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news you can trust I ** friDAY 06 march 2020 I vol. 19, no 514

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Petrol landing cost at 2-year low gives Nigeria leeway out of subsidy LOLADE AKINMURELE

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he coronavirus-induced decline in crude oil prices is not all bad news for oildependent Nigeria as it presents a window for the government to put an end to wasteful petrol subsidies that costs over a trillion naira yearly.

Since the coronavirus outbreak, which has ravaged over 31 countries, infected some 95,000 people and caused low crude oil

L-R: Peter Nubi, employee assistant programme (EAP)/mental health specialist, Medbury Medical Services; Funke Amobi, country head, human capital, Stanbic IBTC; Lola Esan, director, people advisory services, EY West Africa; Ogho Okiti, managing director, BusinessDay Media Limited; Esther Akinnukwe, chief HR officer, MTN, and Sola Akinyosoyo, head, HR, Nestle Nigeria, all speakers at the BusinessDay Workplace Health and Wellbeing Conference and Report in Lagos, yesterday.

Pic by Pius Okeosisi

MTN, Airtel, Glo, others intensify data wars As telcos focus on next growth phase

Jumoke Akiyode-Lawanson

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tiff competition, increasing consumer awareness and rapid smartphone penetration have forced mobile network operators (MNOs) to constantly crash data tariffs and give massive discounts to their customers to maintain or

increase their market share.

With the number of active data users increasing and data revenues accelerating year on year, data has been clearly identified as the future of telecoms, and service providers in Nigeria are investing massively in data service infrastructure and fiercely competing for the most favourable prices to draw in cus-

tomers and continuously ramp up revenues.

Compared to other African countries, Nigeria has the cheapest data prices available for telecoms subscribers, with the four major operators – MTN, Airtel, Globacom and 9mobile – offering internet data for as low as N50 for 25MB (megabytes) of data for daily plans and all-day

social network bundles.

MTN Nigeria saw its active data subscribers increase by 6.5 percent to 25.2 million in 2019.

“As a result, the ratio of active data users to total mobile subscribers increased by 7.1 percentage points to 39.2 percent in 2019 with strong potential for Continues on page 45

Continues on page 45

Inside

Opportunities seen in Nigeria’s health industry as senate moves to make insurance compulsory P. 4 House committee lauds NIRSAL MD on agribusiness transformation P. 4

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news Further strain on economy as OPEC agrees 1.5m bpd cut, awaits Russian backing

Opportunities seen in Nigeria’s health industry as senate moves to make insurance compulsory

… unsold consignments at 70% as 55 Nigerian, 18 Angolan cargoes yet to find buyers … only 5 registered HMOs are commercially viable ISAAC ANYAOGU & DIPO OLADEHINDE

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he Organisation of Petroleum Exporting Countries (OPEC) rising from a meeting on Thursday, which included non-OPEC members including Russia, proposed to cut global oil supplies by 1.5 million barrels per day (bpd) in an attempt to prop up prices as it confronts the biggest collapse in demand, no thanks to the impact of coronavirus outbreak.

The group proposed that the cuts, which would run through June 30, be shared with non-OPEC allies. Under the arrangement, OPEC would make one million barrels of trims, while Russia and other allies would cut 500,000 barrels.

The new restrictions on supply, if ratified by Russia and other allies, would be a further blow to Nigeria’s struggling economy, analysts say. It could see Nigeria’s exports fall to around 1.5m bpd which will affect dollar earnings and put pressure on the exchange rate.

Following previous OPEC cuts, Nigeria’s production was capped at 1.753 million bpd whereas the country exported 1.776m bpd in January, which was higher than OPEC’s cap on the country by 23,000 barrels.

“Oil prices are currently not at favourable region. Including Nigeria in this new production cut will cause

more headache for Nigeria’s economic managers,” Emmanuel Akinbode, financial analyst at Sofidam Capital, said.

One major fallout will be FAAC monthly allocation for the three tiers of government expected to head downwards to a range of N600bn-N620bn.

In addition, Nigeria’s foreign exchange reserves could drop to $34bn, intensifying its fiscal crisis and adding pressure on the naira, according to economists at Financial Derivatives Company Limited.

Businesses will struggle and the capital markets will be hit further with the border closure compounding the woes of companies in the country.

So far, though, Russia, OPEC’s most crucial ally, has remained cagey about its willingness to sign on to that strategy.

“If the Saudis can’t bring Russia on board, expect the depredations to continue,” Jim Krane, an energy analyst at Rice University’s Baker Institute, tweeted immediately after the meeting.

Alexander Novak, Russia’s energy minister, left Vienna on Wednesday without backing such a proposal, instead preferring to maintain current output levels.

Novak and ministers from other non-OPEC allies will be in the Austrian capital on Friday (today) to discuss an agreement.

… experts call for public disclosure of HMOs’ financials by NHIS JOSEPHINE OKOJIE, ANTHONIA OBOKOH & MICHAEL ANI

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pportunities abound for investors looking into the Nigerian health space as thesenateisonthevergeofpassing a Bill for a law making health insurance compulsory for all.

The Bill, known as the National Health Insurance Commission Bill, will repeal the National Health Insurance Scheme (NHIS) Act 2004 which makes it optional for employers with at least five employees to enrol them in one form of health insurance plan of the other.

Industry experts are already lauding the move, saying it would open up opportunities for investors to take advantage in closing Nigeria’s under-

served health insurance sector as more and more Nigerians are compelled to enrol.

The experts, who spoke at the BusinessDay Annual Workplace Health and Wellbeing Conference, said the new Bill, when it becomes law, would assist the country to a large extent in achieving the much-sought-after universal health coverage as more Nigerians would be compelled to take up a health insurance cover.

“It is very exciting for us in the industry because for a very long time, we have been advocating a national health insurance regulatory body that is distinct from the National Health Insurance Scheme,” said Adesimbo Ukiri, managing director/ chief executive officer, Avon Healthcare Limited.

“One of the provisions for the old Act was that an employer of labour with up to 10 staff may subscribe to a health insurance plan for its workers, but the new bill is making it mandatory, and I think that is very important because we need to have a health insurance pool that will be able to cover all Nigerians and if it is not made mandatory, people would not see reasons to subscribe to it,” Ukiri said in a panel session at the conference themed ‘Establishing Linkages among Health, Productivity, and the Bottom-line’.

Ukiri noted that the bill got several nods by industry stakeholders when engagements were made between operators and the regulators at the floor of the senate, but did not mention any likely

date when the bill will be passed.

Achieving a universal health care coverage has been an almost difficult task for Africa’s biggest economy, whose over 200 million citizens still find it hard to access quality health care services.

The NHIS was established in 2005 with the objectives of making health care available to Nigerians at an affordable cost.

Over 14 years down the line, it appears the NHIS is losing grips of its mandate as industry stakeholders noted the scheme has only been able to cover at most 5 percent of the population, with many Nigerians still paying out of their pockets for medical expenses, a retrogressive health care funding mechanism.

•Continues online at www.businessday.ng

•Continues online at www.businessday.ng

House committee lauds NIRSAL MD on agribusiness transformation SEGUN ADAMS

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he Public Accounts Committee of the House of Representatives has applauded NIRSAL’s MD/CEO, Aliyu Abdulhameed for his efforts to position the risk-management agency as a major driver of agriculturaldevelopmentinNigeria.

The commendation came during an engagement with NIRSAL’s Management to clarify and share ideas on NIRSAL’s mandate, track record and accomplishments.

Chairman of the Committee, Honourable Oluwole Oke, expressedhissatisfactionwiththe performanceofNIRSAL’sManaging Director, adding that NIRSAL had now found a friend in the form of the National Assembly.

Other committee members described Abdulhameed as a round peg in a round hole and a man of undoubted capacity. They also congratulated NIRSAL for its commendable performance in terms of agribusiness financing, noting that other agencies should

learn from NIRSAL’s rigorous processes of due diligence.

In his remarks to the Com- L-R: Omoyele Adewole, treasurer, Polaris Bank; Charbel Haddad, Nigerian representative, Bank of Beirut (UK) Ltd; Sophoklis Argyrou, mittee, Abdulhameed gave managing director/CEO, Bank of Beirut (UK) Ltd; Tokunbo Abiru, managing director/CEO, Polaris Bank; Ayotunde Adesanya, group members an in-depth anal- head, international operations, Polaris Bank; Camille Chidiac, chief representative officer, West Africa, Bank of Beirut (UK), and Innocent ysis context and rationale Ike, executive director, technology and services, Polaris Bank, when the bank played host to the leadership of Bank of Beirut (UK) Ltd, that informed the creation of during the team’s business visit to Polaris Bank Headquarters in Lagos yesterday, to strengthen offshore banking relationship.

NIRSAL, the Corporation’s mandate and transformative achievements in Nigeria’s agribusiness space. ing its first case of coronavirus, one of his peers who spoke He explained that prior to JOSHUA BASSEY & Lagos is again on the spotlight. to BusinessDay on condition the creation of NIRSAL, finan- STEPHEN ONYEKWELU This time, attention has shifted of anonymity said on phone. ciers were averse to lending to to Babajide Sanwo-Olu, who igeria last week reAbayomi himself says he’s agriculture, citing perceived sits as governor, Akin Abayomi, prepared and has what it takes. ported its first case high risks in the sector, espehis commissioner for health, of the deadly coro“As a professor of medicine cially in the upstream segment and their team of experts. navirus that has so at the Nigerian Institute of of the agricultural value chain far claimed over 3,000 lives In particular, questions Medical Research in Yaba, where primary production around the world. The index are being asked whether the Lagos, I have been responsible takes place, often referred to as case was an Italian citizen who state commissioner for health, for contributing to defining the “black hole” in agriculture. travelled to Lagos, Nigeria’s who incidentally is the chief the National Medical ReIn response to these con- economic nerve-centre, the Abayomi guardsman against coronavi- search Agenda. I have also cerns and as part of efforts to Ministry of Health reported. country through Lagos, a ma- rus, has what it takes to fight been a consultant to the Lagos diversify Nigeria’s economy This is coming six years jor gateway into the country as the battle.

State Biosecurity Project in from crude oil-dependence, after the country successfully But those in the know say the Lagos State Ministry of the CBN formulated NIR- battled to contain the equally it plays host to its busiest inter- Abayomi is walking a familiar Health under Dr Jide Idris, national airport and seaports.

SAL to catalyse the flow of deadly Ebola virus, working Babatunde Fashola, then path as he was part of the team where we have been building much-needed financing into with the World Organisation governor of Lagos State, put together under Jide Idris as capacity for Lagos State to Agriculture by redefining, (WHO) and other concerned Jide Idris, commissioner for commissioner to contain Ebola. withstand devastating bios“I have listened to him lec- ecurity threats like Ebola for measuring, re-pricing and agencies. health, and his team of mediThe index case of the Ebola cal experts were at the heart ture and teach. I do not doubt four years,” Abayomi said. sharing agribusiness-related virus in Nigeria, Patrick Saw- of the battle to contain Ebola. in my mind that he is comcredit risk with financiers.

•Continues online at •Continues online at yer, a naturalised US citizen Now, with Nigeria record- petent and will make a good commissioner for health,” www.businessday.ng www.businessday.ng of Liberian origin, got into the

In the eye of the storm: Lagos health commissioner, chief guardsman against coronavirus

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news

Coronation Merchant Bank records N5.09bn PAT for 2019 … appointed as revenue collecting agent by NCS HOPE MOSES-ASHIKE

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oronation Merchant Bank Limited posted a profit after tax (PAT) of N5.097 billion for the year ended December 31, 2019, as seen in its audited financial results on Thursday.

The PAT represents a growth of 14 percent when compared with N4.48 billion recorded in the corresponding period of 2018.

Commenting on the financial results, Banjo Adegbohungbe, acting managing director of Coronation Merchant Bank said “despite the volatility of our operating environment, we navigated the headwinds that dominated the year to deliver a modest performance in our financial results. We will continue to actively partner with our customers to support their aspirations and deliver sustainable returns whilst being guided by our values of leadership, innovation and integrity”.

Despite the challenging envi-

ronment in 2019, the bank’s total assets grew by 14% from N222.78 billion in 2018 to N253.35 billion.

Non-interest income grew by 64% which was mainly driven by trading income. The bank took advantage of the market volatility and increased market penetration in fixed income trading in the year.

During the year, the Bank fully divested from its subsidiaries returning its focus to its core strength of banking. This divestment is expected to free up additional capital and increase shareholders’ value.

Operating expense declined moderately due to effective cost saving initiatives implemented by the organization. The Bank was able to curtail the YOY operating expense which dipped by 1% despite prevalent doubledigit inflation.

The Bank’s risk assets recorded an increase of 34% mainly attributable to the need to aggressively cover the earning asset gap in the face of declining yields and to ensure continued compliance with regulatory measures

to improve lending. Cost of risk remained at a healthy level of 0.05% while NPL was nil, a testament to the Bank’s asset quality.

The bank raised another tranche of Commercial paper liabilities during the year which was fully subscribed to, further reconfirming investors’ confidence in the Bank In another development, Coronation Merchant Bank has been appointed as a designated bank for the collection and remittance of all revenue payments (i.e. Import, Excise and other duties) by the Nigeria Customs Service (NCS).

Commenting on the bank’s appointment, Adegbohungbe said, “This is another important milestone on our journey to become a leading bank in Nigeria and an important enabler of our capacity to support the aspirations of our customers. We are grateful to the Nigeria Customs Service for the opportunity of a partnership that will be mutually beneficial to the partners and our customers.”

Reps move to block $30bn annual revenue leakage from FX allocations by CBN, interbank, others James Kwen, Abuja

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ouse of Representatives has taken steps to block $30 billion annual revenue leakage arising from various malpractices in the foreign exchange (FX) allocations to companies from sources such as the Central Bank of Nigeria (CBN), autonomous, interbank and domiciliary.

The leakage would also be blocked in the over-thecounter purchases for importation of physical goods, payments of foreign loan and interest payments, including

foreign currency denominated contracts’ payments by companies in engineering, procurement, construction, installation and marine transportations.

To achieve this, the House directed the Committees of Finance and Banking and Currency to; conduct public hearing by looking into the various originating documents maintained by the CBN, banks, forex dealers, Federal Inland Revenue Services (FIRS), importers and other beneficiary companies.

These Committees are also mandated to identify the perpetrators and the atroci-

ties committed based on verifiable documents obtained from the valuable records and determine in a statutory and in a professional manner, the revenue amount involved in the malpractices by each organisation based on every revenue line item collectible by agency of government for the purpose of timely recovery into government accounts.

They are instructed to: “make a formal report of findings and provides necessary recommendations toward the correction and regularisation of the problems aimed at putting a stop to the menace in the future.

Anchor Varsity commits to development of next-generation leaders - VC KELECHI EWUZIE

… holds 4th matriculation today

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by the Federal Government in 2014 with a mission to equip students with knowledge, skills, attitudes, competences and value through quality teaching, mentoring, learning and research, thus creating effective change agents and valueadding members of the society.

In a statement announcing the matriculation, Okesola Sanusi, assistant registrar, Strategy and Communications, said the 4th matriculation ceremony was scheduled for Friday, 6th March 2020 at the University’s Auditorium in Ayobo, Lagos.

The management of the school re-emphasised that their vision remains the same since inception, adding that students have proven their

nchor University, Lagos (AUL), says it is committed to nurturing competent and disciplined next-generation leaders, who also will exhibit good character anywhere they work.

Joseph Olaseinde Afolayan, vice-chancellor of the University, was quoted in a statement announcing the fourth matriculation of the institution, reiterating that the vision of the university in the first ten years of existence was to become one of the five leading universities in Nigeria, through quality teaching, learning and research works.

Anchor University is one of the private universities licensed

mettle on several occasions and have distinguished themselves in different national and local examinations.

“The quality workforce and facilities in AUL is growing every day. We are extending the frontier of knowledge beyond the limits of the regular conventional universities around,” he said.

According to him, “It is on record that since inception, despite teething and expected challenges, there has never been downtown in our programmes. We have continued to drive the vision of nurturing worthy leaders for the emerging industries and economies with the possible utmost commitment and genuineness.”

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Manias, panics, pandemics and world economics THE NEW WEALTH OF NATIONS

Obadiah Mailafia

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he Coronavirus, (COVID-19), began in the in Chinese industrial city of Wuhan in December. It has brought the Chinese industrial juggernaut to a virtual standstill. Schools have been closed down, public transport systems have been halted and businesses have closed shop. Some 780 million Chinese – about half of the population – have been placed on travel restrictions or on quarantine. The contagion has spread to 64 countries, including Nigeria. Among the worst affected are South Korea, Japan, North Korea, Singapore and Italy.

Coronaviruses are said to be zoonotic in origin, i.e. they tend to be transmitted from animals to humans. Symptoms include respiratory problems, fever, cough and breathing difficulties. In severer cases, it can lead to pneumonia, severe acute respiratory syndrome, kidney failure and eventual death.

There have been all sorts of speculations as to the origin of this new mutation.

The popular theory is that it began from a live animal market in Wuhan, where anything from bats to cats, snakes, pangolins, monkeys, cockroaches, worms and dogs are sold for food. The other theory is that it is an accident on the scale of the nuclear disaster at Chernobyl, from a bacteriological laboratory that is actually stationed in Wuhan. Yet another theory, propounded by an anonymous Chinese senior military intelligence officer, is that it was an attempt to smuggle the virus to a foreign power, which somehow, spilled by accident.

According to the latest data, a total of 86,993 cases were identified globally, of which 2,979 deaths were registered while 42,363 are said to have recovered.

China, has taken the heaviest toll, with 79,827 cases, out of which 2,870 deaths were recorded while 41,854 were said to

have recovered.

Nigeria recorded its first case on 27 February, through an Italian national who arrived Murtala Mohammed International Airport in Lagos. We understand that the health authorities have quarantined the man and have been rounding up all the people known to have interacted with him in one way or the other. A few days ago, 4 Chinese nationals newly arrived via Ethiopia, were apprehended in Wase, Plateau State. They have been quarantined for allegedly exhibiting symptoms of the virus.

According to WHO, the fatality rate so far has been around 2.0 percent of all recorded cases, as contrasted with SARS, which killed 10 percent of all infected individuals in 2003 and MERS, whose fatality rate in 2012 was as high as 35 percent. The really worrisome aspect is the velocity of COVID-19 which took only 48 days to infect the first 1,000 victims, as contrasted with MERS which took 93 days and SARS which took 130 days.

Experts caution that it will take several weeks before we fully understand the epidemiology of the current scourge, given its incubation period 14 days and the fact that new diagnostic kits are still being developed. An expert in disease control, William Shaffner of America’s Vanderbilt University, was quoted as saying, “All the experts, myself included, tell the public that there is much we don’t know about this virus and we are learning as we go along.”

There is also controversy as to whether what we have is a “pandemic”. Globally, the WHO, has the sole authority to determine if an epidemic has become pandemic. They have described the coronavirus so far as a disease “with pandemic potential”.

Other experts disagree. Professor Jimmy Whitworth of the London School of Hygiene and Tropical Medicine, has argued that “many people would consider the current situation a pandemic, we have ongoing transmission in multiple regions of the world”. Nathalie MacDermott of the UK National Institute for Health Research believes we are “we are teetering on the balance of a pandemic”.

The economic consequences so far have been devastating. Entire cities have been shut down in Asia and Europe. At least 20 global airlines have stopped all flights to China. The price of oil has fallen

below $50 per barrel, for the first time since the summer of 2017. International financial markets in London, New York, Frankfurt and Tokyo have taken a big hit. An estimated $5 trillion, amounting to 11 percent of listed companies, have been wiped off. The flight to safety has been compared ominously to the crash of 2008, as investors move assets into government bonds and gold.

The highly respected Bank of England Governor Mark Carney was quoted as saying that global economic growth this year “would be lower than it otherwise would be, and that has a knock-on effect on the UK”. He also hinted at interest-rate cuts to restore business confidence. US Fed Chairman Jerome Powell, on his part, took the unusual step of issuing a statement to reassure Americans that there is no cause for panic; promising to “use our tools and act as appropriate to support the economy”.

The current scourge, according to one analyst, is “unsettling supply chains, sapping sales of some products, throwing travel into chaos, freaking out the stock markets, and intensifying fears of a global recession”. Industrial shut-downs are disrupting global supply chains. Aviation, international trade, capital flows and tourism will suffer. According to the consultancy firm, Oxford Economics, if the situation deteriorates to the level of a pandemic, world growth will dwindle to zero or even negative.

Nobel laureate Michael Spence estimates a 2-4 percent fall in China’s economy, with a possible rebound only if the virus is contained. But he also warns of a prolonged declined if things get worse, “owing to business failures, declining employment, faltering private investment and weak or late policy responses”.

One saving grace is China’s economic resilience, thanks to its prodigious digital economy that accounts for as much as 35 percent of retail transactions.

Firms located in China are also more likely to move their supply chains out of the country; a trend that has already begun due to the country’s changing comparative advantage and rising labour costs.

Evolutionary biologists tell us that life on this planet has been a titanic war be-

‘

Nigeria, if truth be told, is rapidly becoming a failed state.

But we are also a resilient people. We have proven to be people who can rise to the occasion when the imperatives of national survival dictate it

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)

Are you running an HR strategy focused organisation?

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he first time I became conscious of the fancy business word “strategy” was in 2006, 2 years after graduation; I had just tendered my resignation after three months of working with my first boss. My decision was premised on an intuition that my time was done at the company that gave me an opportunity as a fresh graduate. I enjoyed my time, though brief and my boss didn’t quite like that idea of early separation.

As an ambitious young man, I asked my boss for feedback about my rather brief stint and in his element, he took a pen and scribble some notes on a paper. That day, he explained how there are different levels of impact – strategic, tactic and operational. He then went ahead to announce his assessment of the kind of impact I had made in 3 months using his impact framework above. I guess you don’t want to know his verdict. I was proud of myself.

That was the beginning of my obsession with the word “strategy”. Eventually, I realised that strategy is a buzz word in the world of work and that your relevance can also be tied to your understanding of it and how it works.

Just like most buzz words, people use them a lot to sound important and knowledgeable without actually understanding the fundamental

import of what they are saying.

As I climbed the management ladder particularly in HR, I began to notice the gap in the understanding of what strategy is. A few years ago, the relevance or otherwise of the HR profession was underpinned by how “strategic” it is and the practitioners were awarded the metaphoric “seats at the table” as an acknowledgment of strategy understanding.

The objective of my article is to highlight a few areas for “stepping up” our game of strategy.

Strategy is about long term One fundamental thrust of strategy is that it is a long term game, contrasted with tactics that are mid/short term. How do you plan for 3-5 years if you are not a religious seer?

Most organizations invest in the yearly ritual of strategy sessions and I do support businesses to facilitate such sessions; however, what we call strategy sessions is nothing more than a tactical or operational review session because the conversations are typically focused on a one-year horizon. The proposed optics for teams that hold annual strategy sessions is that they are responsive and not reactive to business dynamics by having a one year plan ahead. In reality, if that is all your team does, you are tactically responsive but strategically reactive.

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The difference between those who are planning to win and those who are planning not to lose is distinguished by the time orientation of their focus- long term or short term.

A strategic plan is a 3-5 year plan and not a one-year recurring plan. Due to the dynamic nature of strategy especially in a world leapfrog by technological advancement, a yearly or more frequent modification can be made to a long term plan, which is different from an annual strategy retreat focused only on the incoming year without the strategic plan as a filter and frame of reference.

Strategy aligns environmental scanning with company’s SWOT If you remove the “future” from strategy, then what you have left is an operational engine.

The question then is “how do you construct the future” and this is where scanning the environment becomes imperative for the design of your strategy. Tools like SWOT, PESTEL etc. are very useful in scanning the horizon for factors that can shape and derail the objective and aspiration of an organization. To develop an HR strategy, we must, therefore, scan the environment for factors that affect our people such as Demographics, Unemployment rate, Literacy rate, University ranking, etc., these must be

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tween Homo Sapiens and viruses. Every decade comes up with one eruption or the other. What we must do is boost resilience, strengthen health systems, engage civic communities while enhancing surveillance and risk management systems.

Medical science is yet to find a real cure for the coronavirus. The best advice centres on prevention through regular washing of hands, covering mouth and nose when coughing and sneezing, thorough cooking of meat and eggs and avoiding close contact with anyone showing symptoms. The virus does not survive beyond a certain degree of heat. People with robust immune systems also have better chances of survival -- lots of fruits and vegetables, including lemon and avocado. Exercise and frequent drinking of water will allow your system to flush out any pathogens, whereas a dry oesophagus will give the virus a fertile eco-system to invade the lungs, with deadly consequences.

I recently met the Chinese Ambassador to our country, Zhou Pingjian; a brilliant economist and consummate diplomat. I expressed our heartfelt solidarity with the government and people of China. I reminded him that China has suffered worse calamities in its history and that she will emerge stronger and more prosperous from this one.

China is our biggest trading and investment partner today. Already, there is evidence that Nigerian retailers with links to China are beginning to feel the pinch. Falling oil prices and a slowdown in capital flows will further dampen economic growth in Nigeria Nigeria, if truth be told, is rapidly becoming a failed state. But we are also a resilient people. We have proven to be people who can rise to the occasion when the imperatives of national survival dictate it. We surprised the world when we responded victoriously to Ebola in 2014, thanks to the efforts of patriots such as Stella Ameyo Adadevoh and her medical colleagues. Lagos State Government also played its part, as did our federal government. If we did it before, we can do it again!

Tunde-Success Osideko the basis for your planning and design of your People Strategy.

Every business operates within the context of the country of operations; the human capital indicators are critical decision makers and must reflect in your people strategy. You cannot have a human capital strategy without feeding off the human capital index of your country of operations.

Strategy focuses on your uniqueness For most Organisations, drafting an HR strategy is a game of mimicry. If you check 10 organisations in your country, and you get the chance to review what each presents as an “HR strategy”, the chances are that you would not find any special differences. We all just copy one another, after all, why do the hard work, why you can copy right?

One of my model organisations for demonstrating a truly unique HR Strategy is Netflix.

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Tunde-Success Osideko is a Business Leader and HR Consultant.

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Ekwegh is a private legal practitioner with over 15 years

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A beggars’ revolt?

HumanAngle

Femi olugbile

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he social media were rife with the news on that day.

Beggars were out on the streets of Alausa, near the seat of government in Lagos, protesting.

But it quickly emerged, watching the videos, that what was really afoot was not a revolt by the general population of street-dwellers but a protest

by Persons Living with Disabilities (PLWDs). The ostensible reason for their street demonstration was the ban on the use of okada and keke on some major roads of the state. Many of the protesters did not cut the picture of students on wheelchairs struggling through school, the sort Lagos embraced in its thinking, but rode on wheeled platforms generally associated with beggars on the streets.

One of the banners they held up read: “We can’t beg, ride our keke or trade on the street But you give us nothing…”

It is appropriate to look at the facts of the matter in the broadest possible context. Lagos State has done far more than any other state of the Nigerian federation, and certainly more than the federal government of Nigeria, in trying to identify and meet the needs of disabled in the community. As far back as 2011, a law titled “Lagos State Special

Peoples’ Law” was passed. There is a lot of semantics surrounding discussions about disabled people in polite circles.

Descriptions such as “Special People” and “Physically Challenged” are used, presumably to seek mitigate stigma, and there is even talk of “ability in disability”, a popular oxymoron.

The state set up an agency – the Lagos State Office for Disability Affairs (LASODA) and opened a register for the disabled. It enforced building stipulations requiring buildings to have ramps and other access provisions for the disabled. It sought to make special car parking provisions for them.

Government itself set an example by employing several highly visible disabled persons, and it encouraged private employers to follow the lead.

It introduced some “empowerment” initiatives to assist them to engage in useful economic activities.

Unfortunately, Lagos cannot solve the problem of its disabled population without situating it in the larger cultural and political context of the problem of roadside destitution in Nigeria.

Several years ago, a survey of roadside destitute was carried out from the Lagos State University Teaching Hospital. Surprisingly, many of them were found to be suffering from diagnosable mental illness. A large percentage of the remainder had physical or intellectual disabilities. But the hard core of the population were able-bodied or minimally impaired “professional beggars”.

For the mentally ill, the state became the first state to enunciate a Mental Health Policy, committing itself to looking after the mental health of its citizens high and low, in every corner of the state.

For all the different categories of people who had fallen through the crack and ended up on the streets,

it offered a process of rehabilitation which included time-limited training in occupational skills, so that they could ultimately make a living out there in the community.

Unfortunately, most of the “career beggars” were men and women from the north of the country. They saw the proceeds of their begging as an entitlement and had no interest in “rehabilitation”.

It is these “career-beggars” that have now become the predominant danger in the street population. In addition, disabled and able-bodied destitutes are simply shipping themselves down to Lagos in hordes, riding on trailers and cattle trucks. The adults are untrained and uninterested in any “training”.

The children are dirty, unschooled, unvaccinated, and ready repositories of communicable diseases.

It is interesting that Kano State, the home state of a large percentage of the roadside destitute population of Lagos, has belatedly announced a ban on street begging. Governor Ganduje can only do this successfully by taking a fresh look at his mentally ill, and developing a proper policy for his disabled, walking the troubled path Lagos has tried to tread, all of this in addition to comprehensively dealing with his almajiri problem educationally and through extensive social casework.

Setting high social ambitions is often a thankless job. By raising expectations, government creates demands, and lays itself open to outbursts such as the recent Alausa demonstration.

Technically, the best place to rehabilitate any human being with a chronic impairment is close to their place of origin. Several years ago, Lagos actually received the cooperation of states like Kano in accepting some of their citizens back for rehabilitation. The

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Technically, the best place to rehabilitate any human being with a chronic impairment is close to their place of origin

process of back and forth exchange for rehabilitation across state barriers was going on well until Peter Obi, a man normally esteemed in the public space for calm reason, decided to make a song and dance about a citizen of his state who was sent for rehabilitation in the process, suing the Lagos State government to court for an outrageous sum of money in a public show. From that point on, petty ethnic politics took over, and the staples of Social Work ran for cover.

What to do?

Clearly the Lagos government should work with LASODA to see what it can do, short of breaking its own laws, to continue to improve the lives of its disabled population. They, for their part, should not allow themselves to be used by people intent on shaming government into reversing “Greater Lagos” policies it has no intention of reversing. Other states need to strengthen their Social Welfare operations and collaborate with Lagos so that Nigeria may begin at last to develop the wasted human resources on its streets. Advocacy should focus on getting Nigerians to channel charity donations towards building and maintaining rehabilitation structures for socially or physically disadvantaged citizens, instead of denigrating their humanity by throwing worthless money at them on the streets.

And Lagos would need to “connect the dots” on the structures and processes it has started and bite the bullet on the huge additional investment required to fully implement its Mental Health and Disability Policies, including the “next level” developments proposed for the Majidun Rehabilitation project.

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

Write offs and criticisms in the workplace

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once had particular youngster mentee who smoked pot and drank heavy. Although multi-talented with nothing to show for it, he was supposedly the perfect description of an NFA (No Future Ambition). But he had started to feel exhausted from the emptiness. And this particular Sunday, he decided to go with his mom to church wearing his plaited braids and the only type of clothes he had; faded, torn jeans and boots he is comfortable with. Everyone kept staring at him funny. The usher made him sit at the back for no reason. They didn’t want him showing up in the picture-perfect image of elites in suits and native at the front seats.

