BusinessDay 06 Dec 2019 by BusinessDay

businessday market monitor Everdon Bureau De Change

Bitcoin

NSE

FMDQ Close Foreign Exchange

Biggest Gainer

Biggest Loser

DangSugar N13.7 8.03

Arbico N4.79 26,913.70

-9.81pc

Foreign Reserve - $39.7bn Cross Rates GBP-$:1.29 YUANY - 51.32 Commodities Cocoa US$2,572.00

Gold $1,482.10

news you can trust I ** friDAY 06 DECEMBER 2019 I vol. 19, no 451

₦2,624,942.31

Buy

+0.21 pc

$-N 357.00 360.00 £-N 458.00 468.00 €-N 389.00 398.00

Crude Oil $63.73

N300

Sell

www.

Market

Treasury bills

Spot ($/N)

I&E FX Window CBN Official Rate

363.07 306.95

Currency Futures

NGUS FEB 26 2020 363.50

($/N)

igerian President Muhammadu Buhari last week sought the approval of lawmakers to raise $29.96 billion to fund what he called 39 emergency projects in the power, agriculture and transport sectors.

investors may demand higher yield on Moody’s downgrade as Aramco set to raise $29bn from IPO

If approved, the fresh borrowing will push the country’s total debt stock to N36 trillion from N25.7 trillion as of June 2019, according to data provided by

the Debt Management Office (DMO). The International Monetary Fund (IMF) said this week that Nigerian public debt as a per-

6M 0.00 7.26

centage of GDP was 27 percent of GDP. That figure includes overdrafts with the Central Bank of Nigeria CBN. Continues on page 38

5Y 0.00

12.14

NGUS MAY 27 2020 364.51

10 Y 30 Y -0.14 -0.12 13.09

12.30

NGUS DEC 30 2020 366.87

Here’s why Nigeria should prioritise equity over debt LOLADE AKINMURELE & ENDURANCE OKAFOR

3M 0.00 7.11

fgn bonds

Orji Uzor Kalu sentenced to 12 years imprisonment for N7.5bn fraud …Court orders his company forfeited to FG JOSHUA BASSEY, GODFREY OFURUM, & INIOBONG IWOK

rji Uzor Kalu, former Abia State governor and a serving Senator, was on Thursday sentenced to 12 years in prison by a Federal High Court sitting in Lagos in a fraud case of N7.5 billion filed against him by the Economic and Financial Crime Commission (EFCC). The presiding judge, Justice Mohammed Idris, also ordered the former governor’s company, Continues on page 38

L- R: Ballama Manu, board member; Yinka Sanni, chief executive, Stanbic IBTC Holdings plc; Sola David-Borha, chief executive, Standard Bank Group Africa Region; Basil Omiyi, chairman, board of directors, Stanbic IBTC Holdings plc, and Atedo Peterside, founder, Stanbic IBTC Holdings plc, at the PicbyPiusOkeosisi client appreciation and 30th anniversary dinner in Lagos, yesterday.

sponsored by

Inside Finally, DSS frees Sowore from detention P. 38 UBA in winning streak; gets double recognition as best CSR Company in support of Education P. 39

Friday 06 December 2019

BUSINESS DAY

news CECA insists partner, Xerxes breached $41m AEDC funding

…says goodwill can’t buy DisCo HARRISON EDEH, Abuja

C DBN receives appreciation plaque from Nigerian-American Chamber of Commerce: L-R: Toyin Akomolafe, national president, Nigerian-American Chamber of Commerce; Bonaventure Okhaimo, chief operating officer, Development Bank of Nigeria, and Abubakar Sadiq Wada, staff of DBN, yesterday in Lagos.

National Assembly passes N10.59trn budget into law James Kwen & Solomon Ayado, Abuja

he National Assembly on Thursday passed the N10.59 trillion budget for the 2020 fiscal year into law with an increment of N264 billion from the N10.33 trillion proposed by President Muhammadu Buhari. The approval of the budget by the Senate followed the adoption of the report of Senate Committee on Appropriation at plenary on Thursday. Presenting the report, Senator Barau Jibrin said the increase of N264bn in the budget is to allow for interventions in critical areas such as national security, road infrastructure, mines and steel develop-

ment, health, social needs, and water among others. Ac c o rd i n g t o h i m, N560.4bn was earmarked for statutory transfers while N2.725 trillion stood for local and foreign debts service. He noted that recurrent expenditure, that is, non-debt, stood at N4.842 trillion while the sum of N2.465 trillion is for contribution to the Development Fund for Capital expenditure for the 2020 fiscal year. The 2020 Appropriation Bill was passed in the House of Representatives after clause by clause consideration of the report of the Appropriation Committee by the Committee of Supply chaired by the Speaker, Femi Gbajabiamila. Chairman of the Ap-

propriation Committee, Muktar Betera while presenting the report stated that the National Assembly of Nigeria has authorized the issue and appropriation of N10, 594, 362, 364, 830 from the Consolidated Revenue Fund for 2020. He said the 2020 Appropriation Act authorized: “the Accountant-General of the Federation shall, when authorized to do so by Warrants signed by the Minister charged with responsibility for finance, pay out of the Consolidated Revenue Fund of the Federation during the year ending on the 31 day of December 2020, the sums specified by the warrants, not exceeding in the aggregate N10,594,362,364,830 only”. Under the statutory transfers National Judicial

Council has been allocated, N110 billion, NigerDelta Development Commission N80. 88 billion. Universal Basic Education N111.78 billion and National Assembly got N128 billion. A l s o, Pu b l i c C o m plaints Commission has been allocated N 4.7 billion, Independent National Electoral Commission (INEC) N40 billion, National Human Rights Commission N2.5 billion, North East Development Commission N38.10 billion and Basic Health Care Fund, N44.49 billion. Out of the N2.72 trillion for Debt Service, Domestic Debts gulped N1.73 trillion and Foreign Debts took N719.88 billion while Sinking Fund to Retire Maturing Loans is allocated N272 .90 billion.

Otedola, Zenith Bank donate N400m to Lagos Security Trust Fund ENDURANCE OKAFOR

hilanthropist and Business mogul , Femi Otedola has once again demonstrated his generous and giving spirit by donating the sum of N100 million to the Lagos State Security Trust Fund, making him the largest individual donor. Zenith Bank took the lead for corporate donors, with its donation of N300 million to the fund. The donors were appreciated by the Lagos State Governor, Babajide Sanwo-Olu at an event

tagged “Transformational Security’ and organised by LSSTF at the Civic Centre, Victoria Island, Lagos, this week. Other top corporate donors on the list include Access Bank, First Bank, Xenon Construction Ltd and Guaranty Trust Bank (GTB). The governor of the state, whilst addressing the guests present said he was happy that other states had adopted the security trust fund idea initiated some years back, and that this showed that the initiative is worthy of www.businessday.ng

emulation. “The present administration under my watch also introduced new security strategies to combat security issues including making available new equipment for our security agencies,” he said. He went on to state that “We have revitalised security strategies to combat security coverage in Epe and Ikorodu waterways and other areas through a regional security outfit code-named ‘Amotekun’, to combat banditry and Kidnapping.” “Also with the ongoing

road upgrades across the state I believe that we can achieve significant improvements in security of our State.” Chairman of LSSTF board of trustees Oye Hassan-Odukale, also noted that crime fighting is mandatory and the fund will not stop promoting the fight against crimes. The Lagos State Security Trust Fund (LSSTF) was established 12 years ago with the aim of reducing the critical deficiencies in equipment, training and logistics of security agencies operating in Lagos.

https://www.facebook.com/businessdayng

EC Africa Investments Limited (CECA), a major shareholder of the Abuja Electricity Distribution Company (AEDC) has blamed its partner, Xerxes Global Investment Limited for breaching a $41 million funding agreement for acquiring the DisCo in 2013. In a statement issued by the company on Thursday, CECA dismissed claims by the Chairman of Xerxes Limited, Shehu Malami in an interview in some newspapers, saying the investors’ crisis at AEDC is being fuelled by greed. Malami in the interview claimed that CECA ought to pay him for his goodwill and name which facilitated the sale of AEDC to KANN Utility Company Limited, their consortium. But CECA in the statement said goodwill could not have bought the DisCo. During the privatisation exercise, there were financial obligations the bidders were expected

to meet which prompted CECA and Xerxes to agree on the financial arrangements, starting with the initial payment of $41m to the Bureau of Public Enterprises (BPE). It said Xerxes immediately failed to pay its contribution leaving all the payments to be done by CECA. “Till date, Xerxes has not shown any capacity to repay its part of that obligation to CECA, six years after the privatisation. Yet it wants to claim major ownership of AEDC but has failed to fulfil any financial obligation and has left the business risk on CECA,” said Engr. Emmanuel Katepa, the Managing Director of CECA. Katepa further challenged Malami and Xerxes to tell the public if it brought any fund in the acquisition of AEDC. “Ambassador Shehu Malami failed to address the central issue which remains that he and his organisation are claiming shares for which they have failed to pay and show no capacity to pay.

•Continues online at www.businessday.ng

Immigration issues 58,000 visas on arrival since January 2019 IFEOMA OKEKE

he Nigeria Immigration Service (NIS) has been able to issue over 58,000 visa on arrivals from January 2019 till date, according to Abdullahi Musa Usman, Comptroller, Lagos Airport. Usman who was speaking during a press conference on Thursday, disclosed that the visa on arrival lounge at the airport has been expanded to accommodate the surge in demand. He stressed that cash payments are no longer allowed at the visa on arrival security post to reduce any form of bribery as applicants are advised to either pay online or use the Point of Sale (POS) machines. Usman said the service has also introduced Migrant Information Data Analysis System to accelerate passenger clearance in short time. He explained that the system works in such a way that the image and 10 fingers of passengers coming into the country for the first time are captured but subsequently, only one finger will be captured upon entry into the airport. He said this way, the ser-

@Businessdayng

vice keeps record of number of visitors coming in and leaving the airport on a daily basis. He noted that the service introduced Servicon Unit to ensure services rendered are done according to global best practices, adding that Access bank has chosen to partner with the service to deliver best services to passengers. “Access bank said they want to assist us in providing facilities that will help create enabling environment and improve our services,” he said. Victor Etuokwu, executive director, retail banking, Access Bank, commended the Nigeria Immigration Service, the Murtala Muhammed International Airport Command, saying that the bank was prompted to upgrade facilities at Immigration offices at the airport because of the efficient management of the Command. Etuokwu commended the Comptroller, Lagos Airport, Abdullahi Musa for the way he was transforming the Command and noted that even the officers and men at the airport are happy because of Musa’s style of leadership.

•Continues online at www.businessday.ng

Friday 06 December 2019

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

news

Delta 2020 appropriation bill: Assembly increases proposed budget to N395.4bn Mercy Enoch, Asaba

elta State House of Assembly, Wednesday, passed the 2020 State Appropriation Bill, increasing the initial budget proposed by the state governor, Ifeanyi Okowa, from N389 billion to N395,475,393,668 billion. The passage followed the due process of the House, first through a motion moved by the Majority Leader, Tim Kome Owhefere, and seconded by Austin Chikezie from Aniocha South. The House then dissolved into Committee on Supply for the consideration of the report of the House Committee on Finance and Appropriations. At the Committee of Supply, chaired by the speaker, Sheriff Oborevwori, the House considered the report in line with the proposals made by the Finance and Appropriations Committee chaired by Erhiatake Ibori-Suenu. The House critically scrutinised the various sectors and the amount proposed by the Committee and made necessary amendments. Having extensively considered the report of the Finance and Appropriations Committee, the Majority Leader, Tim Owhefere, moved a motion for the chairman Committee on Supply to resume

his seat as Speaker to report progress and was seconded by Felix Anirah from Sapele. Speaker Oborevwori said the House properly scrutinised the recurrent and capital expenditure, which increased the initial proposed budget of three N389 billion presented to the House by the governor to N395.475 billion. With the addition, the capital expenditure now stands at N223.320 billion while the recurrent expenditure is N172.154 billion. Thereafter, the Majority Leader moved a motion to take the third reading and pass the bill into law, and was seconded by the Minority Leader, Innocent Anidi, from Ethiop East, before being adopted. The speaker thanked members for the passage of the 2020 Appropriation Bill, saying the timely presentation and passage of the bill would enable government commence timely implementation. “Dear colleagues, at the Committee of Supply, the year 2020 Appropriation Bill was meticulously scrutinised by members. Relevant contributions and amendments were proposed by members that were very helpful in the consideration of the Bill. I thank you for a successful Committee of Supply,” the speaker said.

www.businessday.ng

Industry minister reassures Nigerians of Buhari’s commitment to tackle poverty Francis Sadhere, Warri

inister of Industry, Trade and Investment, Richard Adebayo, on Wednesday reassured Nigerians of President Muhammadu Buhari’s commitment to lift millions of Nigerians out of poverty. The minister, who gave this assurance during a working visit to Lee Engineering and Construction Company Limited, Ekpan, Uvwie council area of Delta State, said the Federal Government was supporting industrialists across Nigeria to achieve this purpose. Adebayo noted that the company, when completed, would save Nigeria millions of dollars in foreign exchange, pointing out that several jobs would be created for the teeming unemployed youths, especially in the oil and gas sector. “I have made it my duty to visit as many industries as possible to see how people are faring. The president said he is interested in getting over a 100 million people out of poverty in the next 10 years. And one of the ways by which this can be achieved is by encouraging our industrialists to create new industries and expand the ones that they have. “Lee Engineering does a lot of work for the oil and gas in-

dustry and they are putting up a facility here that will save the country millions of dollars in foreign exchange. By the time they complete the factory, it will create a situation where we don’t have to import anymore. “The equipment that they make here is to facilitate the production of oil and gas. I have seen lots of equipment; they are still expecting more equipment. As you are aware the factory is not completed. “We are interested in Nigerians being employed and what we have seen so far and what they are doing right now, even though the equipment is not here yet they have already sent young engineers abroad for training and they still intend to send more,” he said. Responding to the visit, the executive officer of Lee Engineering, Leemon Ikpea, revealed that the company would employ a minimum of 1,000 persons in addition to its current staff when fully operational. The CEO, with 42 years’ experience in the petroleum industry, said the company was about 85% completed, adding that they had just gone for the safety acceptance test in Europe, and that at the worst case February next year, the place would be fully completed and do the test run.

https://www.facebook.com/businessdayng

FIRS adopts digitisation to boost revenue mobilisation Cynthia Egboboh, Abuja

he Federal Inland Revenue Service (FIRS), following the passage of the finance bill by the National Assembly, has adopted digitisation to boost revenue mobilisation as well as tax collection in the country. Babatunde Fowler, FIRS chairman, on Thursday said promoting digitisation was key to boosting revenue mobilisation considering the state of information and communication technology uptake globally as well as the size of Nigeria’s need for revenue for development financing among other needs. “Efforts are on to increase revenue in the country. We have started the process of linking up customers’ bank verification numbers which we hope to be completed by January to increase tax revenue. We also see the need for the digitized process. “Working with all revenue agencies, we want to ensure that we get everyone captured in the tax base. We still have some businesses that are not paying taxes and this must stop.” Fowler speaking at the 3rd annual conference of the Nigeria Tax Research Network (NTRN) in Abuja titled “Revenue Challenges Online and Offline: Bridging the Digital divide in an Analogue Economy”, said that bridging the digital divide was critical to the development of

@Businessdayng

the Nigeria economy considering the nation’s need to increase revenue base. “Considering the volume of economic activities associated with businesses like Uber, Amazon and our own Jumia and Interswitch further confirms that the digital space is new ‘gold’ in terms of revenue generation and tax administration must be alive to this fact. “It is with this in mind that FIRS has designed and deployed electronic tax services (e-services) to ensure the automation of tax processes for the purpose of the improvement of transparency, ease and speed of tax administration for both taxpayers and tax administrators,” he said. The chairman further said the importance of the conference cannot be overemphasized as it presented an opportunity to brainstorm and articulate initiatives for the broadening of the tax net and strategies geared towards ensuring optimized service delivery. “I wish to reiterate FIRS’ commitment to the support and furtherance of research and allied activities with the capacity to stimulating economic development, effective tax administration as well as the discharge of all or any of its statutory functions under the FIRS Establishment Act. To this end, the improvement of FIRS’ capacity with regard to the taxation of economic activities within the digital space is essential.”

Friday 06 December 2019

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

comment

comment is free

Send 800word comments to comment@businessday.ng

Why is it that Africans never plan for the future? THE NEW WEALTH OF NATIONS

Obadiah Mailafia

few weeks ago a dear American friend and former colleague sent me an email. Permit me to quote him verbatim: “Hello brother Obed. I trust that you are fruitfully engaged these days. I read an article earlier today that immediately brought you to mind. I want to share its contents with you, as attached. My point in sending it to you is not about the article itself, which concerns the potential number of Africans who may migrate to Europe in the years to come, but the statistics quoted on Nigerian demographics. You are no doubt already aware of this. My question is who in Nigeria is thinking about the future of the country and what it may look like, if indeed Nigeria becomes a country of 410 million (or even ‘just’ 310 million? What does Lagos need and how does it prepare in order to become a megalopolis of 40+ million? I think these are questions that you are very capable of analysing and writing about. Perhaps this could be the subject of one or more of your newspaper columns?” My friend is a distinguished agricultural economist who spent nearly 30 years of his professional career at the African Development Bank Group. We became more than just friends and colleagues. We became brothers. I must say I was deeply touched by his concern. Let’s face it: What kind of country would we be living in when our population exceeds the 400 million mark? How are we going to provide jobs, housing, education, electricity and health for our teeming millions of people? As I drive round Abuja, I ask myself what kind of transport management nightmare we would face when our federal capital

becomes a mega city of 20 million? Is it possible to operate a city of 40 million without an adequate rail network, as is likely to be in the case of Lagos? What are the prospects for electricity and infrastructures? And what are the implications for public management in the twenty-first century? When I begin to reflect deeply upon the future, I become afraid. I had to be honest with my brother. There is nobody out there seriously thinking and planning for Nigeria’s future – neither the intelligentsia nor the political leaders or bureaucratic elites. It is a truism that, at current pathdependence, Nigeria cannot survive as a corporate entity by 2050. From a purely systems-analytic point of view, our system cannot absorb the relentless pressures of geometric population growth, slow growth, massive unemployment, uncontrolled urbanisation, mounting slums, deepening poverty and inequality, widespread insecurity, violence, criminality and egregious social injustice in the context of purposeless leadership and widespread abuses of civil liberties. In addition, the impact of climate change and the forces of accelerated urbanisation in the context of dwindling public revenues, a weak naira, rising debt, terrorism, lawlessness and divisive politics are leading us down a dangerous road. I say this not as a pessimist but as a patriot and believer in the Nigeria Project. It seems self-evident to me that no human system can survive overbearing pressures that its institutions are unable to manage or process into positive-sum outcomes for the good of the common people. In our own case, system failure is inevitable if we do not act with wisdom and collective purpose in the years ahead. If there is one area where Africans have failed woefully, it is in thinking and planning for their own future. The Chinese, for example, with their history of statehood dating back to millennia, often think in long-term centennial cycles. So do the Indians, Koreans, Indonesians, Malaysians and Singaporeans. The Gulf Cooperation Countries have made giant strides in economic development by thinking long-term and thinking Big. The nations of the

Buhari and the Fifth columnists

ccording to Wikipedia, a fifth columnist is “any group of people who undermine a larger group from within, usually in favour of an enemy group or nation. The activities of a fifth columnist can be overt or clandestine. Forces gathered in secret can mobilise openly to assist an external attack. Clandestine fifth column activities can involve acts of sabotage, disinformation, or espionage executed within defence lines by secret sympathizers with an external force.” Literarily, it refers to persons who wilfully constitute clogs in the wheel of progress within the system for no justifiable cause. Simply put persons who allow selfish interests to override public interests. It doesn’t matter heights attained, greed and acrimony will always manifest either patently or latently in their actions. President Muhammadu Buhari must not allow some politicians constitute clogs in the wheel of his progress knowing that masses confidence on him is at stake. Election is over. This is the time to be strict and focused for service delivery to earn accolades after exit from politics in 2023. Those that preferred conceited interests and ambitions to public interest should be laid off. Second term in office by Nigeria’s Constitution precedes retirement. But the retirement; fulfilled, glorious or otherwise will be determined by some dynamics. In the Oath of Allegiance in the 1999 Constitution, Federal Republic of Nigeria for public

Western Atlantic have always thought in long-term geostrategic terms. Many spurious pseudo-scientific theories have been propagated about race and underdevelopment. The socalled Bell Curve theory places black Africans at the bottom of the human intelligence quotient. James Watson, the biochemist who shared the Nobel Prize with Francis Crick for their discovery of the double helix, told a British journalist in 2007 that he was “inherently gloomy about the prospect of Africa” because “all our social policies are based on the fact that their intelligence is the same as ours, whereas all the testing says, not really.” The late Nobel laureate, who passed early this year, claimed that although he wished everyone were equal, “people who have to deal with black employees find this not true.” It would seem that the overrated founding-father of Singapore, Lee Kuan Yew, was, unfortunately, not immune to the disease. In his autobiographical work, From Third World to First: The Singapore Story 1965-2000, he made reference to “genetics” being the problem explaining Africa’s backwardness. Racist theories are easy and cheap. But they are also very wounding and injurious to the self-esteem and collective psyche of the African people. They only serve to reinforce what the late Kenyan political scientist Ali Mazrui termed “Global Apartheid”. Centuries of enslavement, colonisation and cruel discrimination have undermined the self-esteem of most Africans, both at home and in the Diaspora. As a consequence, we have lost the capacity to believe in ourselves and to plan ahead. But we cannot continue to blame others for all our problems. I believe that we are the prime architects of our own collective destiny. Africa’s weak performance in the competitive advantage of nations lies outside simplistic and wicked racial theories. In our day and age, nations thrive and flourish when they make the right policy choices; when their ruling elites share a consensus on progressive market reforms that unleash the entrepreneurial energy of their people within the context of strong institutions, political stability, the rule of law and respect for property rights.

officeholders, it provides for recitation, “….I will discharge my duties to the best of my ability, faithfully, and in accordance to with the Constitution of the Federal Republic of Nigeria and the law, and always in the interest of the sovereignty, integrity, solidarity, well-being and prosperity of the Federal Republic of Nigeria …..; I will not allow my personal interest to influence my official conduct or official decisions ……; I will do right to all manner of people, according to law, without fear or favour, affection or ill-will …….”. These are the social contracts by which anyone; from president down to a commissioner can take up any official responsibility from the Constitution. Unfortunately, whilst the drafters of the Constitution took it seriously, politicians take it as mere recitals or formality. A pity indeed. The major challenge facing the country is insecurity which has perceptibly given President Buhari sleepless nights. Economy may never boom as targeted until insecurity is dealt with. The twosome; security and economy go hand in hand. And any government that failed to prioritize them is cruising on abysmal failures. Unfortunately, scores of citizens that devotedly enrolled in a government institution; National Open University of Nigeria (NOUN) and graduated since 2013 have been subjected to redundancy and idleness; roaming the streets without vocations by designs of some privileged persons in government. What a contradiction. How could scores of citizens be kept in such a

www.businessday.ng

‘

When I begin to reflect deeply upon the future, I become afraid. I had to be honest with my brother. There is nobody out there seriously thinking and planning for Nigeria’s future – neither the intelligentsia nor the political leaders or bureaucratic elites

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)

tight corner for years with all manner of gimmicks forgetting that the victims have a right to live a comfortable life? How many of the conspirators or schemers can stay without remunerations to justify the years the innocent victimized students have stayed without jobs? And finally, what have the schemers gained from the obnoxious ploys? Pondering on the unending ugly dramas regarding the admission of NOUN law graduates who had been encumbered from proceeding for their vocational training in the Nigerian Law School for no crimes committed can only make any patriotic persons weep deeply for the nation. The commonest question that must come to mind is; can the country freely move forward with such actors as public officeholders? The most horrible challenge any government can face is harbouring fifth columnists that pursue selfish agendas distinct from the government they constitute. This is indeed unfortunate. Lack of continuity, unity of purpose and open-mindedness in government is the major task in governance. Any system where personal interests are placed above public interests will collapse. The Minister of Education, Mallam Adamu Adamu’s efforts on the protracted NOUN/Law School crisis have often met a brick wall. Adversaries within, they say, are the worst enemies. And President Buhari must be mindful of such characters as they can sabotage other government’s policies mutely. Like corruption, if you don’t deal with fifth columns within, it will deal

https://www.facebook.com/businessdayng

Africa is the cradle of human civilisation. Through the great Pharaonic and Cushitic civilisations, we were the first teachers of the human race. Many of the autochthonous communities of Nigeria – from the ancient Nok culture of my own Southern Kaduna to ancient Ile-Ife and the Benin Kingdom – all trace their ancestry to ancient Egypt. And yet, 2 billion black people on this earth have been consigned to a status described by the immortal Franz Fanon as “the wretched of the earth”. Our beloved Nigeria, as the most populous black nation on earth, is the model and signifier of Africa’s collective destiny. The biggest danger facing a free people is when they lose their innate confidence as a sovereign and innerdirected national community. As a consequence, Africans lack The Courage to be as understood by the theologian and philosopher Paul Tillich. The late Chinua Achebe warned us long ago that, “Unless the lion learns to tell his own story, his history will always be written by the hunters”. Let it be known to the whole world: Africans are neither inferior nor superior to anyone. I believe in Humanity. But I also take pride in the dignity and indomitable courage of the African people. I believe in Kwame Nkrumah’s vision of “The African Personality”. I am not one of those who blame outsiders for all our misfortunes. I believe in the role and potency of human agency in history. And I believe that we as a people must take responsibility for our own future and for our collective destiny. Economic science conclusively establishes that nations thrive best when they make the right policy choices; when leaders share a consensus on progressive reforms that unleash the entrepreneurial energy of their people within the context of strong institutions, political stability, and the rule of law, human rights and respect for property rights. We must plan for Nigeria’s future otherwise we are doomed!

CARL UMEGBORO with the government. Anywhere a principal and subordinates pursue different interests, it is doomed to fail. It is sad that whilst President Buhari even with old age is passionately a workaholic; always on the move, attending to all important tasks both within and from country to country to make ends meet for common good, some subordinates prefer to clandestinely add to his stress. No doubt, NOUN/Law School crisis was inherited from two previous administrations, but President Buhari must give these oppressed students the anticipated relief. According to Simone de Beauvoir, “All oppression creates a state of war”. And the time to avert it is now.

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Umegboro is a public affairs analyst and Associate, Chartered Institute of Arbitrators (United Kingdom). 08023184542 – SMS only. Https:carlumegboro.com

@Businessdayng

Ekwegh is a private legal practitioner with over 15 years

Friday 06 December 2019

BUSINESS DAY

comment

comment is free

Send 800word comments to comment@businessday.ng

The charmed life of Teodoro Obiang Mangue HumanAngle

Femi olugbile

quatorial Guinea is a country located on the western coast of Central Africa. It has a tiny population of about one million three hundred souls. Since the discovery of oil in the 1990s, the citizens of Equatorial Guinea have become, per capita, the richest citizens in Africa. Unfortunately, that is only on paper. In reality, Equatorial Guinea is a very poor African country, with most of its citizens living in ignorance and penury. It is ranked 135 globally on the Human Development Index. The quality of life of the citizens of this former Spanish territory is among the worst in the whole world. Less than half of the whole population have access to clean drinking water. One in five of the children born in the country die before the age of five years. Global surveys of political and civil rights consistently score the country among the worst places on earth to live. From 1472 when the Portuguese explorer Fernando Po discovered the Island known to locals as Bioko, which would later be renamed Fernando Po, the area became a matter of interest to colonial powers. In 1778, Queen Maria of Portugal

and the Spanish monarch signed a treaty which ceded commercial rights to the area to Spain. Sadly, the Spanish Brigadier who was despatched to take possession of the islands died of fever soon after arrival in the locality. His crew, most of whom also became ill with fever, mutinied. Four out of every five of them would soon die of the strange febrile illness. It was not an auspicious beginning to colonial ownership, and it foretold the troubled relationship that would ensue between colonialist and colonised, right up to “Independence”, and even beyond. The Spaniards eventually found use for the territory as a centre for slavehunting forays into the hinterland. After the abolition of slavery, the territory lost much of its importance to the colonialists. They earned some revenue from leasing the port as a base to the United Kingdom to carry out its anti-slavery enforcement and other activities. The bombardment and seizure of Lagos by John Beecroft, marking the beginning of British colonisation of Nigeria, was undertaken from Fernando Po. The years leading up to eventual independence saw a struggle between the privileged minority “Fernandino” and “Bubi” groups and the majority ‘Fang’ nationalists. In 1968, the country was granted independence by Spain. The ‘Fang’, led by Francisco Marcias Nguema, swept into power. Nguema would go on to unleash a reign of terror on his people, executing one hundred and fifty political opponents for alleged coup plotting on Christmas Eve, 1969. He outlawed opposition parties and made himself

President for Life. The economy collapsed. In August 1979 Nguema was deposed by his nephew, Teodoro Obiang in a bloody coup d’état. The nation’s fortunes changed dramatically in 1995 when Mobil discovered oil in Equatorial Guinea. Teodoro Obiang has been in power for the past forty years. The country has become an area of attraction for many people, but not always for the best reasons. In 2004 a plane load of mercenaries on their way to effect a coup was seized in Zimbabwe. There was suspicion that some foreigners, including Mark Thatcher, son of the British Prime Minister, were involved in financing the coupattempt. Teodoro Obiang – the elder, was “re-elected” as President for another seven-year term in 2016. His son – Teodoro Nguema Obiang Mangue, is the First Vice President, in line to succeed his father. It is the younger Teodoro, symbol of the future of this rich, much-abused African country that is the subject of this piece. Young Teodoro loves the good life, and his appetites have become the stuff of legend. He once hired a super yacht for a princely sum of four hundred thousand pounds sterling to entertain a female rap artiste on a Christmas cruise. At another time, he spent ten million South African rand on a weekend splurge in South Africa. In 2011, the US Department of Justice went to court to seize seventy million dollars of Teodoro’s US assets. These included a Gulfstream Jet, yachts, Ferraris and the diamond-encrusted glove Michael Jackson loved to wear. The prosecutors

‘

It was not an auspicious beginning to colonial ownership, and it foretold the troubled relationship that would ensue between colonialist and colonised, right up to independence, and even beyond

held that Teodoro’s assets far exceeded what could be afforded on his official income of less than one hundred thousand dollars a year. A settlement was eventually reached in which, after paying Uncle Sam on the estimated value of his assets, he was allowed to keep his jet and his Michael Jackson glove. He assured the Americans that thirty million dollars out of his money would be disbursed for the benefit of the masses of his country. To date there is no evidence that any money has been so disbursed. In France, a mansion worth one hundred million euros, as well as luxury goods in it, was seized by the French authorities. Teodoro was indicted for corruption and money laundry. He was tried in absentia and given a suspended fine of thirty million euros. The mansion and seventeen luxury cars, including Ferraris and Bugatti’s, were seized by the French. Teodoro is still the Vice President of his country. His father, the President, recently hosted other Presidents, including Nigeria’s leader, in Malabo, to discuss Oil and Gas. One in five children in Equatorial Guinea still die before they are five, and half the hapless population still struggle to get potable water to drink. Teodoro, the epicure, is totally untroubled by empathy. It is not hard to imagine ageing panAfricanists of the ilk of Mo Ibrahim and Wole Soyinka struggling to hold on to the hope that the young will lead Africa better than the generations before them. They would shake their heads, surely, as they reflect on the charmed life of Teodoro, the future president of Equatorial Guinea. Olugbile is a writer and psychiatrist. synthesiz@gmail.com

Germans, Tupac, Dre and dispositions to excellence

upac with all of the bad examples from his Thug Life ideologies is arguably the greatest rap artist of all time, even though he died at 25. Just in case we don’t realise how much of an outlier his accomplishments are; let me ask, what were you doing at 25? It has been twenty-three years after his death; Tupac Shakur is still making music. His relevance doesn’t just come from music, but the trueness of the concepts he held. In a world where so many people are consistently inconsistent with where they consistently want to be, he was consistent and worked extremely hard in telling that thug story so excellently. Even though their music videos showed women, nightclubs and champagnes, the messages were deep regardless. Behind the scenes, away from the lights camera action, they weren’t just clubbing like the music videos depicts. They slept in studios delivering excellent art. I feel it’s something Nigerian artists need to learn. How else can someone explain how he’s produced 15 albums -10 of which are posthumous? In a period of five years from 19921996 he created a dozen albums, eight feature films, countless commercials, music videos and even two books of poetry. These guys might have been drug and street junkies, but what you can’t take out was their brilliance and hard work. Tupac and Dr Dre were best friends. As a matter of fact Dr Dre produced most of his hit songs. This explains the law of network. In line with this, now, let me share something about Dre too. Dr Dre is arguably one of the most successful producers in music. He is an American rapper, record producer, entrepreneur, record executive, actor, and audio engineer. He discovered and created the music legend Eminem. He is the founder and CEO of Aftermath Entertainment and Beats BY Dre Electronics (beyond just the

success of their earphones, their woofers and speakers now come in all Chrysler cars. He got $3.2 billion to share from Apple acquisition of Beats by Dre) and was previously co-owner of Death Row Records, the label that made Tupac. But for those that know, he is that producer known to frustrate artists in the vocal booth. Even the legendry Busta Rhymes had to leave Aftermath records after he pushed him to go over his works tens of times. Jay-z calls him a perfectionist. He got Snoop Dogg to repeat his verse on the song “Gin and Juice” over 113 times; the result of this includes a classic album, the discovery of one of the greatest and one of the highest selling Hip-Hop artists of all time, Eminem. After spending years in the studio, he was declared the man with the best eardrum in the world; this won him a multimillion-dollar deal on earphones (Beats by Dre) and the title, The Most Respected producer in Hip-Hop. But he records an album only once in about 6 years. This is because of his disposition to excellence. He is a perfectionist. He believes that beyond just what you do, is how you do it. He believes in taking time just to be excellent and consistent at it. It’s one of the secrets to greatness. To people like that, excellence is not a skill; it’s an attitude. They live by it. You should too. I met a man who said to me, “Eizu, whatever you do, do it as if you want everyone else to remember you for it. Do it like it’s the last thing you’d ever do. Excellence is about going further, digging deeper than everyone else. Remember, you may not be able to increase the length of your life, but at least you can increase the width and depth”. Still on excellence, there is a general disposition in the practice of the Korean Taekwondo. In it, it is taught “don’t be scared of a person who practices 100 kicks at a time, fear a person who practices one kick a 100 times”. That’s how pros

www.businessday.ng

are made. Amateurs work till they get it right; professionals work until they can’t get it wrong. I totally agree that we are what we repeatedly do. If you want to see more dispositions around excellence, look at the Germans and their products. It’s from that they draw their pride and superiority complex. Take for example; have you seen any badly built road by Julius Berger? How about a tumbled or smoking G Wagon by Benz? A typically arrogant German company in Nigeria called Bosch took an entire billboard worth billions of Naira, not for ad but to simply write “QUALITY? We are Germans!!!” I wish a Nigerian company could go to Germany to write “Quality? Integrity? Excellence? We are Nigerians”. On excellence and as Africans, is it impossible for us to aim for that? According to Darwin’s Law of Natural Selection, I believe survival is a human instinct. If so, then I also believe that’s what the Germans and Hitler tried to do with the 2nd World War. I believe that it’s a human instinct to take over territories and people who don’t seem to know what they are in life for. A lot of us don’t, so we may be eaten up by competition if we don’t get better. It’s human and market instinct. In one of my classes we called The Role of Excellence in the Dynamics of Power; I explained that there are different forms of power. A few examples are Referral Power (power by him that referred you, from the name upon which you speak, Christians use this a lot, especially in prayers when they say “In Jesus Name”). There is another form called Punishment Power (power you have from the consequences if you are not obeyed, parents use this a lot). And there is, Reward power (wealthy people use this a lot). But the most powerful form of power is the one drawn from expertise and superiority in excellence). It’s called EXPERT POWER. That

https://www.facebook.com/businessdayng

EIZU UWAOMA is being respected because of what you can do like no one else. As a businessperson, let excellence be your pride and the source of your power. It is long lasting for most people are too mediocre to get there, so the world will respect you for it. From the Germans when you look through their superiority complex, the truth is, you can also see how quality is in their soul and in everything about them. It’s cultural to them, and that’s something we all can form a habit for. So I am talking to you as CEO and as a manager. As your business grows, don’t just grow in figures and balance sheet; grow in quality and desirability too. To make this happen, you’ll need to invest in R&D. You will need us to rewrite your current structure and model. Also, you’ll need to hire better people than maybe the ones you have. You’ll need to build a stronger and more reliable production unit, supported by good Human Resources, distribution systems, inventory systems, marketing systems, customer relationship and support systems, research and development systems, effectiveness and performance measurement and improvement systems, accounting and hiring systems, and many others

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

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

Editorial Publisher/CEO

How long can the CBN remain saviour of last resort?

editor Patrick Atuanya

he Central Bank of Nigeria (CBN) may have bought the federal government some time to come to terms with the need for reforms after restricting non-bank institutions and individuals from taking part in the transaction of short term securities it issues. This unorthodox monetary policy which is fully in line with its right to determine who takes part in open market operations has lowered the interest rate the federal government pays for treasury bills, boosting some financial indicators temporarily. However, what happens afterwards when the market adjusts to the ban? The CBN policy has seen interest rates on Nigeria Tbills crash to single digits for the first time since 2016 making borrowing costs lower for the government. It has also provided some respite for the Nigerian equity market as idle funds went after stocks with sound fundamentals. The short-term gains that

Frank Aigbogun

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

Bashir Ibrahim Hassan

GM, BUSINESS DEVELOPMENT (South) Ignatius Chukwu

the policy provides are worth applauding; some company stocks have reversed losses improving the market value position of investors. Even more, lower treasury yields reduce the federal government’s high debt service cost which in the past has eaten into revenues and hindered capital spending. It also provides companies the opportunity to borrow at cheaper rates. However, thes e benefits can be sustained over a longer term only if complemented by fiscal reforms in key sectors of the economy. Hence, the need for bold reforms. This is so important to the survival of an already crippled economy. For example, deregulating the downstream petroleum sector to adopting a marketreflective electricity tariff is sufficient to turn around investors’ negative sentiment that has weighed on stocks market value. The government’s fixation with debt, and hence the need to lower its borrowing costs overlooks the equity option; it can attract some of the global

surplus capital if it sells its shares in state-owned companies or issues telecommunications spectrum licenses or issues asset-backed securities (e.g. diaspora bonds) or generates rental income from leasing a plethora of government properties. Equity can be raised through the privatisation of redundant government assets and opening up of new sectors for the private sector to take part. This reduces the need for government to borrow and cuts down debt service costs. Nigeria’s dependence on stable oil prices further poses tests to the CBN unconventional policy. The volatile oil market has overtime proven its ability to bring Nigeria back to its knees, and can reverse the gains from restricting who trades in CBN securities. In Nigeria, fixing fiscal challenges with monetary policies have often failed just like we saw in 2016 when the CBN governor remained hell-bent on defending the naira, burning through its reserves. Obviously, that didn’t work until

the investors’ and exporters’ foreign exchange window was created. It became clear that Nigeria’s dependence on crude oil exports as the sole source of foreign exchange for the government was always going to make aspirations for a stronger naira impossible. Godwin Emefiele, the CBN Governor, cannot keep playing the role of saviour of last resort to the government. Whatever gains his unconventional monetary policies have made in fixing fiscal challenges, they are artificial and short-lived. Bold reforms are the way to go. Theban on who can take part in open market operations may have benefitted the stock market and some high yield stocks, however, the challenges in the economy remain. As is evident from the third quarter GDP results of the economy published by the National Bureau of Statistics: the economy is struggling to grow at a rate of 2 percent. The challenges of Nigeria are much bigger than short-lived benefits of unorthodox monetary policies.

