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news you can trust I **FRIDAY 07 SEPTEMBER 2018 I vol. 15, no 135 I N300

Sell

Foreign Exchange

$-N 357.00 360.50 Market Spot ($/N) £-N 460.00 468.00 I&E FX Window 362.73 €-N 409.00 417.00 CBN Official Rate 306.20

@

3M 6M 0.10 0.36 11.76 12.88

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fgn bonds

Treasury Bills 0.04

10 Y -0.18

20 Y 0.00

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5Y

NGUS OCT. NGUS JAN. NGUS JUL. 30, 2019 24, 2019 31, 2018 0.00 363.05

0.00 363.50

0.00 364.40

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‘Ghost’ of Apapa hangs over Lekki corridor

... massive projects emerge without infrastructure plans CHUKA UROKO

Hong Kong overtakes New York as world’s wealthiest population

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he Lekki corridor, also known as ‘New Lagos’ is, arguably, the fastest growing settlement in Africa.

Continues on page 33

PDP, APC supporters clash as Atiku submits presidential form ... 84.7m Nigerians registered to vote in 2019 James Kwen & OWEDE AGBAJILEKE, Abuja

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andemonium broke out at the national secretariat of the People’s Democratic Party (PDP) on Thursday, as Continues on page 33

Inside MODUPE EMMANUEL with first and second degrees in law from Cardiff and University of Nottingham Olu Fasan on Monday “Rule of law: Buhari goofed, but is Nigeria rule-based?”

BUNMI BAILEY & CYNTHIA IKWUETOGHU

H L-R: Olusegun Mimiko, former governor, Ondo State; Christopher Kolade, chairman of the occasion, and Jamiu Badmus of Ikeja Electric plc, winner, Risk manager of the year, at the 2018 Nigerian Risk Awards and summit in Lagos, yesterday.

ong Kong, Asia’s financial hub surpassed New York City, in America for the first time as the city with the Continues on page 33

Attorney General, CBN in duel over custody of bank fines As Malami orders money paid into ‘strange’ account CBN debits N5.87bn from Stanbic, StanChart, Citi New banking crises brewing on contagion risk

Endurance Okafor & Michael Ani

Moody’s set to downgrade MTN credit rating on Nigeria sanctions ...Page 2

t appears the Attorney General of the federation, Abubakar Malami, has an ulterior motive over pursuing the actions that led to the

N5.87 billion fines slammed on four Nigerian banks by the Central Bank of Nigeria (CBN).

Sources told BusinessDay yesterday that Malami sent a let-

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ter instructing the banks to pay the fine into a so called ‘ASSET RECOVERY ACCOUNT’ different from CBN’s, despite this act being outside its regulatory

purview.

“There is a conflict between the Attorney General and the Central Bank as to where the fine imposed on the four banks by Continues on page 33

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Discos record N112bn deficit in Q1 2018 – NERC DIPO OLADEHINDE

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atest report from Nigerian Electricity Regulatory Corporation (NERC) has revealed that out of a total invoice of N163.1 billion for energy received from Nigerian Bulk Electricity Trading Plc (NBET) for services provided

by Market Operator’s only N51.2 billion of the invoice was paid by Discos creating a total deficit of N112 billion.

“This liquidity challenge is partly attributed to non-cost-reflective tariffs and high technical and commercial losses aggravated by consumers’ apathy to payment arising from estimated billing and poor quality of supply in most load centers,” NERC said.

According to NERC, the liquidity challenges facing the Nigerian Electricity Supply Industry (NESI) persisted in the first quarter of 2018 which reflected in DisCos’ relative remittances to invoices received for energy purchased from NBET and those received for administrative services from Market Operator’s.

NERC admitted that although the overall market remittance improved from 24 percent in 2017 Q4 to 31 percent in the first quarter of 2018, the remittance performance is still significantly low.

NERC disclosed that the DisCos settled about 31.4 percent of its first quarter’s market invoice compared to 24.1 percent settlement performance recorded in the last quarter of 2017.