While in that church service, sitting at the place the system put him; his phone rang during the sermon. And with his ringtone playing Naira Marley’s song, everyone turned in a murmur. As if it wasn’t embarrassing enough, openly, the pastor scolded him. And then the pastor diverted his sermon into being carnal. It must have felt like hell while in church for this young man.

His mom who was a church worker kept on lecturing him on his foolishness and carelessness all the way home. During the evening she brought it up again. Having heard enough of his mistake for one night, he got up the dinner table and decided to take a walk to a bar nearby. He had his mind made up, that he’d never step foot in the church again. Heaven just lost a soul!

At the bar, while deep in thoughts about it, he spilled his drink on the table by accident. The waiter unlike the pastor this time apologized and gave him a napkin to clean himself. The janitor mopped the floor. The female manager offered him a complimentary drink. She also gave him a huge hug and a kiss while saying, “Don’t worry man. Who doesn’t make mistakes?”

He felt better and even bought more drinks

that night. He was going to stop drinking. But after then, he never stopped going to that bar since then.

This isn’t a Sunday sermon article; it’s on how we discourage young guns around us till they give up on themselves. It’s what leaders in corporate world also do to new hires, especially those without a voice, those without experience and exposure. Just like judging a fish by its ability to fly and a bird by its inability to swim, we make them feel less.

The truth is, YOU CAN MAKE A DIFFERENCE

BY HOW YOU TREAT PEOPLE, ESPECIALLY WHEN THEY MAKE MISTAKES. YOU CAN’T TELL HOW THEY FEEL ALREADY. As a leader, whether in the corporate world, family or your community, judge less and make someone’s betterment your personal project without overly hurting them or making them feel less.

You may be shocked on how much they are trying.

Encourage people. Show that you are genuinely rooting for their growth. Show that you care and not just showing off that they are supposedly less than others or even the ‘all knowing you’. The truth is, people really don’t care how much you know, till they know how much you care. We are all going through stuff. Act like you can relate first, then drive your agenda next. We may just be their saviours, God sent. Since we know no one who has gone to heaven to see God and back, I put it to you that you are the only God some people may ever see.

There are too many hostile environments around us, from abusive relationships to domestic violence, from cyber bullying on the internet to boardroom shredding. People say terrible things, but you shouldn’t be one of them. People have fallen off for what they are told, while a few bounces back. Not everyone can rebound from

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what they are told like the classic stories of Disney, Edison and them.

Walt Disney’s newspaper editor told the aspiring cartoonist once upon a time that he wasn’t creative enough. As a matter of fact, after tormenting him for months, laid him off for a blunt reason that he lacked imagination. But that same Walt Disney had a tremendous vision and drive of where he wanted to be. At the age of 16, he decided he wanted to study art. At the age of 19, he started making cartoon ads to be shown in movie theatres. He didn’t earn enough money, but he loved what he did. When he turned 22, he moved to Los Angeles. There he drew cartoons in his garage. He was absolutely fascinated by these.

A cartoon is made by drawing many pictures and showing them one after another so quickly that the pictures become animated, or seem to move.

He liked to make the characters do funny things.

When he was 27, he created Mickey Mouse. In his studio, mice would gather in the garbage can next to his desk. He decided to keep them for his pets.

He got little cages for three of them and they lived on top of his desk. He had a particular favourite among the mice who inspired the cartoon character Mickey Mouse.

During the ten years that followed, Walt Disney invented Donald Duck, Snow White, Goofy, Pluto, and many more cartoon characters that are famous, even to this day. Many people, children and adults alike, have gone to movie theatres to see his short cartoons. For someone who was written off and was said that he lacked imagination, this was just the beginning of his success!

Not everyone can weather the storm and turn out like that. People have gone into depression, given up on their dreams and even committed suicide for what they have been told. `Contempt kills. As a leader, you are not to be a sage on the

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EIZU UWAOMA stage; you are to be the guide by the side. Don’t talk down on people. Not everyone can see the best in themselves when others don’t, not everyone can build structures from the bricks and stones thrown at them. If people who are not there yet are put under your care, it’s for you to mentor and show them a vision they haven’t yet seen.

In the words of Mike Murdock, “Sight is the ability to see things as they are; Vision is the ability to see things as they could be. Vision is more important than sight. Be a visionary leader.

It’s important to not write people off. A classic illustration of this is Thomas Edison, the inventor of the light bulb and co-founder of GE. While growing up, everyone called him dumb! He was even diagnosed dyslexic. His grade school teacher once wrote to his mother with advice to withdraw him from school that Edison was “addled” and wouldn’t be allowed in their school anymore.

When Edison asked his mother what the letter said, she quickly cleaned her teary eyes and pretended to read the letter out loud to her child, saying: Your son is a genius. This school is too small for him and doesn’t have enough good teachers for training him. Please teach him yourself.

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

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Friday 06 March 2020

BUSINESS DAY

Editorial Frank Aigbogun

Jack Welch’s lessons for business, management

editor Patrick Atuanya

Human capital is the best asset and driver of other assets

Publisher/Editor-in-chief

DEPUTY EDITOR John Osadolor, Abuja NEWS EDITOR Chuks Oluigbo MANAGING DIRECTOR Dr. Ogho Okiti EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha EXECUTIVE DIRECTOR, STRATEGY, INNOVATION & PARTNERSHIPS Oghenevwoke Ighure ADVERT MANAGER Ijeoma Ude 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

J

ohn Francis Welch Jr departed the world 1 March 2020 leaving in his wake many lessons in business and management and practical tools for running successful enterprises. A leader associated with great success in revitalising a giant conglomerate, Jack Welch’s great legacy is his strategic understanding that emphasises the centrality of human capital in business management. Welch was the strategist of people.

Jack Welch died at 84 with many success stories to his name. His emphasis on people and teamwork delivered profits.

He knew about winning.

The headlines emphasise the transformation of General Electric under Welch, growing market value over 20 years from $12 billion to $410 billion. Others speak to the many acquisitions and the expansion of the business scope of General Electric.

The most important contribution of Jack, however, was

in recognising and promoting the primacy of people or the human capital in driving organisational success. The Jack Welch Matrix that he contributed to the toolbox of HR management spoke to fundamentals such as the attestation of educational institutions that state that they have found successful candidates “worthy in character and learning”. It spoke to values and positivity.

Jack Welch taught the world to assess managers primarily on two poles of contribution and value alignment. The results a manager or employer delivers are primary.

The other leg of assessment is the behaviour that he displays at work, including relationships with all stakeholders in a 360 degrees loop. Business is about people and how a manager interacts with and manages relationships with people affects his ability to deliver on the primary area of results.

The Jack Welch Management Assessment Evaluator developed four quadrants. Managers in Box 1 were Plus-Plus: they delivered

results in line with the values of the organisation. Their results motivated others. Box 2 managers were Plus-Minus, with results that show possibility for improvement.

Managers who scored Minus-Plus were borderline as their score on behaviour did not meet the mark.

Slight deviations could mean possible improvement. Box 4 referred to those who scored Minus-Minus.

Managers in this quadrant delivered poor results and bad behaviour, a combination that called for dismissal.

A chemical engineer, Jack Welch excelled as a business executive, writer and educator.

He was the organisation man in the old tradition, serving General Electric for 40 years. He was also an epitome of the jet age executive who became rich on the profitability they generated for their companies. Welch had a valuation of $750m net worth in 2018.

As author, Welch left the world with eight books chronicling various aspects of business management, executive decision making,

goal setting and people management. He left pithy sayings such as “An organisation’s ability to learn and translate that learning into action rapidly is the ultimate competitive advantage”. He also noted, “If you pick the right people and give them the opportunity to spread their wings and put compensation as a carrier behind it you almost don’t have to manage them.”

Welch lived a rich and variegated life. He married three women in his lifetime, divorcing the first two, and living with Suzy Welch, journalist and companion with whom he wrote some of his books, for his last 20 years. In later years, he ran the Jack Welch Management Institute that offered an exclusively online MBA programme based on his teachings and principles.

The business world will remember Jack Welch for many positives. His successes owed to effective management of the most important resource of the organisation now recognised as its human capital. Adieu, Mr Welch.

GM, BUSINESS DEVELOPMENT (South) Ignatius Chukwu 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

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Friday 06 March 2020

comment The Nigerian RSVP of the matter Tales from the main road

Eugenia Abu

S

o, I recently had an event in my family that required confirmation of our guests in a different manner than we often prosecute. There were access cards for every guest in order for us to manage and properly cater to our guests. Each access card admitted only one person so if you were a couple, you needed two access cards. This was very difficult for some of our Nigerian guests but a breeze for our friends who were foreign nationals. So, the questions began to pop.

Can I bring three of my children? No madam, you cannot. The card clearly states that no children were allowed.

I often wonder when we go to social events scheduled for late evening why kids were in attendance past their bedtime and then I also ponder what children are doing there.

Some guests tell you they have no one to look after their kids so they had to bring them. No Ma’am, you do not have to attend those social events if you have a family ordeal. Better for you, better for your kid and better for your hosts. In between the can I bring my child problem is the problem of can I come with a friend. No sir, we

gave you one access card, you may want to decide who the card admits.

Then for the sake of embarrassment, there are those who show up uninvited at the venue and insist that the security men let them in. I have never understood any of these scenarios but the one that most gets my goat is the one that loses all self –respect and becomes a side show when arguing with the battery of security at the entrance. I never go where I am uninvited. I love myself in a way some Nigerians do not.

Now we dwell on the respondez s’il vous plait part of an invite. The RSVP of the matter. This interesting part of an invite requires you to let your hosts know if you are coming or not, to enable them best look after you. But not a lot of Nigerians do. Why am I even telling a small girl at the other end of the line whether I a coming or not?

She expects me to call to say I am coming or not? Na wa for Christabel oh! I am too busy. Or more importantly the demographic who do not even consider that it should be addressed at all.

Ignore it all this Oyibo business. Not true. It is beyond an Oyibo business, it enables your host know how many mouths he/she will feed and plan for a little extra. But the most irritating part of RSVP among us are those who yell and kick and demand an access card for a spouse who eventually do not turn up. Not only have you wasted a chair but have prevented organisers from inviting a batch of acquaintances they would have included on the list.

So, there is now a vacant chair and

a very angry acquaintance who could have gotten on the list. Nobody cares to inform you. They fight you tooth and nail and, in the end, then the guest they solicited for fails to come. Then there is the Mr and Mrs card with two access cards and either Mr or the Mrs in a couple’s card fail to show up. You are only told when one half arrives at the venue.

People think they are being cute and friendly when they tell you, Oh, sorry Oh, Oga could not come, he travelled.

By the way, when you both got the card, you knew Oga was not going to be around and kept it to yourselves. So, you have twenty plates of food wasted because the couple you thought were a couple is now a single person who can only eat one plate of food. But beyond the food is the psychology of thinking you are going to have 250 guests, plan around them and then only 180 guests show up.

As your guest list begins to grow past your designated number, you encounter family and friends who begin to mount the pressure. My friends, my wife’s cousin’s relation, my boss’s friend, my drinking mate and then the list begins to grow. Rather than plan appropriately or assist you to plan, you begin to hear things like, don’t worry God will provide. As it is always with Nigerians, we become emotional and resort to emotional blackmail and all sorts of things.

But note must be made of how communal we are and how we all wish the celebrant well. I am not oblivious to those who genuinely wish you well and want to be part of your joy.

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Now we dwell on the respondez s’il vous plait part of an invite.

The RSVP of the matter. This interesting part of an invite requires you to let your hosts know if you are coming or not, to enable them best look after you

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trade partner. These numerous achievements show that China-Nigeria cooperation definitely has enormous potential in the future.

The COVID-19 outbreak is a major public health emergency for China, one that is fast spreading, most widely affecting and most difficult to contain since the founding of the People’s Republic on 1 October 1949.

Under the strong leadership and personal guidance of President Xi, the whole country is waging a united battle against the epidemic.

Guided by the recognition that mankind is a community with a shared future, the government has taken the most comprehensive, rigorous and thorough measures, many of which have far exceeded what WHO and International Health Regulations required. Through arduous efforts, the epidemic is generally under control, and the positive trend in the prevention and control work is now expanding. We have the full confidence, capacity and determination to not only win a full victory against the epidemic but also meet China’s economic and social development goals.

The epidemic has indeed brought various challenges to China’s economic and social development, but the impact will be short-lived and generally manageable. China’s economy is resilient and full of vitality. It will not be reversed by the epidemic. Its long-term upward trend remains unchanged, and the fundamentals supporting China’s economic development will not be easily shaken.

First, China’s economy has a solid foundation. In 2019, China’s GDP stood at $14.4 trillion, increasing by 6.1 percent. This growth rate is much higher than the world average. It is in fact the highest in the trillion-dollar club. Over the years China has been contributing about 30 percent of world economic growth. China is the world’s largest trader of goods, biggest holder of foreign exchange reserves, the biggest tourism market, second largest destination for foreign investment and a major trading partner with over 130 countries. China is the only www.businessday.ng

country in the world that has all the industries under the industrial classifications issued by the UN. China has the world’s most extensive high-speed rail network, with the length of rails in operation reaching 35,000 kilometres.

That’s more than two-thirds of the world’s total high-speed rails.

Second, China has enormous potential for further development. In 2019, China’s per capita GDP passed the $10,000 line for the first time in history. China’s enormous market, with more than 1.4 billion people and 400 million middle-income consumers, is a unique strength. Domestic demand makes an 89-percent contribution to economic growth and the contribution of the final consumption expenditure to GDP was 57.8 percent. Retail sales of consumer goods in China have exceeded 40 trillion RMB yuan. Going forward, consumption will play an even bigger role in driving China’s economic growth. China has seen thriving development in digital economy, cyber economy and sharing economy. In 2019, on-line retail sales increased by 19.5 percent year-on-year.

Third, China is opening up wider to the world.

In 2019, the total value of imports and exports of goods reached 31.6 trillion RMB yuan, up by 3.4 percent over that of the previous year and the foreign direct investment actually utilised totalled 941.5 billion yuan, up by 5.8 percent. The Foreign Investment Law and its implementing regulations took effect on January 1 this year. This law further broadens market access for foreign investment, increases imports of goods and services, enhances protection of IPR and increases openness in the financial sector. In January, China and the United States reached the phase-one economic and trade agreement. This agreement is in line with market and business rules as well as WTO rules. It is beneficial to China, to the US, and to the whole world. China is taking further steps to open up its market, explore new frontiers and improve business environment, including treating all locally registered businesses as equals.

Fourth, this year marks the end of the 13th

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But most importantly, one must plan to have an organised event or you plan to fail. It is often out of the host’s hands when guests overwhelm them and food or water is short and more embarrassingly when there are not enough seats to accommodate guests.

We however oblige embassies and international organizations ran by expatriates when they demand that we RSVP. As for the Nigerian host, he does not stand a chance. What is RSVP? A beg, let’s go jar. Shebi na him wan trow party? One day believe me; we will be better at this RSVP thing.

Did I hear someone say, Naija is different? Just open your doors and let everyone in. God will always provide.

Need I say more?

I am also not unmindful that back home in our various communities, RSVP does not exist. We simply let our community celebrate with us. But here in the cities, you find total strangers at your event if there is no control and they are the loudest, most disruptive and most obnoxious.

I wish to thank all those who came to share in our joy and deeply apologise to our friends and family who due to logistic challenges we could not reach. Our joy is full and we are thankful to God. May we have many more reasons to celebrate going forward.

We thank you all for your kindness and your prayers.

Eugenia Abu is a broadcaster, writer, trainer, band and multimedia strategy expert and media consultant. Contact. abu_eugenia@yahoo.com

COVID-19: Economic consequence on China’s economy transitory, manageable

his year marks the 20th anniversary of the establishment of the Forum on China-Africa Cooperation (FOCAC).

Since its inception in 2000, the FOCAC has become an important platform for collective dialogue and an effective mechanism for practical cooperation between China and Africa, maintaining a leading position in international cooperation with Africa. The 2018 FOCAC Beijing Summit was a great success, and China-Africa leaders unanimously decided to build an even stronger China-Africa community with a shared future through win-win cooperation, defining the general direction of joint efforts.

After years of accumulation, the results of the FOCAC have spread all over Africa. As the most populous and biggest developing country in the world, China takes deep pride in its ever-strong partnership with Nigeria, the most populous and biggest developing country in Africa. Since the establishment of diplomatic ties in 1971 and strategic partnership in 2005 in particular, the all-round, wide-ranging and high-quality bilateral cooperation between China and Nigeria has been a pace-setter for China-Africa cooperation. In recent years, thanks to the strategic guidance and personal commitment of President Xi Jinping and President Muhammadu Buhari, China and Nigeria have significantly enhanced political trust and secured fruitful outcomes in practical cooperation. China-Nigeria relations are at their best time in history and face new opportunities for growth.

In 2019, the two-way trade between China and Nigeria reached $19.27 billion, which was around 1,900 times that of 1971 when the diplomatic ties were established. And the trade growth rate was 26.3 percent, ranking first among China’s top 40 trading partners. China’s imports from Nigeria increased by 43.1 percent. In 2000, Nigeria’s trade with China accounted for a mere 1 percent of the total of Nigeria’s foreign trade.

In recent years, China has become Nigeria’s top

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Zhou Pingjian Five-Year Plan and China is set to achieve its goal of completing the building of a moderately prosperous society in all respects. In 2019, significant achievement has been made in poverty alleviation. The number of rural populations living in poverty at the end of 2019 was 5.51 million, 11.09 million less compared with that at the end of 2018, and the incidence of poverty was 0.6 percent, 1.1 percentage points lower than that of the previous year.

Fifth, as the epidemic is gradually under control, the previously suppressed consumption and investment demands will be fully released and economic growth will rebound rapidly. They have merely been postponed, not lost. For instance, growth of retail sales dived to 4.3 percent in May 2003, when the Severe Acute Respiratory Syndrome (SARS) affected the country. However, two months later, the growth jumped to 9.8 percent.

In addition, the industries related to epidemic prevention and control have grown strongly, and the potential of new industries and forms of business has been released, which will become a new growth point.

The COVID-19 comes and will go. The outbreak is just temporary, but friendship and cooperation are forever. China will always remember the sympathy and support given to us in this battle against the virus.

Guided by the principle of upholding justice while pursuing shared interests and the principle of sincerity, real results, amity and good faith, China remains committed to working with Nigeria to implement the outcomes of the FOCAC Beijing Summit and advance the Belt and Road cooperation for common development. We will continue to do whatever we could to support Nigeria in achieving independent, sustainable development and realising the Nigerian dream at an early date.

Dr. Pingjian is an Ambassador of China to Nigeria

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Friday 06 March 2020

BUSINESS DAY

cityfile

Why Abia is embarking on streetlight project- official UDOKA AGWU, Umuahia

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hief of Staff to the Abia S t a t e g o v e rnor, Anthony Chidi Agbazuere, says the streetlight project undertaken by the government is to enhance economic activities as well as reduce crimes in various parts of the state.

Agbazuere stated this while handing over a brand new Hilux van to Tony Ezebuiro, the director general of Abia State Streetlight Installation and Maintenance Agency, at Government House, Umuahia.

He observed that most crimes were committed under the cover of the night, pointing out that illuminating the streets would help reduce crime in Abia to the barest minimum.

According to the chief of staff, the establishment of the agency underscores the passion of the present administration to impact the people.

Agbazuere commend-

ed the Governor Okezie Ikpeazu for installing the streetlights on major roads across the state and expressed the hope that the agency would deliver on the mandate given to it by the governor.

Tony Ezebuiro, while receiving the vehicle, thanked the government and assured that the van would be put to judicious use to meet with the agency’s assigned mandate.

The agency, according to him, does not only handle streetlight installation but also liaises with other agencies or persons who intend to install street lights as well as ensure that the lights are adequately maintained.

He said that the agency was working to improve on the dynamics in the society including ensuring that the streetlights stay on till the morning hours to further reduce incidences of crime perpetrated in the early hours.

Clashes: Ogun mulls policestudents relations committee

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s part of efforts to foster better relationship among students, communities and the police, Ogun State government is considering setting up a police-students community relations committee.

Special adviser to Governor Dapo Abiodun on student matters, Azeez Adeyemi, disclosed this during a tour to the Ogun State Institute of Technology (OGITECH) located at Igbesa.

The committee will be made up of representatives of Ogun police command, leadership of Students’ Union Government (SUG) of tertiary institutions, members of institutions’ host communities and representatives of government.

Adeyemi met with the students of OGITECH, leaders of the community development association (CDA) of the school, rep-

resentatives of the state police command and the school management.

The committee, he said, would be charged with the responsibility of peaceful resolution of crises among students, school communities and the government.

Speaking further, he said “I consider it necessary to embark on this campus-to-campus tour in order for the government to have first-hand information about issues and challenges confronting students in the state.”

He urged leaders of the communities to see the students as their children and cultivate a good relationship with them irrespective of their shortcomings.

The SUG president of OGITECH, Ogunleye Eniola, called on the government to come to the aid of the school by ensuring regular power supply and equipping their medical centre. www.businessday.ng

Daniel Ndukwe (m), representing the Enugu State commissioner of police, addressing newsmen on suspected criminal NAN apprehended by the command in Enugu on Wednesday.

Agency intercepts 1,360 rounds of live ammunition

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he National Drug Law E n f o r c e ment Agenc y (NDLEA) Bauchi State Command has intercepted 1,360 rounds of live ammunition of 7.6mm caliber during a motorised patrol the along BauchiJos road.

Jonah Achema, head, public affairs unit of the NDLEA said on Wednesday that the ammunition was being conveyed to Jos, Plateau State by a commercial Vectra Car which

had seven passengers, adding that one AK 47 magazine was also found in the vehicle.

“Upon interrogation, two of the passengers admitted ownership of the ammunition and magazine which they neatly concealed in two sacks and kept in the boot of the vehicle.

“They were transporting the consignments from Numan in Adamawa State to certain buyers in Plateau State. The suspects have been unable to pro-

duce any official permit for the items.

“The two suspects confessed that they have been into the business of illegal arms dealing for a period of time,’’ he said.

Achema said the suspects confirmed that each of the ammunition was to be sold for N500 only.

One of the suspect confessed that selling ammunition was their business.

According to the suspect, “things are hard in this country and we need to sell these items in order to

put food on the table for our families.”

Bau c h i St at e c o m mander of the NDLEA, Segun Kolawole-Oke, said that the suspects and exhibits would be handed over to the police for further investigation.

A c h e m a e x p re s s e d w o r r y a b o u t t h e o r igin of the arms and the destination were areas with rampant misuse of weapons, adding that “we therefore cannot take this issue of arms trafficking lightly.”

ICPC jails 4 persons in Edo, Delta CHURCHILL OKORO, Benin

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he Benin zonal office of the Independent Corrupt Practices and other related Offences Commission (ICPC) has convicted four persons involved in corrupt practices between January 2019 and January 2020 in Edo and Delta State.

Yusuf Olatunji, the Edo/ Delta State commissioner for ICPC made the disclosure in an interview with BusinessDay in Benin, the Edo State capital.

Olatunji said eight cases were pending at different courts in the states.

He added that three of the convicted persons in

the zone were from Delta while one was from Edo. According to him, between 2019 and now, we have four convictions in Edo and Delta while we have many cases pending. Presently, he said, the agency has eight cases at different stages in courts in Edo and Delta States.

“The Act that established the ICPC gives it three major objectives; preventive measures, enforcement measures and public enlightenment. We do more of preventive than enforcement. So, when you prevent, it is cost effective than when you try to enforce.

He said that the new leadership of the ICPC

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believes more in preventing and retrieving what people have stolen from the nation than rushing to court.

“We also go to different parastatals, ministries or components of government, look at the system, correct and advice those vulnerable to corruption,” he said.

While noting that a lot needed to be done to address corruption in the society, he assured that the agency would work assiduously to ensure the nation was free from corruption.

He, however, identified shortage of manpower as a major challenge in the fight against corruption.

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spoke on the 2019 Corruption Perceptions Index by the Transparency International (TI) argued that there have been significant improvements in the fight against corruption.

“With what we have done so far, the perception about Nigeria being corrupt is wrong. For us things are getting better.

“Recently, you see former governors and ministers going to jail, and it shows we are improving,” he said.

He commended the Federal Government for giving the anti-corruption agency a free hand to operate, just as he appealed for more funds and training of staff to optimise efficiency.

Friday 06 March 2020

BUSINESS DAY

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MoneyInsight How to connect 200 Nigerian communities without access to broadband

government jerked it up to N3000.

The current administration under Babajide Sanwo-Olu raised it further to N5000. If the agreement with the Pantami is anything to go by, the fee is back to N145 per linear metre.

FRANK ELEANYA

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t the just concluded Social Media Week, the Nigerian Communication Commission (NCC) reiterated that Nigeria still has 200 communities with telecommunication access gap. Together, these communities account for more than 40 million Nigerians who lack access to the internet.

While the commission is confident it can bridge the gap as it has prioritised the inclusion of the communities over a period of four years in the new National Broadband Development Plan, some challenges if not sufficiently addressed would likely derail this target.

Bako Wakil, director, Technical Standards and Network Integrity, NCC, who spoke during a Social Media Week panel organised by the commission identified some of the problems in inadequate power supply and insufficient fibre infrastructure.

While unstable electricity may be beyond the purview of the commission and the Ministry of Communication and Digital Economy, they certainly can take control of fibre deployment.

In all fairness, some steps are being taken to address the challenges in fibre deployment.

For instance, as part of efforts to provide access to the communities, the NCC had in 2019 collaborated with a consortium of

infrastructural companies to raise N265 billion for the development of broadband infrastructure across the country in the next four years.

The commission would raise N65 billion subject to the approval of the Federal Executive Council as counterpart funding. The infrastructural companies would raise the balance of N200bn.

While explaining the plan, Wakil said the deployment will see the 776 local government in the country play active roles in ensuring that their communities are properly provided access to broadband.

For a four year target, the question would be is Nigeria doing

everything to include everyone in its push for the digital economy?

Earlier in the year, Isa Ali Pantami, the Minister of Communication and Digital Economy had met and agreed with the chairman of the Nigerian Governors’ Forum (NGF) and later some governors under the forum over the increase in Right of Way (RoW) fees from the planned N6, 000 to N145 per linear metre. 14 states had increased RoW charges from the initial fee of between N300 to N500 per linear metre to between N3,000 and N6,000 per linear metre.

Although the move is very commendable, it perhaps would

be better to get it into legal writing for one obvious reason.

The broadband plan would conclude in 2025 when most of the governors who are supporting the Minister would have left office. It is equally important to note that the Minister would most likely not be the minister in 2025. With new governors and a new minister in place, there is no telling what the fate of the agreement would be.

Lagos State presents a picture of how Right of Way (RoW) fee negotiation can go from right to wrong. For instance, Lagos State during the days of Babatunde Fashola charged N500 per linear metre, but the Akinwunmi Ambode

But would it remain so in 2025?

A written agreement would probably go a long way and the NCC can achieve a lot for as long as the governors that signed the agreement are still in position. But it would not work when the governors are gone because whatever agreement they signed with the current minister is not legally binding. This is where the minister of Communication and Digital Economy needs to bring in the lawmakers.

At the moment, the lawmakers are addressing the Critical National Infrastructure (CNI) bill. It is meant to deter criminal elements from continued damages on telecommunication infrastructure.

But stakeholders worry the process is taking too long. Again the Presidency has indicated it could use executive order for the time being. The best solution would be to prod the lawmakers to accelerate the passage of the bill.

Nigeria’s digital economy drives, while it should assume some form of urgency, requires the legal ‘Is’ and ‘Ts’ to be crossed in order to be sustainable and have far-reaching impact on the targeted communities.

CRC Credit’s new mobile app makes tracking personal credit-score easier STEPHEN ONYEKWELU

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RC Credit Bureau Limited, a credit reporting firm has launched a mobile application to help individuals quickly and easily know what their credit score is.

Financial institutions make use of credit scores to determine who qualifies for a loan.

The company claims the new mobile app, CRC Mobile, is the first of its kind in the Nigerian Credit Bureau industry.

With CRC Mobile, individuals now have access to their credit information and credit scores through their mobile phones.

The CRC Mobile App is available for immediate download on the Google and Apple Play stores.

The CRC Mobile Application was formally launched at CRC Credit Bureau’s Tenth Anniversary celebrations on the 11th of December 2019 at the Muson Centre with an introductory video that showcased its different features and how it can be used to subscribe to the various credit monitoring

products /services that CRC has to offer including its CRC Score and CRC Self Enquiry Credit reports.

Tunde Popoola, the Managing Director/CEO of CRC Credit Bureau Limited said the launch of the mobile application was one of the innovations that the company has created to enable consumers in Nigeria and diaspora access information that empowers them to take control of their financial reputation and be better informed.

Prior to taking a loan, they can also monitor their exposures for accurate reporting and the reduction of identity fraud.

CRC Credit Bureau has 13 products and services that are all available on the mobile application CRC Mobile.

After download, users of the mobile app are required to register, to be able to access any of the products/services on the application. They must also use the same details used to register for their Bank Verification Numbers (BVN) while www.businessday.ng

registering their details on the application for authentication, for example, mobile phone numbers.

CRC Credit Bureau provides a nationwide repository on

credit profiles of corporate entities as well as consumers, thus improving the ability of credit providers and borrowers to make informed lending and borrowing decisions.

The bureau’s database covers the credit industry which includes commercial banks, non-bank institutions, retailers, utility service providers and fintech.

L-R: Tena Galloway, sales support manager, Armese Power Solutions; Dallas Peavey, group Chief Operating Officer, Income Electrix/Armese Power Solutions; Odunayo Ojo, CEO, Alaro City and Bukola Lawal, project coordinator, Alaro City, at a stakeholder engagement between Armese and Rendeavour on Alaro City Project held in Lagos on Wednesday

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Friday 06 March 2020

BUSINESS DAY

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17

COMPANY NEWS ANALYSIS INSIGHT

AVIATION

Global air cargo demand down for 10th straight month IFEOMA OKEKE

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he International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in cargo tonne kilometers (*CTKs), decreased by 3.3 percent in January 2020, compared to the same period in 2019, the tenth straight month of year-onyear decline. ”The air cargo industry started the year on a weak footing. There was optimism that an easing of US-China trade tensions would give the sector a boost in 2020.

“But that has been ov e r t a k e n b y t h e C O VID-19 outbreak, which has severely disrupted global supply chains, although it did not have a major impact on January’s cargo performance.

Tough times are ahead.

The course of future e v e n t s i s u n c l e a r, b u t this is a sector that has proven its resilience time and again,” Alexandre de Juniac, IATA’s Director General and CEO said.

Cargo capacity, m e a su re d i n ava i l ab l e

cargo tonne kilometers (ACTKs), rose by 0.9 percent year-on-year in January 2020. Capacity growth has now outstripped demand growth for 21 consecutive months.

It is unlikely that the COVID-19 outbreak had very much to do with Januar y’s weak perfor-

mance. Lunar New Year in 2020 was earlier than in 2019.

This skewed 2020 numbers towards weakness as many Chinese manufacturers would be closed for the holiday period.

Febr uar y per for mance will give a better picture of how COVID-19 is im-

pacting global air cargo.

Re g ional p erformance African carriers posted the fastest growth of any region for the 11th consecutive month in January 2020, with an increase in demand of 6.8 percent compared to the same period a year earlier. Growth

on the smaller Africa-Asia trade lanes (up 12.4 percent in 2019) contributed to the positive per formance. Capacity grew 5.9 percent year-on-year.

