one of the biggest hotel proprietors in West Africa. Now in its fourth edition, the two-day travel and tourism fair will be flagged off on June 22, 2018 by Cecilia Abena Dapaah, minister of Aviation for Ghana, with a paper titled, ‘Harnessing the

Opportunities in Aviation value chain in West Africa’. The choice of the topic, according to the organisers, is because West Africa is home to 15 countries of over 350 million people and sadly tourism is not the strong suite of the economic interaction in the region. The region receives among the lowest tourism figures per capita in Africa. Worse still, in spite of a huge population and over 40 airports, aviation in West Africa is dominated by companies from outside the region. Again, despite a protocol of free movement, the Economic Community of West African States (ECOWAS) region as it is known has not grown intra-regional tourism and travel. Hence, Accra Weizo is one of the events geared towards getting West Africans to cooperate among themselves. The travel event is aimed at creating a seamless travel environment in West Africa as it brings together travel professionals in the region. Speaking further on the programme for the two-day events, the organisers explained that the first day will be the seminar on aviation, while the second day will be

dedicated to ‘Travel, Tourism and the Internet’ session to grow travel business and destinations at Ada Ekesi Hall at La Palm Royal Beach Hotel, Accra Ghana from June22-23, 2018. The topics to be discussed on the first session of the event, which is dedicated to aviation in West Africa include: Interlining in West Africa, a possibility or a Mirage?, Integrating West African Airport System, Standardizing Aviation Laws in West Africa for Regional Growth and Why West African Airlines fail easily and the future. Confirmed panelists for the aviation session are; Ado Sanusi, managing director, Aero owners of the major MRO in the region, Chike Ogeah, vice chairman, SAHCOL, a leading Nigerian owned aviation handling and logistics company, Alex Nwuba, CEO, Ghana-based Smile Aviation and former CEO of Nigerian-based Associated Airlines, Richard Kyereh, Africa World Airlines the leading airline in Ghana, and other airlines’ chief executives expected to join the panel. The second day of the event will see panelists discussing a topic on ‘How ef-

Four Point Hotels (Oniru Chiefatancy Estate,Lekki)

fective are travel bloggers, writers and influencers in promoting travel destinations in West Africa’. The panelists include; Gabe Onah, chairman, Carnival Calabar Commission, Steve Ayorinde, Lagos State Commissioner of Tourism, Lehlohonolo Pitso, regional manager, West Africa, South African Tourism, Akwasi Agyeman, ag.CEO, Ghana Tourism Authority, Ebele Enemchukwu, former Mrs Tourism United Nations, Abeku Santana, Ghana’s tourism promoter and media mogul/CEO of Kaya Tours, Obinna Emelike, Tourism Editor, BusinessDay, a Nigerian CNN journalist of the year Award winner and leading Travel Writer, Ameyaw Debrah of Ameyaw Tv, one of Ghana’s top bloggers, Chiamaka Obuekwe, MD, Social Prefect Tours, instagram sensation, Nigerian star tour operator, and Chris Koney, Ghanaian communicator. There will be a special presentation on the hottest destination for West AfricansDubai by Stella Obinwa, regional representative for Dubai Tourism Stella Obinwa on June 22, 2018. Lagos State, which is the event and entertainment capital of Africa, will be showcasing its wealth of attractions on June 23, 2018 at the EKAABO Day. The Ghana Tourism Authority will showcase its flagship programme at Ghana Day with See Ghana, Wear Ghana, Eat Ghana. According to Ikechi Uko, CEO, Akwaaba African Travel Market and organiser of Accra Weizo, “Our events are geared towards capacity building and networking. After the success of Banjul Bantaba, we expect Ghana to surpass the Gambia experience. Also, there will be a three-day familiarisation trip to the Volta region for tour operators to be hosted by Ghana Tourism Authority”.

Accor Hotels acquires Mövenpick Hotels & Resorts

ccor Hotels has signed an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts, for an amount of CHF560 million (€482 million). Sebastien Bazin, chairman and CEO, Accor Hotels said, “With the acquisition of Mövenpick, we are consolidating our leadership in the European market and are further accelerating

our growth in emerging markets, in particular in Middle East, Africa and Asia-Pacific. The Mövenpick brand is the perfect combination of modernity and authenticity and ideally complements our portfolio.” “Its European-Swiss heritage is a perfect fit with Accor Hotels. By joining the Group, it will benefit from Accor Hotels’ power, particularly in terms of distribution, loyalty-

building and development. This transaction illustrates the strategy we intend to pursue with the opening up of Accor Invest’s capital: to seize tactical opportunities to strengthen our positions and consolidate our leaderships, as well as leverage our growth”, Bazin added. Mövenpick Hotels & Resorts will benefit from Accor Hotels’ loyalty programme, distribution channels and

Top BusinessDay Partner Hotels

operating systems, which will help optimise their performance. This acquisition further consolidates the current footprint in Europe and in the Middle East and accelerates growth notably in key regions where the Group has been established for many years, such as Africa and Asia. The transaction is subject to regulatory approvals. It should be completed during the second half of 2018.

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

The Wheatbaker #4 Onitolo(Lawrence Road), Ikoyi, Lagos. Tel: 01 277 3560

Hawthorn Suites by Wyndham Abuja 1 Uke St, Garki, Abuja. Tel: +234 9 4603900, +234 805 7522500

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

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

Best Western Hotel Hotels 12, Allen Avenue C/O Funmi (Front Office Manager)

Protea Hotel (GRA Ikeja) GRA Ikeja

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

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

BUSINESS DAY

Friday 04 May 2018

Harvard Business Review

ManagementDigest

The conundrum of corporate power WALTER FRICK OUR LOVE-HATE RELATIONSHIP WITH BIG BUSINESS. he first episode of “Capitalisn’t,” a new economics podcast by Kate Waldock, of Georgetown University, and Luigi Zingales, of the University of Chicago, contemplates a future in which Facebook’s Mark Zuckerberg becomes president of the United States and revises antitrust law to make sure his company can never be broken up. Zingales, who was born in Italy, reminds listeners that the disgraced former Italian Prime Minister Silvio Berlusconi parlayed his ownership of dominant media assets into the country’s highest political office and notes that if Zuckerberg did the same, he would end up controlling both the U.S. government and what is arguably the world’s most important communications network — and would therefore wield “absolute power.” But few of us need a Zuckerberg 2020 campaign to start worrying about the outsize influence that America’s largest companies and the people who lead them now have. A significant body of research suggests that the biggest organizations in most industries account for a larger percentage of revenues and profits in their markets than they did a decade or two ago and that their power has grown. Meanwhile, the public trusts them less: Roughly 40% of Americans say they have little or no confidence in big business, up from just 24% in 1985, and more people are suggesting that Google and Facebook be regulated like utilities, or even broken up. Are these concerns justified? Robert Atkinson, a D.C.-based innovation expert, and Michael

Lind, a visiting professor of public affairs at the University of Texas, think not. In their new book, “Big Is Beautiful,” they argue that large companies are more productive, innovative and diverse than small ones. These companies also provide higher wages, more training and broader benefits to employees and spend more money to limit pollution. When Americans lionize small mom-andpop shops and lambaste big business, the authors conclude, they are getting it wrong. As contrarian as this may sound, much of it is in fact conventional wisdom among economists and policy wonks. Research suggests that the only small enterprises truly driving the economy are the rare fast-growing, innovative new ones that hope to one day be big. However, Atkinson and Lind take the argument further than most, attacking the “antimonopoly tradition” set by U.S. Supreme Court Justice Louis Brandeis in the early 20th century and standing up for markets dominated by just a few companies. At times they do overreach: Big Food is an environmental and nutritional disaster; big banks helped cause the fi-

nancial crisis. But the authors are correct that many people overrate both the benefits of small business and the evils of bigness. And although antimonopolism is rightly getting renewed attention, it is not equipped to deal with most of what ails the economy. If size itself isn’t the problem, what is? Perhaps, as “Capitalisn’t” suggests, it’s the troubling intersection of economic and political power. In “The Captured Economy,” Brink Lindsey and Steven Teles, of the libertarian Niskanen Center, argue that too many corporations — both large and small — now have undue influence over public policy. They offer the financial sector, real estate, intellectual property and occupational licensing (the credentialing process for someone joining a profession) as case studies and warn that when the public isn’t looking, companies and industry organizations will shamelessly lobby for laws beneficial to themselves, often without opposition. Although Lindsey and Teles come off as far more skeptical of big business than Atkinson and Lind (almost anyone would), there is overlap in their analyses. All four seem to agree that

the problem with big business isn’t size but whether that size confers illegitimate power. And all four agree that small businesses, too, can corrupt policymaking. Lindsey and Teles suggest reforms that would give lawmakers better access to independent information and analysis, limiting their reliance on corporate lobbyists and the reports they push. But the antimonopolists whom Atkinson and Lind rebut will no doubt remain skeptical. If economic power stays concentrated, can it ever be kept from translating into political power? Historically, one countervailing force to such dominance has been creative destruction, through which new companies disrupt old ones, and entire industries rise or disappear. Hemant Taneja, the author of “Unscaled,” thinks we’re living through such a wave. As a Silicon Valley venture capitalist, he says, he sees two trends — demand for hyperpersonalized products and entrepreneurs’ ability to “rent scale” in the cloud — that are putting incumbents at an increasing disadvantage. (Disclosure: Early in my career I worked for an organization Taneja co-founded

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

and chaired. I edited his first piece on the economies of unscale for HBR.org.) Stripe, one of Taneja’s VC investments, is emblematic of these new market dynamics. It offers smaller businesses the chance to rent paymentprocessing services and thereby compete cheaply against larger companies, and it has succeeded in part because existing financial services firms were unable to offer the same, despite their superior resources. Taneja doesn’t imagine an economy with no large companies — his book has a section on platforms and the risk of monopolies powered by artificial intelligence — but he sees relatively smaller, more focused ones such as Warby Parker succeeding against giants such as Luxottica. Again, however, anyone worried about big organizations wielding even bigger influence is likely to remain unconvinced. Sure, some early evidence exists that young companies are uniquely able to benefit from cloud computing and are more likely to survive as a result. But digital technology also seems to have helped the biggest players in each industry expand. Whether the new cloud- and AI-enabled startups pose real threats to today’s giants or will be felled or acquired before they can supplant them is an open question. After all, Instagram and WhatsApp both illustrated the speed at which small, focused companies can quickly scale up and threaten larger rivals. But both ended up as part of Facebook — and that was without Zuckerberg in the White House.

(Walter Frick is a senior editor at Harvard Business Review.)

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Temi Aboderin pushes boundaries for the plus-size Stories by OBINNA EMELIKE

ften times, people do not realise how important it is to dress right. In the fashion industry, designers have over the years, found safe haven with the regular shape sides, designing clothing for slim and regular size on runways and fashion fairs, thus leaving the people on plus size to go by anything available. Obviously, that does not go down well with people on the plus size. However, there is one woman who is passionate about giving fashion life a meaning to curvy people. She is Temi Aboderin-Alao, one of the princesses in the famous Aboderin dynasty. The British-born Nigerian creative personality created the PlusSize African Fashion Week to make an impact in the industry assumingly dominated by the regulars. Stating how she conquered the odds in a press conference last week in Lagos to bring to limelight the now trending fashion on runways, Temi Aboderin who has put all arrangements together to host yet another Plus-size Fashion fair in Nigeria, said, “I started back in 2012 with a plus size brand which was the first plus size brand then. This brand is under my outfit, JP Kouture with head office in London, UK. It is a branch under a mother label called JP Kingdom. Our official launch was last year when we took a proper plus size fashion week for plus size ladies to the public. We tend to

do same this year and make it bigger and better.” “JP kingdom gave birth to Golden Curve Agency, the first plus size agency in Nigerian. This platform was about selling clothing and fashion that we bring into the country. We also handle an academy for modeling and training for plus size ladies.” Temi who described herself as passionate fashionistas reveals how artistic her entire family had been. “The Aboderin family is quite artistic. We are into singing as you can see on my sister, Wunmi Obe. Art and fashion also run in the dynasty

which emanated from my late dad, Chief Olubunmi Aboderin before he passed on. Fashion is in the blood, for me growing up is like reminiscing how my father adored us with the name princess’ and knowing full well that we all going to be on the plussize side. We started appreciation it very early in life. Obviously, the acronym JP came from a name my father endowed us with that means – James (my father’s name), Princess (his pet name for us) forming ‘JP Kingdom’. The kingdom is a place where you come and be celebrated.” Temi who debunked the notion

that plus size brand existed in Nigeria before her arrival in the country said, “When I came here, there was almost zero plus size brand because people on the curvy side wear loose and shabby dresses and since they don’t have a plus size fashion brand, it was normal for them. I looked at that and decided to initiate a brand for them since I am curvy myself. Before that, I have had work experience in various companies in the UK where I honed my career that gave birth to this brand in the Nigeria. I also partnered with UK based companies. It is only JP Kingdom that came to Nigeria with headquarters in London with Golden Curve Agency and Plus size Africa Fashion Week. I started my own fashion line in 2013 with shiny clothes because I discovered when I came back, that Nigerians love things made for them either in material or finished product. I decided to create my own JP Kouture brand. The unique thing about JP Kouture is all about body shape and teaching plus size women how to dress right to fit their body shape. With JP Kouture design, you can wear our designs without putting on shape wear. We design exclusively for curvy ladies through my own runways. I take JP Kouture not as business but just me having fun, hence, the choice of bright colours that are unique to me. I love shining clothes and it appeals to me. I feel ladies in plus size will be glamorous in shining clothes and that’s why I love it.” What we do is work beyond fashion. It may not be for everybody, but it works. We build up their self-

confidence, their life and appreciation of wearing right all time. When we started this brand, a lot of people who were doing the same thing were not doing it right or perhaps are not into the business anymore because they could not sustain the challenges. With perseverance, we have been able to sustain over time with results. Obviously, we are having rivals who claim to have started it before us but the truth is that we did it first. Stemming from that, I discovered when I came back to Nigeria that things are done differently here. In UK, nine out of ten of your effort will speak for you, but in Nigeria, one out of ten. The rest of it is noise and plagiarism. I was a victim of that until I learn much about how to survive in business here”. Explaining further, Temi said, “Plus-size Africa Week is a serious business for me. We are doing this to give plus size platform some visibility because it does not exist here in Nigeria. We are exploring the beauty of our fashion and as we showcase it to outside world with invitations of foreign companies to participate. The platform is for both local and international and also to inspire the new generation of plus size designers. Currently, some designers on the regular size have extended their collection to plus size consumers after seeing what we did on runways. This is why plus size African fashion week is very important because it is not just my brand but for plus size community. We also have video shows of our projects to inspire the fashion enthusiasts”.

Castle Lite unlocks J Cole, others with at Lagos concert

t was an experience of a lifetime at the Castle Lite unlocked musical concert headlined by J Cole, multi-platinum selling American rapper, and a host of Nigerian stars including; Davido, Wizkid, Tiwa Savage, among others, who thrilled the audience. The Castle Lite brand, which is known for facilitating the performances of great international artistes in Africa repeated the same feat at the Eko Hotels and Suite in Lagos, were the unlocked concert was staged. It was a night of great music with ice cold Castle Lite beer. The brand seeks better ways of availing its customers new experiences in the leisure of beer drinking, an experience which it had done since 2011 with international music heavy weights like Kanye West, Drake, Timbaland, Travis Scott, Chance the rapper, Bryson Tiller, Whiz Khalifa and Nas, who shared the same platform with other African artistes. An explosion of colourful lights and the sound of heavy equipment from the award-winning DJ Obi on the wheels of steel ushered in this year’s edition of the unlocked stage. The excitement in the air was palpable as fans rushed towards the stage dancing to the tunes coming out from the massive speakers with the

entire hall transformed into a worldclass stage. The theme of the night, ice cold, was replicated in the décor and aesthetics of the stage and the entire hall giving the feeling of being in a gigantic freezer. Then, the digital stage began the count-down. The first act was a dance group dressed in white, which performed with an energetic display that ushered in the pair of South Africa’s actress and media personality, Pearl Thusi and Nigeria’s AOP Do2tun, as hosts of the night. To set the tone for the evening, a 10 minutes battle of the DJs between the famous duo of DJ Neptune and DJ Jimmy Jatt took off in earnest with wild appreciation from the crowd. They intermittently halted the music to allow the crowd mime along to the delight of every one. If it was a real battle it would have been an uphill task for the judges to pick a winner as they both showed why they are some of Africa’s best DJs. Following closely was the ‘battle’ between DJ Obi and DJ Xclusive. They began on a high note, sending the crowd into a wild frenzy until suddenly the sound went off. Being the professionals that they were, while they waited for the sound engineers to rectify the problem, they maintained the energy in the house and encouraged the crowd to mime the words to songs

from old school music and back to the new school. Songs like 2Pacs ‘Califonia love’ Sisqo’s ‘Got to get it’, among other bangers. After the displays by the DJs, the concert was unlocked with MI’s perfromance. He sent the crowd screaming as they sang and rapped along with him. Even MI could not believe the love from the crowd. He ended his act with his famous duet with Flavour ‘Number One’. Ycee took over the stage and thrilled the crowd with his popular hit, ‘Jagaban’ and ‘Too much source’. In between performances, Pearl

and Do2tu entertained the crowd with their own version of the shaku shaku dance steps and a number of costume changes. To test true fans of J Cole in the building, the main act of the night, Do2tun called for a volunteer to free style one of J Cole’s music and the fan blew everyone away with his fluid rap of one of JCole’s hit songs from his album ‘KOD’. Falz the Bahd guy took the unlocked platform next and his back up dancers dressed in black with red berets, displayed some earthshattering dance moves that got fans screaming from the top of their lungs. Tiwa Savages performance was no less exciting as her sexy female dancers got a lot of people hot under the collars. The hit jam ‘Malo’ got the crowd screaming and asking for more. Castle Lite set out on a quest to provide a stage for an awesome mix of music and the pleasure of beer drinking while listening to a talented artist like J Cole, a mission which was achieved with so much success that fans are already looking forward to the next unlocked concert. One of the biggest acts of the night came on after the stage was ‘warmed’ by DJ Jimmy Jatt who dished out a number of clubbangers setting the tone for the next round of performances. With sound

mix by DJ Spinhall, Wizkid took the stage and got his fans screaming with delight and singing alongside his band. His brand of music, which infuses afrobeat, appeals to both the young and the old. Although he complained about technical issues and the sound which dulled his performance a bit, he still gave a good account of himself. Another big act was David Adeleke, aka Davido who stormed the stage with his DMW crew. His grand entrance will leave a lasting memory as it sent the crowd screaming and asking for more as they sang along. Some observers may insist that fans came mainly because of JCole and Davido and they wouldn’t be wrong, especially since his performance was everything, together with his band set. Star of the show J Cole finally took the stage in the early hours of the morning. After Davido’s performance, the chant ‘JCole’ rendered the air as they could not longer wait for him to take the stage. The multiplatinum artist was himself surprised at the crowd frenzy especially as his songs were being sung and rapped fluidly. He performed for about an hour and sang most of the songs on his current album ‘KOD’ which was release bare three weeks ago.