Eko DisCo had the highest remittance of 45 percent, indicating a 2 percent drop from its remittance performance in the preceding quarter while Jos and Kaduna DisCos recorded the lowest performance of 11 percent and 12 percent respectively, indicating an increase of 2 percent and 1 percent respectively from their remittance performance in the preceding quarter.

“The Commission has noted that tariff deficit is partly responsible for the poor remittance in the industry,” NERC said.

NERC also noted that DisCos need to improve on their remittance as the observed remittance performance did not reflect the level of revenue collection, “suggesting that some DisCos might be deliberately reducing their market remittance.”

“To address the poor remittance by DisCos, the Commission continues to enforceactionsthatensureanequitable distribution of market revenue under a structured regime,” NERC warned.

Regardingindividualperformances, Ikeja DisCo had the highest collection efficiency of 82.6 at N17.5 billion percent followed by Eko DisCo with 82.2 percentatN17.7billion,whileJosDisCo recordedthelowestcollectionefficiency of 37.8 percent at N33.3 billion.

“It is noteworthy that these three companies maintained the same positions recorded in the preceding quarter,” NERC said.

•Continues online at www.businessdayonline.com

Moody’s set to downgrade MTN credit rating on Nigeria sanctions

…poor stock performance pulls JSE index lower Emeka Ucheaga

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t’s still not over yet for MTN shareholders in what may be the worst week ever for the company. Things are quickly moving from bad to worse for the largest telecom provider in Africa as Moody’s Investors Service, a globally respected credit agency, is now considering downgrading MTN’s credit rating after regulators in its largest market, Nigeria, asked the company to cough out a whopping $10.1 billion in allegedly illegally repatriated funds and unpaid tax bill.

Moody’s Investors Service disclosed yesterday that it “has placed MTN Group Limited’s (MTN or Group) Ba1 corporate family rating (CFR), Ba1-PD probability of default rating (PDR) and the Aa3.za national scale corporate family rating on review for downgrade. Moody’s has also placed the Ba1 rating on all the senior unsecured notes issued

by MTN (Mauritius) Investments Limited on review for downgrade.”

Last Wednesday, the Central Bank of Nigeria (CBN) demanded MTN to refund $8.1 billion which was alleged to have been improperly repatriated out of the country by the telecom provider.

Five days later, MTN was again hit with $2 billion in back taxes this week after the office of Nigeria’s attorney general calculated that the country’s biggest mobile phone operator owes taxes related to the import of foreign equipment and payments to suppliers over the past decade. This compares to MTN Nigeria’s internal assessment and payment of $700 million over the same period.

Although MTN has refuted both claims, it hasn’t prevented a selloff in

both the stock and bonds issued by the company.

The stock is down 30.45 percent since last Wednesday and down 45.34 percent year to date. The stock remains flattish, up 0.95 percent as at 3pm on Friday Nigerian time despite news of possible downgrade of the company’s credit rating. The Johannesburg Stock Exchange Index is down 4.5 percent since last Wednesday but has returned to positive trends off the back of upward movement in MTN share prices.

MTN Eurobond is down 7.67 percent since last Wednesday.

According to Moody’s, “in the absenceofthe$8.1billionrefunddemand and potential $1.3 billion tax liability shortfall, MTN has sufficient liquidity to repay approaching debt maturities over the next 12 to 18 months.”

For the last twelve months to 30 June 2018, MTN reported Group consolidated revenue of ZAR130.8 billion (approximately USD10.2 billion) and Moody’s adjusted EBITDA of ZAR54.9 billion (approximately USD4.2 billion), thus making a fresh payment of $9.3 billion a daunting task for the company.

Moody’s current long term rating for MTN debt is Ba1 while Fitch long term issuer default risk and Standard & Poor foreign issuer credit rating also have similar rating for the firm with BB+. Moody’s Ba rating means the bond is judged to be speculative and are subject to substantial credit risk.