HEAD, HUMAN RESOURCES Adeola Obisesan

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

Enquiries NEWS ROOM 08169609331 08116759816 08033160837

} Lagos Abuja

ADVERTISING 01-2799110 08033225506 SUBSCRIPTIONS 01-2799101 07032496069 07054563299 DIGITAL SERVICES 08026011296 www.businessday.ng The Brook, 6 Point Road, GRA, Apapa, Lagos, Nigeria. 01-2799100 Legal Advisers The Law Union

OUR Core Values

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

BusinessDay avidly thrives on the mainstay of our core values of being The Fourth Estate, Credible, Independent, Entrepreneurial and Purpose-Driven. • The Fourth Estate: We take pride in being guarantors of liberal economic thought • Credible: We believe in the principle of being objective, fair and fact-based • Independent: Our quest for liberal economic thought means that we are independent of private and public interests. • Entrepreneurial: We constantly search for new opportunities, maintaining the highest ethical standards in all we do • Purpose-Driven: We are committed to assembling a team of highly talented and motivated people that share our vision, while treating them with respect and fairness. www.businessday.ng

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

comment

comment is free

Send 800word comments to comment@businessday.ng

I have no idea why I don’t wear watches... But it’s all good Tales from the main road

Eugenia Abu

am a very time conscious person so it’s the most unlikely thing that after my initial watch wearing years as a teenager I simply stopped wearing watches when I turned thirty nearly twenty seven years ago. I had in fact stopped earlier but was often gifted with such beautiful watches that I could not say no. I wore them all, beautiful bangle watches that looked like comely bracelets, leather strapped watches by various designers and gold plated and gold watches. Before long, the watches began to end up in drawers and as my kids grew older; my watches began to appear on their wrists. In spite of the fact that I took an interest in horology, how watches

are made how the second hand moves, how 24 hours is captured on the clock, I still was not drawn to watches. Just a strapped inconvenience to my wrist. Some of the watches are diamond encrusted. Some are so expensive it makes no sense. I thought it was just to tell the time right? Not really anymore. It is now a status symbol. Only the big boys and girls possess the biggest designer watches. We collect them like Imelda Marcus collects shoes. The bigger the collection, the more important you are. Me? I really don’t have any watch anymore. Family members have concluded giving me a watch is a complete waste of time, no matter how expensive, I just don’t wear it. Now you know! So how do I tell the time? How do I know time especially since I insist on being time conscious? I try not to arrive late at anything because it diminishes one’s integrity. I find it utterly disgraceful that we turn up late for events and describe it under the idiotic comment of “African Time”. What does that even mean? So anyway back to time. How do I know the time or keep it? First, I love clocks, interesting ones like the Grandfather’s clock or huge round wooden clocks I grew up with. I do

not have to squint my eye to look at it. The clock’s digits or roman numerals are so huge you are not in doubt of the time. I also really love those clocks that chime at the top of the hour. Or the ones that go ding dong to delight you, tell you the time and remind you of your childhood. It also reminds you of the time to go to church when we used to have bells that aligns with the living room clock as you prepared to wear your finery to church. But once I leave the house I do not have the privilege of the big oak colored clock in my living room or her twin brother in my bedroom resplendent in white, luminous at night. I can tell the time for miles off in my home. I keep the same quality of clocks in my offices. It is so much part of me that if you move the clock’s location, I am totally disoriented. But out there on the street, out of my car, I do need the time and herein lies my lifelong interest on how people react to you when you ask them the time. Long before mobile phones became famous and could tell us the time, I was the one who would ask you for time at the street corner. It is from this activity that I have met some very interesting characters

‘

I find it utterly disgraceful that we turn up late for events and describe it under the idiotic comment of “African Time”. What does that even mean?

on the street, made lifelong friends in front of supermarkets and encountered talent beyond compare. It is also here that on some days when my day is not going well and I ask some persons for time, they have changed my mood and made me feel better. A smile, a willingness, and spreading joy. Just someone I asked for time. But there have also been moments when I have felt like punching some persons in the face, sour, angry Nigerians who although will cost them nothing to answer you, scoff at you and walk away in a huff. I have met them all... the good the bad and the ugly. With the advent of phones I now can tell the time without asking on the street. The characters I have met in this time asking activity are worthy of a book. But I shall go out character hunting by going out to ask for the time even now. Yeah, just for the fun of it. But to close this incredible write up is my discovery all these years that most people wearing a watch do not do it for time. So here goes. Please what time is it? A puzzled look, a pause and thenoh sorry it’s not working. Well, at least I am not wearing one lol. Abu is a broadcaster, writer, trainer, brand and multimedia strategy expert and media consultant. abu_eugenia@yahoo.com

When it all ends (A tribute to Brigadier General (rtd) Mobolaji Johnson- the first military administrator of Lagos State)

e gather here today not to mourn but to celebrate a distinguished life, the life of Brigadier-General Mobolaji Johnson, a great patriot, an accomplished administrator, one of the makers of modern Lagos who, sadly, will never share this physical space with us again. In whatever role we knew him, the first and longest serving military administrator of Lagos State stood out as a special person for his leadership and charismatic personality. If anyone was qualified to be addressed as “an officer and a gentleman”, it was General Johnson. Despite his imposing frame, he was as gentle as a dove. He never threw his weight around, even though he was a man of power. He was a man of authority, but he was never authoritarian. Though a soldier, he never ruled with an iron hand; he was compassionate. Gen. Johnson was a gentleman in the true sense of the word. A prince among soldiers, he had the common touch. This occasion, despite its sombre nature, is an opportunity to sing the praise of this great Lagosian, thank him for his service to our dear state and say a final bye to him. So it is my hope that today’s event will help to reaffirm our resolve to pursue our journey to a Greater Lagos that he envisioned and my administration is committed to delivering. I thank you all for responding to our invitation to honour a goal-oriented leader who did great things for Lagos State and the nation. I must also thank the family of our beloved pathfinder for allowing us to honour him. I say this because a funeral is first and foremost a family affair. But in our life’s journey, men and women renounce their personal space to undertake the noble calling of public service. When this happens, many things change, not only in life, but also in death. One of the changes is that their private lives are shared with the public who they serve, and it is often difficult to inter them privately when they fulfil their mortal covenant. Many people will share with you their experiences about this great man of many parts, Gen. Johnson. They will speak of the great things he did as governor.

It is hard to eulogize any man - to capture in words not just the facts and the dates that make a life, but the essential essence of a person, his private joy and sorrow, the unique qualities that illuminate someone’s soul. How much harder to do so for a giant of history, such as our own Gen. Mobolaji Johnson. Given the sweep of his life, the scope of his accomplishments, the acclaim that he so rightly earned, it is apt to remember Sir Mobolaji as an iconic figure, smiling and serene, detached from the tawdry preoccupations of lesser men. A quintessential manager of resources, Gen. Johnson touched and transformed thousands of lives through his foresight, service and industry. He was a symbol of decency, humility and integrity, fairness and justice. Our illustrious and now departed son of Lagos was a constant source of support and inspiration to successive governors of Lagos State, especially from 1999 till date. He was always willing to offer his wise counsel and experience whenever the need arose. Even while it was obvious that his health could not really rigorous endeavours, Gen. Johnson was a regular feature at every major Lagos State Government ground breaking events. Such was his unbelievable and unswerving commitment to the cause of Lagos State. How then are we not going to miss him sorely? As the First Military Governor of Lagos State, he discharged his mandate equitably - with remarkable dignity. His indelible record of service remains intact. The “Centre of Excellence” that we proudly proclaim today is a product of his vision for Lagos State when he conceived several landmark programmes and projects for the newly created state from 1967. Even in death, the story of the development of Lagos to a model megacity cannot be told without a mention of this unassuming and worthy leader. Some of the impactful projects he executed as governor are still visible. In the realisation that Lagos State is the most populous and leading state in the federation, Mobolaji Johnson was determined to turn the state into the pride of the nation. The policy thrust www.businessday.ng

of his administration was shaped by his faith in the creative capabilities and boundless energies of the people, especially the masses. Thus, his early days in office clearly showed him as a man who brought resourcefulness, experience and dynamism to the task of solving some of the teething problems of our dear state. His biography is a story of inspiration. Mobolaji Johnson was first appointed the Administrator of the Federal Territory of Lagos on January 15, 1966 and later as Military Governor at the creation of the State on May 27, 1967. His regime witnessed an increase in the state’s revenue from N36.7m to N99.7m. The increase was largely due to the revenue allocation formula that had just been introduced and increased revenue from crude oil, which was partly shared out to the State Governments Under his leadership, the state government generated the larger proportion of its earnings from Internally Generated Revenue (IGR). According to the government then, the IGR was known as “sources under the control of the Lagos State Government”. The Mobolaji Johnson administration began the construction of Ikorodu and Mushin General Hospitals. It also modernized the General Hospital, Lagos, by building the new mortuary block, physical medicine department, sewage treatment plant and installation of a standby generator. The administration also commissioned the nurses hostel, doctors flat at Marina, Isolo and Harvey Road Health Centres. His Administration also built the maternity annex at Onikan Health Centre and an additional ward at Igbobi Orthopaedic Hospital. It equally opened five new Government Colleges in each of the five divisions of the state. The Gen. Johnson administration also introduced the harmonized teachers’ salaries and conditions of service to enhance the status of the profession and commenced the implementation of the Universal Primary Education (UPE). It also completed projects under the Lagos Water Supply phase 1 Expansion Programme and designed the Owo Water Works as an alternative to Iju Water Works to serve Ojo and environs. Other

https://www.facebook.com/businessdayng

BABAJIDE SANWO-OLU strides of the administration are: Construction of the Victoria Island Sewage Scheme for Ikoyi, Lagos Island etc.; introduction of the regulations for motorcyclists to wear crash helmets; introduction of Traffic Courts; establishment of Agricultural Extension Works Stations; construction and commissioning of the Government Printing Press at Isheri road in Ikeja; and so on. Many recollect with nostalgia the young officer who commanded the parade at the Race Course when the late Dr Nnamdi Azikiwe became Nigeria’s first and only indigenous governorgeneral in 1960 before she became a republic. On horseback, Gen. Johnson was dashing and professional. He added so many colours to that landmark ceremony. Mobolaji Johnson began his military career at the Zaria Military Depot in 1958. Two years later, he served a member of the United Nations Peace Keeping Troops, Congo between 1960 and 1961. He was promoted as 2nd Lieutenant in the Nigeria Army in 1961. He became a Captain in October 1962. He was Deputy Commander, Federal Guards, Commander, Federal Guards, Deputy Adjutant and QuartermasterGeneral Headquarters, 2nd Brigade, Apapa, Lagos, Station Commander, Benin, Midwest (old Bendel State), Second in command, 4th Battalion, Ibadan, among others. Gen. Johnson, needless to say, earned his epaulettes. He set Lagos on a course and a race of an unending quest for improvement, innovation and development.

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

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

MONEYINSIGHT REA: empowering young Nigerian women to solve local energy problems Gender mainstreaming has become critical across sectors to drive creativity, innovation and productivity. In the renewable energy space, women entrepreneurs are proving to be resourceful and industrious. To drive this conversation the Rural Electrification Agency in partnership with private developers held Nigeria’s first female STEM Workshop in Lagos November 27-28 to equip 180 female undergraduates with relevant knowledge of opportunities and skills. STEPHEN ONYEKWELU writes that this will spur growth and create jobs.

n the last couple of months, Nigeria’s Rural Electrification Agency (REA), has developed a Female Science Technology Engineering and Mathematics (STEM) Internship Programme, under the Energising Education Programme (EEP), which started with 180 female students across nine universities. The female students got training and on-site experience in designing and constructing power systems by contractors renowned for best international practices. The goal of the initiative is not only to help young female students academically, but to expose and encourage more women to take interest and participate in the power sector especially renewable energy Damilola Ogunbiyi, managing director, REA has been committed to female empowerment through the REA STEM programme under the EEP. The range of skills the progromme offers equips the recipients to design power systems that meet desired economic, environmental, social, ethical, and sustainability needs. They gain knowledge of contemporary issues and the ability to work with multi-disciplinary teams; apply knowledge of mathematics, science and engineering techniques. The Female STEM Internship Programme under EEP aims to promote the participation of young women in STEM-related courses and careers. In many respects women have a chance to make a real impact in the future of energy in Nigeria. At the Alex Ekwueme Federal University, Ndufu-Alike Ikwo (FUNAI), in Ebonyi State last August 20 all-female STEM participants graduated, who received certificates of completion for renewable energy training. The FUNAI power was part of phase one of the Energising Education Programme (EEP) for universities meant to deliver clean and sustainable energy to nine federal universities and one University Teaching Hospital using solar hybrid and/or gas-fired captive power plants.

Students from Bayero University Kano during their presentation for Shark tank Project at the REA Energising Education Programme Female STEM Workshop held in Lagos at the recently.

“We hope that this experience will inspire them to undertake STEM-related careers, including careers as engineers and project managers. I want to use this opportunity to congratulate all of them for this great achievement,” Yemi Osinbajo, vice president of the Federal Republic of Nigeria said regarding the initiatives run by the young, innovative and dynamic women. Osinbanjo also said the Ogunbiyiled REA has uncovered a critical pipeline of talents to solve Nigeria’s energy problems. The REA recently organised a two day Lagos STEM Workshop, November 27 to 28, the first of its kind that sought to bring these young Nigerian women entrepreneurs in the renewable energy space under the same roof as private sector developers, power stakeholders, professionals and practitioners to share knowledge and discuss the opportunities for women in the industry. Women, who are often underrepresented within this sector, have large roles to play in the development of sustainable projects that add to the socio-economic development of Nigeria. The two-day workshop helped STEM students to understand the African energy sector and the career potentials for women created an awareness of senior roles in the marketplace acquired by women, brought a new apwww.businessday.ng

proach to assimilating a new generation of female leaders into energy and related companies, to understand the major challenges women face in business and politics and network for potential mentoring and job opportunities. The focused on the reality challenges, overcoming diversity and seizing opportunities threw light on what to expect as they embrace the larger society in the pursuit of their careers such as the inevitable diversity women face in the workspace, ability to be able to notice opportunities in front of them and having the confidence and ability to seize them. “I feel honoured to be at the transformative milestone event that celebrates and motivates our young women. The Energising Education Programme (EEP), which was approved by President Muhammadu Buhari in 2016, has so far produced a total of 9.9 megawatts (MW) of electricity through independent captive power plants across three university project sites, Alex Ekwueme Federal University, Ndufu-Alike Ikwo, Ebonyi and Bayero University, Kano respectively,” Goddy Jedy-Agba, the minister of state for Power said “The achievements of this programme, thus far, are possible thanks to the development and execution of strategic policies initiated by the

https://www.facebook.com/businessdayng

L-R: Goddy Jedy-Agba, minister of state, Power; Damilola Ogunbiyi managing director&CEO Rural Electrification Agency; Wieber Boer CEO, All On, during the Rural Electrification Energising Education Programme female STEM Workshop in Lagos.

Ministry of Power in coordination with REA,” Jedy-Agba said. “To the young women who have participated in the STEM Internship Programme, I want you to know that gender and social exclusion will soon be a thing of the past.” Ogunbiyi expressed her delight at the first edition of the Energising Education Programme STEM Workshop. “This workshop was designed to facilitate the increase in leadership and development of professional women. It is also a platform for the 180 female students and professionals present to network, share their knowledge, discuss achievements and encourage the advancement of women across the energy sector.” “The Female STEM Students Internship Programme is very dear to my heart. What seemed like a dream is being actualised today – young women receiving the necessary skills needed to transform the Nigerian power sector. I hope this will be a catalyst for many more gender-based events in the Nigerian energy sector,” she said. The managing director of REA said the impact of the programme is evident in the increased number of women in senior management roles under my leadership, from just one to six. There are a total of 25 female project managers working across different REA initiatives. In addition, tender-

@Businessdayng

ing companies under the REA Nigeria Electrification Project are expected to have at least 30 percent female employment rate to qualify as eligible. “To further push REA’s gender agenda, the Energising Education Female STEM Internship Programme was initiated, as part of the Energising Education Programme (EEP) an initiative of the Federal Government of Nigeria aimed at providing clean, safe and reliable electricity to 37 federal universities and affiliated university teaching hospitals. The focus of the internship programme is to provide hands-on training to 20 female students offering STEM-related courses in each of the EEP universities, beginning with 180 female students across nine universities under Phase 1 of the programme. These hardworking females are seated here with us today.” Ogunbiyi thanked the Federal Government of Nigeria, under the leadership of President Muhammadu Buhari, for continuing to facilitate environments that empower the Nigerian woman with all that she needs to become a world changer. The final activity of the workshop was the Project Shark Tank competition between the participating universities in which students of Bayero University, Kano emerged first and won a prize of N1,000,000 (One million Naira).

Friday 06 December 2019

BUSINESS DAY

AGRIBUSINESSINSIGHT Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

Send in Commentaries to caleb.ojewale@businessdayonline.com

‘Nigerian rice is now of same standard as foreign rice’ More Nigerians have started consuming locally produced rice in the last two months, not necessarily by choice but because of the closure of the country’s land borders. REJI GEORGE, vice president, Olam Outgrower Programme in an interview with CALEB OJEWALE, addressed some of the quality concerns some consumers have about locally produced rice. He also spoke about the company’s plan to expand local sourcing, and its rice milling capacity from 170,000 MT to 230,000 MT. Excerpts:

hat are the quality issues you have observed in sourcing of paddy rice from Nigerian farmers? If you consider the quality of paddy rice in Nigeria from what it was 10 years ago, it has far improved. Previously there were a lot of admixtures, immature grains, then lots of dust and trash. Over time, with the usage of new improved varieties of seeds and the seed improvement done over time, especially because of the GES program by the government of Nigeria, quality of rice has improved. This has created a lot of improvement in quality and if you compare the quality of Nigerian rice 10 years before and currently, we can easily say that the current quality of domestic rice can compete with the imported rice. Even though we do not have importation as of now, it is equally or maybe better than the foreign rice which is available in Nigeria markets as of now. So, the quality has terrifically improved over a period of time. There are a lot of developmental agencies which have worked for this particular improvement, along with private institutions or private sector participation. Some people say when they buy the local rice, it is not long enough, and the aesthetics do not compete fa-

content is very high and the calorie is really good, there are no specks, no dark spots, and no stones in a properly milled rice. So, it is equal or better than the imported rice as of now. There has been terrific improvement in quality in the last eight to ten years and especially during the last four to five years.

vourably with the foreign alternatives. What are your thoughts on this? For any rice, one of the major features of the rice to be judged as a good quality - because people are setting different values for different parameters - one is the length of the grain. But in Nigeria, whatever varieties have been developed for West Africa region or for Africa region, all come with 6.8, 6.9 millimetres of length for each of this raw paddy. So, when you process, you get a decent length of rice, but at the same time, it may not be like a basmati rice or something which is very long and which

cannot come in Nigeria because of our climatic conditions and factors. With time (and research), it will come up but that fragrance or the aroma will not be there for the rice. Having said that, Nigeria’s locally produced rice from Faro 44 and 52 are almost to the same quality of Thai rice, any other Indian rice, or any other rice, which is coming from across the world. It is the same quality, (and in addition) we have better amylase content in Nigerian rice, which gives a fulfilling feeling for your stomach. That makes it more attractive for Nigerians to buy because it will give a fulfilling feeling to your stomach. The amylase

What are the plans to not only sustain, but also boost the volume and quality of rice production? We are continuing from the things that we are doing as of now; with input distribution, then the training programs through the partners, and buying back. Along with that, there are a couple of pilot projects, which have been done in the previous years, which we are in the process of implementation. One of that is on loss prevention of harvested rice. We have taken it up as a target to reduce those losses to the level of 50 percent in which we have taken up a pilot project in Nassarawa State, in association with state’s Agriculture Development Program (ADP) and the Japanese Embassy, through supplying reapers and threshers for the farmers to ensure they reduce those losses. That is one project, which we want to expand into all our programs. Along with that, we have signed an MOU on sustainable rice platform. Sustainable rice platform is a body, which is co-convened with the United Nations Environment Program

(UNEP). Rice consumes 30 to 40 percent of the total groundwater available in the world and emits almost 10 percent of the methane gas which is globally produced. We want to address these things through modification of current practices, by working to address efficiency of water usage, and fertilizer usage efficiency. Also, avoiding child labour, encouraging women empowerment and other things which are part of a project signed with the German International Corporation from 2019 to 2021. Along with that, we want to expand the outgrowers program because our processing capacity is also being expanded. The current processing capacity at Olam is 170,000 metric tons of rice. One of the mills is being expanded to 130,000, so in 2022, total capacity will be 230,000 metric tons. So, while we have production of paddy rice coming from our own commercial farm, it is only around 40 to 45 thousand metric tons whereas the outgrowers paddy program last year was around 50,000 tons and this year it is going to be 70,000 metric tons. The remaining quantity was bought from the open market through the buying agents. Therefore, we want to get into a tie-up with the farmers to produce the entire processing capacity. This will give us better quality, while also completely avoiding the middlemen so that farmers can get a better price.

COMPANY IN FOCUS

Sunti Golden Sugar’s silent growth, inching Nigeria closer to sufficiency CALEB OJEWALE

hen the National Sugar Development Council (NSDC) had its midterm review in 2017, Sunti Golden Sugar scored 58 per cent in the targets set in the backward integration plan, including number of projects, new sugar factories, land developed, land under cane, out-grower farms, sugar produced and job creation. It came ahead of Dangote, which scored 45.8 per cent and BUA, which scored 17 per cent. NSDC in a post on its website noted according to the report’s verdict “the new estate and factory established by FMNL, Sunti, appears to be the key significant achievement under Phase 1 of BIP implementation.” Commissioned last year by President Muhammadu Buhari,

the Sunti Golden Sugar Estate (SGSE) Limited is a wholly owned subsidiary of Flour Mills of Nigeria (FMN) Plc, and comprises of a cane production area and sugar factory. The facility has been described as FMN’s single biggest investment (in Nigeria) since inception in 1960; a representation of its vision for agro-industrial transformation in the country. Designed to have an output of 100,000 tons of sugar annually at full capacity, the facility occupies 15,100 hectares of land with a potential cane area of 5,000 ha out of which 3,000 hectares is currently under cultivation. Majority of the area is enclosed within a 35-kilometer dyke offering flood protection from the River Niger where the Sugar cane is cultivated under irrigation, making it an annual www.businessday.ng

crop, and available for processing year round. The sugar production facility in Mokwa, Niger state, according to the company, currently employs 3,000 people mainly sourced from the surrounding communities. Once development is completed 10,000 people will be employed. CSR projects have been done installing drains, culverts and roads around host communities, including the 30-kilometer road from Mokwa. “More than N50 billion has been invested in Sunti, making it the largest Agro Allied investment in Nigeria so far,” said the company in its fact sheet during the commissioning. Buhari had said in a speech during the commissioning, that “the world over, Sugar has been identified as a key commodity that is critical to national

https://www.facebook.com/businessdayng

food security. Other than the development of local content, an investment of this size in the sugar value chain will not only stern the tide of importation of sugar and save foreign exchange, but enhance rural industrialization, create wealth and alleviate poverty.” The Nigerian Sugar Master Plan (NSMP) notes that while Nigeria belongs to the International Sugar Organization whose member countries numbering 92 (at the time) represent 80 percent of total world sugar production, 81 percent of total world consumption, 64 percent of total sugar exports and 55 percent of sugar imports, Nigeria however, belonged to the category of sugar importers. When compared to her African neighbours, Nigeria is the least food - secure in terms of @Businessdayng

sugar as most of them produce substantial proportions of their sugar requirements, according to the NSMP. However, the volume of sugar importation in Nigeria has now decreased every year since 2016 according to data from the NSDC, from 1,559,573MT to 1,286,729MT in 2017, and in 2018, further declined to 1,216,110MT. With the incremental growth being recorded by some players in Nigeria’s sugar production, the country’s backward integration plan may pay off in the long run with investment’s such as the Sunti Golden Sugar Estate. However, the actualization of goals set under the National Sugar Master Plan may be impeded by issues such as flooding and community hostilities that continue to plague players in the industry.

Friday 06 December 2019

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

COMPANIES & MARKETS

COMPANY NEWS ANALYSIS INSIGHT

Markets

Flows into EMs securities dip 18% in November but trade truce offers comfort SEGUN ADAMS

merging markets (EMs) saw a double-digit slow down than in inflow into their securities in November but hopes of US and China seeing eyeto-eye on a long trade dispute is still supporting EMs recovery from an August decline, the International Institute of Finance (IIF) has said. The Washingtonbased Institute noted that EMs securities attracted $20.3bn last month, about 18 percent less

than it did in October as the year to date flow equity flow to EM excluding china turned negative. “Flows to emerging markets continued their recent recovery from the slump in August, as optimism regarding a resolution of the US-China trade conflict persists,” said in its monthly flowtracker report. EMs securities had suffered a 34-month low when the escalation of the trade dispute between the United States and China combined with heightened fears of global economic slow-

down saw investors pull out $13.8 billion from EM assets in August. Talks of a trade truce between the world’s two biggest economies is expected to buoy Ems, and while the prospects are shaky, Bloomberg, citing people familiar with the matter, reports that progress towards a phase-one deal on the trade truce are still with the U.S. side expecting an agreement by the end of next week. In the month, debt flows was $15.9 bn, while equity flows to EM excluding China turned negative to -$3.9 bn al-

though Equity flows to China, a big recipient of the hot money, at $8.2 bn was almost doubled of its October figure. According to the IIF, the decline in debt flows to emerging markets was broad-based in November, with all regions registering smaller inflows than in the previous month. Debt flows in EM Asia were $7.4bn, followed by Latin America ($3.7 bn), Africa and the Middle East ($2.9 bn), and EM Europe ($1.9 bn). For equity flows, only EM Asia and EM Europe saw inflows (of $7.3 bn

and $0.6 bn, respectively). The other regions experienced outflows, ranging from $1.2 bn in Africa and the Middle East to $2.4 bn in Latin America. IIF estimates a broader measure of net capital flows to EM (including banking and FDI flows) was -$23.4 bn in October, somewhat smaller than in the previous month, with China alone responsible for more than $14 bn in net outflows. November “ represents the second consecutive month of weakening debt flows,” the

report stated, highlighting an uncertainty on whether the downward trend would continue in December. On a Year-to-date basis, emerging markets have attracted inflows of $261.3bn, which is 16 percent higher than over the same period in 2018 but about 26 lower than over the first 11 months of 2017. “Heavy positioning as a result of a decade of strong flows may explain the only partial recovery from 2018, despite material easing by major Developed Markets central banks,” IIF said.

AVIATION

Air cargo peak season off to slow start, annual demand down 3.5% in October IFEOMA OKEKE

he International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight tonne kilometers (FTKs), decreased by 3.5percent in October 2019, compared to the same period in 2018. This marks a weak start to the traditional peak season for air cargo and the twelfth consecutive month of year-on-year declines in freight volumes. Freight capacity, measured in available freight tonne kilometers (AFTKs), rose by 2.2 percent year-on-year in October 2019. Capacity growth has now outstripped demand growth for the 18th consecutive month. Over the past year, air cargo has suffered from the effects of the trade war between the US and China, the deterioration in global trade, and a broad-based slowing in economic growth. “Air cargo’s peak season is off to a disappointing start, with demand down 3.5 percent in October. Demand is set to decline in 2019 overall - the weakest annual outcome since the global financial

crisis. It has been a very tough year for the air cargo industry,” Alexandre de Juniac, IATA’s Director General and CEO said. Regional Performance Airlines in Asia-Pacific and the Middle East suffered sharp declines in year-on-year growth in total air freight volumes in October 2019, while Latin American and European carriers experienced a more moderate decline. Africa was the only region to record growth in air freight demand compared to October last year. African carriers posted the fastest growth of any region in October 2019, with an increase in demand of 12.6 percent compared to the same period a year earlier. Strong trade and investment links with Asia contributed to the positive performance. Freight volumes on key Africa-Asia routes were up 23 percent annually in September (latest available data). Capacity grew 13.9 percent year-on-year. Asia-Pacific airlines saw demand for air freight contract by 5.3 percent in October 2019, compared to the same period in 2018. Capacity increased by 0.6 percent. The US-China

and South Korea-Japan trade wars have negatively affected the region. And the disruption to operations at Hong Kong International Airport – the largest cargo hub in the world – continues to impact activity. However, the thawing of US-China trade relations and robust economic growth in key regional economies are positive developments. North American airlines saw demand de-

crease by 2.4 percent in October 2019, compared to the same period a year earlier. Capacity increased by 3.1 percent. The underlying strength of the US economy has seen domestic air cargo outperform international which, as noted above, has also been impacted by the trade tensions with China. Eu ro p e a n a i rl i n e s posted a 1.5 percent decrease in freight demand

in October 2019 compared to the same period a year earlier – a significant improvement over the 3.5 percent decrease in September. Better than expected economic activity in Q3 in several of the region’s large economies helped support demand. Capacity increased by 2.8 percent year-on-year. Middle Eastern airlines’ freight volumes decreased 6.0 percent in October 2019 compared

to the year-ago period. This was the sharpest drop in freight demand of any region for the month. Capacity increased by 0.9 percent. Against a backdrop of operational and geopolitical challenges facing some of the region’s key airlines, seasonally adjusted freight volumes in the region have resumed a modest upwards trend which is a positive development for the region’s carriers.

L-R: Bernhard Tilemann, director, West Africa, Deutsche Investitions-und Entwicklungsgesellschaft(DEG); Birgitt Ory, ambassador of Germany to Nigeria;Vice President Yemi Osinbajo, and Monika Beck, MD/member of the management board, DEG, at a courtesy call on Osinbajo in Abuja.

Friday 06 December 2019

BUSINESS DAY

COMPANIES&MARKETS

Business Event

CONSUMER GOODS

Dufil Prima Foods Plc bags National Productivity Award IFEOMA OKEKE

ufil Prima Foods Plc, a subsidiary of Tolaram Group has received national award for its productivity improvement in Nigeria’s manufacturing sector and excellent performance in corporate social responsibilities at the 2019 National Productivity Order of Merit Award held in Abuja. Boss Mustapha, the Secretary to the Government of the Federation, who represented President Muhammadu Buhari at the 18th National Productivity Day Celebration themed ‘Productivity for Economic Recovery and Sustainable Growth’ presented Dufil’s award to Pawan Shaman, CEO Consumer Business, West Africa at the ceremony, which was held to commemorate and recognize institutions

and individuals continually contributing to the nation’s socio-economic growth and development. While expressing his appreciation for the award, Pawan remarked that it was in recognition of the company’s unending efforts and commitment to Nigeria’s socio-economic growth. “This award serves as an attestation to our core values at Tolaram Group. Since inception, one of our foremost goals is to add value, not only to our consumers but to the nation at large. We remain committed to consumer delight and increasing value addition to our stakeholders across the country and the continent at large” he stated. He conveyed gratitude on behalf of the management and staff of Dufil Prima Foods Plc and the entire Tolaram Group to the Nigerian Government and the administration

of President Muhammadu Buhari as well as the teeming consumers of its products for this honorable recognition. The award acknowledged Dufil Prima Foods Plc’s excellence in the areas of capacity building and employment creation across Nigeria, especially in Lagos, Rivers, Ogun and Kaduna States and its dedication to raising the standards of living in the country with its products. The company’s contribution to agricultural development in Nigeria did not go unnoticed as its backward integration has supported indigenous farmers through local content sourcing. Since its incorporation in 2001, the company has created jobs for over 600, 000 youths and women across its value chain. It is home to Nigeria’s number one instant noodles brand, Indomie and one of Africa’s leading FMCG companies.

L-R: Chuks Maha, chief security officer, Access Bank Plc; Mac Atom, group head, enterprise business resources, Access Bank Plc; Murtala Mani, assistant inspector general in charge of the Force Criminal Investigation Department (FCID) Annex, Alagbon, Ikoyi, and Kayode Samuel, deputy commissioner of Police (DCP), performing the ribbon cutting ceremony at the commissioning of the interrogation and observation room, donated by Access Bank Plc

CONSUMER GOODS

TLC Company deepens consumer engagement with Refresh and Connect promo KELECHI EWUZIE

etermined to strengthen its consumer engagement drive the La Casera Company (TLCC), has rewarded the first batch of grand draw winners in the on-going La Casera under the Crown Consumer Promotion tagged “Refresh and connect”. The various prizes won include Smart TVs, Laptops, iPhone X mobile phones, Samsung mobile phones, Home theatre systems, Bluetooth headsets, La Casera products and millions worth of airtime. Chinedum Okereke, Managing Director, TLCC, while speaking at the prize presentation, explained that in line with the promise made at the commencement of the promo, La Casera has already given out millions of naira worth of instant

airtime to La Casera apple consumers across the country. Okereke opines that the promotion was a demonstration of the company’s commitment to giving back to its loyal consumers. Winners emerged across the regions from the first draws as they were contacted by representatives of the company to invite them to the draws where they won and redeemed their prizes. “It is important to reiterate that the promo is running pan Nigeria. More draws will hold in Enugu, Ibadan, Kano and yet another draw in Lagos as the promo continues and presentation of prizes will be done at the grand draw events in those locations”, Okereke said. Okereke further noted that The La Casera Company has resolved to continue to give Nigerians more innovative products, urging consumers to keep

refreshing with La Casera Apple in order to continue winning as much as N10,000 worth of airtime instantly. Also speaking, the Senior Brand Manager for La Casera, Ruth Ode, said that La Casera decided to hold the draws across several regions of the country in order to give consumers in all parts of the country the opportunity to win the prizes being offered in the promotion. Ijeoma Cynthia Akabuogu, who won a Lenovo laptop at the Port Harcourt draw, was ecstatic as she picked up her prize, adding that she had been planning on purchasing a used laptop, when she got the invite for the draw. Bukunolami Ola and Oluwatobi Femi John, who were the iPhone X mobile phone winners at the Abuja and Lagos draws respectively, couldn’t contain their excitement at winning the ‘status symbol’ star prize.