Friday 04 May 2018

C002D5556

BUSINESS DAY

Business Etiquette

Movie Review - Rampage

t’s being such a very long time, since I last a fantastic well written sorrowful, yet exciting story. This movie had loads of lessons to pass across; one that words couldn’t really explain except you saw the movie yourself. There were mixed feelings in the cinema that night and all my years of watching movies, I had never seen a movie like this that made strangers argue and debate who was right and wrong, who was wicked and fair, even while the movie went on, for some they felt the man should have stayed and begged her more, for me I wondered for how long and for others they argued that Melinda whose real name is “Taraji P.Henson” should have being more patient with her man. The million dollar question that kept cropping up in my head all through this move was, how long does a partner need to wait and cope up without another who had beautiful dreams with no job and no money? What exactly would be tagged as adequate patience in marriage? After all she had waited 18 years of her life for this man to succeed and yet he didn’t, till she got fed up and asked for a divorce. Life as most people would say isn’t always fair on all of us, and Melinda felt the wrath of this unfairness, or so she taught. As her husband who she had tagged as a failure, a looser and a good for nothing, finally met his million dollar breakthrough through his rechargeable battery “G force wind sample”. These batteries as it were could charge themselves making the noble idea worth millions dollar in the market. The movie was fun, exciting, complicated and caught 100% of everyone attention, it was so difficult to predict the end as Melinda just couldn’t control her anger. Tyler Perry who was the director and the writer, had a well thought out story, one that would leave you thinking even weeks after the movie, wondering what would have happened differently, if it didn’t have this twist. Although some people didn’t quite understand and like the movie, for great movie thinkers, it was a story that left so many untold sides, one would have wished didn’t end the way it did. The location chosen weren’t a lot but ideal, the cast and costumes chosen were also okay. They was also a nice blend between switching roles, from when they much younger to when they became older. Melinda was a very pretty young girl in collage, she had three sisters and her mum, who took good care of them, they were a very happy family as they love each so much, and were always out to have the back of one another. One day as Melinda was running out in the rain she mistakenly bumped into Robert, was so

with Janet Adetu

Managing civility in the workplace Have you assessed your workplace? Is there incivility in your workplace? Is the ambience conducive that it impacts your mood and your daily performance? abor Day recently marked is a celebration of all workers, it is that day set aside in honor of you being a worker and your contribution to your place of work or your business. For any organization to function effectively team spirit, bonding and unity must exist, and that is the bane of civility that sets the tone. Sadly, many workplaces due to many factors in life, most especially the combination of a multigenerational workforce are experiencing the good, the bad and the ugly with regards to a smooth flow of work ethics and civility within the work environment. I have seen may leaders and executives overlook the impact of incivility in the workplace as if it is nonexistent, too trivial to worry about or inconsequential to the business of the day. How wrong they are when it comes to overall productivity, performance and the bottom-line. Incivility in and around the work environment unfortunately has huge consequences

Cast: Taraji P. Henson, Lyriq Bent, Jazmyn Simon, Antonio Madison, Nelson Estevez, Ptosha Storey, Bresha Webb, Kendrick Cross, Crystle Stewart, Ajiona Alexus, Danielle Nicolet Genre: Mystery & Suspense Director: Tyler Perry Ratings: R (for some violence, sexual content, language ) Written by: Tyler Perry Runtime: 120 mins Studio: lionsgate angry insulted him and ran away, little did she know, he had her papers and she had his. This was the beginning of their long term romantic relationship. Robert was from a very poor background, with no parents, struggled to pay his fees from school loans and scholarship and leaved in a Caravan on his uncle drive way. Everything totally change when he met Melinda, who loved him with all heart, body and soul, she gave him everything he ever wanted. Melinda’s mum passed away and Robert was there for her, but unknowingly took advantage of the love she had for him, her mother left her an inheritance of $350,000 and a house. She spent all the money and mortgaged the house all for Robert. She paid Roberts fees, bought him a car, and worked 2 jobs just to keep the house running because Robert couldn’t work and study at the same time, while also working on his big idea, so he said. When she thought that things were going to get better after he graduated, it was just a night mare as all the companies turned him down, because of the bad record he had when he was 15 and he never told his wife, so it meant he could never get a good job. Melinda continued until one day her sisters bring a purse of a woman in the truck they worked with, and who was it, it was that of the girl she had caught him cheating with 18years ago, where in the range of her own anger drove into the caravan and lost her womb, which meant she couldn’t have any children of her own. All her dreams

and aspirations were chattered that faithful day, when she concluded she wanted a divorce due to the pressure of her sisters, who were actually unhappy in their homes, which she found out later. The end of this movie was the intriguing part as Robert begged and begged and Melinda adamantly refused and she signed the divorce papers. 3 months down the line Roberts idea makes a mega hit with $75,000,000 dollars, he comes back pays her $10m dollars for all the stress, buys her mother’s home back and moves on with Diana. This was when hell went lose from Melinda, she wanted him back and didn’t want any woman to take her abandoned place, she felt Robert owed her his life, but did he? I don’t think so at all. To my verdict, I would score this movie 8.5/10, I really did enjoy the story and twist in this movie, the end was even more heart breaking and sad, at how one could let anger, bitterness and pain control the best of her reasoning to the point not forgiving and letting everything go, just to get revenge. A good recommendation for those still single and even those already married make your decisions wisely and when you do, you must always learn to forgive and let go. Feel free to review any movie of your choice in not more than 200 words, please send us a mail to linda@ businessdayonline.com and stand a chance to win a free movie ticket Linda Ochugbua @lindaochugbua

Signs of Incivility at Work Incivility at work can be subtle but escalate if not handled well. It stems from simple acts of rudeness to, discourtesy, lack of respect and deviant behavior towards others. It may not be so evident projecting the signs of incivility however, when poor behavior and poor attitude continues to grow you begin to see disunity, employee disengagement or an eminent disregard for others regardless of who the person may be. In one of my recent speaking engagements I was approached by a young professional woman who was struggling to manage one of her junior subordinates. The subordinate is apparently constantly been rude and disrespectful towards her on a daily basis while on the job. With numerous reprimands and warnings the subordinate still refuses to change her ways. The young woman decided to escalate this problem to her immediate her boss to hopefully put everything under control. Sadly her boss did nothing to address the issue; and the problem continued. Well I immediately asked her to document the entire incident, including her complaint to her superior. Her next move would be to take the incidences to a

higher level if only to curb the spread of such and to let others know the standard expected behavior of staff. What I really want to emphasize here is the attitude of a leader or boss when things are glaringly wrong in the workplace. As a boss or a leader these are not scenarios to brush aside and do nothing about. You are literally setting the tone for the pack of cards to come crashing down the potential for disaster. This indicates a level of incompetence and poor leadership traits. Then as you reflect a bit more the question to you again is: How do you manage uncivility in the workplace? Managing Uncivility in the Workplace Identify all Acts of Uncivil

Behavior The first assignment is to be aware of what incivility in the workplace looks like. Some will show up and may easily be over looked it can be as easy as the lack of common courtesies. To stress further simply the absence of “thank you” ”please” and the likes. Though this may sound inconsequential and may not require any immediate action the consistency of poor common courtesies as a ripple effect on the business. The accumulation of uncivil behavior begins to affect employees emotionally, physically and mentally this then becomes a huge cause for action and must be stopped immediately. Civility policy Devise a civility policy that is given to all staff upon arrival that spells out acceptable behavior. What we tend to see is that overtime You will be surprised what some people consider as acceptable behavior, They suddenly become a part of the school of thought that says that the frequent wrong is now the acceptable norm. Incivility Triggers It is paramount that as a leader or a professional executive or an entrepreneur that you study your environment, the mood, the energy and the vibe of your employees. You

may find unusually a bubbly active staff feeling low and acting extremely quiet one day, do not ignore it, seek for a little explanation. The state of mind of your employee or colleague can trigger signs of depression, excessive stress or bigger problems. Incidents that have happened the week before, or that morning can spark a change of tone that is not normal. Be sensitive to what you hear around, when an argument has occurred seek to get to the bottom of the argument by soliciting for a detailed investigation. Create a winning team. Are you building a winning team? That winning team is energized, forward thinking, excited to contribute, full of ideas, determined and willing

to succeed. It does not happen overnight, they are groomed and nutured to fit your current space. Anything to boost the mood of staff is always welcoming. You will need to build a tiny social climate within the office which helps change the tempo, from the presentation of birthday cakes, to pizza and suya afternoons once in a while which can kick start excitement. This triggers a sense of value and self-worth in employees. Occasional retreats, team workshops, lunch and learn sessions will also provide more opportunities for bonding as well as team unity. See what works for you start with smaller groups, units or a department before you get to the bigger body. Run with the vision Let everyone “RUN” with the vision of the company. It is amazing how many employees do not know the corporate vision or goals. Workplace incivility occurs when there is no care in the world, no purpose, no drive. Ensure to align individual goals with corporate goals, have a plan for your staff and a steady roadmap for them to journeyon as that ultimately leads to growth. Look out for Part 2 - Work Place Civility – The Viral Symptoms. Good Luck Janetadetu@gmail

BUSINESS DAY

FINTECH News

Products Review

Technology Review

Personality Review

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Friday 04 May 2018

Company Review

PRODUCT REVIEW

Nigeria, 6 others account for half of 1.7bn unbanked individuals globally Stories by FRANK ELEANYA

lthough the global financial technology (Fintech) market continues to grow, the number of unbanked people is not keeping up pace. This is particularly the case in countries like Nigeria, which is in the list of seven countries that account for half of the 1.7 billion unbanked individuals worldwide in 2017. China, India, Indonesia, Mexico, and Pakistan make up the rest of the seven countries, according to The Global Findex Database 2017, Measuring Financial Inclusion and the Fintech Revolution which was released by the World Bank in the last week of April, 2018. An ‘unbanked individual’ is a term used to refer to adults who do not have access to the services of a bank or similar financial organisation. “A growing body of research reveals many potential development benefits from financial inclusion – especially from the

use of digital financial services, including mobile money services, payments cards, and other financial technology (or fintech) applications,” the report explained. People who are unbanked may rely on alternative financial services like check cashing, payday lenders, and pawn shops. Top of the reasons why some people are not banked include distrust of financial system or institutions; unemployment; illiteracy; inconvenience; bank fees; lack of services and blacklisted. The report also showed that women represent 56 percent of all unbanked adults. Poverty also takes a major share of why people are unbanked. Unbanked population vary depending on the economic growth of a country. The Global Findex Database disclosed that in higher-income countries like the US, UK, Canada, Switzerland, Germany to name only a few, 94 percent of adults own a bank account whereas in developing countries just 63

percent of the same population have it. “Globally, half of unbanked adults come from the poorest 40 percent of households within their economy, the other half from the richest 60 percent,” the report stated.

There is also a distinction in the pattern of unbanked population with regards to individual economies. “In those where half or more of adults are unbanked, the unbanked are as likely to come from a poorer household

as from a wealthier one. In economies where only about 20-30 percent of adults are unbanked, however, the unbanked are much more likely to be poor,” it added. 515 million adults worldwide opened an account at a

financial institution or through a mobile money provider between 2014 and 2017. In essence, 69 percent of adults now have an account, up from 62 percent in 2014 and 51 percent in 2011. As at 2016, according to another report by EFInA, only 36.9 million (38.3 percent) adults in Nigeria had access to a bank account. That finding also revealed that 40.1 million Nigerian adults, representing 41.6 percent of the adult population, were financially excluded. Nevertheless, the advent of fintech is helping to scale up adoption rate for bank services. For instance, the proportion of individuals globally who send or receive digital payments increased from 42 percent to 52 percent; this figure is 76 percent for those who have a bank account. Sub-Saharan Africa saw a 21 percent growth in the proportion of individuals with a mobile money account, with bank account ownership only rising by 4 percent.

Employees whose organisations are listed among the over 250 enrolled employers, are eligible for up to 80 percent more than their normal loan on Paylater, as far as their information can be successfully validated. Applicants with employers listed will need to update their Paylater app, apply and

agree to have their repayments deducted automatically from their salary account on the due date. The loan repayments are made directly as deduction from company salary account on the agreed payment date. The loan amount depends on the current salary of the applicant.

NEWS

Paylater offers 80% more than normal loans to salary earners

eing a salary earner in Nigeria could be quite a challenge given the current state of the economy and businesses are forced to tighten their purse to survive. For companies that pay well and on time, their staff might find it easy meeting monthly obligation

plan but for those that delay it could be a challenge for their workers. Paylater, an online lending platform, said it has a solution with the unveiling of a new service tailored exclusively to salary earners in Nigeria. In a blog post, the company which recently updated its mobile appli-

cation said it has partnered with over 250 employers of labour across Nigeria, that are willing to offer one and three months payroll loans to their employees using the Paylater app. The company said it is targeting people who have never previously received Paylater loan and those who

for some reason have been unsuccessful with their Paylater applications to date or never applied. Enrolled employers cut across companies in sectors like financial services, manufacturing, tourism, tech ecosystem, education, aviation, government departments and oil and gas.

Friday 04 May 2018

C002D5556

BUSINESS DAY

BUSINESS SOUTH-SOUTH

COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

As Bayelsa braces to resuscitate cocoa produce, what the Govt, stakeholders must do BEN EGUZOZIE, in Yenagoa

MIKE ABANG, Calabar

ayelsa is a major oilrich state. But it is sadly bereft of most of the economic indices prevalent in oil producing areas. Its economy is highly dependent on monthly envelops from the FAAC–the monthly shared Federation Allocation from oil receipts. Today, Bayelsa, with a gross domestic product (GDP) economy of over N18 billion, ranking below the top 10 states, hopes to delve into cocoa produce to diversify the economy. Like all of Nigeria’s 36 states, Bayelsa needs to diversify if it must grow beyond its oil-propelled economy. Last month, the Nigeria Export Promotion Council (NEPC), South-South region held a capacity building workshop in Yenagoa, with aim to get Bayelsans back to cocoa farms. It was themed: “resuscitating cocoa produce development for economic diversification of Bayelsa State.” For sure, cocoa planting in Nigeria started here. Azuka Ikejiofor, NEPC SouthSouth regional coordinator, informed that “Bayelsa once reckoned as a frontline coca base in the country, but could be traced in the statistical hierarchy on cocoa production scale (in Nigeria), due to unexplained negligence.” To g e t o n c o c o a, t h e st at e government (cur rently under Seriake Dickson) must set up a clear-cut policy direction on cocoa development. The government must also fund the training of agriculture extension agents to man the various crops. Today, there are only 15 Agric Extension Agents, against the needed 174 to

supervise the units. T h i s mu c h w a s e c h o e d by the program manager of Bayelsa State Agriculture Development P ro g ra m ( BY S-A D P ) , Ja ck s o n Diegbegha, who said there was a paucity of agriculture extension agents, which hinders agriculture sustainability in the state. Bayelsa has a rich soil that supports cocoa produce, said Samuel Orisajo, head of station, Cocoa Research Institute of Nigeria (CRIN), Ibeku Substation, Umuahia. He added that what the state needs to further, is to carry out ‘good agricultural practices’ (GAP). GAP include planting improved varieties, farm sanitations, rehabilitation, soil fertility improvement, pest and disease control, har vesting and postharvesting practices The government would also need assist in establishment of agricultural farms or estates, as

there are none yet in the state. Ofon Udofia, executive secretary and chief executive officer of Institute of Export Operations and Management (IEOM) Nigeria, who chaired the occasion, said, Bayelsa government “should immediately put in place policies and agencies to support the growth of cocoa produce in the state.” He said the state government must encourage agriculture, especially cocoa produce, which is world’s third most traded product. On his part, J.E. Alla, the director general of Bayelsa State Bureau for Cooperative Development (BCD), said the intending cocoa farmers in the state should organize themselves into credible cooperative societies in order to make access funds from government. He warmed that the agency would not deal with individuals, as some of them angled to press on the BCD.

Business Roundtable wants improvement in ease of doing business in South East

…zone is commercially vibrant, but totters due to inhibitions BEN EGUZOZIE & REGIS ANUKWUOJI, Enugu

he need to unite South East zone captains of industry and business operators through Business Roundtable conference for better understanding between the organized private sector (OPS) and policy makers on the improvement of ease of doing business in the zone, took the center stage at the 2nd Enugu Business Roundtable. The South East zone is commercially viable, with some of the biggest commercial cities likes Onitsha, Aba, Nnewi, and Enugu. But many inhibitive policies of the state governments and very poor infrastructure dwarf business growth of the region. The Business Roundtable organized by the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) was instituted for captains of industry and business operators to meet, deliberate on issues effecting the business environment in the geopolitical zone, and share ideas on how to improve on them. In an address the president of ECCIMA, Emeka Udeze noted that the Business Roundtable was aimed at enhancing the public private dialogue on fast-tracking the growth and development of the economy of the south east region; and build capacity to attract more investments into the zone. Udeze said that it would give the

Tulip Cocoa decries low quality cocoa in Cross River

captains of industry and business operators the opportunity to analyze government policies, and explain in plain language to the operators of small and medium-scale enterprises (SMEs). A one-time president of ECCIMA and the chairman of the Roundtable, Jumbo Offor, narrated the gains of close relationship between the organized private sector and the government (policymakers), and advocated for ECCIMA to enlarge the Business Roundtable to include other chambers of commerce in the zone. These are: Onitsha, (ONCCIMA), Nnewi (NCCIMA), Aba (ACCIMA), Owerri (OCCIMA), Umuahia (UCCIMA), among others. According to Offor, the South East needs more Business Roundtables now to help the captains of industry and business operators from the zone to air out their views, interact and share business ideas to come up with a voice in favour of policies, as they affect the business environment. He said the enlarged Business Roundtable would give all the business leaders from southeast and the government representatives the opportunity to talk about the challenges, and the best way to handle them to attract more investors to the zone. Other participants called on the governments of the southeast to pull resources together and work with the Federal Government to ensure

that critical structures that will help the economic development of the zone, such as the Akanu Ibiam International Airport, among other facilities, were raised to international standard like what is obtainable in other areas. The director general of South East Governors Forum, Samuel Otuanya, while responding to questions, said the southeast governors were fully aware of the challenges faced by business operators in the zone, and have set up a roadmap after the summit, to look into education, agriculture, rail, power, gas pipeline, with the aim of building a compass. He said the southeast governors have agreed to build link roads and South East Consultative Forum on health, among others. He stated that the governors were already discussing with the former minister of Power, Barth Nnaji on the Geometric Power located in Aba, Abia state, but lamented the fact that power was on the Federal Government exclusive list. Otuanya also hinted that the governors were seriously working to ensure that gas pipelines were expanded to some communities that were skimmed out by the Federal Government. The commissioner for Commerce and Industry, Enugu State, Ogbu Nwobodo, who declared the function open, commended ECCIMA for its effort in developing business ideas in the zone.

he dwindling cocoa quality produced in Cross River State has been described as a source of concern for cocoa developmental zeal of the state government. The managing director of Tulip Cocoa Processing Limited, Simon Conway Jarrett expressed the feeling of the company during the 2017 premium party for cocoa farmers, factors and the Local Buying Agents in Ikom, Cross River State. Jarrett attributed the dwindling quality of cocoa from the state to the failure of some farmers to adhere to the best farming techniques. He said that Tulip Cocoa Processing Limited is an eco-agro-industrial company, with vast experience in procurement of cocoa in Nigeria; and has been working with rural farmers, factors and local buying agents since 2007. According to him, the company, which has a factory in Ogun State, has been working assiduously to improve the income and livelihoods of Nigerian cocoa farmers; adding that farmers with the programme are well trained on the management of cocoa farms. He lamented that most produce were not properly treated, as the moisture level was high, with presence of dust, stone and other foreign materials. The Tulip Cocoa Processing managing director used the forum to encourage farmers to increase high quality cocoa production. The attainment of the feat of producing high quality, he stated,

will be predicated on training and the practice of best farming techniques. Jarrett, who lauded Syngenta, a cocoa chemical producing company, for sustaining interest in producing chemicals for the improvement of cocoa production, and for selling them to farmers at affordable rates, urged the farmers not to hesitate to appropriately apply the chemicals on their farms. In his welcome address, the sustainability manager of Tulip Cocoa Processing for Ikom, Ali Zulfaquar disclosed that the premium to farmers had dropped drastically in the 2017 production, because of the low quality of cocoa; and called for an aggressive approach towards improving the quality. He said although the quantity of cocoa for last year was as high as 9,300 tons, the premium did not reflect the volume because of the low quality. Zulfaquar advised that the right chemicals should be used in the farms, while appropriate pruning and slashing should be done according to the best practices. In a remark, a cocoa merchant in the state, Godwin Ukwu commended the management of Tulip, which started the journey of encouraging quality cocoa production in Cross River State about 10 years ago; and called for sustenance. Tanghan Tiku, a cocoa farmer, said that he was overwhelmed by the faithfulness of Tulip Cocoa Processing, which has maintained its partnership with cocoa farmers in the state for over 10 years. According to him, the partnership has helped farmers to increase their production of both the quantity and quality of cocoa beans.

AMES, UDECM partner to establish $150m pipe mill in Edo IDRIS UMAR MOMOH, Benin

tlantique Marine and Engineering Services Limited (AMES), in partnership with UDECM incorporated, United States of America have concluded plan to construct about $150 million pipe mill industry in Edo State. The industry when competed would have the capacity to produce 250,000 tons of pipe and coating pipes per annum. Charles Akhigbe, the managing director of AMES gave the hint when he led Albert Rau, the executive chairman of UDECM and other management team on a courtesy visit to the Edo State Governor, Godwin Obaseki on Wednesday in Benin-City. Akhigbe, who said the funding for the industry has been secured noted that when in operation it will create between 700 and 1000 direct jobs. He said UDECM is a global project funding company located across the globe that is cashing on AMES’s opportunity to invest in Nigeria. He added that within the next one year the industry will commence the production of pipes and coated pipes for oil and gas, construction, civil and structural construction, agriculture, rail and dams construction. In his remark, Albert Rau, the executive chairman of UDECM incorporated, United States of America said they were in the state on a facility tour of the project site as well as pay a courtesy call on the state governor.

Rau, explained that the group intends to set up a skills acquisition for the training of youths in all field of pipe construction, welding among others. He also promised to set up foundation for the construction of schools, hospitals, provision of electricity and other social amenities that would make life more much comfortable for the host community. Responding, Governor Godwin Obaseki of Edo State assured the investors of his administration support especially in the area of security and enabling environment for the project to succeed. Obaseki, disclosed that the state was willing to provide requisite infrastructure to attract and sustain investments in the state. He assured the investors that he was committed to improving the ease of doing business, noting, “The state has provided 996 hectares industrial estate, improved security and now has a one-stop-shop to encourage investors in the state. He opined that the industrial estate is being developed to encourage production of locally-made products as well as create domestic market for the products, which will serve the country.” “We are committed to developing programmes that will attract more businesses to the state. We are revamping the state’s security architecture. We are also making plans to facilitate sufficient supply of power for businesses to operate within the industrial estate,” he added.

Politics & Policy

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2019: OBJ is strong enough to unseat Buhari - Opara

Ekiti 2018: Time to change the narration KELVIN OKE

INNOCENT ODOH, Abuja

ormer President Olusegun Obasanjo (OBJ) has remained resolute in his determination to ensure that President Muhammadu Buhari does not return to power in 2019 on the plank of alleged non-performance in office. The former leader is said to be depending on the National Unity Party (NUP) as the platform through which he will realise the dream. This was disclosed to BusinessDay in an exclusive interview with the National Chairman of the NUP, Perry Opara, who said that Obasanjo sees the attempt by President Buhari to seek re-election as a ‘battle’ that he must be foiled in order to save Nigeria from an impending chaos, adding that Buhari may live to regret why he failed to heed Obasanjo’s advice not to seek re-election in 2019. “O b a s a n j o i s s t ro ng enough to dislodge Buhari from power. Each time I have meeting with him I come out emboldened. Remember that the day Obasanjo tore his PDP membership card that was the day PDP was decimated. All he is saying is that Buhari is old and must give way to young people, and after he advised Buhari to jettison his re-election bid and Buhari refused to heed it, it is instructive to remember that most people who did not heed Obasanjo’s advice have suffered the consequences and I don’t think this one is going to be different,’’ Opara said. He stressed that Obasan-

Olusegun Obasanjo

jo has international clout with which he has helped install leaders both in Nigeria and in other countries of Africa, pointing out that Obasanjo is working every day on the issue of who becomes the next president of Nigeria, which is no longer an internal thing. “The international organisations have a role to play in who becomes the president of Nigeria. Obasanjo is talking to prominent persons in Africa, Commonwealth,

United Nations and everywhere. “He came back from America before Buhari went to America, he just came back from Ethiopia and he has been talking to world leaders on this. But people feel that he wants to put a puppet that will be answerable to him but that is not correct. He only wants a young and dynamic leader, who has the capacity to deliver good governance to Nigeria,” Opara added.