This Ba1 puts MTN’s debt just four steps from entering junk territory.

Moody’s attributed the “uncertainty around the potential implications” of the Nigerian penalties as reason for the possible downgrade of the debt.

•Continues online at www.businessdayonline.com

L-R: Razak Jaiyeola, president/chairman of council, Institute of Chartered Accountants of Nigeria (ICAN); Abiodun Aina, coordinating director, Domestic Tax Group (DTG)/special adviser to the executive chairman, Federal Inland Revenue Service (FIRS), and Babatunde Fowler, executive chairman, FIRS, at the FIRS meeting with stakeholders to discuss issues of national importance with respect to tax administration and national revenue in Lagos, yesterday. Pic by Olawale Amoo

Adopt Asian model to increase farm yields, researchers tell African leaders Josephine Okojie, Kigali

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espite growing concerns over food security and a food import bill that gulps $25 billion annually, Africa has failed to significantly increase its average yields per hectare when compared to its Asian peers, researchers say.

Most Asian countries have been able to rapidly increase their yields in recent years adopting modern farming techniques, effective fertiliser usage, technology and effective soil management.

“In Africa, the little increase in production recorded has basically been in land expansion while in Asia, production increase has been increases in farm yield per hectare.

Africa has to go the Asian way to increase its yields significantly,” Bernard Vanlauwe, director R4DCentral Africa and Natural Resources Management, International Institute of Tropical Agriculture (IITA) said during a panel discussion at the on-going African Green Revolution

Forum (AGRF) in Kigali, Rwanda.

“Low use of fertilisers and technology has limited yields gaps in Africa. Africa has made progress in increasing its fertiliser usage since the Abuja declaration, but much more still needs to be done,” Vanlauwe says.

He stated that Africa has to adopt a holistic approach that is sustainable and efficient in increasing its farm yields, while he adds that the continent cannot afford to wait any longer as its population growth rate keeps rising.

Low yield of agricultural produce are consistently stifling targets of Africa’s smallholder farmers and has continued to limit their expansion and negatively impacted on their livelihood.

As a result, Africa’s capacity to avoid food crisis is put in doubt. With a population 1.2 billion and potential to reach 2.5 billion by 2025, experts foresee danger in Africa if nothing is done to increase agricultural output.

“Fertilisers are important ingredient but it is mostly mismanaged by smallholder farmers in Africa. The

farmers have to know when to apply it, what quantity and time as well as adopt good farming practices,” Vanlauwe who was earlier quoted says.

The researchers’ also identified good agronomy practices as one of the major drivers of soil fertility and productivity.

The researchers who made this known during a panel discussion at the on-going African Green Revolution Forum (AGRF) in Kigali, Rwanda, urges Africa leaders to adopt the Asian model to increase its farm yields per hectare, if it hopes to feed its rapid growing population.

Rebbie Harawa, head soil fertility and fertilisers systems, AGRA calls for the adoption of sustainable systems to ensure good health of the soils across Africa.

“There is also a need for partnerships by all actors in the sector to achieve this,” Harawa adds.

Data from the Food and Agricultural Organisation (FAO), states that Africa produces over 54 percent of the world’s cassava with an average yield of 10 MT per hectare compared with an average of 22MT per hectare in Asia.

Abia, Ekiti, Enugu lead external debt spree since 2015 David Ibidapo, Bunmi Bailey & Jonathan Aderoju

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bia, Ekiti, and Enugu states have emerged as the states with the fastest growing external debts in a BusinessDay analysis on the rate of growth in external debt stock between 2015 and 2018. Data from the website of the Debt Management Office (DMO) was used for the analysis.

Abia state has seen a 25 percent growth in its external debt stock to $100.2 million as at half year 2018 from $41.5 million in December 2015.

The period 2016 and 2017 recorded a surge in external debt stock by 138 percent from $42.4 million in 2016 to $100.9 million before declining slightly to $100.2 million.