R-L: Uto Ukpanah, company secretary, MTN; Ijeoma Taylaur, executive council WimBiz; Nkechi Onyenso, head, corporate services, Nigerian Economic Summit Group (NSE); Titilola Akindeinde, programme manager, Policy Developmens Facility Phase II (PDF II), and Oluwayemisi Nathaniel, member, WPAPA, at the just concluded Nigerian Economic Summit Group (NESG) Community of Practice on Gender Inaugural Session in Lagos.

L-R: Joseph Okomah, CEO, Jasek Communications; Bunmi Oke, CEO, Ladybird Advertising; Anthony Chiejina, chief communication officer, Dangote Group; Josephine Aligwekwe, CEO, Blemage, and Taiwo Okuboyede, project director, IAMBRANDNIGERIA, at the IAMBRANDNIGERIA Award/Gala Night in Lagos .

L-R: Precious Minimah, analyst, youth segment, MTN Nigeria; Sarah Duru, guest, MTN Pulse House Invasion; Desmond ‘DJ Spinall’ Sodamola, Award winning music producer; Grace Favour Aguoha, winner, MTN Pulse House Invasion; Chimaobi ‘Zoro’ Owoh, artiste, and Femi Adesina, analyst, youth segment, MTN Nigeria, at the MTN Pulse House Invasion, in Owerri, Imo State

L-R: Femi Tejuosho, chairman, ZOLA Electric Nigeria; Abdallah Khamis, MD, ZOLA Electric Nigeria/executive vice president, expansion and business operations; Bill Lenihan, global CEO, ZOLA Electric; Jacqueline Malenga, head of retail, ZOLA Electric Nigeria, and Abubakar Suleiman, MD, Sterling Bank Plc, at the launch of the ZOLA Electric Nigeria Retail Store in Lagos

Friday 06 December 2019

BUSINESS DAY

cityfile Oyo gives contractors 3 months to deliver road projects REMI FEYISIPO, Ibadan

yo state government has given contractors handling various road projects in the state three months to deliver what is commensurable with the mobilisation funds they have received. The government warned that it would also take necessary steps to enforce contractual agreements signed at the commencement of their contracts. Raphael Afonja, the state commissioner for public works and transportation, stated this on Wednesday during an inspection tour some project sites in Ibadan, the state capital. Afonja warned that if after the expiration of the three months grace period, the contractors were still unable to deliver the work that meet the fund released to them, the government would be forced to revisit clauses stipulated in the contract agreement. I am here to tell the contractors that government will not allow public fund to go waste or be misused. There are terms in the contract agreements signed by the government and contractors when they were given the jobs, they will have to deliver on this. “The purpose of our visit was to follow up on the initial assessment of the projects we met when we came on board and also to make sure that they’re doing quality work on sites and also to catch up on time that has been wasted.” According to the commissioner, mobilisation funds have been given to the contractors and as a result, they have no excuse not to work, more so they needed to utilise the dry season to work effectively.

The eyesore at Obalende under bridge canal in Lagos.

How delayed justice is hampering training of inmates, says Correctional Service ANIEFIOK UDONQUAK, Uyo

PWDs lament non-domestication of law bill 8 yrs after passage IDRIS UMAR MOMOH & CHURCHILL OKORO, Benin do State chapter of the Joint National Association of Persons with Disabilities on has lamented the nondomestication of the legislation prohibiting discrimination and other harmful practices against persons with disabilities, eight years after passage. The group during a session with newsmen in Benin, the Edo State capital, as part of activities to mark this year’s international day of persons with disabilities, noted that the non-domestication of the law has left them vulnerable. The international day of persons with disabilities is marked annually on December 3. According to Henry Ebose, state chairman of the group, the disability law would promote access to information and communication for the deaf. Ebose further explained that the law, when passed and domesticated, would ensure that persons with disabilities were fully incorporated into the society and enjoy socio-economic rights. “We are worried that for the past eight years, Edo State House of Assembly has been struggling to pass a law to protect persons with disabilities from abuse of their fundamental human rights. States such as Jigawa, Bauchi, Plateau, Kano, Kogi, Nassarawa, Anambra, Ekiti, Ondo and Lagos have passed disabilities laws in their states with some of their governors going further to appoint persons with disabilities as special advisers to support their governments’ efforts at ensuring that people with disabilities are not left behind in governance,” he said.

Pic by David Apara

kwa Ibom command of the Nigerian Correctional Service has bemoaned the delay in the dispensation of justice by the courts saying it is affecting the training of inmates. The command said this has made it difficult for the inmates to be trained since the period of their incarceration has yet to be determined. According to the service, the training and rehabilitation of inmates are parts of its mandate. Alex Oditah, Akwa Ibom controller of the Correctional Service, stated this during an interaction with reporters to kick-start a week-long activity of the command. Oditah, who said 70 percent of the inmates were awaiting trial, added that the four facilities in the state have been over stretched because of the large number of inmates on the awaiting trial list. He said the facilities have a total of 2,559 inmates against its carrying capacity of 1,336. According to him, Uyo Correctional

Centre has capacity for 613 inmates but currently accommodates 1,282; Ikot Ekpene Centre has 400 capacity but accommodates 756 inmates; Eket Centre has 123 capacity but holds 365 inmates, while Ikot Abasi Centre has 200 capacity but has 156 inmates. He said the “1st Inmates’ Rehabilitation Concert Unity For Success Security Week 2019, with the theme “effective leadership: a recipe for peace, security and national development” was the first of its kind in the command and intended to bring the command closer to the public. Oditah further disclosed that 41 inmates, comprising 39 males and 2 females were on death row. “70 percent of those who are in our facilities are awaiting trial. It becomes difficult for us to engage them in any particular skill because their date of discharge is not known. “If an inmate who is in our facility awaiting trial is sent to the tailoring section, and the tailoring section is supposed to carry out tutelage for about three years, and by the time

the person spends two months, he is let go, it defeats the very purpose of rehabilitation. “But for those whose date of discharge is known, it becomes very easy. If someone has three years imprisonment, you know the actual section to send him to, either tailoring or shoe making. “It is very difficult to send an awaitingtrial to any particular skill centre. These are the very serious challenges in rehabilitating and reforming some of the inmates,” he said. Oditah also bemoaned the attitude of the society to ex-inmates. He said: “It is believed that people who go to prison become more hardened. For us, we don’t believe it is supposed to be so, but why is it so? It is because those of them who pass through our institution and have acquired skill and are sent to the larger society, we first reject them, the society rejects them and even their families reject them,” he added. He called on the public to embrace and ex-inmates and stop the discrimination in order to enable them reintegrate faster into the society.

EFCC storms ‘Yahoo Boys’ den, arrest 27 suspects REMI FEYISIPO, Ibadan

peratives of the Economic and Financial Crimes Commission (EFCC) Ibadan zonal office have busted a Lagos based hotel believed to be a hideout for internet fraudsters. The target was one Rasaq Balogun, a suspected internet fraud kingpin, whose illicit activities dominated intelligence gathered from the recently arrested ‘police spies’ during a raid on their base in

www.businessday.ng

Abeokuta, Ogun State. According to findings, Balogun harboured an army of young men recruited to carry out financial frauds using the internet. Some other suspects were also arrested at his Beckley Estate residence, also in Lagos State. The raid on his hotel, Modzak Hotel, at Abule-Egba, Lagos, sufficiently gave credence to the suspicion, as several young men were allegedly caught in the hotel with no specific mission.

https://www.facebook.com/businessdayng

The suspected kingpin and 26 others between the ages of 18 and 35 years were arrested at the scene and taken to the EFCC’s office in for further interrogation. Officers of the anti-graft agency also recovered three vehicles, fetish items, laptops, mobile phones and documents suspected to contain fraudulent data from the suspects. The EFCC said the suspects would be charged to court as soon as investigations are concluded.

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

Friday 06 December 2019

BUSINESS DAY

FEATURE

Pain as proceeds of sale

cept of medicine was current in the last century. The dispensaries are stocked with paracetamol and aspirins and the toilets lack water. The best medical advice is to avoid getting sick while in Ogijo.

Ogun state, located in south west Nigeria has attracted over 300 new businesses and at least 70 percent of all manufacturing investments into Nigeria in the last five years but some of these investments have come at a cost to the health and environment of its 5million people, ISAAC ANYAOGU toured one of the state’s industrial hubs to understand the true cost of commerce without morality.

was still five kilometres away from Ogijo, one of the fastest developing industrial cities in Nigeria, sandwiched between Sagamu and Ikorodu, on the outskirts of Lagos, the commercial heartbeat of Africa’s most populous country, when the clouds suddenly began to darken. Yes, I agree with the science indicating that our planet is heating up, as shown in scorching heat waves and rains that fell as if the sky was inconsolably mourning a lover’s death but I found it strange to see dark clouds when the temperature was pushing 36 degrees on a midday in October. I soon understood that it was only smoke from a kiln in a steel processing plant. I wrote ‘only’ because looking at it from the perspective of a people who have lived for over decade in a community where the smell of burning chemicals, accompanied by a hail of sooth and the ear-piercing blast of heavy machines crunching metals is just the annoying inconvenience of another Tuesday. Ogijo is fast morphing into an industrial hub with dozens of factories, foundries and recycling plants opening plants in the community. The cost of real estate has tripled over the past two years because the merry band of business men are buying up every square inch of land. Within the past 10 years, dozens of these recycling plants have relocated from Lagos to Ogun state. As enforcement of environmental laws which began under the administration of former Lagos state governor, Babatunde Fashola (2007-2015), got stricter, these companies mostly owned by Lebanese, Indians and Chinese settled in Ogijo, an hour from Lagos. Antonio Ayodele, former general manager, Lagos State Environmental Protection Agency in an interview last year said the relocation to Ogijo by recycling plants was because his organisation has stepped up enforcement of its environmental laws. “We routinely carry out monitoring activities and sanction them, this is why they are leaving Lagos for Ogun State,” said Ayodele. The air around Oruku community in Ogijo was so suffocating that I began to feel slightly noxious upon entering the community. Oruku, a sleepy suburb of less than 200 lowly houses, is home to Monarch Steel Mills Ltd, ran by Indian businessmen Vishal Khandelwal and Vikas Katiyar. The sense you get upon touring the community is of a patch of earth that has known neglect for too long. Though power lines ran through the community, it does

The air around Oruku community is suffocating

not have electricity. The houses are in various stages of completion suspended in time, animated by lack and despair. What passes as roads are stretches of muddy terrain where a motor grader once waddled across, and now abandoned to test the limits of automobile technology. Ogun is open for business In the early 2000s, Ogijo communities began selling large swaths of their land to Indian business men who promised them jobs and better pay. Largely, an agrarian community, the allure of white-collar job requiring limited skillset and better pay was irresistible. These companies sought to capitalise on Nigeria’s inability to manage its waste. The State government led by Gbenga Daniel between 20032011 began to industrialise the state. He gave companies tax breaks and offered them cheap land. Flowergate Industrial Estate opened at Sagamu interchange hosting the largest Nestlé plant in West Africa, then the Ogun Guangdong Free Trade Zone at Igbesa was established and soon a cluster of manufacturing plants owned by Chinese investors began to emerge. In 2012, the state government under Ibikunle Amosun held the first Ogun State Investment Fo-

rum. The plan was to turn the state into a hub for industrial and agricultural processing. The governor worked with the Bank of Industry to establish credit facility for investors. He further granted a 40 percent rebate on the cost of buying land for farming and factories. Documents were processed in days. He built new roads and bridges and launched a security trust fund to combat crime. These reforms began to bear fruit. Private companies started building estates to provide housing for thousands of people working in Lagos but leaving outside the city. In 2014, Bimbo Ashiru, the state’s commissioner for Commerce and Industry said these

reforms have created wealth, increased the Internally Generated Revenue (IGR) of the state, and began an industrial revolution. Ogun state’s IGR rose from N9bn ($29.3m) a year in 2011 to nearly N48billion ($156.3m) in 2014 and by 2018, it has risen to over N84billion ($273.6m). “As we speak, Ogun can boast of 304 new industries and companies, which opened shops within seven years, out of this, 147 have invested over $200m,” Amosun said in 2018. According to data from the Manufacturers Association of Nigeria (MAN), which comprises local manufacturers, Ogun state accounted for over 70 percent of all manufacturing investments in Nigeria between 2014 and 2016. There are now over 140 waste recycling industries and a quarter of these are located around Ogijo, recycling steel rods, lead acid batteries, turning scrap into money and leaving the community poorer. The ceiling in every house within a walking distance from Monarch Steel looks like what you will find inside an indoor fireplace. If you spread your palms long enough, sooth gathers. This sooth settles on clothes, on furniture, in people’s water and inside their lungs. Last year, I was part of a team that investigated the activities of lead recyclers at Ipetero, one of the most affected communities around Ogijo. We conducted medical tests which conclusively proved that many in the community had been poisoned by lead from a lead-acid battery recycling facility owned by Everest Metals Ltd, an Indian owned plant. As with most of these recycling plants set up in Ogun state, dangerous wastewater from their operations are poured into drainages which contaminates local water sources. The recycling plants scrimp on abatement technologies thus compromis-

The road to Ogijo will test the limits of automobile technology

ing air quality, workers wrap plastic bags around their hands and legs in the stead of Personal Protective Equipment, those who lose a limb to the machines were dismissed with a month pay, many toiled hard with little to show for it, dying in instalments. However, subsequent visits to Ogijo revealed a pollution problem of epic proportions. Trucks hauling in these scrap metals leave gullies on the rickety roads, some park on the road until they can discharge their cargo but while waiting, their charges turn drainages into latrines. A hundred machines roaring at once is the perfect background for the opera of chaos, you sniff enough carbon from the billowing cloud of grey smoke your eyes redden on their own till they appear like they belong to someone high on cheap crack. “The smoke from this factory is driving us crazy,” says 41-year old, Rufus Noel, a local pastor, “We are tired!” he said with resignation. Medical experts say chemicals and gases produced by these iron smelters and recycling plants could increase the likelihood of cancers. Arsenic, a toxic metal is found in air, water and soil or dust and exposure increase the risk of skin, bladder, liver and lung cancer. Breathing in benzene released as a gas during industrial process can cause fatigue and long-term exposures can harm bone marrow, and is associated with risk of leukaemia. Benzene is airborne and not likely to build up in the soil. Exposure to Butadiene, a colourless gas commonly produced by these processes is associated with nausea, headache and lower blood pressure. Studies in animals and in workers suggest chronic exposure to 1,3-Butadiene may be linked to increased risk of cancer. Phillip Ajose, a 58-year-old resident of Oruku and a member of the local community development association said they had protested several times within the last year but Monarch Steel had ignored them. I was also unsuccessful in two attempts to speak to the company. A few weeks to the publication of this article, Monarch Steel said it will review the agreement it reached with the community in July for implementation. Among other things, the villages are asking the company to build drainages to contain waste water, air pollution abatement systems along with requests to rebuild their king’s palace and donation of desks for the local school. The company says it will donate desks and school books according to Noel, but has yet to commit to building abatement systems months after it signed the agreement. Living in this community is however, on-going nightmare. Imagine living in a place where you cannot open your windows at dawn or dusk, where clothes are dried in the house to keep out black smudges, where your entire life depends on company’s schedule, where you close your door, sometimes, pile rags at the foot of the door, as you lay on the bare ground around the smouldering glow of a flickering kerosene lantern riding out the thun-

Waste water from recycling plants pollutes water sources

Workers improvise as adequate protective equipment is often unavailable

derclaps of a blasting kiln while fanning yourself with a tattered newspaper. In the home of the Olatundes, (they plead anonymity) their lives revolve around the production timeline of African Foundaries Limited, also located around Ogijo. In the morning, they cannot hurry enough to flee their own homes and at dusk, they shutter windows and imagine the moon because the sky is a heaving mass of black smoke with the clatter of grating machines as the soundtrack to an unending nightmare. Electricity is a still a distant dream. AFL plant has a capacity of 225,000 tons per year as it seeks to transform local scrap into bars reinforced by steel. Such bars are called rebars. The company says it wants to support Nigeria’s quest to be self-reliant for steel rebars and eliminate dependence on imported rebars but it is riding this wave on the back of a broken people. Many remember fondly an explosion at the AFL factory four years ago that shattered windows, shook houses and even loosened a ceiling fan which crashed on a child. The people raged and pilloried the company to no avail. Nigeria’s foreign investors have since learned that if you pay the right people enough money, many problems can go away. Someone had the bright idea to complain to a judge and seeking to avoid embarrassment, the company offered to pay for damages and dangled around N20,000 ($65) in cash. The villages jumped at it. The alternative was a protracted court case that when judgement is delivered both parties may have forgotten why they were in court in the first place. Before you think this is a folly, understand that labour unions have been fighting to be paid N30,000 ($97) monthly as minimum wage for the better part of 2019. So, the settlement offer was a tidy sum of money to a people who had long maintained an intimate relationship with penury. Those who could not live down the

thought of their misery questioning the worth of their cheapened existence, sold their houses - to the company at half what they were worth - and fled the community! On its website, AFL claims it provides medical care to the community, the 68 year-old matriarch of the family looked at me, the way you look at a bastard whose mother hasn’t told the well-kept secret of his conception while he speaks of what he will do with his inheritance, sighed and told me that even if someone wishes to deceive me, doesn’t it hurt to deliberately deceive oneself? In the whole of Ogijo there are three facilities that maintain a tenuous grasp with the description of a clinic. There is only one for doctor for these primary healthcare centres hence they are mostly operated by matrons whose con-

Registrations are often easy to secure

Weak oversight Last year, while investigating the activities of Everest Metals, whose operations led to cases of pollution, the company produced certifications from the Ogun state ministry of environment. Some workers confirmed that Monarch Steel also have the requisite registrations. To secure certifications, waste companies are required to produce proof of compliance with environmental standards in the state. The Ogun state environmental Protection Agency (OSEPA) issues these licences on behalf of the state’s Ministry of Environment. The Federal Ministry of Environment, at the central level coordinates environmental laws along with an agency called the National Environmental Standards and Regulations Enforcement Agency (NESREA). The then commissioner for Environment Bolaji Oyeleye, when asked how these companies are allowed to carry on with their unsafe practices, said “We have had problems with those companies in that community in the past, but it is something we are looking into. We will definitely do something about it.” One year later, nothing has been done. “It is clear the community is seriously polluted and the situation actually calls for an emergency,” said Leslie Adogame, executive director of environmental non-profit, Sustainable Research and Action for Environmental Development (SRADEV). Every quarter, these recycling plants are compelled to file air, land and soil quality reports to show compliance with the state’s environmental laws. They hire experts who tell them what they want to hear and they merely file these reports with fancy words and colourful language signifying nothing, to the government. Vikas Das, managing director of Everest Metals Ltd presented four different environmental audit reports prepared by Batmol Environmental Consultancy Services that basically said the company’s operations were within the limits set by OSEPA.

Agreement reached since July, not working

Residents at a medical centre awaiting test results

Asked how these studies were funded, he said. “The state does not have the resources to fund the tests, so we pay for it.” Everest Metals also had an exporter registration certificate issued by the Nigerian Export Promotion Council (REF. NO 0003356) valid till 16/02/2020, several receipts of purchases of PPE equipment which were mostly dated between October and November this year and an environmental approval by OSEPA which expired March 18 this year. Monarch Steel had similar registration as shown by the company’s ability to procure an export

license by the Standards Organisation of Nigeria (SON). Adeleke Ajani, the South West Coordinator of National Environmental Standards and Regulations Enforcement Agency (NESREA) said that monitoring activities was on-going to ensure that Monarch Steel complies with regulations. “You know monitoring is a continuous exercise, sometimes, they will start to comply and when we leave, they return to their old ways, but we keep checking to ensure they comply,” Ajani said. However, the community believes that he and his team are on the payroll of Monarch Steel. They said after each complaint, he goes in to discuss with the company and leaves while the problem persists. On his recent visit to Germany, the Mohammad Mahmood Abubakar, minister of Environment told my colleague on a previous project, Petra Sorge, that government was now keener to enforce environmental provisions. “One of our major mandates was enforcing agencies to ensure compliance with the environmental regulations. Presently we are making plans to go out. We need to do a lot of sensitisation. We seek for voluntary compliance. After that, if you are not willing to comply, we enforce,” he said. However, for these businesses whose sole aim is to make profit, hoping that they will voluntarily comply with environmental rules that will cost them good money is like betting the house on the lottery.

Friday 06 December 2019

BUSINESS DAY

HEALTH BUSINESS&LIFE

Prioritising healthcare takes centre stage in Edo OSA VICTOR OBAYAGBONA

here’s no denying the place of quality healthcare in assessing human development, as humans have to be, first of all, hale and hearty to engage in any meaningful socio-economic activity. This, over time, underpins governments’ prioritisation of healthcare as an integral part of development planning. In Edo State, Governor Godwin Obaseki has healthcare as a critical part of his holistic plan to attain a total, thriving society. The governor’s focus in reforming the health sector is considered by experts as apt and germane. The governor is deploying a reformist approach aimed at transforming the state’s healthcare sector. The series of interventions is anchored under the Edo Healthcare Improvement Programme (Edo-HIP), which has kicked off with the rebuilding of 20 Primary Healthcare Centers across the state’s 18 Local Government Areas (LGAs). Governor Obaseki on October 31 launched the Edo State Social Health Insurance/Basic Health Care Provision Fund (BHCPF) as well as revamped Primary Healthcare Centers under the Edo- Primary Health Improvement Programme. The state had made an initial contribution of N100m to access the BHCPF, opening up opportunities to energise its health insurance programme. All of these tie up to an organic whole of a systemic plan to retool the primary healthcare system to be able to meet the needs of ordinary Edo people. Speaking at the launch of the scheme, Governor Obaseki said the focus of his administration is to improve the lives of the people through good education and provision of basic healthcare services accessible to all Edo people and residents. He noted that his administration is set out to provide accessible and affordable healthcare services to residents of the state, adding that his administration is focused on human capacity development by providing robust basic education and quality healthcare. “Our emphasis and the bulk of money that accrue to the state is dedicated to improve the lives of the people of Edo State through quality health and education. We are spending more than 50 per cent of our recurrent expenditure on healthcare and education. “Edo Health Improvement Programme (Edo-HIP) will enable us to deal with health challenges in the state. This means a total revamp of our entire health system from basic to secondary and specialist care. Edo-HIP is comprehensive,” he added. The governor noted that the focus of his administration is to establish 230 PHCs across Edo State as the centers will serve as referral centers, noting, “You will not be attended to in General Hospitals without referral from your PHCs.” On training and support for health officials, Obaseki said, “We have put in Information Communication Technology (ICT) to help capture information and pass it to a central database. The information gathered will be used for referrals. All over the world, healthcare services are not cheap but affordable, which is achieved by pulling resources together. “We have established a Health Insurance Agency in Edo State backed by law for every citizen, as it’s now compulsory for every Edo citizen to have health insurance. You will be given a card that will enable you access healthcare in the state provided you are enrolled. For the civil servant and local government workers in Edo State, they will be compulsorily enrolled into the scheme from 1st January 2020. Finance will not hold citizens back from getting healthcare.” Osagie Ehanire Minister of Health, said

Officials of the Edo State Primary Healthcare Development Agency during the enrolment exercise in Ovia North West local council in Edo State.

that the BHCPF will commit N573m to enable Edo people to benefit from essential services after the details are worked out and the healthcare system begins to function, adding, “The fund is disbursed to states equitably and on per capital basis using a poverty index determined by the World Bank. “This will guarantee that the BHCPF will reach the deserving population and reduce inequality in access to health services, particularly by the vulnerable. Public Health Emergencies and other emergency medical services shall also be addressed through the fund.” Ehanire said “the President Muhammadu Buhari-led administration is committed to its mandate of improving the health and productivity of Nigerians in its commitment to human capital development, consistent with national goals in the Economic Recovery and Growth Plan (ERGP). His desire is to lift 100 million Nigeria out of poverty in the next 10 years.” Campaign against Lassa Fever One-way Governor Obaseki is confronting the challenges in the health sector is the swift response to public health emergency, especially in keeping the Lassa Fever disease at bay. The governor came to the rescue of a federal institution, the Irrua Specialist Hospital when Lassa Fever was ravaging some states in the country with the procurement and supply of health facilities required to halt the spread of the scourge. The Edo State Government under Governor Obaseki established a new Lassa fever treatment centre in Benin City, the state capital, to make treatment of the disease more accessible to the people, while planning is ongoing to build another treatment centre in Auchi to carter for patients in Edo North Senatorial District. David Osifo, a former state Commissioner for Health, said the idea in setting up the treatment centre in Benin was to decongest the Irrua Specialist Teaching Hospital (ISTH) which offers treatment for the disease, with the Benin treatment centre located at the Stella Obasanjo Hospital, equipped to handle most of the Lassa Fever cases in Edo South. He explained, “We have built another

www.businessday.ng

centre at Stella Obasanjo centre to make treatment more accessible to the people because Irrua is far from town. We are building another one in Auchi in Edo North and it will be completed soon. We plan to duplicate the equipment we have in ISTH at the Auchi treatment centre. This means that each of the three senatorial districtsOlusola in EdoBello will have a treatment centre. Osifo said by the time the state government put all these facilities in place, the high mortality rate in the state will drop with the state government expending over N100 million for the procurement of equipment for the control and treatment of Lassa fever at the ISTH in 2019. The amount was used to procure two dialysis machines, mobile xray machine, ventilator, personal protective equipment and drugs. The Nigerian Centre for Disease Control (NCDC) commended Governor Obaseki for his administration’s timely interventions and support which contributed to the drastic reduction in the rate of spread of the disease in the state in 2019. WHO, World Bank, FG’s commendation The World Health Organisation (WHO), the World Bank and President Muhammadu Buhari-led federal the government have commended Governor Obaseki on the implementation of EdoHIP, for its focus to make healthcare affordable and accessible to residents across the state. The Officer in-Charge of World Health Organisation (WHO) in Nigeria, Dr Peter Clement, described the vision of Governor Obaseki to consolidate the Primary Healthcare Centres (PHC) agenda and the implementation of the BHCPF as a demonstration of strong stewardship towards the attainment of the health-related Sustainable Development Goals (SDGs). Social Health Insurance Scheme enrolment commences As modalities are being finalised for the roll-out of State’s Social Health Insurance Scheme, the Edo State Primary Health Development Care Agency (EPHCDA), has kickstarted an enrolment programme that would run from November 21 to 30, so as to galvanise the people to take full advantage

https://www.facebook.com/businessdayng

@Businessdayng

of the offerings from EdoHIP. Mbarie Imuwahen, executive secretary of the EPHCDA, said the team from the agency has visited communities in Ovia North East to register and enrol some of the rural dwellers in the programme so they can benefit from the government’s move to make access to quality healthcare seamless. She noted that the state’s Ministry of Health is working assiduously to achieve the government’s directive for the efficient operation of the Health Insurance Scheme with the Commissioner, Patrick Okundia, leading the charge. According to her, “The team was in Egbatta and Odunna community in Ovia North East for registration and enrolment of residents into the Basic Healthcare Provision Fund/Health Insurance Scheme. The communities are close to the Odunna Primary Health Care Center, which is among the 20 that was recently reconstructed. “These are efforts to ensure a smooth kick-off of the Health Insurance Scheme in the state. We are happy that we are making progress. The health insurance scheme will ensure that the state government deploys the requisite materials to meet the health needs of residents in the state and it is important to get accurate data towards the realization of this goal.” Alfred Iyesogie, the Odionwere of Oduna community, thanked the team for the exercise in the community, noting that they have his full support for the enrolment of members of his community for the scheme. According to Clement, if the Edo State Government leverages on the Basic Healthcare Provision Fund, it will go a long way in enhancing the implementation of the Edo Health Improvement Programme. He said, “Both the National Health Insurance Scheme (NHIS) and National Primary Healthcare Development Agency (NPBCDA) gateway will be crucial in fostering social health insurance and revamping of the primary healthcare facilities respectively under Edo-HIP.” Olumide Okunola, senior Health Specialist, World Bank, praised the governor for the commitment to improve the wellbeing of Edo people and residents in the state, which he noted will provide Edo people access to Healthcare.

Friday 06 December 2019

BUSINESS DAY

HEALTH BUSINESS&LIFE Encee Medical debuts to provide quality healthcare Rotary Club takes medical outreach to Erunwen community …seeks to reduce medical tourism ANTHONIA OBOKOH

ANTHONIA OBOKOH

ncee Medical Center Limited has debut into Nigeria’s healthcare industry to provide quality medical delivery for Nigerians at the primary level. In a grand opening of a worldclass clinic of international standard healthcare facility recently in Lagos, Encee Medical seeks to provide standard healthcare solutions for women and sexual health. “In a bid to reduce medical tourism overseas for common acute and chronic conditions, as well as routine comprehensive physicals,” Chukwueloka Umeh, chairman, Encee’s Medical Center said during the launch. “We set out to create a primary healthcare facility and clinic whose standard would be comparable to clinics in the United States of America right here in our home, Nigeria,” Umeh said. He urged Nigerians to take advantage of the facility in order

to experience same level of quality enjoyed overseas. Speaking also at the facility launch, Nenoi Umeh, chief medical director of the clinic shared her motivation and drive to start up a primary healthcare facility center to cater for the health needs of Nigerians. Umeh, a USA board-certified family medicine consultant and

member of several medical associations, stressed the importance of her commitment in returning to the country and recreating the standard healthcare practices that she learnt and practiced in the USA for the benefit of Nigerians. The new healthcare facility exquisitely located in a serene area in the heart of Lagos and has a welcoming ambience, comfortable waiting area, child-friendly section, state-of-the-art equipment, a fully functional in-house laboratory and a well-stocked pharmacy. The occasion was graced by numerous Nigerians and expatriates, who had nothing but good things to say about the clinic and its staff. Encee is an outpatient clinic that provides primary health care for men and women of all ages, from infant to the elderly. It also provides office gynecology services, as well as sexual health care for men and women of all ages. It is currently open to self-pay and HMO patients, with or without appointments.

Family travels during yuletide seasons (part 2) ...Specific considerations when travelling with infant and young children Executive Travel Health

Dr Ade Alakija Q-life Family Clinic

lifeadvisoryservices@outlook.com

ither travelling into or out of Nigeria during this yuletide season, it is important that the common health problems in children are taken care of prior to travel. The most commonly reported health problems among child travellers include: Diarrheal illnesses, dermatologic conditions, including animal and arthropod bites, cutaneous larva migrans, and sunburn, systemic febrile illnesses, especially malaria, respiratory disorders. Motor vehicle accidents, water-related injuries, including drowning, are major health and safety concerns for child travellers. When a child is planning on international travel, parents should ensure they visit a Travel clinic to ensure that children are up-to-date on routine vaccinations and travel-related vaccines. It is also an opportunity to assess all anticipated travel-related activities with provision of preventive counselling and interventions tailored to specific risks, including special travel preparations and treatment that may be required for infants and children with underlying health conditions. Adolescents travelling may require counselling about disease prevention and the risks of sexually transmitted infections, empiric treatment and management of common travel-related illnesses, sexual assault, and drug and alcohol use during

HBL TEAM

international travel. Motor Vehicle-Related: Vehicle-related injuries are the leading cause of death in children who travel. While travelling in automobiles and other vehicles, children should be properly restrained in a car seat, booster seat, or with a seat belt, as appropriate for their ages and weight. Drowning: This is the second leading cause of death in young travellers. Children are not familiar with hazards in the rivers. Swimming pools may not have protective fencing to keep toddlers from falling into the pool. Close supervision of children around water is essential. Because drowning occurs quickly and quietly, adults should not be involved in any other distracting activity while supervising children around water. Water safety devices such as life vests may not be available at destination; families should consider bringing these from home. Protective footwear is important to avoid injury in many marine environments. Air Travel: Air travel is safe for most newborns, infants, and children, a few issues should be considered in preparation for travel. Children with chronic heart or lung problems may be at risk for hypoxia during flight, and a clinician should be consulted before travel. Making sure that children can be safely restrained during a flight is a safety consideration. Severe turbulence or a crash can create enough momentum that a parent cannot hold onto a child. The safest place for a child on an airplane is in a government-approved child safety restraint system/device (CRS). The Federal Aviation Administration (FAA) strongly urges that children be secured in a CRS for the duration of the flight. Car seats cannot be used in all seats or on all planes. Diarrhea: Children with diarrhea can become dehydrated more quickly than adults. For infants, breastfeeding is the best way to reduce the risk of foodborne and waterborne illness. Water

served to young children, including water used to prepare infant formula, and should be disinfected. Food precautions should be followed diligently. Foods served to children should be cooked thoroughly and eaten while still hot; fruits eaten raw should be peeled by the caregiver immediately before consumption. Caution should be used with fresh dairy products, which may not be pasteurized and/or diluted with untreated water. For short trips, parents may want to bring a supply of safe snacks from home for times when children are hungry and available food may not be appealing or safe. Dehydration is best prevented and treated by ORS in addition to the infant’s usual food. ORS can be given to the infant by bottle, cup, and oral syringe. However, if ORS is not readily available, children should be offered whatever safe, palatable liquid they will take until ORS is obtained. Breastfed infants should continue to be breastfed. Malaria: Children coming into Nigeria from non-malaria area are at higher risk of severe malaria. Chemoprophylaxis is important in this group and bite avoidant measures. Accommodations: Hotels and other accommodations should be carefully inspected for exposed wiring, pest poisons, paint chips, or inadequate stairway or balcony railings. Sun- exposure: Sun exposure, and particularly sunburn before age 15 years, is strongly associated with skin cancer. Babies aged <6 months require extra protection from the sun because of their thinner and more sensitive skin; severe sunburn for this age group is considered a medical emergency. Babies should be kept in the shade and wear clothing that covers the entire body. A minimal amount of sunscreen can be applied to small exposed areas, including the infant’s face and hands.

Travel healthy, stay healthy and return healthy

n a move to ensure access to medical care to the less privileged, the Rotary Club of Ikorodu metropolitan recently conducted another round of its free family health outreach to residents of the densely populated Erunwen community in Ikorodu. The outreach was in line with the declaration of every November of the year as Family Health Days by the Rotary Club International. Taofiq Kolawole, president of the Rotary Club of Ikorodu metropolitan said that the outreach is aimed at promoting the total health of the whole family. “We have brought a team of seasoned health professionals to Erunwen community to screen residents of possible ailments and provide free treatments against diagnosed diseases. We will also give out free drugs, insecticide-treated nets and sanitary pads to young girls’, he said. According to Kolawole, We chose to come to Erunwen community this year, having been to other communities in Ikorodu during our past medical outreaches. “We have been to Igbogbo, Ebute, Ogolonto, and other areas. Our coming to Erunwen is a means of expanding our tentacles to cover other parts of Ikorodu that we have not been able to reach in the past”, he said. The outreach attracted a sizeable crowd consisting of young, old,

women, men and the elderly saw the health facility filled to its capacity and other health professionals screened residents on possible health issues, ranging from blood pressure, HIV, Diabetes, Children de-worming, Dental Care, Eye cataract tests and treatments, Vitamin A & B Administration as well as Malaria screening and treatment. Other medical services rendered were the free distribution of insecticide-treated nets, sanitary towels for girls, dental care and family planning /counselling among others. Also speaking at the event, Olusola Olalude, a medical practitioner and chairman of 2019 Family Health Day planning said that the outreach is bringing health closer to the people in the suburbs. “I call on Nigerians to take their health very seriously by undergoing routine medical tests and examinations, as this will help them maintain good health status,” he said. Olalude also charged well-meaning Nigerians to imbibe the culture of giving back to their community, the same way Rotary Club is doing globally. In the same vein, Akin Odusola, past president of the Rotary Club of Ikorodu Metropolitan said that government at all levels should ensure adequate provision of drugs in all public health facilities as a way of guaranteeing good health for the populace.

Total vows to reduce critical diseases prevalence in country … renders free medical services in Kirikiri OLUSOLA BELLO

otal has pledged to reduce the prevalence of some of the critical health diseases that are ravaging many Nigerian communities, as it rendered free medical services to majority of residents of Kirikiri town in Lagos state The services rendered centered on issues of cardiovascular disease, hypertension, diabetics, and coronary diseases. Others includes free screening for blood sugar, high blood pressure, and Body Mass Index (BMI). The residents of the area according to Total officials are prone to cardiovascular health challenge because of the tensed nature of the environment area which is largely occupied by articulated vehicles, motor cycle riders popularly known as Okada. The traffic in this area coupled with emissions from the vehicles have made it expedient for the company to focus its free medical services on the community this time around, an official of Total told BusinessDay. Imrane Barry, managing director of Total plc who was represented by Bunmi Popoola-Mordi, executive general manager, Total Country Services, in his address to the community, said Total as responsible company is not just committed to better energy, but it is also committed to the well-being of the society where we live and carry out business as well. He said in line with Social Corporate Responsibility (CRS) policy, the company is committed to the improvement of health of its em-

ANTHONIA OBOKOH / Reporters. Email: obokoh.anthonia@businessdayonline.com

ployees their families and the communities within which it carry out its activities. This he said is done through health programmes. “The Total Cardiovascular Disease (CDV) the initiative is in direct alignment with the Federal Ministry of Health’s National Strategic Action Plan on prevention and non-Control-communicable (2015) which identifies CVD project as a major public health issue in Nigeria,” he said. He stated that CVD is primarily due to behavioral risk factors, raising public awareness is as crucial as being able to benefit from early detection. “To strengthen this awareness, we must act collectively by engaging our stakeholders, by building partnerships and by actively contributing to public health policies.” The total boss explained further that the objective of Total CVD project is to reduce the prevalence of cardiovascular Disease. He said during a recent stakeholders engagement in exercise the kirikiri area was highlighted as traffic prone are with the health of road users and the resident being at risk of CVD. The medical outreach he explained will afford them the opportunity to know their vital CVD numbers and enable them to take the necessary precautionary measures in managing their health. The exercise which was carried out in conjunction with the Lagos State Ministry of Health was attended by a huge number of residents of the area who trooped out to express their joy for getting such service that has eluded the community for many years.