The NUP chair, who has just been elected as the President of the West African Association of Political Parties (WAAPP) declared that any party or candidate which gets Obasanjo’s endorsement will win the 2019 presidential election, saying “every serious political party and candidate in Nigeria must visit Obasanjo, even some APC members are also paying him a visit because he is Nigeria’s political oracle that must be consulted.”

CACOL advocates true federalism as solution for Nigeria’s woes INIOBONG IWOK

s Nigeria struggles to overcome its numerous challenges, the Centre for Anti-corruption and Open Leadership (CACOL) has said that only the practice of true federalism in the country could guarantee good governance and development in the country. Executive Chairman of CACOL, Debo Adeniran said this yesterday at the exploratory conference on

the Lagos Open Parliament (part four) conducted by the organisation and held at the Right House, Adeniyi Jones, Lagos State, noting that the over concentration of governance on the centre and only on a tier of government was affecting service delivery to the citizenry especially by the local government area whose function had been taken over by the various states government in the country. Adediran said that the Lagos Open Parliament

(LOP) was initiated to allow the centre focus on periodic analyses of government’s general performance in the state, adding that it utilises public and media assessment with the goal of ensuring accountability in governance. He said the centre carries out the research by gathering citizens from all the local government areas in the state to give individuals collective opinion about governance in the state. Several of the discus-

Friday 04 May 2018

sants at the event charged government at all levels to be more accountable and transparent in disclosing the cost of executing public projects and contract expenditure. A lawyer, Olumide Fusika advocated for more synergy between the state and the local government areas for good governance in the country, stressing that the over-concentration of governance in the centre had made governance to be far from Nigerians.

s the race to the All Progressive Congress (APC) primary election for Ekiti state governorship contest gathers momentum, John Ajayi who reviews the preprimary political intrigues writes on the need to change the narration. John Kayode Folorunsho Fayemi, minister of Solid Minerals and Steel Development, aka JKF, is an enigma. Reason? Ever since his first term tenure as the governor of Ekiti state between 2011 and 2015, he has remained a political colossus in the politics of the state which prides itself as the fountain of knowledge. To be sure, anyone who is familiar with the pedigree of Fayemi, would readily attest to the fact that JKF is no stranger to struggle. An accomplished scholar and renowned human rights activist, JKF actually struggled hard to reclaim his initial victory at the polls through a legal tango with then rival and former governor, Oluwasegun Oni, hitherto of the People’s Democratic Party, (PDP) in the state. Upon securing his stolen mandate, he became the chief helmsman in Ekiti state. This call to service inspired governor Fayemi to put in his best while in the saddle. Available records reveal that his sterling performance and quality leadership turned around the fortunes of the state which was hitherto in a state of quandary with stunted economic growth and development. During his tenure in office, he literally transformed and repositioned the state such that the state got high ratings in terms of efficiency, transparency and competitiveness amongst the states of Nigeria, even as the World Bank’s Ease of Doing Business’ report put Ekiti among the five leading states that had made remarkable progress in all indices of doing business with ease. While the state had been ranked 34th before his administration came on board, Fayemi’s midas touch gave the state the needed fillip that catapulted it to the fifth position on the progress index. However, his re-election bid was thwarted by the “famous electronic rigging” that brought the current governor Peter Ayodele Fayose to power. Again, Fayose who had once served half term as governor of Ekiti under PDP, got his first term tenure truncated through an impeachment. Now that the administration of Fayose is about to

eclipse due to a pending governorship contest in the state, come July 14, 2018, JKF has again indicated his intention to recontest with the hope of finishing up the tasks he had earlier set for himself before the Fayose interregnum. As it were, his attempt at a second coming has not only sent jitters down the spines of the opposition political party, the People’s Democratic Party, PDP, the expression of interest to contest the election has become a major ache for political rivals in the fold of the All Progressive Congress, APC in the state. Notwithstanding that JKF belongs to the same political party with his rivals, he has not been spared the bitter bile of political players in the state, many of whom saw him as a pain in the neck because of his political prominence and inimitable political structure at the grassroots level. It is in view of this that there have been strident calls on him not to contest the forthcoming governorship election in the state. Whereas Part IIA, subsection 177 of the constitution of the Federal Republic of Nigeria, 1999 allows and qualifies JKF to contest for the exalted office of Governor of Ekiti state, most of his critics have been dubiously canvassing against Fayemi’s bid for a reelection. While not oblivious of the provisions of this aspect of the constitution, the political rivals of JKF, have since dominated both the social and traditional media in the desperate move to prevent or at best discourage the human rights activist-turned politician, from exercising his constitutional rights. What is most ludicrous about the arguments and explanations on why the self-appointed critics would wish JKF not to contest, is the fact that they love him so much and would not want him to be rubbished at the polls by the same Ekiti electorates whom JKF served meritoriously in his first term. One of the critics once wrote in an mumbo-jumbo article, arguing that “each time I write, I never doubted the quality and competence of Fayemi to govern Ekiti State again and again, and that is never reflected in my arguments… I write this as someone who admires Fayemi and thinks he has had a distinguished career in the Nigerian politics”. Not done, the critic argued, “I have been particularly concerned about the timing (of recontesting) I see Fayemi as deeply soaked in hostilities this time around and a lot of arrows darted towards him and his ambition to govern Ekiti again.

Friday 04 May 2018

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BUSINESS DAY

Live @ The Stock Exchange Top Gainers/Losers as at Thursday 03 May 2018 GAINERS

Market Statistics as at Thursday 03 May 2018

LOSERS

Company

Opening

Closing

Change

Opening

Closing

Change

INTBREW

N51.8

N47.5

-4.3

Company NESTLE

N1570

N1590.1

20.1

DANGCEM

N247.9

N245.2

-2.7

CCNN

N20.45

N22

1.55

UNILEVER

N54.9

N52.5

-2.4

OKOMUOIL

N77.5

N78.55

1.05

N45.2

N43

-2.2

FLOURMILL

N34.5

N35.5

N129

N127.2

-1.8

UACN

N17.15

N18

0.85

ASI (Points) DEALS (Numbers) VOLUME (Numbers) VALUE (N billion) MARKET CAP (N Trn

International Breweries, Forte Oil, Unilever, other losers push NSEASI down by 0.48% …equities shed N72bn Stories by Iheanyi Nwachukwu

he Nigerian stock market reversed earlier gains with a record decline of 0.48 percent on Thursday May 3, 2018 as many largely capitalised stocks were on offer. Twentyfive (25) stocks lost against 25 gainers. Stocks on offer at the Nigerian bourse yesterday include International Breweries Plc, Forte Oil Plc, Unilever Nigeria Plc, Dangote Cement Plc, and Nigerian Breweries Plc. The Nigerian Stock Exchange (NSE) All Share Index (ASI) depreciated by 0.48percent to close at 41,107.81 points as against 41,268.01 points recorded previously. The equities market Year-to-Date (YtD) returns stood at 7.49percent. The value of listed equities –

the market capitalisation declined from N14.962trillion to N14.890trillion. International Breweries Plc declined from N51.8 to N47.5, down by N4.3 or 8.30percent. Forte Oil Plc stock price declined from N45.2 to N43, down by

N2.2 or 4.87percent. Unilever Nigeria Plc was also down, from N54.9 to N52.5, a decline of N2.4 or 4.37percent. Nigerian Breweries Plc declined from N129 to N127.2, down by N1.8 or 1.40percent. Dangote Cement Plc dipped

41,107.81

from N247.9 to N245.2, down by N2.7 or 1.09percent. Nestle Nigeria Plc recorded the biggest rally, from N1, 570 to N1, 590.1, up by N20.1 or 1.28percent. Cement Company of Northern Nigeria Plc stock also gained, from N20.45 to N22, up by N1.55 or 7.58percent. Okomu Oil Palm Plc increased from N77.5 to N78.55, up by N1.05 or 1.35percent. Flour Mill Nigeria Plc advanced from N34.5 to N35.5, up by N1 or 2.90percent. UAC of Nigeria Plc increased from N17.15 to N18, up by 85kobo or 4.96percent. In 4,482 deals, Stock investors at the NSE exchanged 320,395,107 units valued at N4.760billion. UBA Plc, Access Bank Plc, ETranzact, Zenith Bank Plc, and FBN Holdings Plc were actively traded stocks on the bourse yesterday.

4,482.00 320,395,107.00 4.760 14.890

Standard Chartered launches new brand campaign

tandard Chartered is launching a global campaign that takes its ‘Here for good’ brand promise and poses a new tougher challenge: ‘Good enough will never change the world’. Launched in 2010, ‘Here for good’ showed how a bank could be a force for good by promoting economic activity that has a positive social impact. The new campaign retains the original brand promise but sharpens our focus on how banks can help tackle some of the problems that stand in the way of global prosperity and commerce. Behind the ‘Good enough will never change the world’ campaign is an eighteen-month deep-dive into the values underpinning Standard

champion Usain Bolt. “I always say ‘never think limits’ and ‘anything is possible’. It is not enough to dream big – you need to push through barriers to realise your dreams,” said Usain Bolt. “When you have an end goal in mind and you’re passionate about it, you can find the will and the strength to break through boundaries and achieve that goal.” Follow-up videos will tell stories of how companies and clients overcame obstacles to deliver stronger performance or make a difference in emerging markets across Africa, Asia and the Middle East. “What is really exciting about the next chapter in ‘Here for good’ is that it’s deeply rooted in the Bank’s clients, employees and history” said Emma

Chartered and ‘Here for good’. The project included hundreds of client interviews and collected inputs and values of the bank’s 85,000 staff. The campaign showcases a series of inspirational short films featuring people who accomplished extraordinary things because they wouldn’t settle for ‘good enough’. Directed by award-winning filmmaker Asif Kapadia, the launch video stars Jamaican sprinter and Olympic

Sheller, Global Head, Brand and Marketing. “It’s also about being in tune with what’s happening in the world. We set the bar high with ‘Here for good’. Now we are setting it higher with ‘Good enough will never change the world’.” The campaign kickedoff last week in Hong Kong, Korea, Singapore, Taiwan and the United Kingdom. It will roll out in 2018 in phases in across the rest of the Bank’s footprint including Nigeria.

SEC restates commitment to ensure fairness, transparency in capital market transactions

he Securities and Exchange Commission (SEC) has restated its determination to ensure that every shareholder is fairly, equitably and similarly treated and given sufficient information regarding transactions in the capital market. Mary Uduk, acting director general of SEC stated this while delivering a keynote address at the 1st Annual Seminar of the Committee on Mergers, Acquisitions and Reorganizations of the Nige-

rian Bar Association – Section on Business Law held in Lagos, Thursday. Uduk disclosed that over the last three years, the Commission has approved approximately 120 merger related transactions, translating to an average of 40 merger related transactions every year adding that as can be expected with business dealings, the nature and structure of these transactions vary in line with the objectives of the transacting entities and operational sectors. She said “We have had mergers by amalgamation, acquisition of assets only, acquisition of economic rights, MBOs, carve-outs, spin-offs and split-offs amongst others and most of you have been actively involved in a number of these transactions. “The ISA categorizes these transactions into small, intermediate and large mergers and gives the Commission the latitude to review the specified

thresholds which the Commission has done to ensure that review and regulation is targeted at transactions with significant economic impact”. The Acting DG disclosed that the primary challenge with respect to merger related transactions is the determination of what transaction is notifiable. “We have had some law firms question the Commission’s authority to review a merger involving private companies while some others have proceeded to consummate a transaction without first obtaining the approval of the Commission. From the regulator’s perspective, a lack of understanding of the essence of regulation is our primary challenge. “Our regulation is twofold, first as a securities regulator, we have a duty to ensure that every shareholder is fairly, equitably and similarly treated and given sufficient information regarding the transaction. We apply this when reviewing transactions

involving public companies. Secondly, we have a duty to determine whether the proposed transaction is likely to substantially prevent or lessen competition by considering the factors set out in Section 121 of the ISA. This duty applies to both private and public companies. The Acting DG said the duty to make a determination on the competitive effects of a transaction is equally fraught with its own challenges on the SEC as its engagement with competition regulators of other jurisdictions reveals the need to be able to conduct an assessment of relevant markets and have access to real time data of economic sectors. This she stated is hard to come by and as a result the Commission is compelled to rely on the information provided by Financial Advisers which is naturally skewed to present a favorable report on the market share of their clients.

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Sports

Friday 04 May 2018

Coca-Cola’s ‘Score a Trip to Russia’ promo reinforces commitments to football in Nigeria Stories by Anthony Nlebem

oca-Cola Company, the giant non-alcoholic beverage company, is one of the longest-standing corporate partners of FIFA, with a formal association since 1974. The formal partnership between Coca-Cola and FIFA started in 1976 with the official sponsorship beginning in 1978, however Coca-Cola has had stadium advertising at every FIFA World Cup since 1950. In 1951, the refreshing wave of Coca‑Cola arrived in Nigeria and has remained a hit with consumers across the country. In 2015, CocaCola launched the Share-aCoke campaign in Nigeria that saw Coca-Cola swap its iconic logo with some popular names among Nigerians. The groundbreaking campaign caught the interests of the consumers and gained huge consumer experience. It was really a time that created exciting moments. This year, being the year of the FIFA World Cup, Coca-Cola is once again reinforcing its commitment to their esteemed customers with promises to deliver an unforgettable Russia 2018 experience. The “Score a Trip to Russia” campaign by Coca-Cola is a promotion that intends to take lucky Nigerians to Russia to watch the FIFA World Cup games live later this year. The promo, which selects winners after weekly draws, is set to take a total of 22 random lucky winners to Russia. The process of winning is clearly simple. Indi-

viduals only need to drink a bottle of Coke, check under the crown for a code, send the code to 5453, and then respond to the SMS prompts that follows. Already, winners have been emerging every week from all over Nigeria. The winners, most of whom are ordinary people are lost in awe. Again, this shows the authenticity of the process as supported by the Consumer Protection Council of Nigeria (CPC) and the National Lottery Regulatory Commission of Nigeria. The Russia 2018 FIFA World Cup tournament has sparked up a lot of attention, particularly as it is the largest event in the sporting universe with different brands running Russia 2018 promotional

campaigns locally to support the tournament. CocaCola, however through its association as a FIFA World Cup partner and Official Beverage Sponsor of all Nigerian National Teams including the Super Eagles, is scoring big with exclusive propositions for the winners from the “Score a Trip to Russia” promo. The winners from the “Score a Trip to Russia” promo will get a chance to hang out with the Super Eagles. There are also opportunities for teenage winners who will be selected randomly to pose as flag bearers walking the Super Eagles from the locker room to the field during their games. The lucky teenagers aged 13 – 16 years will take excur-

sions while in Russia to behold the historical greatness of Russia. Another interesting activity for the winners in the Coca-Cola “Score a Trip to Russia” Promo is an exclusive 7-day boat cruise which will be a tour across 5 European countries. It promises to be a unique and truly unforgettable boating adventure for the winners as they tour across the Baltic Sea looking over the beautiful gulf passing through the coastlines of Russia. This year, Coca-Cola also brought the original one-ofa-kind golden FIFA World Cup Trophy to Nigeria to get thousands of fans Ready for the emotions of the FIFA World Cup in Russia. Consumers and FIFA World Cup

lovers had the opportunity to take close-up shots with the iconic trophy. The peak of the FIFA World Cup Trophy Tour that held for four days in Abuja and Lagos was when President Muhammadu Buhari got to lift the trophy at the Presidential Villa. Also, as part of CocaCola’s promise to teenagers, the COPA Coca-Cola, an international youth football tournament that provides an opportunity for teenage students to pursue their football dream, had its last edition held in Nigeria in 2017. This event had a total of5, 000 schools across the 36 States of Nigeria and the Federal Capital Territory Abuja in participation as against 3,000 schools across 32 states in 2016.

Coca-Cola has always been about sharing moments of happiness. The connection to football, which happens to be a game that brings happiness to Nigerians, seems to be the right fit. Whether it is through the COPA Coca-Cola tournament, the partnership with Nigeria Football Federation and the official global partner of the FIFA World Cup Tournament, Coca-Cola is committed to football globally and here in Nigeria. The “Score a Trip to Russia” promo by Coca-Cola is a way to create genuine experiences for the lucky consumers who finally emerge. The moments that will be shared in Russia will truly be unique, unforgettable and magical.

Six nations battle for Rugby Africa Gold Cup

h e Ne w Ru g b y Africa Gold Cup perpetual trophy – a Rugby World Cup qualifier – will be unveiled during the International Sports Press Association (AIPS) Congress in Brussels on May 8, 2018.

The 2018 edition of the Rugby Africa Gold Cup, which runs from June to August 2018, will be played by the national teams of; Namibia, Kenya, Uganda, Morocco, Zimbabwe and Tunisia. The winners of the 2018 Rugby Africa Gold Cup will

go to Rugby World Cup 2019 as Africa 1 and play New Zealand, South Africa, Italy and the Repechage Winner in Pool B. Free Broadcast quality B-Roll footage, pre-recorded interviews, photos and sound bites will be available for download.

Friday 04 May 2018

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BUSINESS DAY

NEWS

Moghalu urges Nigerians to stop managing political leaders

‘Innovation is critical in the new media world’

he capacity to innovate is critical in the fast changing media landscape, according to futurist and innovation expert, Paul Papadimitriou, while speaking at the fifth edition of the Digital Dialogue conference in Dubai, organised by MultiChoice. “Technologies have changed the developing world - whether it’s the world of work as seen by the so-called ‘millennials’ or the different technological perspectives of various cultures and generations,” he said. Papadimitriou said the third industrial revolution had changed lives and businesses from how we learn to how we buy - and how the speed of change could overwhelm, distract and excite in equal measure. According to Papadimitriou, what separates us as humankind are the fact that we create tools and stories: “The tools (technology) have always been with us. Technology affects us, our behaviours, how we transact, communicate ideas, gather ideas, love, and consider the world. “To prosper in a world that moves and change so fast, we need to get back to our basics: the fire around which we gather and the stories we tell.” To this end, the understanding of the future of pay TV is influenced by global numbers

presidential candidate and founder Institute for Governance and Economic Transformation, Kingsley Moghalu, has called for Nigerians to stop ‘managing’ political leaders and recognise that there is no force more powerful and determined than the citizens who have decided that enough is truly enough. Moghalu made the statement at The Platform, an event organised by the Covenant Christian Centre, Lagos. Stating that Nigerians are weary and disappointed in Nigerian politics and the country’s underdevelopment, Moghalu explained that citizens had learnt to lower their expectations, believing that they do not deserve nice things or the possibilities of developing a country with policies that provided solutions for all. “So, we have decided, let’s manage the recovery of 165 girls; it is impossible to get back all 265. Let us manage a president who is not personally corrupt, it could always have been worse. Let us take the governor that promises a few flyovers but chases poor people out of our cities, as if they are not human. “That’s the cost of develop-

ment. Let’s pretend that 60 percent of our federal revenue doesn’t go to maintaining just 1 million people; after all they haven’t killed anybody. Let’s manage the one we have, we tell ourselves. Because we can’t really get what it is we truly want,” he said. Sharing his experiences from his tour and townhall meetings held across the country - from Benue to Nnewi, Kano and Abeokuta, the presidential candidate emphasised that nothing would stop Nigerians from getting the leadership they truly deserve in the forthcoming elections. “Over the past three years, I have spent quality time talking to the people no one really talks to when they hold massive rallies with people they have paid to stand in the sun, and what I have seen has convinced me of something powerful. “We did it in 2011 when we together voted a minority president in a country where they told us it wasn’t possible. We did it in 2015 when we elected an opposition president in a country where ruling parties never lose national elections. We just have done it for people that we

were ‘managing’, because we didn’t think we could get what we really deserved,” he said. Calling on voters to believe in the coming democratic revolution, he encouraged Nigerians to seek one another out and encourage everyone to vote, sharing the truth about where Nigeria would be if they choose to vote against the status quo. “We start with one number. Just one. Find one person - a friend, your security guard, the woman who sells fruit round the corner, your work colleague - find one person and persuade them to be there at the polls in February 2019. “Be their ‘polling buddy’ and make sure they have their voter’s card, make sure they are aware of the issues. Then, help them be a “polling buddy” to somebody else,” he reiterated. With a view to take Nigeria back from the old political class with their cronies and infuse fresh ideas into solving the country’s problems, the candidate said that Nigeria needs to be delivered from ‘dinosaucracy’ – a politics of dinosaurs, for dinosaurs, by dinosaurs - who have infected Nigerian society with ideas and attitudes that have long since been discredited.

and the transition to actual behavioural change multi-modal, multi-local. As such, the current challenge for pay-TV companies is to shift the focus from content delivery systems to understanding its consumer through primary data (e.g. when they watch, how long, how much, etc.) The way consumers watch TV has evolved, whether it is bite-size formats to non-linear viewing such as watching multiple content on multiple screens, he remarked, saying, “With the advent of 5G, African consumers will be able to watch TV on all platforms simultaneously.” The foundational factors of change in technology include deﬂation, platforms and networks. Technology not only goes faster, but also becomes smarter with increased processing power such as Whatsapp overtaking the entire SMS industry in five years, as well as shared platforms and networks connecting us to each other. The end-user experience is becoming the key differentiator. What the acceleration of technology actually means is the acceleration of better experiences with tools that make our lives better. As such, behavioural data is the differentiator allowing an experience of choice - whether it’s faster automation, faster insights, faster networks, faster reality or faster intelligence.

It is critical for companies to understand the new consumption behaviours and mindsets of consumers. The new consumer is nomadic (they can be everywhere and anywhere); tribal (gathering around similarities) and singular (entrepreneurial, be who they want to be). Papadimitriou concluded that there are many opportunities for emerging countries and should capitalize on the window to innovate. “The best innovators are like the best travellers – they’re not afraid of unknown territories. They understand who people are and the journeys they’re on. They just do it. Let’s jump”. The 2018 Digital Dialogue Conference is a thought leadership platform facilitated by MultiChoice Africa in order to foster a better understanding of the future direction of the video entertainment industry in Africa. This is the 5th edition of the conference, which was established in 2012 to create a better understanding of Digital Migration and its impact on Africa’s digital landscape. Since then, the independent and growing platform has been critical in fostering a better understanding and building knowledge on the video entertainment and Digital terrestrial markets while creating necessary conversations with thought leaders about various industryrelated issues.