Also, Ekiti and Enugu grew their external debt at 16 percent respectively in the space of 4 years making both states second on the chart.

Ekiti state has grown its external debt from $54.9 million in the first half of 2015 to $97.9 million (N35.2 billion) in the first half of 2018. The states began significantly increasing its external debt in 2017 as debt grew by 23 percent to $67.2 million from

$54.7 million.

For Enugu state, external debt grew from $71.8 million to $127.9 million in four years. BusinessDay investigation revealed that between 2016 and 2017, external debt stock of the state grew by 56 percent from $74.4 million to $116.3 million and further grew by 10 percent to current level.

Among the top three states with the fastest growing external debts, Ekiti State has the least capacity to repay its debts from internally generated revenues (IGR). The State’s IGR can pay for only 14 percent of its total external debt stock without taking into consideration receipts from the federation account.

According to 2017 IGR data collated from the National Bureau of Statistics (NBS), Ekiti state was only able to mobilise IGR of N4.9 billion.

Abia state and Enugu state can only cover for 41 percent and 48 percent of their total external debt stock respectively. IGR of Abia state as at 2017 was N14.9 billion while IGR for Enugu state was N22 billion.

Other states that grew their external debt fast within the period include Anambra (15%), Rivers (14%), Edo (13%) and Delta (13%).

There is no indication if the increase in debt was due to new external borrowings, a drawdown of existing external credit lines or accumulation of existing debt due to poor debt service repayments.

Nigeria’s commercial and industrial capital, Lagos State has since 2015 maintained the position of being the most indebted state in the federation.

According to the DMO report, of the total external debt stock of $4.2 billion incurred by all states in the federation, 34 percent was incurred

by Lagos State. External debt of Lagos state’s increased slightly by 0.3 percent from initial value of $1.44 billion in first half of 2017 to $1.45 billion in first half of 2018.

In spite being the most indebted amongst other states, debt stock of the state has grown by only five percent between 2015 and 2018.

The DMO data also shows that some states actually saw a reduction in their external debt stock within the period. Kastina saw its external debt decline by three percent while that of Akwa Ibom, Yobe was down two percent and Abuja down by one percent.

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BusinessDay partners FCMB for season 2 of Bridge TV series for millennials

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n an era of economic uncertainty, trade wars and escalating levels of extreme poverty, financial literacy amongst millennials is needed now more than ever. Various economic crashes around the world has necessitated the urgent need to get more young Africans to be financially literate and to have information on how to start, grow and build their businesses and personal brands and careers.

With the growing curiosity for financial information amongst African millennials, the Bridge has become rapidly become Africa’s number 1 financial literacy show. Season 1 which experienced monumental success in 2017 was

previously powered by the Central Bank of Nigeria.

In 2018, Season 2 of the Bridge premieres Thursday, September 13th, 2018, just in time to shake up the fourth quarter of 2018!

Season 2 which is proudly brought to you by BusinessDay and powered

by FCMB, the television show interviews celebrities and millennial business owners to find out the strategies and the financial decision behind their successful brands, businesses, and careers.

This season gives unprecedented access to Nigeria’s most celebrated celebrities as they discuss their personal highlights, wins, mistakes as it pertains to their personal finance and business fi-

nance. Season 2 includes financial revelations and advice from Falz The Bahd Guy, Tokini Peterside, JJ Omojuwa founder of Alpha Reach and popular social media influencer, Mai Atafo and Bukky Karibi Whyte plus many more.

The Bridge season 2, brings financial literacy to the average African millennial in an easy, relatable and digestible way. Season 2 of the Bridge premieres Thursday, September 13th just in time to keep you on top of your financial goals as we begin to countdown to 2019.

The honesty and candid answers will surprise you this season. The show airs every Thursday at 11.30 am exclusively on Silverbird and BusinessDay TV.