Airlines in Asia-Pacific and Europe suffered sharp declines in yearon-year growth in total air cargo volumes in January

L-R: Olamide Adeyemo,Chief Operating Officer, Pace Sports and Entertainment Marketing (PSEM), Emeka Ogbu, Vice President of Nigerian University Games Sola Fijabi, Association (NUGA), Eniola Ogunlade, Brand and Activation Manager of PZ Cussons Consumer, Director of PSEM, Charles Omoera, CEO Stanbic Bank IBTC Trustees, and Mutiu Adepoju, Brand Ambassador LaLiga Nigeria, during the International Press Conference to announce the commencement of the 2020 Higher Institutions Football League (HiFL) in Lagos…

Pic by Pius Okeosisi

FINANCIAL SERVICES

2020, while North American and Middle East carriers experienced a more moderate decline. Latin America and Africa were the only regions to record growth in air freight demand compared to January 2019.

Asia-Pacific airlines saw demand for air cargo contract by 5.9 percent in January 2020, compared to the year-earlier period.

T h i s w a s t h e s ha r p e s t drop in freight demand of any region for the month.

Capacity growth was flat.

Seasonally-adjusted cargo demand rose slightly however, following the thawing of US-China trade relations. The impact from COVID-19 is expected to affect February’s performance.

European airlines posted a 3.7 percent decrease in cargo demand in January 2020 compared to the same period a year earlier – more than double the 1.3 percent drop in year-on-year demand in December. Seasonallya d ju s t e d d e ma n d a l s o dropped sharply, disrupti n g t h e p o s i t i v e t re n d that star ted mid-2019.

Capacity decreased by 3.0 percent year-on-year.

COMPANY RELEASE

FBNQuest appointed as Joint Financial Advisers Coca-Cola announces its on N140bn Lagos infrastructure debt capital raise N400m super fan promo BALA AUGIE

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B N Q u e s t Me rchant Bank, the investment banking and asset management subsidiary of FBN Holdings Plc, was appointed by the Lagos State Government (LASG) to act as Joint Financial Advisers to refinance LASGs existing debt and raise additional debt for a combined amount of u p to 1 5 0 Bi l l i o n ( approximately US$410 Million). The funds are to be applied towards various infrastructure projects for the State.

The transaction was significant, as it marked the first time the Lagos State Government would be refinancing and raising debt from commercial

banks on a Club Deal basis with common terms across all participating banks. The transaction was one part in a series which has resulted in the Lagos State Government raising up to 250 Billion from Nigerian commercial banks and the capital markets. The transaction aimed to achieve three ma i n o b j e c t i ve s : ra i s e funds for Lagos State to carry out and complete a number of infrastructure projects within the state, extend the tenor for some ex isting facilities, and standardise the cost of financing at more competitive rates across all the existing loan facilities.

Funds raised from the transaction are to be directly applied to some of the significant infrastrucwww.businessday.ng

ture projects currently being carried out in the state in support of LASG’s infrastr ucture agenda.

Up o n c o mp l e t i o n , t h e projects w ill be transformational in nature, as they are expected to result in an improved quality of life in the city. These cut across the transpor tation, housing, education, health and environmental sectors.

Speaking on the transaction, Patrick Mgbenwelu, Head of Investment Banking at FBNQuest Merchant Bank Limited s a i d , ‘‘ We a re p l e a s e d to have partnered with the Lagos State Government on this important transaction, which will contribute significantly to the infrastructure development goals of Lagos

State. The transaction closed in record time, given the unique approach adopted. We look forward to working on other key projects that will support the strategic objectives of the State.”

FBNQuest Merchant Bank received the EMEA Finance African Banking Award for the Best Local Investment Bank in Nigeria, and was recognized at the FMDQ Gold Awards as the Most Innovative Registration Member in 2019. These awards were in view of its leading role in key transactions across various sectors, as well as the continuous delivery of increased value through the registration of bond related transactions at the FMDQ Securities Exchange.

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oca-Cola has announced its sup e r f a n p ro m o designed to reward loyal fans of the English Premier League with a whooping amount up to N400,000,000 meant to be won instantly by football lovers nationwide.

This is at the company hosted fans to a live EPL experience at Filmhouse Imax, Lekki, members of the press were treated to a refreshing afternoon as Nigeria’s leading beverage brand, Coca-Cola hosted them while officially announcing the promotion for all football lovers and consumers alike.

The event experienced a live match session between Everton and Manchester United at the Imax Cinema with the hall flowing with boisterous shouts of @Businessdayng

excitement, banter, football chants in a match that ended one goal apiece between the two clubs.

Other activities that marked the sports event included ball joggling by attendees, spot kicks, virtual reality sport games, music, dance etc.

The “Under-The-Crown” promo kicked off on the 1st of March, 2020 and it runs to the 31st of May 2020 with 10 lucky winners winning an all-expense paid trip to watch a live EPL game, courtesy Coca-Cola.

To participate, consumers are required to simply purchase and enjoy a promotional bottle of Coke Classic or Coke Zero, look under the crown for the unique code and text same to a particular code using their mobile devices at no cost.

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Friday 06 March 2020

BUSINESS DAY

COMPANIES&MARKETS

Business Event

FINANCIAL SERVICES

VFD launches app to change face of virtual banking in Nigeria SEGUN ADAMS

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FD Microfinance Bank has launched V, a fully digital one-stop platform, to bring banking to the doorsteps of both banked and unbanked Nigerians and revolutionize the face of banking in the country, it said Wednesday at the launch of the product in Lagos.

V by VFD will allow users open a fully functional bank account and carry out transactions in less than five minutes at zero cost, no hidden charges and from the comfort of their mobile phones, the micro lender said.

The unveiling of the product said to be Nigeria’s first truly virtual bank comes as high maintenance fees and bank-related charges weigh on bank customers in the country, where as many as 25-40 million people use smartphones.

“At the heart of what we do is the customer, hence, we ensured V is built around the users,” said Azubike Emodi, MD/CEO, VFD Microfinance Bank.

Emodi said the app will

give users better oversight of their account activities than is currently available.

Among other things, features on the application allow customers create a budget and spending limits, categorize and track expenses, generate and share payment receipt, pay bills, buy airtime, in addition to making transfers across banks in the country and receiving payments.

V also allows users to make cardless withdrawals on ATMs, create fixed deposit accounts and target savings which earn attractive interest with all activities secured by top-notch security systems, VFD Microfinance Bank said.

It also said early adopters including SMEs and retail customers have applauded the stress-free banking interaction, flexible investment plan and financial discipline the app allows.

According to Hugo Leijtens, ecosystem consultant for the lender, experts behind V is taking a consumer-centric approach with an aggressive feedback collection mechanism to build an app that meets with the objectives of the customer.

“New features will be up-

dated on the app on a quarterly basis led strictly by consumer need and experience,” said Leijtens.

Services outside banking are expected to be integrated on the app including features that would facilitate e-commerce, purchase of mortgage and the likes.

VFD Microfinance bank also said while lending is not yet available on the app, it would work towards integrating such services although loan seekers can initiate the process of getting credit via V. Another feature of V is the referral functionality called Veelage which rewards committed users as they get a specific number of people on board the platform.

VFD Group’s Business Performance Manager Olukunle Salami noted the approach as an innovative approach to marketing since the 2-way value proposition would allow individuals who refer others earn for several months beyond the initial referral point.

The V app is available on android and apple app stores and other channels to support the product like internet banking would be rolled out shortly, VFD Microfinance Bank said.

L-R: Sandra Isiekwe, Najeeb Abdulssalaam, Tajudeen Akande , senior partner; PKF Nigeria, Emmanuel Akintola and Steven Gobina at the PKF Nigeria Corporate Strategy Retreat in Lagos

Sabo Nanono (m), minister of agriculture, with management and staff of Stallion group, at the minister’s visit to the Stallion Mills and Farms in Kano.

TECHNOLOGY

UK-Nigeria Tech Hub hosts stakeholders to survey opportunities in Startup space DIPO OLADEHINDE

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n a friendly and educative discussion, UKNigeria Tech Hub meets with leading players in Nigeria’s tech ecosystem and Investors Forum on how to explore mutual opportunities and foster collaborations needed to grow the Nigerian tech and startups space.

Nigeria’s technology industry is quickly becoming a leader, as the growth of digital platform businesses are rapidly increasing due to factors, such as an improving business environment that supports startups in digital destinations and investor interests, internationally and locally – from a growing middle class comprised of mainly young adults.

According to the Country Director for the UK-Nigeria Tech Hub to Honey Ogundeyi, UK-Nigeria Tech Hub is excited to deepen its relationships with Africa’s emerging tech scenes and is also ready to create more opportunities.

“We are excited with the success of the Lagos Tech Meetup, supporting entrepreneurial activity and strengthening the Nigerian technology

ecosystem is a core focus of the UK-Nigeria Tech Hub,” Ogundeyi said.

Ogundeyi noted that Nigeria’s tech sector continues to thrive, generating more than 10 percent of the country’s economic output as the UKNigeria Tech Hub is committed to providing the UK’s significant expertise in ecosystem building, start-up investment and digital skills to Nigeria’s burgeoning tech sector.

“This event was great, you can get caught up in work and there are not many avenues to connect with other founders on the same journey as you.

I would love to see efforts go into startups in funding and advisory so the nascent ecosystem could have a chance to get by,” Odun Eweniyi, Cofounder Piggyvest said.

Oo Nwoye, Executive Director TechCircle expressed satisfaction with the attendance of 40 key decisionmakers in the Nigerian tech industry at the meet-up. He noted that relationships are key components for the tech community to thrive.

“Thankfully, the UK-Nigeria Tech Hub agrees with this and has worked with Techwww.businessday.ng

Circle to put this first edition together of the Tech Meetup,” Nwoye said The event, curated for guests to share ideas and discuss the importance of partnerships and collaborations to grow the digital economy and drive local contents and key strategies pivotal to helping the tech ecosystem in Nigeria scale up to a point of reference globally, had over 40 tech industry-heads, founders and entrepreneurs present.

In attendance was Uzoma Dozie, CEO of Sparkle; Ola Brown, founding director at Greentree Investment; Odun Eweniyi, cofounder of Piggyvest; Fola Olatunji-David, head of Start-up at Google Nigeria’s; Victoria Crandall, Director Of Media Relations, Insider Host of Young African Entrepreneur; Emeka Okafor, CEO of ConnectNigeria; and Bayo Adekanmi, Chief Transformation Officer of MTN Nigeria.

Other tech experts at the event include Gbenga Agboola, Co-founder and Chief Executive Officer of Flutterwave; Chinedu Azodoh, co-founder Max.ng; and Emmanuel Okeleji, CEO of Seamless HR among others.

L-R: Ike Chioke , group managing director, Afrinvest ; Ayẹni Adékúnlé, founder/CEO , BHM Group, and Donald Lawson , chairman, Afrinvest, after Ayẹni delivered a session on “Leveraging Marketing Insights For Positioning Afrinvest in the Next Decade” at the Afrinvest Board and Senior Management Retreat, in, Lagos.

L-R: Kelvin Orifa, founder/CEO, EMBLUE, , Chidi Okeke , founder , Groove Platforms and Tokologo Phetla, founder/ CEO, Christopher Africa, as franchised artificial intelligence marketing software, Christopher A.I, was launched at Social Media Week Lagos.

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Friday 06 March 2020

Getting up every morning with determination; that’s on you.

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appy International Women’s Day (in advance), it is our hope that as the theme for 2020 states, “I am Generation Equality: Realizing Women’s Rights”, women will truly understand that it is okay to hanker for equality, it is okay to thrive in what they do and be eligible for that position, not merely because they are female but because they remarkably qualify. It is okay to realize that they have the right to aim high, hit the target and ascend higher, refusing to be limited by various misinterpretations of ‘equality’.

Going to bed with satisfaction; that’s on us

Certainly, there are many Nigerian Women doing tremendously well, and we start by celebrating every woman making their mark and impacting the society greatly however, as we do yearly during the International Women’s Day celebration (which is on Sunday, 8th of March, 2020), we are celebrating another set of 50 Inspiring Nigerian Women.

Yes! the reality of inequality stares us in the face nevertheless; these women have chosen to soar beyond those man-made barriers to create a life for themselves that the stumbling blocks could not impede.

These women are outstanding in every way and have honed their skills in their various endeavours hence the need to celebrate them today.

I hope that their summerised stories will inspire you like it did me!

Enjoy!

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Friday 06 March 2020

tels Plc, Owen was the Executive Director, Corporate Services at Transnational Corporation of Nigeria Plc (Transcorp) where she drove operational efficiency across the Transcorp Group. She has over 18 years’ corporate experience in organizational development strategy, human capital management, banking, change and business management.

DR. AJORITSEDERE AWOSIKA

YVONNE IKE

MD, Head of Sub-Saharan Africa (Ex-RSA) at Bank of America Merrill Lynch

Chairman, Access Bank

Dr. Awosika is an accomplished administrator with over three decades experience in public sector governance. She was at various times, the Permanent Secretary in the Federal Ministries of Internal Affairs, Science & Technology and Power.

She is a fellow of the Pharmaceutical Society of Nigeria and the West African Postgraduate College of Pharmacy and holds a Doctorate degree in pharmaceutical technology from the University of Bradford, United Kingdom.

injustice and maltreatment. The BBOG initiative is a diverse group of citizens advocating for speedy and effective search and rescue of all Nigerian abducted girls and for a rapid containment and quelling of insurgency in Nigeria.

JENNIFER OBAYUWANA

Yvonne started her career as an auditor with Ernst and Young International and has been an FSA registered representative since 1994. Prior to joining Bank of America Merrill Lynch in September 2014, Yvonne was a chief executive officer at West Africa at Renaissance Capital, where she was responsible for the firm’s West Africa franchise covering Investment Banking and Securities Trading.

Executive Director of PoloLuxury Group, Nigeria.

A gemologist, watch specialist and collector of objet d’arts, she serves as the Executive Director of the Polo Luxury Group in Nigeria, a Family Enterprise. The group, the first luxury company in Nigeria, established in 1987 by her visionary father, John Obayuwana, has since been the reference point of the luxury retail in the country.

NDIDI NWUNELI

HAMDA AMBAH

Co-Founder, Sahel Consulting

MD/CEO, FSDH Merchant Bank

OWEN OMOGIAFO

President/Group CEO of Transcorp Group Prior to joining Transcorp Ho-

Hamda Ambah, is one of the leading women playing in the Nigerian financial services sector. A strong voice in Corporate Nigeria and the wider economic space, she became the Chief Executive of the bank in February 2017 having previously served effectively as an Executive Director from September 2009 to January 2017.

AISHA YESUFU

Co-Founder, Bring Back Our Girls (BOBG) Aisha is an activist who never cases to use her voice to speak against

Ndidi (MFR) is a Co-Founder of Sahel Consulting and serves as its managing partner. She has over 23 years of experience in international development, and through her work with Sahel has shaped agriculture strategy and policy in West Africa for a range of clients in the public, private and nonprofit sectors.

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Friday 06 March 2020

RONKE KUYE

PEJU ADEBAJO

CEO, Shared Agent Network Expansion Facilities Limited (SANEF)

Chief Executive Officer, Lumos Nigeria She as over 25 years’ experience spanning various industries. She has served on various boards including Lafarge Africa Plc, Ashaka Cement PLC, UTC Nigeria Plc, Mouka Foam Limited, Lagos Business School, Ladgroup Limited and Mayflower School Ikenne. She is on the maiden advisory board for WIMPOL (Women in Politics) and a member of WIMBIZ (Women in Business).

Ronke is a result driven Banking and Financial Services professional with over 29 years working experience, including 24 years in Banking. With her passion for the payment industry, Ronke brings her expertise and wealth of knowledge in this field to enhance SANEF and boost the financial inclusion landscape in Nigeria.

FUNKE ADEKOYA Founding Partner, Aelex

Funke is a founding Partner at the firm and heads the Dispute Resolution Practice Group. Appointed Notary Public in 1986 and elevated to the rank of Senior Advocate of Nigeria (SAN) in 2001, Funke has over 45 years’ experience in Litigation and Arbitration. As a Litigator, she represents clients regularly before the Nigerian courts at all levels.

ADESUA DOZIE

Executive Director & General Counsel at Mobil Producing Nigeria Adesua is a skilled General Counsel who has the experience of acting as a trusted and purpose-driven legal advisor to multinational companies operating across Africa. She has a firm belief in the power of the General Counsel and legal teams within multinational organisations to drive robust corporate governance across Africa.

JULIET EHIMUAN

Director, leading Google’s Business in West Africa Juliet is a digital empowerment and self-leadership advocate and an online business strategist. In August 2011, she was listed in Forbes ‘ “20 Youngest Power Women In Africa”. She is a Fellow of the Cambridge Commonwealth Society and a recipient of the London Business School Global Women’s Scholarship.

DAMILOLA OGUNBIYI CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All and CoChair of UN-Energy

KEMI ADETIBA

Principal Partner, Kemi Adetiba Visuals She is a Lawyer and the principal partner, Kemi Adetiba Visuals.

Kemi is the award winning director of the record-breaking THE WEDDING PARTY 1, KING OF BOYS and the much celebrated KING WOMEN series. Her dynamism and exceptional skills are worthy of mention. Many agree that she has the midas touch.

Before joining SEforALL, Damilola Ogunbiyi was the first female Managing Director of the Nigerian Rural Electrification Agency.

She also conceptualized the Energizing Economies Initiative, which provides sustainable and affordable off-grid power solutions to economic clusters, including markets and industrial clusters in Nigeria. Before joining the Federal Government of Nigeria (FGN), Ogunbiyi was the first female to be appointed as the General Manager of the Lagos State Electricity Board.

DR JUMOKE ODUWOLE

Special Adviser to the President on Ease of Doing Business She has consistently shown and proffered solutions to the challenges of doing business in Nigeria. Her research interests include international economic law and development. She is a Nigerian jurist and academic who was appointed the Prince Claus Chair holder from 2013–2015.

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Friday 06 March 2020

POLO TOWERS - 166 Ozumba Mbadiwe street - Victoria Island - Lagos Tel: +234(0)39004000 | +234(0)7059555555

12E Admiralty Way, Lekki Phase 1, Beside Circa Restaurant Tel: +234(0)8186662666

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Friday 06 March 2020

Communication, Public Affairs & Sustainable Development DirectorLafarge Africa Plc

MARY AKPOBOME

Chief Operating Officer of HBCL

Folashade is a consummate multifaceted and proven business leader with an extensive background in finance, strategy, and project/ change management, business development, thought leadership, sustainable development and management consulting across a wide industry spectrum in the UK, Nigeria and Europe. She has over 23 years senior management experience delivering world class strategic business transformation solutions with a variety of global FSTE 100 multinationals.

Prior to her appointment to HBCL Investment Services Plc, Mary was the Executive Director, Business Banking overseeing all Corporate, Commercial, Special Projects, Intervention Schemes, Multilaterals, Agriculture and Export Businesses of Heritage Bank.

She is a Fellow of the Institute of Credit Administrators and holds an MBA from the University of Lagos and a Bachelor’s degree in Theatre Arts from the University of Benin, Edo State, Nigeria.

DR. FOLASHADE YEMI-ESAN

Head of Civil Service, Nigeria She graduated as best Bachelor of Dental Surgery student in 1987at the University of Ibadan and began her career at the Federal Ministry of Health and rose to become a director. She became Federal Permanent Secretary in 2012, serving first as Permanent Secretary, Service Policy and Strategy, Office in the Office of the Head of Civil Service of the Federation.

She has served as Permanent Secretary, Federal Ministry of Information, Federal Ministry of Education and Federal Ministry of Petroleum Resources

PROF ENASE OKONEDO

Dean, Lagos Business School (LBS) In 2009, Okonedo became the dean of the LBS where she oversees the strategic direction and all academic and administrative matters of the school. She is a fellow of the Institute of Chartered Accountants of Nigeria (FCA) and a fellow of the International Academy of Management (IAM).

PEARL UZOKWE

Director for Governance and Sustainability at Sahara Group Limited

NIMI AKINKUGBE CEO Bestman Games Ltd

FARIDA KABIR

Chief Executive Officer OTRAC She is an epidemiologist, software developer and tech entrepreneur with a passion for infusing health with technology. Founder of the first educational technology platform for the public health enterprise in Nigeria. An advocate for women and girls in STEM. A strong advocate for good governance and strong institutions.

FOLASHADE AMBROSE MEDEBEM

TITI EJIMAGWA 5 Star Director, Longrich

She is a seasoned Multi-level Network marketer with well over 22 years of relentless and vast range of experience. She is a 5 Star Director, which is the highest level of network marketing in LONGRICH. She had worked with six different Multi-level Network Marketing companies and became the World Number 2 in the sixth one.

Nimi is an independent NonExecutive Director, Standard Chartered Bank Nigeria. She is also Founder, Money Matters with Nimi and Author “A - Z of Personal Finance” and Founder /Chief Executive Officer of Bestman Games Ltd. In December 2012, her company launched the City of Lagos Edition of Monopoly, the first African city edition of Hasbro’s world famous board game.

Pearl is a qualified solicitor and member of the Law Society of England & Wales. She graduated with a LLB (Hons.) from the University of Bristol and is also a Chartered Secretary (ICSA). She has since experienced a remarkable professional growth in the last fifteen years whilst building her legal career within UK and Nigerian corporate structures.

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have been in high level management and entrepreneurship, enabling her gain expertise in each of these varied fields of work.

TINUADE AWE

merce marketplace in Africa with over 15 million live skus and 12000 active merchants and a workforce of over 1000. She has 16 years of consulting experience managing Accenture’s Consumer Goods Consulting Practice in West Africa.

Executive Director, Regulation Division, The Nigerian Stock Exchange

DR. OLA OREKUNRIN

Awe has a wealth of experience and a solid track record across organisations on three continents, including with the United Nations International Criminal Tribunal for the former Yugoslavia (ICTY), in The Hague, the Netherlands; the United Nations Compensation Commission in Geneva, Switzerland; and top tier law firms in Nigeria and New York.

Managing director of Flying Doctors Nigeria As a helicopter pilot with specialised training in aviation medicine, she pioneered the first air operated Emergency medical services in Lagos, Nigeria, Flying Doctors Nigeria Ltd. She was motivated to start the charity after experiencing the loss of her sister under difficult circumstances and to improve medical services in Nigeria.

FATIMA WALIABDURRAHMAN

Senior Adviser at Dangote Industries Limited/Aliko Dangote Foundation

CHINWE OHAJURUKA CEO, Architect, Project Manager & Sustainability Consultant

She is a sustainability consultant with over 25 years of work experience and professional accreditation in Nigeria, USA & the UK. She worked for 15 years in Nigeria prior to moving to the US in 2003. She became the SubSaharan African Laureate for the Cartier Women’s Initiative Awards in France in 2015 for her contribution in affordable green houses and social entrepreneurship.

GENEVIEVE NNAJI

BOLA ATTA

Actor, Producer, Director

Group Director, Corporate Communication at UBA PLC; CEO at UBA Foundation; Executive Director, REDTV She is 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

JULIET ANAMMAH

Chairwoman at Jumia Nigeria and Head Institutional Affairs Juliet has been running Jumia for over 4 years, the largest ecom-

Genevieve is a Nigerian actor, producer, and director. She is a recipient of several awards. In 2011, she was honoured as a Member of the Order of the Federal Republic by the Nigerian government for her contribution to Nollywood. Her directorial debut movie, Lionheart, is the first Netflix Original from Nigeria, and first Nigerian submission for the Oscars.

Fatima is an experienced Chairperson with a demonstrated history of working in the real estate industry. She is uniquely skilled in negotiation, real estate development, strategic planning, feasibility studies, and Facility Management (FM). She is a strong business development professional with a Master of Science (MSc) focused in Architecture from University College London.

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Welcome to Longrichmart.

The first of its kind online store for Longrich products.

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Our Mission To connect people through the internet and provide a viable and sustainable platform for buying a wide range of longrich products online.

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Friday 06 March 2020

the Nigerian Law School and holds an MBA from Warwick Business School, United Kingdom. She has over two decades of cognate experience.

professional with over 17 years’ experience driving bespoke public relations, high-impact communications, value-based marketing and sales strategies, as well as leadership success across West and Sub-Saharan Africa.

HAJARA ADEOLA

Managing Director/CEO, Lotus Capital Limited

AISHA BABANGIDA

Founder, WenA ( Women Network Alliance)

Aisha Babangida is a humanitarian leader and experienced founder with a demonstrated history of working within philanthropy and helping underserved communities throughout Nigeria. She is the Chairman of the Better Life Program for the African Rural Woman, taking over after her mother, who worked previously as the chairman and founder.

Hajara came to Lotus Capital from UBS Warburg where she was a Director heading their London Islamic Finance Desk.

Prior to joining UBS, she was a Convertible Bond Research Analyst at BNP Paribas, London. She is the Chairperson of the Securities & Exchange Commission’s non-interest capital market 10 year master plan committee and a Director of the Aliko Dangote Foundation.

EBEHIJIE MOMOH

Senior Vice President, General Manager, West Africa, Mastercard

ADEOLA AZEEZ

Deputy Country Representative, Deutsche Bank Representative Office Nigeria Limited

CHIZOMA OKOLI

Executive Director, Business Banking, Access Bank Plc.

She is the Executive Director, Business Banking. Prior to this, she was the Executive Director and Head-Business Development at Diamond Bank Plc. Okoli graduated with a Bachelor of Law degree from the University of Benin, attended

Adeola Azeez is a seasoned banker with over 20 years of professional experience, more than half of which has been as Deputy Country Representative/Deputy Managing Director of Deutsche Bank Nigeria, the leading client-centric global universal bank with approximately 30 million customer accounts and activities in more than 70 countries and jurisdictions.

Momoh is Senior Vice President, General Manager for West Africa at Mastercard, a role she has held since December 2019. Based in Nigeria, Ebehijie is responsible for advancing the Mastercard brand presence in West Africa, deploying innovative payment solutions and partnering with local governments and market regulators to build a World Beyond Cash.

OMASAN OGISI

General Manager, Corporate Affairs at MTN Nigeria

Omasan is a top-notch business leader and multifaceted

BEKEME MASADE OLOWOLA

Chief Executive of CSR-in-Action

Bekeme is a Consummate stakeholder engagement and sustainability expert across different industries. CSR-in-Action, is a group made of a consulting firm, a think tank and a training institute dedicated to corporate social responsibility, policy development, advocacy, empowerment and sustainable development in the region.

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Friday 06 March 2020

and organisational development.

CYNTHIA ERIVO

Actress, singer, and songwriter

TITI OGUNFERE

21st global president of International Federation of Interior Architects and Designers

Titi Ogufere is a Nigerian interior designer, critical design thinker and publisher at Essential Media Group. She is the Creative Director at Essential Interiors Consultancy, a pioneer interior designing company in Nigeria that she founded.

She is known for her performance as Celie in the Broadway revival of The Colour Purple. Erivo ventured into films in 2018, with roles in the heist film Widows and the thriller Bad Times at the El Royale. In 2019, she portrayed abolitionist Harriet Tubman in the biopic Harriet, for which she earned nominations for an Academy Award, a Golden Globe Award, and a Screen Actors Guild Award.

space engineering researcher in the Intelligent Systems Division at NASA Ames Research Centre, and is celebrated for receiving the “Black Engineer’s Most Promising Engineer in Government Award” at the BEYA STEM Conference in Washington D. C. Her focus is in the area of systems health monitoring and control systems design with applications to air and space components, vehicles, and systems.

NGOVER IHYEMBENWANKWO Chairperson, Executive Council, WIMBIZ Head Coverage, Rand Merchant Bank Nigeria

She is a corporate and institutional banking Executive with 17+ years’ experience in financial services across a wide range of functions including, Corporate Relationship Management, sales, credit, transaction banking, remedial account management and risk. She is currently Head Coverage at Rand Merchant Bank Nigeria.

FATIMA KYARI MOHAMMED

Permanent Observer for the African Union

Up until her appointment, she was Senior Special Advisor to the Economic Community of West African States (ECOWAS) Commission. She has more than a decade of experience working with ECOWAS and its institutions in different capacities, with a focus on peace and security, regional integration

CHIZOR MALIZE

Managing Director/Chief Executive Officer, Financial Institutions Training Centre (FITC)

DR. WENDY A. OKOLO Aerospace Engineer

Dr. Wendy A. Okolo is an aero-

consulting. She has led various strategic and transformational projects in diverse sectors.

She has over two decades of professional experience that cuts across marketing, business process re-engineering, market growth strategy, reputation management and business

AMINA OYAGBOLA Founder, WISCAR

With over 30 years’ experience, her career spans legal consulting, banking and finance, oil and gas and telecommunications. She is the managing consultant of AKMS Consulting Ltd (Business and management consultants), a partner in Oyagbola Chambers and a Chevening Scholar. She founded WISCAR being inspired by a keenly felt societal need.

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BOLANLE AUSTENPETERS

Founder/Managing Director, Terra Kulture

in the history of the Nigerian Army that a woman was given responsibility for the healthcare of all Nigerian soldiers at all levels in preparation for and during war.

over 50 awards and honours for driving outstanding market leading results.

Otherwise known as BAP, Bolanle is a Nigerian businesswoman, lawyer, award-winning film and theatre director. She is the “Mother” of Nigerian modern stage theatre through the birth of musicals. She has built an enviable reputation for herself in the Nigerian theatre and film circuit with massive Box Office pieces.

REAR ADMIRAL ITUNU HOTONU

Architect, Nigerian Naval Officer

Itunu was one of the first women officers and amongst the first architects in the Nigerian Navy. In December 2012, she became the first female admiral in Africa. She was the first female officer to serve as an instructor at the Armed Forces Command and Staff College in Jaji.

NERE TERIBA

Vice President at Kian Smith Group

ELEANOR NWADINOBI

President-elect, Medical Women International Association (MWIA)

MAJOR GENERAL ADERONKE KALE (RTD)

Nigeria’s First Lady Army Major General

Major General Aderonke Kale (rtd), a medical doctor, is a pioneer for women in the military profession. She also distinguished herself by rising to the top of the profession. She became director of the entire Nigerian Medical Corps and was its Chief Medical Officer until 1996. This was the first time

Eleanor is an independent gender, health, women’s rights, peace, and security consultant.

She has worked on a wide range of issues including child trafficking, girl’s education, peace building and violence prevention with the African Union, ECOWAS, UNICEF, the World Bank and others.

UKONWA OJO

Global Chief Marketing Officer | SVP at M.A.C Cosmetics

Prior to this role, she served as Global CMO and General Manager for iconic portfolios including COVERGIRL, Clairol, Sally Hansen, Rimmel, and Lifestyle Scenting/Fragrances.

Over the course of her career, she has been recognized with

As an Entrepreneur, Mediator & Strategist, she has worked for sustainable community solutions in several countries. She has a vision to transform the entire gold-mining industry by taking the big leap of building the first gold refinery in Nigeria. Nere holds a BSE and MSE from Carnegie-Mellon University in Electrical and Computer Engineering.

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Friday 06 March 2020

BUSINESS DAY

31

AgriBusinessInsight Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

Send in Commentaries to caleb.ojewale@businessdayonline.com

Analysis

Agriculture records first GDP growth under Buhari but not due to border closure CALEB OJEWALE Twiiter: @calebtinolu

F

or the first time in four years since Muhammadu Buhari assumed the presidency, an analysis of Nigeria’s GDP report for 2019 has revealed the agric sector recording a growth rate higher than a previous year. Until last year, agriculture growth rate had been declining in the two previous years, which bad as it was, deviated from an irregular growth pattern, where every year of growth was followed by a decline as captured in an eight-year analysis by BusinessDay. At the end of 2016, the

the agric sector.