Artistes in high spirits for Ariya Repete semi final ... as Saheed Osupa, Taye Currency, Adekunle Gold set to thrill Lagos fans

A L-R: Bode-Law Faleyimu, eastern medical operations, Chevron Medical, Chevron Nigeria Limited; Ebun Sonaiya, director, Nigeria-South Africa Chamber of Commerce; Kike Alonge, principal, Capital Alliance of Nigeria Limited; Sola Adebawo, manager, communications, policy, government and public affairs, Chevron Nigeria Limited; Foluso Phillips, chairman, Nigeria-South Africa Chamber of Commerce, and Iyke Ejimofor, executive secretary, Nigeria-South Africa Chamber of Commerce, at a breakfast forum sponsored by Chevron Nigeria Limited.

riya Repete, the talent hunt organised by Goldberg to promote and develop indigenous Yoruba music, is bubbling as 32 contestants make it to the semi final. The event will hold in Lagos today, with the 32 potential Fuji and Juju music artistes slugging it to the finals. Meanwhile, the quarter finals, which held at Midas Arena, Ado-Ekiti, the Ekiti State capital, featured a fantastic display of music and drumming talent by vari-

UN mock assembly in PH for Africa: Secretary-general sends goodwill message ahead of August summit IGNATIUS CHUKWU

ort Harcourt was in 2017 endorsed as host city of the United Nations Mock Assembly for Africa scheduled for August 2018. Now, the secretary-general of the United Nations, Antonio Guterres, has sent a goodwill message to Port Harcourt, an action interpreted by the organisers as confirmation that there is no going back for the first-ever event in Port Harcourt. The former Prime Minister of Portugal who replaced Ban Ki-moon of South Korea on December 13, 2016, in his message, urged Nigerian authorities to create space for young people to have a

say in decisions affecting their lives. The key message said: “We must do more to enable young people to shape the decisions affecting their lives. Your potential is the world’s potential. Empowering the world’s young people is also an imperative.” On preparations for the UN Mock Assembly, the representative of the organisers, Maureen Egbuche, told newsmen that the word was out that the UN was to host the Mock Session in Port Harcourt. The CEO of Future Trust Initiative (FTI) for Capacity Building and organisers of the African Trust Model United Nations (called

TAFMUN) said it took some effort over the years since the maiden edition in Lagos. “That was when we started putting effort to make the conference come to the Garden City of Port Harcourt. Last year, 2017, we got the endorsement to come to Port Harcourt.” She explained that they were excited about the message from the UN secretarygeneral, an indication that there was no going back on the fact that Port Harcourt was now the host city. She went on: “The UN trusted FTI to handle this big responsibility and that could be due to years of relationship. Originally, FTI is the foremost organisation to be service provider for young

academics from Nigeria who attend the main conference in the UN headquarters over the years. “So, with the experience, when we sought the endorsement of the UN secretariat for Nigeria to host it, it was easy. Nigeria is now the voice of Africa leading young academics to the UN.” She said the organisers were leveraging on the new image of Port Harcourt as a safe city again. “The plans have kicked in, there is no going back and we look forward to a lot of collaborations from the Government, the Organised Private Sector (OPS), and parents. It is designed for senior secondary school students and university undergraduates.”

ous acts who were recently mentored at Ariya Repete Academy in Ibadan by veteran artistes and music producers. Some of the contestants for the semi final include: Juju artistes - Ayegbayo Oluwaseun, Akinlabi Johnson, Korede Daniel, Wale Bravo, Bukola Ahmed, Prince Ade Michael, Femi Bright, Adebayo Adetayo. While those from the Fuji category are - Ashafa Olushola Martins, Saheed Akangbe, Remilekun Olukotun, Mohammed Adewale, Ishola Ade Eric, Ode Ayomide, Suliamon Asibola Destiny, Olayemi Kehinde, Sodiq Ishola, Sulaimon Ajao, Adewale Oderinde, and Abiodun Olotu. Expressing joy on reaching the semi final, Ashafa Olusola Martins from Ibadan region, praised the organisers for the opportunity afforded young people to showcase their talent to the world. He was particularly thankful for the grooming and mentoring sessions at Ariya Repete Academy, which he said impacted positively on his performance in Ado-Ekiti. For Bukola Ahmed from Sango Ota region, it was another opportunity to prove herself as she had previously participated at the Ariya Repete 2017 edition. “This time, I am looking forward to giving a better account of myself in Lagos during the semi-finals. I have my eyes on the two

million Anita prize,” she said. Emmanuel Agu, portfolio manager, Mainstream Lager and Stout brands, commenting on the talent hunt, said, “We are deeply impressed by the performance of the artistes so far and can’t wait to reveal the latest future Juju and Fuji music greats to the world. That is what Ariya Repete is all about ; developing and promoting indigenous Yoruba music, artistry and drumming talent. And NB is glad to be leading the charge in that regard.” During the semi final, which will take place at the National Stadium, Surulere, the 20 successful musicians selected at the quarter final in Ado-Ekiti will slug it out along with the 12 traditional drummer groups. The contestants would be pruned down to 10 musicians and six drummers for the grand finale. Also commenting on the performance of the contestants, Funso Ayeni, senior brand manager, Nigerian Breweries plc, expressed pleasure at the quality of artistry displayed. Ayeni encouraged contestants to do a lot better in Lagos, and charged the judges including Champion Kunle Opio, Adebayo Faleke, Ace Alhaji Sikuru Agboola- SK Ensation, to professional in selecting participants for the grand finale.

34 BUSINESS DAY NEWS MTN Nigeria Q1 2018 revenue up 14.4% led by... Continued from page 1

enue for the first quarter ending March 2018. This was led by increase in data revenues. The stronger-than-expected growth in revenue of the Nigeria subsidiary of the MTN Group allowed the business to benefit from increased scale as revenue was up by 14.4 percent Year-onYear in comparable period of March. “Focused on retaining network leadership, we rolled out 298 3G and 174 4G sites in the quarter. The 4G rollout remains centred on the top 10 cities across Nigeria. Group data revenue grew by 26.9 percent quarter - on-quarter, as we executed on our dual-data strategy, ensuring appropriate data coverage across our footprint,” Rob Shuter, MTN Group CEO, said. “During the quarter, the group continued to focus on operational execution across our markets, leveraging off the strong network investment of the past few years. This allowed us to deliver an acceleration in service revenue growth to 9.1 percent (constant currency), led by MTN Nigeria and MTN Ghana,” Shuter added. The group-wide network investment enhanced data quality in metro areas. As such in both South Africa and Nigeria, MTN maintained network leadership. MTN Nigeria’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) margin, as a percentage of its total revenue increased by 340 basis points to 41.8 percent Year-on-Year. The MTN group said they have made good progress on the IPO processes in Nigeria, and they aim to conclude it during 2018. This will however take place after the group’s listing in Ghana as it confirmed to have received

all required regulatory approvals to proceed with the IPO in Ghana, which is expected to be launched in late May 2018. MTN Group, Africa’s biggest mobile phone operator recorded a 9.1 percent increase in revenue in the first quarter of 2018. The telecom company’s increase in voice revenue in Niger ia was suppor ted by customer spending on Value Added Service (VAS), and as growth in MTN Nigeria’s digital services is expected to resume in the latter part of the year, the company projects that it may impact growth rates in voice revenue.

audited accounts for 2017, the company earned N129.4billion from all its operations in Nigeria and Ghana with its fuels division reporting N78.8billion or 57 percent of revenue. The company’s power business brought in 28.2 percent or N36.6billion while its upstream operations recorded revenue of N1.9billon, or 1.4 percent of its revenue. Its lubricants and greases division pulled in N12.1billion or 9.3 percent. The power assets it is putting up for sale has a book value of about N15bn, according to BusinessDay calculations. The Bureau of Public Enterprises owns 49 percent of the power generation assets (Geregu Power Plc), while the balance of 51 percent is owned by Forte oil (57 percent), BSG Resources Limited (38 percent) and Shanghai Municipal Electricity Power Company (5 percent) respectively as at 31 December, 2017. Forte oils ownership of the plant

Following the marked improvement in its network in 2017, the MTN Group invested R1.7 billion ($134.7 million) in Capital Expenditure (CAPEX) in the first quarter of 2018, therefore maintaining its leading network position. MTN Nigeria reported net additions in the quarter of 2.3 million following on from the 2.0 million adds in the fourth quarter 2017 as the business benefited from the increase in its SIM registration footprint. The group traded at R12,747, as at the market close on Thursday 3 May 2018, and has a market capitalisation of R234.5 billion ($18.5 billion), as compiled from Bloomberg data.

then comes to about 29 percent. Forte oil estimates that power generation has current and noncurrent assets worth N92.3 billion, while liabilities (current and noncurrent) is put at N41 billion. Net assets come to N51.3 billion. This gives a book value for Forte oil ownership of power assets at about N14.9 billion or 29 percent of net assets. This is not the first time, Forte Oil has proposed sale of its assets which was not concluded. In 2015, it said Mercuria Energy Group Holdings SA had acquired 17 per cent of its equity, valued at $200m. “The investment, which has been approved by the Nigerian Stock Exchange and the Securities and Exchange Commission, is geared towards improving the group’s working capital and will be used for the expansion of the downstream and power generation business in Nigeria as well as positioning itself for future opportunities in the Nigerian oil and gas sector,” the company had said in a statement but not much

was heard afterwards. This is why experts are sceptical. “This is not the first time we are hearing about the company divesting. I don’t know how easy it will be for the company to sell its power assets at this time with the current state of the sector,” says Jubril Kareem, energy analyst at EcoBank. “There will be a lot of regulatory approvals required since they own a majority stake and I don’t know how easily they can secure these,” Kareem said. Nigeria’s power sector has been bogged by debts. Generation companies have not been paid since October 2017 and collections from DisCos are still at abysmal levels. Nigerian Electricity Regulatory Commission has foreclosed tariff review this year and shortfalls in the sector continues to pile up. This is clearly not the environment that has investors giddy with delight. “I think it could signal increasing confidence in the power sector, if the company successfully sells the assets, which may not be easy, but we could see new

Friday 04 May 2018

NIPC, partners release template for profiling... Continued from page 4

lication signed on behalf of the NIPC Executive Secretar y/ CEO by Adeshina Emmanuel, Director of Investment Promotion of NIPC, this emanates from the Commission’s mandate to promote and coordinate investments in Nigeria, which is also charged by its ‘Act’ to collect, collate, analyse and disseminate information about investment opportunities and sources of investment capital. “This template will enable

Hamid Bobboyi (l), executive secretary, Universal Basic Education Commission (UBEC), with Bashir Hassan Ibrahim, general manager, northern operations, BusinessDay Media Limited, during a business meeting in Abuja. Pic by Tunde Adeniyi

Forte Oil may struggle to find buyers for power... Continued from page 1

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investors coming in, if it scales through,” says Chuks Nwani, energy lawyer, said sounding optimistic. Forte Oil says the assets it is putting up for sale has generated interest cost of N2.2 billion naira as at December 2017. It also recorded impairment loss of N410 million on its investment in AP Oil and Gas Ghana Limited. The carrying amount of this investment in the separate financial statements was greater than the recoverable value to the tune of the impairment charge. Net cash generated from operating activities in Ghana stood at N196 million, while Nigeria’s stood at N3.9 billion. This is why it plans to seek shareholder approval for the sale on May 23 and appoint advisers in a notice to investors. Amperion Power Distribution Company Limited (Amperion Power), the power generation division of Forte Oil Plc completed the acquisition of a majority stake (51%) in the 435MW Geregu Power plant located in Kogi State, under the government-led

NIPC modernize and standardize the database of Nigerian investment opportunities that it presents to potential investors at NIPC’s domestic and international promotional and matchmaking events and on any of its advertisements or printed materials,” the NIPC publication stated. “The Commission may also promote the opportunities through any of its domestic, regional or international partners.” With this development, the “Direct Investors’ Summit”, scheduled to hold in Abuja from May 21 to May 23, 2018 presents the first platform to showcase a selection of the profiles with the strongest business and investment case to foreignanddomestic investors for the purpose of matchmaking. In order to provide opportunities for other interested parties with investment prospects to participate, NIPC has created an online Investment Opportunity Profile platform that enables promoters submit their projects. While there is no deadline for the submission of profiles by interested parties, the Publication stressed that only forms submitted by 11 May2018 may be considered for presentation at the Summit. “Interested parties should note that by completing and submitting a profile, they grant NIPC permission to share their investment opportunity, in its full or abridged format, at any of its investment and matchmaking endeavours,” NIPC concluded in the publication. privatization programme in the power sector. The company is looking now to offload the assets and shift focus to its downstream operations. Oil marketers in Nigeria have been clamoring for a better deal with the Nigerian National Petroleum Corporation (NNPC) who is currently importing the bulk of fuels used in the country. Forte Oil’s move may be part of plans to position itself for a better deal when marketers negotiate a favourable outcome. The company plans to channel the proceeds of the sale into expanding its downstream operations by constructing storage infrastructure. Forte Oil currently has two storage depots, five aviation fuel depots, and a lubricant blending plant. It also has 100 trucks for distribution of products across its more than 500 retail outlets which would require a lot of capital to expand. The company will also leverage on the anticipated full deregulation of the petroleum industry which had operated under a tightly regulated fixed margin.

Friday 04 May 2018

JAIZ Bank repositions with five-year strategic plan HARRISON EDEH, Abuja

s Nigeria’s non-interest financial institution, Jaiz Bank is repositioning to making life better through ethical finance and be the clear leader in ethical banking in sub-Saharan Africa, according to Hassan Usman, managing director/CEO. The bank has come up with a defined five-year (2018 – 2022) Corporate Strategy to help transform and attain this set mission and vision, Usman said at the commissioning of Jaiz Bank’s Modern Training Centre in Zaria. The centre will provide manpower training on non-interest (Islamic) banking and finance. Represented by his deputy, Mahe Abubakar, at the event, the CEO said at the heart of this new strategy was the positioning of the bank to become a lead player by the year 2022. In line with this, a set of strategic objectives have also been defined, with various projects identified and ongoing, and which are targeted at enabling us to achieve our goals, he said. As a bank with focus, “our transformational strategies cut across projects for which we have engaged various consultants. Some of these projects are at the closing stage, while some others are just kick starting,” he said.

35 NEWS NIMC’s declaration of NINs as more important than cards defeats purpose of smart-built e-identity cards C002D5556

He noted further that, “these changes are intended to bring about efficiency and effectiveness, while building the desired trust with our customers.” Some of the projects include a new internet banking platform, which will be rolled out to customers soon, reopening of Jaiz MasterCard to customers intending to do foreign transactions, the upgrade of the bank’s IT infrastructure, banking application to the latest IMAL version 14, and deployment of a robust Credit Facility solution to facilitate a seamless, automated, and swift credit facility process for both the retail and corporate banking customers. Other areas the bank is currently working on are the introduction of agency banking model, aggressive drive of financial inclusion programmes, and the MSME models. The bank is working with its strategy consultant to ensure that the overall strategy is properly mapped to the various functions, and with relevant initiatives to achieve the desired success. “We are sure that with the execution of the above, we will be well positioned to deliver quality service, while giving our esteemed customers the deserved excellent experience,” the CEO said.

JUMOKE AKIYODE-LAWANSON

he National Identity Management Commission (NIMC) has given up on issuing identity cards to enrolled citizens, saying it will now focus on giving National Identification Numbers (NINs) without the card in a three-year plan outlined by its director-general, Aliyu Aziz Abubakar. Experts say this new development will defeat the purpose of the national e-identity card, which is supposedly built with high tech functionalities to enable its use as Automated Teller Machine (ATM) card for banks, travel identification document and other functionalities through the use of a single smart card. The commission has continued to insist that the issuance of an actual card is less important than the NINs for Nigerian citizens. However, it remains that significantly more Nigerians have Bank Verification Numbers (BVN) than those with NINs, despite the fact that enrolment process for national identity

numbers started over a decade ago, compared to commencement of BVN enrolment in 2014, and about 47 percent unbanked population in Nigeria. In September 2017, the NIMC said it had successfully enrolled 21.36 million Nigerians on the scheme started in 2014, while the Nigeria Interbank Settlement System had been able to deliver 32.8 million BVNs. “The absence of unique identity numbers for every citizen in Nigeria may have been a contributory factor to the development of certain services and industries in the country,” Johnson Chukwu, CEO of Cowry Asset Management Limited, told BusinessDay In a tweet on April 27, 2018, the NIMC (@nimc_ng) declared, “Just like the BVN, no one is actually talking about the BVN card, but the number. Because the world all over is going digital, so it is the number that can be verified and authenticated for your person. “The NIN is the requirement for drivers’ license, land allocation in the Federal Capital Territory and international passport

BUSINESS DAY

renewals, not the card.” Nigerians are however concerned about the amount of money pumped into the project since 2007 for the main purpose of issuing multifunctional national e-identity cards with 13 technology applets embedded in it. Abubakar said in 2017 that, “Nigeria needs about N65 billion more to reach the remaining population yet to be enrolled in the programme.” This is in addition to the estimated N121 billion gulped in this project over the last five years, with contracts for registration, data processing and card production, issued out to various foreign and local companies. The NIMC had previously blamed the slow pace of card issuance primarily, on lack of adequate funds. BusinessDay investigations find that some people who have enrolled for a National Identity card from as far back as 2014 have still not been issued the identity card. Sadly, this is causing Nigeria to miss out on the economic advancement as a result of the useofsuchtechnology-enhanced means of identification.

One of the applets allows the ID card to be used as a travel document, as it conforms to the same standards (ICAO9303 Rev 2) as international passports and national identity cards of other nations, which have the Travel Demand Index (TDI) functionality built in. According to the NIMC, “It is hoped that the document would be used for ECOWAS travel without the need for a passport, as the applets cannot be forged.” Mastercard is also offering payment functionality as one of the applets on the card, which means that the chip and pin ID card could be used as a substitute for regular pre-paid debit cards as well as ATM cards. “Any country that wants to perform adequately must have well harmonised data of its citizens and legal residents. There is hardly any developed country in the world that does not have a national ID card system because it aids development in all sectors of the economy. I wonder why Nigeria is not taking this thing as seriously as it should,” Subomi Sodipo, CEO CFmobile told BusinessDay.

National Assembly steps down Buhari’s $496m arms fund, set to pass 2018 budget next week KEHINDE AKINTOLA, Abuja

ndications emerged at the end of Thursday plenary session that President Muhammadu Buhari’s request to include the sum of $496 million into the 2018 budget had been dropped by the National Assembly. Last week, the House of Representatives resolved to step down the consideration of President Buhari’s letter following agitation over the procedure adopted in the presentation of the request. Most of the lawmakers who spoke on the procedure adopted argued that it should be presented in form of a bill rather than a motion. Speaker Yakubu Dogara however declined to entertain debate on the alleged breach of the provision of the Constitution on the anticipatory approval granted by Buhari without appropriation by the National Assembly. The motion on the $496 million was subsequently referred to the House Committee on Rules and Business to verify whether or not there was precedence for such anticipatory approval in other climes. Buhari in the letter also notified the House and Senate that the balance of the $1 billion to be withdrawn from the Excess Crude Account would be sent through supplementary budget. Meanwhile, the leadership of National Assembly assured Nigerians of its resolve to pass

the 2018 budget next week, in confirmation of BusinessDay report. According to the information obtained after Thursday legislative session, the budget will be laid on Tuesday, May 8, and passed within the same week. Abdulrasak Namdas, chairman, House Committee on Media and Public Affairs, gave the assurance during the post legislative activities press briefing in Abuja. He said: “By the Grace of God, we will lay the budget on Tuesday and then try to pass it that same week. But where laying it on Tuesday and I can assure you that within that same week, we’re going to pass it. “We tried to do that, but you know, the budget is a voluminous document. Actually, we’ve been working hard so that we can beat the deadline, and hopefully this time around, I can assure you that by next week, everything about the budget will be concluded and passed.” Namdas, while responding to a question on the proposed three-day suspension of legislative activities to protest the killings across the country, said it would take effect after the passage of the Appropriation Bill and follow no definite pattern. “If you recall, there had be conflicting dates given by the House on when Nigerians should expect the passage of the Appropriation Bill,” to Adamawa lawmaker said.

L-R: Vice President Yemi Osinbajo; Fareed Arogundade, founder, Workstation, and Bolaji Balogun, CEO,Chapel Hill Denham, during the Vice President’s recent tour of Lagos start-up community.

Ensure security of Melaye’s life before prosecution, Dogara urges IGP KEHINDE AKINTOLA, Abuja

peaker of the House of Representatives, Yakubu Dogara, on Thursday, urged the Nigerian Police to ensure security of Dino Melaye’s life before prosecution. Dogara gave the charge in response to a motion sponsored by Sunday Karimi (PDP-Kogi), who expressed concern over the arraignment of Melaye in Lokoja court, on a stretcher, barely 24 hours after he was granted bail by an Abuja Magistrate Court. Dogara said: “Karimi is talking about rule of law and due process, and we have our own rules in this House. So, we will abide by that. All I can say is that nothing can happen to the senator.