I David Ogar, Graphics

Friday 06 December 2019

BUSINESS DAY

FINTECH News

Products Review

In association with

Technology Review

Personality Review

Company Review

Verve could be Visa’s ticket to snatching Nigeria’s PoS card market from Mastercard FRANK ELEANYA

isa may be the second-largest card provider in the world after UnionPay, but it has been unable to replicate that feat in Nigeria where Mastercard has the biggest share of card brands used on Point of Sale (PoS) transactions in the country. But a flurry of investments in Nigerian-based payment firms in recent times, including a 20 percent stake in Interswitch could give Visa a fighting chance. Card-based payments which include debit cards, credit cards and prepaid and cash cards are becoming popular and authorities in Nigeria see them as a major vehicle for increasing cashless transactions and reducing the pervasive use of cash. Hence, the Central Bank of Nigeria (CBN), the deposit money banks and payment system providers are making frantic efforts to promote the use of cards in making payment. Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that Mastercard continues to be the leading card brand used on PoS with 104 million transactions (55.3%), representing a 48 percent increase in the first half of 2019. Visa accounts for 31.3 million cards (16.6%) used on PoS transactions between January and June 2019, representing an 81 percent increase from the same period in 2018.

The second position is Verve which controls 52.7 million cards used on PoS in Nigeria representing a 52 percent growth compared to market shares in June 2018. Data released by the Central Bank of Nigeria in September, however, show that the figures may have moved even farther northward as the total volume of PoS transactions stood at 309 million. In November, Interswitch sold a 20 percent minority equity stake worth $200 million to Visa, which led to the former becoming one of the most valuable African Fintech businesses with a

www.businessday.ng

valuation of $1 billion and the first Nigerian payment company to become a unicorn. Visa’s acquisition also put it in league with existing Interswitch shareholders such as Helios Investment Partners, TA Associates and IFC alongside company management. Aside from running a switching and processing services, Interswitch owns Verve which is arguably the largest domestic debit card scheme in Africa with more than 19 million cards activated on its network as of May 2019. Interswitch also owns Quickteller, a mul-

tichannel consumer payments platforms, driving financial financial inclusion across Nigeria with over 270,000 access points, as of 2018, from which consumers can initiate peer-to-peer transfers, bill payments, airtime purchases, and other e-commerce transactions, processing over 42 million transactions monthly as of 31 July 2019 (equivalent to over NGN560 billion (US$1.5 billion) through direct, indirect and Paypoint channels). Although merging the Visa card and Verve card may not be on the table at the moment, the 20 percent

https://www.facebook.com/businessdayng

equity allows Visa to grow its portfolio in the industry in Nigeria. It should also be noted that it is not the first time Visa and Interswitch are allying. In 2017, both companies partnered to scale the adoption of mobile payments throughout West Africa. As a result of the partnership, there was an upgrade and switch to the mVisa platform which saved merchants the cost of deploying PoS terminals by accepting payments on the mVisa platform. Notwithstanding, Mastercard may have antici-

@Businessdayng

pated the oncoming challenge from Visa. In March 2019, months before Visa would invest in Interswitch, Mastercard invested $300 million in Dubai-based Network International ahead of its stock market debut in London. Network International is the largest payment processor in the Middle East and Africa. the deal made Mastercard the fourth biggest shareholder of Network International behind General Atlantic, Warburg Pincus, and Emirates NBD. To be sure, the card market in the country is still in its infancy. For instance, there were only 11 transactions per adult per annum in 2018 compared to 92 in markets like South Africa, 126 in Brazil and 465 in the United Kingdom. Despite this market under-penetration, POS card transactions in Nigeria are expected to grow at a CAGR of 63 percent between 2018 and 2023. As a payment expert noted, the rush to build stakes in African businesses by Visa and Mastercard is being driven by a desire to take advantage of established platforms in markets that are both fast-growing and under-penetrated. However, while Mastercard’s investment in Network International may have helped it secure its share in two markets - Africa and the Middle East, Visa’s relationship with Interswitch - an entrenched domestic player - may prove a master stroke as it hopes to tap from the domestic

Friday 06 December 2019

Harvard Business Review

BUSINESS DAY

MANAGEMENTDIGEST

What makes you ‘multicultural’ STACEY FITZSIMMONS, DAVINA VORA, LEE MARTIN, SALMA RAHEEM, ANDRE PEKERTI AND C. LAKSHMAN

u l t i c u l t u ra l individuals — such as Chinese Canadians, Turkish Germans or Arab Americans — commonly think, perceive, behave and respond to global workplace issues in more complex ways than monocultural individuals. Some translate these differences into career success. For example, a study of 100 Israeli managers working in Silicon Valley found that Israeli American managers thought in more complex ways than managers who saw themselves as belonging to only Israeli or only American cultures. As a result, peers rated them as more competent managers and they were promoted faster. Many people are unsure whether they’re multicultural. Does having immigrant parents or grandparents, working internationally or living in a multicultural city mean that you’re multicultural? It’s a question that even experts find hard to answer. Some researchers argue that residents of Hong Kong are multicultural because of its colonial history. Others define multicultural individuals by their ability to function effectively in more than one culture, such as knowing several languages or having “multicultural minds,” meaning they can think in ways that reflect multiple cultures. As a six-person international team representing 16 cultures, we decided to resolve this confusion by consolidating the best parts of all previous definitions. In doing so, we recognized that people can be multicultural to varying degrees. After reading 183 articles in fields ranging from sociology, anthropology and psychology — as well as management and marketing — we define multiculturalism within individuals as the degree to which they know, identify with and internalize more than one culture. Answer the following questions on each dimension to assess your level of multiculturalism. Think about culture in a broad sense: It includes national cultures, societal cultures that span nations (e.g., Arab culture), regional cultures within nations (e.g.,

Bengali and Punjabi cultures in India), hybrid and intersecting cultures (e.g., Métis indigenous culture). HOW MUCH KNOWLEDGE DO YOU HAVE ABOUT EACH OF YOUR CULTURES? Does your knowledge of your cultures go beyond “book learning”? How much do you know about their values, underlying cultural assumptions, beliefs and typical behaviors? How familiar are you with their histories, heroes, traditions, customs and social institutions? How fluent are you in their languages? If asked about these cultures, how many unique, culturespecific points can you come up with in a few minutes? Use your answers to place yourself on this dimension, using the spectrum of possibilities listed below. — Monocultural: High level of knowledge of one culture. — Slightly multicultural: High level of knowledge about one culture and moderate knowledge about another culture. — Moderately multicultural: High level of knowledge of more than one culture. — Highly multicultural: high level of knowledge of more than two cultures. Your level of multicultural knowledge is particularly useful for accomplishing crosscultural tasks. Consider Hidé, a Japanese American employee in a U.S. subsidiary of a Japanese firm. Hidé knew that head-office messages might confuse American customers, because they used a structure common in Japan, starting with peripheral information

and only eventually getting to the main issue. Instead of passing the translated messages on verbatim, Hidé used his multicultural knowledge to rewrite them more directly, resulting in a better reception among customers. So if you have in-depth knowledge of more than one culture, you can use it to enable cross-cultural understanding in your firm. HOW MUCH DO YOU IDENTIFY WITH MORE THAN ONE CULTURE? People who identify with more than one culture often find it difficult to answer the question: “Where are you from?” How many cultures come to mind when you respond? Do you say “we” (as opposed to “they”) when talking about these groups? When someone criticizes these groups, do you feel personally offended? Use your answers to place yourself on this identification dimension. — Monocultural: Identify with one cultural group. — Slightly multicultural: Identify primarily with one culture, and to a lesser extent with another culture. — Moderately multicultural: Identify strongly with more than one culture. — Highly multicultural: Identify with more than two cultures. Identification with more than one culture can help facilitate connections with others, including relationships across firms. For example, compared with British employees of a U.K.-based pharmaceutical firm, the firm’s Chinese British employees used their dual

cultural identities to develop better trust with employees at new Chinese partner firms. The trusting relationships Chinese British employees created with employees from both their British employer and the Chinese partner firm ultimately helped them build successful alliances between their firms. If you identify with more than one cultural group, you can draw on your network to connect people across your cultures. HOW MUCH HAVE YOU INTERNALIZED MORE THAN ONE CULTURE? To answer this question, examine your values, beliefs and assumptions. This is hard; we are often not aware of how culture shapes these deepest parts of ourselves. To what extent do different cultures influence your value systems? Do you think about issues from the perspective of more than one culture? Do they influence how you feel? How much do you use values, beliefs and assumptions from more than one culture when making decisions? Do you find yourself unconsciously engaging in different cultural behaviors depending on the situation? Use your answers to place yourself on this internalization dimension. — Monocultural: Internalized one culture. — Slightly multicultural: Internalized one primary culture and a second culture to a lesser extent. — Moderately multicultural: Fully internalized more than one culture. — Highly multicultural:

Fully internalized more than two cultures. When you’ve internalized more than one culture, it can help you develop more complex thinking skills and innovative solutions to problems. When people intimately understand more than one cultural system, they see new ways to combine them, leading to innovations. For example, a French Irish Cambodian L’Oréal employee was tasked with developing skin care products for the French market. He understood that the French product-development process was hampered by its sharp category definitions. While his French colleagues saw makeup and skin care as separate categories, this employee saw the opportunity to combine these categories, as is done in Asia. He introduced a tinted lifting cream to the French market, where it quickly became popular. Seemingly simple changes are often difficult because our cultural beliefs frame the categories we see in the world. If you have internalized more than one culture, you can try to use it to help you create innovative solutions to your international workplace quandaries. Combine your answers to the above questions to determine your level of multiculturalism. If your answers placed you beyond “monocultural” on all three dimensions, then you have some level of multiculturalism that you could use to help you accomplish cross-cultural tasks, connect people and develop creative solutions.

Stacey Fitzsimmons is an associate professor of international business at the Peter B. Gustavson School of Business, University of Victoria. Davina Vora is an associate professor of international business at the State University of New York at New Paltz. Lee Martin is a senior lecturer in management at Deakin University. Salma Raheem is a lecturer in HR/organizational behavior at the University of Liverpool Management School. Andre Pekerti is a senior lecturer in international management at the University of Queensland Business School. C. Lakshman is an associate professor of international business at Florida Atlantic University.

Friday 06 December 2019

BUSINESS DAY

entertainment

Down the music memory lane with Ariya Eko OBINNA EMELIKE

hen you listen to music from the 50s, 60s and even 70s, you will delight in everything about them. From the meaningful lyrics, harmonious tune, the huge band assemblage and synchronizing beats, the stage craft, the artistes’ demeanor and to the positive energy exerted by each member of the band, indigenous music of yesteryears are truly evergreen. Soft, cool, meaningful and danceable beats, evergreen music never dies. If you think otherwise, then a visit to Femi Esho, Africa’s largest collector of music of yesteryears with over 100,000 original vinyls of different African musicians in his archive, will convince you. But instead of visiting the astute music collector to access indigenous evergreen music offerings, Bimbo Esho, his daughter, is bridging the gap with a music festival. Tagged ‘Ariya Eko Music Festival’, the music fiesta, which is slated for December 15, 2019 at Lagos City Hall, Lagos Island, is a must-attend because it would be an assemblage of evergreen musicians displaying sheer creativity and showing why music-in-ahurry by the current generation will not pass the test of time unlike their well-rehearsed, wellperformed and better produced music. However, the indigenous music of yesteryears featuring at the festival include; Juju, Fuji, Apala,

Ebenezer Obey

Highlife, Sakara, Waka, among others. But the highlight is seeing the old and new on same stage. The legendary musicians are going to perform alongside the new generation on Ariya Eko stage. Apart from generous offering of evergreen music, the festival, according to Evergreen Musical Company, the organisers, is aimed at further preserving, promoting African heritage, indigenous band culture and appreciation of the living music pioneers. Leading the pack of legendary musicians at the festival is Ebenezer Obey-Fabiyi, a renowned Juju music maestro. Others are; Vic-

tor Uwaifo, Sir Shina Peters, Tee Mac and Jimi Solanke. A crop of the new generation include; Ara, Oseni Ejire, Obesere, Eko Brass Band, Halimat Ayinla Omowura, Shola Vibrator, Topsticks, Segun Blessing, among others. Speaking on the festival, during a media parley, which held recently at OJez, National Stadium Lagos, Obey-Fabiyi, who is nicknamed Chief Commander, explained that, “Ariya Eko is to bring back the memories of Lagos, which is home for everybody”. “Every good thing started in Lagos and Ariya Eko started a long time from those we called

Saleh launches new television talk show BUNMI BAILEY

s ay u w a m e n Sa l e h, a former co-host of ‘Your View’, a popular television talk show, in Lagos, has launched ‘What Are You Saying’ (WAYS), her new talk show. WAYS, which is broadcasted by PlusTV Africa, a Nigerian 24-hour news channel broadcast, is a talk show where discussions will be centred on providing solutions to issues and challenges that Nigerians are facing, as well as, Africa. “I think for us the talk is not enough. That is why we should have more people come together to find solutions to the many problems we face currently particularly the youth. When people say why WAYS I ask are the lives in Nigeria, improved? No .So this is definitely worth talking about,” Our goal is to inspire, inform, influence thoughts and action. This set and everything here

started with a vision, and the right partners came to bring it to life PlusTV gave us the platform and space to build this set, we are not where we want to be but this is a good starting point,” Saleh, the show creator said. The talk show is also anchored by six notable and intellectual women in the society such as Osayuwamen Saleh, the show creator and lead anchor, Mariam Bakre, a content creator, Olamide Onifade, Legal Pratictional, Ofodile Isibhakhomen, an Elocutionist, Chinasa Ken-Ugwuh, a sustainability consultant and Sandra Eze, an actress. According to Kayode Akintemi, MD, PlusTV Africa, when Saleh brought the idea and concept to them, they liked it but not the concept and so they decided to readapt and recreate a concept that will sit well on their news television station. “The show is a newsy kind of thing with a lot of current affairs with conversions about things www.businessday.ng

happening in our society today. Not evergreen stories or futuristic unless it has a news relevance. So it is a solution driven show, looking for solutions that worry people in Nigeria and across Africa as well,” Akintemi further said. The one-hour show which is currently showing on PlusTV Africa via StarTimes dish platform on Friday-Sunday from 8-9pm on channels 308 and 528 is viewed in over 52 countries. Sandra Eze said, “I am excited to be part of this show because it is an avenue where women can have intellectual talks about what is going on in the country and not just salon gossip.” With Nigeria being the most populated country in Africa and a middle income country, it is still being faced with problems like corruption, poor human development, environment and health issues, inadequate infrastructure, education and business challenges to mention a few.

https://www.facebook.com/businessdayng

the fathers of music, the likes of Tunde King, Ayinde Bakare, and others before we came to contribute our quota to the development of Juju music. We had the likes of Bobby Benson, Victor Olaiya, Arinze, Babyface and all of them. Though, other places have contributed to the development of indigenous music, in the south, west, east and the north, Lagos is where everything started.” The Chief Commander assured that he would give his best at the show and that music lovers should attend the festival to witnessed an encounter between the old and new and also delight

in the lesson they would learn from it. Tee Mac Omatsola Iseli, master flutist and former president of Performing Musicians Association of Nigeria, (PMAN), is coming to show class as well. The legendary flutist promised to bring the world-class quality his music is known for to bear in his performance at the festival. The former PMAN boss noted that Ariya Eko would take music fans down the memory lane, bring musicians together and offer both old and new breeds opportunity to network and even collaborate in the future. On her part, Bimbo Esho, CEO, Evergreen Musical Company, assured on unique excitement for music lovers and attendees of the festival because of the lineup of artistes, especially the master musicians and pioneers of indigenous music genres. Explaining further, she said the public should expect the best because Evergreen Music Company has made its mark in the music industry. “We are the largest collector of music of yesteryears. We have been in existence for over 25 years and have been the brain behind the preservation of indigenous music of yesteryears such as Juju, Fuji, Apala, Highlife, Sakara, and Waka. The company also has the licensing right to promote and market few of the music of Nigerian and Ghanian indigenous music icons like Adeolu Akisanya, Fela Anikulapo Kuti, Victor Olaiya, Rex Lawson, Tunde Nightingale, ET Mensah, C.K Mann, King Kennytone, Crosdale Juba, Ramblers Danceband, among others.

GOtv introduces M-Net Movies Zone Kids Club this festive season

Otv MAX subscribers are in for a happier festive season, as GOtv and M-Net Movies have curated a special five-hour block just for the kids to enjoy. GOtv Max customers can enjoy the exciting shows on MNet Movies Zone Kids Club, GOtv channel 3 every day from 1pm to 6pm, starting from December 4, 2019 till January 14, 2020. On the exciting content lineup is the most talked about movie series, Harry Potter, which will air from December 17 through December 22. The series will air as follows; Harry Potter and The Sorcerer’s Stone, December 17; Harry Potter and The Chamber of Secrets: December 18 at 3:20pm; Harry Potter and The Order of The Phoenix: December 19 at 3:43pm; Harry Potter and The Half-Blood Prince: Decem@Businessdayng

ber 20 at 2:05pm; Harry Potter and The Deathly Hallows: Part 1 on December 21 at 2:05pm and Harry Potter and The Deathly Hallows: Part 2 on December 22 at 3:10pm. Also, the fascinating youththemed movie, Problem Child 1, will air on December 4 at 4:37pm; Problem Child 2 at 4:27pm and Mirror Mirror on December 5 at 2:40pm. Subscribers will also get to watch What A Girl Wants, which airs on December 7 at 4:15pm; Cats & Dogs: The Revenge of Kitty Galore will show on December 27 at 3:03pm and Vampire Academy on January 8 at 1:55pm. To reconnect or upgrade to be a part of the amazing festive season movie rush on M-Net Movies Zone, download the MyGOtv app from your app store on iOS or Android at no cost.

Friday 06 December 2019

BUSINESS DAY

entertainment Business etiquette

Janet Adetu

epending on your cultural background your name and title plays a significant part of how you are ranked in the society. Your name is precious and should be guarded diligently. Some people have been known to change their name completely or create a compound name by adding to the existing. Some names are boosted by extra title, while some are real tongue twisters. Whatever your name maybe it is your right by birth, marriage or choice to be identified with that name. In the business world let your name have a good reputation, more so because as we see repeatedly that others may share the same name. At a woman’s meeting quite recently we were all asked to introduce ourselves for the purpose of identification as well as to familiarize ourselves with all others present. A particular lady humbly introduced herself loud and clear, before we could say anything, all simultaneously agroup of ladies added Chief (Mrs); instantly we all raised our heads again in recognition of who she was simply out of respect. The business world expects that in any gathering you do your best to introduce yourself, acknowledge the name of the person you are talking

Name power to and as much as possible try to remember their name. Remembering someone’s name is a gift, not everyone has that talent. Infact many adults are victims of forgetting names most times within the first ten minutes of meeting someone. To avoid such awkward situations during any first time meeting you will need to make a conscious effort to try to remember the name. never feel shy to ask someone to repeat or remind you if you missed it at the beginning. Frankly speaking if you can remember names weeks later it is a huge bonus for you by way of impression management, and image enhancement. People will draw to you instantly and feel more inclined to cultivate a business

relationship. On the other hand you stand a big chance of ridiculing yourself if you find that on meeting someone again not quite long after the first meeting you wrongly introduce them to someone else. Many names today are a bit of a tongue twister, the best way not to sabotage your image is to get it right

from the onset and not pronounce a person’s name wrongly. Some cultures will allow you to call names casually applying the first name basis, but like everything else caution must not be thrown to the wind. It is important to give significance to ranking, seniority, and respect to all. Many cultures have a very formal business setting so would frown at any differences applied to their setting. For instance in your working place calling your boss by his/her first name may be acceptable but do not assume all organizations are open and free to do likewise.I have witnessed many young professionals, loose multimillion contracts just by virtue of share carelessness of character. You should be able to judge when to use names appropriately. When you are in an unfamiliar territory, it goes without saying that to create a good first impression you should initially appear somewhat more formal,and then change if you have been allowed to. In building relationships the name is key, take note of the following Strategic Etiquette Techniques for addressing someone’s name: Listen: Always listen with intent to hear and understand the name when meeting someone. To affirm what you heard recite the name loudly or silently just try to know you got it correctly. Repetition: Remembering anything takes practice, try to encourage yourself to repeat the name in the course of the conversation or within the first few minutes you

‘ Some cultures will allow you to call names casually applying the first name basis, but like everything else caution must not be thrown to the wind

meet. Mention the name at the start, during and at the end of your brief meeting. Mix and match: If that name is familiar to you match with others you know that have the same name. Align the name with something familiar, to help jog your memory. e.g Mr and Mrs Green (the colour green), create your own version if it will help. Take note: The best next thing is to note the name down if you were not given a card. Store the name on your phone and add a memory name tip at the end. Correct spelling: Don’t pretend to know how to spell the name, it is safer if you politely ask for the correct pronunciation. Some people like to be addressed by the shortened version of their name; ask before you do so or wait to be told. In conclusion to be civil in the business environment is to continuously act with consideration for others. Ensure your work environment is and your conduct is acceptable to all. Recognize the name you prefer to be called by and flow with it. I’m Janet, for over 20 years my close friends call me Jaytee which happens to be a combination of my first and middle names. Even at that this name is only used in social familiar gatherings, while my full name is for formal official gatherings. So in truth realistically speaking there is a lot in a name. Use yours wisely. Share your experience with me, follow me on social media @Janet Adetu Janet.adetu@jsketiquetteconsortium.com

MUNA, action thriller, hits cinema screens this December IFEOMA OKEKE

fter trailer seen at the cinemas in Lagos and Abuja, MUNA, Nollywood’s first undiluted action thriller with Hollywood stars, will hit the cinemas across Nigeria, Liberia and Ghana from December 6, 2019. The insightful movie, which features Adesuwa Etomi-Wellington, Nigeria’s screen diva, as the lead actor, explores tactical means yet romanticism to expose the ills crippling the Nigerian boarders which have become porous to human and sex trafficking. The story of MUNA is ironical. The protagonist, who set out to revenge the mischief done to her – got entangled in a romantic relationship with her archenemy’s son. Love or vengeance, which would she dare embrace? Directed and produced by Nigerian-born award-winning writer cum producer, Kevin Nwankwor, enthused that, “If you watch the news daily, you will see it. It’s sad. Although we

are doing something about it, we are not really doing much”. Hence, MUNA has come to create awareness. “Human and sex trafficking is most rampant in poor communities. They get sweet promises dashed against rocks”, Nwankwor added.

Indeed, MUNA displays the power of love. It is a transatlantic film that aims to put an end to human and sex trafficking yet tries to melt the hearts of the victims and survivors from becoming a nurtured assassin or take laws into his or her own hands.

The big-budget movie is a riveting flick with a fusion of Nigerian and Europe settings. MUNA has every spice a thrilling action movie needs, from gun fights, martial arts, big explosions, suspense, lies, deceptions, romance, and a touch of humour.

Adesuwa Etomi-Wellington www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Although not all action movies have both heroes and villains, MUNA is an exception. It has a heroine and a villain. In the climax of the event, love stood above all. MUNA’s special effects and action scenes are spectacular. Who would think a Nigerian screen diva could do some stunts and punches without obvious film tricks? A Kevstel productions features renowned stars from Nollywood and Hollywood, Nigerian legend Onyeka Onwenu, Ebele Okaro, Sharon Ifedi, Camille Winbush, Nigerian rapper and songwriter FALZ, Adam Huss, Mayling Ng, Robert Miano, Massi Furlan, Steve Wilder, Johnny Williams, and Michael Cavalieri. Obviously, MUNA is G-rated. It is designed to educate, enlighten, entertain and inform the world on the consequences of sex and human trafficking. MUNA, which promises to help create more awareness, gives one message to the world not to allow one’s past to shape one’s future. “We are products of our past, not prisoners of it”.

Friday 06 December 2019

BUSINESS DAY

LEADINGWOMAN

Queens College Old Girls Association takes promoting the course of girls a step further …Ifueko, Atilade-Williams, Adefope-Okojie, Bassey and others give back to their alma mater DESMOND OKON

hile the attention of the world is still focused on promoting the course of girls in a 16-day activism against ill-treatment and discrimination faced by women and girls, former executive chairman of the Federal Inland Revenue Service, (FIRS), Ifueko Omoigui Okauru said it was time women began clamouring for top leadership positions within the public and private sectors. She said this while engaging reporters at the 50th anniversary of the Queens College Old Girls Association as she acknowledged the plights of girls and the significance of the on-going activism. Okauru said: “The reality about the girl child is that when you educate a girl child, you educate the entire family. There is no family that doesn’t have a girl child, none, and when you look at the place the girl children have been placed on, even the way we think about them. Some people don’t even think they should contribute, some people feel they should be at the background. Some people don’t feel that there are professions that they should do and I think we need to change that whole mind-set. “We should be clamouring for the next president to be a woman. We should be clamouring for governors to be women. We should be clamouring for boards of directorships to have more women because research has shown that the more women you have, the more balanced your perspective, the more development you get.” She then went on recommend that such activism should continue “because we are not yet at the point where, what I’ll call fairness with all gender, and we all need to recognize the importance of the girl child and respect women. According to her, the clamour for the protection of girl children is not really just about girl children, but about the society entirely. “It’s about society which is both men and women, boy and girl children. And so, that activism should continue until we reach that ‘promised land’ where we don’t even decide whether we are girl, boy, men, women. We’re just people contributing and everybody is given equal

opportunity,” she adds. The event was held at the school’s 92 years old premises, to appreciate the school as well as give back to the school that was the bedrock of the members’ successes. “We’re here to give back to the school for being efficient and instilling efficiency in us to become what we did become. I’m just here to give back to the school,” said Funmilayo, Olajumoke, Atilade-Williams, retired chief Judge of Lagos State. In giving back, the association took the route of education to contribute to on-going efforts to better the lot of girls by donating lab equipment to the schools having found it to be a pressing need of the school. Teresa Bassey, chairperson of the association’s organising committee, said there’s a lot of abuse going on in various forms, so, there is a need to protect the integrity of the girl child, even without having a specific celebration time tagged to it. “There’s a lot to be done across the board. But if you don’t start somewhere, you’ll never do anything. They said every journey starts with www.businessday.ng

one step. So this step is also a step in the right direction to do what we can. So, I feel that protection of the girl child protection of children, whether girl or boy, protection of adults, protection of human beings in all ramifications is a responsibility of each and every one of us and we just do the best that we can,” she said. A hundred lab stools, over 200 retort stands, microscopes, water bath, full skeleton, a complete water distillation system that can “produce 40 litres in four hours”, different kinds of laboratory models, and few other assorted laboratory equipment, were some of the items the 1969 set presented to the school. Oludotun Adefope-Okojie, a justice of the Court of Appeal, Lagos State charged the girls to develop a value for integrity and unity as her set has been together 50 years after graduating from the school. “We left here 50 years ago, and we’re still together,” she said. “They have to be together. It’s about being united irrespective of wherever you are from because when we were

https://www.facebook.com/businessdayng

here, we came from different parts of the country from the north, south, east, and west and we were one. So that is the advice I would give the students. Aside unity, integrity is also key.” Receiving the gifts, Yakubu-Oyinloye, principal, Queens College, said the gathering was an opportunity for the girls to hear from the women of many achievements so that they can be inspired and motivated in the hope that they too can emulate the step of the 1969 set and remember to give back to the school when they are out. The principal further thanked the old girls’ association and assure them that the school would make good use of the equipment. “I want to thank God for the 1969 set. So many people leave school and they forget to look back. They don’t remember where they came from, but I want to thank God that this is not what they have done. I want to assure you that whatever you give us, we are going to make judicious use of it to build up these young ones,” she said.

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

Sports Joshua: I will make it very difficult for Ruiz Anthony Nlebem

nthony Joshua has warned Andy Ruiz Jr that he will reclaim his world title belts when they meet on Saturday. The 30-year-old Nigerian born British boxer is bidding to get back the WBA Super, IBF, IBO and WBO heavyweight crowns he lost to Mexican boxer Andy Ruiz Jr at the Diriyah Arena in Diriyah in Saudi Arabia. Joshua was dealt a crushing blow to his status as the number one worldwide boxing star back in June when, at Madison Square Garden in New York, he was dropped four times before being stopped by ‘The Destroyer’. Joshua has admitted to having stripped everything back and to have focused more on boxing this time around, had previously had to battle against the tirade of questions regarding fights with the likes of WBC world champion Deontay Wilder and former unified world heavyweight

champion Tyson Fury. The sole focus this week, though, has been Andy Ruiz Jr. and how, in the month of Christmas, the former Olympic champion goes about reclaiming his consensus spot at the top of the heavyweight tree. “It’s about who uses their time more wisely,” Joshua told Sky Sports. “Away from the bright lights of the media after I took my loss, it was a time to

reflect and that’s what I did. “The changes I’ve made will make it very difficult for Ruiz Jr in the rematch. Everyone talks about change but us fighters have a spark in us. I fine-tuned. “It’s a marathon not a sprint, and I will be victorious. The main thing is about being in control of every situation. I know how good I am. I dedicate my life to boxing so it will be no

Special Olympics Nigeria Sports for Hope Initiative ends in grand style Anthony Nlebem

pecial Olympics Nigeria has successfully concluded the Sports for Hope Initiative with a grand finale tournament featuring football and volleyball, informative talks, entertaining performances as well as health screening for attendees. The event which held on Saturday 30th November, 2019 at the Campus Mini Stadium, Lagos Island was sponsored by the Embassy of France in a bid to foster amongst communities the inclusion of persons with disabilities (PWIDs), psychological empower them and promote a positive lifestyle choices with the use of Football and Volleyball as its driving sports tool. Speaking at the event, Special Olympics National Director, Naomi Ejobe whilst addressing attendees thanked the sponsors of the event appreciating them for their continued support. She noted that the event wouldn’t have possible without their support. Naomi also commended athletes from the various communities for participating in all activities that was organized by the

team stating that the impact of what they have learned in the past few months has been visible. Also speaking at the event, the Ambassador of France to Nigeria, Jerome Pasquier who stated that, “the embassy is very happy to support Special Olympics team in carrying out this noble course noting that France is well recognized in sporting activities and we take the game of Football very important. Sponsoring the Sports for Hope initiative is an avenue to foster relationship amongst both countries and most importantly to understand the people, its culture and values”. Pasquier also noted that the Embassy of France is willing to continuously support

www.businessday.ng

Special Olympics Nigeria. In the game of football, the third-place match between Bariga and Ajegunle saw Bariga emerge as winners while Ikorodu emerged winners of the Volleyball game after defeating their Isolo counterparts. For the first place battle in football between Mushin and Agege, Mushin also won the gold medal, having scored a single goal against the second place winners, Agege. The celebration was contagious as members of the winning team danced and jubilated across the field. Winners were presented with medals and a special award for “The Most Valuable Player” was presented to Adeola Adegoke of the Mushin Football team.

surprise when I win. This is all I’ve got so when I do amazing things, I keep my head on my shoulders, and my feet on the ground. I know I’m capable of doing it but it’s about doing it in those 36 minutes.” Joshua and Ruiz Jr did not interact on Monday night at their official arrival, and Ruiz questioned whether AJ was avoiding him. “I wanted to see him, I wanted to shake his hand, but I guess he didn’t want to see me,” Ruiz Jr told Sky Sports. The IBF, WBA and WBO title-holder insisted that longer preparation would result in a second consecutive win over Joshua. “For the last fight we only had a month-and-a-half at most, this time we’ve had three months,” he said. “I don’t underestimate any fighter, especially AJ. I know he will bring his A-game. I know he wants to hit me from distance but it’s my job to do what we plan on doing. We’re ready for whatever he brings. “Things happen for a reason. No-one is saying this will be easy. I know it will be hard, there will be obstacles.”

MatchCentre Brief

Preview and Stats: Man City vs Man Utd Anthony Nlebem

t’s a Manchester derby with a lot at stake as City will be looking to climb back the 11 deficit that Premier League leaders Liverpool have on them at the top of the table. Meanwhile, United will no doubt sense that the Blues are significantly weaker than they were last season and will eye the opportunity to get a big, galvanising win on the board as they look to overcome their own troubles. Taylor is the man who has been trusted to officiate what could be a feisty affair and

both clubs have good records in games he has refereed. Manchester United have won 19 games, drawn one and lost seven of the 27 matches the Cheshire native has taken charge of while City have won 14, drawn four and lost four of their 22. City vs Manchester United will take place on Saturday, December 7 with kick-off coming at 5:30pm. The full list of officials as follows: Referee: Anthony Taylor (pictured). Assistants: Gary Beswick, Adam Nunn. Fourth official: Mike Dean. VAR: Michael Oliver. Assistant VAR: Marc Perry.

LaLiga wins record eleventh Ballon D’or in a row

essi wins an alltime record 6th Ballon d’Or and LaLiga retains the award it has held since 2009, the league’s 23rd overall. Ten years after winning his first Ballon d’Or award, the prize given out annually by France Football to the best player of the calendar year, Lionel Messi has won it for a sixth time. The Barcelona forward was crowned the planet’s best footballer in 2009, 2010, 2011, 2012, 2015 and now again in 2019. Messi’s sixth Ballon d’Or victory means that this is the 11th year in a row in which a LaLiga Santander-based player has won the prestigious honour. In this time, Cristiano Ronaldo also won four Ballon d’Or awards while at Real Madrid and then Luka Modrić also brought the prize back to the Estadio Santiago Bernabéu last year. This 11-in-a-row dominance is a record, and the closest any other league has come is the six victories in a row by Bundesliga players between 1976 and 1981. It’s also the 23rd win overall by a LaLiga player, which is also a record, ahead of Italy’s Serie A (18), Germany’s Bundesliga (9) and the English Premier League (6). As Messi himself admitted at the gala held in Paris, a lot has changed since he was first named the best in the world. “I remember I came to Paris when I was just 22 for my first Ballon d’Or and it was an incredible thing,” he said after

https://www.facebook.com/businessdayng

receiving the trophy from last year’s winner Luka Modrić. “I’ve never stopped dreaming during all this time and I’ve continued wanting to grow and to improve every day. Above all, I’ve never stopped enjoying football.” Now 32 years of age, the Argentine reflected on the prospect of retirement, but insisted that he believes he has several more years of top football left in him. “Thanks to God, I can do the thing I’ve loved since I was one or two years old,” he

Stegen (joint 24th), Karim Benzema (joint 26th) and João Félix (joint 28th). This year’s prize goes to a player who has produced a spectacular 2019, with 46 goals and 17 assists. On the eve of the Ballon d’Or gala, Messi showed exactly why he is considered the best in the world by deciding the heavyweight clash between Atlético de Madrid and Barcelona at the Wanda Metropolitano in the 86th minute, putting a trademark curling strike past Jan Oblak from the

continued. “Hopefully there are still several more years to keep on enjoying football. I’m aware of my age and you enjoy these moments a lot more because retirement approaches and that’s difficult. But I repeat, I hope I have many more years. At these moments, it seems like time flies and everything happens very quickly. I hope to keep enjoying my football, my family, my opponents and the life I have.” There were six other LaLiga players in the top 30, namely Frenkie de Jong (11th), Eden Hazard (13th), Antoine Griezmann (18th), Marc-André ter

edge of the area to secure a 1-0 victory for the Catalan side. Messi has been doing this for Barcelona all year, finishing the 2018/19 season as the winner of the European Golden Shoe for the most league goals in Europe of the campaign. His 36 goals led Barcelona to a second consecutive LaLiga title and his first as captain of the club, having taken over the armband from Andrés Iniesta. With 12 goals he was also the top scorer in last year’s Champions League by a country mile and also impressed with Argentina by scoring five goals in 10 caps.