The border was closed in August 2019 and if its effects were to be felt in the fourth quarter of the year, this does not appear to be the case. In the fourth quarter of 2019, the agric sector grew by 2.31 percent, a decline of 0.15 percentage points from 2.46 percent that was recorded in 2018 when the border was not closed.

Going by the GDP data released by the NBS, as there was no increase in growth rate of the fourth quarter of 2019, compared with the same period of 2018, the border closure cannot be said to have been one of the factors leading to the sudden growth in the sector.

Source: National Bureau of Statistics (NBS), BusinessDay Analysis

Source: National Bureau of Statistics (NBS), BusinessDay Analysis

first full calendar year of Buhari’s presidency, data from the National Bureau of Statics (NBS) showed the agric sector grew by 4.11 percent, but the following year, 2017, growth rate slowed to 3.45 percent, and in 2018, slowed even further to 2.12 percent. In 2019, the agric sector finally grew by 2.36 percent, an increase of 0.24 percentage points and the first such growth to be recorded under Buhari’s presidency. Yet, the current growth rate is still lower than what was recorded in 2016 and even 2017.

In some quarters, border closure, FX restrictions and some other factors may have been said to be responsible for this sudden growth, but for border closure in particular, analysis of data from the NBS does not support its contribution to growth in

In fact, the growth rates from the first to third quarters were higher in 2019 than 2018, except for the fourth quarter where the perceived gains of border closure should have been realised.

Nigeria’s economy may have recorded a 2.27 percent growth that exceeded projections of for instance the International Monetary Fund (IMF) at 2.1 percent, however; growth in the agricultural sector is failing to track the rhetoric of economic diversification through the sector.

Not just by the incumbent administration but others before it, agricultural growth rate remains unimpressive and for most of the last nine years, has been abysmal.

In an earlier eight-year analysis by BusinessDay, between 2011 and 2018, for every year the agric sector recorded a growth, it would www.businessday.ng

decline the following year, and as abysmal as this was, it became an established pattern for six years between 2011 and 2016. In 2017, however, the sector declined in

growth rate (as expected going by this pattern), and this decline continued in 2018.

BusinessDay analysis of NBS data showed that in 2011 the Agric Sector recorded a GDP growth rate of 2.92 percent in real terms. In 2012 the sector improved, recording 6.7 percent, but the following year, 2013, declined to 2.94 percent. It again rose in 2014 to 4.27 percent, and going by the now established pattern, declined yet again in 2015 to 3.72 percent. It increased in 2016 to 4.11 percent, and as now established to be the pattern, declined to 3.45 percent in 2017. The sector however failed to grow the following year, 2018, when it was expected to grow again, going by the pattern established over time, instead further declining to 2.12 percent.

Source: National Bureau of Statistics (NBS), BusinessDay Analysis

https://www.facebook.com/businessdayng

@Businessdayng

There may be some question as to why the current four-year analysis for the Buhari government is for 2016 to 2019. Considering Buhari came to power on May 29, 2015, effectively starting governance middle of the year, with cabinet appointment taking another five months, for the sake of balance, 2016 was adjudged the first full year he got to run the country; with the full complement of a cabinet and an agriculture policy that was also unveiled that year. Even if this appears unsatisfactory, the 2019 growth rate would still be the first being recorded after two years (2017 and 2018) of declining growth rate in the agric sector. Either way, the sector is just recording some measure of growth following years of expectations.

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interview

‘Price regulation is killing competition From chasing companies with proposals for websites designing 13 years ago to becoming one of Oyo’s accomplished entrepreneurs with statement investments in the marketing of oil and gas products, WALE SALMON OLADITI, Wheeldrop Petroleum chief executive officer, is on a journey to claim more territories in the saturated petroleum product market. In this interview with TEMITAYO AYETOTO, Oladiti speaks on his journey so far, how deregulation will impact Nigeria’s oil sector, and plans to add to expand his outlets to Lagos, Osun and Ogun States.

C

ould you take us through your journey so far?

How did you get to where you are now?

I studied Computer Science at the University of Abuja and graduated 2007. Back then, I had a conversation with a friend who asked about my plan after school. That was the question that actually gave me a sense of direction, although I was quick to respond since I was studying Computer Science and already into online application and website designing. So, it didn’t take me time to tell her I wanted to be a website developer.

Thereafter, she saw an advert for a three-day seminar on website development, I didn’t have any money apart from my pocket money, N7,000, but she encouraged me to attend that training which cost me about N20,000. While I was observing students’ industrial work experience scheme (SIWES) again, my father encouraged me to go for further training at Ibadan instead of searching for a job immediately.

While doing that, I was already writing proposals. Basically, I’ve always been a business-oriented person and all I was looking for was an opportunity to launch. I kept writing proposals to different places in Abuja and when I came back home to Ibadan, I was doing the same even though nothing serious was coming forth then.

After graduation, I kept going around to sell the website ideas and one day I stopped at my dad’s office sweating profusely.

He wondered where I was coming from. Being a hardworking person, he was impressed that I was turning out to be like him.

I explained my business to him and he approved. At a point he asked what I wanted to do and I asked him to help me with three things. One was that he should give me a laptop, an office and a car. But my father, for who we have always known him to be, gave me a laptop, an office and

asked me to go and work with it to buy myself a car. He is a unionist and so one day, they were having their meeting and the idea of having their own website came up and my dad was like, I have a son that is into this. They asked me to come up with a proposal. But being a person that doesn’t joke with his integrity, my father begged me: ‘please don’t do anything that will tarnish my image. Give them a very good job and don’t over charge them’.

After I developed the Union’s website, a lot of them gave me personal jobs and I made some more money. At that point, I told myself that the money may not continue coming the way it did and I needed to think long term. I was already eyeing my dad’s business then.

I gathered money and bought a truck. He asked me to start working with him too.

There were some accidented tanks they were going to dispose but someone thought of me and asked if I could repair it. I fixed one of them and that was how I owned a truck then and started working for Total.

Later on, I met my wife who was a banker and still a banker.

At some point the truck looked so rough and the management didn’t want it in their system.

We had to remove it, sell it and my wife helped me raise N700,000 which I augmented to buy another truck. I bought the second and the third. My truck was working under my dad’s company. After some time, I designed my own company and started operating with it.

That was in 2002. That was how Wheeldrop was birthed.

I got an offer to lease a station along Ojo, Ibadan. It was just two pumps station, very small. I started a retail business in filling station. I was able to take another one on lease and the stations were doing fine.

One was selling 500 litres per day and the second was selling 1,000 litres per day. But before I left, the one selling 500 was already selling 7,000 litres. The

‘

If you look at kerosene today, it’s deregulated.

If you look at diesel today, it is deregulated and there is no crisis. You go to the depot, buy and sell

second that was selling 1,000 litres increased to over 5,000.

Today, I have met a lot of bigwigs in the industry who say they like my brand.

How have you steered the company’s wheel since then?

I learnt a lot from my father.

Integrity is key to success. I have a friend, Taiwo Shittu, son of the owner of Lanre Shittu Motors.

When I took the first station on lease, I didn’t even have money.

It was someone very close to my dad that lent me money. After getting the station, there was no money to buy the product. I told my friend Taiwo, who urged me not to worry, that he has a cousin who is into oil and gas. I

also bought trucks from him too. He spoke to his cousin and the cousin agreed to supply on the condition that there would be a collateral. The response Taiwo gave him was that the whole of Lanre Shittu would stand as a collateral. Wale is someone you can trust. I started getting product.

After selling, I returned the money and got another one. That was how I was going about it until I was able to raise capital for the station.

My dad has a policy, that the moment he can’t sell at the control price, he will lock the station up, because he wouldn’t sell at high prices to people and I borrowed that from him. So, there was this particular scarcity that had other marketers selling above regular price and I was selling at normal price. People were so happy and after the scarcity, I was able to

Friday 06 March 2020

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in Nigeria’s downstream sector’ retain them as my customers. I saw that people really appreciated it. From there I started selling at N142 and the acceptability was great. I ensure my measurement is always intact and don’t manipulate. When I saw the response, it was encouraging. So, when we built this place three years ago, apart from branding, we started selling at N140. I was buying N138 and still retained N140. People were surprised and even brought their measurement to confirm that the metre was very okay and they were even pressuring me to increase the price. But I refused to tamper with my measurement.

How have you fared under the oil pricing regulation in marketing your product?

Every government policy in a way will always have effect, positive or negative. Before the present administration, we experienced scarcity here and there. But if you look at kerosene today, it’s deregulated. If you look at diesel today, it is deregulated and there is no crisis. You go to the depot, buy and sell, even though international prices determine what you sell. So as far as I’m concerned, the best we can have is for government to deregulate. When there is no government hand in it, then we will all know we are operating in a reality.

What are the constraints you face doing business as a result of persisting regulation?

I was in Lagos recently and was talking to one of the bigwigs in the business and he was referring to another marketer selling below N145, as operating with unsustainable model.

Every company has its own business model and you won’t just wake up and say you want to do this. You must have done your feasibility study. But generally, we need the government to hands off business. For instance, in transportation, majorly the product should go through pipeline to various parts of the country from depot, but we have trucks doing all these things and what government pays the transporters compared to what others in the same line of business get is poor.

We have some haulage companies where if you go from Lagos to the far north with the same size of the goods, some pay N1 million while we get N500,000 or thereabouts. But when government removes its hands, you can sell what you like and the people that will take the product too can choose what they want. At the end of the day, when government said we should be selling N145 per litre, is it everybody that is complying? When I wanted to inaugurate one of my new outlets, the moment they saw my logo, everyone changed their price to N140 because of competition. That is the beauty of deregulation. Dangote

is coming up, which will make it a lot easier. By the time he starts now, we will just go to Lagos and buy and the rest will be exported.

How is Wheeldrop impacting economic development in Oyo? It is in so many ways. At least my staff strength now is about 170.

All my stations sell N140 per litre, leaving a difference of N5 on every litre that people buy.

We pay tax to state and federal government. And don’t forget that each time we build these stations, we have a lot people who work, make money and go. The 170 are permanent core staff, excluding other temporary staff.

What’s your plan for expansion?

In the last three years, people barely knew the name Wheeldrop. But today in Ibadan, if you count the first four, you will include Wheeldrop. And in the nearest future, we want everyone in the nook and cranny of Nigeria to enjoy what our customers are enjoying today. We want to expand to Lagos, Ogun and Osun states. Lagos is of priority. Lagosians should also enjoy it. I just commissioned an outlet and I realise that I need to go back to my drawing board, and come up with more ideas.

I’m not going to do anything until we are able to come up with some fresh ideas.

started spreading to different places using franchise, but their standard fell afterwards. But I think with the aid of technology, it can work better. I first want to have a solution. I know the problem. Here we have so many proposals from different oil marketers that we should come and take over their outlets. We are still doing location study because it is very important. It entails a lot. We are trying to see how we can make use of technology for proper monitoring of our outlets. We are talking to different information technology (IT) companies already.

Are you thinking about franchise?

There is one thing about franchise which is the ability for those that obtain to maintain the standard and principles you set. There are some marketers that were doing well before they

The minister of state for petroleum resources, Timpre Sylva, said the Federal Government will deepen the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD)

Act as a strategy to lower Nigeria’s high crude oil production cost. What are your views on it and how much role will it play in the local content drive?

Before, even the transportation sector in the downstream was majorly operated by foreigners.

But today, we have Nigerians doing it. If it can be implemented, it will help in a way because it will create more opportunities for Nigerians to excel. There is nothing as beautiful as that policy. I think one of the problems is that Nigerians may not be ready for these opportunities in terms of delivering great standards. We have to be ready.

It is not just enough for government to want to do it.

How are you improving things in your operations?

We transport for Total Nigeria plc, which is a multinational company. I’ve been to Paris and Italy basically on training, nothing more. What we try to do is to ensure all our drivers are trained and retrained for better services. One of the senators recently raised the idea of introducing tax for product spillage and people saw the video and started sharing with me, worried it will affect my business.

At a point when we needed to do some certification with road safety, they said they would give us certain requirements.

So, I thought it would be a new thing but when they sent out the requirements, we realised that they were just our normal standards of operating. They were things that we had already in place. Our trucks come with

imported tank covers. If there is an accident and a truck falls, Total trucks will hardly have spillage because even when it’s lying on the floor it won’t spill its content. There are rules of speed that our drivers work with.

For young entrepreneurs who want to venture into petroleum marketing, what’s your advice to them on raising funds?

Integrity is very key. I told you I met someone who gave me products to start my business many years ago and we are still doing business together until today. Then it used to be one truck which was valued at about N2 million then. Today, it’s over N4 million and if I call him that I need 20 trucks and that the money is coming at a particular time, he will release them. The point I’m making is that there are a lot of people who have money but don’t have people to trust it with it.

So, integrity is very key. In this downstream sector, you can hardly find people to trust. I try to safeguard my business and I’m not overambitious. I deal with people I trust personally.

For those that want to come into the business, they should take their time to study the terrain.

There are a lot of things you need to put into consideration if you want to open an outlet for instance. You have your money but it’s not just enough. You have to consider the location to cite your station. You have to ask a lot of questions and find someone who has a proven record to follow the footsteps.

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Health Business&Life Opportunity for Nigeria’s healthcare sector amid free trade agreement ANTHONIA OBOKOH

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igeria’s healthcare sector and its industry investors are expected to benefit from the African Continental Free Trade Area (AfCFTA) as it offers opportunity for businesses expansion across the region, industry experts said.

The implementation of the agreement is expected to impact human capital investments, health innovations, health security, universal health coverage and Pharmaceutical Industry in a country like Nigeria.

Abiodun Awosusi, a Health Economist at a Lagos-based Health Systems and Development Enterprise said the agreement is likely to impact Nigeria’s health sector in at least five areas: “human capital investments, health innovations, trade for social impact, health security and universal health coverage.”

With the expectation of trade to begin in Africa’s free trade area on July 1, 2020, the ambitious initiative will create a single market for goods and services and a customs union with free movement of capital and business travellers–the world’s largest given Africa’s 1.2 billion population and combined GDP of over $2.5 trillion.

According to Awosusi, AfCFTA is likely to have a major impact on health system strengthening and universal health coverage with varying results across countries in Africa.

He stated that while sustainable financing is central to Universal health coverage (UHC) progress, significant funding gaps persist across the continent.

“UHC is one of the SDG 3 targets, which offers countries the right framework to increase access to high-quality health services for every citizen without financial hardship,” Awosusi said.

Sustained global support for UHC culminated in the recent adoption of a high-level United Nations declaration calling for more concerted efforts to accel-

erate progress across countries to achieve the target by 2030, industry experts said.

Sand Mba-Kalu, executive director of Africa International Trade and Commerce Research was of the opinion that the Africa free trade agreement is expected to open Nigeria’s Pharmaceutical industry to external competition, as compiled from an industry survey.

“The industry will attract foreign investment from more advanced pharmaceutical industry players from Africa and it will be exposed to the external regulator with PanAfrican view,” Mba-Kalu, said.

According to him adopting a systematic approach will help secure adequate funding for the industry and develop the healthcare infrastructure. “It will encour-

age partnership with raw material source from Africa for the Nigerian pharmaceutical industry.”

Meanwhile, looking at Africa’s health security with the current Coronvirus outbreak which has affected some African countries like Nigeria, Algeria, Egypt, Morocco, and more recently Senegal, the movement of people and goods across borders will require emphasis on health security, industry experts have advised.

The on-going coronavirus epidemic affirms the value of investing in health system strengthening and cultural intelligence to prevent and/or effectively manage epidemics, experts in Nigeria’s health sector said.

“While there are no better tools and multi-stakeholder collaboration platforms to manage, there is need to pay more attention to health security as AfCFTA implementation progress gains significant momentum,” an industry player who asked not to be quoted said.

Awosusi was of the opinion that there is an urgent need to invest more resources in pandemic preparedness particularly in regional institutions like the Africa Centers for Disease Control and Prevention with vital support from multilateral and bilateral development organizations including the World Health Organization

and the United States Centers for Disease Control and Prevention.

“Each country also needs a strong public health institute to predict, prevent and manage the spread of communicable diseases within and across borders, without neglecting the growing burden of non-communicable diseases,” he said.

According to industry sources, the implementation of the free trade agreement is also expected to drive growth in private healthcare space, especially as Nigeria, suffers sets backs on medical tourism.

“As demand for cancer treatment soars, visa-free travel will enable people in the 15 African countries without radiotherapy services to seek care elsewhere,” the WEF report stated adding that private health services and medical tourism induce clinicians to migrate from poorer to richer countries and from public to private health care.

Understaffed public-health systems, especially in poorer countries, influxes of foreign clinicians will irk local medical professionals by increasing competition for jobs, the report read.

“As Nigeria and many African countries are prepared to manage well, and their leaders need to take focused action to prepare for the future,” the report stated.

Why hygiene practice is easiest way to prevent coronavirus Kwara, Uni-Ilorin set to combat Lassa, Coronavirus practice before the outbreak, BusinessDay’s survey x p e r t s a n d m e d i- shows.

“I am not used to always cal practitioners have carrying hand sanitizer with called on individuals to ensure adequate precau- me everywhere I go and also tions and good hygiene to be washing my hands practice to protect them- regularly,” a middle-aged selves from contracting CO- Nigerian banker who asked VID-19 which has had dev- for her name to be withheld astating impact on global told BusinessDay. “I read that I should economies in recent weeks. wash my hands for at least The advice comes as the virus, which has killed over 21 seconds and on a run3,000 people globally and ning tap, I am used to washrecording new cases daily. ing my hand in a bowl and Nigeria has had its first not for up to 20 seconds, case of the virus identified so I am finding it difficult as the novel coronavirus has following all the preventive made its way into five other measures,” a shop attendant Africa countries; Algeria, who simply identified himEgypt, Morocco, Senegal, self as Earnest said. “ The more we learn and Tunisia.

More recently, the virus about hygiene practice has been spreading at a the better possibilities faster rate outside China that the spread of the vithan inside the country rus will be controlled with with more than 90,000 peo- public health measures,” ple across 73 countries are said Oladoyin Odubanjo, chair, Association of Public now infected.

To contain the spread, Health Physicians of Nigeria medical experts have urged (APHPN), Lagos Chapter.

Odubanjo said it is imNigerians to wash their hands regularly with flow- possible to predict what the ing water and soap and use impact of that the spread hand sanitisers where they would be and would likely cannot easily access water pose significant challenges to health care facilities. and soap to wash.

“We need to plan for the They also say that Nigerians should avoid using their possibility containment and hands on their face, nose that is why an individual and mouth to prevent the should take their hygiene virus from entering the body. seriously. It is a responsibilBut this basic hygiene ity of individuals, governpractice has been very dif- ment, health workers to be ficult for some Nigerians, as at more alert,” he said.

Similarly, during this they find it difficult to adapt to the preventive mea- situation the warning from sures of coronavirus ow- America’s top doctor from ing to their poor hygienic the U.S. Centers for Disease

ANTHONIA OBOKOH

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Control and Prevention states that “the best way to protect yourself and your community is with everyday preventative actions, like staying home when you are sick and washing hands with soap and water, to help slow the spread of the respiratory illness.”

Health officials have said the respiratory disease is capable of spreading through human-to-human contact, droplets carried through sneezing and coughing and germs left on inanimate objects.

The virus appears to be particularly troublesome for older people and those with underlying health conditions.

Symptoms can include a sore throat, runny nose, fever or pneumonia and can progress all the way to multiple organ failure or death in some severe cases.

Yusuf Larne, a medical practitioner at The Lister Medical Centre Lagos says, “It is a natural human behaviour whenever there is distress, humans naturally find a way out of the distress as soon as the pressure is removed, people relax. When people are afflicted with an infection, they take precautions and quickly abandon them after they feel better.”

Lanre says we have to imbibe the habits of washing our hands often; prevention of exposure to epidemic cannot be over emphasized, calling for a consistent programme to deepen awareness across the country to prevent the spread.

SIKIRAT SHEHU, Ilorin

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Benin Republic national, who allegedly crossed the border into Kwara State in Baruten Local Government Area, may have died of Lassa fever.

The immigrant, who is a woman, could be the first recorded case in Kwara State feared to have died. However, the Kwara State government revealed that some persons have been quarantined over suspected Lassa fever.

Addressing journalists in Ilorin, Raji Razaq, the state Health Commissioner, said the state had beefed up preparedness and capabilities against the dreaded Coronavirus, which is menacingly spreading across the globe.

According to him, Kwara State has, since the first confirmation of the virus in China last year, resolved to use all the resources available to it to ensure that COVID-19 is prevented in Kwara State.

Razaq disclosed that the state has adopted a multisectoral approach to prevent any outbreak of the disease, comprising various ministries and agencies of the state and the Federal Government, especially the Port Health Services and the Nigerian Immigration Services to ensure effective surveillance at all points of entry at the borders.

Debunking claims that the state had recorded some cases of Lassa fever; the commissioner insisted that “the cases so reported were in a neighbouring community in Benin Republic, which shares borders with Kwara’s Baruten Local Government.”

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R-L: Bamidele Abiodun, Ogun state first lady being joined by Temitope Iluyemi, director, Government Relations and Public Policy for Procter and Gamble in Africa to present some items of baby diapers to a nursing mother at one Ogun State Primary Health Centres in Igbogila recently.

He says the pro activeness of the state included identifying and monitoring certain “16 persons suspected to have had some contacts with the four Beni noise who had come to work in Baruten Local Government Area, but later tested positive to Lassa fever, after they had returned to the Francophone country.”

“One of the four persons later died in Benin Republic. The 16 persons (who are Nigerians) are currently asymptomatic (not showing any signs of illness) and we are following upon them.

“All Kwarans should be calm and take necessary precautionary measures to protect them and others by ensuring regular and thorough washing of the hands with soap and running water, regular use of alcohol-based hand sanitisers, staying at home if you feel @Businessdayng

unwell with symptoms like fever, cough and difficulty in breathing,” he advised Meanwhile, in response to the global threat, which the recent outbreak of Lassa fever and COVID-19 represents to the well-being of the nation, the management of the University of Ilorin has concluded arrangements to put in place a Disease Outbreak Response Team (UNILORIN DORT) to address the challenge.

A statement signed by Kolawole O.M (Prof ), the Director of the institution’s Molecular Science and Biotechnology said that the UNILORIN DORT, which would be constituted by professionals from relevant fields and units would also work in affiliation with the Kwara State Epidemiology Unit and the Nigerian Centre for Disease Control(NCDC).

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Health Business&Life Ogun partners P&G to intensify coverage on routine immunisation across state immunization as an assured means of sustaining the progress we have made so far in polio eradication and certification.”

Abiodun noted that RI covers part of effort to intensify and encourage age in the state which stood at an mothers and caregivers high 85 percent was low compared to embrace Routine to the national average of 90 perImmunisation (RI) as cent hence the need to intensify an assured means of eradicating effort to improve the uptake, afpreventable childhood diseases, firming that the state government the wife of the State Governor, would not relent in its responsibiliBamidele Abiodun has flagged off ties to promote the health and well Routine Immunisation Intensifica- being of the people.

She stated that regular suppletion Project children in Ogun state.

BusinessDay reports that Office mental immunization campaigns of Ogun State First Lady launched as well as the Maternal Newborn the Routine Immunisation Inten- and Child Health Week (MNCHW) sification Project in collaboration were some of the strategies put in with Procter and Gamble (P&G) place to ensure that over 1 million Nigeria, who offered technical and and 1.5 million pregnant women material support with the distribu- were vaccinated and supplementtion of diapers to children in all ed with Oral Polio Vaccine (OPV) Primary Health facilities across and Vitamin A, adding that about 40 health facilities would soon be the state.

At a ceremony held at the Pri- renovated and equipped for optimary Health Centre, Igbogila in mum primary healthcare service Yewa North Local Government, the delivery Speaking, Tomi Coker, ComFirst lady identified lack of incentives, poor access to facilities and missioner for Health, , who was poverty as some of the reasons for represented by the Permanent the low uptake of RI services, say- Secretary of the Ministry, Ayinde ing the present administration had Adesanya enjoined mothers and provided the diapers to sustain the caregivers to embrace routine progress made so far in the eradica- immunization, saying vaccines tion of polio and other vaccines pre- are safe, effective and free in all ventable diseases among children. government health facilities across She said, “Let me reiterate at the state.

Also speaking, the Chairman, this point that this is a noble initiative to encourage our caregivers House Committee on Health, and mothers to embrace routine Adegoke Adeyanju Awoso urged

YEMISI FASHOLA & ADESOLA OGUNBANWO, Abeokuta

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people in the communities to unite for the progress and improvement in provision of basic health care especially in the uptake of immunisation services, assuring that the present administration of Prince Dapo Abiodun remained committed to fulfilling his campaign promises.

Temitope Iluyemi, director, Government Relations and Public Policy for Procter and Gamble in Africa, commended the efforts of government to improve the health of children and women, adding that the company is ready to partner with Ogun state in providing job opportunities for its youth population and involved in all the developmental projects and agenda.

Earlier in his welcome address, the Chairman, Transition Committee, Yewa North Local Government, Babatunde Bankole appreciated the State government for flagging off the Routine Immunisation Intensification Project, noting that it would in no small ways impact positively on the lives children and women.

In their separate remarks on behalf of mothers and caregivers at the event, Fadipe Fatimo and Agbaosi Ayodele both expressed appreciation to the state government for the incentives, saying that it would go a long way at encouraging others to immunize their children and wards, thereby improving the uptake of RI across the state.

Elekta reiterates commitment to radiotherapy cancer treatment ANTHONIA OBOKOH

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lekta AB, a Sweden based firm, has pledged to provide radiotherapy cancer treatment in the country.

Habib Nehme, executive vice president, Elekta AB and in charge of Turkey, India, Middle East &Africa (TIMEA) made this know recently when he visited Nigeria recently on a courtesy visit to key government institutions and stakeholders in the health sector.

Nehme during his visit sought to understand the current challenges and requirements for scale-up of radiotherapy services in Nigeria, a statement states.

He reaffirmed Elekta’s commitment at the highest level, to support the sustainable development and scale-up of radiotherapy treatment programs in Nigeria through equipment financing support, clinical skills capacity development programs for radiotherapy multidisciplinary teams to support and advocate for cancer care.

According to the International Atomic Energy Agency (IAEA), Nigeria needs a minimum of about 200 Radiotherapy machines to cater for an estimated population of 200 million Nigerians. Also, according to the IAEA 70% of all cancer patients will need at least one form of Radiotherapy, this situation underscores the urgent need for strategic partnerships

HBL Team

with companies like Elekta to make more Linear Accelerators available in-Country.

Also, Clare Omatseye, managing director and CEO of JNC International Ltd - Elekta’s Nigerian representative, reiterated the firm’s commitment as a proudly Nigerian company to provide locally available after-sales and technical support that guarantees machine uptime such that cancer patients are assured of radiotherapy treatment from Elekta Linear Accelerators as and when required.

It will be recalled that late 2018, Elekta in conjunction with their partner, JNC International Ltd, successfully deployed an additional Synergy Linear Accelerator Radiotherapy with modern treatment capabilities comparable to other centers globally to the previously

installed Synergy Linear Accelerator owned by The National Hospital, Abuja.

The new additional Synergy Platform was the first installation in Nigeria to have a Volume Modulated Arc Therapy (VMAT) treatment technique which significantly reduces treatment time and was awarded by Shell Nigeria Exploration and Production Company (SNEPCo) on behalf of the Shell - Nigeria National Petroleum Corporation (NNPC) and other partners Joint Venture.

Elekta also invested in an intensive clinical capacity development program working with the hospital management to initiate a handson onsite clinical training for the cohort of very passionate and dedicated multidisciplinary team at National Hospital Abuja.

Should I cancel or postpone travel because of coronavirus?

Executive Travel Health

Adeniyi Bukola Q-life Family Clinic

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opes that Coronavirus will be contained in China have been dashed as new cases keep springing up at different parts of the world. Nigeria in SubSaharan Africa announced its first case of Coronavirus about a week ago.

As coronavirus continues to spread, business big names like Nestle, L’Oreal, Unilever and a host of others have started to ban business travels for hundreds of thousands of their employees. Twitter has also suspended the CEO Jack Dorsey’s planned keynote interview this month at the South by Southwest conference in Texas, due to coronavirus.

The restrictions are piling pressure on airlines and the broader travel industry, which faces a monthly hit of more than $46 billion from the coronavirus, according to the Global Business Travel Association, Washington, D.C. Coronavirus is spreading at an alarming rate.

According to WHO, there are over 81,109 confirmed coronavirus cases worldwide and 2,761 deaths, mostly in China. Some countries have issued travel advisory to China and Asia, but no broad recommendations from health official to the general public about limiting travel that would trigger a wave of travel cancellations to other parts of the world, at least for the moment.

Hence, the decision to cancel or postpone travel is largely personal. However, the decision should be made with adequate knowledge.

If you plan to travel or already have your travel booked, you should find out if your destination is affected by the outbreak. You have a lower risk of contracting coronavirus if your destination has not experienced this outbreak but keep in mind that the virus continues to spread to new areas. Hence, you

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

should be current on the travel advisories to your destination.

Ensure that you adhere to precautionary measure like regular hand washing, cautious handling of surfaces, doorknobs while in transit and at your destination.

Stay away from anyone who is ill, has cough or sneezing.

Your health status should also be a consideration. Body response to coronavirus like other viral outbreaks depends a lot on the state of the immune system.

Make sure you eat well, drink an adequate amount of fluid and fruits and have adequate rest so that the body can be in optimal shape before you travel.

If you have diseases of the airway, a weak immune system like being on steroids, extremes of age, pregnant state, diabetic or any other immunodeficiency state it is advised you limit travel during the epidemic. You are advised not to travel at all if you are ill.

Your itinerary during travel is also important. If your activity will require you to be in a crowded place and sharing space it might be wise to consider cancellation. It is to this effect that Saudi Arabia has discouraged pilgrims from travelling to the country for lesser Hajj.

It is recognised that outbreaks are easily spread in overcrowded areas. With several airlines cancelling and reducing travel to some places, travel plans to such places should be postponed regardless of the reason for the travel. Consider adequate travel insurance for your travels ensure it includes “cancel travel for any reason”, medical evacuation, prepaid travel expenses and be prepared to cancel your trip at least 2 days before departure time if need be.

As you should always do, stay clean and sanitize, avoiding touching your mouth, nose or ears. Wear masks to reduce your risks of spreading diseases if you have respiratory tract infection. Put things into perspective rather than getting caught up in media sensationalism.

Pay with a credit card. If you feel uncomfortable about travelling during the epidemic, postpone your trip for another time.

Travel healthy, Stay healthy and Return healthy.

Consultant Family Physician and Travel Medicine Physician Q –Life Family Clinic. qlifeadvisory@outlook.com.

I David Ogar, Graphics

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Friday 06 March 2020

BUSINESS DAY

FINTECH News

Products Review

In association with

Technology Review

Personality Review

Company Review

Dan Holdings bets on stablecoins, cryptocurrencies to drive remittance in Africa Stories by FRANK ELEANYA

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s the popularity of digital currencies continues to rise, Danny Oyekan, CEO of Dan Holdings has identified stablecoins and daily use of cryptocurrencies as the future of remittance in Africa.

Nigeria’s cryptocurrency space has grown in the last five years with the number of exchanges operating within the country increasing from less than two to more than fifteen today. The market has also attracted some of the exchanges such as Binance, Luno and also seen homegrown successes like Buycoins and Quidax.