“If anyone in this country commits an offence, the law is there for the person to be prosecuted or arraigned in court within the ambit of the law. “I don’t think the law supports a situation whereby someone is in a dire health situation and is being arraigned most especially that that person is a senator. It is unthinkable that a distinguished senator or an honourable member of this House would run away from trial. “So, my admonition to the security agencies is to do everything possible to ensure that his life is secured first before prosecution. Prosecution cannot come at the expense of death and that is very important because if anything happened

to him, the responsibility will lie on the security agencies. “That is without mincing of words; because I have not seen a country where someone will be arraigned in a stretcher; where he is not even in the right frame of mind to even take a plea. So, what use is it if you’re taken someone to court and he cannot plead guilty or not guilty. So, the emphasis should be on his health first,” he said. Sponsor of the motion, Sunday Karimi, had alleged that Melaye was “facing persecution because of his belief and the House must not continue to sit down and keep quite. “We should ensure that the rule of law prevails in this case. It is happening to

Senator Dino today, it could happen to any of us.” He decried the large number of policemen deployed to guard Melaye, saying, “I visited him in the hospital and counted up to 38 policemen. On Saturday, INEC went to conduct his recall. Only yesterday, he was arraigned in court in Abuja. Today, Dino was carried in an ambulance to Lokoja.” Attempts by other members to comment on the matter were rebuffed by the speaker who ruled that since it was a matter of personal explanation and since the Senate was already looking into the issue, it could only be referred to a committee of the House for further legislative action.

Friday 04 May 2018

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IMPACT INVESTING

Friday 04 May 2018

In Association With

Impact Investing, Information Technology And Nigeria’s Justice System Innocent Unah & Uju Ikedionu

mpact investors in Nigeria have focused on financial services, agriculture, health, housing, ICT, energy, and services, as the sectors of importance to them. Other sectors that attract their attention include manufacturing, infrastructure, education, tourism, water and sanitation, construction, and real estate. However, these investors have paid little or no attention to the areas of rule of law, universal right to justice, and fairness. There has been a long-held but erroneous view that justice issues should be addressed only by international bodies or the government. Hence, most impact investors are concerned with social and environmental benefits as the pivots of sustainability in such areas as natural resource protection, good health and well-being, and poverty alleviation. Analysts have the consensus opinion that there is high need for impact investors to support innovations that can improve efficiency and transparency in Nigeria’s legal system, especially in the area of Information Technology (IT). IT has continued to play crucial roles in the economic, social, and other aspects of lives of many a nation. Likewise, the increasing nature and advancement of information technology (IT) due to technological innovations has developed new opportunities for improving the arguably poor justice delivery system in Nigeria. Towards Technology Adoption for the Nigerian Judicial Sector In conventional Nigerian courts, filing of court matters are done manually as the judges spend avoidably too much time in processes of deciding cases and delivering justice, often encountering stress in the process. The stress is caused by the difficulty encountered in filing and retrieving information from the piles of paper works and manual data input. Furthermore, considering the number of case filings handled by the courts daily, it is acknowledged that there is inadequate number of personnel to adequately attend to legal matters that ordinarily should be treated with despatch. Lack of electronic recording tools leads to manual data entries by judicial officers, exposing the deep deficiency in the judicial sector. The need for investment in IT to improve efficiency and effectiveness of the Nigerian justice system was acknowledged by M.D Abubakar, a Chief Judge of Katsina State. “In the past two decades, Judges and Lawyers had pondered over the application of Information and

Communication Technology in the judicial and legal processes and have asked questions on whether ICT could apply and work in a court of law,” Abubakar said in his publication entitled ‘Impact of Information Technology on the law and court processes’. Natural incidences such as fire outbreaks, floods, and human activities such as burglary in the law court, pose potent danger to security of court database. In 2004 for instance, the Lagos High Court was engulfed by fire, leading to destruction of valuable court files. Rivers State High Court in Degema equally had its share of this disaster as fire engulfed two court rooms in 2015. Similarly, other states have had fire outbreaks in their various law courts at one point or another. The implication of this is that justice is stalled or prolonged un-

necessarily, while the (poor) people in the society groan from the debacle of delayed justice delivery. Anticipated Impact of IT in the Nigerian Judicial System IT (E-filing and Legal Tech for example) has presented evidence that IT can play in resolving observed challenges of ineffectiveness in judicial processes, delay in deciding cases and delivering justice, and lack of transparency and integrity in the judicial system. According to Adisa Oluwole, a Senior Litigation Counsel, ‘E-filing’ means that a matter once litigated and assessed is first scanned and uploaded on the portal designated for such. Litigators/Lawyers login to the portal with their credentials to assess the documents. Through this, they will be able to know the judge(s) and court their cases have been assigned to, without visiting the court.

Through this E-filing process of suits, the Lagos state government has been able to evolving a system that enables them know properties that are sub-judice in property transaction, by simply logging in the details of the transaction into the portal. Section 84 of the Evidence Act has given recognition to electronic evidence (audio, video, emails, even whatsApp and BBM messages), which can be accepted if certificate of identification showing the brand name, the production date and a statement that the computer has been producing similar documents as the evidence is tendered. According to Oluwole, only the High court of Lagos in the last four years commenced the process of E-filing. National Industrial Court is tilting towards E-filing which was included the Order 6A Rules 1 and 2 of the National Industrial Court

Rules 2017. Recent introduction of “Legal Tech”, an online platform where lawyers can access electronic law reports of the Nigerian Supreme Court and Court of Appeal and laws just by subscribing, has empowered judicial officers to perform their duties more efficiently. As Law Pavilion Electronic Law Report (LPELR) leads the pack of legal tech platforms, impact investors should look towards encouraging creative minds to develop even more efficient IT solutions for the legal system. A semblance of ‘angel impact investment’ is apt in this regard. Challenges of adopting IT in Judicial Sector Lack of awareness regarding the impact of IT on law and justice has been a major obstacle to its adoption in judicial processes. This lack of awareness is rooted in universities where use of power point presentation in law practices and use of IT in delivering justice are not taught; the mind-set is that IT has no relevance to the legal profession. Impact investors can play a significant role in this regards by working with stakeholders to present to the National Universities Commission (NUC), Nigerian law schools, and the various states that are yet to adopt IT, the importance of adopting IT in the law programme. Other factors such as lack of funds to finance IT, lack of IT skills acquisition by judicial officers, Poor power supply, poor network provisions by internet service providers, and computer have challenged the adoption of IT in the judicial sector. Hence, aside from creating awareness on the importance of IT adoption in the Nigerian judicial sector, impact investors can invest in technologies that support electronic filing of law cases and retrieval of information to improve efficiency in justice delivery. Adopting IT in court proceedings that will speed up justice delivery is anchored on having the needed skilled personnel to drive the electronic process. Creating digital training institutes where youths can be trained in the area of application of technology to judicial procedural works should be an area of focus for impact investors. Finally, considering the dearth of energy supply in the country, a major impediment to IT application to the judicial process, impact investors can invest in cheap, sustainable energy sources (e.g. solar and wind) of power supply to court rooms and court-related electronic gadgets. Not only will this result in effective dispensation of justice, but also in the protection of the environment against environmental ruin, a key focus of impact investing in the general sense.

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FINANCIAL TIMES Facebook appeals to developers after privacy changes

TSB chief to give up bonus over IT failure Page A5

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World Business Newspaper

Flint prepares new strategy as HSBC puts troubled years behind it Plan expected to involve building up asset management and insurance businesses HENNY SENDER

ohn Flint, chief executive of HSBC, has some much needed breathing space to put together his three-year plan for Europe’s biggest bank as it emerges from a scandal-plagued past. Talking to the Financial Times in his first interview since taking over as chief two months ago, Mr Flint made it clear that his priorities were in moving HSBC back on to the front foot after several years of damaging scandals. Mr Flint describes the bank’s Mexican money-laundering episode as a particularly chastening experience for the group. “We felt the trauma personally. We had a great crisis but then the deferred prosecution agreement effectively removed our pedestal. We were dragged back into the pack with the rest of the banks. The DPA took the wind out of our sails.” In 2012, regulators found the bank guilty of financial crimes, including helping Mexican drug cartels launder money. HSBC had to pay hefty fines and operated under a DPA with the US Department of Justice for five years. Ahead of briefing the board on the lender’s new strategy later this month and the bank’s first-quarter earnings on Friday, Mr Flint says that the episode “has made us more humble”. “I was taught that if we [HSBC] ever made a mess of things there really was no one else to tidy up after us, an attitude that will continue to serve us well,” he says. Mr Flint’s predecessor, Stuart Gulliver, needed to focus his efforts on fixing operations. Mr Flint has a different task ahead, according to analysts, with many of the problems now in the past. He is a life-long HSBC employee, whose working relationship with Mark Tucker, the bank’s first external chairman, will be key.

Mr Gulliver spent much of his seven-year tenure undoing the acquisitions of his predecessors, selling off numerous businesses and cutting a third of the staff in an effort to shrink a bank seen by investors as bloated. At one point, the share price fell so low that Beijing-based ICBC, the largest bank in the world, drew up a proposal, seen by one senior HSBC staffer in China, to take over HSBC. That proposal never made its way to the HSBC board. “Today, to acquire us would require a very large cheque,” says Mr Flint. “That is highly unlikely.” Analysts expect Mr Flint’s strategy update to involve building up both the asset management and insurance businesses of the bank, especially in Asia. Both areas are considered subscale by HSBC standards. Under Mr Gulliver’s time as chief executive, HSBC’s life insurance business was profitable, “but it has lost share in its key markets, especially Hong Kong. We expect renewed focus on this business,” according to Morgan Stanley’s Hong Kong-based bank analyst, Anil Agarwal. Further exits from some smaller retail banking operations are also expected. Mr Flint faces increasing competition from ambitious Chinese financial institutions seeking international expansion, including Ping An Insurance, now HSBC’s second-largest shareholder after BlackRock Asset Management. There are also new rivals in the form of fintech groups such as Alibaba and Tencent, both of which are far larger than HSBC. The pair are already making headway in securing deposits and lending them out, as well as offering money market funds that pay out more than what HSBC offers customers. In March, Hong Kong regulators released proposed guidelines for virtual banks for both existing financial players and non-financial companies, including tech groups.

Trump says he reimbursed lawyer for porn star hush money President reverses stand that he knew nothing of $130,000 payment to Stormy Daniels BARNEY JOPSON, SAM FLEMING AND ALICE WOODHOUSE

onald Trump acknowledged that he reimbursed his personal lawyer for a $130,000 payment to an adult film star to ensure her silence on allegations of an affair, contradicting his early statements he knew nothing of the hush money. The president originally told reporters in April that he had been unaware of the payment by attorney

Michael Cohen to Stephanie Clifford, whose stage name is Stormy Daniels, shortly before the 2016 election. However, Mr Trump wrote on Twitter on Thursday morning that Mr Cohen had agreed a non-disclosure agreement with Ms Clifford to “stop the false and extortionist accusations made by her about an affair.” Such agreements, the president added, are “very common among Continues on page A4

Elon Musk leaves investors uneasy over Tesla cash burn Electric car maker’s chief hits out at ‘bonehead questions’ during quizzing on finances RICHARD WATERS

lon Musk left Tesla investors more uneasy about the electric car maker’s path towards financial sustainability during a fractious call with Wall Street analysts on Wednesday, prompting a 5 per cent sell-off in shares in after-market trading. The stock price dip came despite renewed promises from the Tesla chief executive that the company was on track to overcome the difficult production ramp-up of its Model 3 mass-market car, and that it would become cash flow positive in the third quarter. Wall Street analysts had already been cautious about the financial stresses on the company from its ambitious growth plans, and a mixed first-quarter earnings report did little to ease the mood. Tesla exceeded revenue and earnings forecasts in the period, thanks in part to a rebound in gross profit margins on its established Model S and X. But it burnt through slightly

more cash than most analysts had been expecting as it built up production of the Model 3 and increased its capital spending. On the call with analysts, Mr Musk refused to delve deeper into his company’s potential funding needs, which have been a subject of intense scrutiny on Wall Street all year. Tesla said recently that it would not need to raise extra capital this year, though it did not rule out a move to build up its financial reserves. Tesla’s shares, which had dipped slightly after the earnings announcement, took a sharp turn down immediately after Mr Musk refused to answer a question on the call about the company’s future capital requirements. Asked by a second analyst whether he might want to raise extra capital since most companies preferred not to wait until they had a financial need, Mr Musk replied bluntly: “No. I specifically don’t want to.” As Tesla’s chief financial officer Deepak Ahuja was quizzed by another analyst on the company’s capi-

tal spending, Mr Musk interrupted, saying: “Excuse me. Next. Next. Next. Boring bonehead questions are not cool. Next.” But before the next analyst had finished his question, Mr Musk interjected again. “We’re going to go to YouTube,” he said. “Sorry, these questions are so dry. They’re killing me.” The next 20 minutes of the call was devoted to questions from Galileo Russell, who hosts a YouTube channel called HyperChange TV and had campaigned via Twitter beforehand to be able to field questions to “give retail investors a voice”. Mr Musk’s irritation came after Tesla reported that losses on the Model 3 and capital spending consumed $1.1bn in the first quarter of this year, a slightly higher rate of cash burn than Wall Street had been expecting. The company’s cash balances fell by $700m in the period, leaving it with $2.7bn. Rating agency Moody’s has predicted that further depletion during the year would force Tesla to return to the capital markets in order to rebuild a financial cushion.

Richard Branson makes his first move into private equity Virgin founder teams up with London-based Metric Capital to target consumer deals JAVIER ESPINOZA

ichard Branson, the billionaire British entrepreneur, will become a private equity executive for the first time as he seeks to raise €500m from global institutional investors to strike deals for consumer businesses worth up to €2bn. The founder of Virgin Group is set to become a partner in a new fund comanaged by Metric Capital, a Londonbased investment firm with about $2bn assets under management. Two people familiar with the plans confirmed details of the fundraising. John Sinik, founder of Metric Capital, has known Sir Richard for more than two decades from his days at UBS. Since its inception, Metric has generated a realised internal rate of return of roughly 30 per cent, according to figures seen by the Financial Times. “I have been impressed by the de-

velopment and growth of Metric Capital,” Sir Richard said. “Their experience in the rapidly changing consumer and digital markets is particularly attractive and I look forward to helping John and his team with this new fund.” Sir Richard’s business empire grew from a humble mail-order record house, set up in the late 1960s, into a multimillion-dollar music business while Virgin Group now owns stakes in more than 100 companies. The fundraising comes as buyout funds raise record amounts of capital at the fastest pace in their history, with yield-starved investors desperately looking for a place to park their cash. When investing in companies, the fund — the first of three to be launched in the next few years — will look at companies where it is believed that Sir Richard’s affiliation with the firm will give the company the potential to grow faster than it would do with

anyone else, these people said. It will look at luxury goods, leisure, food and beverage, and other consumer-related businesses, they added. “The idea is that the fund will see more deal flow and companies will be more likely to take its money because of its links with Sir Richard,” one person involved in the fundraising said. However, some industry insiders said the fund could simply be looking to leverage Sir Richard’s personal brand and connections, with no meaningful involvement. But unlike other high-profile individuals who act as advisers to private equity funds, Sir Richard will be a partner in the fund with a minority stake. Sir Richard, who has experience investing in private equity funds including TPG’s Rise fund, will help evaluate deals and use his network to seek opportunities.

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NATIONAL

Obama holdout stands in way of US bank deregulatory wave Wall St blames FDIC’s Martin Gruenberg for not backing big changes to post-crisis BARNEY JOPSON

artin Gruenberg, the final Democrat among top US bank watchdogs, is a growing source of frustration to Wall Street, as the last man standing in the way of a deregulatory wave. Mr Gruenberg remains in place

five months after the expiry of his term as head of the Federal Deposit Insurance Corporation, a bank regulator. President Donald Trump nominated his replacement in November, but her confirmation has been held up by a logjam in the Senate. In Mr Trump’s sledgehammer attacks on regulation, critics saw the seeds of more reckless bank

behaviour and another financial crisis. But the president’s other appointees have not dramatically loosened post-crisis regulation as many on Wall Street want. Instead their proposals to loosen banking rules have looked piecemeal and disjointed. Frustrated bank lobbyists pin some of the blame on Mr Gruenberg, who was made chair of the

FDIC, one of three federal bank regulators, by Barack Obama. “We don’t have a new FDIC chair and Marty is not being co-operative,” said a lawyer who lobbies for a Wall Street bank, highlighting the clout the FDIC gains from writing rules jointly with the Federal Reserve and the Office of the Comptroller of the Currency. Mr Trump’s chosen FDIC chair

Training for driverless car testers still patchy despite Uber crash

Trump says he reimbursed lawyer for porn star ... Continued from page A3 celebrities and people of wealth”. The president wrote that the money used had been reimbursed and that it had “nothing to do with the [presidential] campaign”. The disclosure represents a dramatic shift in the president’s strategy for dealing with the controversy and echoes the words of Rudy Giuliani, the former New York Mayor who recently joined Mr Trump’s legal team. Mr Giuliani told US media on Wednesday night that Mr Trump repaid the alleged hush money Mr Cohen used to pay Ms Clifford. The payment has sparked complaints to the Federal Election Commission that it was an undeclared in-kind campaign contribution. It is at the heart of several legal risks facing the president, with Ms Clifford suing him to lift a non-disclosure agreement she agreed with Mr Cohen in 2016 in return for the money. The porn star alleged she had an affair with Mr Trump in 2006. Mr Cohen denied the claim and said the $130,000 payment had nothing to do with the election, adding that he made the payment from his personal funds. Speaking on Air Force One in April, Mr Trump answered “no” when asked whether he had known of the $130,000 payment. In his tweets on Thursday, however, Mr Trump said Mr Cohen received a monthly retainer that did not come from the campaign and that the attorney entered the agreement with Ms Clifford “through reimbursement”. “Money from the campaign, or campaign contributions, played no roll [sic] in this transaction,” Mr Trump added. Mr Giuliani, speaking to Fox News on Wednesday, said: “They funnelled through a law firm and the president repaid it . . . That was money that was paid by his lawyer, the president reimbursed that over the period of several months.” The former New York mayor said the payment was “going to turn out to be perfectly legal” because “that money was not campaign money”. “Every American, regardless of their politics, should be outraged by what we have now learned. Mr Trump stood on AF1 and blatantly lied,” tweeted Ms Clifford’s lawyer Michael Avenatti following Mr Giuliani’s statements on Wednesday. “We will not rest until justice is served.” Mr Cohen himself is facing a criminal investigation by the US attorney’s office in the southern district of New York. The lawsuit could prove to be problematic for the president if a judge allows Ms Clifford’s challenge to go ahead in open court, according to legal experts.

is Jelena McWilliams, the top lawyer at Ohio lender Fifth Third Bancorp and a former Republican Senate aide. She won bipartisan approval from the Senate banking committee in February, but has yet to get a vote on the Senate floor because of wrangling over contentious nominees for other jobs. Bankers fear she may not be confirmed until after the summer.

FT investigation finds human operators can graduate to public roads within days

TIM BRADSHAW

KKR seeks Trump tax boost through restructuring US buyout group scraps partnership structure that shielded some profits from tax MARK VANDEVELDE, ANGELES AND JAVIER ESPINOZA

KR is seizing on Donald Trump’s tax cuts to try to boost its stock market valuation, ditching a partnership structure that has shielded some of the US buyout group’s profits from tax but which many potential investors found too unwieldy. The move was unveiled at the same time as quarterly results that exceeded analyst expectations for profit and assets under management. It marks the first time one of Wall Street’s biggest buyout funds has dropped the lucrative partnership structure, which reduced the taxes on huge performance fees that fund investors pay when the firm sells an investment at a profit. After becoming a corporation, KKR will make itself liable to pay corporate taxes on performance fee income that was previously passed

to investors without incurring taxes at the corporate level. But the US president’s sweeping tax overhaul means that the applicable rate will be well below the 35 per cent rate that corporations had to pay until January. KKR estimates that it will initially pay 7 per cent tax on its income, a rate that will increase to 22 per cent over five years. Shares rose more than 5 per cent in New York on Thursday morning. The extra tax payments could be outweighed by an increase in KKR’s market value if, as it hopes, the simpler structure increases demand for the firm’s shares. Executives believe that the filing requirements attached to partnership status have deterred institutional investors from buying the firm’s shares, depressing its market value. The old partnership structure saddled anyone who owned KKR stock with the annual chore of filing a 30-page form with US tax

authorities. That requirement will now drop away, making the shares more attractive to international investors unwilling to incur US tax obligations. Ares Management in February became the first major private equity group to ditch its partnership tax structure. But the Los Angelesbased firm is less reliant than many big buyout firms on the performance fees that such structures are primarily designed to protect, and KKR’s announcement could herald a series of copycat moves by rivals. Leon Black, co-founder of Apollo, has described the buyout group’s decision to switch as “classic game theory”, whereby the actions of one firm will affect its peers’ behaviour. But Apollo was silent about that possibility on Thursday as it sunk to its first quarterly loss in two years, hit by mark-to-market losses on publicly traded shares held in its private equity portfolio.