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

Hotels

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

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

Make the most of festive outing at Radisson Blu Ikeja

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

…as hotel rolls out exciting holiday packages OBINNA EMELIKE

nce again, it is that time of the year when you need to wind-down your work, de-stress, and appreciate yourself after a year’s hard work. Of course, you may have plans for the festive period, but Radisson Blu Ikeja Ho-

tel is presenting unique unwinding opportunities amid many exciting activities. From December 16, 2019 to January 12, 2020, memorable Christmas and New Year experiences await guests and the general public at the hotel. Starting with children, the GRA Ikeja-based hotel is opening its exciting Santa Grotto to children at the Event Room on the ground floor from December 12th to 25th. The Santa offering will see visiting children mingling for fun, playing, encountering and receiving gifts from ‘Father Christmas’. It opens daily from 10am to 7pm

from N3,500 to N15,000 per child. Aside the Santa Grotto, the hotel is offering children additional excitement w ith the Sylverscreen Art Club at the Cascade area, where children will be exposed to and engaged in creative art works from December 16-20, 2019. As well, there will be Frozen rolls ice-cream pop-up at the lobby, beside Choco-latte

ground floor, while parents need not watch their back as the Baby Lounge

www.businessday.ng

Crèche Services are available at the hotel’s Obafemi Awolowo Hall. However, the adults are not left behind. Radisson Blu Ikeja Hotel is thrilling its adult guests with a special music event tagged “White Christmas Party With DJ Consequence”, on December 20th at the Cascade area from 7pm. Though the party is free entry, it is mandatory to purchase a bottle of wine,

sparkling or spirits, as well as, to dress all-white. For movie lovers, the

hotel is offering special Movie Night where it would screen old Christmas classic movies from December 23-25 at CUT Dining 3. The movie offering is free with free popcorn, a nonalcoholic drink and strictly for children residing in the hotel. Moreover, the Food &Beverage department is offering all-day-brunchbuffet for children from 5 – 12 years at 50 percent charge. For Christmas Brunch, breakfast through dinner go for N15,000, while for the Boxing Day Brunch on December 26th, breakfast through dinner go for N13,000. Breakfast and dinner open for New Year Brunch on January 1, 2020 go for N13,000. As expected, Radisson Blu Ikeja is also offering special Christmas discount on rooms, particularly on its Superior Rooms. The rooms goes for N60,000 per night per person for one adult inclusive of breakfast and taxes, and N66,000 per night for two adults and two children between 0-5years pay inclusive of breakfast and taxes. The room offerings are available between December 20, 2019 and January 12, 2020 with minimum stays of two consecutive nights. For lifestyle lovers, the hotel is offering an irresistible spa offering. For the festive season, the hotel’s world-class Amani Spa is offering 25 percent discount on all massage treatments. The hotel urges lifestyle lovers and discerning guests to truly windup the year and start 2020 in style with the invigorating spa experience from December 20, 2019 to January 12, 2020.

https://www.facebook.com/businessdayng

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

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

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

206 Exclusive Hotel Plot 206 Oladipo Diya Road Opposite Olympia Estate By Games Village Second Gate Durumi2 Abuja

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

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

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

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

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

Markets + Finance

‘Providing proprietary research, commentary, analysis and financial news coverage unmatched in today’s market. Published weekly, Markets & Finance provides all the key intelligence you need.’

Banks’ asset quality improves as new CBN rules raise concerns BALA AUGIE

ike the cold hands of death that brings forth devastation, the sudden collapse in crude oil price in the mid-2014 nearly paralysed the Nigerian banking industry . A quarter of their lending was to oil and gas. In the two years before crude oil prices began falling, Nigeria banks lent an estimated $10 billion to local oil and gas companies to buy asset from Royal Dutch Shell, Eni and Total as they retreated from the country’s onshore business. In 2017, thirteen of them were exposed to Etisalat (now 9 mobile)’s $1.20 billion, money that they had lent to the beleaguered telecommunication giant in 2013. The pang of stuttering economy was most felt by the mid-sized bank, while the big ones (Tier 1 lenders) were able to weather storm, thanks to solid capital buffers. Last year, Central Bank of Nigeria (CBN) withdrew the operating license of Skye Bank (a midsize lender) over corporate governance lapses and failure to meet minimum threshold. The good news is that Nigerian largest banks have overcome these challenges as there has been progressive improvement in their asset quality.

The improvements in No n - Pe r f o r m i n g L o a n s (NPLs) can be largely attributed to efficient and effective risk management strategy and conservative approach to loans distribution as lenders avoided risky assets. Also, a rebound in crude oil price on 2017 that helped the country exit its first recession in 25 years and the introduction of the new foreign exchange policy was a boon for industry as customers began to pay back interest on money borrowed. The cumulative NPLs of the 10 largest lenders that have released third quarter results fell by 18 percent to N1.06 trillion, from N1.29 trillion the previous year. Similarly, combined impairment on financial assets were down 21.35 percent to N124.06 billion as at September 2019, from N145.41 billion as at September 2018. That compares with a N220 billion and N254 billion incurred by them in 2018-17

and 2017-16 financial years. First Bank Holdings Plc’s NPLs fell to 21.60 percent in the period under review from 25.90 percent the previous year. Impairment charge on financial asset reduced by 62.64 percent to N28.46 billion as at September 2019, thanks to risk management strategy. The lender attributes the progressive improvement in asset quality to a resolution to significantly close challenged legacy exposures. Zenith Bank declined to 4.95 percent in September 2019 from 4.98 percent as at September 2019. A breakdown of Zenith Bank loan portfolio shows it has foreign currency loans of $2.40 billion (N871.40 billion) while cumulative restructured loans stood at N248.15 billion, of which N192.80 billion comprise of credit to oil and gas. Stanbic IBTC Holdings NPLs fell to 2.70 percent in the period under review from

3.90 percent the previous year while impartment charge on financial assets increased by 97.87 percent to N90 billion. Fidelity Bank’s declined to 4.8 percent in September 2019 from 5.7 percent the previous year, thanks to an increase in the total loan book by 24.2 percent, The Banks said key sectors responsible for the drop in Stage 3 Loans were Oil & Gas, Manufacturing, Real Estate, and Construction. However, Access Bank’s NPLs increased to 6.30 percent in the period under review from 4.70 percent the previous year. The deterioration in asset quality was caused by huge loans it inherited when it acquired Diamond Bank. Analysts say the new rules by the central bank that mandated banks to maintain minimum loans to deposit ratio of 65 percent will result in deteriorating assets quality. The aim of the stringent rules is to force lenders to extend credit to the real sector of the economy, but these sectors are highly risky because they do not have the cash flow to pay back interest on loans. Forcing banks to lend under the current macroeconomic conditions is tantamount to receding earnings as they are likely to book huge write offs. NPL ratio for the Nigerian banking sector was down 2.6 percentage points (ppts) q/q to 6.7 percent in the third

quarter (Q3) of 2019 from 9.3 percent in the second quarter (Q2) 2019 according to data obtained from the NBS. On a year on year (y/y) basis (Q3 2019 compared with Q3 2018), the sector NPL ratio was down 7.5ppts, a ratio that is above the CBN’s regulatory limit of 5 percent, according to a recent report by the National Bureau of Statistics (NBS). Consumer NPLs (for listed banks) fell by 1.30 percent to N75 billion as at June 2019 with NPLs of the sector declining to 8.60 percent from 9.60 percent as at full year 2018, according to a recent report by research firm, Chapel

BD MARKETS + FINANCE Analysts: BALA AUGIE www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Hill Denham Limited. “While this suggests risk measure amid relatively weak macroeconomic environment, the 872.10 percent YTD growth in its customer loan book is reflective of a potential deteriorating in risk asset quality,” said analysts at Chapel Hill Denham Limited. Consumer lending in Nigeria is hampered by lack of reliable household credit records and weak recovery enforcement, Moody’s says in a note on July 8. Midsize banks with higher exposure to consumer and SME loans tend to have higher NPL ratios than large banks, according to Moody’s.

Friday 06 December 2019

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

ENERGYREPORT Oil & Gas

Power

Renewables

Environment

Seplat take-over of Eland: Matters arising Olusola Bello

n October 15, 2019, the news of Seplat Petroleum Development Plc planned acquisition of Eland Oil & Gas, an independent exploration company took the industry by surprise. According to the terms of the agreement, Seplat will pay 166 pence a share for Eland in a purchase valuing the London-traded company at about $484 million. Eland’s directors will recommend that shareholders vote in favor of the deal, which represents a premium of 33% to the six-month average share price.It was also stated that any shareholder of Eland Oil & Gas whose name appears on the register as at close of business on Friday, October 18th, will stand a chance of receiving and retaining the interim dividend which the company had planned to pay on October 31st, 2019. “We are glad to have contributed immensely to the growth of the Nigerian oil and gas industry. Eland has, in a period which has seen a significant cyclical downturn in our industry, outperformed

most of its peers on the AIM Oil & Gas Index,” says George Maxwell, CEO of Eland. In a statement by Edith Onwuchekwa, Seplat’s Company Secretary, issued to the Nigerian Stock Exchange, the Nigerian oil firm stated that “the Boards of Seplat and Eland are pleased to announce

that they have reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued ordinary share capital of Eland by Seplat.” Fait Accompil? It is understood that Eland’s board of directors signed an

L-R: Bashir Bello, general manager, Business and Government Relations of Shell Nigeria; Osagie Okunbor, country chair, Shell Companies in Nigeria and managing director, The Shell Petroleum Development Company of Nigeria Limited; Peter Costello, Shell’s vice president for Nigeria and Gabon; Mele Kolo Kyari, group managing director, Nigeria National Petroleum Corporation; Ben van Beurden, CEO, Royal Dutch Shell; President Mohammadu Buhari; Timipreye Silva, minister of state for Petroleum Resources; Abba Kyari, chief of staff to the President; Boss Mustapha, secretary to the Government of the Federation; Amina Ado, senior special assistant to the President on Petroleum Matters, and John Crocker, executive vice president, Government Relations of the Shell Group, during a visit of Shell senior executives to the President in Abuja.

Stakeholders renew call for government to hands off stakes in power companies

s the December7th, 2019 deadline given to eight power companies by the National Electricity Regulator y Commission (NERC) for the revocation of their licenses draws close, the Nigeria Consumer Protection Network has renewed the call for the Federal Government to pull out completely from Power generation, transmission and distribution. According to the group there is need for total review/ overhaul of Institutional, regulatory and legal frameworks governing the industry. Ku n l e Ko l a O l u b i y o, President,Nigeria Consumer Protection Network after reviewing the whole industry came to the conclusion that, the government should also look at the Ease of Doing Business Indexes on the Power Sector using different reports of UNIDO, DFID and UN Country Diagnostics Reports on Ease of Doing Business in Nigeria which includes fiscal and non InOlusola Bello, Team lead,

undertaking which makes it almost a done deal. In effect, Seplat Petroleum received an irrevocable undertaking. But Starcrest Nigeria Energy Limited, one of the other stakeholders, issued caution on the proposed acquisition of Eland Oil and Gas Plc by Seplat Petroleum Develop-

centive & Stimulus. He said, as it is now, investment in the Nigerian Power Sector has become increasingly toxic. “The present outlook is a dis- incentives to foreign direct investment (FDIs) and not even the local banks are willing to put in their money.” “The Business Plans submitted by the operators in the Power Sector to the local banks on the basis of which loans were given are not been strictly adhere to. He said the way forward in all these is for government to pull out of the Power Sector its un- capitalised 40 percent equity stakes in the sector and deploy the $3 billion loan been sought from World Bank for the development of “Prototypes Roof Top Renewable Power Generation and Development of 10 Megawatts Renewable Energy Sources. There should be three Renewable Energy sources per state in selected locations in each of the Sena-

Graphics: Joel Samson.

www.businessday.ng

The upsides Eland, whose main asset is the OML 40 license in the Niger

Delta,was founded in 2009 and “listed on AIM, the London Stock Exchange’s growth market.The acquisition will boost Seplat’s production to 64,000 barrels of oil equivalent a day and this will propel Seplatto become Nigeria’s biggest oil exploration and production company. So far,Seplat has remained profitable this year, with halfyear 2019 profit increasing 152.6% to N37.5 billion. The deal represents a big boost to the Nigerian Local Content Act which stipulates that Nigerian operators and indigenous service companies shall be given first consideration in award of oil blocks, licences and works in the sector. “Eland has contributed greatly to helping the Federal Government achieve its mission of growing local participation in the sector. This is reflected in our choice of Seplat to acquire Eland,” says Maxwell. It will be noted that Nigeria’s independent producers have grown after snapping up oil leases from large international oil companies when attacks and sabotage forced the majors to scale back some operations especially the onshore assets.

Focus more on gas development, NNPC boss tells PETAN members

torial Districts in Nigeria”. For Off Grid Renewable,he said, the government should have a target of 30 Megawatts of Renewable per state which should be Hybrid of Solar PV / Bio Energy of Wind / Bio Energy depending on the peculiarities of the comparative advantages in different parts of Nigeria. According to him, there are 108 Senatorial Districts in Nigeria and FCT and when108 districts are multiply by 10 Megawatts of Renewable Energy sources (Off Grid) it would give us 1,900 Megawatts of Renewable Energy Sources. These, he said, should be built and managed by Niger Delta Power Holding Company (NDPHC). The civil society organisation boss also advised that the money the government would realise from the sales of its 40 percent equity in the sector should be re-directed towards Infrastructural development in Off Grid Renewable Energy to grow the Economy.

ment Company. According to Starcrest, the caution was issued on many grounds but mainly because fundamental misrepresentations, or material omissions in representation, have been made to the market in general and to the respective shareholders. However, reliable information revealed that Emeka Offor, the Chairman of Starcrest Nigeria Energy Limited, George Maxwell, CEO of Eland and Bryant Orjiako, Chairman of Seplat met in London to settle the impasse, resulting in a favorable outcome for all parties whilst the acquisition process continues. The meeting may have prompted Eland Oil & Gas shareholders to give overwhelming backing to the takeover of the Aberdeenbased firm. Also, the Boards of Eland and Seplat announced that at the Court Meeting and the General Meeting held today November 20, 2019 by Eland and convened in relation to the proposed Scheme, all the proposed resolutions for the take-over were duly passed by the requisite majorities.

ollowing the growing influence of gas the economic equations globally, Mele Kyari, group managing director of the Nigerian National Petroleum Corporation (NNPC), has urged members of Petroleum Technology Association of Nigeria (PETAN) to focus more on gas development and support the government in its fight in curbing emission. According to him Nigeria is a gas province and there is need to develop gas because it is cheap, clean, environmentally friendly and affordable. He said PETAN members can help save the environment by substituting coal with gas and therefore reducing emission by half. The NNPC boss who was represented at the PETAN’s 2019 Clients’ Appreciation and Industry Achievement Awards in Lagos, by Yusuf Usman, chief operating officer (COO), Gas and Power, NNPC, said that the use of gas for sustainable development has become paramount in policy formation in Africa. Bank-Anthony Okoroafor, chairman of PETAN, in his welcome address assured

the NNPC boss and all other stakeholders present that PETAN remains committed to ensure a sustainable environment for business and for the people. He stated further that PETAN remains committed to partnering with all stakeholders to create enabling environment for investment to thrive. The association he said was formed to utilise the technical knowhow that abounds in the oil and gas industry by Nigerians as a springboard for economic change and technological advancement of our nation. “This we have been pursuing since 1990. It was in 2010 that PETAN developed a-4Cs strategic plan, Capacity Building, Capitalisation, Collaboration and Consolidation, to identify and leverage capacity gaps from the Local Content Act, consolidate and expand end-to-end capacities across the value chain.” He said PETAN will be 30 years in March 2020 and invited the audience to celebrate the milestone with PETAN in grand style. “I will be inviting the industry to celebrate with us in working with the Nigerian Content

Email: energyreport@businessdayonline.com, Tel: +234-8023020011

https://www.facebook.com/businessdayng

@Businessdayng

Development and Monitoring Board (NCDMB) and the National Assembly to increase retained earnings from five per cent to more than 27 per cent; to increase equipment ownership, drilling rigs, cementing, simulation, wellheads etc, to more than 90 per cent,” he said. Besides, he said PETAN will work to increase (indigenous) vessel ownership from less than 10 per cent to more than 40 per cent; fabrication tonnage from nothing to about 60, 000 metric tonnes; iron processing, pipe-coating, pipelaying, operation and maintenance, FPSO integration, engineering design. He stated further that the theme: “Oilfield of the Future: operational Excellence”, is to re-emphasise the long standing PETAN philosophy for the growth of the industry, which is professional excellence. “That was why we initiated a PETAN’s Seal of Quality to sanitize our operations and certify our people in particular and the industry in general. The process has fully commenced and a number of our members have been certified in conjunction with Bureau Veritas.

Friday 06 December 2019

BUSINESS DAY

POLITICS & POLICY Upgrade Alasoadura to senior minister, APC chieftain urges Buhari Innocent Odoh, Abuja

chieftain of the ruling All Progressives Congress (APC), Garus Gololo has urged President Muhammadu Buhari to upgrade the Minister of State for Niger Delta Affairs, Omotayo Alasoadura to a senior minister following the prospects of the main Minister, Godswill Akpabio, going back to the Senate after a court ordered rerun in his senatorial district. Gololo, who spoke with BusinessDay in an interview on Thursday in Abuja, said Alasoadura is hardworking, humble and has the experience which he can bring to transform the Ministry of Niger Delta Affairs in line with the Next Level agenda of the president. “I know that the Niger Delta Ministry will not regret

having him as a senior minister. I know he will deliver to the president in his Next Level agenda,” Gololo said. Alasoadura, probably stands a chance to be upgraded as senior minister if Akpabio is re-elected into the Senate. Akpabio, of the All Progressives Congress (APC) was defeated in the Akwa Ibom Northwest Senatorial District election in 2019 by Christopher Ekpeyong of the People’s Democratic Party (PDP) as announced by the Independent National Electoral Commission (INEC). Akpabio and his party as second appellant challenged the matter in court and got a favourable judgment when the Court of Appeal sitting in Calabar, Cross River State, annulled the election of Senator Christopher Ekpenyong, who until the judgment represented Akwa Ibom Northwest Senatorial District. The court also or-

dered a rerun within 90 days. The court upheld the election results for Obot Akara

elkiah Mafindi, executive chairman, Taraba State Planning Commission has said that the commission has developed a new Taraba Master-Plan covering from 2020 to 2025. Mafindi made the declaration when members of the National Executive Council of Jalingo Old Boys Association (JOBA) paid solidarity visit to Solomon Elisha, one of the newly sworn in commissioners in the state. Mafindi, who is also the

National President of JOBA, said that the new document which is a new administrative blue-print would serve as a guide towards achieving administrative by the newly appointed commissioners. He commended Governor Darius Ishaku of Taraba State for appointing one of their own into the state executive council. He urged Elisha to make a difference in the council, saying his appointment did not come as a surprise to many people. The executive chairman assured the people that Elisha would live up to expectations.

that they failed to prove alleged irregularities in the conduct of the election, and

Yakubu Gowon(r), former head of state, his wife, Victoria Gowon (2nd r); Olusegun Obasanjo (4th r), former president; Babatunde Fashola (4th l), minister of works and housing; Oluremi Tinubu(m), Senator representing Lagos Central Senatorial District; Theophilus Danjuma ( 3rd r), former minister of defence; Olagunsoye Oyinola(2nd l), former military governors and administrators in Lagos State; Rear Admiral Ndubuisi Kanu (l), and Buba Marwa (3rd l), during the funeral service for the first military governor of Lagos State Mobolaji Olufunso Johnson at the Hoare’s Memorial Methodist Cathedral, Yaba, Lagos, yesterday.

the results announced by the INEC. The court also declared that Akpabio and the APC failed to prove that they won the election in Essien Udim with over 61,000 votes. The court however, ruled in favour of Akpabio and his party that the election there was characterised by gross irregularities, making the final results announced for the entire Local Government Area by the INEC unreliable. The court, subsequently, voided Ekpenyong’s election and ordered a rerun in Essien Udim in other to determine the actual winner of the election. This judgment was on the grounds that the area has over 126, 000 registered voters, which is more than the margin of valid votes between the two leading candidates in the election, and is enough to determine the actual winner of the election.

Don’t bad-mouth Nigeria, Magu cautions corps members

Planning Commission develops new master-plan for Taraba Nathaniel Gbaoron, Jalingo

Local Government Area, and others disputed by Akpabio and the APC on the grounds

In his remarks, Elisha, who is yet to be assigned a portfolio, commended Governor Ishaku for finding him worthy to serve as a member of the state executive council. Elisha, who is a former chairman of the Youths Council in the state, pledged loyalty to the governor and the entire people of the state. He also assured that he would contribute immensely to the actualisation of the ‘Rescue Agenda’ of Ishaku, and commended members of the JOBA for identifying with him, assuring that his doors were open for advice from all quarters.

REMI FEYISIPO, Ibadan

he acting Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, has warned Nigerian youths currently undergoing the mandatory national youth service against speaking ill of Nigeria, charging them to always look out for how they could contribute their quota in tackling the nation’s challenges. Magu gave the charge in Ede, Osun State on Thursday while delivering a lecture at the state’s permanent orienta-

tion cap of the National Youth Service Corps, NYSC. The lecture was delivered on his behalf by the Ibadan Zonal Head of the commission, Friday Ebelo. According to him, rather than dwell on the myriad of challenges facing the country and using same to talk down on it, the youth should rather look inwards and offer solutions that will bring the nation back on the track of her avowed giant status. “The nation looks up to you for solution to her problems. It is up to you to make yourselves available in proffering those solutions. “Don’t join those whose

pastime is running down the country. Such attitude will neither help us as individual nor answer any of our national questions. “As corps members, you have the responsibility to defend your country with your all and do everything to help her overcome her challenges. “ The ultimate way to achieve this is to always stand against corruption. You must also speak against it at every opportunity,. No nation develops carrying heavy corruption burden,” he admonished. The EFCC boss’ message was also delivered at the NYSC orientation camp for the Oyo State corps member in Iseyin.

Your plan to appoint ‘Caretaker Chairmen’ is an Act of illegality and executive rascality, Oyo ALGON tells Makinde REMI FEYISIPO, Ibadan

he sacked council chairmen in Oyo State have described as an act of illegality, executive rascality and an affront to the judiciary and the rule of law, the plans of by Governor Seyi Makinde to appoint caretaker chairmen and sole administrators to the 33 local government areas and 35 local council development areas of the state. The chairmen under the aegis of Association of Local Government of Nige-

ria (ALGON) said during a press conference held at the Council secretariat, Iyaganku GRA, Ibadan that the plan is the governor’s own way of breaking the peace and return the state to the old days of ‘panjere’ lawless politics of thuggery. Governor Makinde will any moment from now appoint caretaker chairmen into all the 33 LGAs and sole administrators into the 35 LCDAs ahead of the council polls to be conducted by the first quarter of 2020. All the sacked council www.businessday.ng

bosses and councillors across the state who were present at the press conference said Governor Makinde will be making history as the first governor to breach the NFIU guideline with the move. The Oyo State ALGON chairman, Ayodeji AbassAleshinloye in company of other sacked chairmen, said any attempt by the governor to impose the caretaker committees on the councils when the appeal the state government filed is yet to be heard and a perpetual restraining order against dissolution of

elected council administration is still subsisting, “will be considered as the final push that will exhaust out patience.” According to Aleshinloye, “We will be very ready to defend our mandates popularly given by the people who elected us into position of responsibility. You do not sit on a chair that is not vacant except court clears the seat for you or you take the seat by force, a recipe for violence and lawlessness. “We, the elected chairmen and councillors as members

https://www.facebook.com/businessdayng

of ALGON, Oyo state have been seeking all constitutional and peaceful means to correct this illegal act of Governor Makinde, but it is now very clear that the government has decided, out of its own volition, to be deaf and dumb to all voices of reason and wisdom in its flagrant disobedience of court order and it is in an hurry to push Oyo state into a state of anomie, a lawless state where the rule of men not rule of law reigns. “ALGON has resolved at our last meeting that in the @Businessdayng

event of an invasion of the Council secretariats by the Seyi Makinde Forces of Occupation, we will be more than ready to defend the councils and the sanctity of the people’s mandate freely given to us.” “All elected local government chairmen and councillors are hereby put on notice and be at alert anytime the governor makes his final push. Where tradition is lacking, a striking example is very necessary. Action and reaction are equal and opposite,” he further said.

Friday 06 December 2019

BUSINESS DAY

news

Be advocates of justice, equity, Osinbajo tells Nigerians Desmond Okon

peaking up’ has become a popular phrase used to encourage victims of sexual violence to break the silence since Nigeria woke up to the facts, but while that remains a viable step to addressing the impasse, the wife of Nigeria’s vice president, Dolapo Osinbajo, has encouraged Nigerians to go beyond that and be advocates of justice, fairness and equity. The vice president’s wife made the charge at the graduation ceremony for out-ofschool girls empowerment programme in Lagos. Osinbajo reminded her audience that an abuse of any form was wrong and an offence to the collective human society. “It is important to me to use every opportunity to remind us all that abuse of any form, rape molestation, domestic violence, exploitation, slavery and such like are all wrong and they are offences against our collective humanity. Whenever you see or hear, whenever you know of abuse, please speak up, and stand up. “Beyond speaking up against abuse, and standing up to resist and reject abuse in our community, we ought to be advocates, persuading as many people as possible to take the high road, the path of good, of right, of justice, of fairness, and

of equity,” she said. Over 300 out-of-school girls were graduated at the event, organized by Spotlight Initiative and supported by The Women Helping Hand Initiative (TWHHI). ‘Out-of-school means girls who have been through secondary school, but are wasting away due to one reason or the other. The organisers told BusinessDay that they had successfully completed a vocational programme to empower them economically. The training covered beadmaking, scarf-dressing (popularly called gele tying), pastries, sewing, event decoration and event planning assistive services. As each girl received her certificate of participation and start-up kits, Osinbajo who is also the chairman of TWHHI watched with gladness and undisturbed about pressing national duties. “Today, this hall was generated by the students that participated in the party support services, the drapes, the flowers were done by them. For the bead work on fabric participants, each of them was given a pair of slippers to bead and sell today. There is an exhibition on the tables at the back, please make sure you patronise them,” she said, soliciting patronage for the girls’ craft.

Nigeria outperforms SA to become most valuable brand in Africa …records $255.6bn to be among top fastest growing nations BUNMI BAILEY

or the first time in nine years, Nigeria has overtaken South Africa (SA) as the country with the most valued brand in Africa for 2019, a BusinessDay analysis from a report shows. BusinessDay findings from the 2019 Nation Brands report surveyed and published by United Kingdom-based Brand Finance, the world’s leading branded business valuation and strategy consultancy, show that Nigeria brands recorded a total of $255.6 billion, making it number one, while SA’s had $218 billion in 2019. Also, the country’s ranking moved up by eight places to 40th from 48th out of a total of 100 in 2018, making it among the world’s top 20 fastest growing nation brands, while SA moved

up by just one position to 46th from 47th. In these figures made exclusively known to BusinessDay, Nigeria’s brand valuation increased 25.6 percent to $255.6 billion against $203.5 billion in 2018. Babatunde Odumeru, managing director, Brand Finance Nigeria, said, “Nigeria’s newly found elevation to Africa’s most valuable brand, knocking off Brand South Africa must be taken into prospective. The South African economy has been growing at almost a flat rate for a while. “This dogged with political instability in the region and internationally reported incidents on the recent xenophobic attacks on other Africans in the country, all contributed to the decline in South Africa’s value, and ultimately took them off

the top spot.” Eight out of the 20 fastest growing nation brands came from Africa, namely Ghana, Uganda, Egypt, Libya, Ethiopia, Nigeria, Kenya and Morocco. According to Odumeru, Nigeria’s brand value has been growing at a slow and steady rate but not at exponential rates compared to other African nations’ brands such as Ghana, Egypt and Uganda, and the steadiness in the country’s growth rate indicates that our growth fundamentals are working somewhat. “I believe that the resultant effects of certain reforms notably the ongoing effort to diversify the economy is slowly kicking in, especially as it relates to the nation’s brand perception. “Furthermore, with relatively new sectors emerging as a result, such as the culture industries,

which are exporting and exposing our culture internationally on a larger scale through our artists, perceptions of our culture are slowly changing in a positive light. And, the current activities in the tech space are slowly playing a pivotal role in giving the nation brand a resonance globally,” Odumeru further said. In a global marketplace, a nation brand is one of the most important assets of any state, encouraging inward investment, adding value to exports and attracting tourists. Since 2015, the Federal Government has been intensifying efforts in diversifying the economy from oil to non-oil sector. Also, the financial services and information technology sector in Nigeria has experienced a meteoric rise in the eight years to 2018, leading to an inflow of at least $204 million into it,

Forum proffers solutions to companies’ survival in harsh economy Daniel Obi

peakers at the seventh edition of the Brand Journalists Association of Nigeria (BJAN) conference 2019 with the theme Survival Amid Harsh Economy: Inside Stories of Top Brands,’ suggest that companies should constantly re-strategise, innovate and become more consumers centric in order to hedge economic hardship. The speakers also advise companies to engage in market research and endeavour to do things differently from competitors. Those who spoke at the forum in Lagos advise against companies cutting marketing communicationbudgetsduring hard times, as such action will limit their reach to consumers. Leadingthediscussion,CEO of X3M Ideas Limited, Steve Babaeko, who was represented by director, Brand Management and Strategy of the company, Babatunde Olaifa in his presentation, says: “History shows that structural shifts in the pecking orders of industries occur more often in difficult times and these shifts endure for a long time. “The fight to sustain company performance during a downturnisnotjustaboutshortterm survival; it is also about long-term positioning in the industryhierarchy.Thisisclearly a battle worth fighting.” He went on to say that it is duringthisperiodthatimproved marketing budget time will help consumers choose products and services congruent to their needs. “If possible, brands should step up their marketing budget and efforts. “Instead of cutting marketing budget which has become the tradition, brands should diversifytheirmarketsandpack-

ages to ‘speak the language of the common man’ because the consumersarenolongerpassive but very active due to increased scarcity of resources.” He however advises brand custodians and handlers to step up their business intelligence and think out of the box, as deeper creativity will enable them to weather the storm during harsh economy. As part of cost saving measures, other speakers pointed out huge opportunities for brands to create deeper awareness using the digital and other social media platforms. Marketing professionals should take advantage of the opportunities social media provide to create TopofMindAwareness(TOMA) for their brands. Creative agencies, public relations practitioners, experiential marketers and others in the ecosystem including brand owners should work in deeper collaboration to see themselves as partners to eliminate the usual master/servant relationship between brand owners andagencies.Thiswillhelpboth brandsandtheiragenciestosurvive the current difficult times. The consumers must jettison bureaucracy especially during harsh economic situations, as brands would need to take decisions swiftly and respond promptly to agency/public enquiries if they want to increase their level of acceptability. The forum with objective to x-ray the depression and recession that gave insights into how some brands survived and thrived during economic downturn also recognised and honoured some brands and players in the Brands and marketing industry that have made remarkable impacts.

L-R: Tubosun Alake, special adviser to the Lagos State governor on innovation and technology; Obafemi Hamzat, deputy governor; Babajide Sanwo-Olu, governor, and Victor Gbenga Afolabi, founder, Eko Innovation Centre, during the Art of Technology Lagos 1.0, yesterday.

Edo Assembly passes 2020 budget estimates, shores it up by N1.6bn … constituents, party chieftains, others hail sack of absentee lawmakers-elect IDRIS UMAR MOMOH & CHURCHILL

do State House of Assembly on Wednesday passed the 2020 fiscal year appropriation bill after shoring it up by N1.6 billion. The lawmakers passed the budget during an emergency plenary session in Benin City. The legislators also approved N3.5 billion loan from the Bank of Industry (BoI) for the state government to buy fleet of buses for the Edo City Transport Service (ECTS). Recall that the state governor, Godwin Obaseki, had November 13, presented a budget estimates of N177,601,812,050 billion to the House for consideration and passage. The initial budget estimates of N177,601,812,050 billion was made up of N85,539,289,300 billion as recurrent expenditure and N92,062,522,750,72 as capital expenditure, respectively The passage of the budget was sequel to a motion

www.businessday.ng

moved by the House leader, Roland Asoro, representing Orhionmwon Constituency II and seconded by Ephraim Aluebhosele, member representing Igueben. Speaking during the passage of the budget, Speaker of the House, Frank Okiye, said the increase of the budget by N1.6 billion was to enable government complete all ongoing projects. Okiye said the N1.6 billion would be sourced from anticipated internally generated revenue (IGR) of the state, disclosing that the capital expenditure now stood at N92.6 billion, while recurrent expenditure stood at N86.5 billion. On the N3.5 billion loan from the BoI, the lawmakers said the purchase of the fleet of buses would further create jobs and ease transportation system in the state. The request for the loan was contained in a letter signed by the Secretary to the

https://www.facebook.com/businessdayng

State Government, Osarodion Ogie to the House. The lawmakers after deliberations unanimously approved the governor’s request to access the loan facility. Meanwhile, as the seats of the Assembly members-elect who have remained in Abuja and refused to be inaugurated were declared vacant on Wednesday, December 4 by the Speaker of the House, affected constituents and party chieftains have hailed the move, noting that the lack of representation for about six months has deprived them of the benefits of democracy. A cross-section of the affected constituents that spoke with journalists said the move was a welcome development, as it would pave the way for the re-election of persons willing and ready to represent the interest of the people. A chieftain of the All Progressives Congress (APC), C h a r l e s I d a h o s a , f ro m Uhunmwonde, one of the @Businessdayng

seats affected by the recent development, said it was regrettable that the memberselect chose to stay away from the House because of their selfish interests and in the process, deprived their people of credible representation in the House. According to him, “It is a well-known fact that the House is made up of 24 members elected under the APC, to serve their people. Those who decided to stay away have been shown the exit door and it is the right thing to do since the people were starved of credible representation.” On his part, Osaigbovo Iyoha, who represented Oredo East in the 6th Assembly, said the development shows that members of the Assembly are truly on the side of the people as they have thought it wise to declare the seats vacant so that well-meaning persons can take up the mantle of leadership and represent them.

Friday 06 December 2019

BUSINESS DAY

news

OPEC negotiates deeper output cuts to shore up prices STEPHEN ONYEKWELU, with agency report

rganisation of Petroleum Exporting Countries (OPEC) and its allies led by Russia on Thursday were moving closer to agreeing on one of the deepest output cuts this decade to support crude prices and prevent a glut, sources from OPEC say. The OPEC met on Thursday in Vienna and with Russia and others, a grouping known as OPEC+, on Friday. Three OPEC+ sources said on Thursday the group would discuss increasing current cuts of 1.2 million barrels per day by more than 400,000 barrels per day (bpd). The current cuts expire in March and OPEC+ sources and delegates have said the new deal could be extended to June or until the end of 2020. OPEC+ has curbed supply since 2017 to counter the booming output from the US, which has become the world’s biggest producer. In 2020, rising production in the US and other non-OPEC countries such as Brazil and Norway threaten to add to the glut. OPEC’s actions in the past have angered the US President Donald Trump, who has repeatedly demanded OPEC’s

de facto leader Saudi Arabia brings oil prices down if it wants Washington’s to provide Riyadh with military support against arch-rival Iran. In the past few months, Trump has said little about OPEC but that might change later in 2020 if oil and gasoline prices raise – a politically sensitive issue as he seeks reelection in November. Washington’s ongoing trade dispute with China has also clouded the economic and therefore oil demand outlook for 2020. Iraq, OPEC’s second-largest producer, said on Tuesday OPEC de facto leader Saudi Arabia was supporting cuts of 1.6 million bpd, or 1.6 percent of global demand. Saudi Energy Minister Abdulaziz bin Salman said he “feels good” about this week’s meetings but declined to comment on policy matters in Vienna. Russian Energy Minister Alexander Novak told Abdulaziz on Thursday that RussiaSaudi energy cooperation should continue, his ministry reported. Oil minister Bijan Zangeneh of Iran, which is exempt from the cuts, said he would support a deeper cut if that was agreed by other producers.

L-R: Michael Sheldrick, co-founder/chief policy maker, Global Citizen; Adejoke Orelope-Adefulire, senior special adviser to the president on SDGs; Tunde Folawiyo, chairman, Global Citizen Nigeria; Lee Rolonte, SVP event 3 broadcast, Global Citizen, and Aigboje Aig-Imokhuede, vice chairman, Global Citizen Nigeria, at the inauguration of Global Goal Live Nigeria Policy Forum; The Possible Dream, organised by Global Citizen, in Lagos. Pic by David Apara

NIMASA working with relevant authorities to release abductees on-board vessel along Bonny – Peterside AMAKA ANAGOR-EWUZIE in Abuja

ollowing the recent attack and abduction of crew on-board a tanker vessel, ‘Nave Constellation,’ the Nigerian Maritime Administration and Safety Agency (NIMASA) said on Thursday in Abuja that it was working with relevant partners to ensure the crew were safe and secured. Dakuku Peterside, director-general, NIMASA, who disclosed this on the s i d e - l i n e s at t h e o n g o ing National Transportation Summit organised by the Chartered Institute of Transport Administration of Nigeria (CIoTA), said the agency was ready to fast-track the mar itime

Auditors tasked to embrace tech for efficient service delivery DESMOND OKON

ecretary to Lagos State Government (SSG), Folashade Jaji, has tasked auditors in public service to embrace technology in the execution of their duties, saying it is the only way to maximise service delivery. Jaji gave the charge at the 10th annual auditors’ retreat held Thursday in Lagos. According to Jaji, the public who benefit from the works of the auditors must be made to see that they (auditors) were truly delivering service. “We all know the role technology plays, and I think it is very critical that we be on top of technology. We have to go along with technology otherwise we would be left behind. We won’t be able to achieve a lot of things,” she said. The SSG, who described technology as the future of work, encouraged the auditors to ensure they fully key into it so “that they can move with the

time and be in the position to contribute to the development of the country. “The public must see that our services are different, or we’re delivering services differently, more efficiently, and more effectively,” said Jaji at the retreat which theme was “institutional framework for sustainable infrastructure maintenance: prospects and challenges.” The event brought auditors in Lagos State to find solution to the infrastructural deficit be-devilling Lagos State’s smart city plans. She added that auditors in the state must ensure that public funds were properly utilised for the purpose for which they’ve been task for. Once they realise that auditors are going to play their roles, there will be no cutting of corners, everybody will make sure that what is expected of them, that everything is done, and they will have quality and feel satisfied that they have done their ethos, which is value for money concept,” she said.