With the spread of exchanges, awareness of cryptocurrencies have also risen. In 2018 and 2019, Nigeria emerged the country with the most search for Bitcoin on Google. The country is also among the top ten countries in the world with the most peer-to-peer transactions.

Notwithstanding, the use of cryptocurrencies is only limited to trading and holding as assets. The country is yet to record an official daily use case. In other words, bitcoin or any other cryptocurrency is not acceptable as a medium of exchange by any vendor in Nigeria. Whereas in many places

across the world, businesses are increasing giving the option of payment with cryptocurrencies.

Dan Holding, a fintech, blockchain, artificial intelligence, and renewable energy investment firm based in Dubai and with operations in Nigeria and other African countries, says it has plans to turn things around for the cryptocurrency market.

Dan Holding’s portfolio includes Telechat, a chat application for global digital currencies known as Coins App, which is available both inside Telechat and as a standalone application; cryptocurrency exchange BlockFinex, which is a crypto

to crypto and fiat to crypto exchange; and Dan Ventures, the venture investment arm of Dan Holdings.

The mission of Dan Holdings is to act as a powerhouse for widespread blockchain and fintech adoption, innovating to build cryptocurrency and digital platforms that will make access easy, transparent, and secure for mainstream adoption. Dan Holdings said it is committed to creating a sustainable legacy by devising technology-based solutions that help make a difference in people’s lives, particularly in Africa.

Dan Holdings envisions a future where blockchain tech-

nology and cryptocurrencies are regulated, well-adopted, and have a strong role in the global economy. Oyekan, however, acknowledges that the process could be slow in coming.

“I just know that naturally, Africa is wont to take a slow approach to things like this,” he told BusinessDay in an interview. “We need them to work with people in the space, the entrepreneurs, investors to draft their framework so that they don’t make mistakes based on the fact that they don’t understand what the products are or where they are meant to drive their regulations towards.”

Why regulations wait,

Oyekan says people can take advantage of the ease and speed of remittance transactions in which cryptocurrencies provide them. Traditional routes of sending money abroad often come with delays, tedious processes and are expensive to pull through as many intermediaries have to be settled along the value chain for the money to get to its final destination.

A report released in 2018 found that the number of people using cryptocurrencies for their remittance needs is increasing. The use of cryptocurrencies is in part due to the high costs associated with using traditional methods of sending money abroad such as Western Union or Moneygram.

Globally, the average cost of a 200-dollar remittance is 7 percent, but there is a significant cost variance depending on the region where the remittance is being received.

The latest World Bank Report from June 2019 also shows that mobile money is the cheapest traditional method for funding a remittance transaction at an average cost of 4.88 percent.

However, by using cryptocurrencies, costs may decrease between 50 percent and 90 percent compared with traditional methods.

Oyekan says stablecoins have a big role to play in the payment space. A stablecoin is

a type of cryptocurrency that is designed to maintain a stable market price. Recently, this type of digital currency has grown in popularity, and there now have numerous stablecoin projects.

Dan Holdings is one of the only two companies in Nigeria that offer stablecoins pegged to the naira.

“I see the naira stablecoin working mostly in lending because we are looking at deeper adoption, lower lending rate, higher investment returns, you will see it in everyday payments as people can easily send payment within the app and they can also liquidate it and keep it in their hard wallets for example,” Oyekan said.

He predicts that stable coins backed by gold, the US dollar and naira would become a mainstay in Nigeria and the rest of Africa in the next few months.

“I think if we don’t adopt cryptocurrencies as a country, we are just shooting ourselves in the foot. We are the biggest economy in Africa, we are a giant of Africa, so we have to lead the way for every other country in Africa to follow. There is no other African stablecoin as we speak apart from two naira stablecoins that I know that are already in the market. As we adopt the digital currencies and we make ourselves the hub, everybody will come to us,” he said.

everything we can to educate everyone,” says Owenize Odia, country manager for Luno Nigeria.

For the activation in the computer village, the company had customer engagement and Luno branded items where distributed around the market for visibility.

“The market community

was quite receiving and we had a good number of signups. The event was a good way to create brand awareness. However, we plan to host a meet up soon (date to be decided) as part of our follow up plan to educate new customers and interests on cryptocurrency and its use cases,” Odia said.

Luno takes cryptocurrency awareness to Lagos streets

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s part of its commitment to deepen the knowledge of cryptocurrency in one of its biggest markets on the African continent, Luno, a global cryptocurrency firm with a presence in more than 40 countries including Nigeria, was at the computer village at the weekend.

The brand awareness campaign precedes the formal addition of Ripple coin on the Luno wallet. The company’s more than 3.5 million users can now buy and sell Ripple the third-largest cryptocurrency in the world. The addition of Ripple brings the number of cryptocurrencies on the platform to four. Bit-

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coin, Ethereum and Bitcoin Cash have been previously enabled.

According to a Luno Nigeria spokesperson, the campaign was to create brand awareness, as well as engage customers. The company has always prioritised cryptocurrency education with campaigns, meetups and

campus tours going back to 2018. Particularly in 2019, the company held educational meetups in five Nigerian states including Lagos, Abuja, Port Harcourt, Benin, and Enugu.

“Cryptocurrencies are the future and we see it becoming mainstream in no distant time, that is why we are doing

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Friday 06 March 2020

Harvard Business Review

BUSINESS DAY

37

ManagementDigest

How sales teams can thrive in a digital world Andris A. Zoltners, Prabhakant Sinha and Sally E. Lorimer

S

ince the dawn of the internet era, experts have predicted that technology will replace salespeople, and it’s easy to find examples. But sales organizations can survive and thrive in the new digital world by responding to the changes that digital brings to products, customers, salespeople and sales channels. A more data-driven approach to sales decision-making will be critical for success.

LEVERAGING DIGITAL AS PART OF THE OFFERING Some products, such as software and information, are inherently digital. But growing numbers of nondigital products are adding digital elements. And digital support of buying processes can enhance customer value for any product. Salespeople have to step up and help customers get value from digital features.

EMBRACING DIGITAL NATIVES AS BUYERS AND SELLERS As more informed customers shift power away from sellers and the ranks of digital natives grow, companies should spent time influencing their online presence and persona, thus ensuring that the information

buyers get before engaging with salespeople puts the organization in the best possible light.

Salespeople must focus on discovering what customers have learned through their prepurchasing research. And companies can take advantage of the skills digital natives bring to sales roles.

ENABLING MULTICHANNEL CUSTOMER CONNECTIONS Today’s customers get information from multiple sources.

They “pull” information from

company websites, online videos and review sites. They get additional insights when companies “push” information via email, text and their own salespeople.

With the right channels in place, companies must create a consistent buying experience.

Customers will become frustrated if, for example, the information they see on a company’s website is inconsistent with what they hear from a salesperson. Artificial intelligence and customer relationship manage-

ment tools can help companies deliver a synchronized multichannel customer experience.

USING ANALYTICS TO POWER SALES DECISIONS AND PROCESSES In almost every domain of sales, data-driven decisions are replacing instinct. Sales organizations use data and analytics to improve strategy and resource deployment, as well as talent management and customer engagement.

Sales organizations that proac-

tively address these challenges are more likely to navigate the tumultuous digital landscape successfully, thereby driving success for their customers and company.

(Andris A. Zoltners is a professor emeritus at Northwestern University and a co-founder of ZS Associates. Prabhakant Sinha is a co-chairman of ZS Associates. Sally E. Lorimer is a marketing and sales consultant and a business writer for ZS Associates.)

Data-Driven cultures start at the top tise and to propel people with the requisite knowledge and skills into higher ranks.

DEVELOP ROUTINES THAT SUPPORT ANALYTICAL THINKING It’s also the routines we develop and the activities we engage in when making decisions that determine proficiency.

Instead of letting habits and activities develop by chance, dedicate daily time for activities that create analytical habits.

Organizations that invest in senior-level expertise and reinforce daily analytical activities will be best positioned to take full advantage of the data and technology that abound today and will undoubtedly expand and evolve into the future.

Sheri L. Feinzig and Nigel Guenole

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e’re in the middle of an analytics revolution. The change is being driven by numerous factors, but two are more important than the rest. The first is an explosion in the amount of valuable digital data generated by workers and consumers as they go about their daily lives. The second is advances in technology, such as machine learning, artificial intelligence and cloudcomputing platforms that allow us to interpret and leverage all this data.

Yet companies that excel at analytics have more than access to great data and technology.

These companies recognize that success with analytics also requires an analytical mindset among its executives and an analytical culture throughout the business. In other words, it’s critical to bring the people along with the technology.

There are two easy steps firms

can take to do this.

ENSURE THAT EXECUTIVES HAVE STRONG ANALYTICS CAPABILITIES It’s only when deep expertise exists among top leadership that a penchant for evidencebased decision-making will de-

velop pervasively throughout the organization. Like any other discipline, becoming good at analytics requires seasoning and experience, which junior employees are unlikely to have.

Another essential function requiring executive-level direc-

tion is the implementation of proper data governance.

Instead of delegating analytics responsibility to lower levels of the organization, it’s imperative to reserve a number of executive positions for people with genuine analytics exper-

(Sheri L. Feinzig is a partner at IBM’s Global Business Services Talent & Transformation practice, where Nigel Guenole is an associate partner. He is also director of research for the Institute of Management at Goldsmiths, University of London.)

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Friday 06 March 2020

BUSINESS DAY

entertainment

Kike; the fast rising OAP with tall ambition OBINNA EMLEIKE

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f you have not been listening to radio for lack of time or exciting programme to glue your ears to the ‘sound box,’ then, there is a reason to do so now.

You need to tune to Inspiration 92.3 FM on Wednesday from 5pm-5:45pm to listen to Kikelomo Olanrewaju Atanda-Owo as she reengages listeners with insights on contemporary issues in a way never done on the air before.

The fast-rising On the Air Personality (OAP), truly makes radio worth the listeners’ time with her engaging show tagged ‘Real Talk with Kike,’ a 45 minute talk show, which is a franchise under the umbrella of Z-Edge Limited, a company she runs as well.

Of course, there are many talk shows on radio, but ‘Real Talk with Kike’ comes with a difference amid unraveling realities as guests of the show freely and objectively bare their minds on issues at the moment. It is a live programme where conversations are true, honest and direct.

The graduate of Communication from Igbinedion University, MSC from Kingston University UK and an MBA from the University of South Wales, is bringing over 17 years of experience to bear in her radio programme.

For her, venturing into the talk show became important in order to find a niche and more essentially, distinct her media product from the plethora of products out there. Speaking on the uniqueness of the show, she said, “There are quite a number of talk shows on air but my niche is providing core insights directly from concerned authorities and stakeholders involved at real time.”

For the 45 minutes period of the show, she engages guests including; professionals, government parastatals, new start-up owners, young entrepreneurs, technocrats, thought leaders among oth-

Kikelomo Atanda-Owo (Kike)

ers in topical discussions yet in a very inspiring, relaxed, trending, thought-provoking, and problem solving manner.

The show also offers a fresh, avant-garde look at what everyone is talking about. For instance, the day she engaged Professor Pat Utomi, it was impactful for economy observers, lovers of good governance and the general public. In the same vein, business owners were inspired by Allen Onyema’s view on the show. Onyema, who is the chairman of Air Peace, was a good discussant, making relevant points that business owners need to grow their businesses in a challenging environment like Nigeria.

Others guests, such as Rev Esther Abimbola Ajayi, Iba Gani Adams, the Aare Ona Kakanfo,

Oba Oluwo of Iwo, Demola Seriki, former minister of Interior, Pastor Ituah Ighadalo, Senior Pastor of Trinity House, Ego Boye, an actress and movie producer, among others who have graced the talk show, also made significant contributions and revelations that are worth the time of the listeners.

Despite the many businesses under the umbrella of Z-Edge Limited, which she manages, she still makes out time to host the talk show because she sees it as “A career calling that I can no longer resist its yearning.”

For Kike, ‘Real Talk with Kike’ is a must-listen to because it is a live show dissecting contemporary issues, current affairs of the country right from the field of politics, economic contentions, health issues,

cultural drifts, environmental topics and social happenings with live interviews. “The show features hot button and topical issues and seeks answers to what, how and why of raging matters of the day.

During an hour-long conversation with prominent guests, they shed more light on the episode’s topical issues,” she explains.

For listeners, she thinks the talk show is worth their time because it has a guiding framework, which determines the structure of interviews and on-air sessions, episode by episode. Also, while the programme has a mandate on what topic or issue is contemporary at the time, it also seeks to balance out by bringing on board prominent guests who are active stakeholders on the focal issues.

This pairs guests with topical issues, allowing the best views to filter for the benefit of educating, raising awareness and even entertaining the listeners.

So far, Kike is also excited with listeners’ feedbacks on the show, especially the quality of information at real time. “The remarkable feat attributable to my programme thus far is the quotient of authenticity the shows and the interviews offer at real time,” she explains.

Looking back, she is also excited with some feats despite the growth challenge she encountered while on the job and managed to successfully sail through.

Part of the challenge was the fact the she started her media career 17 years ago from television, later moved on to the print and now to radio. However, the different experiences have combined to shape her and particularly, what she is doing today.

“My talk show is giving me the first and exclusive opportunity to master the transfer of conviction to audience and listeners through voice communication in radio presentation, which is a stint different from TV presentation where there is a synergy of audio, visual and gesticular communication,” she said.

As expected, Kike is very ambitious about her career and overall growth. She is working to attain a global recognition in the space of media talk show in the next five years, a dream that will see her being in the league A-class interviewers who will be granting cross-border interviews.

“Within the next five years, I aspire to have my own TV and radio stations. I am aspiring to be a world-renowned media personality whose legacy, standard and authority will set the pace among others,” she concludes, while urging listeners to leave their dial on 92.3 FM every Wednesday from 5pm-5:45pm for fresh encounter with informed guests and exciting discussions on topical issues.

Emzrel TV, Multi-Visions & Pixels, Deo Gracias TV to premiere Smokescreen at NAF Centre March 7

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mokescreen, Emzrel TV’s dramatic comedy movie, which is co-produced by Multi-Visions & Pixels in association with Deo Gracias TV channel, will make its grand entrance to the astounding delight of over 800 people with its premiere at the Nigerian Air Force Conference Centre in Abuja on March 7, 2020.

According to Vincent Ogbuehi, the producer, the premiere would be unveiled with a glamorous red carpet to be hosted by Brenda of AIT as Shina Philips, founder of Matchmakers Consult and president, Nigerian Pitch Awards, throws his weight behind the event.

Speaking further, Ogbuehi said that Chucks D General, a re-

nowned comedian, will compare the main event, while other side attractions such as a rendition from an opera singer, dance entertainment and magic shows will illuminate the evening.

As well, reverberating outdoor flea market will add color at the event with various vendors exhibiting lifestyle merchandise.

“To add a further kick to the evening, we will equally feature our 9-minutes short film on suicide, which is intended to support the advocacy against that selfinflicted human crime”, Ogbuehi said.

The event will also see Ethel Emmanuel make her debut with the first story, while Emeka Dede Onwukwe, the director, revealed the trailer of the movie two weeks www.businessday.ng

ago with the hash tag #smokesreenthemovie and the Instagram page @smokescreenthemovie.

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According to the producer, the movie Smokescreen is a drama that unfolds with a lot of humor

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and at the same time showcases elements of passion, intrigue, ambition and power struggles.

The theme is domestic violence, parental neglect and marital issues, which are woven into the story in interesting twists and turns.

The film stars popular Nollywood actors such as; Empress Njamah, Chucks Chyke, Papel Apel, Ethel Emmanuel, Vincent Ogbuehi, Apel Oduen, Chidi Benjamin, Jennifer Martins, Maria UG, Ene Okulu, Ubong G.David and a host of others.

“Tickets are presently on sale at the Nigerian AirForce Conference Centre and we so look forward to connecting with our audience and thrilling them on Saturday”, Ogbuehi urged.

Friday 06 March 2020

BUSINESS DAY

39

entertainment

Business etiquette

Mentoring with purpose

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Janet Adetu

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Can you take up the challenge? ver the years while pursuing my career, I developed goals, ideas and aspirations of where I wanted to be.

Looking from a distance there were people I met that inspired me based on their achievements, the impact they had on me and the value they added to many others. It has always been a natural desire for me to add value to other people both knowingly and unknowingly. Little did I know that I was mentoring people and inspiring them from a great distance.

It becomes overwhelming yet selffulfilling when you hear what impact you have had on another person just by simply being you.

Today mentoring is a great asset to those who seek advice and guidance from a seasoned person of value to them. It is also a great asset to those who have what it takes to share with others their experiences in life and use it to make the lives of others much better. Of course it takes maturity, discipline, understanding, tenacity and traits of super leadership potential to carry this out successfully.

I am happy to say that I am a Cherie Blair Foundation International Mentor. Interestingly it is not given on a platter of Gold it requires taking an exam and passing to tell you that not everyone is cut out to Mentor.

For the last three years I have been mentoring on an international scale.

One of my mentees from Vietnam is always happy and excited at having our sessions because she has expressed how she is able to improve her English language, express herself and speak much more which is rare for her on a daily basis. I am also pleased to be a Wimbiz Mentor, I am

excited to see where my mentees are today reaching greater heights. As a lifestyle Connoisseur, Transformation and Performance Coach as well as a Philanthropist I also have a host of mentees across the globe.

Sharing minds, ideas, advice and experiences has helped me to help them develop their businesses, increase confidence, steer their course and build on their personal development. The impact to date has been very rewarding for me the Mentor as well as my host of Mentees.

As a mentor what is your goal or objective?

How can you impact others?

How do you know when you are mentoring with a purpose?

To measure ones impact or success with mentoring is to measure where you were as a mentor at the start of the mentoring period to where you are at the end. Your mentoring time can be time bound or ongoing but it must yield results.

Frequently asked questions about mentoring: What does it take to mentor?

I agree it can take a bit of your time if you are committed and dedicate to adding value. However it does not necessarily involve physical visits it is entirely upto you and your availability. With new technology using audio and face calling like skype works just as well and is equally effective.

What does it take to mentor?

Does age matter in choosing a mentor?

As a professional you will be surprised who may ask you to mentor them. It is not necessarily age or gender specific. It is no doubt easier and possibly the common norm to mentor someone slightly younger than you but the idea is for you to share your wealth of experience, your challenges, mistakes, and successes all together. It is not out of place to find yourself mentoring someone who falls within your age bracket or older. If your life inspires others, leverage on that and create impact.

Sharing minds, ideas, advice and experiences has helped me to help them develop their businesses, increase confidence, steer their course and build on their personal development

What if you are not in that line of business can you still mentor a prospective candidate?

If the mentee is seeking assistance for business purposes then being in that the line of business is n added plus.

All businesses have some structured common goals, from being a startup, to business growth and business success.

guidelines, suggest solutions, share information that is relevant to the mentee and walk the journey with them. Constant questioning is key to progress from the start, this way when action points are determined they will be accountable to the mentor in following through.

As a mentor you are simply the accountability partner that helps a mentee reach their goals.

Is coaching different from mentoring?

Yes it is! You can be both a coach and a mentor to different people provided you are aware of the goal and the objective of each relationship. A coach is someone who offers services for a fee, while a mentor does not take financial rewards. A coach is not sharing experiences but helping you reach your goals through a structured process. A coach is also an accountability partner but with intention and deeper purpose. A coach helps you reach your goals faster than if you were to go alone by helping you beat the act of procrastination. Coaches have vast knowledge and experience in certain fields,as today their services are used for a multitude of purposes.

As a transformation and performance coach my goal is to help you see how you can do things better that will help you improve your outlook, your career goals, your personal development so that you can leverage opportunities for success and a more fulfilled purpose driven life.

What should you expect as a mentee from a mentor?

As a mentee determine what you want from the mentor, spell it out from the beginning with goals. As a mentor discuss skills needed, keep building the relationship. Stay in touch even after the period of mentoring is over, Be intentional about mentoring with a purpose.

Should a mentor give direction on what to do?

Mentors should seek to know more about the mentee by asking questions on where the journey is now and where the mentee is hoping to go from there on. Care must be taken in giving direction or advice that may not be solicited. Offer general

Share your experience with me, follow me on social media @Janet Adetu Janet.adetu@jsketiquetteconsortium.com

Feast of performances at Lagos Theatre Festival

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he 7th edition of the Lagos Theatre Festival (LTF), which held from February 27-March 1, 2020 indeed left an indelible memory in the hearts of every participant.

The festival, which was themed ‘Going Out Of Bounds’ opened with a ceremony at the Terra Kulture Arena and had all the LTF board of directors; Bolanle Austen-Peters, David Evans, Joke Silva, Ojoma Ochai, Supo Shasore and Tosin Oshinowo present amid actors, playwrights, poets, producers, directors, and other stakeholders.

This year’s edition featured an overall rich menu of theatrical performances across all the genres of performing arts including dance, spoken word, comedy, tragedy, poetry, dialogue, and monologue among others.

LTF’s knack for providing maximum satisfaction came to fore but this time, it went out of bounds

as attendees had their fill with the humor, suspense, intrigue, anxiety, vital lessons, and overall creativity presented in the various

plays during the day, and they unwind to the sensational musical performances during the concerts at night.

A performance at Lagos Theatre Festival www.businessday.ng

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Asides Freedom Park on Broad Street Lagos Island, which is the main venue for the event, no fewer than 130 performances were rendered by over 200 performers in 20 different venues like the African Artist Foundation, Victoria Island; the National Museum, Onikan; British Council, Ikoyi; Alliance Française, Ikoyi, and Shodex Garden, Anthony Village.

Founded by the British Council in 2013, the LTF has been an international rallying point for performers drawn from Nigeria, the US, UK, Europe, and Africa at large. What makes the festival unique is the use of unconventional space for performances.

Speaking on the festival, Bikiya Graham-Douglas, executive director, Lagos Theatre Festival, explained that, “We remain committed to being the springboard for the performing arts in Nigeria and will continue to ensure theatre remains at the forefront of entertainment while fostering @Businessdayng

collaboration and partnership across borders. To organise festivals like this requires funding and we always need supporters for its success. While we thank all our sponsors and partners, we wish to specially recognize the British Council and Freedom Park for their commitment to LTF since its inception”.

Projecting towards next year’s edition, Lydia Idakula Sobogun, artistic director, Lagos Theatre Festival, said: “We plan to carry on with activities throughout the year that push the theme of the 2020 festival and puts us on the path for next year’s festival and next year’s theme (which we are already extremely excited about) with activities that will result in positive, tangible outcomes”.

The Lagos Theatre Festival ended on a remarkable note leaving participants savoring the unforgettable experience and also anticipating the 8th edition of the festival.

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Friday 06 March 2020

BUSINESS DAY

Hotels

Perfecto La Villa berths in Amuwo OBINNA EMELIKE

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nce again, the Amuwo Odofin area of Lagos, which has been witnessing proliferation of hospitality outfits in recent time, has welcomed a new entrant in its hotel market.

Located on Akin Mateola Street, near Apple Junction, Perfecto La Villa Hotel & Suites, the new entrant, is offering 45 tastefully furnished rooms amid other world-class facilities.

The new hotel, which is indigenously owned and managed, is raising the bar in quality finishing that is very obvious, and a testimony to the improving facility and service offerings in Nigerian hotels today.

Apart from the comfy room options, other facilities on offer at the hotel include; an exquisite restaurant, bar lounge, rooftop lounge comprising a private bar, board room, gym and indoor overflowing swimming pool. Aside its flowing lobby area and reception, and super mart, there is an ample parking space amid sound proof facilities.

Commenting on the quality finishing and luxury fittings, Timothy Ekene Okpara, owner and chairman of the hotel, noted that he was influenced by his experience at a hotel he stayed in Catalan, Spain sometime ago, which he described as a little paradise.

“The first time I travelled to

Europe was in 2007 and I was in Catalan, Spain. The hotel I stayed in was very beautiful and I admired it a lot. Then, I told myself that I will build a hotel like this in Nigeria someday. Today, that dream in Catalan is a reality”, he said.

The chairman, who has businesses across oil and gas, and real estate, explained that he added hotel to his investment portfolio because of the employment opportunities it offers, quality accommodation facilities to discerning guests, and unwinding venue it provides to enable people to balance work and life in order to live healthier.

But the hotel project, which is a huge investment, only took 13 months to be accomplished without bank loans; a feat the chairman explained was possible because of his proper planning and determination to achieve that within one year period.

The Anambra State-born hospitality investor also disclosed his plan to build a bigger hotel in his state, an ambition he assured would be

fulfilled in a short time.

He also made a wise business decision to handover the management of the hotel to a reputable Nigerian management company, while he concentrates on his other businesses.

Commending the decision, Victor Edosomwan, managing director, Vicwan Limited, a hospitality and wellness consultancy firm and consultant to Perfecto La Villa Hotel and Suites, noted that hotel ownership and management are two different things, and that when owners allow professionals to manage their hotels, their investments are secured.

He explained that the hotel is worth the guests experience because of the world class leisure fittings in place, which are the latest in the business to ensure value for money offerings for the guests.

He also noted that the hotel is designed to carter to all levels of guests; from leisure, business travellers, families and groups.

While lack of maintenance

has always been the bane of the hospitality sector in Nigeria, Edosomwan assured that Perfecto La Villa would be different as the owner has agreed to comply with industry best practices including sustained maintenance of the facilities.

“As a consultant, ensuring maintenance is always a challenge for us and we try to advise the owners that everything about hotel is maintenance, sustaining it, and to keep it going. Hotel is supposed to be a life time investment where even your grandchildren can benefit from and the only way you can do that is through innovative, creativity and maintenance.

“The hotel should take the initiative to maintain the facilities and as a consultant to this hotel, I can assure you that one of the conditions that I give for me to be involved in any hotel is that the maintenance has to been there”, Edosomwan concluded.

However, at the opening ceremony of the hotel was graced by top dignitaries including the chairman’s business associates from Turkey, three of whom were in Nigeria for the first time.

After cutting the cake to open the hotel, Nkem Okeke, deputy governor of Anambra State, who was the guest of honour at the event, called on the chairman of the hotel and other Anambra indigenes with huge appetite for investments to also think home and replicate some of their businesses outside at home as their contribution to the development of the state.

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

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

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

Tel: 01 277 3560

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

Tel: +234 9 4603900, +234 805 7522500

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

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

206 Exclusive Hotel Plot 206 Oladipo Diya Road Opposite Olympia Estate

By Games Village Second Gate Durumi2 Abuja

Security tips for hotel guests

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he sad truth is that criminals target travelers, especially in and around hotels.

The abundance of literature on the topic of hotel security does not seem to have deterred criminals from using hotels as a target of their trade. An informal survey of hotel security staff reveals old patterns of crime repeated and new tricks (or new variations of old tricks) continue as before. There are, however, some practices which can reduce your risk of being the target of crime or other hazards in a hotel.

The starting point The starting point for hotel security consideration begins well before you have checked into the hotel. If you drive to a hotel and park in their garage or parking lot, auto security, luggage protection, and personal safety will be your starting point. If you arrive by cab, your safety in the taxi and care of your luggage will be your starting point. In fact, unless you have visited a particular hotel fairly recently,

your starting point should be a telephone call from home to ask a few questions. If the hotel is in a foreign country, the list of questions to ask in advance will be more extensive.

Call to confirm your reservations; get a confirmation and note the name of the person you spoke to.

Questions to ask and where to ask them There are three questions to ask for selecting a secure hotel: Are there electronic door locks? Is there good key

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control? And is there a fire alarm and water sprinkler system? Generally, the only way to find this out is calling the hotel directly. The number one security issue is controlling who has access to a guest’s hotel room. While we can install electronic locks and keep a closely controlled system of key control, it is the guests themselves who often let down their guard and fail to lock their door when they go out to get ice at the end of the hall, or open their door

to an uninvited intruder. It is important to remember that a hotel is a public place and criminals are attracted to places where outsiders are vulnerable.

What room to reserve?

If possible, avoid staying in a room located on the first floor of a hotel. Since first floor rooms often have sliding doors or windows that are accessible from ground level, they are a greater security risk than rooms on higher floors. Second floor to fifth floor rooms are usually good choice in the event of a fire, as they are more easily accessible for rescue purposes than rooms on higher levels.

But rarely is room selection so simple. If you are attending a convention or visiting during the busy season, your choice of rooms may be limited. And a more expensive room will not guarantee you greater fire security, since the most luxurious suites are usually located on the top floors, and can therefore be more difficult to escape in a fire case.

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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

BUSINESS DAY

Friday 06 March 2020

41

MADE in aba

Why Aba shoe, garment makers need modern industrial clusters GODFREY OFURU Aba

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mplementing the cluster model in Aba, the commercial hub of Abia State, will address a myriad of challenges faced by artisans, especially, finished leather and garment makers, thereby increasing their productivity, analysts say.

It will also provide an e nab l i n g e nv i ro n m e nt and infrastructure to facilitate the growth and development of Abia State, they add.

An industrial cluster is the geographical location of group of artisans or manufacturers producing the same product, where e n ou g h re s ou rc e s a n d competences have reached a critical threshold.

A cluster has the potential to affect competition in three ways: it increases productivity of companies in the cluster, drive innovation in the field and stimulate new businesses.

The present location of Aba finished leather operators at Ariaria area of Aba could be regarded as an artificial cluster, as it has no infrastructure that supports production.

The location, which was originally a residential area, lacks constant power, which is essential in production.

Ta i l o r s a n d f a s h i o n designers, though large in number, are scattered all over the city with each operator providing their own power and other amenities.

The need for Abia State government to speed up the realisation of the proposed finished leather and garment industrial cluster at Umukalika, in Obingwa Local Government Area of the state, cannot be too stressed.

The location, which is about seven kilometers away from the Aba city centre, is sited on about 35 acres land and was projected to have been completed in the 2nd quarter of 2018.

Aba, the commercial hub of Abia State, has one of the largest concentrations of micro, small and medium enterprises (MSMEs) in Nigeria and a bulk of this number are

engaged in leather works, steel fabrication and garment making, which could be attributed to the popularity of the city.

It is estimated that Aba hosts 110,000 shoemakers and 50,000 garment makers.

The ingenuity of Aba artisans, especially, the garment and leather clusters-comprising o f s h o e, b e l t a n d b a g makers, attracted the United Nations Industrial Development Organisation (UNID O) in partnership with the Federal Government, to set up a Common Facility Centre (CFC) in the city to support the clusters to further develop their skills.

Shoe makers in Aba are appealinh to the state government to develop the proposed industrial cluster at Umukalika in Obingwa Local Government Area of the state to provide a more conducive environment for the sector to perform optimally.

They argue that their present location at Ariaria lacked basic amenities www.businessday.ng

and so not conducive for productive activity..

They explain that the finished leather sector (FLS) had capacity to shore up the state’s internally generated revenue (IGR) if basic infrastructure of constant electricity, good roads and water are provided.

Francis Chukwu of Frantonia Industries

“This historic prominence is to become our future narrative. The time is ripe to use the over 110,000 shoemakers and 50,000 garment makers as a launching pad to enable Abia to truly become the undisputed SME capital of Nigeria”.

Limited, one of the leading shoe manufacturing firms in Aba, argues that for local pro ducers to compete favourably at the international market, electricity and other infrastructure must be put right.

He stresses that epileptic power supply and multiple taxation are major challenges faced by real sector operators in Nigeria and urges government to support the sector, which according to him, holds promise for the industrial development of the country.

He explains that the present location of the Aba finished leather cluster is designed for residential purposes, and appeals to the state government to ensure the realisation of an industrial cluster for the FL sector.