Brussels warns Trump’s trade policies pose threat to Europe Eurozone still set for economic growth but protectionism could throw expansion off track MEHREEN KHAN

he European Commission has insisted the eurozone was still set for robust economic growth despite a recent slowdown but warned of the threat to the region from US president Donald Trump’s trade policies. In its latest economic projections for EU growth Brussels maintained its forecasts for the eurozone in 2018 and 2019 and insisted that a recent bad run of data was down to “temporary” factors. But the commission pointed to risks from a “dangerous nexus” of economic policies in the US — where fiscal stimulus, higher Federal Re-

serve interest rates and the prospect of a trade war were likely to spook markets and European businesses. “The materialisation of these risks could throw the expansion off track in a European economy that has recently been more reliant on investment and exports,” Thursday’s report said. “Europe’s real economy would not remain immune to abrupt market corrections. The combination of a pro-cyclical fiscal stance and inward-looking trade policies presents a dangerous nexus.” The intervention from Brussels comes at a time of tension with Washington over US import tariffs on steel and aluminium. Mr Trump this week gave the EU a 30-day exemption from

the tariffs, which the US imposed last month. Pierre Moscovici, the EU’s economics chief, said Brussels would continue to lobby for permanent exemption. “We believe protectionism is not the solution, it creates only problems,” he said. Growth in the eurozone economy has moderated this year, slowing to its weakest pace in 18 months at the start of 2018, according to data on Wednesday. But the commission’s economists left their gross domestic product forecasts unchanged from February. Brussels still expects the 19-country bloc to expand at a pace of 2.3 per cent in 2018 and 2 per cent in 2019.

uman test drivers, charged with seizing control of autonomous cars during dangerous incidents, have been allowed behind the wheel after only a few days’ training, according to regulatory filings by Silicon Valley companies. An investigation by the Financial Times reveals that some of the biggest companies in this nascent market have spent less time training their back-up operators than Uber, whose safety record is in the spotlight following a fatal crash, and that training practices vary widely between companies. The documents, filed with the Department of Motor Vehicles in California, which grants permits for autonomous testing in the state, also reveal patchy disclosure about training programmes — prompting calls for a more standardised approach to an increasingly urgent matter of public safety. An autonomous Uber vehicle hit and killed a pedestrian in Tempe, Arizona, in March, in what is believed to the industry’s first such fatality. Video from the crash, released by Tempe police, appeared to show the Uber driver was distracted and not looking at the road in the moments leading up to the collision. The company suspended its testing operations across the US following the accident. Through a public-records request, the FT obtained documents detailing driver training programmes for Uber and the seven other Silicon Valley companies that had the largest number of safety drivers on the road in California. The companies have together received permits for more than 1,000 safety operators. Much of the time spent behind the wheel of an autonomous vehicle is tedious and uneventful. Few of the documents describe how companies train drivers to deal with fatigue or boredom. But experts say thorough training is important given operators may have to take control of an unpredictable vehicle in a wide range of situations, from high-speed freeways to dense urban streets full of pedestrians and cyclists. The longest education programmes detailed in the filings give back-up drivers more experience, from how to cope with a cyber attack to encountering other vehicles that deliberately try to confuse the robot car. “The more training and experience they have, the safer you are,” said Mark Rosekind, a former US road safety regulator who now serves as chief safety innovation officer at Zoox, a four-year old autonomous car start-up. Uber’s most recent filing with the DMV, submitted in March last year, shows that it spent about three weeks training new safety drivers.

Friday 04 May 2018

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BUSINESS DAY

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Wall Street slide drags S&P 500, Dow below 200-day averages High street bank’s bosses criticised in two-hour grilling by MPs PETER WELLS

uickening declines for US stocks on Thursday morning have pushed two of Wall Street’s most watched gauges below key momentum levels for the first time in a month. The S&P 500 and Dow Jones, each down 1.3 per cent at 2,602.92 and 23,605.75, respectively were trading below their 200-day moving averages for the first time since early April. The move below this resistance level, which is particularly popular with technical traders, is most notable for the Dow. Before that intraday dip in April, the blue-chip gauge had not traded — let alone closed — below its 200-dma since late June 2016. The S&P 500 traded below its

200-dma during the volatile February sell-off, and before that its previous time below the mark was also in June 2016. Technology and small-cap stocks are generally holding up better. The Nasdaq Composite, also down 1.3 per cent this morning at 7,011.677, is sitting about 164 points from its 200-dma. It previously traded under its long-term average in early April. The Russell 2000 was down 1.2 per cent at 1,535.57 today, a little more than 30 points from its 200-dma. Meanwhile, the US dollar index was up 0.1 per cent at 92.644. Late last month, the index, which measures the greenback against a basket of global peers, rose above its 200-dma for the first time in a year. Yesterday, the buck hit its highest level of 2018.

Marrakesh’s housing market has room to haggle Moroccan city has seen steep price falls thanks to oversupply HUGO COX

t didn’t take long for Yves Saint Laurent to fall for Marrakesh. On his first visit to the city, with partner Pierre Bergé in 1966, the French fashion designer was immediately captivated by the city’s light and the colours it illuminated. “On every street corner in Marrakesh, you encounter astonishingly vivid groups of men and women, which stand out in a blend of pink, blue, green, and purple kaftans,” he wrote later. The Frenchmen were smitten. By the time they left, they carried with them the deeds of Dar el-Hanch, a house in the medina that they had bought. In recent years, however, as the threat of terrorism spread across much of north Africa, international buyers have shunned Morocco, agents say. This may finally be changing. “For years the country was lumped in the same category as its less safe neighbours such as Tunisia, despite spending far more on security,” says Nadene Johnson, an economist at NKC African Economics in Cape Town, South Africa. “Now this perception is beginning to reverse.” Anyone looking to buy in Marrakesh now may be perplexed by the market. Sales of new homes and land are on the rise, but prices are falling. In the fourth quarter of 2017, villa prices in the city and surrounds fell 8 per cent, even as transactions grew 23 per cent, according to Bank Al-Maghrib and the National Land Registry Office. Sales of urban land nearly tripled over the quarter. The dip in prices is a result of oversupply, says Colin Bosworth of local agent Bosworth Property. “It is absolutely a buyer’s market,” he says. Squeezed sellers will “easily” take a 10 per cent reduction on the asking price, he adds. Fuelled by foreign investor flows — Bosworth says a lot of money is coming from the Gulf — the current development craze is golf resorts. “Twenty years ago, there was only one golf course in Marrakesh,” says Alex Peto of Kensington Luxury Properties, the affiliate of Christie’s in Morocco. “Now there are 15.” Each contains villas along the fairways and around the greens. Those seeking a rural retreat might consider Polux Villa, a three-bedroom house with a pool, 35 minutes from the ancient medina, for sale with Kensington Luxury

Properties for €350,000. Prices for villas in new developments — which hover around €1,200 per sq metre, says Peto — are a fraction of those in Marrakesh’s smartest neighbourhood, La Palmeraie. Here prices can top €5,000 per sq metre. Most properties sit on large plots — typically around three acres — with extensive gardens and a pool. Kensington Luxury Properties is selling a 14-bedroom villa with indoor and outdoor pools and a spa for €5m. In the city’s riad market, agents paint a picture of growing demand and modest price gains, outstripping the 2 per cent fall in average house and apartment values across the city in the fourth quarter of last year. However, the fact that the sale of many riads is covered by a traditional Islamic system can prove a hazard to overseas buyers (see box). Most riads are dotted throughout the medina, which dates from the 11th century. The riad market is driven by tourists, agents say, as most are bought as holiday homes, rental investments or to convert into boutique hotels. “With strong recent tourist numbers, we have noticed a big pickup in mid-market three- and four-bedroom sales over the past year,” says Bosworth. By European standards, these homes go for a song: Bosworth is selling a four-bedroom riad in the Kasbah district with a traditional courtyard for €270,000. Part of the reason for healthy recent tourist numbers is that Morocco’s government has made it a priority to attract them. It is aiming to swell tourist arrivals from 11.4m in 2017 to 12m this year, rising to 15m in 2020. This means tax incentives to developers and buyers to help provide tourists with places to stay, says Johnson. Fashionistas among the new arrivals will be able to tread in the footsteps of one of their heroes. In October, the Yves Saint Laurent Museum, which is devoted to his work, opened next to the Jardin Majorelle, which the designer bought with Bergé in 1980. Buying guide What you can buy for . . . €300,000 A three-bedroom villa, with a pool in a golf resort on the outskirts of the city €500,000 A newly renovated five-bedroom riad in the medina €2.5m A six-bedroom villa with a pool, spa and hamam and two acres of garden in La Palmeraie

Spotify shares plunge after first earnings report Stock falls as much as 10% even as user growth and sales matched company forecasts ANNA NICOLAOU

potify, the music streaming service that debuted last month on the New York Stock Exchange with an unconventional direct listing, failed to impress investors in its inaugural quarterly earnings report as a public company. Shares plunged as much as 10 per cent on Thursday morning, even though the company unveiled user growth and sales figures that matched the forecasts it issued only six weeks ago. Spotify, which was founded in Sweden and reports its results in euros, said net sales rose 26 per cent to €1.14bn for the three months ending in March, meeting analyst estimates, and reached 75m paying subscribers, its chief moneymaker. This was a 45 per cent rise from a year ago, and within the range that Spotify had projected in March. Analysts said the sour market reaction suggests investors were hoping for more. “They were disappointed Spotify didn’t pull a rabbit out of their hat,” said Mark Mulligan, analyst with Midia Research. “Everything was a clear continuation of what they’ve been reporting. Spotify is learning the hard way that this is what you deal with on the public markets. Investors deciding how well

your company performances will not always understand the nuances of the music business.” Spotify had warned that its stock could be volatile because it sidestepped the traditional route to public ownership. Using a direct listing, Spotify did not issue new shares. Instead, public investors obtained stock from existing shareholders. Barry McCarthy, the chief financial officer who engineered the listing process, told the Financial Times he believed the market “got ahead of itself”. “It was a no-surprise quarter that turned into a surprise for the market,” he said. “I don’t know what I would have done differently, except scream in a louder voice: ‘We’re going to do what we said we would.’” Spotify’s stock had climbed 14 per cent over the past month, suggesting that investors were hoping for more. The sour market reaction mimics that of some of Spotify’s tech predecessors after their first quarterly results. Snap ’s shares lost as much as a fifth of their value in the wake of its first quarterly results, while Facebook’s stock dropped more than 10 per cent the day after its first earnings report. Mr McCarthy has tried to pitch Spotify as a success story similar to Netflix, his previous employer. A month after the listing, he viewed the listing as a success.

“We thought there was a risk sellside analysts would ignore the stock. We thought success would be if 15 analysts followed the stock after three months, and we have 20 analysts covering it already,” he said. “Volatility has been terrific, liquidity has been good. In hindsight, all of what we hoped to accomplish, happened.” Spotify has added customers at a blistering pace, but is competing with the largest technology groups — Apple, Amazon and Google — for people’s time. Spotify, which is valued at $30bn, is losing money. The pioneer of music streaming wants to convince investors it can translate its cultural clout into a sustainable business model and eventually turn a profit. Wednesday’s results indicate Spotify is making some progress. Operating losses narrowed to €41m, from €139m in the same period a year ago. This was better than the €65m loss that analysts expected. However, Spotify faces a punishing cost structure. The more users it adds, the more royalties it pays. Snap’s costs, by contrast, are largely fixed. Spotify contends that its business model makes more sense the bigger it becomes. The company expects gross margins of between 23 per cent and 25 per cent in 2018, almost double the 14 per cent margins it posted in 2016.

Stakeholders outlined ways to better organizations’ performance

ajor players from the financial services, health, energy and FMCG sectors of the Nigeria economy pointed out ways to better improve organizations’ performance by profiling solutions to issues arising from Regulatory Audits, Compliance, Trade union/ employment matters, Contractual Risks and Internal Processes, among others were discussed. The event held at the Wheatbaker Hotel, Ikoyi, put together by Etti and Edu of the Law Firm of Jackson, themed; Regulatory & Compliance Crisis: Strategies & Solutions, featured a keynote address delivered by Tolu Olubajo, Senior Legal Director, African and Middle East, Bristow Helicopters; presentations by Adewonuola Adeniran, Legal and Compliance Counsel, Baker Hughes Company Limited, and Asamah Kadiri, Partner at law firm of Jackson, Etti and Edu and

a panel session. The panel session was moderated by Fola Olusanya, a partner in the law firm of Jackson, Etti & Edu and comprised of the following panellists – Daniel Asakpohai Executive Secretary/ CEO, Financial Reporting Council of Nigeria; Adewonuola Adeniran, Legal and Compliance Counsel, Baker Hughes Company Limited; and Deji Amund, Head of Compliance, Stanbic IBTC Capital Limited. Both panellists and delegates highlighted factors which organisations should consider in defining their regulatory and compliance strategies. A panellist, Asakpohai, harped on the fact that there was institutional incapacity in the system and regulators had the onus of ensuring proper functioning of the ecosystem. He further stated that regulators had to be more interactive with their industry players in order to achieve the

ultimate aim of compliance. With respect to risks, Adewonuola Adeniran reiterated the prevalence of business risks and offered practical solutions to curbing them while emphasizing the need to create business policies that address high risks. Deji Amund was of the opinion that regulatory supervision should be risk-based, that is, the regulators should assess the risk of compliance against risk arising from noncompliance and businesses should endeavour to engage with regulatory authorities as early as possible in order that innovation/innovative activities are not impeded by the effects of noncompliance. Above all, there was an emphasis on the need for organisations to have annual compliance trainings for employees, during which company values and compliance processes are recapped.

BUSINESS DAY

Friday 04 May 2018

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NEWS National Assembly to set aside 1% of CRF for primary healthcare, says Saraki OWEDE AGBAJILEKE, Abuja

enate president, Bukola Saraki, on Thursday, said the National Assembly would ensure that 1 percent of the Consolidated Revenue Fund (CRF) was set aside in the 2018 budget to boost the provision of basic primary healthcare services across Nigeria. Saraki said this in an address at the 58th annual general and scientific conference of the Nigeria Medical Association (NMA) in Abuja. The amount would enable the Federal Government provide and fund quality and basic healthcare services for the benefit of Nigerians when the 2018 Appropriation Bill becomes law, the Senate president said. He lamented that the country lost over $1 billion annually to medical tourism, which was unsustainable. He said he was optimistic that with Nigeria’s upward review in the Ease of Doing Business index, coupled

with the right government support, Public Private Partnership (PPP) would yield a positive result for the nation’s medical system, “so that we may begin to reverse the trend of medical tourism.” He said: “As I said when the delegation led by the NMA president and the Executive called on me at my office, and as I reiterate now, Primary and Universal Health Care provision is a key legislative agenda for the eighth Senate under my leadership. “It is a promise that we have made to Nigerians, and one that we are determined to keep. In July last year, I launched the Legislative Network for Universal Health Coverage; and urged the Federal Government to honour the Abuja Declaration (2001), while calling for full implementation of the National Health Act 2014, which – as some of you will recall - I helped formulate during the seventh Senate. “Therefore, there is no better place than here today, to announce that the issue of funding will be attended to in our budgetary review

of the 2018 Appropriations Bill. “The Senate has, with the cooperation of the House of Representatives, resolved to mandate our Committees on Appropriations to ensure that the pledge to set aside 1 per cent of the Consolidated Revenue Fund for the Basic Health Care Provision Fund (BHCPF) is met. “This would be the underpinning for a legislative framework for the BHCPF and revitalisation of primary health care delivery across the nation. It will happen, and it is imminent. “Once this 1 percent is put into law, we as legislators will embark on the next stage, which will be to ensure that we get value for money, for transparency in the use of the funds.” He further decried a situation where Nigeria ranked among the top countries visiting international shores for medical treatment and support. He assured that the National Assembly would always focus on policies that would positively affect the lives of the average Nigerian.

BUSINESS DAY

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Friday 4 May 2018

BUSINESS DAY Online

Highlight of the news reports on our digital platforms this week

Best five stories this week Finally, FG, Labour flag-off public hearing on new national minimum wage Thursday

Kogi West Senatorial district at the Senate, saying that they arrested the Senator ” based on instruction”.

Finally, the Tripartite Committee set up by President Muhammadu Buhari on the new national minimum wage will on Thursday, 26th April, 2018 flag-off the public hearing.

Buhari: A sad history of demarketing Nigeria abroad

Police lay siege on Melaye’s residence Stern-looking mobile policemen on Monday cordoned off the Abuja residence of the embattled chairman, Senate Committee on FCT, Dino Melaye.

The Nigerian Presidency was on Thursday put under a fire-fighting mode to once again issue a statement to clarify yet another unsavoury, never-shouldhave-been-made comment by President Muhammadu Buhari about a section of Nigerians in faraway London.

Offa robbery and the audacity of criminality

POLL RESULTS: The poll results are out on Visionscape and whether it is achieving its goal of keeping Lagos clean. 88% of Nigerians via the BusinessDay poll say that Visionscape

is not achieving its goals while 12% say that Visionscape is keeping Lagos clean. Write in at digital@businessdayonline. com on whether Visionscape is keeping Lagos clean and if we had it better with Lawma.

Poll of the week

Why we arrested Dino Melaye – NIS The Nigerian Immigration Service (NIS ) has confirmed the arrest of Senator Dino Melaye, the Senator representing

Cartoon of the week

The recent armed robbery operation that threw the ancient town of Offa, Kwara State, into pandemonium for hours was executed in a most daring commando fashion.

Tweet of the week

Video of the week

BUSINESS DAY

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NEWS YOU CAN TRUST I FRIDAY 04 MAY 2018

Opinion THE NEW WEALTH OF NATIONS

OBADIAH MAILAFIA 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)

uring last month the IMF issued a warning that Nigeria’s debt and that of other emerging economies has the potential to undermine financial stability. The IMF statement was made in the course of the presentation of the Global Financial Stability Report during the Washington spring meeting of the Bretton Woods institutions and was attributed to Tobias Adrian, Financial Counsellor and Director of the Fund’s Monetary and Capital Markets Department. As usual, our reflex response was to become defensive and protective of our turfs. Our finance minister Kemi Adeosun countered the IMF warning by insisting that our debt is sustainable and under control. Nigeria’s total national debt stock currently stands at N22.73 trillion (about US$66.70 billion), of which the external dollar denominated component (FGN + States) is in excess of US$17 billion. Well, these are staggering sums. Some people will say that the fact that most of our debt is in naira rather than dollars gives some level of comfort. Others would insist having an economy of nearly US$500 billion GDP should be able to accommodate our debt profile which remains within 13% of GDP, which is significantly lower than that of many of our comparators. My response to this is that, whether or not the debt is mostly in naira rather than dollars, the debt profile is generally becoming burdensome. According to recent calculations, government is spending some 66% of revenues on debt service payments. If you were an average worker who spends 66% of his or her salaries in loan payments every month, that would be a matter for grave concern. And yet, this analogy applies to our rising debt sustainability challenge. For my part, I am vehemently opposed to incurring external dollardenominated debts for projects that we can finance in local currency, even if, for now, foreign interest rates may look particularly attractive in comparison to the domestic structure of interest rates. Why should we as a country borrow for social programmes? Even if these are soft IDA-World Bank loans, they are still loans for which we are liable to pay back. I am totally opposed to taking those types of loans. I am convinced that the only external

Why we must heed the IMF warning on the looming debt overhang loans that are worthy of consideration, are soft-term loans for critical infrastructure projects that promise a sound return on investment – projects that can pay their way in terms of both principal and interest and still remain viable concerns going forward. Secondly, I am concerned about the terms and conditions attached to these loans. We in this house need to be convinced that we are getting the best terms and that the conditions are not onerous or burdensome. As far as I am concerned, if we must borrow from abroad at all, we should ensure that the terms are fair and that the projects to be financed are those that are calculated to yield real economic and financial returns and will be able to pay off the loan going forward. At a time of rising interest rates in the advanced economies, we should also be prudent enough to negotiate fixed interest rates rather than variable interest rates. Lest we forget : In 2005, when we began negotiating our debt forgiveness from the Paris Club, our total external debt obligations stood at US$36 billion. These were considered staggering sums in those days. They are still staggering sums even today. The irony of today is that our debt profile of US$64.03 billion totally dwarfs what was borrowed a decade ago. Wise statesmen have always warned that those who are foolish enough not to learn the lessons of history will be condemned to repeat them. I hope we will not repeat the follies of the past. The last debt sustainability analysis that the DMO did, as far as we know, was back in September 2016. Looking back, that sustainability analysis was based on unsound premises. It was assuming a growth trend of 4.49 percent, which has turned out to be wrong. I quote the full statement that was made at the time: “The estimated average real GDP growth rate of 4.49 percent over the projection period outweighs the expected rate of debt accumulation of 1.64 percent, indicating that under the fiscal sustainability of the FGN-only (External1 & Domestic Debt), the FGN debt portfolio is at a low risk of debt distress. The PV of Total Debt-to-GDP ratio is projected at 13.5 and 15.5 percent in 2016 and 2017, respectively. This is expected to peak at 16.1 percent in 2019, before trending downwards from 15.0 percent in 2020 to 3.6 percent by the end of the projection period, 2036. These compare favourably with the peer group threshold of 56 percent”. As far as I am concerned, quoting GDP trends and making comparisons with other countries is not helpful. Every country faces its own unique circumstances. As matters now stand, our debt repayment obligations have risen astronomically. As we speak, some 66 percent of all federation revenues are going into servicing our debts. Given the high interest rates, banks and businesses as well as private investors are moving in droves into the treasury bills and FGN bond market. There is hardly any business that can give 15% return on investment from just putting your money in there and waiting at home to

get a good return on investment. These are all reflective of the debt situation, as government has become the biggest borrower in our economy. While I am not in principle opposed to borrowing, I am of the opinion that FGN borrowing plans heretofore must be accompanied by two major analyses. First, we will need to know the statistical implications for overall debt sustainability. And secondly, we must receive at the same time a project appraisal of the precise area in which the funds will be deployed. We must never borrow for consumption. We must borrow principally for infrastructural projects, and most specifically, for infrastructural projects that demonstrate unequivocally, a guaranteed return on investment in a manner that ensures that the project will more than pay its way. Not too long ago, the Federal Government raised US$1.5 billion through a Eurobond issue. This was followed by another N100 billion domestic Sukuk bond issuance. All these are ostensibly intended to be invested in the infrastructure sector. The sad part of all this borrowing frenzy is that the Nigerian people are yet to feel any real impact in

I am of the opinion that FGN borrowing plans heretofore must be accompanied by two major analyses. First, we will need to know the statistical implications for overall debt sustainability. And secondly, we must receive at the same time a project appraisal of the precise area in which the funds will be deployed terms of improved livelihoods, let alone improved infrastructures. It has become a matter of grave concern to some of us. Sometimes in February this year, we understand the Federal Government sent yet again another demand to the National Assembly to borrow an additional US$5.5 billion from the Eurodollar market. I do not know how far the matter has gone. But I would urge utmost caution. One of the worst aspects of our leadership culture is the total absence of any form of intergenerational conscience or virtue ethics. The government that borrows today is unlikely to be the same government that will be in power a decade down the road, when the debts would have matured. We borrow easy money today with the expectation that future generations will be the ones to bear the burden, not us.