CEO Sujimoto Construction awarded patron of New Oko-Oba Primary School CHUKA UROKO

Lagos NASME elects Adebayo as new chairman

agos State branch of the Nigerian Association of Small and Medium Enterprises (NASME) has elected Adams-Olu Adebayo as the new Chairman. The election was done at the Annual General Meeting (AGM) of the Lagos State chapter of NASME, held at the Federal Institute of Industrial Research Oshodi (FIIRO) recently, 2019. Adebayo was elected as the Chairman alongside other officers to run the affairs of the association for the next two years. Adebayo is a serial entrepreneur and social advocates, he is the pioneer and CEO

secur ity architecture to ensure security on Nigerian waters. Peterside said the tanker was attacked off the coast of Bonny with 19 persons alleged to have been picked up, leaving nine crewmembers on-board the vessel. “The operators of the vessel made contact with NIMASA and the Nigerian Navy and we immediately went to work,” he said. He noted that the vessel owners had operated for 10 days, within our territorial waters yet didn’t establish contact with the Harbour Masters and authorities in Nigeria. “However, that isn’t an issue because life is more

of Eko Queens Rice and the immediate past President of NASME Lagos Cooperative MCS . He is an agronomist and agribusiness specialist having attended University of Agriculture Abeokuta, UNAAB, MBA agribusiness in 2004. He earned a PhD in strategic and Logistic Management from Princely International University, New York in 2016. He retired from Wemy In d u st r i e s a s E xe c u t i ve Director sales, marketing and strategies. He is married to Oluwakemi Adams Adebayo and blessed with three children. www.businessday.ng

n recognition of his outstanding contributions, the chief executive/managing director of Nigeria’s luxury real estate brand, Sujimoto Construction Limited, Sijibomi Ogundele, was awarded as patron of New Oko-Oba Primary School in Lagos. This follows his donation of learning materials and commitment to the renovation of school buildings by the renowned luxury real estate entrepreneur. Ogundele was the centre of attention at the New Oko-oba Primary School’s Sports Day held November 29, 2019, as he was celebrated as patron of the White House. It will be recalled that the luxury housing leading light and highly sort after expert in real estate development made the news last month when he found his way back to his old Primary School in Oko-oba, and gave 50 students a lifetime scholarship, amidst the numerous bags of gifts and goodies for everyone. Speaking about his drive and commitment to Corporate Social Responsibility, Ogundele re-established his company’s

stance on CSR. In the words of the well-reputed Nigerian real estate business leader, Ogundele says “giving back for us is more than CSR, it is an obligation. I believe that if your neighbour is hungry; your chicken is not safe, this is why all our tithes for 2020 as an organization, will go into funding education. Giving back is a vital and integral part of our strategy for 2020”. The busy construction guru who was out of the country on an important business meeting in the United Arab Emirates was well represented by the Sujimoto Communications Team who gave a glimpse into the organisation’s CSR plan in the coming year. Top on the list is the provision of quality classroom desks and chairs for the staff and pupils of New Oko-Oba Primary School while promising to embark on a renovation project of some classrooms and toilets before the end of the first quarter of 2020. Similarly, there are also plans by the real estate giant to extend the initiative to Ijebu Ode Grammar School, Model College in Meiran, and other schools in cities such as Zaria, Jos, and many other schools across Nigeria.

https://www.facebook.com/businessdayng

precious than any other consideration. We have also immediately contacted the naval unit around that area and they have gone to work. The Navy has established contact with the remaining crewmembers on-board the vessel and the nine persons on-board the vessel are safe and the vessel is safe,” Peterside said. Lamenting that this happened at a time efforts are being put together to make Nigerian waterways safe, he gave the assurance that the agency would not rest on its oars. “This would ultimately serve as catalyst for us to fast-track what we are doing to safeguard our waterways

so that commerce can thrive and people can do economic activities without fear or hindrance,” he said. While sympathising with the victims and their families for the ordeal and challenges of being kidnapped, he urged every concerned citizen and stakeholders to come together and work with NIMASA and other relevant security agencies to end the menace of pirate attacks on Nigerian waters. Recall that Nigeria recently hosted a Global Maritime Security Conference (GMSC) where several engagements were held with stakeholders from all over the world, on the global maritime scale.

Henley Business School taps Nigerian alumni to deepen presence

ondon-based Henley Business School has disclosed that it plans to deepen its presence in Nigeria by leveraging its alumni network comprising of over 400 former students. John Board, dean of Henley Business School, said at an alumni network meeting in Lagos that Africa is a focal point for the institution. But while it has a physical presence in South Africa, its presence in Nigeria, Africa’s most populous country, is yet to gain traction. The institution faces competition from more entrenched schools such as the Lagos Business School. Nevertheless, Board said its entry strategy is more collaborative. “Our approach is to learn as much as we can from the market. Let’s be honest, we do not know so much about Nigeria to put up a physicalpresence,butwehavehad anamazingsetofstudentsfromthe countrywhoareouralumni’snow. We expect them to be our ambassadors here,” Board said. He further said the visit to Nigeria was primarily to connect with a much larger range of Henley Alumni so as to ensure everyone is in connection with one another. While in Nigeria, the business @Businessdayng

school is spreading its tentacles to include creative and digital entrepreneurs. Jean-Pierre Choulet, director of Development, Alumni Relations and External Engagement at Henley Business School, said this is in line with the school’s evolving strategy and the shift in global market operations where organisations are increasingly investing in technology. Nigeria, he said, has a rich population of 200 million people with 65 percent of the people below 35 years of age and feeding into the workforce and market. However, Choulet said making a successful business is beyond just buying new technologies and creating solutions “We are working towards adding value to accompany the youths from the grassroots, middle class, and upper class to develop themselves and be enabled to drive Nigeria’s economy towards a sustainable developed economy,” he said. Paul Orajiaka, head of Nigeria Alumni, told BusinessDay that Henley Business School’s uniqueness to other schools is its ability to take students on oneon-one journeys. MBA students have one tutor assigned to help them build their ideas into viable businesses.

Friday 06 December 2019

BUSINESS DAY

news Finally, DSS frees Sowore from detention in the ongoing trial in Abuja. Sowore, alongside Bakare, is being charged by the DSS with treasonable felony, money laundering, among others. Before now, Justice Ijeoma Ojukwu had, on November 6, signed the release warrant of the defendants and ordered the DSS to make available all the necessary documents that would help to facilitate in the defence of the duo’s trial. But on Thursday, Justice Ojukwu had condemned the security outfit’s attitude to court order, directing it to release Sowore and Bakare within 24 hours. The judge then adjourned till December 6 for trial continuation. “I want to say once again that the DSS has not at any time refused or failed to comply with the court order. What we have done today is to go a step further to say that the DSS no longer want Mr. So-

wore in their custody. That is what we are saying,” he said. Liman explained that “when somebody is granted bail, he is expected to be released to the main person that has served as his surety.” According to him, nobody, I repeat, has gone to the DSS to take Mr. Sowore and co. on bail. “The court has made an order to release them forthwith. “But the DSS has not refused, at any time, to comply with court order “And that is why the DSS filed an application today that they no longer want them in their custody,” he added. Liman, however, assured that Sowore and Bakare would be released based on the order of the case and as soon as they meet the terms of bail condition. “When you come tomorrow, you will know if that has been complied with or not,” he told the journalists.

Here’s why Nigeria should prioritise...

hurt the country’s economy and leave it vulnerable to outflows when sentiment turns. The central bank’s stock of so-called open-market operation (OMO) bills, an instrument used to borrow money from FPIs, has risen to N17.4 trillion ($48 billion) from N5 trillion in 2017, according to Moody’s. Around a third are held by foreigners, it said, many of which are carry traders enticed by yields of about 13 percent. “To attract foreign investors, the Central Bank of Nigeria is paying high interest rates on these certificates,” Moody’s analysts Samar Maziad and Marie Diron said in a statement. “This policy is very costly, and has a consequent impact on the yields of other government financing instruments.” The strategy has worked in terms of keeping the naira stable, a key aim of both Governor Godwin Emefiele and President Muhammadu Buhari. It has barely budged against the dollar this year and is Africa’s best-performing major currency after the Egyptian pound. The cost of that stability has however continued to cast a shadow over that approach. Societe Generale doubts the trade, which has returned investors almost 30 percent in dollar terms so far in 2019, will lose its appeal soon. The French bank forecasts that the naira will slip only around 1 percent to 365 per dollar by the end of 2020. “Nigerian fixed income has provided excellent returns and attracted large portfolio inflows over the past couple of years,” SocGen analysts including Singapore-based Jason Daw said Wednesday. “We expect this to continue.” The pain will come once the music stops playing and investors begin to unwind the trade, analysts tell BusinessDay.

Innocent Odoh Abuja

A L-R: Ismail Omamegbe, head, CR&S/ media and external relations, FirstBank; Olabisi Alokolaro, chairperson, IWS/Widows Trust Fund; Bashirat Odunewu, group executive, energy and infrastructure, FirstBank; Nkoli Ogbolu, president, International Women Society Nigeria, and Atinuke Adeyinka, senior executive ,VisionSpring Nigeria, at the FirstBank Commemoration of the Global Giving Tuesday in partnership with the International Women Society and VisionSpring to carry out a free eye screening and distribution of eye glasses to 500 women held at IWS Skills Acquisition Centre in Lagos.

Orji Uzor Kalu sentenced to 12 years... Continued from page 1

Slok Nigeria Limited, used in defrauding Abia, forfeited

to the Federal Government of Nigeria. Udeh Udeogu, who was the director of finance in the Government House, Abia State while Kalu served as governor, was also sentenced to 10 years behind bars by Idris, who described money laundering offence as a crime against humanity. The judgment followed 12 years of protracted legal battle between Kalu and the EFCC. Kalu was tried alongside his company, Slok Nigeria Limited, and Udeogu. In an amended 39 count-charge, they were accused by the EFCC of conspiring and diverting over N7 billion from the coffers of the state. The EFCC in one of the counts alleged that Kalu “procured Slok Nigeria Limited – a company solely owned by you and members of your family – to retain in its account, domiciled with the then Inland Bank Plc, Apapa branch, Lagos, an aggregate sum of N7,197,871,208.7 on your behalf.” The prosecution further stated that the N7.1 billion was part of the funds illegally derived from the treasury of the Abia State government and converted into several bank drafts before being paid into the said company’s account. Rotimi Jacobs, the EFCC’s counsel, told the court that the ex-governor contravened Section 17(c) of the Money Laundering (Prohibition) Act, 2004, and was liable to be punished under Section 16 of the same Act. Apart from the N7.1 billion, which he was accused of laundering, the former governor and the other defendants also received the sum of N460 million allegedly stolen from Abia State government treasury between July and December 2002, thereby violating Section 427 of the

Criminal Code Act, Cap 77, Laws of the Federation of Nigeria, 1990. During the trial, the prosecution called 19 witnesses while the defendants testified on behalf of themselves. Idris in judgement sentenced the first defendant, Kalu, to five years imprisonment on counts 1, 2, 3, 4, 6, 7, 8, 9, 10 and 11; three years on counts 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33; 12 years on counts 34, 35, 36, 37 and 38 and five years on count 39. The sentences run concurrently, translating to 12 years imprison for the ex-governor. The second defendant, Udeh Udeogu, was sentenced to three years imprisonment on counts 24, 25, 27, 28, 30, 31, 32 and 10 years on counts 34, 37, 38 and 39. The sentences are also to run concurrently, translating to 10 years behind bars. Reacting to the judgement, National Vice chairman (Southwest) of the main opposition, the People’s Democratic Party (PDP), Eddy Olafeso, said the judgment should serve as a deterrent to other politicians, adding that it was also an indication that the nation’s judiciary system was still capable of delivering justice. “The judiciary is capable and they jailed him; he has been found guilty and sent to jail, and it should send a signal to other politicians that nothing lasts forever. Public office holders should dedicate their time to serve rather than to siphon public wealth. “So many of the politicians that are defecting from one party to the other are doing that to cover their tracks the law would catch up with them soon,”Olafeso said. Kalu governed Abia for eight years from 1999 as a member of the PDP, when the party was in power at the federal level. He later decamped from PDP and began to hobnob with other parties until he finally settled with the All Progressives Congress, the current ruling power. He www.businessday.ng

is currently the Senate Chief Whip, having been elected on the platform of the APC. Also commenting on the judgment, the deputy publicity secretary of the APC in Lagos State, Biodun Salami, said the APC was not a haven for corrupt politicians, stressing that the administration of President Muhammadu Buhari had proved that it would not support corruption. “No matter whatever anybody must have said, the APC is not a safe haven for fraudulent politicians. The court has given judgment; he can appeal the judgement,” said Salami. A Senior Advocate of Nigeria (SAN), John Bayelsha, said the judgment should send a signal to corrupt politicians that the Court could not be taken for granted. Bayelsha stressed that the country needed to be tougher against graft in order to make meaningful progress. “Justice may be slow but it would take its course. I think if this kind of judgment is given often, it would send a signal to these politicians that they should not take the court for granted. Nigeria is the only country where this kind of things happens, corrupt politicians sitting and laughing in the National Assembly and making laws for us. Until you discharge them and take tougher actions against them you cannot move ahead,” Bayelsha said. Yomi Farounbi, a lawyer and former chairman of Ikeja branch of the Nigerian Bar Association (NBA), said the judgment would serve as a deterrent to other thieving politicians. He urged the government and the judiciary to go after other accused who still roamed freely, saying “This should go round.” Some residents of Aba, the commercial hub of Abia State, also applauded the judgment. James Ndukuba, a public servant observed that it would serve as a deterrent to other politicians and public office holders, who think that they can steal public fund and go free.

ctivist and a former presidential candidate Omoyele Sowore has been freed by the Department of Security Service (DSS) on Thursday after over 100 days in detention. The publisher of Sahara Reporters was arrested on August 3 in Lagos by the DSS following his planned protest with #Revolutionnow, which the security agencies interpreted as treasonable felony and an attempt to destabilise the country. Meanwhile, the DSS, on Thursday, said it did not violate any court order on the release of Omoyele Sowore, and his co-defendant, Olawale Bakare. Counsel to the DSS, Hassan Liman, made the remark in an interview with newsmen shortly after the Federal High Court sitting

Continued from page 1

A debt to GDP ratio below 30 percent is low compared to the emerging market average, but the worry is the rate of the debt accumulation as well as its actual use and the expensive toll it is taking on already strained public revenues. The debt stock has almost tripled since 2015 with a chunk of the borrowing going into recurrent expenditure at the expense of capital projects. Official data reveal that total debt service cost accounted for 60 percent of government revenue in 2018. These worries formed the basis of a downgrade by global ratings agency, Moody’s Investors Service this week. Moody’s downgraded Nigeria’s outlook to negative from stable for the first time in three years. “The negative outlook reflects Moody’s view of increasing risks to the government’s fiscal strength and external position,” the credit ratings agency said. “Already weak government finances will likely weaken further given an extremely narrow revenue base and persistently sluggish growth that hinders fiscal consolidation. According to Moody’s, there is a risk that the government resorts to increasingly opaque and costly options to finance a moderate but rising debt burden. Nigeria’s rising debt burden begs one question. Why borrow so much when you can raise equity? Going after private capital is cheaper than borrowing bringing the government’s half-hearted push for private investment under scrutiny. Choosing private capital over debt should be simple since it is less expensive but in Nigeria, the government has failed to take that opportunity,

https://www.facebook.com/businessdayng

according to critics. As surprising as it sounds, there are limited opportunities for foreign Direct Investors looking to park their cash in Nigeria. That’s because Abuja has maintained its 100 percent ownership of key infrastructure, including rail transport, pipelines, power transmission, stadiums, public universities and tertiary hospitals across the country, effectively limiting options for private investment in the country. Even the oil and gas sector, which has typically attracted the larger chunk of new FDIs to the country, has come unstuck, as a set of fiscal reforms (contained in the Petroleum Industry Bill meant to unlock new investments) has stalled for decades. The lack of investmentfriendly reforms has been telling with FDI flows likely to fall to a six year low of just over $800 million in 2019. “Why cant it be Nigeria trying to do what Saudi Arabia is doing by seeking to sell some stake in Saudi Aramco?,” a senior banking source told BusinessDay. “There are redundant government assets that can unlock trillions of naira, but it’s a pity we have the option to raise equity but we keep choosing debt without caring enough about the cost,” the source said. Saudi Aramco announced late last night that it priced its initial public offering (IPO) at 32 riyals per share, valuing the company at $1.7 trillion. If all the shares offered are exercised, Aramco will raise $29.4 billion, making it the largest IPO in history. Rather than go after FDI which is a good source of equity capital, the government has prioritised Foreign Portfolio Investors (FPIs), a trend Moody’s also warned that will @Businessdayng

Friday 06 December 2019

BUSINESS DAY

news UBA in winning streak; gets double recognition as best CSR Company in support of Education …Bola Atta wins Best Corporate Affairs Professional for 2019

BUNMI BAILEY

an-African financial Institution, United Bank for Africa Plc once again got double recognition over the weekend as it emerged the best institution in support of Education(CSR) 2019 as the Chief Executive Officer, UBA Foundation & Group Head, Corporate Communications, Bola Atta, also received the award as Top Corporate Affairs professional 2019, at the 7th Annual Brands & Marketing Conference. The event was held at the Lagos Chamber of Commerce Exhibition centre last Friday. Atta, beat other nominees to the prize as a result of her impressive contributions at the steer of UBA’s corporate Communications with various laudable initiatives that have further increased the banks market share and brand presence ahead of competition. The successful organisation of the UBA Market Place, which took place in Abuja last July; positioning UBA as a foremost pan Africa Bank and the birth of REDTV, the fast-paced digital lifestyle channel were some of her achievements which were read out as she received the award. UBA’s CSR arm, the UBA Foundation was crowned best institution in support of Education(CSR) 2019 for its dedication to improving access to education on the continent, particularly through the National Essay Competition where students have received grants from

the foundation, for the past 9 years, at tertiary institutions in Africa. Speaking about the National Essay Competition as she thanked the BJAN for the awards, Atta said “it is always such joy to see winners of this competition each year and to know that with the grants that they receive to go to university, they will be changing their lives, the lives of their families and impacting their communities positively.” Education remains one of the main pillars of the UBA Foundation. Since 2012, The Brand Journalist Association Conferences Awards- have been celebrating outstanding companies who through their immense contributions have become the game changers driving the wheels of growth for brands and by extension development in Africa. The President of BJAN, Princewill Ekwujuru, commended UBA Foundation for its strong footprint across Africa. “Through its Read Africa Initiative and the scholarship grants given to winners of the National Essay Competition, the Foundation has done very well to transform the lives of many’. He said the awards were borne out of the need to recognise the Game Changers whose relentless contributions have helped give hope to Africa and at the same time, drive sustainable development amid strife. “For these companies, they understand that agility, innovation, fluidity, decisiveness and commitment accelerate the pace of change, Africa craves for” he stated.

Eastern ports, hope for Nigeria’s food export in AfCFTA era … as NEPC prepares eastern exporters on inter-agency intricacies, supports Ignatius Chukwu

he highly neglected eastern ports have however been identified as hope for Nigerian to bid big in the African market as take-off of the African Continental Free Trade Agreement (AfCFTA) draws nearer, but several drawbacks at the ports and other additional infrastructure malfunctions have created anxiety. It is the eastern ports that would be relied upon to export food produce and semi-processed products such as yams, garri, onions, wheat, floor, vegetables, etc. Experts say these products cannot be containerised and wouldrequirespecialmachinesto convey them into vessels. They fear that even Lagos ports do not have those machines but that labourers carry them by the shoulders, a practice that they say has become archaic and expensive. These also add to other challenges at the ports that make exporting a nightmare, whereas AfCFTA knocks on

Nigeria’s doors. This is why the Nigerian Export Promotion Council (NEPC) seems to intensify efforts through training and seminars for exporters in the South-South to especially understand the intricacies of dealing with multiple agencies involved in exporting goods. At one of such seminars in Port Harcourt on Thursday, executive director/CEO of NEPC, Olusegun Awolowo, said it was important to address several issues likely to hamper Nigeria’s exporters’ participation in AfCFTA. In a speech delivered on his behalf by Joe Itah, the southsouth zonal coordinator in Port Harcourt, the CEO noted the significance of the expected African free trade, saying it had the potential of being the largest in the world in terms of number of participating countries since the formation of WTO. He said this was because it would unite over 1.3 billion people, create a $3.4 trillion economic bloc and boost trade within Africa itself. “Apart from

AfCFTA’s inherent capacity to promote economic growth and development, reduce poverty in partnering countries of Africa, it is also expected to assist in expanding and diversifying trade thereby increasing domestic and foreign investments.” He said those advantages were what raised the concern of NEPC, driving it to organise this engagement. “More so, it is an established fact that intra-Africa trade is extremely low compared to other regions. It is paltry 15 percent whereas Europe boasts of 70 percent, Asia is 60 percent, and intra-America is 46 per cent. These are the compelling reasons for us all to prepare to cash-in on opportunities that AfCFTA is bringing.” He also said the decision to organize the programme was informed by the fact that there were few misconceptions from many about AfCFTA – whether or not it is a blessing or curse to Nigerians. He said the misconceptions must have led to the initial delay in

agenda saying, “Healthy SMEs have the potential to alleviate poverty and create employment opportunities for our teeming population. We are interested in SMEs because they are globally recognised as the bedrock of industrialisation”. Influential personalities who attended the forum are the Honourable Minister of Industry, Trade and Investment, Adeniyi Adebayo; Governor of Akwa Ibom State, Udom Emmanuel, represented by the Secretary to the State Government, Emmanuel Ekuwem; Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Mr. Sunday Edet Akpan; Honourable Commissioner of Commerce and Industry, Akwa Ibom State, Ukpong Udo Akpabio, and SSA to President Muhammadu Buhari on public affairs, Ajuri Ngelale. Other entrepreneurs at the event include Hope Obeten founder of Calabar Blog, Akan Udom – CEO, Yenne eMarket and Logistics, and Iroghama Ogbeifun-Obuoforibo, CEO, Hairven Limited, verified the impact of the business reforms and other PEBEC initiatives on their bottom-lines directly. Private sector businesses are implored to table complaints or problems faced with MDAs in carrying on commercial activities on PEBEC’s App, reportgov. ng, where they will be processed within 72 hours. www.businessday.ng

signing the Agreement. He said; “Now that it has been signed this Forum would throw more light on its huge benefits. Essentially therefore, the objective of organizing today’s forum, among others, is to prepare Nigerians in terms of proper understanding of the details of the Agreement (such as the Rules of Origin, Protocols of Trade in Goods and Services, Dispute Resolutions, among others) all of which will aid in the making of business decisions. “By our mandate, NEPC is committed to actively developing and promoting non-oil exports, and seeing the opportunities in offing from the AfCFTA, we got encouraged to call stakeholders together to seek ways to optimize such benefits. With the continuous efforts at repositioning the nation’s economy through nonoil exports vis-à-vis the existence of Eastern Ports (a supposedly major gateway for agro-allied exports from the South-South), this programme hopes to prepare exporters.”

L-R: Abubakar Suleiman, managing director and chief executive officer, Sterling Bank; Bright Jaja, CEO, iCreate Africa Limited, and Chukwuemeka Nwajiuba, minister of state for education during Africa’s biggest technical skills and vocation competition powered by Sterling Bank at the Landmark Event Centre in Lagos.

Akwa Ibom hosts PEBEC subnational tour ecognising the importance of enterprise and public-private collaboration, the Presidential Enabling Business Environment Council (PEBEC) hosted entrepreneurs and industry stakeholders in Akwa Ibom State and the SouthSouth region to a stakeholder engagement forum on Wednesday, December 4, at the Judiciary Multipurpose Hall, Uyo. Themed ‘Lituation,’ guests at the event deliberated on the reforms engineered since 2016, especially its alignment with the Council’s mandate to remove bureaucratic constraints and bottlenecks, with a view to reduce cost, time, and procedures required to start and efficiently run businesses in Nigeria. Speaking at the event, Jumoke Oduwole, special adviser to President Muhammadu Buhari on Ease of Doing Business and head of the Enabling Business Environment Secretariat (EBES), said, “Anyone paying even the slightest attention to the news should be acquainted with the Akwa Ibom State government’s commitment to creating an enabling environment for rapid industrialisation, investment, entrepreneurship, and human capital development.” The Secretary to the State Government, Emmanuel Ekuwem, underscored the importance of SMEs to the state government’s Industrialisation

TheWorkBooth Magazine 2nd edition debuts

he WorkBooth Magazine, TWB, a web-based magazine recently launched in Nigeria has released its second edition December 1, 2019. The magazine, targeted at professionals globally, is published with the objective of inspiring, informing and advocating issues that affect workers within the African continent. This second edition is themed, ‘The Digital Organisation’ and has contributions and perspectives from various African professionals including Lanre Olusola, founder of Lanre Olusola Coaching Academy; Funke Amobi, group HR head, Stanbic IBTC; Ayo Oladejo, Digital Transformation executive; Winifred Mena Ajakpovi, HR head, Smile Communications; Bayo Adekanmbi, chief transformation officer, MTNN; Tayo Bamiduro, co-founder, MAX.NG, and Lanre Messan, Idea Strategist and Entrepreneur.

Speaking on the edition release, TWB editor, TundeSuccess Osideko, said, “In this edition of the magazine, we explore different dimensions of digitalisation from how to manage the digital native; a generation of consumers and employees whose existence coincides with the commencement of the digital revolution, to the imperative of deploying automation for process efficiency. “We also look at the relationship between the 4th industrial revolution to the legendary Maslow’s motivation theory; the need to deploy security measures and control to minimise the risk and of course to the future of the workplace.” Adding, “One of the key objectives of this edition is to clarify what digitalization truly means, by removing the ambiguity which usually trails the discussion around its adoption in Africa,” he said.

https://www.facebook.com/businessdayng

Mr Bigg’s wins ‘Restaurant of the Year’ award

r Bigg’s, the Quick Service Restaurant (QSR) being run by UACN Restaurants Limited, has won the ‘Restaurant of the Year’ award in Kaduna, Kaduna State. The award given by Change Nigeria News (CNN-Nigeria) was based on what the panel of judges noted as Mr Bigg’s top-notch service consistency. “Mr Bigg’s is one of the first fast food restaurants of the famous UACN, which has remained a favourite spot for years and curiously so even with the current economic downturn, it still maintains it attractiveness both in terms of product range, quality and customer service,” the panel maintained. “In an era where customer service has witnessed a new low by the blocking off of charging points for customers, Mr Bigg’s stands out by leaving open its charging points. This alone signals a welcome gesture that keeps endearing it @Businessdayng

to its many settlers in Kaduna. The parking space is always clean and ever free from encumbrances such that it always has enough parking space for customers. The convenience is one special spot that attracts attention. After over a decade, it retains the excellent neatness the convenience was known for,” it said. R e c e n t l y , M r B i g g ’s launched its model restaurant at Northwest Filing Station at VGC, Lagos and some other parts of the country. The new restaurants, according to Ethel Mba, marketing manager, UAC Restaurants, depict excellence, offering a wide variety of meals ranging from local to continental dishes which, according to her, is the heritage of Mr Bigg’s. Many customers who have visited the new restaurants are impressed and excited with the excellent service experience which they say largely addresses their eating needs.

Friday 06 December 2019

BUSINESS DAY

news

Airline operators transform aviation status quo with investment in tech systems, solutions Jumoke Akiyode-Lawanson

s innovation technology continues to transform several sectors of every economy,andplaysasignificant role in disrupting ways of carrying out business operations, airline operators are setting aside budget to invest in tech trainings, systems and solutions that are creating a more immersive future driven customer experience and graduallychangingthewayairlines operate around the world. Speaking with select journalists at the Emirates Engineering site on Thursday, Christopher Welham, senior manager, base operations, Emirates Airlines, said the airline operator would continue to leverage emerging technologies like Artificial Intelligence (AI), Internet of Things

(IoTs) and Big Data to drive its airline operations in other to enhance customer experience in all its inbound and outbound flights. “We leverage technology solutions, and a lot of them are built in-house by our software developers and programmers. Slowly, we are starting to introduce bots and AI based solutions to crunch the numbers. We are doing this with a lot of documentation, and with some of the data that the aircraft is giving us.” According to Welham, emerging technologies are driving global airline operations and Emirates would continue to train its personnel in line with technology trends to deliver smooth airline operations that would always enhance customer experience. On its Boeing 777 and Airbus A380, the airline operator is also in

the stage of trying e-log books for pilots.Thetrialperiodissaidtoend later in December 2019 before the airline rolls out the electronic log book on all its fleet. “Things like the addition of a virtual window – where you can see what’s outside the plane through a screen that looks like a window, and these sort of things are coming in slowly. Also, some of our first class cabinshaveroomswithindividual temperature controls. It sounds simple, but from an aircraft standpoint, it is very complex to try and get individual temperature controls into each seat. Another thing we are moving to is e-log books whicharetabletbasedforthetechnicallogbooks.Wehavetwoofour aircraftsdoingthetrialduetofinish later this month before we roll out across the whole fleet,” he said.

Stakeholders x-ray new scheme on management of construction, demolition waste JOSHUA BASSEY

takeholders in the construction, environment, disaster and waste management are joining forces in Lagos to tackle wastesgeneratedduringconstruction and building demolition. The initiative being driven by the Lagos State Waste Management Authority (LAWMA) under its newly created unit - Construction, Demolition and Disaster Waste (CDDW) - is designed to achieve proper waste sorting at constructionanddemolitionsites as against the prevailing situation where such wastes are lumped

together and dumped at landfill sites. The move is also to promote thewasterecyclingprogrammeof the Lagos State government. At a one-day forum to shape out the initiative and secure the buy-inofstakeholders,TunjiBello, the Lagos State commissioner for the environment and water resources, noted that the government would stop at nothing in devising strategies towards value creation and making the environment and life better for the people in view of the fact that natural disasters are inevitable. “Thestategovernmentisquite awarethatthedegreesorchoiceof

www.businessday.ng

managementoptionsdeployedto waste is critical to climate change management, mitigation and adaptation and so, we are implementing this ‘green’ approach to waste management. “These efforts are being concerted with due realisation that any omission or error that could be recorded in the adoption of options should not create new challenges; otherwise, the world eco-balance would be negatively affected. Whereas, we have the privilege of exploring workable and adaptable options to effectively and efficiently surmount and challenges.

https://www.facebook.com/businessdayng

@Businessdayng

Top 100 BUSINESS DAY

FASTEST GROWING SMEs in Nigeria

Increasing passion for entrepreneurship shows Nigeria is making quick gains ...upsurge in entries for 2019 Top SME Awards TELIAT SULE

igeria’s SME sub-sector is becoming more vibrant nowadays as more youths see hope in entrepreneurship. That more youths are now SME owners shows the Nigerian government, development institutions and non-governmental organisations (NGOs) are making quick gains in the drive to reduce youth unemployment in the country. The latest report of Micro, Small and Medium Enterprises (MSMEs) by the National Bureau of Statistics (NBS) shows that there are 41 million MSMEs in the country, a noticeable increase over the number of MSMEs in the country as of 2013. In this year’s edition of the Top 100 Awards, BusinessDay Research and Intelligence Unit (BRIU) assessed the entries into the program using parameters such as the sectoral distribution of SMEs; distribution by states; years of establishment, revenue growth among others.

Thirteen percent (13%) of the entries are into media, advertising and branding. Eleven percent (11%) are in the information, communication and technology (ICT) sub-sector. Agriculture, cosmetics and fashion have nine percent (9%) each in the sectoral distribution of the entries received for this year’s awards. Finance, 8 percent; real estate, services, power/renewable energy, as well as manufacturing sub-sector have 5 percent representation each; food processing, 4 percent; logistics, 3 percent; construction, e-commerce, hospitality, aviation and maritime, education, entertainment, and laboratory services have 2 percent each; aluminum production, automotive, Fintech , sports & fitness services have 1 percent each. Most of the SMEs are domiciled in Lagos State as the nation’s commercial capital has 79 percent of the SME entries for this year’s awards. Oyo and Ogun have 4 percent representation each; Abuja FCT, 3 percent; Rivers, 2 percent, while Anambra, Cross River, Edo, Delta, Enugu, Kaduna, Kano, Kogi, Kwara, Plateau and Sokoto states have

1 percent each. Sixty-two percent (62%) of SMEs that put in for this year’s awards were founded between 2015 and 2019, the highest being 2016 when 14 percent of the SMEs that entered for the awards were established. The number of SMEs founded in 1993, 1997, 1999 and 2004, represented just one percent each of the total entries received. The number of entries received from SMEs founded between 2008 and 2014, amounted to between 2% to 9%. Employee size varies from as low as one to as many as 150. In terms of revenue generation, the information gleaned from the data supplied by the SMEs showed that these firms realised between N100, 000 to as much as N200 million as revenue between 2017 and 2018, depending on the sector an SME operates. Above all, the selection of this year’s winners depended on the performance of each of the firms on parameters such as the revenue growth, years of establishment as well as the number of jobs created measured by the size of their employees.

Name of company Green Sahara Farms Limited

ould you give us a brief introduction about yourself and company? We are an agro enterprise solution development company with focus on supply chain development and management for clients, value chain fixing and development, economic cluster development and management. How is the Nigerian business environment impacting your business? The time is right but the challenges remain the same such as lack of critical infrastructure in logistics and finance. What are the critical problems SMEs face in doing business in Nigeria in relation to your industry/sector? The major problem is financing especially patient capital and ease of access to development funds. Standards and its enforcement reduce the access to market by SMEs and lead to losses. There are no options to absorb the losses in the learning curve. Again, there is too much bureaucracy and taxation is another major concern. The cost of compliance with statutory authorities is too high.

Could there be any end to the constraint of financing for SMEs? Yes, through the suppliers and buyers. This is possible when an SME has built up trust with both the suppliers and buyers and buyers can trust you enough to offer a business credit. Do you think the existing policies and regulations are enough to ensure the proper functioning of the SMEs in Nigeria in relation to your industry/sector? They are too cumbersome and difficult to implement by the policy makers and execute by the policy makers. The regulations tend to end up as anti SMEs especially when dealing with public servants. We need to simplify these policies and localize them to fit our peculiar circumstances If No, what policies and regulations do you propose should be implemented/ introduced? Integrate all agencies in charge of SMEs into one to reduce overheads and make more funds available to SMEs, simplify requirements and be innovative in providing funds to SMEs.

Friday 06 December 2019

BUSINESS DAY

TOP 100 FASTEST GROWING

SMEs IN NIGERIA Name of company D207 Design and Projects

ould you give us a brief introduction about yourself and company? Iâ&#x20AC;&#x2122;m Raji Samson Jerry, co-founder and lead project engineer for D207 Designs and Projects. We are an automation-driven project firm. Our operations and interest lie within design and construction and majorly residential and commercial automation (smart home and smart offices/collaborative spaces. We basically design spaces where innovation thrives and our ecosystem designs are tech-centric. How is the Nigerian business environment impacting your business? Like I always say, you are a super human to function in the Nigerian business ecosystem. But with all the varying factors, we have a lot of positives. The Nigerian business environment has directly affected us both negatively (in terms of restrictions and reduced access to funding and capital), but also very positively because the level of innovation in our industry is on the rise (at an all time high for the sector). Also, our human capital base and those involved in business development from all sectors (Government and its parastatals to venture capitalist and even our collaborative partners), there is a sense of urgency and drive to improve on our business environment and its felt by us. What are the critical problems SMEs face in doing business in Nigeria in relation to your industry/sector? There are three basic problems SMEs face in doing business in Nigeria. First is the access to clear and

insightful understanding of business structure and corporate governance. This I feel should be the bedrock of all SMEs because when your corporate structure is defined, your process follow suit and eventually your organization would function properly. SMEs need to get out of the mindset that they are small businesses to grow. Another is Access to funding and capital, and an enabling business environment from an infrastructural point of view- power, communication, government taxations, etc. Basic infrastructure help the business grow. These are our challenges! Could there be any end to the constraint of financing for SMEs? Yes, definitely when financial institutions and government realise the need to have give SME time to mature, then the constraints would be reduced. But when interest rates are high and tenors for facilities too short, we would still have the cycle of funding killing off SMEs. Do you think the existing policies and regulations are enough to ensure the proper functioning of the SMEs in Nigeria in relation to your industry/sector? No! They are not. We are still way off this. If No, what policies and regulations do you propose should be implemented/introduced? Tax breaks, access to financing (single digit interest rates and longer tenors on facilities) and lastly a mentorship program to guide SMEs in the understanding of corporate structure and proper organizational processes.