The Aba finished leather s e ctor, said to be the biggest in West Africa, with about 50,000 people directly engaged in the manufacture of shoes, belts and bags and a production capacity of about one million pairs of shoes per week, currently

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@Businessdayng

produces for local and international markets, although unofficially.

Aba-made shoes and o th e r f i n i s h e d leath e r products are popular in Cameroon, Cote d’Ivoire, Ghana and other West and East African countries.

Governor Okezie I kp eazu , i n ap p rovi ng the establishment of c l u s t e r s i n A b a , s a y s, “Our story as a people is one of entrepreneurship, resourcefulness and d i l i g e n c e. T h i s i s o u r pride. We have astounded the world with our h o m e g ro w n t e c h n i c a l skills, especially during a period of pervasive adversity, and followed it up with our trade and commercial prowess elevating one of our cities, Aba, into a prominent commercial hub within the West African region.

“This historic prominence is to become our future narrative. The time is ripe to use the over 110,000 shoemakers and 50,000 garment makers as a launching pad to enable Abia to truly become the undisputed SME capital of Nigeria”. @Businessdayng

He states that his administration wamm is committed to providing the enabling environment and infrastructure to facilitate the growth and development of Abia and its people; positioning it as a premier residential, business and tourism destination, with the ultimate objective of uplifting the lives of the people.

He recalls that Aba was for many years a thriving hub for manufacturing and commerce until epileptic electricity supply a n d i n s e c u r i t y f o rc e d t h e s hu t d ow n o f m o s t indigenous and foreign owned industries.

Ikpeazu recognises and appreciates the efforts of the Geometric Power Group towards providing a solution to the perennial challenges of electricity supply to the State.

The governor observes that the forthcoming operationalisation of the plant would provide a c r i t i c a l i n p u t t ow a rd s the actualisation of its blueprint and roadmap for the regeneration of Aba and the entire Abia State.

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Friday 06 March 2020

BUSINESS DAY

feature Sickle cell disorder not death sentence, says Ashata Onikoyi-Laguda, survivor who died at 95 ANTHONIA OBOKOH

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ife expectancy in Nigeria is currently at 54.81 years, meaning that’s the median age at death for Nigerians. It is, therefore, intriguing when those considered not so healthy live beyond that age, even outliving the “healthy people”.

It is probably for this reason that the story of Ashata Onikoyi-Laguda is catching attention across the world.

At 95 years, she was one of the oldest (if not the oldest) survivors of the sickle cell disorder across the world, a rare feat because the maximum age for people who live with the sickle cell disorder is 50 for male and 40 for female.

With the milestone, Ashata, who was discovered to be a sickler at age three, cheated death and lived longer than most healthy Nigerians until her death on Saturday, February 29, 2020 at 95 years.

The deceased, strongly believed to be the world’s oldest survivor of sickle cell, was a mother of five, with many grand-children and greatgrand children, despite being in a challenging environment like Nigeria. Her longevity was an intrigue and a feat, which many sufferers of the disorder only dream about.

In an interview with BusinessDay before her death, Ashata recalled her experiences and how she had managed to survive the frightening sickle cell disorder.

“I have been living with this disor-

der and have been able to manage it. What I will say is once you are diagnosed as a sickler, keep warm, do not go in the rain, eat well and drink enough water. Do not over do anything; sickle cell disorder is not a death sentence or condemnation.

No, it is not,” she said.

‘

As Nigerians, we should take care of ourselves. As families, let us help one another. Sickle cell is no problem again because we have learnt and we have better understanding now Her family belongs to the royal house of the Onikoyis of Lagos Island, Lagos State. She was the first child of her parents and attended Queen’s College in 1948 at the age of 13.

“I could not start school earlier because of the disorder and when I started, everyone knew I had sickle cell disorder. It was not hidden in any way,” she said, explained her early drawbacks despite coming from a royal house.

As a sickler, her most searing memory was the crisis time.

“When I have crisis, I will not be able to stand, use my hands, legs

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and eat. But thank God I overcame all that. So, the sad side of a sickler is when you have crisis,” she said.

Ashata went on to study Shorthand/Secretarial Studies at Pitman College, England. On her return to Nigeria, she was employed as a secretary to the managing director of Africa Alliance Insurance. She left there for the Armed Forces Medical Service where she still worked as a secretary. Ashata had great opportunities there and was nominated to lead people to Hajj and lesser Hajj on several occasions.

Ashata lived her life the normal way despite her condition.

“Till now, I still take care of my family even with the condition,” she said.

“When I travelled out of Nigeria, I went to England. I did not go out to look for a cure or treatment but I went to study,” she recalled.

She told BusinessDay that she was discouraged by many from travelling.

“I was told that the foreign land is too cold, but I told my mother that people are living there and that God will keep and take care of me. I went and I spent five years, did those things I usually do, keeping warm and going to the hospital and taking my medications,” she recalled.

Ashata advised that “if you want to get married just make sure that you are not SS as genotype. Also, AS genotype should marry AA instead of AS”.

“Sickle cell disorder is in the blood, it cannot be manipulated, and it is God’s work. Parents who have such children should show more love and care, support them and make them have the best of life and exposure,” she said.

“Sickle cell disorder is God’s work, if you know about it, try to avoid it but if you know somebody is SS and go and marry SS, you will go for the trouble. I don’t see problem with sickle cell disorder again, people are now well-read and have better understanding of genotype selections,” she told BusinessDay. She wished government could do more in order to alleviate the sufferings of sicklers in Nigeria because a lot of people who live with sickle cell disorder do not have money to take care of their health.

“As Nigerians, we should take care of ourselves. As families, let us help one another. Sickle cell is no problem again because we have learnt and we have better understanding now,” she said.

@Businessdayng

Friday 06 March 2020

BUSINESS DAY

ARTS

43

with Polly Alakija

To STEM or to STEAM? That is the question Taking a blended approach to curriculum development

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n recent years, individuals in both academia and business have tried to draw our attention to the very apparent skills gap in Nigeria’s Science, Technology, Engineering and Mathematics (STEM) fields. The poor state of Nigeria’s infrastructure has even been attributed to this skills gap, which many have concluded is as a result of a mostly outdated curriculum and an overall poor education system.

The curriculum determines the quality of a student’s experience throughout the education process and remains the key driver for any education system. A nation’s adopted curriculum can facilitate or hamper its growth, determining its population’s approach to learning and its assessment of individual or communal development issues.

Because development is multifaceted and should not lean only to one side, in an attempt to address an identified problem, science and creative arts must be effectively blended into all learning experiences. We cannot depend on a science-led curriculum to develop or we may lose the soul. Neither can we leave the creatives to drive growth, or we may never get there.

We must adopt a blended approach to educational development by infusing arts into our sciences and overall learning. Instead of STEM, we must consider STEAM - Science, Technology, Engineering, Arts and Mathematics – how both seemingly different, but identical concepts, can be merged for learning.

Where we have emphasised learning to pass examinations, which involves passive rote memorization, we must adopt more active and artful approaches that take into consideration the nuances of our culture. For example, most Nigerian pupils learn and sit for examinations in a language that is not their mother tongue. As a result, learning by rote - repetition without full comprehension or attention – seems effective.

However, this approach becomes pupils’ long-term learning habits and, eventually, their attitude to life,

as they develop an inability to question status quo or innovate. Whereas, with active learning through the arts, children can engage deeply with the world around them and learn new perspectives.

Research has found that, by incorporating arts into students’ learning experiences, we can improve social outcomes and encourage behavioural change. These studies discovered that increased involvement in arts resulted in better school engagement, less disciplinary infractions, increased compassion for others and more ambition to go further to tertiary education. These outcomes, when translated into the broader society, can make a difference for Nigeria.

The Nigerian government acknowledges the importance of the arts in today’s curriculum. In April 2019, Vice President Yemi Osinbajo emphatically highlighted the importance of a blended approach to curriculum development. He said there

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was a need to “…devise an economic plan that prioritized developing a new educational curriculum that emphasizes Science, Technology, Engineering, Arts and Maths… a nationwide curriculum that incorporates 21st century STEAM think-

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ing: coding, design skills, digital arts, robotics, machine learning… cover[ing] primary to secondary education with the skills to thrive.’’

However, we must not depend solely on the government’s efforts if we are to thrive as a community.

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Everyone – parents, teachers, academia, private businesses and the public sector – must work together to make this a reality for our children’s success. As the Duke of Wessex said, during a recent visit to Nigeria, “Creativity is at the very heart of a successful, prosperous and happy community. To be successful as a lawyer, scientist, politician, one must be creative.

You need to have had those skills embedded in your learning journey.” We can see from Leonardo da Vinci to Olafur EliasSon and David Adjaye that science and creativity are inseparable.

This belief is embedded within the Five Cowries Arts Education Initiative and has influenced our approach. From the “My Story of Water ‘’ project to the “My Story of Energy” programme, Five Cowries strives to improve children’s learning outcomes through the arts.

As part of our projects, teachers and pupils engage in a variety of exchanges and experiments that highlight the importance of water, impact of climate change, what energy is and how much energy we need as individuals daily. Children can sprint out of class into the midday sun, with small windmills in hand, to experiment. This approach has begun to yield a positive impact on the children’s education, especially in under-served schools. They are more willing to engage in class and, through the arts, are learning to love and understand concepts in science.

As we all strive for more students to participate in the sciences, which are critical for industrial development, we must also work to ensure that society’s heart is not lost. Schools play a critical role in the development of future leaders and populations. As a result, within the school system, children must learn empathy and build the creative stamina required for innovation. If not, we would continue to struggle to adopt approaches that seem relevant, but do not necessarily meet our sustainable development needs as a country.

By 2030, the world will be measuring its achievement of the Sustainable Development Goals (SDGs).

Many, who are children now, will be the adults and key drivers for positive outcomes. It is important for them to understand, now, such concepts as global warming, climate change, carbon footprint, extinction, ecosystem and the blue planet.

However, achieving this may require that we take a less scientific route and a more creative approach, so that in the next ten years, as the world discusses affordable and clean energy, as well as climate action, our children will not be left out.

As Andrew Nevin, Chief Economist of PWC Nigeria, said, “it is important that we start to track progress by Sustainable Development Goals, not by GDP...”

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Friday 06 March 2020

BUSINESS DAY

news

Senate approves Buhari’s request to borrow $22.8bn Solomon Ayado, Abuja

… as PDP accuses APC, senators of racket running

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Party (PDP) has accused the APC and its senators of racket running.

Specifically, the party berated the APC senators for approving President Buhari’s request for a fresh loan, which had been rejected by Nigerians across the board.

The party said in approving more financial burden on the nation, the APC senators have further shown that their party does not have the interest of Nigerians at heart.

Kola Ologbondiyan, national publicity secretary of the party, said in a statement issued in Abuja on Thursday that the APC was only out to repress and plunge the citizens into more hardship just for selfish gains.

It is distressing that the APC senators approved the loan, even when the Buhari Presidency has not justi-

he Senate has approved the request

by President Muhammadu Buhari to borrow the sum of $22.8 billion.

Buhari had written the Senate and requested it to approve the external borrowing plan to tackle infrastructure challenges and fund execution of critical projects.

The approval by the Senate came on Thursday after it considered and passed the report of the committee on local and foreign debts 20162018 Federal Government External Borrowing Plan. The report was presented by the committee chairman, Clifford Odia.

However, in a swift reaction following the approval of the foreign loan by the Senate, the People’s Democratic

fied the request; a situation that validates apprehensions that the APC senators have become rubber stamp legislators the PDP further said.

“The fact that the $22.7 billion loan request brimmed with unexplained, obscure, over-bloated and questionable subheads, such as the scandalous $500 million dollars (N180bn) smuggled in under the guise of upgrading the Nigerian Television Authority (NTA), shows that the APC and a cabal in the Presidency are in a huge financial racket, for which they are ready to plunge Nigerians into more suffering.

“In approving the loan, even after it was clear that Nigerians are averse to it, the APC senators have confirmed that they are in league with other APC leaders to fleece our nation and bring

more hardship to Nigerians.

“The party notes as disheartening that under the Buhari Presidency our foreign debt has continued to accumulate with nothing to show other than excruciating unemployment rate, decayed infrastructure, a worsening governance system, escalated insecurity and unprecedented poverty.

“The party however, commended the PDP senators for standing with Nigerians in fearlessly rejecting the loan as it will bring more hardship and further mortgage the future of our nation.

“The PDP therefore calls on Nigerians to unite in defence of our nation by raising their voices to demand that Senate reverses this unpatriotic approval, which is completely against our national interest,” it said.

National LPG consumption hits 90,000 metric tons in January - PPPRA

Nigerian experts abroad return next month to help critical sectors

… links upsurge to increased domestic utilisation

Mark Mayah

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igeria recorded about 89.91 thousand Metric Tons (MT) national consumption of Liquefied Petroleum Gas (LPG) in January 2020, the Petroleum Products Pricing Regulatory Agency (PPPRA) says.

Abdulkadir Saidu, executive secretary of the agency, said the country exceeded its LPG consumption target for the month of January 2020.

He noted in a statement issued on Thursday that as custodian of petroleum products data bank, the PPPRA provided reliable data for all petroleum products operations in the country (imports and local) in line with her mandate number three of the PPPRA Act 2003.

He informed in the statement that the government’s priority target was attaining 5 million metric tons of

LPG consumption by the year 2022, which puts the national consumption target at 83.33 thousand MT per month from 2018 to 2022.

Nigeria has recorded 89.91 thousand MT LPG utilisation in the month of January 2020, with a positive variance of 7.9 percent above the targeted estimated figure, he said.

The Fe deral G overnment, he said, has demonstrated its commitment to gas revolution priority by constituting and inaugurating the National Gas Expansion Programme (NGEP) Committee to drive the deepening of LPG penetration as well as Compressed Natural Gas (CNG) AutoGas Utilisation among other gas utilisation objectives in collaboration with all relevant stakeholders.

It will be recalled that over the past two years, domestic LPG consumption has steadily been on the upward swing. www.businessday.ng

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otivatedbysheerpatriotism,agroupofNigerian professionals resident overseas has agreed to come home to provide short-term technical assistance in critical sectors short of experts.

About 2,400 of them are expected to arrive on or before April 15 to participate in a consultancy schemebeingjointlyorganisedby the Federal Government of Nigeria and the United Nations Development Programme (UNDP).

The scheme - an agreement for which was signed in Abuja last September - begins in September and ends two years after.

The UNDP has provided $1.5 million (about N600m) for the scheme titled: ‘’Transfer of Knowledge Through Expatriate Nationals’’ (TOKTEN). It will also foot the bill to be incurred as travelling and living expenses oftheconsultantsduringtheirstay in Nigeria.

Theinternationallyrenowned

IFEOMA OKEKE

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igerian Civil Aviation Authority (NCAA) has said that airlines that fail to issue Health Declaration Forms to their passengers including crew members before arriving Nigerian airports will be severely sanctioned.

This warning is coming on the heels of failure of some airlines operating international and regional flights into Nigeria to provide Health Declaration Forms (Passengers self-reporting forms).

This order is to all airlines operating international and regional flights into Nigeria.

A letter to this effect has been issued to all airlines and other

experts are drawn from the economic, technological, social and other development fields, according to Federal Ministry of Education sources. ‘’No salaries or honorarium will be paid to them but the recognitionbytheirmotherlandandthe United Nations sponsorship are to serve as motivation,’’ they say.

The UNDP will execute the scheme through its project servicesofficewhiletheFederalMinistry of Finance will implement it.

The experts are coming from France,theUnitedStates,Canada, Australia,Japan,Russia,Germany, Cuba, Britain, Asian, and others.

BusinessDay investigations reveal that the UNDP had appealed to all institutions such as the ministries and the universities to identify Nigerians expatriates abroad who can fill on a temporary basis critical gaps in their operations.

The UNDP also directed the Education Ministry to appoint a coordinator - who may not be lowerthantherankofanAssistant Director in the Ministry - for the scheme.

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stakeholders.

Sam Adurogboye, general manager, public relations, NCAA, said in view of the above, airlines were to remind passengers to provide factual address and phone numbers to enhance contact tracing in case there was need to do so.

“The Health Declaration forms (Passenger self-reporting forms) will be collected and evaluated by the personnel of Port Health Services on the arrival of the passengers and crew members alike.

“Airlines are to collect the Health Declaration forms (Passenger self-reporting forms) from the Port Health Services at the various International Airports of the country,” Adurogboye said.

Focus on clearing your name from N700m fraud case, Edo government tells Ize-Iyamu ... ‘Ize-Iyamu, not a member of APC’

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L-R: Josephine Sarouk, general manager, regional operations, Lagos and South West, MTN Nigeria; Kola Oyeyemi, general manager, customer experience, MTN Nigeria; Onyinye Ikenna-Amaka, general manager, enterprise marketing, MTN Nigeria, and Odunayo Sanya, acting executive secretary, MTN Foundation, at the launch of Topit, the new electronic airtime recharge platform from MTN Nigeria, at the MTN Nigeria head office, Ikoyi, Lagos.

HARRISON EDEH, Abuja

Coronavirus: NCAA to sanction airlines who fail to issue health declaration forms aboard

pecial adviser to the Edo State governor on media and communication strategy, Crusoe Osagie, has charged the former governorship candidate of the People’s Democratic Party (PDP), Osagie Ize-Iyamu, to clear himself of the burden of a N700 million electionrelated fraud case hanging around his neck before dabbling into affairs of the All Progressives Congress (APC) in Edo State.

Osagie, in a statement, stressed that Ize-Iyamu had no grounds to comment on any issue bordering on the APC in Edo State because he was not a member of the party.

According to Osagie, “Pastor Osagie Ize-Iyamu is not a member of the APC in Edo State. He has no grounds whatsoever to comment on the affairs of the party in the state.

“Just as we have seen with the case of the suspended National Chairman of the APC, Comrade Adams Oshiomhole, who was suspended from his ward, an action upon

which the FCT High Court judgment was based, you can only become a member of the party from the ward level. “ Ize-Iyamu is not a member of the party at the ward level. He attempted to join the party from Abuja, which is not the right way to go in becoming a member of the party.

So, he is not known at the ward level.”

Noting that the former Edo PDP governorship candidate also has an active corruption case that weighs gravely on his integrity, Osagie said, “Pastor Ize-Iyamu should be busy working towards exonerating himself from the heavy burden placed on his integrity with the N700 million election fraud case and not dabbling into APC affairs.

“As things stand today, he is a suspected criminal.

His integrity is in serious question. He should clear his name first. In fact, he should be seen and not heard. He has no modicum of integrity to comment on Edo APC affairs.”

Coronavirus: Lagos isolates Nigerian who returned from France showing symptoms IFEOMA OKEKE & ANTHONIA OBOKOH

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agos State Commissioner for Health, Akin Abayomi, has revealed that a Nigerian who returned from France three days ago and currently showing some symptoms is now in isolation at the Infectious Disease Centre, Yaba.

The Nigerian travelled to France, spent seven days there and returned to Lagos three days ago with headache and some respiratory symptoms. The state government is presently awaiting his result. @Businessdayng

The commissioner, who stated this at a briefing on Thursday, said the patient was referred to the Infectious Disease Hospital by a private hospital in Lagos.

He added that the result of the patient would be made public once he gets it.

“This is because he has been in a country where there is an active personto-person transmission, it could be common cold and there is a possibility that it could be coronavirus.

“He has been put in isolation, the test is being run right now, I am expecting the result,” Abayomi said.

Friday 06 March 2020

BUSINESS DAY

45

news

Petrol landing cost at 2-year low gives...

L-R: Ayodeji Balogun, CEO, Afex Commodities Exchange Limited; Mary Uduk, acting director-general, Securities and Exchange Commission (SEC); Les Male, CEO, Dubai Gold and Commodities Exchange, and Reginald Karawusa, acting executive commissioner, legal and enforcement, SEC, during a business meeting in Abuja.

Pic by Tunde Adeniyi

Continued from page 1

MTN, Airtel, Glo, others intensify data...

Continued from page 1

future growth,” MTN said in a statement accompanying its 2019 annual results.

“We have seen rapid acceleration in data revenue growth. We added 5.3 million new smartphones to our network, bringing smartphone penetration to 41.8 percent of our base, while data traffic rose by 85.8 percent. Our interventions in the year helped to drive a 42.4 percent increase in data revenue for the year. Data contributed 18.8 percent to service revenue, up 3.9 percentage points from 14.9 percent in 2018,” MTN said.

Apart from regular monthly, weekly and daily data plans, service providers are aggressively launching new bonus promotions and campaigns that further crash prices and offer more value for less, like the MTN double data promo, Airtel home broadband promo and Airtel Mega plans, Glo Oga Sim, 9mobile more blaze and 9x offer that gives nine times more for the value of original data plan.

“The reality is that we operate in an environment where there is constant pressure to reduce tariffs.

To remain competitive, we have to give heavy discounts in the interest of customers,” a source at MTN Nigeria told BusinessDay. A near saturation of the voice market, the use of dual SIM cards by most subscribers, increased pressure on consumer spending and the unstable naira have seriously impacted on the revenue profile of telecoms companies in Nigeria.

Also, the Nigerian Communications Commission’s directive has made it even more important for Telcos to entice customers with reduced data price offerings. The NCC has mandated that there should be no automatic renewal of a

plan without the customer’s consent, no automatic migration of subscriber’s data service to the Pay-As-YouGo account upon depletion of the data bundle account except with the express consent and authorisation of subscriber via SMS, and all unused data allowance should be rolled over upon subscription of a new plan.

BusinessDay investigation shows that MTN, Nigeria’s largest mobile network operator, offers cheaper data prices in Nigeria than in South Africa where the company originated, and Ghana where it also operates as a leading player.

1GB of data on MTN in Ghana with a validity period of 30 days costs 20 Cedis (N1,342), and 149 Rand (N3,532) in South Africa, while MTN charges its Nigerian customers only N1,000 for 1.5GB of data with the same validity period.

Airtel has priced its 2GB data at N1,200 for 30 days for its Nigerian subscribers.

However, in Ghana, 2GB of Airtel Tigo data costs 30 Cedis (N2,013) for the same 30-day period.

“The global affordability target is that 1GB of data should cost no more than 2 percent of national income, and today we can get 1GB of data for $1.50 which is 2 percent of the new minimum wage, so that’s good news. But we need to address if this has come at the expense of reliability,” Omobola Johnson, former chairperson for the Alliance for Affordable Internet, said.

Industry watchers say the reduced cost in Nigeria is a result of the huge mobile subscriber numbers of over 173 million and deepening smartphone penetration levels.

In terms of investment in internet service provision, 9mobile which was bought

by Teleology Holdings Limited says it plans to double www.businessday.ng

the 9mobile network with new 3G/4G specific cell sites as well as several thousands of kilometres of fibre optic cable across the country and also drive a special programme of rural internet coverage, focusing on 4G with broadband access planned for all of Nigeria’s 774 local government areas.

The company last week revealed that part of the $230 million loan facility got from the Africa Finance Corporation (AFC) in August 2019 will be used to expand its fourth generation, long-term evolution (4G LTE) network.

MTN used N200 billion short-term syndicated loan from 12 Nigerian banks for expansion and improvement of data services where it sees a major part of its revenue growth coming from in the future.

“Our revenue base is still largely dominated by voice which contributes about two-thirds of our total revenue, but what we are beginning to see is that people are not making calls as much as they used to, and are more interested in data-based applications, so, as we transition into this movement, we need to invest in our network,” Kunle Awobodu, MTN’s chief financial officer at the time, told BusinessDay. Nigeria suspended its plans to enforce the price floor plan due to an uproar from subscribers protesting this action which may have hiked data prices in 2017.

As a result, bigger operators with massive infrastructure investment in broadband cable and spectrum ownership had the competitive advantage to charge very minimal prices for their data offerings.

Price floor is one of the regulatory safeguards normally put in place by the telecommunications regulator to check anticompetitive practices, par-

ticularly by the dominant operators. It is therefore a minimum price on a good, commodity, service, etc as stipulated by government or the regulator.

Without a price floor, the dominant operators can engage in predatory pricing to squeeze other operators which could create industry monopoly.

NCC said it planned to enforce price floor for data services in the country to address market distortions, unhealthy price wars and value erosion that could threaten the concern of the service providers.

“Consequently, there is a gradual paradigm shift from voice telephony services to data and digital services. In line with the global trend to drive the vision of Internet of Things (IoT), the network service providers in the country embarked on aggressive promotional campaigns. As a result, all market players follow each other in introducing daily packages and engage in serious price war,” the regulator said in a statement sent to BusinessDay. “Some operators were actually pricing below cost and this will affect the ability to continue in operational existence if the issues were not addressed urgently,” it said.

However, the Nigerian Senate suspended the plan.

Before the new suspended price floor of N0.90k/ MB, the industry average for dominant operators including MTN Nigeria Communications Limited, 9mobile and Airtel Nigeria Limited was N0.53k/MB. 9mobile offered N0.94k/ MB, Airtel N0.52k/MB, MTN N0.45k/MB, and Globacom N0.21k/MB. The smaller operators/ new entrants charge the following: Smile Communications N0.84k/MB, Spectranet N0.58k/MB, and NATCOMS (NTEL) N0.72k/MB.

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demand from China, oil prices have tanked below the federal budget benchmark of $57 per barrel to around $50 per barrel.

Brent crude, the international benchmark, fell less than 1 percent to $50.8 per barrel as at 2pm Thursday, according to Bloomberg data.

Although the global slide in oil prices is bad news for the government, which would lose a sizeable fraction of estimated oil revenue as a result, it also means a thinner petrol subsidy bill at home.

With oil prices down some 22 percent this year alone, the cost of importing petroleum products has dipped, translating into an opportunity for the cash-strapped Federal Government to save billions in potential subsidy payments.

Landing costs fell to a more than two-year low of N142 per litre as at the end of February (using the N360/$ exchange rate) from a peak of N190 per litre at the start of the year, according to official data.

The current landing cost means the Federal Government is not incurring any subsidy on petrol which is priced at N145 per litre at the pump.

That is against using the peak price of N190, where Nigeria paid an extra N45 per litre in subsidies.

Annually, Nigeria spends over N1 trillion subsidising petrol. In 2019, that was a third of the government’s total revenue and half of the budget deficit.

Analysts say the reduction in landing costs presents a window for Nigeria to ditch the expensive practice.

“Ideally, lower oil prices should be enough trigger for the government to end the subsidies on petrol,” an independent economist who consults for the government said.

“It was one of the things suggested to the president by the Economic Advisory Council but it’s anyone’s guess if they will listen this time,” the source said.

Analysts say the current administration of President Muhammadu Buhari has had two glorious opportunities to allow markets determine the price of petrol.

The government has taken none of those opportunities; afraid it would spark widespread protests and deal a lethal political blow to President Buhari who had promised voters he would bring down petrol prices at the 2015 polls.

The first opportunity came in 2016, when oil @Businessdayng

prices fell to less than $40 per barrel, combined with unprecedented destruction of oil and gas facilities. Nigeria had the chance to bite the bullet but it dithered.

“If Nigeria ended the fuel subsidy programme in 2016, the pump price of fuel would have seen only a marginal increase as crude oil had fallen,” said Muda Yusuf, director-general of private sector advocacy group, Lagos Chamber of Commerce and Industry (LCCI).

In December 2018, oil prices again sank nearly 35 percent from four-year highs reached in October that year and were at their lowest levels in more than a year.

It was a clear indication that the agreement to cut 1.2 million barrels per day (bpd) from global oil production by the Organisation of Petroleum Exporting Countries (OPEC) and non-members including Russia was not going to lift prices, leaving many oil producers scrambling.

Nigeria did not also take that opportunity to ditch the costly fuel subsidy programme which oil producing countries had begun to do away with as oil prices tanked.

“Taking the opportunity to do it this time while utilising the subsidy money for more impactful investments from public health care to education can be a game changer,” said Ayodeji Ebo, an investment banker and managing director of Afrinvest Securities.

“Rather than take on avoidable costs at a time of waning revenues, the government should be actively courting private capital to fill the gaps in the economy. Private capital won’t come if Nigeria continues to control the price of petrol,” Ebo added.

Despite being the largest oil producer in Africa with some 1.8 million barrels of crude per day, Nigeria has very little refining capacity and imports roughly 90 percent of its fuel, negating much of the benefits oilproducing nations accrue from high crude prices.

Every time oil prices rise, the subsidy bill grows, creating a headache for the government which should be cheering higher government revenue as a result of high oil prices.

Nigerians have grown hooked on cheap petrol and are reluctant to allow the government to ditch the practice.

The last time a government in Nigeria tried to scrap the subsidy altogether, in 2012, it prompted widespread protests.

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Friday 06 March 2020

BUSINESS DAY

POLITICS & POLICY Why some governors want me out of APC - Oshiomhole

...says Federal High Court has rubbished FCT Court order Tony Ailemen, Abuja

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ational Chairman of the All Progressives Congress (APC), Adams Oshiomhole, has fingered some current serving governors and an unnamed minister as those behind his ordeal in the party.

He also linked the current move for his exit from the party to the pursuits of some inordinate ambition, including opportunities to become the President of Nigeria in 2023.

Oshiomhole, speaking after a closed door meeting with President Muhammadu Buhari in Aso Rock on Thursday, however, described himself as “a child of light who will always defeat darkness.”

“Let me also say that those behind this plot, the hands you saw which includes as you saw yesterday, the Edo State governor and his people jubilating but that is the irony of life that you will help give birth to a child and the child look for cutlass to want to chop off your neck,” he said.

He said they see him as threat to their ambitions, adding that “those leading this anti-Oshiomhole campaign,

some of them I emphasize, cannot even boast of a counselor in their state even as they lay claim to leadership position in our party.

“They are the ones who are plotting how to get rid of me because they want to be president in 2023, even when their hold on their state at the moment is doubtful, if they were to go for referendum in terms of their approval rating,” he said.

Oshiomhole met with Buhari behind closed doors shortly after Justice Lewis Allagoa of the Federal High Court, Kano, set aside a ruling of the FCT High Court suspending him as the ruling party’s national chairman.

“You will recall that I was here two days ago to brief Mr. President as I always on matters affecting the party.

Just yesterday (Wednesday) morning suddenly I saw in the news that an FCT High Court has suspended me as national chairman.

“And that the person who went to court includes one of my vice chairmen, north East, one Mustapha (Mustapha Salihu APC National Vice Chairman Northeast) and four others.

“I was taken back because

Adams Oshiomhole

in the same suit they joined the APC, the police as the DSS,” he said.

Oshiomhole, who faulted the FCT court order approving his suspension, listed three grounds which render such act a nullity.

According to him, “Our lawyers told me that in law, when you sue a federal agency, FCT High Court has no jurisdiction to entertain it.

US-based industrialist, Adeleye, joins race for governorship in Ondo …Laments destruction of Awo’s legacies by Southwest governors KORETIMI AKINTUNDE, Akure

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United Statesbased industrialist, Adekunle Adeleye, who has joined Ondo State governorship race ahead of October 2020 election, on Thursday, lambasted Southwest governors for destroying all the legacies left behind by the late premier of the defunct Western Region, now six Southwest states, Obafemi Awolowo.

Adeleye, who is a foreignbased investor, stated this while declaring his intention to contest the October 10, Ondo State governorship election, saying most of the state governors in Southwest have deviated from the enviable style of governance and development, which made the Yoruba people stand out among other tribal groups in the country.