It was the great economist John Maynard Keynes who famously declared that, “in the long run we are all dead”. Sadly, we tend to forget that, in the long run, future generations will still there. It is both unfair and inequitable to impose on them financial burdens that derive not from the fundamental imperatives of economic development but from the whimsical follies of our own greed and cupidity. For every additional external dollar that the FGN wishes to incur, I would insist that they furnish full details regarding precisely what projects the proposed funds would be used to finance. We must be convinced beyond all reasonable doubt that this money needs to be incurred in dollar debt and that it would be financed for projects that guarantee a real return on investment and can be in a position to ensure repayment of the loan from the income stream generated by the project. And lest we forget, Nigeria’s growth reached the stratosphere precisely from 2007 when we had negotiated our way out of the Paris Club of Debtor Nations. I was part of that process myself when I was Deputy Governor of the Central Bank of Nigeria. I signed the first tranche of US$7 billion that was paid out to the Paris Club. I recall that I immediately caught fever. I had to have bed rest. You can never understand what it means to sign a cheque transferring US$ 7 billion of your own patrimony to foreign powers. A lot of this debt had been incurred by way of punitive interest charges. It was heartbreaking. But we had to bite the bullet. Freeing ourselves from the stranglehold of debt peonage gave us the room for manoeuvre in terms of macroeconomic policy management. We were free to set our own economic goals and to pursue the path of economic development without been breathed down the neck by Shylock foreign international financial institutions. This is how our country achieved the record average annual growth of 7 percent up to 2014. Going forward, what we need more than anything else is to carry out the necessary institutional reforms that would unleash the full investment potentials of our people. We need an ecosystem that will ensure domestic peace, harmony and stability so that foreign investors can come in and invest. Nigerians own an estimated US$200 billion. We can create an economic renaissance that will unlock some of that money through wisdom, vision and creativity. We need to create an inner-directed economic locomotive that generate growth, investments and prosperity. If, on the other hand, we continue the path-dependence of incurring bigger and bigger debts, we would soon find ourselves back to square one – back to where we were in 2005 – when we were a Fourth World, debt-ridden and poor non-performing economy. This is what the enemies of our country would prefer. The cowboys from Washington will come back with their suitcases as Roman proconsuls, dishing out orders and forcing us to sell-off our remaining silverware at a pittance of their net present value. We would be fools to return to our own vomit.

Published by BusinessDAY Media Ltd., The Brook, 6 Point Road, GRA, Apapa, Lagos. Ghana Office: Business Day Ghana Ltd; ABC Junction, near Guinness Ghana Limited, Achimota – Accra, Ghana. Tel: +233243226596: email: mail@businessdayonline.com Advert Hotline: 08116759801, 08082496194. Subscriptions 01-2950687, 07045792677. Newsroom: 08169609331 Editor: Anthony Osae-Brown. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.

WOMEN’S HUB Friday 04 May 2018

5 WOMEN distinguished in their various fields, share their opinion on matters arising

WORKPLACE PALAVER

Oh VIVIAN! Why so much hatred for Ronke?

BUSINESS DAY

WOMEN In Entertainment Wealth Management Series

FEED BACK

“My wife consistently insists that I buy BusinessDay on Fridays”

CHEF ZARA MUSTAPHA Redefining thethe way we eat Redefining way we eat Partner, Red Dish Culinary. Brand Ambassador for Dangote Salt & DanQ Seasoning

EDITOR’S NOTE

elcome to a new Month. We trust it will be an amazing one for you.

Our cover personality for this week, also our LEADING WOMAN, is the affable Chef Zara Mustapha popularly called Chef Zeelicioussss. She takes us into her world of passion for cuisine and more. Juliana Olayode is an Actress, Author and Brand Ambassador. She was recently at the Women In Entertainment Wealth Management Series organised by First Bank and she shares some nuggets with us. 5 women distinguished in their various fields, share their opinion on various matters in our FROM HER POINT OF VIEW section. In WORKPLACE PALAVER, Vivian can’t hide her hatred for Ronke. Find out why. These and more we have for your reading pleasure this week.

KEMI AJUMOBI kemi@businessdayonline.com

Graphics by David Ogar

Leading Woman

BUSINESS DAY

Well, they say we ‘eat’ with our eyes right? I would say the plate should be clean and the food should be well presented otherwise, if it doesn’t look great, you won’t be able to eat it. It doesn’t have to look complex and over the top all the time because sometimes, less is more. Do you render private services? What type of people request for your services?

Partner, Red Dish Culinary. Brand Ambassador for Dangote Salt & DanQ Seasoning

WOMEN’S HUB

What should one look out for when served a meal before eating it?

Chef ZARA MUSTAPHA Redefining the way we eat

Yes we do. We offer private classes for different people. Some people are shy; some men only want their wives to be taught by women, some feel they learn better on their own. Different reasons which are personal to them. In what way has/is Journalism & Media studies helping you in your line of work?

KEMI AJUMOBI

hef Zeelicioussss (Zara Mustapha), a British Chef who is of Nigerian, Cameroonian, Chadian & Libyan descent is a social media personality, professional chef and an ardent food lover. She is a senior faculty member and partner at the Red Dish Culinary School Abuja campus, where together with a team of passionate Chefs, are molding the next generation of domestic and commercial chefs. Growing up, Chef Zeelicioussss always had a passion for food. Although she holds a BA (Hons) in Journalism & Media studies, she decided to follow her dreams and pursue her love and passion for Culinary Arts. She has worked in several restaurants including Wagamama & Bella Italia and went on to take a professional Culinary Arts course in the UK (Ashburton, Devon). She is the first ever Brand Ambassador for Dangote Salt and DanQ seasoning. Her creative and artistic flair has always enabled her to try new things and experiment with all kinds of herbs, spices & food. Her goal is to pave the way for young men and women, share her passion and knowledge with others and encourage young people to follow their dreams and achieve their goals. She is proficient in a number of cuisines including Asian, Continental/European and of course Nigerian meals, which she reinterprets through contemporary styling and plating. Early years Growing up was fun and challenging at the same time but it has influenced me in a good way because my mother raised me to be strong, hardworking and independent. On becoming a Chef I’ve wanted to be a chef for as long as I can remember. I feel like this is my gift and what I was born to do. It wasn’t always easy because I had to work very hard to get to where I am. In a male dominated industry, you almost have to work ten times harder to prove yourself. What keeps me going is the fact that people appreciate your gift and when you realise how much you inspire them, it gives you even more motivation to do better. Taking Professional Culinary Arts courses It was an amazing experience! Although it was hard, tough and challenging at times, I have definitely learnt more working as a Chef. I feel like you learn more on the job. Cooking is basically science and art. The more you do it, the better you get. Between international and locally trained Chefs, any clear difference? Not necessarily to be honest. It all depends on the kind of school you went to and the kind of training you got. We have trained numerous chefs right here in Nigeria and most of them are doing very well. A lot have ended up working with us too. On becoming the first ever Brand Ambassador for Dangote Salt and DanQ seasoning I was sitting in my room one day when they contacted me. Initially, I was just supposed to work on a few recipes for them and that was it. We did that and they were happy with the outcome. Before I knew it, they had named me their Brand Ambassador. I attended all their Trade fairs; I advertised their Salt & DanQ Seasoning, went to different functions to promote the brand and my God! I travelled. It was amazing because I went to states I never thought I’d even go to and it was nice to experience different people’s food, traditions and cultures. In what way are you paving the way for young men and women? I am encouraging young people to follow their dreams. If you have a passion you should use it. I feel like in Nigeria, we don’t encourage our children to take vocational courses. Everything is always academic, it’s not a bad thing but it’s always good for them to know that they have options. My dream has always been to pave

Friday 04 May 2018

It has always come in handy because we record a lot of videos where I have to present and cook at the same time. I write the newsletters for the school, I communicate well. It has helped in so many ways. The need for parents to (through guidance) allow their children the choice of expression To be honest, a lot of people especially in this country don’t know what it takes to be a chef. A hobby is just doing something you like. This career is all about discipline and it’s a lot harder than what people perceive it to be. I would tell parents to at least give their children a chance. Even if you don’t agree with it, try and support their dreams, pay attention and see how much of an interest they have and how much work they are willing to put in it. I honestly believe that a lot of parents kill their children’s dreams which is so unfortunate but luckily we are trying to break those barriers. Do we have proper culinary schools in Nigeria?

the way and encourage young people to become entrepreneurs. To work hard because when you do, it always pays off. Which do you prefer making most? International or local cuisine? Definitely the international cuisine because I get to explore different cuisines from different countries. Nevertheless, I like local too as we have a variety of food depending on the different regions. Being a Nigerian, Cameroonian, Chadian & Libyan descent My Maternal Grand Mother is Half Chadian and Half Cameroonian, then my Maternal Grandfather is Libyan. My Paternal Grandparents are Nigerian. I hope this makes sense! Hahaha! How hard or easy is it to eat healthy especially with Nigerian options of delicacies available? It’s actually very easy to eat healthy Nigerian delicacies because we have a variety of nutritional food. Vegetable soups, beans, fish pepper soup, boiled unripe plantain and so on. It just depends on how it’s prepared.

Yes of course, ours (which obviously I think is the best!) Truth is, we have only two at the moment. A lot of people have opened what they call catering schools but most of them you find are not up to standard. What do you advise the government or private institutions to do? I feel they should perhaps provide scholarships for people especially people who are unemployed in order to create more jobs. Final words I really hope that I continue to inspire people both young and old to be better. You can do anything you set your mind to. I pray that I remain humble and I am very thankful for everything I have achieved so far. There’s still a long way to go but Alhamdullilah I thank God!

BUSINESS DAY

WOMEN’S HUB

Friday 04 May 2018

My moments at Women In Entertainment Wealth Management series granted that if we were to pay a little more attention to, would make a huge difference in our lives and make us better people. All the speakers were amazing. They shared true stories and even went as far as telling us about their personal experiences just so we could see why we must learn to manage our wealth. I especially loved Ibukun Awoshika and Aderemi Banjoko’s sessions. I will be generous enough to share some of the lessons I learnt with you. • It is not about making money. It is about learning to keep some. Learn to save money. • Do not ever scatter your sand until you have moulded your blocks. When you have moulded your blocks, the sand will be available. In other words, learn to invest in what really matters first. • Starve your ‘wants’ if you have your ‘needs’.

JULIANA OLAYODE Actress, Author, Brand Ambassador

ffuoma McDermott sent me an invite to attend the Women in Entertainment Wealth Management Series by First Bank. The moment I got the invite, I was lost in thought as to what the event would be about but on seeing the banner; I started putting the pieces together. I saw faces I respected on the banner, faces of the Chairman of First Bank, Ibukun Awosika and the veteran actress Joke Silva. I was not going to miss the event for anything. Fast forward to the day, I went with an open heart. Believe me when I say it was worth every bit of my time. It was not about any of the things I had thought it would be. Rather, it was an event, or should I say a conference, put together to impact and educate entertainers. As I write this, I

applaud the fact that they organised the event free of charge for the attendees. Though free, it had the very taste of excellence and professionalism. People rarely do things for free for entertainers as it almost always has to be a business deal but this was totally different. I cannot tell you how much I was impacted. It was an eye opener. I discovered that there are many things we take for

Against All Odds

y name is Carmen Critchlow and I live in Battle Creek, Michigan. I am 47 years old and have lived with ESRD (end-stage renal disease) since I was 23. In 1984 I received my first kidney transplant from my little brother, Ramon. I was very grateful to him for his gift of love and life! Although the kidney was a very good match, I was very ill after the second or third month and was rejecting almost every week. I felt like a zombie: full of the immunosuppressant drugs I was taking to keep my kidney alive, and suffering from weakness in my body and mind. I was in and out of the hospital for most of the 10 years that I had that kidney. During that decade, I struggled to keep a positive attitude for my two small children and for my husband. In 1993 the kidney finally rejected for good. Although I was saddened to let my brother down, I was relieved to get off the emotional roller coaster my family and I had been on for those 10 years. I went back on hemodialysis and tried to come to terms with my disease. At 7:30 a.m. on August 29, 1994, I got the call that many patients fear they will never receive: ‘We have a kidney for you!’ I’d been told that the wait would be anywhere from 5-6 years! Without hesitation we left for the transplant centre to receive yet another gift of life. I prayed that this time things would work out better,

• Just because money is available does not mean it is spendable. • Stop spending money like it is going out of fashion. *There is no job/money for life, so do something wise with your money now. • Stop hanging out with the wrong crowd. • Life is moving fast. The relevance of our decisions are important. • It is not everything you want to do that you can afford to do. • Learn not to spend all your cash. If your lifestyle is above your means, cut down on your lifestyle. • Live within your means. I would stop here. The Q&A session was the icing on the cake for me. The panelists gave real and sincere answers. When the event ended I said to myself, “Juliana, you are going to defy the expectations and odds of your industry. You will be you and you will do you and enjoy every bit of it regardless of the public’s expectations because you are first Juliana before “celebrity”.

Living, Not Just Surviving with ESRD and that my family and I would finally get back to a ‘normal life.’ That summer I got brittle bone disease and had parathyroid surgery, but I was enjoying overall good health. I had enough energy to get a job to help my husband with the heavy burden of medical bills we had accumulated from the two transplants and the drugs. The good fortune was short-lived, however. In November of 1995, my family noticed that I began acting childlike and incoherent, and had stopped taking my medications. My family thought I was trying to commit suicide and decided to take me to the transplant center. On the way, I had a seizure and collapsed into shock. I woke up in the transplant center with a vascular catheter. It turned out that the 47-50 Tums® I was taking each day were not enough to keep my calcium levels normal—I had lapsed into hypocalcemia. (I was later told that very low calcium levels can cause mental confusion. This explained my behaviour!) My kidney rejected, and I was back on hemodialysis. The worst part of the whole ordeal was that my family thought I had done it to myself on purpose! I didn’t want to go back to hemodialysis, so I decided to try peritoneal dialysis (PD). With PD I had a remarkable freedom for the first time in many years! To celebrate our 23rd anniversary, my husband and I

were even able to go on a trip to my home country of Panama. Life was wonderful again! But four years later, I was back in the hospital with peritonitis, fighting for my life. My life was spared, but I lost my peritoneal catheter and had to go back on hemodialysis. I lapsed into a depression that took over my life. For months, I was not living, but merely going through the minimal motions of survival. I was very depressed and this time I didn’t want to live.

A phone call from one of my sisters changed my life. I was having a pity party and poured out my sob story to her and whined, as usual. In no uncertain terms, she told me to stop feeling sorry for myself, to focus on what I had and not on what I didn’t and couldn’t do anything about. That phone call saved me. I thought of my children: they were growing up without me. Sometimes I didn’t even get out of bed to see them off to school, telling myself, ‘What’s the point?’ What a pathetic

existence I was leading. I took a good look at myself and thought about how my family must see me—a weak, helpless human being instead of the happy, outgoing young woman I was before kidney disease took over my life. I didn’t want my family to continue to live with a weakling! I asked God to forgive me for doubting him, to give me the courage to get through whatever I had to face day to day, and to help me show my family strength, love, and courage instead of helplessness.

CMYK

Imposition Studio 5.1.1

BUSINESS DAY

Friday 04 May 2018

WOMEN’S HUB

From Her Point Of View “I have noted with alarm the exponential rise of drug abuse in our country, especially in the North. As a parent, I am deeply saddened by this fact, it is important that we interrupt the trend and encourage our children to stay drug free.” AISHA BUHARI Her Excellency, The First Lady of Nigeria Nuggets on how House Of Tara got their first loan

LAMI PHILLIPS-GBADAMOSI Musician

here seems be an increase in suicide numbers, depression, loneliness and more…why? I think we all just stopped “connecting”! And isn’t that ironic when the tools created to connect further isolate us from the world? Everyone’s in competition with the ideology of the self they (or social media) think they should be. It’s all some self-absorbed mechanism... the whole lot of it. People don’t even have original opinions anymore; they go where the likes, trends and bots go. I worry about the generation after us, what “living” will mean for them. I worry that the nonsense is more popular than knowledge. I worry about our sense of self awareness and self-esteem. Peo-

ple put smiles on for the gram, dress for the gram, live for the gram... and there’s emptiness in their eyes. People don’t call unless they need favours. Humans don’t visit each other anymore. Even families depend on WhatsApp groups to connect! Everyone is isolated, struggling alone, in competition with the illusion of more. My prayer remains the same; may I be a true blessing, may I not become the thing I hate. May the world not strip my heart of my desire to show love and care. May purpose find and consume us. Whoever you are, stay true to yourself. Work hard. Pray hard. Favour will continue to find you and make room for you. Hope that helps someone.

ou don’t understand depression until you can’t stand your own presence in an empty room. When you are alone, you reflect then over think, then regret and become depressed. Everyone (celebrities, Youths, old, rich and poor) experiences a mental illness (anxiety, stress disorder, paranoia and so on) yet; it’s laughed upon and over looked. Just so you know, depression is not a decision, it’s a disorder. We live in a society that is still deeply confused about mental illness. According to the National Institute of Mental Health, 8 million people die each year from it. How do we handle it? You can help by providing more happiness to everyone. You never know what someone is going through. I feed my soul with the word of God when I feel it creeping in. #beverlysays

BEVERLY OSU Actress, Model

. Stay consistent in the pursuit of your business growth someone is watching. 2. Be bold to seek help with those who have worked in banking to see what they are looking out for . 3. Practice your story, stand in front of the mirror, repeat how you started, what motivated you to keep you going, and where you are going with this business . 4. Bank all your sales. ALL! It gives bankers a sense of security because from your deposits they can predict your cash flow. Know your business, especially the trends. 5. Give your business visibility. Offer your service/product to as many people as possible, they will become your brand advocates. 6. Develop relationships that are genuine and those who see you need help will come to your aid. Develop your character. No one really gives money to a company

but to a person. Be a person whose word is his bond. Practice it today and in little ways. 7. Above all, PRAY! I was once at the right place at the right time and got recommended. Consistency + brand visibility + character + Prayer. The footsteps of the Righteous are ordered by the Lord ...Ps 37:23. 8, Please pay back your loan no matter how difficult it is TARA FELA-DUROTOYE CEO, House Of Tara

AISHA YESUFU Co-convener, BringBackOurGirls, (BBOG) advocacy group The Nigerian youths are not lazy, not at all. The Nigerian youths that are part of this nation are not lazy. They are hardworking people. When the president was so desperate to be the president of this nation, he used the youths, they were not lazy. Even during his inaugural speech, he thanked the youths. And of course what the social media did to ensure he came into to power. It’s unbelievable… it’s like the president has a congenital desire to be liked whenever he is outside the country, and he has a way of throwing Nigerians under the bus and that is not acceptable at all. The president was supposed to be out there selling this nation positively to ensure that we have investments coming in, to be out there and speak for Nigeria, he wasn’t supposed to go out there in any way whatsoever to denigrate this nation to denigrate the citizens of this nation.

BUSINESS DAY

Workplace Palaver KEMI AJUMOBI

onke Adamson works in a crèche and is quite efficient. Various parents love her because they see how she relates with their children. On several occasions, parents have seen her at moments she did not see them watching her closely with their children, and they have never found her treating their children badly. Not that the other workers aren’t doing an amazing work with the children but, something about Ronke is truly endearing. One day, while at work, one of the children put under the supervision of her colleague, Vivian, would not stop crying. Immediately the child saw Ronke, he stretched out his hands to her and she carried him “It’s okay dear, stop crying my dear, your mummy will soon come ok?”. Ronke said. “Mother hen is here, I knew you would keep calm because she is now here” Vivian said. She was quite upset and even though she said it jokingly, Ronke caught the message so she sarcastically responded “I guess that is what we were all ‘called’ to be in our line of work, Mother Hens!”. She patted the child until he slept. He obviously cried intensely because even while on Ronke’s shoulders trying to catch a nap, he would still sob briefly and go back to trying to sleep. Vivian couldn’t wait for break time to share with her friend Bisola her experience. “Mother hen came to the rescue today as usual.” She told Bisola during lunch “Come on Vivian, why do you dislike Ronke this much?” Bisola asked and Vivian responded “I do not dislike her. I just don’t like her ‘know it all’ attitude. I was trying to calm a child today and the next thing she walks in and waved her magic wand and voila, the baby hushed. Who told her I couldn’t calm the situation? But as usual, she always wants to ‘show’ her-

Friday 04 May 2018

WOMEN’S HUB

Oh Vivian! Why so much hatred for Ronke?

self” Vivian said in annoyance. Bisola’s response wasn’t what she expected to hear but she had to tell her the truth “Vivian, I honestly do not see anything wrong in what Ronke did. What would you have preferred? That the child continued to cry and the supervisor’s attention is drawn or that the child ceases to cry and you aren’t blamed for anything? Come on Vivian, be nice” she said. Vivian wasn’t happy about the response she heard so she said “ok, that’s fine, let’s not prolong this any further”. After lunch, as she was going back to the crèche, she saw a child leave Ronke’s grip and almost hit her head by a parked car because the child saw her mum. “Ronke, how could you have been so careless!” she exclaimed to draw the attention of everyone around but the mother of the child quickly doused the matter “It’s okay, it was not Ronke’s fault, my child is fine and there is no cause for alarm at all.” The mother said.

My business has moved to another level. I was recently in Lagos on invitation to meet with a foreign company who read about me in Women’s Hub and things are looking good. There is a huge prospect in progress. Thank you Kemi for supporting and promoting Women and businesses in BusinessDay. -Linda .K. “My wife has consistently insisted that I buy BusinessDay on Fridays, she removes Women’s Hub and hands the Newspaper back to me...lol! Nice one. -Biodun O.