Corporate client in focus as estate agents get insights on industry standards CHUKA UROKO

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hen estate agents, fondly referred to as ‘Power Brokers Circle’, gathered recently at the instance of Fine and Country West Africa, the focus of discussion was the corporate client who, on account of his exposure, class and taste, does not want to get anything less in terms of his residential or commercial property needs.

‘Power Brokers Circle’ is a network of fully profiled real estate agents and brokers who are periodically equipped by Fine and Country with accurate, relevant and current real estate insights to co-promote higher industry standards as well as leverage on aggregate networks and connections.

What this means is that, depending on choice, the corporate client will now

be dealing with agents and brokers who are well equipped with the knowledge, not only of the market, but also of his taste; no more with quacks who are also called pseudo-practitioners.

The event with the theme, ‘The Diary of a Corporate Tenant: The ABCs of Commercial Properties’, was attended by over 100 agents with physical and virtual presence. It was held at the iconic commercial property called One6Temple which is located strategically located at the intersection of two major roads—Kingsway Road and Olu Holloway Road.

The choice of this venue was strategic as it helped to give the agents first hand feel and experience of an ideal Grade A commercial office space usually targeted at corporate clients.

“The objective of this

edition of the event was to expose real estate professionals to the fundamentals of commercial real estate and broaden their understanding of the needs of a corporate tenant”, explained Udo Okonjo, CEO, Fine and Country, in a statement obtained by BusinessDay. “One of the key highlights of the day was the walk-through of the One6 Temple. The attendees were able to get first-hand experience of the property”, she added.

Another highlight of the event was a presentation by the company where it underlined distinctions between the features and amenities of a commercial property, the difference between Grade A and Grade B properties as well as the intricacies of dealing with corporate tenants and how to make the best of a transaction.

Tianjin varsity China okays chemical engineering programme in Edo

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he modular refinery deal signed by governor Godwin Obaseki of Edo State, and representatives of Peiyang Chemical Equipment Company (PCC) in China few days ago, has earned the state a chemical engineering programme.

The programme to be domiciled in a university in the state, will be run in collaboration with the highly ranked Tianjin University, China, the oldest institution in the Asian country.

According to Obaseki, “the university programme is an added benefit to the modular refinery deal which final investment agreement was signed few days ago in Beijing.”

He explained that “the programme will build technical manpower for the oil

and gas industry in line with the federal government’s policy on local capacity development in the sector. The idea is to develop technical manpower and set industry standards in the oil and gas sector.”

He emphasised that Edo State has a large army of productive and creative young people that would leverage on the learning opportunity that the chemical engineering programme will provide.

“Our young people will benefit from the world class programme of Tianjin University. Our goal is to equip more of our youths to participate in the new social and economic order we are creating in the state that will run on a solid industrial base. The social and economic opportunities we are providing across the state

are increasing by the day and we want to prepare our young ones for the various industries.”

Tianjin University is the oldest institution of higher education in the modern history of China and the leading research and teaching institute.

Founded in 1895 as Peiyang University, the university’s 121-year history is the epitome of the progress of modern Chinese higher education, embodying the Chinese people’s indomitability through challenging times.

During its growth spanning three centuries, the University has been a pioneer in several fields, from the first aero engine in China to the first hydraulics laboratory established in the country.

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NNPC, China sign MoU on oilfield services, research & Dev’t HARRISON EDEH, Abuja

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he Nigerian National Petroleum Corporation (NNPC) has signed a Memorandum of Understanding (MoU) in China with the China National Offshore Oil Corporation (CNOOC) towards developing Nigeria’s oilfield services as well as boosting research and development in the oil and gas industry.

CNOOC, a global leader and China’s largest producer of offshore crude oil and natural gas, is the third-largest NOC in China, after the China National Petroleum Corporation (CNPC) and China Petroleum and Chemical Corporation (SINOPEC).

The MoU signing, the third in the series within the week, by the NNPC Management on the sidelines of the ongoing Forum for China-Africa Cooperation (FOCAC) Summit, took place Wednesday, in Beijing, China.