He rued lack of provisions of critical social security and amenities such as free and quality education, infrastructural development, food security, industrial and agricultural revitalization, among

others across the six states of the Southwest region, pledging that his own style of governance would be different if elected as Ondo State governor.

Adeleye, who hails from Ilaje Local Government Area in the Ondo South Senatorial District, considered to be most underdeveloped part of Ondo State, said his political vision and ideologies are people-oriented, adding: “My focus, therefore, will be development of our youths, our leaders in the nearest future. Youths in the state will be gainfully employed because the untrained youths will be the problems of tomorrow.”

He, therefore, assured the people of massive job creation and social justice, if elected as the governor of the state, saying: “It will be the business of our government to right all the past wrongs in the state.

He also flayed Ondo State Governor, Oluwarotimi Akeredolu and other past governments for eroding legacies left behind by the first civilian governor, the late Michael Adekunle Ajasin, saying: “I discovered most people are www.businessday.ng

suffering in the midst of plenty.

Is this not the same state that thrived and prospered under Chief Adekunle Ajasin and to an extent under Dr. Olusegun Agagu? Why can’t we re-invent the lofty visions of those eras, to make life more meaningful for our people?”

The governorship aspirant, who said he was still consulting widely for a visionary and ideological platform to contest, said he would introduce new perspective in governance without borrowing money home and abroad to execute his projects.

“Ondo State is uniquely positioned to be the link between the Southwest and the Southeast parts of this country.

Human and natural resources abound in our state.

“It is noteworthy that all the three senatorial districts have resources in commercial quantities that will be of great interest to foreign investors and collaborators. All these my administration will pursue without borrowing from the World Bank, the International Monetary Fund and particularly China.

Number two, the purported suspension of my person by my ward, is not even true.

“I am an officer of his ward, I am the national chairman of my party, elected at a national convention by over 7,000 delegates; so how could nine persons sit down and purport that they have removed me as national chairman?”

He said that the court had acted contrary to all logic and

judicial precedence.

“In other words, he has given the order without the facts being laid before him and in the process adjourned the case to 7th of April.

“The calculations are clear that between now and April 7th, my opponent in the system would have had ample time to do all the mischievous plans they have in place to destabilise the APC, some of them have membership of more than one political party.

“But happily this afternoon, a federal high court that I believe that has jurisdictions on federal issues because the DSS, the police are not state institutions but federal institutions, has given an appropriate order to restrain the so-called suspension that was allegedly impose on me by my ward in Edo State.

He stated that he was at the Villa to brief President as the overall leader of party about the development “I wasn’t sure what has happened today will happen.

But I had a duty to inform him about the court order. But happily before coming here, the order from a Federal High Court that has made nonsense of what the FCT court purported to have done, has

already settled the question.”

Oshiomhole said he presented President with the resolutions of his ward, adding that “though a ward executive does not have the powers to remove a national chairman, just to say that the document that we have says clearly that my ward passed vote of confidence in me.”

“How the court can hold vote of confidence and twist it to mean vote of no confidence, only that judge can explain it to himself. But the good news is that this is not a final court nor is it the only court,” he said.

He described himself as an achiever who worked hard to deliver his unit, ward and local government.

“I worked hard in my federal constituency three of them in my senatorial zone; I also worked hard in my senatorial district.

“Those fighting me couldn’t deliver even a counsellor of a local government in their unit. And they just feel that if they cannot give me orders then they must do everything to embarrass my person, but I believe that he who God stands with no man born of a woman can bring him down.”

Bulkachuwa bows out as Appeal Court president, as Dongban-Mensem steps in Felix Omohomhion, Abuja

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ustice Zainab Bulkachuwa, president of the Court of Appeal will today bow out of the judiciary; Justice Monica Dongban-Mensem takes over in acting capacity.

Justice Bulkachuwa, who was born about 70 years ago, will retire today (Friday), having attained the mandatory age of 70 years.

She said she has been in the legal profession for 43 years, 40 of which had been in the judiciary in both lower and higher bench.

Speaking during a valedictory session in honour of her retirement, on Thursday, Bulkachuwa said she was born 70 years ago in the present day Bauchi “from a long line of distinguished jurists from Nafada of Gombe State.”

Meanwhile, the Nigerian Bar Association (NBA) has pleaded with the President of Court of Appeal to employ more justices to complement and reduce work lord

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of other justices.

The body made the appeal while speaking at the valedictory session.

Paul Usoro, president of the association, said some divisions of the Appeal Court, have been overworked.

He said this was not due to litigious nature of Nigerians but because of the paucity of number of justices of the Court of Appeal.

“The justices of this court especially those serving in some of the extremely busy divisions of the court have been greatly overworked, not just because of the litigious nature of Nigerians generally but because of the paucity in the aggregate number of justices,” he said.

According to Usoro, “Ideally some divisions should have not less than three panels that sit regularly and consistently to reduce the workload other justices.”

“The NBA therefore, calls for immediate appointment of additional justices of the Court of Appeal not just for @Businessdayng

the extremely busy divisions of this honorable court but for literally all the divisions, the need for which we would illustratively show presently.

To pave way for those appointments, we call for a concomitant amendment of the provisions of the Court of Appeal Act to allow for the appointment of sufficient number of justices that would ensure that no division of the Court if Appeal would have less than six justices posted thereto and the particularly overworked and overloaded divisions like Lagos, Abuja and Port Harcourt would have no less than 10 to 15 justices,” he said.

NBA said appointment of justices was necessary because some divisions have only three justices which denied them of sitting for inability to form a quorum of five a constitutional requirement to hear any matter.

The association congratulated the outgoing President, wishing her the best in her future endeavours.

Friday 06 March 2020

BUSINESS DAY

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Sports 2021 AFCON qualifiers: Iheanacho returns to Super Eagles … as Rohr names squad for Leone Stars Anthony Nlebem

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uper Eagles Technical Adviser, Gernor Rohr, has listed Leicester City forward Kelechi Iheanacho, team captain Ahmed Musa, William Ekong and Kenneth Omeruo in his 24-man squad for the quick-double 2021 Africa Cup of Nations (AFCON) qualifying fixture against the Leone Stars of Sierra Leone this month.

There are also goalkeeper Daniel Akpeyi, defenders Leon Balogun and Olaoluwa Aina, midfielder Wilfred Ndidi and forwards Alex Iwobi and Victor Osimhen in the list of three goalkeepers, eight defenders, five midfielders and eight forwards.

Germany –based defender Kingsley Ehizibue, on the books of FC Koln, and Holland –based forward Cyril Dessers have been called up for the first time, while England –based former U17 World Cup winner Kelechi Iheanacho returns to

the fold.

Nigeria’s Super Eagles are on maximum six points from their first two matches of the campaign and in somewhat comfortable lead in their pool, host the Leone Stars at the Stephen Keshi Stadium in Asaba on Friday, 27th March, before flying to Freetown to confront the Stars at the Siaka Stevens Stadium in the return four days later.

All invited players, as well as technical and administrative officials, are to report in the Delta State capital on Monday, 23rd March.

Victory in both games will virtually guarantee Nigeria a spot at the 33rd Africa Cup of Nations scheduled for Cameroon early next year, ahead of their away clash to Benin Republic in Porto Novo in June and home tie against Lesotho early September.

Super Eagles squad for Leone Stars’ battle Goalkeepers: Daniel Akpeyi (Kaizer Chiefs, South Africa); Ikechukwu Ezenwa (Heartland FC); Maduka Okoye (Fortuna Dusseldorf, Germany)

D efenders : Kenneth Omeruo (CD Leganes, Spain); Leon Balogun (Wigan Athletic, England); Chidozie Awaziem (CD Leganes, Spain); William Ekong (Udinese FC, Italy); Olaoluwa Aina (Torino FC, Italy); Jamilu Collins (SC Padeborn 07, Germany); Oluwasemilogo Ajayi (West Bromwich Albion, England); Kingsley Ehizibue (FC Koln, Germany) Midfielders: Abdullahi Shehu (Bursaspor FC, Turkey); Etebo Oghenekaro (Getafe FC, Spain); Wilfred Ndidi (Leicester City, England); Joseph Ayodele-Aribo (Glasgow Rangers, Scotland); Ramon Azeez (Granada FC, Spain) Forwards: Ahmed Musa (Al Nassr, Saudi Arabia); Alexander Iwobi (Everton FC, England); Victor Osimhen (Lille OSC, France); Moses Simon (FC Nantes, France); Samuel Chukwueze (Villarreal FC, Spain); Cyril Dessers (Heracles Almelo, The Netherlands); Kelechi Iheanacho (Leicester City, England); Samuel Kalu (Girondins Bordeaux, France)

PACE Sports announces plans for 2020 HiFL season Anthony Nlebem

F

ollowing the success of the past seasons, PACE Sports and Entertainment Marketing, has announced that all is now set for a more exciting 2020 Higher Institutions Football League (HiFL®) season.

Speaking at the international press conference to announce the commencement of the 2020 season, Director, PACE Sports and Entertainment Marketing, Sola Fijabi narrated in his opening remarks that all is now set for a more exciting 2020 HiFL® season, building on the successes recorded in the first season.

“The 2020 season promises so much excitement.

“We are proud of the role the league is playing in enhancing youth development in Nigeria. Already, a number of the outstanding talents from both the 2018 and 2019 seasons are on the books of professional football teams in Nigeria with more to follow.

We thank Stanbic IBTC, Premier Cool, Bold and Panadol for their support of the initiative, while we look forward to other brands to join us

in changing the game. Our objective as always remains to place collegiate sports in Nigeria on the same pedestal as their counterparts in other countries and build a strong ecosystem of young, homegrown football talents that may become invaluable for future national engagement” Fijabi further remarked.

In his welcome address, President of the Nigerian University Games Association (NUGA), Prof. Stephen Hamafyelto assured all stakeholders that the association is very committed to ensuring that the HiFL® continues to be a success.

“There is a new commitment among all parties to ensure a stellar outing in the competition. We are glad that the league has not only given a voice to the abundant football talents across the country, but also an instrument for socio-economic development,” Hamafyelto added.

It is worth noting that the UNICAL Malabites of the University of Calabar are defending champions after hoisting the trophy in 2019 following the achievements of the UAM Tillers who lifted the inaugural cup in 2018.

LaLiga delights fans with first El Clásico viewing party in Lagos Anthony Nlebem

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panish football league, LaLiga hosted the first El Clásico public viewing party in Lagos, Nigeria to share the excitement of the global event with fans in the region. The event, which is part of LaLiga’s internationalisation strategy, took place on Sunday, 1st March at the Landmark Beach, Lagos.

Over 1000 guests including fans of FC Barcelona and Real Madrid CF; LaLiga’s global and regional partners including Livescore, Budweiser, Big Cola, Rexona, SuperSport alongside LaLiga Ambassadors, Samuel Eto’o and Mutiu Adepoju graced the event.

Also present were Nigerian influencers and celebrities including Peter Okoye, VJ Adams, Ebuka Obi-Uchendu who were all treated to an exquisite evening of unparalleled entertainment.

Fans who registered online via Eventbrite to attend the free event, were treated to food, drinks and football related entertainment at the venue prior to the start of the match. This included a Football snooker, Foosball,

a ball header challenge and official jersey displays of the Spanish competition where fans took photos with their best team’s jersey. Fans were given the opportunity to meet the former Barcelona and Real Madrid player, Samuel Eto’o and LaLiga Ambassador Mutiu Adepoju.

Speaking at the event, LaLiga Ambassador and former Real Madrid and Barcelona player, Samuel Eto’o said, “The El Clásico is a game filled with thrills and sheer excitement and I am glad to have shared the experience with my Nigerian fans and my fellow LaLiga ambassador Mutiu Adepoju.

The energy and passion of

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the fans was unbelievable. I look forward to more of these LaLiga moments in the future” Football fans, partners and Media personnel from the top media publications and online blogs in Nigeria were present at the event and were treated to a pulsating experience with the Magic of LaLiga, with Charles Anazodo and Moronfolu Kufeji acting as commentators during the match.

Commenting at the event, Guillermo Pérez Castello, LaLiga Delegate in Nigeria said, “We had so much fun connecting with LaLiga fans, guests and media partners at this viewing party and we are excited to provide opportuni-

ties for football lovers to bond in a unique and exciting way.

LaLiga is committed to bringing fans in Nigeria the unique LaLiga experience and will continue to strengthen its presence in Nigeria”.

Speaking after the event, Chief Customer Officer, MultiChoice Nigeria, Martin Mabutho said, “We are pleased to have been a part of this exciting project as Nigeria is a land of football enthusiasts and LaLiga is one of the biggest leagues in the world. With this event, our customers not only had the opportunity to watch the action LIVE and in HD on our SuperSport channels, but also got to enjoy the match with fellow football lovers in a unique way”.

The league is reaching out to all corners of the world as a global entertainment brand setting the standard of football across the world. The ElClásico viewing event in Nigeria is part of a global strategy by LaLiga around the ElClásico as Real Madrid and Barcelona supporters in Mexico and Colombia also viewed the game in the presence of legends and LaLiga Ambassadors at specially organized viewing parties in each country.

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L-R: Charles Omoera, CEO Stanbic Bank IBTC Trustees; Eniola Ogunlade, brand and activation manager, PZ Cussons Consumer; Funmi Onajide, board of directors, Brooks+Blake; Sola Fijabi, director of PSEM and Olamide Adeyemo, chief operating officer (PSEM), during the International Press Conference to announce the commencement of the 2020 Higher Institutions Football League (HiFL) in Lagos.

Eunisell urges Rivers United to challenge for NPFL title Anthony Nlebem

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est Africa’s largest independent chemicals and production engineering solutions group, Eunisell, has thrown its weight behind Rivers United to go on and challenge for the 2019/20 Nigeria Professional Football League (NPFL) title following their recent impressive outings.

Eunisell, the longest standing club sponsor in the NPFL, is excited that Rivers United is living up to its moniker of the ‘Pride of Rivers.’Last Sunday, the club defeated Heartland 2-0 at Okigwe Stadium in Imo State with Malachi Ohawume scoring both goals.

Chika Ikenga, Group Managing Director Eunisell, @Businessdayng

while speaking on the club’s impressive performance, urged the Port Harcourt team to continue their ascent to the top.

“Eunisell is excited about the partnership we have with one of Nigeria’s biggest clubs, and it is indeed exciting times to watch Rivers United making in-roads in the top-flight.

After enduring a difficult start in the league, we urge Rivers United not to relent in their pursuit of finishing as high as possible at the end of this season.”

Ikenga continued, “Their outstanding performance at the weekend is testimony to their resolve that they can achieve anything, even when the odds are stacked against them. We have utmost belief in the team and officials that they can finish this season in top place.”

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Friday 06 March 2020

BUSINESS DAY

news

Deloitte’s new 44,000 m2 African HQ ready April MIKE OCHONMA

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tterbury, the property development, asset management and real estate investment trust to Deloitte, says the African head office of the professional services firm is set to formally start operating from April.

The 44,000 m2 building, in Waterfall, Midrand, South Africa, will initially accommodate 3,500 staff members, but there are plans to fill it up to capacity of 5,000 staff members over the next 12 years.

Construction of the ultramodern premises started late in 2017, and the building consolidates Deloitte’s offices in Woodmead and Pretoria into a single, central location.

Atterbury and real estate investment trust Attacq jointly invested in the project, resulting in six floors of office space and four basement floors for parking that Deloitte is leasing.

Arno du Plessis, Atterbury’s development manager, says the four basement floors have nearly 2,000 parking bays, fitted with smart occupancy sensors to indicate available spaces.

He explains that Deloitte “rewards” staff members who carpool with allocated spaces that are closer to the lifts. The building is also close to major public transport networks, which helps to encourage the use of public transport instead of individual cars.

“An integrated transport plan will connect the building to public transport systems, provide cyclist facilities, and preferential parking for ‘green’ vehicles.”

Additionally, Du Plessis notes that, with the increasing use of ridesharing and many of

Deloitte’s auditors’ work being based outside of the office, the company purposefully optimised on space by reducing the number of parking bays that traditionally serve a building of this size.

The building incorporates various such sustainability initiatives, including that 20 percent of its building material consisted of recycled content, including recycled concrete, reinforcing (rebar), cardboard and plastic; while 75 percent of the project’s construction waste will be reused or recycled.

The building was made with about 5000 tons of steel reinforcing, 50,000 m3 of concrete and 3.5-million bricks.

An automated blinder system adjusts the blinds on the windows based on season and the position of the sun to ensure that optimal levels of natural light enter the building. An automated temperature control system also ensures that all rooms inside the building are kept at ideal temperatures for its occupants.

Further, Atterbury and Attacq had 250 kVA of solar panels installed on the roof, which will power about 5% of the building’s power requirements. Owing to limited roof space left around the water collection system, Du Plessis says they could not install more rooftop solar panels.

When load-shedding hits, the building has two 1.650 kVA diesel generators installed for backup power supply, which has the generation capacity of 3.32 MW. The generators are supplied by a 23 000 ℓ diesel tank.

Deloitte is moving 700 employees a week from its respective offices, up to its official April 1 trading start date.

4 Nigerians make top 10 most influential African migrants in US ENDURANCE OKAFOR

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our Nigerians have made the list of top most influential Africans in the US due to their achievements in vast spectrum of professions including the arts, medicine, fashion, entertainment and philanthropy.

The four Nigerians that made the inaugural list by WorldRemit, a Fintech company that provides international money transfer services include Kehinde Wileym, a portrait painter; Olurotimi John Badero, a physician and interventional cardiologist, interventional nephrologist and cardio-nephrologist; Bennet Omalu, a physician, forensic pathologist, and neuropathologist, and Afam Onyema, a non-profit founder and CEO. “Data continue to show that black Africans in the diaspora are contributing significantly to the US economy and society as a whole, while in many cases still supporting their communities back home,” Daniel Canning, managing director, Americas for WorldRemit, said.

The inaugural Top Ten Most Influential Africans in the Dias-

pora list, launched in February

by WorldRemit, was set up to honour and recognise the contributions Africans have made in America.

Since 1976, every American President has officially designated the month of February as Black History Month, highlighting the significant contributions made by African Americans to areas including American literature, business, science, politics, philanthropy, entertainment, sports, and their communities.

Thus, in celebration of Black History Month, WorldRemit spent last month exploring the incredible contributions Africans have made to America.

This has culminated in a top 10 list that honours and acknowledges the contributions of Africans living and working in the US. “At WorldRemit, we believe that it is important for us to acknowledge and highlight these positive contributions, and Black History Month seemed like the ideal time to do so,” Canning said.

According to the Migration Policy Institute, African immigrants are the fastest-growing ethnic group of migrants in the

US with the US-African born populations reaching 49.6 percent in 2018.

A report published by the New American Economy explains that African immigrants have higher levels of educational attainment than the US population as a whole.

It also reveals that they are more likely to have earned their degree in a Science, Technology, Engineering, and Math or STEM subject.

They also make meaningful contributions to several vital sectors of the economy – including healthcare – where employers have persistent challenges finding qualified workers, the report reads.

“In addition, African immigrants are making meaningful contributions to the American economy as entrepreneurs.

“As an African immigrant, I am fully aware of the hard work, sacrifices, and resilience needed to become successful in the West,” Ismail Ahmed, founder/ chairman, WorldRemit, said, adding that he was immensely proud of all Africans who take the opportunity to achieve great things and contribute to their communities in an impactful way.

“To be able to honour Africans in the diaspora is enormously special to us here at WorldRemit,” he said.

To judge that selected the 10 finalists from a shortlisted group of black Africans based in the US, WorldRemit, invited OkayAfrica CEO/publisher, Abiola Oke. The other judges include WorldRemit founder/chairman, Ahmed, who is also an immigrant originally hailing from Somaliland, and Canning.

Some of the criteria considered by the judges include: that the honourees must be the firstgeneration immigrant from an African country.

The fact that the honouree must have a track record of making significant contributions in their respective field was another key consideration for coming up with the list.

Other conditions cited by WorldRemit were “the honoree has made a significant social impact within the US. African immigrant community or their communities back home. The honouree has broken barriers by positively challenging the status quo and/or creating opportunities for others.”

Ondo University of Medical Science gets new VC KORETIMI AKINTUNDE, Akure

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ndoUniversityofMedical Science gets new VC Ondo State governor, Oluwarotimi Akeredolu, has approved the appointment of Adesegun Olayiwola Fatusi, a professor of Community Medicine and Public Health, as the vice chancellor of the University of Medical Science (UNIMED), Ondo, Ondo State.

Fatusi replaces the pioneer vice chancellor of the institution, Friday Okonofua, following the successful completion of his fiveyear tenure.

This was contained in a press release issued and signed by the Registrar of the institution, Woleola Ekundayo, and made available to journalists on Thursday in Akure through the public relations officer of the University, Temitope Oluwatayo. The appointment takes effect from March 10, 2020.

Fatusi graduated from OAU in 1987 with a Bachelor of Medicine, Bachelor of Surgery Degree, and with Distinction in Community Health, and the Lawrence Omole Award for the best graduating student in Community Health.

According to the release, Fatusi was a former provost of the College of Health Sciences, Obafemi Awolowo University (OAU), Ile-Ife. He also served as the director of the Institute

of Public Health and Head of the Department of Community Health in OAU. He was also the pioneer director of OAU’s Population and ReproductiveHealthProgramme (PRHP), a partnership between Bill & Melinda Gates Institute of Population and Reproductive Health, Johns Hopkins Bloomberg School of Public Health, Baltimore, USA (JHSPH), and Obafemi Awolowo University.

He previously worked as technical adviser with the United Nations Population Fund (UNFPA) in Nigeria and is currently with the Guttmacher Institute, New York, as director of International Research.

L-R: Iyke Ejimofor, executive secretary, Nigeria South Africa Chamber of Commerce; Ije Jidenma, director, Nigeria-South Africa Chamber of Commerce; Darkey Africa, the consul general of South Africa to Nigeria; Olusegun Zaccheaus, associate director, management consulting, KPMG Advisory Services; Thami Mseleku, South Africa high commissioner to Nigeria; Foluso Phillips, chairman, Nigeria-South Africa Chamber of Commerce; Omasan Ogisi, general manager, corporate affairs, MTN Nigeria; Ajibola Olomola, director, Nigeria-South Africa Chamber of Commerce, at the Chamber’s breakfast forum sponsored by KPMG Professional Services Limited in Lagos.

Union Bank says strong PBT growth driven by efficiency, disciplined execution of strategy Iheanyi Nwachukwu

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nion Bank has announced its audited financial statements for the year ended December 31, 2019, which reflect strong growth in the bank’s underlying business operations and enhanced profitability.

The performance also demonstrates the impact of some of the key operational and cost saving initiatives that have been implemented to accelerate growth and profitability.

The bank’s financial highlights show: Profit before tax up 33% to N24.7bn (N18.7bn in FY 2018). Gross earnings grew 14% to N159.9bn (N140.1bn in FY 2018), driven by an increase in

Fatusi www.businessday.ng

... declares dividend to shareholders first time since 2008 earning assets. Interest income up 11% to N116.5bn (N104.8bn in FY 2018), as net interest income before impairment up 1% to N51.7bn (N50.9bn in FY 2018).

Non-interest income up 23% to N43.3bn (N35.3bn in FY 2018); driven by growth in fees and commission income as well as recoveries, and net operating income: up 6% to N95.5bn (N89.7bn in FY 2018).

Operating expenses down 0.4% at N70.8bn (N71bn in FY 2018); driven by its cost optimisation programme. Gross loans: up 20% to N595.3bn (N496.8bn in December 2018) in line with the bank’s drive to create quality risk assets across key economic

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segments of opportunity.

Customer deposits: up 5% to N886.3bn (N844.4bn in December 2018); reflecting the strength of the brand in a very competitive environment for deposits.

Key operational highlights show: Profitability has steady focus on bottom-line initiatives including recoveries, lending and cost discipline delivered significant results across key income lines boosting PBT by 33%, notwithstanding a tough operating environment.

Subject to shareholders’ approval, a dividend of 25 kobo per 50 kobo share is being proposed.

Long Term Efficiency Ac@Businessdayng

celeration (LEAP) Programme: Project LEAP was introduced in March 2019, to drive cost optimisation and ensure optimal operational efficiency.

The programme saved the bank N2.4bn in recurring expenses helping drive overall cost down notwithstanding double-digit inflation and an increase in non-discretionary cost. This program continues in 2020.

Digitisation: We expanded our Robotic Process Automation (RPA) to include reconciliations, refunds and term deposit booking. In addition, we launched our digital loan offering in April 2019 enabling customers accept pre-approved loans via our mobile app.

Friday 06 March 2020

BUSINESS DAY

news

Africa’s Travel Indaba 2020 holds despite COVID-19 panic

How Coronavirus forced me to shelve critical parts of my birthday celebration - Obasanjo

MIKE OCHONMA

… says Nigeria must practise democracy to suit citizens’ needs, diversity

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outh African Tourism (SAT) on Wednesday said Africa’s Travel Indaba 2020, scheduled for May 12 to 14, will be hosted as scheduled, despite the Covid-19 outbreak that had caused the cancellation of numerous events and international gatherings.

Africa’s Travel Indaba, to be hosted in Durban, South Africa, is one of the largest tourism marketing events on the African calendar and one of the top three ‘must visit’ events of its kind on the global calendar.

It showcases the widest variety of Africa’s best tourism products and attracts international buyers and media from across the world. SAT owns Africa’s Travel Indaba, which is organised by Synergy Business Events (Pty) Limited.

“We are in daily contact with our partners and stakeholders in South Africa as well as the relevant authorities in the travel and health sectors,” SAT’s Altaaf Kazi, said.

“The Covid-19 virus presents us with an unprecedent-

ed set of circumstances that are changing on a day-to-day basis and we will continue to monitor the situation as it unfolds, and inform you of any new developments,” Kazi said.

For association meetings and conferences, SAT will continue to work with the health and safety authorities to ensure that we have up-todate information provision for organisers to keep them at ease of South Africa’s readiness to host business events, Kazi said.

He said the Grading Council of South Africa was working with the convention venues to continuously enhance their hygiene protocols and ensure that scanning facilities were used for the safe management of our visiting delegates.

He assured that SAT was carefully considering and consulting widely with regards to the measures that would be put in place at the show to provide delegates with the requisite reassurance that the situation would be effectively managed. These measures will be communicated in due course.

RAZAQ AYINLA, Abeokuta

F

ormer President Olusegun Obasanjo has rued the negative socio-economic and political impacts caused by the novel Coronavirus that is fast becoming epidemic and ravaging the whole world.

The former president said the dreaded effects of the deadly virus had forced him to shelve roundtable discussion on PanAfricanism and launching of a book, co-authored by him.

BusinessDay reports that former President Obasanjo had earlier included a roundtable discussion and keynote lecture centred on PanAfricanism in an Emerging World of Besieged Liberal Democracy and Launching of Book, entitled “The Asian Aspiration” for which three former African leaders were already lined up as either

speakers or panellists at the 83rd birthday celebration of the former president.

But, the outbreak of COVID-19 frustrated the event as none of the African leaders, such as Ellen Johnson Sirleaf, former President of Liberia; ex-President Ernest Bai Koroma of Sierra Leone, and former Prime Minister of Ethiopia, Hailemariam Desalegn as well as non-African leaders invited to the event did show up at a supposedly elaborate birthday party.

Speaking at the event, which was unusually populated by Nigerians alone in Abeokuta on Thursday, former President Obasanjo used the old third World countries of Asia such as Malaysia, Vietnam and South Korea that were at same level with Nigeria to tell the stories of African backwardness, but for the inability of other African leaders to join Obasanjo at

the discourse due to the outbreak of COVID-19 prevented people to have full discussion and lessons of the 83rd birthday symposium centred on Pan-Africanism and Asian Aspiration.

He said, “Malaysia, which was worse before we gained Independence in 1960, South Korea which was below us, Vietnam which was in war and we looked at all these and we wrote a book (The Asian Aspiration), one of the things in the programme is to spend the day before yesterday (Tuesday) and yesterday (Wednesday) to examine how they came up from where they were and what lessons have we learnt from them.

“But, because of Coronavirus, that programme was shelved. I do hope that sometimes in future we would be able to bring it up again because there is a lot to learn about what they have done

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and how they have done it”.

While making some comments on Pan-Africanism and Liberal Democracy, the ex-president noted that PanAfricanism was like a binding cables that connect five African countries with other Africans in diaspora, which should be used to the advantage of all Africans without discrimination, saying whatever democracies that were being practised in Nigeria and Africa, it must be fine-tuned to cater for African needs and suit their diversity.

“The point is this, whether it is liberal democracy or globalisation or even democracy, as they practise it, even with them, no two democracies are the same.

“Now, whether we should redefine our democracy or not, I don’t know. But can we have a democracy that satisfies our needs? I think that is the point.

FMDQ Exchange admits Eat & Go Finance SPV Bond … solidifies Exchange’s resolve to support Nigerian corporates IHEANYI NWACHUKWU

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ommitted to fostering development by championing and supporting market-driven strategic initiatives, FMDQ Securities Exchange Limited, Nigeria’s choice platform for the registration, listing, quotation, trading and recording of financial market products including fixed income, currencies and derivatives, is pleased to announce the admission of the Eat & Go Finance SPV plc N11,500,000,000.00 Series 1 14.25% Fixed Rate Senior Unsecured Bond for listing on its platform.

The Eat & Go SPV Bond is the first debt security of a restaurant franchise in Nigeria to be listed on the Exchange; attesting to the potential of the capital markets to support the needs of diverse stakeholder categories.

Eat ‘N’ Go Limited, the sponsor and promoter of the special purpose vehicle raising the Eat & Go SPV Bond, is Nigeria’s franchisee for the Domino’s Pizza, ColdStone Creamery and Pinkberry Gourmet Frozen Yoghurt brands.

Renowned for being a master deliverer of high-quality food and services, Eat ’N’ Go has established 102 stores in nine states across Nigeria; and is dedicated to launching the best global food brands and concepts in Nigeria and Africa at large, towards fostering the much required development

and alignment with the rest of the world.

As is the FMDQ Exchange practice, the Eat & Go SPV Bond shall be availed global visibility through the Exchange’s website and market Systems for trading, including the FMDQ-Bloomberg E-Bond Trading and Reporting System; governance and information disclosure via the relevant Listings and Quotations pages on the FMDQ Exchange website as part of steps to maintain due diligence on the Bond and protect investors’ interests; credible price formation; inter alia.

In addition, following this listing, FMDQ Holdings plc, as Africa’s first vertically integrated financial market infrastructure G ro u p, t h ro u g h i t s E xchange, Clearing and Depository subsidiaries, shall provide end-to-end services from trade execution to clearing, risk management and settlement of transactions for the Bond. A formal ceremony to commemorate this listing will be organised in due course.

As part of efforts towards unlocking the potential of the Nigerian economy, FMDQ promotes market development in collaboration with its varied stakeholders towards making the FMDQ markets, and indeed, the Nigerian financial markets, globally competitive and well-aligned to promote the required innovation to support economic growth and development in Nigeria. www.businessday.ng

L-R: Mahe Abubakar, deputy managing director, Jaiz Bank plc; Babagana Umara Zulum, governor, Borno State, and Hassan Usman, MD/CEO, Jaiz Bank plc, during the donation of food items to the governor for distribution to IDPs in Borno State.

Digital platforms like Ogelle will create jobs for African youths – Obasanjo TEMITAYO AYETOTO

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ormer President Olusegun Obasanjo has commended the management of Ogelle.com for creating a platform dedicated to the promotion of African content only.