“I am so sorry Ma’am; she left my grip so fast and…” “It’s okay Ronke” the mother interjected and continued “children can be very restless. You know how Natasha can be; I often wonder how you all manage to tame her here. It’s ok, it really is. Natasha say bye-bye to Aunty Ronke” and in her tiny voice she said waving “bye-bye Aunty Wonke” “it’s Ronke Natasha not Wonke” the mum said and they all laughed. Vivian wasn’t having it at all. She did not understand why she wanted to escalate what just happened and the mother of the child didn’t see the need for that. So she left the scene and went into the crèche. After that day, Vivian always used the incident to blackmail Ronke. At the slightest unintended provocation, she would threaten to tell the management how careless Ronke was that she lost grip of a child under her care. Ronke had had enough. She was tired of being blackmailed

so she went to their direct boss and reported the matter. She was cautioned and asked to be careful. Her boss was grateful though that the parent didn’t take it to heart but she however admonished Ronke to be careful next time. Ronke didn’t tell Vivian she had gone to report herself already so one day, Vivian went somewhere and saw a parent who gave her some money to appreciate her and also asked her to give Ronke some amount of money too. Vivian never gave Ronke her share. Two weeks later, the parent came to drop her child in the crèche and asked Ronke if she got the money she sent Vivian to give to her. Ronke didn’t want to raise dust so she responded “oh thanks Ma, I am sure Vivian forgot, I will ask her. Thanks so much Ma”. Immediately the woman left, she went up to Vivian to ask why she didn’t give her her share of the money “Vivian, even if you

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weren’t going to give me my share, why didn’t you at least tell me you were given money to give me so that I could have at least said Thank you to her? She has been coming here for almost two weeks. If she didn’t ask me, I would never have known” Ronke said in annoyance and Vivian’s response only made things worse “well, at least you now know. Besides, I do not have the money, I have spent it, I will give you later… or what? You want to report me? Go ahead but trust me, be ready to explain how you let a child off your grip, go ahead, report!” Vivian threatened. Their immediate boss walked in on the conversation and asked both of them to report in her office immediately. When they got there, Vivian was asked to explain what happened and as you would have guessed, she began by digressing, telling her boss a child almost got injured because Ronke ‘lost’ grip of the child before going into the reason for the argument. Ronke explained what transpired and after hearing both of them, it was clear Vivian was to blame. “For your information Vivian, Ronke had since informed me of what happened on that day and I am quite disappointed in you that you chose that as a medium to blackmail her. I also see you lack integrity and you have a lot of human relation to learn. How then can we trust the lives of these little ones in your care? You will go on 2 weeks suspension and when you return, you will write an undertaken to be of best behaviour.” Ronke tried to interject with a plea for Vivian but she was interrupted “That will be all for now, both of you can leave my office now” Vivian went on 2 weeks suspension. She is back to work and better behaved. Ronke found out Vivian was merely jealous of how the children loved her. She is learning daily that children are innocent and pure. They gravitate towards you easily when they sense your sincerity and love. Somethings are innate others are learnt. Vivian is learning and is becoming better by the day.

“I always look forward to Fridays. I follow you on Instagram. First, I wait to see your status update on Instagram where you often give us a summary of what to expect every week in Women’s Hub and on my way to work, I buy a copy. I confess I buy BusinessDay on Fridays only. -Sola Y.

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ANALYSIS

AFRICA’S CHANCE OF HOSTING 2026 WORLD CUP HANGS IN BALANCE …… As Morocco’s $15.8billion 2026 World Cup bid suffers set back ….. FIFA president Infantino goes for highest bidder, favours U.S and Canada ……Trump intensifies bid for U.S Stories by Anthony Nlebem

s the world of football prepares for the 2018 FIFA World Cup in Russia, the various heads at FIFA will assemble a day before the kickoff date to decide which nation(s) get the hosting right for the 2026 FIFA World Cup, an event which will see 48 teams take part for the first time ever. The 2026 FIFA World Cup has seen three bids; a combined one by USA and Canada, Mexico and Morocco. Since the 2010 FIFA World Cup hosted by South Africa with over 3,178,856 attendance, the opportunity for an African country to stage another World Cup seems to be a mirage as Morocco’s 2026 World Cup bid looks very unlikely to happen, as world governing football body,

FIFA is said to be considering countries that has the strongest financial muscle. The Moroccon government says they are ready to break the bank to host the 2026 FIFA World Cup if the country wins the right to host the football fiesta. Morocco has proposed to spend $15.8 billion on infrastructure, with 14 stadiums if the bid sails through. But FIFA’s task force has found deficiencies in the proposals for the 2026 tournament. In a downbeat conclusion to the visit by the FIFA, inspectors to Morocco’s bid leader acknowledged it had to improve the quality of the submission made to FIFA in March because inadequacies were identified by football’s governing body.

Editor: Anthony Nlebem Tel: +234 803 836 9508 Email: tony@businessdayonline.com

There will also be closer scrutiny of human rights of the bidders before the vote on June 13 when Morocco is due to be taking on a joint challenge from the United States, Canada and Mexico. The Associated Press revealed that Morocco did not declare its anti-LGBT law to FIFA in the human rights risk assessment included in the bid book. The documents -- along with the North American submission -- will now be scrutinised for any gaps by human rights experts. “That process involves an expert third-party assessment of the robustness of the human rights content of both bids that will directly inform the administration’s own evaluation,” Rachel Davis, who sits on FIFA’s human rights advisory board, told the AP. “We are confident that the process will result in a fair assessment of the human rights situation in all four countries involved in the bids, and a roadmap for how to deal with any deficiencies that FIFA will then require the successful bidder to commit to.” Davis, who is managing director of the Shift human rights organisation, said an evaluation of the human rights in the bidding nations will be included in a report to the FIFA Council, which will also assess the verdict of the evaluation task force. The council can block a bid with low scores from advancing to a vote of up to

Friday 4, May 2018

207 football nations at the FIFA Congress on June 13. There are claims that FIFA President Gianni Infantino is attempting to kick out Morocca’s bid for the 2026 World Cup from the race before the vote takes place. The American bid claims holding a World Cup in the US, Canada will generate around $5 billion in economic activity and $2.1 billion in ticket revenue alone. This comes at a time where the ghost of FIFA’s past still hovers over the governing body like a dark, ominous cloud, where sponsors remain reticent and where they are continuing to fork out money for excessive legal costs with the United States Department of Justice investigation into corruption. No wonder Infantino is so keen to have the tournament in the region. Infantino had pledged to give each of the 211 Member Associations $5 million every four years for football development, coupled with $40 million to each Confederation over the same period, and he has long struggled to find a way to pay for that. It was a promise that held huge sway with the electorate and ultimately saw him succeed his banned compatriot Sepp Blatter as FIFA President at the Extraordinary Congress in Zurich in February 2016. It goes without saying, though, that this should not lead to attempting to influence the outcome of the vote and both FIFA and Infantino have dismissed the reports suggesting otherwise. “The FIFA President is not involved in this process and he will not take part in the vote of the Congress,” a FIFA statement read. “These are facts and not ‘maybe’ or gossip.” What cannot be denied, however, is the allure of money. Infantino recently called for an emergency meeting to discuss an offer tabled by a group comprised of a Japanese bank plus investors from Saudi Arabia, the United Arab Emirates and the

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United States, which could generate tens of billions for world football’s governing body. These were further compounded by the ethics proceedings brought against secretary general Fatma Samoura, initiated and then dismissed quicker than you can say “El Hadji Diouf ”, related to Morocco’s attempt to land the hosting rights for the 2026 tournament and a supposed undeclared family link between the highest-ranking female FIFA official and the former Premier League player. Laced in between all of this is Infantino calling a meeting of the FIFA Bureau – the five Confederation heads plus the FIFA President – after world football’s governing body received a $25 billion rights offer which could radically alter the football calendar. United States President Donald Trump has sent warning to nations who might

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oppose the joint North American bid via Twitter, met with a reminder from FIFA about the bidding rules everyone is supposed to adhere to. Trump tweeted, “The U.S. has put together a STRONG bid w/ Canada & Mexico for the 2026 World Cup. It would be a shame if countries that we always support were to lobby against the U.S. bid. Why should we be supporting these countries when they don’t support us (including at the United Nations)?” The last time the FIFA World Cup was held in USA was in 1994 when Brazil won their fourth title. Trump met this week with France President Emmanuel Macron. French Football Federation president Noel Le Graet told L’Equipe this month the FFF will vote for Morocco. FIFA is seeking to avoid the alleged corruption which plagued the 2018 and 2022 World Cup bids- won by Russia and Qatar respectively - when they set about establishing a “fair and transparent” process for 2026 but the controversy still lingers, this time surrounding alleged undue influence from Infantino. Come June 13 in Moscow, 2017 FIFA council members will meet to pick the host for 2026 World Cup and the country with majority of the votes carries the day. Reports reveal that the Americas has the upper hand as the result of hosting a World Cup there would be more lucrative to FIFA just recovering from their various legal troubles will definitely avoid another tussle and that brightens the Americas chance of winning the 2026 bid. Again, Morocco’s hopes have been the conflict of interest allegations that have arisen from FIFA Secretary General Fatma Samoura’s relation with former Liverpool striker El Hadji Diouf, an ambassador for the bid for Morocco.

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NEWS

SUPREME COURT VERDICT: NFF SAYS NO CAUSE FOR ALARM

he Nigeria Football Federation (NFF) said on Sunday April 29, 2018, that it had taken note of the decision of the Supreme Court to refer back to the Federal High Court, to start afresh a case brought before the apex court by two football stakeholders against the NFF leadership. NFF 1st Vice President/Chairman, Legal Committee, Barrister Seyi Akinwunmi, said the NFF Board appreciated the reasoning of the apex court in refusing the prayers of the appellants, which if granted would have accord them some kind of legitimacy, against the backdrop of an ongoing administration of Nigerian Football which is at the cusp of taking Nigeria to the world’s greatest

football event, the World Cup. He disclosed that the NFF’s lawyers are confidently prepared to argue the case afresh and look forward to finally putting the matter to rest, and to prove to the world that Nigerian football can continue to be run in its orderly manner. He referred to the case as a mere distraction for Nigerian Football which ought not to have been instituted in the first place given the convention for resolution of football disputes. The 1st Vice President said: “We are law-abiding citizens of this great country, and we have no qualms about starting the case afresh. The Supreme Court did the right thing in the circumstances, and while we must be careful not to discuss matters which are subjudice, we must note that the appellants have within the norms in sporting disputes, actually exhausted all legitimate channels in this matter, including arguing their position, and failing, at the Court of Arbitration for Sport. “Globally, the convention of football is that football matters should not be taken to civil courts. Instead, it should be taken to Arbitration as the appellants have already done in this matter with no success. That ordinarily should have been the end of the matter. However, as law-abiding citizens, the NFF is ready to follow this through, vindicate ourselves and continue with the peaceful and enormous progress that has come to define Nigerian Football in the past few years.” Akinwunmi assured all stakeholders of the game in Nigeria and lovers of Nigerian Football elsewhere that there is no cause for alarm, noting that the case starting afresh is an opportunity to firmly and formally reiterate the tenets of good governance and order in local and international football administration which has been tenaciously adhered to by the present leadership of the NFF. “It is important to assure our partners and sponsors, football players, service providers and CAF and FIFA that there is nothing to worry about. We are preparing for the biggest football extravaganza in the universe which starts in a few weeks, and we do not want our players to be unnecessarily disturbed or distracted. “We also want to assure the Senior Women Team (Super Falcons) and the U20 boys (Flying Eagles), who are starting qualifying campaigns for continental competitions very soon, as well as the U20 (Falconets) who have qualified for the FIFA U20 World Cup finals taking place in France in a few months, that there is nothing to panic about. “We appreciate the Members of the Congress, CAF and FIFA for their support and confidence in the NFF leadership and assure them that this matter will be put to rest shortly.”

IFA will advance seven and twenty million naira, N720, 000,000, ($2 million) in prize money to Nigeria and each of the four other African teams that have qualified for the World Cup to help them prepare for the tournament, a statement from the Confederation of African Football (CAF) said. Nigeria, Egypt, Morocco, Senegal and Tunisia have qualified for the tournament in Russia, and CAF president Ahmad Ahmad said in a statement that the money would be used “to settle beforehand the question of bonuses due the players.” Disputes over payments at previous tournaments “had led to situations that affected badly, the image of African football, with a considerable impact on team performances,” he added. Last year, the Nigeria Football Federation (NFF) signed an agreement with the Super Eagles pledging to avoid the bonus and pay rows that have engulfed past World Cup editions. The Super Eagles were involved in a protracted dispute ahead of the 2013 Confederations Cup in Brazil and a bonus row also disrupted their World Cup campaign in 2014. Similar problems have affected other African teams. The 32 teams taking part in the June-July tournament receive $1.5 million each from FIFA in the form of a preparation fee and are guaranteed a minimum of $8 million more in prize money after the tournament ends.

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Novgorod, Yekaterinburg and Samara. The matches of the 2018 World Cup will be held between June 14 and July 15 at 12 stadiums located in the 11 mentioned above cities across Russia. Two of the stadiums are located in the Russian capital.

Over 500,000 foreign tourists expected in Russia

he enthusiasm for this year’s FIFA World Cup keeps building each day, from 1.7 million ticket sales recorded from Phase 1 and 2, the number have increased. About 2.5 million tickets have been already sold for matches of the 2018 FIFA World Cup, which kicks off in 11 cities across Russia in less than two months, Russian Deputy Prime Minister Vitaly Mutko said.

“About 2.5 million tickets have been already sold and 53% of them were purchased by football fans from abroad,” Mutko, who oversees the issues of sports, tourism and youth affairs in the Russian government, said. “Many countries will see about 15,00020,000 of their football fans coming to Russia, while an expected number of football fans from the United States stands at some 30,000,” Mutko said. “We need to shape up a precise system of hospitality.” A week ago, the world’s governing football body, FIFA, announced the opening of the 3rd and final stage of ticket sales for matches of the 2018 FIFA World Cup. The FIFA announced that before the opening of the last stage of ticket sales a total of “1,698,049 tickets” had been allocated to football supporters from all over the world since the launch of Phase One

of ticket sales in September 2017. Over 164,000 tickets were purchased within 24 hours after the launch of the final stage of sales on April 18, according to FIFA. The world’s football organization keeps reminding that at the request of the Russian authorities, all fans attending matches at the 2018 FIFA World Cup need to apply for a Fan-ID - the official identity

document issued to fans. Russia came up for this FIFA World Cup with an innovation, which is the so-called Fan-ID and it is required for all ticketholders. This innovation was successfully tested during the 2017 FIFA Confederations Cup in Russia and earned high marks from the world’s governing football body. The Fan-ID plays an important security role during the major football tournament in Russia as it grants admittance to the stadiums and also serves as a visa for foreign visitors to enter the country. The 2018 FIFA World Cup kicks off in 41 days with the opening match in the Russian capital of Moscow. Russia selected 11 host cities to be the venues for the matches of the 2018 World Cup and they are Moscow, St. Petersburg, Sochi, Kazan, Saransk, Kaliningrad, Volgograd, Rostov-on-Don, Nizhny

The 2018 FIFA World Cup is expected to draw as many foreign tourists to Russian regions as they usually receive throughout the whole year, a local organizing committee senior executive said on Wednesday. “We are expecting about 500,000 foreign tourists in Russia,” General Director of the 2018 Local Organizing Committee (LOC) Alexei Sorokin said. “Many regions will fulfill their annual plan of hosting tourists from abroad within just one month.” A week ago, the world’s governing football body, FIFA, announced the opening of the 3rd and final stage of ticket sales

for matches of the 2018 FIFA World Cup, which kicks off in Russia in less than two months. The FIFA announced that before the opening of the last stage of ticket sales a total of “1,698,049 tickets” had been allocated to football supporters from all over the world since the launch of Phase One of ticket sales in September 2017. Over 164,000 tickets were purchased within 24 hours after the launch of the final stage of sales on April 18, according to FIFA. The world’s football organization keeps reminding that at the request of the Russian authorities, all fans attending matches at the 2018 FIFA World Cup need to apply for a Fan-ID - the official identity document issued to fans. Russia came up for this FIFA World Cup with an innovation, which is the so-called Fan-ID and it is required for all ticketholders. This innovation was successfully tested during the 2017 FIFA Confederations Cup in Russia and earned high marks from the world’s governing football body.

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Friday 4, May 2018

TRAVEL

FIFA SATISFIED WITH RUSSIA’S 2018 WORLD CUP PREPARATIONS

he world’s governing football body, FIFA has expressed its satisfaction with Russia’s preparations for hosting the 2018 World

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Cup after the last of 12 stadiums intended to host the championship’s matches was granted the commissioning permit earlier in the day. “We are very satisfied with the level of effort and amount of work being done by the Russians,” FIFA’s press service said. “The next weeks will be extremely intense for those who are on-site and challenges will certainly arise, but there is a clear commitment with a high-level delivery and that makes FIFA very confident that the World Cup in Russia will be a success,”

the statement added. General Director of the 2018 Local Organizing Committee (LOC) Alexei Sorokin said earlier he hoped that FIFA would be

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satisfied to learn that all of 2018 World Cup stadiums in Russia had been commissioned. The Russian Sports Ministry announced earlier in the day that the stadium in Samara was granted the commissioning permit. The stadium in Samara was the last one out of twelve football arenas, which will be the venues for the games of the much-anticipated global football tournament this summer, to receive the commissioning permit as the construction of the facility had been behind the initial schedule. “This is the biggest arena (in Russia) built especially for the World Cup,” according to Russian Sports Minister Pavel Kolobkov said. The stadium in the city of Samara, which was founded in 1586 and has a current population of 1.13 million, boasts a 45,000-seat capacity. Samara Arena is scheduled to host four group stage games, a match of the Last 16 stage and one of the quarterfinals. The group stage matches to be played in Samara are: Costa Rica-Serbia on June 17, Denmark-Australia on June 21, Uruguay-Russia on June 25 and Senegal-Colombia on June 28. The 2018 FIFA World Cup kicks off in 41 days with the opening match in the Russian capital of Moscow. Russia selected 11 host cities to be the venues for the matches of the 2018 World Cup and they are Moscow, St. Petersburg, Sochi, Kazan, Saransk, Kaliningrad, Volgograd, Rostov-on-Don, Nizhny Novgorod, Yekaterinburg and Samara.

RUSSIA’S 2018 WORLD CUP STADIUMS GET FIFA GREEN LIGHT

he world’s governing football body, FIFA, will be definitely satisfied that all of 12 Russian stadiums, selected to host matches of the 2018 FIFA World Cup, have been commissioned, General Director of the 2018 Local Organizing Committee (LOC) Alexei Sorokin said. “At least three test matches have been scheduled to be held at each commissioned stadium,” Sorokin said. “We

are now focused on the operational and not the construction aspect.” “We are not expecting surprises from FIFA and the organization will be definitely satisfied that all stadiums were granted certificates of compliance with the required technical norms,” Sorokin added. The Russian Sports Ministry announced earlier in the day that the sta-

dium in Samara was granted the commissioning permit. The stadium in Samara was the last one out of twelve football arenas, which will be the venues for the games of the much-anticipated global football tournament this summer, to receive the commissioning permit as the construction of the facility had been behind the initial schedule.

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NEWS

or much of the four years since Ogenyi Onazi made his FIFA World Cup debut with Nigeria, things have been somewhat trying while wearing Super Eagles green. After equalling their best-ever finish by reaching the Brazil 2014 Round of 16, serious stumbles followed for the then reigning African champions. After failing to qualify for successive CAF Africa Cup of Nations for the first time in over 40 years, they were at a low ebb. “At that moment we had a lot of trouble in the country, with the federation, between the players and there was a lot of confusion in the team,” Onazi admitted to FIFA.com. So, for fans to see their beloved Nigeria grouped with Africa’s current cup holders Cameroon, Algeria and Zambia on the road to Russia, doubts unsurprisingly bubbled – but not in the dressing room. “We didn’t give up because we had the opportunity to prove we were really a team and we were able to make it,” the midfielder recalled, having topped their qualifying group in style. “We just told ourselves we have to do this for everybody; we gave all our hearts from day one to the very last.”

The Eagle’s Heartbeat

Heart is very much something the Trabzonspor man brings to the Super Eagles side, pulling on the captain’s armband a

number of times. Operating within Nigeria’s core, his boundless energy provides a rapid beat to their midfield and, when mixed with a steely determination, it creates a frustrating cocktail for opponents to contend with both offensively and defensively. At just 5’8”, in the past the 25-year-old would have been written off as too slight to cope with the rigours of being a dynamic figure in the midfield. However, he and the likes of Frenchman N’Golo Kante are disproving the notion that size matters. “Football today is beyond size, weight and physique. Most important is to try to be fit in every aspect of life. “For me, this is about modern football. Modern football is: if you can be there before your opponent, that’s the most important thing. [Central midfield] is one of the most difficult positions in football because you determine how the game is going to be played – fast or slow – and how it unfolds tactically.” Adept around the field, this partly dates back to 2009 when his Nigeria side strode to the FIFA U-17 World Cup final. “When I was growing up I used to play as an attacker, from the right or left wing, or even as a striker. In the under-17s, when I played with coach John Obuh I played virtually all positions – it was only the goalkeeping position I didn’t play [laughs].” That versatility is complemented by an enthusiasm he radiates both on and off

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the field. “I’m just trying to do things the way I feel it’s right and I believe so much in personality and trying to be someone who is going to make people happy,” the 25-year-old explained. “This is my objective in life: To make people happy and to make sure that they have hopes that things are going to be better in life.” That is why these fallow few years hurt so much, and qualification meant the world to Onazi and his team-mates. “It was a really good moment for us. We had to cel-

ebrate it very well with our captain John Mikel Obi.”

Russian Reunions

With the tournament closing in fast, and preparations already well underway – a 1-0 win over Poland was soured somewhat with a 2-0 defeat by Serbia this week – their Group D opponents are quickly coming into focus. While European duo Iceland and Croatia will propose stiff tests, a reunion with Argentina is the real eye-catcher. Having felt the sting of a thrilling 3-2 defeat four years ago, Onazi is intent on not succumbing to La Albiecelste again. “What cannot kill you makes you stronger,” he said defiantly. “This is the mentality we want to use. The true Argentina is one of the best in the world and it’s not going to be easy. “When you do something, you try to learn from what you’ve done to be better, so we’ve learned from our mistakes in Brazil and now it’s time for us to correct them and do the best we can.” Should Onazi manage to convert his heart and commitment into three points against Leo Messi and Co., that life objective of making others happy will be able to be checked off for another day, as he’ll likely hear the cheers from Abuja all the way in Saint Petersburg.