On Tuesday in Beijing, the corporation signed two separate MoUs with two Nigeria-

Chinese consortia (OBAXCOMPLANT Consortium and CAPEGATE-NANNING Consortium) for the development of biofuels and establishment of biofuels complexes across Nigeria.

Speaking shortly after signing the dotted lines on behalf of the corporation at the CNOOC Headquarters in Beijing yesterday, group managing director, Maikanti Baru, said this latest MoU signing marked a milestone in NNPC’s aspiration to transit from an integrated oil and gas company to an energy company.

“Our aim is to complement the Federal Government’s determination to meet the growing energy demands and diversify the economy away from reliance on carbon-based fuels,” Baru stated.

The collaboration would he said will reinforce NNPC’s desire to partner with strategic investors to develop strategies for continuous cooperation that will be economically profitable for the two National Oil Companies (NOCs).

Under this agreement, the

two NOCs would collaborate on getting the technical expertise required to provide oilfield services, including operatorship of oilfield assets in Nigeria and beyond.

The partnership would also, in the first instance, see a significant upgrade of the NNPC’s R&D Division laboratories in Port Harcourt, Baru added.

He assured the CNOOC management that the collaboration between the two NOCs would yield the desired outcomes and further cement the established relations between Nigeria and China, which came to play at the FOCAC Summit in Beijing.

Aside oilfield services and research & development, Baru noted that renewable energy and biofuels production were another focus area the NNPC was keen to collaborate with CNOOC. “I am looking forward to further collaborating with your organization towards establishing biofuels refineries in Nigeria and power generation using renewable energy sources,” Baru added.

Osinbajo lauds business, financial support services Abuja enterprise to 15 000 MSMEs HARRISON EDEH, Abuja

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ice President Yemi Osinbajo on Thursday lauded the Business Support Services and Financing of 15, 000 Micro, Small and Medium Enterprises,(MSMEs) in the federal capital Territory, by the Abuja Enterprises Agency (AEA), even as he directed the agency to sustain the initiative for the development of the sector.

The vice president gave the commendation on while he commissioned the Federal Capital Territory MSME ‘’One Stop Shop’ in Abuja, while pointing out that business support services of the Agency has created 12,517 jobs since 2015.

Represented by the Minister of State for In-

dustry, Trade and Investment, Aisha Abubakar, Osinbajo said the initiative is designed to further facilitate the synergy between the MSMEs and Business Support and Regulatory bodies thereby eliminating bureaucratic bottlenecks facing the MEMEs in the country.

Osinbajo remarked further that the initiative is not only deliberate but a bold step taken by the administration, which is geared towards improving the ease of doing business” Earlier in his address, Muhammad Tukur Arabi, managing director, Abuja Enterprises Agency [AEA], said that over 8,500 businesses are being sensitized on regulatory issues, government support pro-

grammes and projects stressing that the MSMEs have been afforded the opportunity to directly interact with Business Regulatory and support institutions.

Arabi explained that the journey to national development is part of the agency’s mission as he expressed the its commitment towards delivering the Ease of Doing Business initiatives of the present administration.

Muhammed Musa Bello, the FCT Minister at the event revealed that with in the last three months, his administration has approved and inaugurated the MSMEs state council and made the his permanent secretary administration to chair the council who approved the agency’s 2018 training calendar and the budget.

BoI confirms 2 million petty traders to benefit from FG’s ‘Tradermoni’ HARRISON EDEH, Abuja

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he Bank of Industry, (BoI) has confirmed that no fewer than 2 million petty traders across the country, would be beneficiaries from the Trader Moni programme, with a minimum of 30,000 petty traders captured in the 36 states and the Federal Capital Territory (FCT).

According to the Bank of Industry (BoI), who are implementers of the programme, traders who pay back the loan within three to six months, would be eligible to collect higher amounts of loan to enable them further expand their businesses.