Obasanjo gave the commendation when the Ogelle team led by Osita Oparaugo, its founder, paid him a visit in Ota, Ogun State. The team introduced the platform to Obasanjo and presented him with an Ogelle-branded T-shirt.

Ogelle.com, owned by Reddot Television Network, is Africa’s first user generated content platform with 100 percent focus on African content.

Obasanjo,whoexpressedjoyto seethataplatformhasbeencreated for African content only, said in this digital age, the digital space can createalotofjobsforAfricanyouths.

… as Ogelle team visits former president “What you have created is huge, focus is right and there’s content all over Africa, just the medium for promotion and distribution is what our youths need to excel. I thank you for creating this and coming to present it to me,” Obasanjo said.

“Lastly, in all you do and wherever you may go, home and abroad, in promoting this platform, remember Nigeria first and then Africa – because in the beginning was Nigeria and in the end will be Nigeria,” he said.

On his part, Oparaugo said he and his team decided to pay a visit to Obasanjo and introduce the platform to him because the former president has demonstrated in so many ways that he has African stability and development at heart.

“That is the reason we decided

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as a company to come and present ouruniqueplatformtohim,”hesaid.

Oparaugo said the visit was a follow-up to his brief meeting with Obasanjo in Kigali, the Rwandan capital. He said it was the Kigali meeting was special because President Obasanjo is highly revered in East Africa that the Nigerian Ogelle team stationed in Kigali was proud to call him their president.

“Our mission is to provide a truly global platform for African content creators by connecting them to audiences across several cultures and providing relevant content for the intellectual, cultural and social development of Africancontinent,”Oparaugosaid.

He said with users across all cardinal points of the continent, Ogelle has the capacity to create employment opportunities and @Businessdayng

an avenue for creative expression to millions of African youths.

He thanked the former president, who turned 83 on Thursday, March 5, for receiving him and his team and wished him happy 83rd birthday celebration.

Ogelle, an online video sharing resource and entertainment platform for African content only, was launched in Lagos in April 2019 and has recorded impressive acceptance since then, not just from users in Nigeria but all over Africa and globally.

Designed to promote and facilitate the development of African creative industry, Ogelle integrates User Generated Content (UGC) and exclusive original production subscription video on demand (SVOD) delivered as a free and subscription-based service.

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Friday 06 March 2020

BUSINESS DAY

Live @ The Exchanges Market Statistics as at Thursday 05March 2020

Top Gainers/Losers as at Thursday 05 March 2020 LOSERS

GAINERS Company

Opening

Closing

Change

N1080

N1017

-63

GLAXOSMITH

N4.2

N3.8

-0.4

0.4

UBN

N7.1

N6.85

-0.25

N24.9

0.3

ACCESS

N9

N8.8

-0.2

N7.15

0.25

N2.18

N2.02

-0.16

Opening

Closing

Change

N32.5

N35.7

3.2

N5.9

N6.45

0.55

ZENITHBANK

N19.6

N20

GUARANTY

N24.6 N6.9

STANBIC ETI

UBA

Company NESTLE

ETERNA

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

26,426.20 4,518.00 431,915,694.00 7.824

Global market indicators FTSE 100 Index 6,716.10GBP -99.49-1.46%

Nikkei 225 21,329.12JPY +229.06+1.09%

S&P 500 Index 3,075.53USD -54.59-1.74%

Deutsche Boerse AG German Stock Index DAX 11,951.72EUR -175.97-1.45%

Generic 1st ‘DM’ Future 26,555.00USD -410.00-1.52%

Shanghai Stock Exchange Composite Index 3,071.68CNY +60.01+1.99%

13.770

Vitafoam pays N525.354m as dividend …reveals basis for top performance Stories by Iheanyi Nwachukwu

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he board and management of manufacturer of flexible, reconstituted and rigid foam products, Vitafoam Nigeria plc at its Annual General Meeting (AGM) on Wednesday March 4 attributed leadership ingenuity, innovation and passion of its young managers to the company’s outstanding performance despite the inclement operating environment.

At the meeting, the manufacturing company declared and got shareholders approval to pay a cumulative dividend of N525.354million an increase of 102 percent over N260.518 million in 2018, translating to 42 kobo per share. Vitafoam has post-

ed an after tax profit of N1.57 billion in 2019 as against N486.120 million in the preceding year, an increase of 224 percent.

“Our outstanding performance is not just because we utilized the loans we took from the Bank of Industry and other banks to create value for shareholders but ingenuity of the company’s leadership.

Vitafoam is blessed with level headed, innovative and passionate youths that form the core of our managers. The board also comprises wise elders who are always willing to assist the management”, says Bamidele Makanjuola, the Chairman.

Corroborating him, the Group Managing Director, Taiwo Adeniyi explained that the company had rebranded its products, systems, processes and technology to sustain

L-R: Bamidele Owoade, commercial director, Vitafoam Nigeria Plc; Olalekan Sanni, company secretary/ legal adviser; Bamidele Makanjuola, chairman; Taiwo Adeniyi, group managing director and Joseph Alegbesogie, finance director, during Vitafaom’s 58th Annual General Meeting in Lagos.

competitive edge.

Reviewing the company’s business performance at the AGM held in Lagos yesterday, Makanjuola said “The

remarkable improvement in performance reflected the effectiveness of improved funding efficiency gains, and impact of the strategic initia-

Experts advocate for strong organisational culture in driving corporate performance

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xperts have expressed the importance of strong corporate governance practices in building organisational culture amongst issuers.

In making this expression, Bola Adeeko, head of shared services division at the Nigerian Stock Exchange (NSE) joined others like Dave Eaton, globally recognised culture transformation expert, and Ajibola Ponnle, Commissioner, Lagos State Ministry of Establishments, Training and Pensions.

They expressed the importance of strong corporate governance practices at the recently held culture training organised by SmithsWorks Limited. The event held at the Stock Exchange House, Lagos was tagged, “A Live Session with David Eaton”.

Delivering his remarks at the training, Adeeko said, “In today’s accelerating world of work, organisational culture has been identified as critical to the success of an organisa-

tion. This is as a result of the need to adapt to evolving external forces, achieve internal integration and deliver on an organisation’s strategic objectives. In our experience, maintaining this intricate balance between internal and external forces in any organization can only be achieved through strong corporate governance practices. The NSE in its role as regulator and thought leader, therefore, provides various directives and initiatives that help drive the adoption of these practices among issuers.”

One of such initiatives is the NSE’s partnership with the Convention on Business Integrity (CBi) to launch Nigeria’s foremost framework for ranking companies on issues related to corporate governance, the Corporate Governance Rating System (CGRS), in 2014. This rating system was designed to rate companies listed on the NSE based on their corporate governance and anticorruption posture, thereby www.businessday.ng

improving the overall level of confidence and trust in Nigeria’s capital markets and business practices.

Defined as a set of basic values, perceptions, wants and behaviours learnt by a group of people within an ecosystem, organisational culture is of utmost importance in enhancing performance, promoting teamwork and achieving the organisation’s strategic aspirations.

With benefits ranging from greater share-price increases, lower employee turnover, more employment applications, less absenteeism, greater employee productivity and greater customer satisfaction levels, it has been proven that culture can improve and sustain corporate performance.

Highlighting the critical role of inclusion and strong corporate governance in framing, cascading and aligning the corporate culture with the business objectives of an organisation, Dave Eaton engaged participants through a series of case studies and

practical exercises. Participants were asked to identify the position and aspirations of their organisations across these 7 dimensions: power, perspective, creativity, time, independence, communications and inclusion. Mr. Eaton went on to highlight the importance of the exercise saying, “The Lucky 7 Culture Survey is expected to amplify the collective voice of those within the organisation in the journey to achieving higher operational excellence.”

Ponnle, the Special Guest of Honour at the event highlighted the importance of positive corporate culture saying, “Among the many factors that affect an organisation’s ability to innovate, compete and engage employees and customers is corporate culture.

Organisations should, therefore, focus on the unification of values, vision, mission, and the day-to-day aspects of communication, interaction, and operational goals that create the atmosphere that affects the way people work.”

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tives implemented to address the protracted challenge of low margins in the business.”

“The Company leveraged the Bank of Industry’s long

-term loan facility and other flexible financing windows by negotiating better trade terms with foreign suppliers of raw materials, thereby sidestepping the middle men.

The resulting reduction in the cost price of raw materials impacted positively on gross margin,” he said.

As part of renewed efforts to optimise operations, enhance earnings and deliver superior shareholder value to the shareholders in future, the frontline manufacturing company is set to upgrade its facilities and reactivate the subsidiaries.

Shareholders showered encomiums on the company’s board and management for the good performance. They stressed the need to strengthen the subsidiaries in order to expand the company’s revenue base.

Coronation Merchant Bank appointed Customs revenue collecting bank

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oronation Merchant Bank has been appointed as a designated bank for the collection and remittance of all revenue payments (that is import, excise and other duties) by the Nigeria Customs Service (NCS).

Commenting on the bank’s appointment, Banjo Adegbohungbe, Acting Managing Director of Coronation Merchant Bank said “This is another important milestone on our journey to become a leading bank in Nigeria and an important enabler of our capacity to support the aspirations of our customers.

We are grateful to the Nigeria Customs Service for the opportunity of a partnership that will be mutually beneficial to the partners and our customers.”

Since its inception in 2015, Coronation Merchant Bank has successfully differentiated itself by delivering value to several companies across Nigeria and enabling them to achieve their business

@Businessdayng

objectives.

The Bank has been the recipient of numerous International and National awards for product innovation and sound corporate governance practices. Some of the international awards it received in 2019 include Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank in Nigeria by Global Banking & Finance Review, Best Investment Bank by Global Business Outlook and Best Investment Bank in Nigeria

by International Finance.

Coronation Merchant Bank was established to provide wholesale banking to a long-underserved market.

The Bank offers; Investment and Corporate Banking; Private Banking/Wealth Management and, Global Markets/Treasury Services to its niche clientele.It presently has two branches located in Abuja and Port Harcourt with its Head Office in Lagos, Nigeria.

Friday 06 March 2020

BUSINESS DAY

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@Businessdayng

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Friday 06 March 2020

BUSINESS DAY

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@Businessdayng

Friday 06 March 2020

FT

BUSINESS DAY

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FINANCIAL TIMES

World Business Newspaper

Fears over healthcare costs rising among US voters, poll shows

FT-Peterson survey finds Americans view medical charges as growing threat to economy Lauren Fedor and Christine Zhang

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mericans’ concerns over medical costs have risen sharply during the 2020 presidential campaign, with more than a third of voters now believing the high price of healthcare is the biggest threat to the US economy, according to a poll for the Financial Times.

The survey of likely voters for the FT and the Peter G Peterson Foundation found 34 per cent of Americans believe increasing healthcare costs are the darkest cloud hanging over the US economy, up from 26 per cent five months ago.

Those fears were most pronounced in swing states in the Midwest: 39 per cent of voters in Michigan and Wisconsin cited healthcare costs as the biggest threat. Concerns have also risen sharply among political moderates, with 40 per cent of self-identified independents singling out medical costs; only 29 per cent of independents cited healthcare as the top threat five months ago, when the FT first began polling.

According to the US Department of Health and Human Services, healthcare now accounts for 17.7 per cent of the US economy, by far the largest percentage in any developed economy. And while the growth in US medical costs has slowed in recent years, it still far outstrips inflation, increasing 4.6 per cent in 2018 and 4.2 per cent in 2017, according to the most recent data available.

The rise in fears over healthcare costs comes as several leading Democratic presidential candidates — notably Bernie Sanders, the US

President Donald Trump at a coronavirus briefing this week at the Vaccine Research Center in Bethesda, Maryland © Reuters

senator from Vermont — have spent months touting plans to overhaul the current healthcare system.

Exit polls from almost all major Super Tuesday states — including California, Texas, North Carolina and Virginia — showed healthcare was the single biggest issue for voters when choosing candidates; former US vice-president Joe Biden and Mr Sanders mostly split those voters evenly.

Mr Sanders, the self-described Democratic socialist, has campaigned for “Medicare for all”, which would virtually eliminate private health insurers in the US. Mr Biden has called for the expansion of the Affordable Care Act, or “Obamacare”, including a “public option” that would compete against private insurers.

When the FT first began polling

in November, tensions with major US trading partners such as China and Mexico were the biggest concern for voters, with 27 per cent citing it as the biggest threat to the US economy. In the most recent poll, only 19 per cent of likely voters listed trade tensions as the biggest concern, reflecting decreased tensions following progress on trade talks with China, Mexico and Canada.

Fears over healthcare costs are rising as the coronavirus spreads in America, though the FT-Peterson poll tested voter opinion before the recent stock market sell-off and signs the Covid-19 virus was spreading in Washington state and other parts of the US. The poll, conducted between February 20 and 23, found 51 per cent of voters thought the coronavirus would have a “little” impact

on the US economy, compared to 29 per cent who said the disease would have “a lot” of impact “but for a short period”. Americans also reported making few changes in their behaviour, with 87 per cent saying they had not yet altered their business or personal financial decisions, such as cancelling travel.

The survey findings are part of the monthly FT-Peterson US Economic Monitor, which tracks voter sentiment towards the US economy ahead of November’s presidential election. The poll seeks to follow whether likely voters feel better or worse off since Donald Trump became president in 2017. Ronald Reagan defeated Jimmy Carter in 1980 by asking voters: “Are you better off than you were four years ago?”

Guy Cecil, chairman of Priorities

USA, the Democratic super political action committee, said: “What we consistently find is that one of the most powerful indicators of whether we can move somebody to vote against Donald Trump is how they feel about Donald Trump’s impact on their personal economic situation.”

The latest poll found that 38 per cent of voters said they were better off financially now, compared to when Mr Trump took office in January 2017 — a figure largely unchanged from last month.

But the poll also demonstrated the persistent “gender gap” in voters’ attitudes towards the president, particularly among older voters.

Half of men over the age of 55 said they were better off under the Trump administration, compared to 30 per cent of women of the same age. Among voters between the ages of 18 and 54, 44 per cent of men reported being better off, compared to 32 per cent of women.

Mr Trump has staked his re-election bid on a strong US economy, and has bristled at suggestions that the government’s handling of the coronavirus crisis is to blame for the recent market sell-off, at one point saying investors were spooked by the most-recent Democratic presidential debate.

The most recent FT-Peterson Poll was conducted online by Global Strategy Group, a Democratic polling firm, and North Star Opinion Research, a Republican group, between February 20 and February 23 2020. It reflects the opinions of 1,005 likely voters nationwide, and has a margin of error of plus or minus 3 percentage points.

The Peterson Foundation is a non-partisan, non-profit organisation focused on America’s fiscal challenges.

Credit Suisse chairman has sought to extend tenure Urs Rohner privately sounded out top shareholders in wake of ousting of Tidjane Thiam Stephen Morris

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redit Suisse chairman Urs Rohner has privately sounded out investors about extending his term beyond 2021 multiple times in the past four months, despite repeatedly pledging to step down next year after ousting chief executive Tidjane Thiam.

Mr Rohner, who is paid SFr4.7m ($4.9m) a year* and has been in the role since 2011, has quietly broached the topic with representatives of top shareholders in informal meetings since November, according to several people familiar with the talks.

The most recent discussion took place last month, just weeks after Mr Thiam was forced out in a boardroom battle over a spying affair that scandalised Zurich and tarnished the bank’s reputation.

Investors such as Harris Associates and BlackRock — Credit Suisse’s largest and fifth-largest shareholders, respectively — have rebuffed Mr Rohner publicly and privately, saying they would oppose his re-election beyond the end of his current mandate in April 2021.

The February conversation followed a series of similar approaches to key investors by Mr Rohner and his allies on the board last November and again in January — before he ousted Mr Thiam — seeking to gauge investor appetite for an extension, the people said.

BlackRock’s rebuffal of the suggestion is significant because the world’s largest asset manager was a key supporter of Mr Rohner in his clash with Mr Thiam, believing that in a corporate governance battle the chairman must typically prevail over the CEO, the people said.

BlackRock’s support for Mr www.businessday.ng

Rohner was conditional on him stepping down next year and formally starting a process to find his replacement at the bank’s annual meeting next month in Zurich.

Senior figures at BlackRock were disappointed by the conduct of both sides during the power struggle, which damaged the bank’s reputation with clients and hurt staff morale, the sources said.

The chairman “has never asked for an extension nor has he ever held preliminary discussions with investors on that subject”, a Credit Suisse spokesman said. The board has “been very clear that Urs Rohner’s tenure ends in 2021 and there is an orderly succession plan in place for a new chairman . . . corresponding speculations are wrong and without basis.”

A spokesman for BlackRock said there had been no official conversations with the firm on the possible extension of the chairman’s

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mandate, and declined to comment further.

The spying scandal erupted at Credit Suisse last year after one of Mr Thiam’s closest confidants hired a corporate espionage company to follow Iqbal Khan, its former wealth management head, who had resigned and joined crosstown rival UBS. A second spying incident then emerged a few months later, leading Mr Rohner and the board to conclude that the scandal had started to “damage the company’s reputation” and Mr Thiam had to go.

After removing the CEO on February 7, Mr Rohner told the Financial Times that, contrary to some reports, he had no intention of extending his term, adding: “I’m not somebody who wants to stick in a role longer than anticipated.”

Additionally, people familiar with the events said that Credit Suisse’s lead independent director, @Businessdayng

Severin Schwan, spoke with several top-10 shareholders two weeks ago to guarantee that an extension was not on the table after some expressed concerns.

“We have strongly emphasised to the board nomination committee to proceed with and complete their search,” David Herro, vice-chairman of Harris Associates, which owns 8.1 per cent of the stock, told the FT. “They understand this and know it would not be a good idea for Urs to hand-pick his own successor,” he added. He said it was “very disturbing” that Mr Rohner appeared to be trying to extend his term so soon — “especially since he has stated so often that he has no intention of doing so”.

Mr Herro was among representatives of other large Credit Suisse shareholders who ran an unsuccessful campaign in February to unseat Mr Rohner and keep Mr Thiam.

They felt the chairman had mis-

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Friday 06 March 2020

BUSINESS DAY

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Investors in US Treasuries contemplate yields tumbling to zero Markets expect half-point rate cut from the Fed this week to be followed by more Colby Smith

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n the wake of the first emergency interest-rate cut from the US Federal Reserve since the global financial crisis, investors have begun to grapple with a question that was once not even in the back of their minds: could US Treasury yields fall to zero?

On Tuesday, the central bank slashed its main policy rate by half a percentage point, bringing it down to a range between 1 per cent and 1.25 per cent. The move came in response to the fast-spreading coronavirus, and prompted speculation that the Bank of England and the European Central Bank would soon follow suit with easing measures.

Still, market reaction to the Fed’s cut was swift and at times unforgiving, suggesting investors thought more radical actions would be needed. US stocks fell dramatically and the benchmark 10-year Treasury yield dipped below 1 per cent for the first time.

That sharp fall in the 10-year yield — which at the end of last year sat at 1.92 per cent — has raised the prospect that rates could soon close in on zero, joining Japan and the euro area in the deep freeze.

“Everything is on the table,” said Jim Caron, senior portfolio manager for global fixed income at Morgan Stanley Investment Management.

Bets have piled higher for additional cuts in rates not only at the Fed’s scheduled meeting in two weeks, but once again in April.

Two quarter-point reductions would bring the Fed’s policy rate

Sharp fall in 10-year yields has raised the prospect that rates could soon join Japan and the eurozone in the deep freeze © (c) Victorass88 | Dreamstime.com

to a range between 0.5 per cent and 0.75 per cent.

Joyce Chang, chair of global research at JPMorgan, said her team sees a 50 per cent chance of policy rates in the US dropping to zero this year. Philip Marey, senior US strategist at Rabobank, anticipates the Fed will hit zero as early as June, while Michelle Girard, co-head of global economics at NatWest Markets, said she could see that happening as early as next month.

As a result, Treasury yields seem likely to head down from here, said Nathan Sheets, chief economist for PGIM Fixed Income. “As long as the Fed keeps rates very low, the long-end of the curve will at times be pretty close to zero,” he said.

According to Kathy Jones, chief fixed-income strategist at Charles Schwab, the “not unreasonable” expectation that policy rates go to zero suggests two-year yields or five-year yields could turn negative, while the 10-year note could see its yield drop another 0.5 percentage points.

Such move s w ou ld br ing America’s government bond market closer to equivalents in Europe, where the ECB has applied a negative rate to commercial banks’ excess deposits since June 2014, part of an effort to stir economic activity. The Bank of Japan, meanwhile, has had a similar policy in place for four years.

Japanese government bonds maturing in 10 years now yield minus 0.13 per cent, while those

in Germany yield minus 0.64 per cent. That means that buyers are certain to get back less than they paid, via interest and principal, if they hold to maturity.

For the yield on the US 10-year note to flirt with zero, Ms Jones said there would need to be “a very serious fear” of the inflation rate turning negative amid a severe recession, along with consideration of negative policy rates from the Fed. Rick Rieder, BlackRock’s chief investment officer of global fixed income, who oversees the group’s $2.3tn bond portfolio, said he does not expect the central bank to use this tool, however, given there is “very questionable, if any, benefit” in doing so.

“You haven’t seen growth and

inflation move markedly higher in Europe and Japan,” noted Mr Rieder. “The Fed needs to be really careful, going that far.”

Fed chairman Jay Powell has pushed back on the idea of negative interest rates in the US, noting last year that such a policy would be a better fit for economies with low growth and low inflation. Instead, he has said the Fed would look to large-scale purchases of assets or “forward guidance”, the practice of explicitly telling investors what it plans to do and when.

Minutes of meetings suggest Mr Powell has the support of most Fed policymakers.

Finding ways to push down longer-term interest rates could, in fact, be the Fed’s preferred option. Governor Lael Brainard has proposed a Japan-style “yield curve control”, where the Fed sends short-term rates to zero, then puts caps on medium-term yields as well, as a kind of credible promise that it will keep rates lower for longer.

Sustained low yields could force investors to move into riskier corporate debt in search of income, some analysts say.

But the US Treasury market still stands out, in an environment in which $14tn of bonds are yielding less than zero. Ashish Shah, cochief investment officer for fixed income at Goldman Sachs Asset Management, said that US rates are still high enough to appeal to investors around the world.

“Fewer and fewer government bond markets are positively yielding,” he added. “The US is still beachfront property when it comes to the world of bonds.”

Flybe collapses after last-ditch talks with government fail

UK airline failed to secure crucial £100m after coronavirus hit travel demand Tanya Powley and Jim Pickard

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K airline Flybe has collapsed after months of talks with the government failed to secure a crucial £100m loan and the deadly coronavirus slashed demand, pushing Europe’s largest regional carrier into bankruptcy in the early hours of Thursday morning.

Flybe confirmed it had entered administration after holding lastditch talks with the government on Wednesday afternoon, a move that puts more than 2,000 jobs at risk and raises uncertainty over many regional air routes within the UK. “All flights operated by Flybe have been cancelled with immediate effect,” the airline said in a statement.

“Europe’s largest independent regional airline has been unable to overcome significant funding challenges to its business,” the statement said. “This has been compounded by the outbreak of coronavirus which in the last few

days has resulted in a significant impact on demand.”

EY is handling the airline’s administration.

The Financial Times revealed earlier on Wednesday that the government had rejected the idea of a £100m state loan to the airline.

Meanwhile, Flybe’s management became increasingly concerned that any cuts to air passenger duty might not kick in until 2021, which would be too late for the airline to survive the coming months.

While Flybe initially had enough money to see the airline past the UK Budget next week, the impact of coronavirus on bookings has “sped things up”, according to one person with knowledge of the matter.

“The impact of coronavirus has made a bad situation worse,” said another person close to the airline.

“It has been in a pretty precarious position for a while — it doesn’t take much to push it over the edge.”

The airline was taken over by Connect Airways — a consortium of Virgin Atlantic, Stobart Aviation and hedge fund Cyrus Capital —

last year to prevent it falling into administration.

Connect agreed to invest £30m into the airline to continue operations as part of a government rescue package in January.

A potential loan to Flybe was part of a rescue deal announced almost two months ago. But the airline’s request did not meet certain criteria set by the government, according to Whitehall officials.

Grant Shapps, transport secretary, said it was “very sad” that the company had gone out of business after four decades. The government was working with other transport providers to help Flybe customers get home, he said: “We are also urgently working with industry to identify how key routes can be re-established by other airlines as soon as possible.”

Virgin Atlantic said the consortium of owners had over the past 14 months invested more than £135m to keep Flybe flying for an extra year. This amount includes about £25m of the £30m committed in January 2020, alongside a

time to pay an arrangement with the Treasury on air passenger duty of £3.8m.

“We are deeply disappointed that Flybe has been unable to secure a viable basis for its continuing operations and has therefore entered administration,” Virgin Atlantic said. “Sadly, despite the efforts of all involved to turn the airline around, not least the people of Flybe, the impact of Covid-19 on Flybe’s trading means that the consortium can no longer commit to continued financial support.”

Mark Anderson, chief executive of Flybe, which has operated since 1979, said: “The UK has lost one of its greatest regional assets.

Flybe has been a key part of the UK aviation industry for four decades, connecting regional communities, people and businesses across the entire nation.”

Two rail operators on Thursday offered stranded Flybe customers and staff the option to travel free on their trains if they show their boarding details or ID. FirstGroup said customers

could use any of its rail companies, which include Avanti West Coast; Great Western Railway; South Western Railway; Transpennine Express and Hull Trains.

Meanwhile, LNER, which is run by the government’s in-house train operator, offered the same on its line, which runs from London to north-east England and Scotland.

Flybe’s administration follows last year’s failure of UK travel group Thomas Cook, which was liquidated after it was unable to secure a lifeline from the government.

The Civil Aviation Authority had to launch the biggest emergency repatriation in peacetime to bring back about 150,000 UK holidaymakers stranded abroad.

The situation is likely to be very different with Flybe as it largely serves domestic routes. A statement from Flybe confirmed the CAA would not be co-ordinating the repatriation of stranded customers, noting that passengers who had booked flights with Flybe should check the regulator’s website for further information.

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Friday 06 March 2020

BUSINESS DAY

NATIONAL NEWS FT Fed decision to go it alone bucks history of collaboration Policymakers who co-ordinated action in past will introduce virus measures separately Mehul Srivastava

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he US Federal Reserve did not tell fellow G7 central banks beforehand that it would launch its first emergency rate cut since the financial crisis, nor did it seek to get them to join in, according to people with knowledge of Tuesday’s discussions.

It was a stark difference to past moments of economic peril, in which the group of leading nations acted in coordination.

Other members of the G7 held off on any monetary policy action on Tuesday; instead after a conference call finance ministers issued a bland statement pledging to use “all appropriate policy tools” to address the fallout from coronavirus.

By contrast, as the financial crisis took hold in October 2008 the world’s leading central banks cut interest rates simultaneously in a bid to halt the gathering storm in credit markets. Just two days later, G7 finance ministers pledged “exceptional action” to address the crisis.

According to officials with knowledge of this week’s discussions, the muted response was because coronavirus does not need shock-and-awe tactics but targeted measures depending on the spread of the disease.

That leaves each central bank to consider what action to take — and how bad the economic outlook could get before it does.

Japan The question for the Bank of Japan is whether the yen holds at ¥107. The BoJ’s big worry is that Fed rate cut leads to a weaker dollar, hurting Japan’s exports.

Governor Haruhiko Kuroda has vowed “to provide ample liquidity and ensure stability in financial markets through appropriate market operations and asset purchases”, after which the BoJ bought almost $1bn in equity exchange traded funds, a daily record.

But privately the BoJ concedes doubts about whether the benefits of further action would outweigh the costs.

Kiichi Murashima, chief economist at Citi in Tokyo, said his base case was for increased equity purchases at

the next BoJ meeting, but he is “highly sceptical” about the potential for rate cuts, which would hurt already-struggling regional banks.

“At least historically, it has been quite important for Japanese policymakers to be seen to act [with other central banks] in a co-ordinated manner,” said Mr Murashima.

“But it is questionable how much weight they actually put on it.”

Financial support — in the form of government subsidies, banking forbearance and a BoJ liquidity facility — is a more likely area of action.

Corporate balance sheets are generally in good shape, but the disappearance of Chinese tourists has led to a string of bankruptcies in recent weeks.

The government is seeking ways to tide vulnerable companies over.

Prime minister Shinzo Abe is trying to launch a targeted fiscal stimulus, promising wage subsidies, but the crisis has exposed the contradictions in his fiscal policy. The economy was already reeling from October’s consumption tax rise but reversing that is politically difficult.

The eurozone Given the debate about the downsides of negative rates in Europe, a cut from the European Central Bank is unlikely to be Christine Lagarde’s preferred option.

The ECB could beef up its www.businessday.ng

cheap loans to banks, or encourage banks to be lenient with companies that run into trouble. Italian bank UniCredit has already introduced similar measures. The ECB could also join with other central banks to launch a coordinated liquidity injection into the banking system, if necessary.

“The main policy issue in a pandemic is to avoid liquidity squeezes leading to SME bankruptcies, ie. targeted liquidity measures to circumvent the negative growth chain reaction of containment, confidence, credit quality, bank capital constraints and defaults, that is in play now,” said Lena Komileva, chief economist at G+ Economics.

The EU is prepared to relax its fiscal rules to counteract the economic impact of the coronavirus, but only temporarily, Mário Centeno, head of the eurogroup of eurozone finance ministers, said on Wednesday. The European Commission last week earmarked €232m to help contain the disease and Italy has announced a €3.6bn stimulus package while seeking permission to widen its deficit.

But ECB officials are pushing for more support from governments, particularly from countries like Germany, which is in a healthy fiscal position.

“Co-ordination is basically a code word for putting pressure on Germany to use its

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budget surplus to do more,” said one member of the ECB’s governing council.

The Fed’s rate cut puts pressure on other central banks to follow suit by weakening the dollar, the council member said: “Where co-operation gets difficult is when you have central banks competing to devalue their currencies. The recent euro appreciation has a tightening effect on the economy.”

The UK Even with rates close to alltime lows, outgoing governor Mark Carney believes the Bank of England has firepower equivalent to a 2.5 percentage point rate cut if it uses more quantitative easing, forward guidance and cheap loans to banks.

Andrew Bailey, incoming BoE governor, said on Wednesday it was likely the central bank and UK government would soon need to provide bridging finance to small companies.

Chancellor Rishi Sunak will announce the UK’s fiscal response to coronavirus in the Budget next week. With a deficit of less than 2 per cent of national income the UK faces no specific fiscal constraints, although the government is considering targeted relief for affected households and companies rather than a broader stimulus.

UK banks are better capitalised than during the 2008 @Businessdayng

financial crisis; ministers have urged them to show tolerance towards companies which face temporary cash flow difficulties.

The US There is little appetite among Fed policymakers for negative rates. That leaves the Fed close to what it now calls the “effective lower bound”: zero. Mr Powell has called this the “pre-eminent monetary policy challenge of our time”.

The Fed will use both asset purchases and forward guidance aggressively if it has to, but Mr Powell has ruled out anything beyond rate cuts for now. He was hesitant to say the tools he had would work at all.

Congress and the White House on Wednesday agreed an $8bn appropriation for public health measures. Donald Trump has proposed a one-year payroll tax cut, while members of the US Chamber of Commerce have suggested expanding a business loan programme for disasters, but neither are a formal policy proposal.

On Tuesday Mr Powell said: “It’s possible there will be some more formal considered co-ordination as we move forward.”

But for the moment, he warned, “it’s up to individual countries, individual fiscal policies and individual central banks to do what they’re going to do”.

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