Name of company The Rage Group

ould you give us a brief introduction about yourself and company? Rage Media, Rage Tech, Kweek Social & Kweek Prints belong to the same media group with headquarters in Abuja. The group houses companies that are into advertising, technology, marketing, social media marketing, branding & merchandising. I am the founder and CEO of The Rage Group. I have garnered vast experience in marketing communications and have worked with brands across sectors like the automobile industry, financial industry, telecommunications, beverages and drinks, FMCG, real estate as well as a few government parastatals to mention but a few. In just a short time, The Rage Group has worked with over 300 businesses across three continents and we have recently acquired a few collaborations in preparation for our growth plans from 2020. Our new partnerships have birthed stronger offerings for The Rage Group, which have positioned it to serve its clients better. Looking ahead, we are focused on the growth of our brand by helping clients achieve their marketing goals through creative & effective; innovative solutions whilst bringing positive change to communities in Nigeria and beyond. I believe strongly in co-succeeding, which is why rather than focusing on winning awards, we are more passionate about helping our clients win in the market place.

How is the Nigerian business environment impacting your business? At whatever level, micro business or even as an industry giant, the economic environment in Nigeria has a major impact on the ease of running your business. I am absolutely glad about the ease of entry into some important sectors. However, that is not enough. I believe that the government should be concerned with the growth of SMEs as this will have a huge impact on the performance of our economy-higher revenue in tax, higher GDP, more employment, better representation on the global landscape etc. Support initiatives and some level of positive discrimination as well as flexibility in regulations will lead to an increase in the SME performance in

Nigeria. However, this is not the case. We have agencies breathing down our neck from day to day, with frustrating and highly discouraging policies which do not necessarily aid the growth of small businesses. What are the critical problems SMEs face in doing business in Nigeria in relation to your industry/sector? The media and communications sphere is very dynamic but like most businesses in Nigeria, we rely heavily on electricity and the internet. Power supply and the not so great output by Internet Service Providers will top the chart of problems for pretty much every business in the country right now. A lot of funds are expended on fuelling generators and other alternative sources of power. These increase the running cost and make unavailable funds that could have being profitably expended. Another huge one would be government levies and taxes, the high charges that come in as taxes to be paid by SMEs are discouraging at best. Notwithstanding the setbacks and challenges confronting Small and Medium Enterprises, if solved, SMEs have the capacity to grow the economy and contribute to a Nigeria that can take its rightful place on the global map. Could there be any end to the constraint of financing for SMEs? I strongly believe so, yes. Without undermining the many constraints SMEs face in accessing high level financing, there are a number of laudable government parastatals that have taken on the responsibility of bridging this gap. Take for example, the Small and Medium Enterprises Development Agency (SMEDAN), Bank of Industry (BOI), Nigerian Export Promotion Council (NEPC) and recently I believe the Agri-Business Small and Medium Enterprises Investment Scheme (AGMEIS) powered by NMFB (NIRSAL Microfinance Bank) also. Finance is the engine on which all great ideas and businesses are brought to life and run. With active government involvement, an end can be put to the constraint of financing. Much more than birthing these schemes, work also has to be put in place to get the funds to these SMEs.

Friday 06 December 2019

BUSINESS DAY

TOP 100 FASTEST GROWING

SMEs IN NIGERIA

Name of company PWAN Plus Business Concerns Limited

ould you give us a brief introduction about yourself and company? I am Julius Oyedemi, MD/CEO of PWAN PLUS (owners of Cedarwood Estates). PWAN PLUS is a real estate company, committed to making land & home ownership dream a reality for all. The company commenced business in 2017 and currently has 23 estates in Lagos & Owerri.

industry/sector? Corruption, Insecurity, power issues, Inflation, etc

How is the Nigerian business environment impacting your business? The business environment in Nigeria is not as yet overly conducive for SMEs. The Ease of Doing Business Index, plethora of policies, regulations & laws still have not solved the multifarious challenges contending with the growth of SMEs. SMEs are typically fending for themselves.

Do you think the existing policies and regulations are enough to ensure the proper functioning of the SMEs in Nigeria in relation to your industry/ sector? Extant policies & regulations need to match up with current business trends and begin to align with the future of work. If No, what policies and regulations do you propose should be implemented/introduced? Policies on digitization of land title verification, perfection and registration.

What are the critical problems SMEs face in doing business in Nigeria in relation to your

Could there be any end to the constraint of financing for SMEs? The constraint of financing will always be there for as long as SMEs continue to emerge. It is a regular narrative in the SME landscape.

Name of company Lekki Farms

ould you give us a brief introduction about yourself and company? Iâ&#x20AC;&#x2122;m Oladunni Otitoju, the managing director of Lekki Farms. Lekki Farms was founded in 2014, as an alternative to the usual livestock company: our outlet is right on the Lekki axis, and the way we clean and process the animals, using gas flame versus the more common kerosene and soap, results in a livestock flavour our clients enjoy. We have a ranch in Ibadan, and also market poultry and snails. How is the Nigerian business environment impacting your business? The Nigerian business environment rewards consistency. If you give consistent good service and deliver a good product, the client base will recognize this, and help to grow your business via word-of-mouth. This has been the case with Lekki Farms. Still, if youâ&#x20AC;&#x2122;re not strong, it is tough because some aspects of the business environment are hostile to business owners. What are the critical problems SMEs face in doing business in Nigeria in relation to your industry/sector? The first is that the policies for conducting business in this industry should be communicated better. As it is, even when you ask questions about what you need to do when starting out, which government agencies you need to talk to, etc, there are no clear-cut, standardized

answers. This can make it difficult for business owners to hit the ground running. The second is that the government does not seem to sufficiently recognize the important role played by agric SMEs in ensuring food security in the country. For example, a friend lost 9000 poultry birds recently, in one day, due to a minor mistake made by an employee in providing clean water for the birds. Minus 9000 birds and no one from the government is coming to his aid? How will he pick up his business to continue? Could there be any end to the constraint of financing for SMEs? I do see an end to the constraints because the government is learning that there is no way other than to support farming businesses. There is increasing infrastructural support from agencies, to ensure global food security. The crops of farmers we have today also seem armed with a strong will to succeed in the agricultural sector. Do you think the existing policies and regulations are enough to ensure the proper functioning of the SMEs in Nigeria in relation to your industry/sector? There are policies in place; they just need to be communicated more effectively and centrally to all the stakeholders, for instance, via the website of the ministry concerned. This would augment the ease of doing agricrelated business in Nigeria.

BUSINESS DAY

TOP 100 FASTEST GROWING SMEs IN NIGERIA

Friday 06 December 2019

BUSINESS DAY

FINANCIAL TIMES

World Business Newspaper LAUREN FEDOR

peaker of the House Nancy Pelosi has said that House Democrats will begin drawing up articles of impeachment against Donald Trump after the US president left her with “no choice but to act because he is trying to corrupt, once again, the election for his own benefit”. In a televised statement from the US Capitol on Thursday, Ms Pelosi said Mr Trump had “engaged in abuse of power, undermining our national security and jeopardising the integrity of our elections” by allegedly withholding military aid from Ukraine in exchange for an investigation into his political rival, former US vice-president Joe Biden. “His actions are in defiance of the vision of our founders and the oath of office that he takes to preserve, protect and defend the Constitution of the United States,” Ms Pelosi said. “Sadly, but with confidence and humility, with allegiance to our founders, and a heart full of love for America, today I am asking our chairmen to proceed with articles of impeachment.” Ms Pelosi’s comments came after Mr Trump questioned whether Democrats “love our country”. On Thursday, the president said on Twitter: “If you are going to impeach me, do it now, fast, so we can have a fair trial in the Senate, and so that our country can get back to business.” At a separate press conference on Thursday, Ms Pelosi refused to say what the articles of impeach-

House Democrats to draft impeachment charges against Trump Speaker Nancy Pelosi says US president’s conduct has left her with ‘no choice but to act’

Nancy Pelosi has not given a date for an impeachment vote on the House floor. Many Democrats expect it will happen by Christmas © Andrew Harrer/Bloomberg

ment would contain, nor when the House would vote on them. Many Democrats expect a vote to take place before Christmas. While Mr Trump is expected to be impeached by the Democratcontrolled House, he is unlikely to be convicted and removed from office in an eventual trial in the Republican-controlled Senate. Republicans have accused the

Saudi Aramco raises $25.6bn in world’s biggest IPO

audi Aramco has priced its long-awaited initial public offering at the top end of its range, making it the world’s largest new listing. The state oil giant raised $25.6bn, surpassing Chinese ecommerce group Alibaba’s 2014 $25bn share sale in the US, giving Saudi Aramco a valuation of $1.7tn. This is more than the combined market capitalisation of the five biggest international oil companies. Two people familiar with the matter said shares had priced at 32 SAR ($8.53) each, which is at the top end of the 30-32 SAR indicative price range the company announced last month. Saudi Aramco declined to comment. Despite the record breaking figure, the regional share sale is a scaled-back version of the kingdom’s initial ambitions. The flotation will rely heavily on local money after Saudi Arabia decided against marketing the listing outside the Gulf amid

His career is now a byword for the moral descent that characterises public life

lukewarm demand from overseas institutions that baulked at the valuation expectations of the kingdom’s officials. The pricing at the top end of the range, sought after by the kingdom’s leadership, came even as some bankers working on the deal had argued that a more prudent approach would be to issue at the middle of the range to encourage buying in the after-market and for shares to trade higher later, one person close to the process said. “The banks advised the client to play it safe,” the person said. “There is a risk to the lenders if the shares trade down.” Saudi Arabia had sought to raise $25bn from a sale of 1.5 per cent of the state oil company — the country’s biggest revenue generator — on Riyadh’s Tadawul stock exchange, hoping to secure a valuation of up to $1.7tn. For much of the past four years, since plans for the listing were first disclosed by Crown Prince Mohammed bin Salman, the kingdom had pushed to raise $100bn from a sale of 5 per cent at a $2tn valuation. www.businessday.ng

peachment should be a “sombre” process, became visibly upset at the end of Thursday’s press conference when a reporter asked her if she “hated” Mr Trump. The Speaker, who was leaving the briefing room, returned to the podium to say: “This is about the Constitution of the United States and the facts that lead to the president’s violation of his oath of office.

The gathering storm around Rudy Giuliani

State oil giant prices at top of range for $1.7tn valuation ANJLI RAVAL, SIMEON KERR AND PHIL STAFFORD

Democrats of running a “witch hunt” impeachment inquiry based on the “clock” and the “calendar”, rather than facts. On Thursday, Lindsey Graham, the Republican senator from South Carolina, called Ms Pelosi the “conductor of the impeachment train in name only”, adding: “Salem witches got better deals than this.” Ms Pelosi, who has said im-

“As a Catholic, I resent your use of the word hate in a sentence that addresses me,” she added. “I don’t hate anyone. I was raised in a way that was a heart full of love, and always pray for the president . . . So don’t mess with me when it comes to words like that.” Mr Trump described her reaction as a “nervous fit”. “She says she ‘prays for the President.’ I don’t believe her, not even close,” he retorted on Twitter. On Wednesday, the House judiciary committee heard testimony from four leading legal scholars about Mr Trump’s conduct. Three of the academics — invited by Democrats — said Mr Trump had committed impeachable offences, while one — invited by Republicans — said the impeachment inquiry had been rushed and Democrats had failed to prove their case against the president. Ms Pelosi launched an impeachment inquiry into Mr Trump in late September. Since then, the House intelligence, oversight and foreign affairs committees have heard testimony from more than a dozen witnesses, first behind closed doors and then in public hearings. Ms Pelosi said on Thursday that their testimony showed the “facts are uncontested”.

EDWARD LUCE

f a person’s past were another country, Rudy Giuliani, Donald Trump’s lawyer, would be refused a visa. It takes effort to recall that Mr Giuliani made his name as the scourge of the New York mafia in the 1980s. Today he is under investigation for money laundering, obstruction of justice, campaign finance and other violations by the same US attorney’s office where he made his name. Mr Giuliani was once a crusader against organised crime and — as mayor of New York — for zero tolerance against the pettier ones. His career is now a byword for the moral descent that characterises public life. The question is why? Without Mr Giuliani there would be no impeachment inquiry into Mr Trump. It was he who convinced Mr Trump of the alternative theory that it was Ukraine, not Russia, which interfered in the 2016 US election. It was Mr Giuliani who recruited Gordon Sondland, the US ambassador to the EU, and Kurt Volker, the former US envoy, to press Ukraine to announce a corruption investigation into Joe Biden and his son Hunter. He also orchestrated the smear campaign to fire Marie Yovanovitch as US ambassador to Ukraine. It is

https://www.facebook.com/businessdayng

one thing to run a parallel foreign policy as the president’s private lawyer. It is another to extort interference in a US election. Whatever happens to Mr Trump’s impeachment, the investigation into Mr Giuliani will go on. It is all about how and from whom he gets his money. Since he does not take a fee from Mr Trump, the question is who is paying the piper. One suspicion is whether it comes from Russia-linked interests. Mr Giuliani has ties to prominent RussianUkrainian oligarchs including Pavel Fuks, who once tried and failed to negotiate a Trump Towers in Moscow with Mr Trump, and Dmitry Firtash, an energy billionaire who is fighting extradition to the US on charges of bribery and racketeering. Mr Giuliani is also mentor to Igor Fruman and Lev Parnas, two Soviet-born businessmen, who were arrested last month by the FBI on election finance charges. One of their companies, a cyber security outfit called Fraud Guarantee — yes, you read that correctly — paid Mr Giuliani $500,000 in consulting fees. Part of the charge sheet is that they donated $325,000 to America First Action, a pro-Trump campaign group, with money channelled from Russia. Campaign fraud on that scale would be a grave offence. Mr Giuliani introduced the two men @Businessdayng

to Mr Trump, who has been photographed with them several times. Another question is whether Mr Giuliani is monetising his access to Mr Trump on behalf of unsavoury foreign interests. Among his clients are Reza Zarrab, a Turkish businessman, who is charged in the US for sanctions evasion with Iran. Turkey’s president, Recep Tayyip Erdogan, wants Mr Zarrab sent home. Mr Giuliani has lobbied Mr Trump to drop the charges. Another client is the Mujahedin-e Khalq, an Iranian dissident group that was on the US state department’s terrorist list until a few years ago. Mr Giuliani has written paid opinion articles and given speeches on MEK’s behalf. Mr Giuliani has not registered as a foreign lobbyist. Failure to do so was part of what landed Paul Manafort, Mr Trump’s former campaign manager, with a sevenyear jail sentence. It was also a charge to which Mike Flynn, Mr Trump’s former national security adviser, pleaded guilty. Many of those around Mr Giuliani should cause any former US attorney to blush. In Mr Giuliani’s case, it is a cause for bragging. As the articles of impeachment are being drawn up, Mr Giuliani is in Ukraine this week making a documentary defending Mr Trump.

Friday 06 December 2019

BUSINESS DAY

NATIONAL NEWS

‘Mastermind’ escapes net in Mozambique tuna bond scandal Acquittal of Jean Boustani shows flaws in US efforts to prosecute overseas bribery JOSEPH COTTERILL

t was billed as a trial that would extend the long arm of US justice to one of the biggest corruption cases in Africa this decade — the $2bn Mozambique “tuna bond” scandal. Over six weeks in a Brooklyn court, US prosecutors argued that Jean Boustani, a lieutenant of Iskandar Safa, the French-Lebanese shipbuilding magnate, was a “mastermind” behind a scheme to siphon $200m of kickbacks from the loans. Alongside others Mr Boustani “stole from one of the poorest nations on earth and gave to the rich,” paying off officials so they would buy “wildly overvalued” boats and maritime surveillance projects from Mr Safa’s company, Abu Dhabi-based shipbuilder Privinvest, the US said. The loans, issued from 2013, plunged the southern African nation into defaults from which it is only now emerging. Yet on Monday Mr Boustani walked free — acquitted on all counts of fraud and money laundering by the jury, even after a trio of former Credit Suisse bankers who had arranged the loans pleaded guilty to handling kickbacks. Mr Boustani denied all the charges. The three bankers — Andrew Pearse and Surjan Singh, who both testified against Mr Boustani, and Detelina Subeva — are due to be sentenced. Credit Suisse, which was not charged, has said the trio went rogue. They could face years in jail. That Mr Boustani is not joining them shows how US prosecutors will not always be successful in trying to link alleged overseas bribes to the US financial system where they

have jurisdiction. Prosecutors documented payments by Privinvest to the Mozambican political elite. Mr Boustani admitted the payments but said they were investments or political contributions, not bribes to secure deals. As he is not a US citizen Mr Boustani was not charged with conspiring to violate the Foreign Corrupt Practices Act, the main US law against bribery of overseas officials. Nor did the bankers’ guilty pleas admit to violating it. Instead, the trial focused on trying to prove whether Mr Boustani had been involved in handling bribes that passed in and out of the US financial system. Lawyers have called these the “gossamer threads” that can subject alleged foreign financial wrongdoing to US oversight. However, prosecutors found it difficult to place Mr Boustani, a Lebanese national who never met US investors in the Mozambique loans, among this financial plumbing. “Nowhere in the evidence did you hear about some agreement between Mr Boustani and others to use the wires in order to advance a fraud against investors. That’s just not here,” Mr Boustani’s lawyer told the jury in closing. The US came “as close to meeting their burden [of proof] in this case as the Brooklyn Bridge is to southwest Africa,” he said. Privinvest said Mr Boustani’s acquittal shows “there was absolutely no wrongdoing with respect to the Mozambique maritime projects”. It has defended the valuations of the boats and kit it sold to the country. Neither the company nor Mr Safa were charged by the US.

South African Airways to be placed into bankruptcy protection

First state company to enter business rescue since end of apartheid JOSEPH COTTERILL

outh Africa is to place its stateowned flag carrying airline into a local form of bankruptcy protection in a last-ditch effort to avert a full collapse. South African Airways, which has been ravaged by years of graft and waste and has needed state bailouts to plug losses incurred over most of the past decade, will enter the workout process, a bankruptcy alternative, on Thursday, its board said. The airline is the first South African state company to enter business rescue since the end of the apartheid in 1994, and the crisis is a blow for President Cyril Ramaphosa, who pledged to turn around state companies that were hit by corruption under his predecessor, Jacob Zuma. A leaked memo from Mr Ramaphosa’s cabinet secretary to ministers on Wednesday said that business rescue was “the only viable route open to the government to avoid an uncontrolled implosion of the airline”. The airline, once Africa’s biggest, was brought to the brink in recent days as its precarious finances worsened and it struggled to secure another bailout from the government. “This is the optimal mechanism to restore confidence in SAA and to

safeguard the good assets of SAA and help to restructure and reposition the entity into one that is stronger, more sustainable and able to grow and attract an equity partner,” said Pravin Gordhan, the minister overseeing state-owned companies. SAA owns Mango, a budget carrier, and stakes in local airlines in South Africa, but it has struggled to compete internationally with resurgent African state-owned rivals. It has been unable to release financial results for the past two years. Lastmonthaweek-longstrikeagainst proposed job cuts added to pressure on the airline’s financial position. In the face of deteriorating public finances and under pressure to devote scarce resources to Eskom, the embattled state-owned monopoly, Mr Ramaphosa’s government has increasingly seen SAA as expendable, analysts said. Under South African law companies going into business rescue must show that they can secure finance to exit the process. Appointed practitioners will have to judge whether SAA can avoid liquidation. The government will provide a R4bn ($274m) bailout to SAA as it enters the business rescue process and will have to honour debt guarantees of R19bn. www.businessday.ng

How Sudan’s women brought down a president Under Omar al-Bashir, women could be flogged for wearing trousers. This year, they helped oust him from office SIONA JENKINS

n a warm evening in April in Khartoum, a young woman swathed in white stood atop a car, her finger raised, leading a crowd in songs of protest. “Thawra,” they chanted, their upturned mobile phones recording the moment. “Revolution.” The 22-year-old student, Alaa Salah, was one of thousands who had taken to the streets across Sudan to protest against the regime of Omar al-Bashir. Just days later, the president of 30 years would be forced to step down and the image of Salah standing above the protesters in traditional garb became an icon of Sudanese people power — and of the role that women played in the president’s ouster. “Alaa was not the first woman that we saw being vocal on the street in this revolution, or in past ones,” said Sara Elhassan, a Sudanese writer who helped disseminate activists’ social-media messages from her US base throughout the uprising. “But the image highlighted the fact that as Sudanese women, we are not voiceless, and that we were active participants and integral to the revolution.” Women had good reason to protest. During Bashir’s Islamist regime, they were a particular target of so-called “public order” rules. Under the guise of prohibiting “immoral and indecent acts”, they could be arrested and even flogged for wearing trousers or knee-length skirts, smoking or simply behaving “improperly”. Human-rights groups estimate that thousands of women were charged each year. In August 2018, Fadia Khalaf was leaving a workshop on gender-based violence in Khartoum when she was arrested for wearing trousers. The 23-year-old tour g uide was released several hours later but the incident left her fuming. “I was humiliated by the previous regime. Each person has a limit. Then, when they reach that limit, they explode,” she says. “I was waiting for that moment.” It came on December 19 2018,

https://www.facebook.com/businessdayng

when demonstrations erupted across the country after cuts to bread subsidies. Calls for economic reforms quickly escalated into demands for Bashir to step down. Since Sudan became a republic in 1956, it has been locked in a cycle of coups and uprisings, each offering brief hope for democratic change. Protests have erupted over a range of issues in recent years but the government remained in place. Activists say that December’s demonstrations felt different, partly because of the way they spread between towns and cities, but also because of the number of women participating. “It was not weird to have protests in Sudan — we had them every month — but what we lacked was to be able to sustain them consistently. And that’s what the women provided — because they were in it for the full fight,” says Muzan Alneel, a 33-year-old mechanical engineer and veteran of previous protests. Alneel was arrested in a security crackdown on January 17 and held in a cell with 20 or so other women for a week. She recalls the defiance of the group, many of whom had lied to their families to go to the protests. “They said, ‘It’s funny that the security officers think they can do something to us that our families have not already done,’” she remembers. “Some of them were joking, ‘If they’re going to beat us, we’ve been through that; they want to lock us up, we’ve been through that — we’ve been locked up all our lives.’” For Alneel, this explains why women refused to back down in the face of police and militia violence. “Once a woman in Sudan decides to walk that walk, it’s the full fight or nothing. Once you take to the streets, you understand that this public space is yours. And this country is also yours. You have a better reason to stand up for your rights.” The regime took note. Naba Mohiedeen, 27, a journalist who was part of a network that tried to counter government disinformation during the uprising, believes the Bashir government was surprised at the numbers of women protesting. On February @Businessdayng

24, it tried to appease them. “Bashir realised that with the strength of the women’s movement he would lose, so he offered to suspend the public-order law to try and get women’s support,” she says. The move backfired, prompting more to join the protests. On April 11, Bashir was removed from office and a transitional military council took over. But protesters remained on the streets to demand civilian rule, despite violent attempts to remove them. By August, a new deal was agreed that will see the military and civilians sharing power for three years, after which there will be elections. For the first time in 30 years, a civilian prime minister, Abdalla Hamdok, was sworn in. On November 29, the hated public-order laws were cancelled. Many young protesters say the events of the past year have empowered them, giving them more personal freedom to dress and move about as they please. But only a handful of women have been appointed to posts in the new government and there are fears that they are being shut out of power structures. Alaa Salah addressed the UN Security Council in October to warn that “women have been sidelined in the formal political process in the months following the revolution”. Alneel agrees and believes that structural injustices are not being addressed. “For transitional justice to work, to bring justice to women or any other minorities, it’s very important not to turn it into box-ticking, and that’s what I’m seeing right now.” She and others fear the old regime is regrouping. “Inside Sudan there is a fight between civilians and the military, new against old, freedom against jail,” says Mohiedeen, who predicts, “If they come back, they will attack the role of women.” Khalaf, who now runs an initiative to find the missing victims of a June security crackdown, remains defiant. “This is something I believe in. I’m going to keep fighting and tell everyone to keep fighting,” she says. “We can’t just go back after all the sacrifices that have been made. It would be shameful.”

BUSINESS DAY

Friday 06 December 2019

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

BlackRock’s Mark Wiseman ousted over relationship Stockpicking executive had been tipped as a possible successor to CEO Larry Fink JENNIFER ABLAN

ark Wiseman, a BlackRock executive seen as a possible successor to chief executive Larry Fink, has been ousted from the world’s largest asset management company for failing to disclose a romantic relationship with a colleague. Mr Wiseman, who was tapped in 2016 to turn around the stockpicking business at BlackRock, is leaving the group following a “violation of the company’s relationships at work policy”, according to a BlackRock internal memo on Thursday. Mr Wiseman, who was hired from the Canada Pension Plan Investment Board, one of the biggest and most sophisticated pension schemes in the world, is married to Marcia Moffat, who oversees BlackRock’s Canada business. The relationship that Mr Wiseman failed to disclose was with a different BlackRock employee, said a person familiar with the matter. “Our culture has always been one of BlackRock’s greatest strengths, and it is deeply disappointing that two senior executives have departed the firm in the same year because of their personal conduct,” the memo said, which was signed by Mr Fink and Rob Kapito, BlackRock’s president. “This is not who BlackRock is. This is not our culture. We expect every employee to uphold the highest standards of behaviour. This is especially critical for our senior leaders,” it said. Earlier this year Jeff Smith, head of the human resources group at BlackRock, left after more than a decade at the firm because “he failed to adhere to company policy”, BlackRock said. In an internal memo, Mr Wiseman said he was leaving BlackRock “because in recent months I engaged in a consensual relationship with one of our colleagues without reporting it as required by BlackRock’s relationships at work policy.

I regret my mistake and I accept responsibility for my actions.” Mr Wiseman’s departure highlights the growing focus on workplace misconduct that has developed against the backdrop of the #MeToo movement, which has exposed widespread sexual harassment or abuse of women in multiple spheres of American life and ended the careers of dozens of powerful men in business and politics. Last month McDonald’s fired its chief executive, Steve Easterbrook, after he engaged in a relationship with a colleague. He was the fifth US chief executive to lose their job over a consensual relationship since June 2018, according to data collected by Challenger, Gray & Christmas. Sonya Dreizler, author of the Do Better online series about harassment, discrimination and assault in financial services, said: “I do think Wall Street corporate culture is changing. It is slow to change but we are an old industry. I do think we are starting to see an industry-wide cultural corporate shift, where certain behaviours will not be tolerated.” At BlackRock, which manages almost $7tn in assets, Mr Fink has been one of the most prominent voices on Wall Street calling for high professional standards and transparency in corporate America. Mr Wiseman, who was seen as one of seven candidates to succeed Mr Fink, headed BlackRock’s approximately $300bn active equities business. He also chaired the BlackRock alternative investment business, which focuses on illiquid or complex investments including private equity and real estate that typically command higher fees and are more likely to be sold to an institution than a mom-and-pop investor. BlackRock said the leaders of the active equity teams who previously reported to Mr Wiseman would report to Mr Kapito for the time being. No changes were announced in BlackRock’s alternatives business.

Saudi energy minister Prince Abdulaziz bin Salman, centre, at the Opec meeting in Vienna on Thursday. Saudi Arabia has already been pumping far below its production target © Bloomberg

World’s top oil producers move toward bigger production cuts Questions remain over how cuts will be achieved and how many barrels will be removed DAVID SHEPPARD AND ANJLI RAVAL

pec and Russia are on course to increase cuts in supplies by 500,000 barrels a day as the world’s biggest oil producers seek to give a lift to a sluggish crude market. Alexander Novak, Russia’s energy minister, said on Thursday that a committee of ministers, which also includes Saudi Arabia, had recommended that producers deepen existing production cuts of 1.2m b/d to 1.7m b/d. The curbs, which still need to be formally agreed later on Thursday by Opec and by other nations including Russia on Friday, would last until at least March 2020, when the current 1.2m b/d deal expires. Rising hopes of a cut helped boost the oil price on Thursday, with Brent crude, the international benchmark, up almost 5 per cent to $63.50 a barrel over the last two sessions. The move comes after analysts warned that the crude market could be heavily oversupplied in the first half of next year, and as the strength of the global economy is undermined by the US-China trade war. It also comes as Prince Abdulaziz bin Salman, the Saudi energy minister who was appointed in Sep-

tember, tries to stamp his authority on the group and pushes for greater compliance among producers. Traders and analysts attending the meeting in Vienna have cautioned that Saudi Arabia’s strategy does not appear designed to push prices significantly higher, saying that the cartel is looking to reassure the market rather than having any grander ambitions such as raising the price to $70 or $80 a barrel. Saudi Arabia had already been pumping far below its production target before the attack on some of its critical oil facilities in September. Analysts have warned that the cut eventually announced may not actually remove many more barrels from the market, given Saudi Arabia has already throttled back output since surging production shortly after recovering from the raids. Bill Farren-Price at RS Energy said the announcement of a deeper supply cut would give a “psychological boost” to the oil market. “But the detail of what this cut will actually entail will be crucial to its longer term impact on the market,” Mr Farren-Price added. “It looks like the Saudis have extracted some concessions around greater compliance from other members in return for reducing their own output. But it’s not clear if they will go below the level they were producing before the Abqaiq attack.”

Brent crude has traded near $60 a barrel for much of 2019, lower than its average level last year but without testing the depths seen in 2015 and 2016. Then, crude collapsed to below $40, causing widespread hardship for oil-producing countries. Amrita Sen at Energy Aspects said Opec and its allies — particularly Russia, which has partnered with the group since 2016 — would be wary of throwing a lifeline to the US shale industry, which has started to show signs of slowing after years of bumper growth. The so-called Opec+ alliance has a current target of reducing output by roughly 1.2 per cent of global supply. A 500,000 b/d increase could take that to about 1.7 per cent. Ann-Louise Hittle at Wood Mackenzie said there was a risk, however, that the market might discount the full effects of the curbs if they were predicated on greater compliance from countries such as Nigeria and Iraq, which have tended to pump above their target. “The impact on production would be limited because current adherence from producers such as Iraq and Nigeria has been light and they are unlikely to rein in output further,” said Ms Hittle. She added that the market would want to see the deal extended at least into the second quarter of next year.

The battle over green investment is hotting up How can an asset management sector dominated by passive funds fight climate change? GILLIAN TETT

hristopher Hohn, founder of TCI hedge fund, made his millions as a pugnacious activist. So it is no surprise that when he jumped into the climate debate this week, he was characteristically critical on two counts. First he warned that he would unleash his activist muscle on companies including Airbus and Moody’s if they did not improve their standards of disclosure — and action — over climate risks. Then he lambasted BlackRock for failing to impose equally tough disclosure requirements in their own investments. “Major asset managers such as BlackRock have been shown to be full of greenwash,” he thundered. The move sent ripples through the normally-sedate world of envi-

ronmental, social and governance investing. And Sir Christopher is certainly not alone in his criticism of BlackRock. In recent years the asset manager’s chief executive, Larry Fink, has won favourable headlines by championing ESG ideas in his annual “Larry’s letter” to clients. The group has also adeptly become an industry leader in launching and running ESG funds. However, environmental groups complain that the asset manager continues to pour money into sectors such as fossil fuels through its mainstream investment products. Although BlackRock replied to Sir Christopher’s attack by pointing out that it “has the largest stewardship team in the world, and engaged 370 companies globally on the topic of climate risk in the past two years,” this will not dampen the scrutiny www.businessday.ng

of Mr Fink’s environmental record — or Sir Christopher’s drive to win business with his attacks. While the tussle is striking, it obscures a far more fundamental question: will it ever be possible for the asset management world to fight climate change while the sector is so dominated by passive funds that track indices, rather than active managers? Think about it. Sir Christopher is able to put pressure on companies because he is not only confrontational but also has relatively few companies to analyse. His portfolio is focused on under two dozen stocks. BlackRock, however, has grown enormous largely on the back of exchange traded funds and other forms of passive investing that track the performance of a particular market or sector. It is not alone: since 2008, investment flows into passive

https://www.facebook.com/businessdayng

strategies have exploded to such a degree that the ETF sector recently passed the $6tn milestone and BlackRock projects this will double by the end of 2023. That leaves mainstream asset management groups exposed to huge numbers of companies which are automatically selected according to indices; it also means that a growing proportion of shareholder engagement is outsourced to proxy advisers, such as ISS. Thus officials at BlackRock argue, with some justification, that if climate activists want to attack finance for its lack of “green” credentials, they should start with the index companies and proxy advisers — not the asset managers themselves. Sir Christopher disagrees: he argues that groups such as BlackRock should still insist on screening ETFs for climate issues, perhaps by using @Businessdayng

the metrics developed by the Carbon Disclosure Project. And while that would be a break with convention, the fact is that other large asset managers are also finding ways to do things differently. Look, for example, at what Japan’s $1.6tn Government Pension Investment Fund is doing: its chief investment officer Hiro Mizuno is breaking all manner of existing rules to impose new ESG standards across the fund’s portfolio. However, it would be foolish to expect Mr Fink to concede Sir Christopher’s point anytime soon. So in the meantime, investors should watch three things. First, BlackRock itself is now implementing a comprehensive internal analysis of all its operations in relation to climate change, covering both active and passive funds. It will be fascinating to see what this does (or does not) produce.

Friday 06 December 2019

BUSINESS DAY

ANALYSIS

Wall Street power player makes her political debut Kelly Loeffler swaps exchange group ICE for the US Senate, over Trump’s objections GREGORY MEYER, LAUREN FEDOR AND PHILIP STAFFORD

elly Loeffler was the smooth investor-relations chief who pitched Intercontinental Exchange to Wall Street. Now she is promoting President Donald Trump’s border wall. When the executive from the Atlanta-based exchange group on Wednesday was named a Republican senator for the southern US state of Georgia, she wasted no time professing loyalty to the president. “I want to fight socialism side by side with President Trump,” Ms Loeffler said at an event in Atlanta. The comments were a political coming-out for an exchange executive more used to shaping financial narratives to investors and financial analysts. Ms Loeffler joined ICE in its infancy in 2002 and married founder and chief executive Jeff Sprecher two years later. Together they built a goliath of electronic markets worth $52bn whose businesses include the New York Stock Exchange and London’s

of investor relations and public relations for ICE as it grew from a power and natural gas trading platform to a systemically important pillar of financial markets. Chris Giancarlo, a lawyer and former chairman of the Commodity Futures Trading Commission, described her style as straightforward, affable, courteous and responsive. “She’s also a down-home person. Growing up on a family farm, it’s hard to be overly pretentious or full of yourself,” he said. Before Bakkt, Ms Loeffler served on ICE’s executive management committee along with others including her husband. “The two of them have been intellectual partners in ICE for many years, even if the titles don’t necessarily say that,” said a futures industry executive. She has been a distinctive presence among the senior, mostly male executives who run the world’s largest exchanges.* In Atlanta she may be better known for co-owning the Atlanta Dream, a women’s professional basketball team. ICE said Ms Loeffler would relinquish her post at Bakkt before her

Flanked by her husband, ICE founder Jeff Sprecher, Kelly Loeffler introduced herself as a politician with dark-red conservative credentials © AP

main futures exchange. Her nomination gives a figure with close ties to the biggest securities, derivatives and cryptocurrency traders a powerful perch in Washington. Ms Loeffler was most recently chief executive of Bakkt, an ICE subsidiary for bitcoin products. Mr Trump had opposed Ms Loeffler, who has never held elected office. He instead favoured ally Doug Collins, the top Republican on the House judiciary committee. On Wednesday Mr Collins stood up for Mr Trump against the impeachment investigation led by Democrats, calling it a “simple railroad job”. After Georgia Governor Brian Kemp chose Ms Loeffler instead, she used her debut in his ceremonial office to introduce herself as a politician with dark-red conservative credentials. Noting her Christian faith and girlhood on an Illinois farm, she said she supported gun rights and was “pro-Trump, pro-military and prowall”. She lambasted what she called an impeachment “circus”, accusing Democrats of being motivated by hatred of Mr Trump. “They want to overturn our way of life because they resent America’s success,” she said, Mr Sprecher standing by her side. Ms Loeffler’s rhetoric stood in contrast to years in the delicate role

swearing-in. She will replace senator Johnny Isakson, who announced he would retire at the end of the year because of health concerns. Mr Kemp appointed Ms Loeffler in part to appeal to more moderate women voters in Georgia and boost the number of Republican women on Capitol Hill, said Larry Sabato, director of the University of Virginia’s Center for Politics. Of 25 female US senators, eight are Republicans. Ms Loeffler will need to run for election in November 2020. She is prepared to spend $20m of her own money on the campaign, the Atlanta Journal-Constitution and other media reported. “She will blow out of the water any candidate who challenges her. A fundraiser for her is a luncheon with her accountant,” Mr Sabato said. Ms Loeffler has over the years donated to Republican campaigns and in 2012 gave $750,000 to a political action committee for thenpresidential candidate Mitt Romney, records show. Mr Romney is now a US senator and occasional critic of Mr Trump. Her name previously surfaced as a potential Senate candidate in 2013. “I think that she’s had political aspirations for a long time,” said John Lothian, the publisher of a markets newsletter who knows Ms Loeffler. www.businessday.ng

Europe First: taking on the dominance of the US dollar

EU leaders believe the euro needs to play a larger role in order to compete against the US and China MARTIN SANDBU

t took the whirring sound of the helicopter blades on Marine One to reinvigorate Europe’s determination to no longer be subservient to the US dollar. When US president Donald Trump took off early from the G7 summit in Charlevoix, Canada, in June 2018, and abruptly withdrew from a common communique, he left European leaders first “speechless, then determined to work together”, says Martin Selmayr, secretary-general of the European Commission under Jean-Claude Juncker and long seen as the most influential official in Brussels. “Trump boarding the helicopter in Charlevoix triggered the idea of European sovereignty,” says Mr Selmayr. “Promoting the international role of the euro was one answer to that political moment.” Just months later, Mr Juncker vowed to make the euro “play its full role on the international scene”. The incoming commission looks eager to pick up the baton: Ursula von der Leyen, the new president, has included the goal of boosting the euro in letters to her team. Since the start of the year, the commission has been quietly working to promote the use of the euro in cross-border invoicing, specifically for energy products. A clearing house has been created to circumvent US threats to exclude from the US dollar system companies that trade with Iran. And the ECB has been enlisted to communicate the economic consequences of greater euro use internationally. As Europe looks warily to the growing competition its main industries face from China and the increasingly erratic leadership of its American ally, the role of the euro has become one of the centrepieces of a profound rethink taking place across the region about how it defends its own interests that includes industrial policy and trade. For European leaders, a more prominent euro is key to securing the region’s financial and monetary autonomy and protecting it against US attempts to weaponise the dollar through financial sanctions. Josep Borrell, the high representative for foreign affairs, believes the project to boost the euro’s status should be treated on a par with defence policy: “We should reinforce the euro’s international role, and further, our military capacity to act . . . The EU has to learn to use the language of power,” he recently told the European Parliament. Europe’s monetary inferiority complex goes back a long way. Half a century ago Valéry Giscard d’Estaing, then French finance minister, lamented Washington’s “exorbitant privilege” — the dollar’s pre-eminence that put Europe at a commercial disadvantage and helped provide the Europeans’ motivation on the long road to monetary union. The same resentment resurfaced with the monetary chaos that Richard Nixon, then US president,

https://www.facebook.com/businessdayng

unleashed when he unilaterally dismantled the Bretton Woods fixedexchange rate system by taking the dollar off its gold peg in 1971. Charlevoix, says Mr Selmayr, was a “second Nixon moment” for Europe. The snub at the G7 followed other US announcements that had made Europe fret at the dominance of the dollar. Mr Trump’s decision to pull out of the Iran nuclear deal in May 2018 highlighted how European companies remain dependent on dollar-denominated financial markets. Under the sanctions the Trump administration has reimposed, Europeans doing business with Tehran could face US penalties. The threat has effectively stopped European companies trading with Iran and undermined the economic incentives at the heart of the nuclear deal. In August 2018, Germany’s foreign minister Heiko Maas called for “payment channels that are independent of the US [and] an independent Swift system”. Swift, a messaging service used to direct cross-border payments, is based in Belgium but present in the US and embedded in its financial system. In response, Germany, France and the UK set up a financial clearing house for transactions with Iran, known as Instex. Could these efforts be more successful than Europe’s previous attempts to break free from US dollar dominance? The timing is propitious. The dollar is facing headwinds because of Mr Trump’s erratic policies, and other countries are also looking for alternatives to the US financial system. Currency hegemony can shift, warns Barry Eichengreen, a professor of economics at the University of California, Berkeley, and “one can imagine this shift occurring very quickly if something goes wrong”. Chart showing that the international role of the euro has declined over the past decade. Composite index of the share of bank deposits, foreign exchange transactions and reserves in euros The euro is the world’s second most used currency. It accounts for about one-fifth of global foreign exchange reserves and a similar share for international holdings of bonds, loans and deposits — compared with more than half in US dollars. One of the few areas where the euro comes close to matching the greenback is in global payments and invoicing, where both currencies @Businessdayng

account for about 40 per cent each, according to ECB figures. However, trade between the two economic superpowers is overwhelmingly dollar-denominated. According to IMF research, some three-quarters of eurozone sales to the US, and more than 90 per cent of its imports from there, are invoiced in dollars. The launch of the euro in 1999 created expectations that the European currency would soon enjoy equal standing with the dollar. But after an initial period of growth, its role in the global economy has stagnated or shrunk, to the point where the euro is now less prominent than when it was established. “By some measures, the euro plays no larger a role than the Deutschemark and French franc that it replaced,” according to a new study by economists Ethan Ilzetzki, Carmen Reinhart and Kenneth Rogoff. They argue that “a central reason is the scarcity of high-quality marketable euro-denominated assets, and the general lack of liquidity compared to dollar debt markets”. Because of credit downgrades in the previous crisis and a still-fragmented private securities market, the euro has too few of the reliable assets that global investors use as reserves: typically ultra-safe triple Arated bonds issued by creditworthy governments or companies. The European Central Bank agrees, according to Benoît Cœuré, a member of its executive board. “In our analysis, [the most important move] would be a deepening of European capital markets and the introduction of a safe asset. That would be a game-changer.” In fact, no currency has ever gained predominance without liquid markets in a benchmark asset, says Mr Eichengreen. “If [Europe] succeeds in significantly enhancing the international role of the euro without that step, it would be a first.” The lack of safe euro-denominated assets was aggravated by the 2010-12 eurozone sovereign debt crisis, when investors feared the single currency might fall apart. “It’s a perfectly fine idea to promote the euro in international markets,” says Gita Gopinath, IMF chief economist. “But the necessary condition for that is to improve the euro area architecture to strengthen resilience — centralised fiscal capacity, capital markets union, banking union.”

Friday 06 December 2019

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

Live @ The STOCK Exchanges Prices for Securities Traded as of Thursday 05 December 2019 Company

Market cap(nm)

Price (N)

Change

Trades

Volume

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 321,684.29 9.05 -2.69 256 28,287,973 UNITED BANK FOR AFRICA PLC 235,976.01 6.90 -0.72 184 8,620,160 ZENITH BANK PLC 587,114.43 18.70 -0.27 406 25,908,677 846 62,816,810 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 238,703.70 6.65 -2.21 195 23,766,132 195 23,766,132 1,041 86,582,942 TELECOMMUNICATIONS SERVICES MTN NIGERIA COMMUNICATIONS PLC 2,422,187.05 119.00 - 49 246,286 49 246,286 49 246,286 BUILDING MATERIALS DANGOTE CEMENT PLC 2,436,792.56 143.00 - 56 217,326 LAFARGE AFRICA PLC. 223,898.36 13.90 - 42 395,417 98 612,743 98 612,743 EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 323,467.98 549.70 - 10 5,158 10 5,158 10 5,158 1,198 87,447,129 REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC 1,710.00 85.50 - 0 0 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 10,175.81 40.70 - 0 0 UPDC REAL ESTATE INVESTMENT TRUST 11,873.80 4.45 - 1 14 1 14 1 14 OTHER FINANCIAL INSTITUTIONS NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 0 0 VALUEALLIANCE VALUE FUND 3,312.39 103.20 - 0 0 0 0 0 0 1 14 CROP PRODUCTION FTN COCOA PROCESSORS PLC 440.00 0.20 - 0 0 OKOMU OIL PALM PLC. 51,988.10 54.50 - 13 84,022 PRESCO PLC 37,850.00 37.85 - 1 50 14 84,072 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 8,520.00 4.26 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 1,530.00 0.51 - 17 1,394,053 17 1,394,053 31 1,478,125 DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. 953.02 0.36 - 2 9,589 217.92 0.56 - 4 6,706 JOHN HOLT PLC. S C O A NIG. PLC. 1,903.99 2.93 - 1 1,384 TRANSNATIONAL CORPORATION OF NIGERIA PLC 40,241.51 0.99 1.01 48 2,003,815 U A C N PLC. 23,194.44 8.05 6.62 159 40,229,662 214 42,251,156 214 42,251,156 BUILDING CONSTRUCTION ARBICO PLC. 641.52 4.32 -9.81 1 100,000 1 100,000 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 25,080.00 19.00 - 4 27,708 ROADS NIG PLC. 165.00 6.60 - 0 0 4 27,708 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC 2,598.40 1.00 - 6 33,625 6 33,625 11 161,333 AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 7,281.43 0.93 - 0 0 GOLDEN GUINEA BREW. PLC. 242.22 0.89 - 0 0 GUINNESS NIG PLC 63,521.10 29.00 - 28 23,386 INTERNATIONAL BREWERIES PLC. 86,818.21 10.10 - 18 79,410 NIGERIAN BREW. PLC. 409,441.39 51.20 0.29 34 8,502,426 80 8,605,222 FOOD PRODUCTS DANGOTE SUGAR REFINERY PLC 177,600.00 14.80 8.03 79 3,247,921 FLOUR MILLS NIG. PLC. 77,907.21 19.00 - 42 249,143 HONEYWELL FLOUR MILL PLC 8,406.01 1.06 -0.93 24 1,369,694 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 766.26 4.30 - 0 0 NASCON ALLIED INDUSTRIES PLC 37,092.14 14.00 - 7 5,822 UNION DICON SALT PLC. 3,321.07 12.15 - 0 0 152 4,872,580 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 18,594.20 9.90 - 23 143,351 NESTLE NIGERIA PLC. 1,070,085.94 1,350.00 - 38 16,592 61 159,943 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 0 0 VITAFOAM NIG PLC. 4,878.29 3.90 - 22 179,643 22 179,643 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 20,845.00 5.25 - 23 99,815 UNILEVER NIGERIA PLC. 108,580.60 18.90 - 43 117,700 66 217,515 381 14,034,903 BANKING ECOBANK TRANSNATIONAL INCORPORATED 128,446.86 7.00 - 50 454,087 FIDELITY BANK PLC 59,108.59 2.04 0.99 57 3,689,488 GUARANTY TRUST BANK PLC. 885,878.49 30.10 -0.50 174 27,732,286 JAIZ BANK PLC 19,446.40 0.66 -5.71 33 701,580 STERLING BANK PLC. 54,701.79 1.90 -1.04 1,037 6,633,801 UNION BANK NIG.PLC. 203,845.27 7.00 - 20 584,810 UNITY BANK PLC 7,598.07 0.65 - 6 112,621 26,616.38 0.69 -2.82 23 1,433,250 WEMA BANK PLC. 1,400 41,341,923 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 0 0 AIICO INSURANCE PLC. 5,128.35 0.74 - 20 1,187,856 AXAMANSARD INSURANCE PLC 17,325.00 1.65 -8.33 11 401,377 CONSOLIDATED HALLMARK INSURANCE PLC 3,170.70 0.39 - 0 0 CONTINENTAL REINSURANCE PLC 22,820.04 2.20 - 0 0 CORNERSTONE INSURANCE PLC 9,279.59 0.63 -10.00 9 1,114,476 GOLDLINK INSURANCE PLC 909.99 0.20 - 0 0 GUINEA INSURANCE PLC. 1,228.00 0.20 - 0 0 INTERNATIONAL ENERGY INSURANCE PLC 487.95 0.38 - 0 0 LASACO ASSURANCE PLC. 1,830.86 0.25 - 13 695,712 LAW UNION AND ROCK INS. PLC. 2,577.80 0.60 -7.69 5 264,500 LINKAGE ASSURANCE PLC 4,080.00 0.51 - 2 20,000 MUTUAL BENEFITS ASSURANCE PLC. 2,234.55 0.20 - 0 0 NEM INSURANCE PLC 10,561.01 2.00 - 4 10,075 NIGER INSURANCE PLC 1,547.90 0.20 - 3 61,532 PRESTIGE ASSURANCE PLC 2,745.10 0.51 - 0 0 REGENCY ASSURANCE PLC 1,333.75 0.20 - 1 3,000 SOVEREIGN TRUST INSURANCE PLC 1,668.16 0.20 - 2 166,780 4,483.72 0.48 - 0 0 STACO INSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. 2,582.21 0.20 - 0 0 SUNU ASSURANCES NIGERIA PLC. 2,800.00 0.20 - 0 0 UNIC DIVERSIFIED HOLDINGS PLC. 516.46 0.20 - 0 0 3,200.00 0.20 - 0 0 UNIVERSAL INSURANCE PLC VERITAS KAPITAL ASSURANCE PLC 2,773.33 0.20 - 0 0 WAPIC INSURANCE PLC 4,817.79 0.36 -7.69 25 2,333,994 95 6,259,302 MICRO-FINANCE BANKS NPF MICROFINANCE BANK PLC 2,538.17 1.11 - 1 1,500 1 1,500

www.businessday.ng

MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 4,200.00 1.00 - 0 0 ASO SAVINGS AND LOANS PLC 7,370.87 0.50 - 0 0 INFINITY TRUST MORTGAGE BANK PLC 5,796.93 1.39 - 0 0 RESORT SAVINGS & LOANS PLC 2,265.95 0.20 - 0 0 UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 0 0 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 8,400.00 4.20 -3.10 38 822,660 CUSTODIAN INVESTMENT PLC 35,291.19 6.00 - 9 33,851 DEAP CAPITAL MANAGEMENT & TRUST PLC 600.00 0.40 -9.09 1 750,000 FCMB GROUP PLC. 35,644.88 1.80 0.56 57 3,489,754 ROYAL EXCHANGE PLC. 1,337.80 0.26 - 1 17,015 STANBIC IBTC HOLDINGS PLC 385,423.03 36.80 - 31 1,764,274 UNITED CAPITAL PLC 13,800.00 2.30 1.77 49 916,009 186 7,793,563 1,682 55,396,288 HEALTHCARE PROVIDERS EKOCORP PLC. 1,994.40 4.00 - 0 0 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 923.82 0.26 8.33 1 100,000 1 100,000 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 494.58 0.50 - 0 0 0 0 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 FIDSON HEALTHCARE PLC 7,093.62 3.40 -9.33 2 162,229 GLAXO SMITHKLINE CONSUMER NIG. PLC. 7,175.26 6.00 - 20 121,248 MAY & BAKER NIGERIA PLC. 3,692.00 2.14 - 12 155,000 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 1,386.38 0.73 - 2 5,710 NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 PHARMA-DEKO PLC. 325.23 1.50 - 0 0 36 444,187 37 544,187 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 888.00 0.25 -7.41 2 527,505 2 527,505 COMPUTERS AND PERIPHERALS OMATEK VENTURES PLC 1,470.89 0.50 - 0 0 0 0 IT SERVICES CWG PLC 6,413.06 2.54 - 0 0 NCR (NIGERIA) PLC. 486.00 4.50 - 3 1,600 TRIPPLE GEE AND COMPANY PLC. 316.77 0.64 - 0 0 3 1,600 PROCESSING SYSTEMS CHAMS PLC 1,690.58 0.36 9.09 7 569,600 E-TRANZACT INTERNATIONAL PLC 10,962.00 2.61 - 0 0 7 569,600 TELECOMMUNICATIONS SERVICES AIRTEL AFRICA PLC 1,123,311.48 298.90 - 8 19,480 8 19,480 20 1,118,185 BUILDING MATERIALS BERGER PAINTS PLC 2,173.68 7.50 - 9 53,692 CAP PLC 16,800.00 24.00 - 13 25,091 CEMENT CO. OF NORTH.NIG. PLC 252,355.22 19.20 - 16 82,011 313.43 0.59 - 1 2,000 MEYER PLC. PORTLAND PAINTS & PRODUCTS NIGERIA PLC 1,769.32 2.23 - 0 0 PREMIER PAINTS PLC. 1,156.20 9.40 - 0 0 39 162,794 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,256.91 2.09 - 0 0 CUTIX PLC. 2,712.44 1.54 4.05 23 1,785,834 23 1,785,834 PACKAGING/CONTAINERS BETA GLASS PLC. 26,898.49 53.80 - 0 0 GREIF NIGERIA PLC 388.02 9.10 - 0 0 0 0 AGRO-ALLIED & CHEMICALS NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 0 0 0 0 62 1,948,628 CHEMICALS B.O.C. GASES PLC. 2,539.09 6.10 - 2 24,526 2 24,526 METALS ALUMINIUM EXTRUSION IND. PLC. 1,781.64 8.10 - 0 0 0 0 MINING SERVICES MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 1 1,000 1 1,000 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 83.60 0.38 - 0 0 0 0 3 25,526 ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,377.79 0.22 - 4 107,758 4 107,758 INTEGRATED OIL AND GAS SERVICES OANDO PLC 44,877.40 3.61 -0.28 51 1,476,042 51 1,476,042 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 53,332.04 147.90 - 16 6,961 CONOIL PLC 12,838.11 18.50 - 7 9,191 ETERNA PLC. 3,651.61 2.80 - 11 266,292 FORTE OIL PLC. 23,574.91 18.10 - 40 94,382 MRS OIL NIGERIA PLC. 4,663.23 15.30 - 11 17,135 TOTAL NIGERIA PLC. 37,652.97 110.90 - 16 34,100 101 428,061 156 2,011,861 ADVERTISING AFROMEDIA PLC 1,509.28 0.34 - 0 0 0 0 AIRLINES MEDVIEW AIRLINE PLC 15,796.05 1.62 -10.00 1 297,890 1 297,890 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 247.03 0.21 -8.70 2 168,334 2 168,334 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 2,623.26 4.45 - 4 14,000 TRANS-NATIONWIDE EXPRESS PLC. 431.34 0.92 - 1 10,000 5 24,000 HOSPITALITY TANTALIZERS PLC 642.33 0.20 - 0 0 0 0 HOTELS/LODGING CAPITAL HOTEL PLC 4,259.15 2.75 - 0 0 IKEJA HOTEL PLC 2,120.37 1.02 - 2 1,000 TOURIST COMPANY OF NIGERIA PLC. 7,862.53 3.50 - 0 0 41,042.18 5.40 - 1 10 TRANSCORP HOTELS PLC 3 1,010 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 4,800.00 0.40 - 0 0 0 0 PRINTING/PUBLISHING ACADEMY PRESS PLC. 223.78 0.37 - 1 9,000 LEARN AFRICA PLC 964.31 1.25 - 4 26,775 STUDIO PRESS (NIG) PLC. 1,183.82 1.99 - 0 0 UNIVERSITY PRESS PLC. 629.86 1.46 - 4 39,674 9 75,449 ROAD TRANSPORTATION ASSOCIATED BUS COMPANY PLC 679.66 0.41 - 1 73,700 1 73,700 SPECIALTY INTERLINKED TECHNOLOGIES PLC 757.44 3.20 - 0 0 SECURE ELECTRONIC TECHNOLOGY PLC 1,126.31 0.20 - 0 0

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

www.businessday.ng

https://www.facebook.com/businessdayng

@Businessdayng

Friday 06 December 2019

BUSINESS DAY

Business SOUTH-SOUTH

COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

Reps committee to resolve NPA’s dispute with Bua terminals over Port Harcourt Port EFEGADIRIM MADU, Port Harcourt

he House of Representatives committee on Ports & Harbour has said it would resolve the ongoing crisis between the Nigerian Ports Authority (NPA) management and Bua Ports & Terminals Limited (BPTL), one of the terminal operators of the Port Harcourt Port. The House committee, while speaking in Port Harcourt during its familiarization visit of the Port Harcourt Port lamented that it was unfortunate that the dispute led to NPA de-commissioning BPTL at the Port in May 2019 this year. Chairman of the committee, Garba Datti Mohammed, said that their visit is part of their oversight function of the ports with a view to assessing the situation of things. He and his team were at the terminals of the two operators – PTOL and Bua. They listened to the complaints of the operators, beginning with Bua, the Port manager, Yunusa Ibrahim, who gave a brief history of the crisis, but said his NPA headquarters was handling the matter; and later they heard from PTOL. The dispute between NPA and Bua began in 2016 when the terminal operator contracted Julius Berger to rebuild the Port’s berth

…as Bua says it paid $29m as revenue to FG, invested $32m

8, which had collapsed in 2014. Julius Berger later demanded for variation mid-way, which stalled the job. The NPA stepped in, matters were resolved. But till date the berth is yet to be constructed. Issues came to a head in May this year, when Bua notified the NPA that berths 5–7 were unsafe to berth any vessel. Matters degenerated when the NPA de-commissioned the terminal operator. Bua

went to a Port Harcourt Federal High Court, challenging NPA’s action. Meanwhile NPA took Bua to the International Court of Arbitration (ICA) in London, UK. Meanwhile both parties say they are disposed to an out-ofcourt settlement. The Bureau of Public Enterprises (BPE) was drafted in by the Federal Government to mediate. A tripartite meeting held once but could not

How NPA’s dispute with Bua terminals is raising vessels turn-around time, demurrage at Port Harcourt Port EFEGADIRIM MADU Port Harcourt

aritime activities at the Port Harcourt Port are now seriously affected, withincreasingcostsonimporters and shipping agents, due to the de-commissioning of Bua & Ports Terminals Limited (BPTL), one of the terminal operators at the port by the Nigerian Ports Authority (NPA), the regulator of Nigeria’s seaports. The action is coming at a time the over 100-year-old port was beginning to pick up in cargo throughput after many years of low activity due to neglect by the NPA. The de-commissioning was NPA’s mallet with which it slammed Bua, its second tenant at the Port Harcourt Port. Since then,NPAandBuabeenlockedin asomewhatmutually-destructive legal battle. The source of the sore-point relationship between the landlord-regulator and tenant-operator was from berths 5–7, which Bua wrote to inform the NPA that they had become unsafe to berth any vessel. It was gathered that NPA immediately de-commissioned the berths, without any discussion with the terminal operator. It (NPA) claimed that it took the action “to avoid loss of lives and property.” At this point, Bua went to court to challenge NPA’s action which Bua viewed as anti-business. Today, after many months of legal tussle at different courts,

the Port Harcourt Federal High Court and the International Arbitration Court (IAC), London, UK, without any judgments, both of them appear wearied by the court process; and are seeking out-of-court settlement. Meanwhile, only PTOL (Ports and Terminal Operators Limited) is handling vessels traffic at the Terminal A of the port. Terminal B, being managed by Bua remains de-commissioned. No activity has taken place here since May this year, as a visit by our correspondent revealed on Tuesday. According data released by the Port manager, Yunusa Ibrahim Anji, in the first half of 2019, the Port Harcourt Port, which was built in 1913 by the British colonial administration, has handled 162 vessels with 2,616,128 tons of gross registered tonnage (GRT), against 148 vessels with 2,287,597 tons recorded in HY1 of 2018. This indicates an increase of 14 vessels or 9.46 percent and 328,531 tons GRT or 0.14 percent. The port also recorded 1,870,379 metric tons of cargo throughputinHY1of2019,against 1,723,168 metric tons handled in the same period of 2018, showing an increase of 147,211 tons in absolute terms and 15.38 percent in relative terms. However, the above positive developmentsarebeingshattered by a negative variance in the average turn-around time of vessels at the port since the first half of this

year. Vessels turn-around time since HY1 of 2019 is 6.14 days up from the 5.75 days in the same period of last year, indicating a negative variance of 1.39 days or 0.40 percent. It was reliably gathered from top officials at the port that the major reason for the higher vessel turn-around time is the decommissioning of Bua by the NPA management. All vessels coming into the port are now beinghandledbyPTOLusingitsfour berths (1-4), instead of the initial seven used by the two terminal operators. Additionally, vessels are said to queue up on the port’s channel, waiting for turns to be discharged of their contents. Some maritime top officials at the port told our correspondent that the situation was accumulating demurrages forimportersandshippingagents. Resolution of the Bua – NPA crisis appears to be far from being achieved. The Bureau of Public Enterprises (BPE) which was drafted in by the Federal Government to mediate, is yet to reconvene a second tripartite meeting, since about two months after an initial one could not make much progress. Meanwhile, both parties are said to be wearied out from their separate non-concluded legal cases. Each of them has been losing revenue – Bua loses from vessel-cargo handling charges – NPA loses revenue payments from Bua.

resolve issues. A second meeting was slated about two months ago, but was aborted because the BPE team could not attend. Since then, they are yet to reconvene. Mohammed Lile Ibrahim, Bua’s general manager told the House of Reps a series of challenges they face at the Port, including absence of tug-boats, pilot-cutters, low duration of pilotage – eight hours at Eastern Ports against 24

hours availability in the Lagos and Western Ports. Others challenges are insecurity on the waterways, especially from the Bonny River channel to Fairway Buoy, which has necessitated the use of armed naval personnel escorting vessels at prohibitive costs to the importer and shipping agent – sometimes as high as $50,000 per trip. The Bua general manager also complained of the non-release by the NPA of 10 percent of its total concession area of 8.1 hectares. He said his company, despite the challenges since 2006 when the port was concessioned, has remitted $29 million as revenue to the Federal coffers, whereas it has invested in excess of $32 million in providing infrastructure at its Terminal B of the port, with eight berths (5,6,7 & 8). He said they have also built three new factories at the cost of $4 million. During the same period, he said the terminal operator has handled a total of 11.5 million metric tons of cargo. Ibrahim also told the House committee on Ports and Harbour that his company has undertaken some corporate social responsibility facilities for the port’s host communities; saying that they have 100 percent Nigerian staff strength.

Ikpeazu pledges commitment towards success of Abia-telehealth initiative UDOKA AGWU, Umuahia

overnor Okezie Ikpeazu of Abia State has reiterated his commitment toward the success of Abia Tele-health Initiative in the State, and solicited the support of all and sundry towards the success of the scheme. The governor made the resolve during a maiden stakeholders’ meeting of the Abia Tele-health Initiative held at the Michael Okpara Auditorium, Umuahia. He assured that he would take campaigns to individuals, groupsandsectorsinall17LGAsofthe state. He disclosed that he had consistentlypursuedthedreamandvisionof the initiative. He stressed the need for all to leverage their cell phones to get adequate healthcare. Governor Ikpeazu used the opportunity to pay for N500 recharge card each for all students of the MichaelOkparaUniversityofAgriculture (MOUA) Umudike, and Nursing students of FMC and Amachara Umuahia who were present at the meeting. He said that everyone had a stake in the initiative. The Abia chief executive appreciatedtheGlobacomNigeria,atelecoms provider for using the strength of its reach to deepen healthcare delivery in the State by partnering with the state government in the initiative. He also thanked the lead consultant, Omas Obieme for her commitment in pursuing the project. Joe Osuji, the state Commissioner for Health, said that with the triple objectives of the initiative, including wider access, better outcomes and broader coverage, combined with the proposed Abia State Tele-health Support bylaw, the State was positioned to integrate telehealth into her contemporary local health system.

600 SSCE students from Enugu benefit from N11m education grant of Reps member MOUAU spends N435m on REGIS ANUKWUOJI, Enugu

bout six hundred senior secondary school students from 60 public schools in three local government areas, Awgu, Aniniri and Oji-River of Enugu State have benefited from Toby Okechukwu Foundation 2019/2020 Educational grants. This year’s grant of about N11 million was for the payment of Senior School Certificate Examination (SSCE) registration of the students who were selected through ballot conducted in their various schools. The foundation also constructed three buildings of seven classrooms each at the St. Vincent’s Secondary School, Agbogugu, his alma mater. Toby, who is the House of Representatives member representing Awgu, Aniniri and Oji- River Federal Constituency and also the Deputy Minority Leader of the 9th House of Representatives, said that the foundation was committed to continuously undertake a sustainable approach to the development of his constituency through education. The Foundation handed over cheques through the founder, Toby Okechukwu to the teachers in company of the students at St Vincent’s Secondary School, Agbogugu, Awgu Local Government Area

of Enugu State, venue of the event. He pledged to promote education in the area. Toby, giving a short history of his days in the school and the quality of teachers, discipline and learning then, advised the current students to be more serious in their studies, as that is the only key to sustainable success in life. He noted that the reasons why the foundation was supporting the students was not because they could not pay for their SSCE, but because God has given them the opportunity to benefit from the foundation. The deputy minority leader explained that the beneficiaries emerged through a competitive draw process. “I wished all SS3 students benefitted from the gesture,” he said. Governor Ifeanyi Ugwuanyi of Enugu State, who was the special guest of honour at the event, declared open the newly constructed school blocks by the Toby Okechukwu Foundation. He also converted a casual teacher, Chinedu Ani, to a permanent staff for his dedication and diligence to duty in the school. Earlier, the chairman, Post Primary Schools Management Board (PPSMB) in the state, Nestor Ezema, commended Okechukwu; pointing out that his philanthropic gestures had shown light to his constituency.

human capacity building UDOKA AGWU, Umuahia

rancisOgbonnayaOtunta,aprofessor of Mathematics and Vice Chancellor of Michael Okpara University of Agriculture, Umudike, near Umuahia, Abia State, has said that since he assumed office four years ago,hisadministrationhasspentN435 milliononhumancapacitybuildingof staff of the University. Otunta made the disclosure in his office during pre-convocation press briefing of the 9th convocation ceremony of the University. He said part of his promise when he assumed office was to encourage and support those seeking higher degrees both within and outside the country. “We also promised to pursue staff development through conferences, seminars and workshops. In line with the commitment to promote and support impactful research activities and staff development, TETfund between 2018 and 2019 has sponsored five staff of MOUAU for conferences/ workshops both within and outside the country,” he said. The Vice Chancellor further hinted that 15 staff had been trained in Ph.D programmes both within and outside Nigeria, while 25 staff undertook University-based research projects. Otunta noted that in the area of staff welfare, his administration had relentlessly pursued excellent academic policies aimed at placing the University on top as a world-class university; adding that the culture of annual appraisal of staff by the University had been sustained to avoid issues of backlog.

Women in Business

BUSINESS DAY Friday 06 December 2019 www.businessday.ng

By Kemi Ajumobi

Maryam Uwais

Bola Atta

Special Adviser to the President on social investments aryam Uwais, MFR is the current Justice Sector Reform, (September 2001) Special Adviser to President circulated to stakeholders nation-wide, (for Muhammadu Buhari on Social support and responses) as the initiative of Investments. She is a legal prac- the civil society and the NBA. titioner and human rights activist with over She received the National Honour of 36 years cognate law practice experience Member of the Order of the Federal Repubincluding the Kano State Ministry of Justice, lic (MFR) by President Goodluck Johnathan the Nigerian Law Reform Commission and GCFR in 2011. the Central Bank of Nigeria. She served as In the same 2011, she was awarded the a Principal Partner of Wali Uwais & Co, an Humanitarian of the Year Award from the Abuja-based law firm. Established in 2003, International Women’s Society. Wali-Uwais & Co. is a leading full service law She was awarded the Outstanding Leadfirm within the capital city, Abuja – Nigeria. ership Award for contributions to equity, Uwais studied at Ahmadu Bello Univer- justice and human rights in Nigeria, by sity, Zaria, was admitted to the Nigerian the Business and Professional Women in Bar in 1981 and obtained an LLM in 1985. Nigeria Association in 2012. She was awarded a certificate in Advanced In 2013, she was given an award by The Practice and Procedure in 1985 and Legal Nigerian Human Rights Community in apDrafting in 1989, from the Nigeria Institute preciation of her contributions as Member for Advanced Legal Studies. of The African Union Committee of Experts Before serving as a Principal Partner of on the Rights and Welfare of the Child. Wali Uwais & Co, she had served on the She was a National Human Rights ComCouncil of the National Human Rights Com- mission Awardee for Outstanding Contrimission, where she also worked as Special butions in the Advancement of the Rights Rapporteur on Child Rights; the Board of of Women and Children in Nigeria in 2015. the Justice Research Institute, the Kukah On key transactions, she provided a Centre as well as the Coalition Against To- broad range of legal advice to the Central bacco, amongst others. Bank of Nigeria on licencing of banks and She also served on state, federal and con- bureau de change, critical policy-making, tinental committees such as The Kano State implementation, and enforcement of relAlmajiri Committee, President Goodluck evant laws and regulations for financial Johnathan’s Presidential Advisory Council, institutions. The Northern Nigeria Governor’s CommitShe also provided legislative drafting tee on Reconciliation, Security Healing, as and reviewing services and preparing Bills well as the African Committee of Experts for enactment into law for the Nigerian Law on the Rights and Welfare of the Child for Reform Commission. five years. Maryam acted on behalf of the Federal She founded the Isa Wali Empowerment and State Governments in an action against Initiative in December 2009, which targets Tobacco Companies in Nigeria, to prohibit the conditions of women and children in the marketing, promotion, distribution and education, healthcare and empowerment. sale of tobacco and tobacco-related prodMaryam Uwais has also worked as a ucts to minors, or within one-kilometer consultant to the Open Society Initiative radius of minor populated vicinity. for West Africa, UNICEF, the World Bank, She spearheaded the private placement and DfID. She has written and published of a major northern financial institution several articles on economic and social for 40,000,000,000.00 (Forty-Billion Naira) rights, interfaith dialogue, child justice ad- Ordinary Shares of 50kobo each at N0.50 ministration and good governance. per share. She was before her appointment, a NonShe was a lead solicitor on a major CeExecutive Director and Member of Board ment Company Mandatory Tender Offer of Directors of Stanbic IBTC Holdings PLC. bid for up to 927,008,065 Ordinary Shares She was also a member of the Editorial of 50 Kobo each (representing a 41.39% Board of Thisday newspapers. Equity Interest to minority Shareholders of Maryam prepared the working paper on the company).

Group Director, Corporate Communication at UBA plc, CEO at UBA Foundation & Executive Director, REDTV

ola Atta is the Group Director, Corporate Communication at UBA PLC, CEO at UBA Foundation and Executive Director,

REDTV. As the Corporate Social Responsibility arm of the UBA Group, UBA Foundation is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of education, environment, economic empowerment and special projects. REDTV is a fast paced lifestyle channel that puts Africa on the global stage. Proudly associated with the United Bank for Africa, it is a platform with content that features the very best in entertainment, fashion, news, design, music, sport, movies and travel. Bola Atta was nominated as the Best Marketing professional in West Africa in 2017. She was also on the list of the 40 top Nigerians under 40 in 2008 and celebrated as one of the 100 most influential women in Nigeria in March 2015. A graduate of Economics with an M.B.A majoring in Marketing, and over 25 years of experience in diverse fields ranging from Banking, Business, Communications, Publishing, Entertainment and the Media. Approximately 19 out of these 25+ years have been in high level management and entrepreneurship, enabling her gain expertise in each of these varied fields of work. She has worked with government agencies both in Nigeria and South Africa using her expertise in public relations and increasing her wide network within Africa. She made a mark in the Media industry on the African continent as one of the most sought after editors in West Africa. In 2003, she was invited by the African Leadership Institute in partnership with the UNDP to work on a panel for the development of scenarios for South Africa in 2020. Speaking on Work-life-balance, she says it is a myth and the closest reality is actually Work- life-integration.

“It is easy to get overwhelmed whilst balancing the many things going on in our lives, and when we’re asked how we are doing “Good” is the default response even when you are not okay. It is okay to say “No” and want a break. Depression and Suicide are common social issues that don’t get talked about especially at the work place. Chances are that there are suicidal people around you, and whilst they may or may not proceed to take their own lives, it is important to pay attention to people around us: listen without judgement, be kind, and offer professional help when needed.” Bola says. With a passion for film making, Bola says Nollywood ranks behind Bollywood as the third largest filmmaking industry (in terms of output), and it is undeniable that Nollywood is one of continent’s biggest entertainment export. “ PwC reports that a 21.5 percent compounded annual growth rate (CAGR) is anticipated in 2022, with revenue reaching US$9.9 billion in the same year. This is huge. However, it could be even bigger. It is evident that there are still some lapses in the development of the sector and these existing challenges need to be addressed to take the industry to the next level.” She opines. Bola is of the view that Africa is home to creative resources that can help boost economies, create employment and development. However, she says lack of available funding can cripple film makers. “Thankfully, in May 2019, the Central Bank of Nigeria in a bid to support the creative industry and stimulate economic development, announced the Creative Industry Financing Initiative (CIFI), where players in the film making industry can now access long-term low-interest loans up to N500 million.” Says Bola. At UBA, Bola’s role involves, but is not limited to, directing the development and execution of global marketing and communications initiatives as well as managing brand delivery and consistency across all markets and for all products line.

Published by BusinessDAY Media Ltd., The Brook, 6 Point Road, GRA, Apapa, Lagos. Advert Hotline: 08033225506. Subscriptions 01-2950687, 07045792677. Newsroom: 08169609331 Editor: Patrick Atuanya. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.