Addressing newsmen at Utako Market Abuja, executive director at the Bank of Industry (BOI) Toyin Adeni-

ji, clarified that Trader Moni was a no interest loan. The effort he explained forms part of the social intervention programmes under the President Muhammadu Buhari’s led administration.

Adeniyi further disclosed that the present administration was committed to empowering petty traders and meeting them at the point of their needs, noted that the petty traders are reached and registered at the market or points of businesses, in order to ensure government reach out to the right target.

According to the Bank of Industry, “This programme is targeting petty traders all over the country. For every state in Nigeria and the FCT, the minimum number of beneficiaries is 30,000; some

will be more than that.”

Adeniyi said it is targeting in the first instance, two million petty traders and each petty trader who is enumerated, registered and qualifies for the loan gets N10, 000. He said, the initiative will continue for as long as it takes.

According to him, “The loan starts at N10, 000 and you have three to six months to pay back, you will get a higher loan of N15,000, and if you pay back, you can get N20,000 and then move on.

The truth is you can become a very big trader from this small beginning.

“We make sure this programme follows an order; this is not a largess, grant or gift, it is a commercial loan for them to expand their businesses.

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A regulatory quagmire?

SOJI APAMPA Olusoji Apampa is the CEO of The Convention on Business Integrity.

Twitter: @sojapa E-mail: aviga@ cbinigeria.com

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wo regulatory actions that took place over the last week have given cause for reflection over the aim of regulation and the role of the regulator. The first involves action by the Central Bank of Nigeria (CBN) against a number of banks (Standard Chartered, Diamond, Stanbic IBTC and Citibank) for the return of the equivalent of $8.1bn transferred through Certificates of Capital Importation (CCIs) whose validity is now disputed by the CBN. There was also a call on the client of those banks, MTN Nigeria to refund the same disputed sum, its own funds, to the tune of $8.1bn to the regulator and not simply back to its Nigeria operations, making a whopping $16.1bn demanded by the CBN. The second involves an action by the Attorney-General of the Federation against MTN Nigeria on a tax matter asking for the payment of another $2bn in alleged unpaid back taxes.

Are these two actions capable in their escalation, of giving way to an awkward, complex, hazardous situation for Nigeria’s economy? Are we head-

ing towards a regulatory quagmire?

According to experts, sound regulation entails at least three things: standards setting, information gathering and behaviour modification. Regulators use instruments such as codes of conduct, guidelines, circulars and so on to transmit acceptable processes and procedures that must be followed or benchmarks that must be attained in order to comply with stipulations that keep industry players from harming the public interest.

So, setting standards you cannot monitor is simply meaningless.

And to monitor, there has to be information gathering through regular observation, measurement, assessment, reflection and judgement. The judgements are arrived and applied to modify behaviours usually through sanctions of various weights and sometimes through rewards as well.

It is not unusual for punishments to outweigh the crime and for rewards to outweigh the good deeds in what is an application of the norm of reciprocity by the regulator on behalf of society. These actions regulate the social system towards balance, cubing excesses in individual entity behaviour and best case, also rehabilitating the erring party through behaviour modification. So, regulation is a very good thing and regulators have a very important role to play in modern society.

At this point, a number of questions come to mind such as how effective are Nigerian regulators? and, is Nigerian regulation effective? From the suggestions made by experts like Prof. Julia Black in her

‘

The actions of the CBN and the AGF, are they in the public interest?

Do the actions shore up our economy or threaten to make it more fragile?

’

Regulatory Conversations, we would need to interrogate this from the three perspectives of adequacy of standards setting, information gathering and behaviour modification.

According to His Royal Highness, Sanusi Lamido Sanusi, the Emir of Kano and erstwhile Governor of the Central Bank of Nigeria, in his speech at the annual convocation ceremony of Bayero University, Kano, February 26, 2010 titled, The Nigerian Banking Industry – what went wrong and the way forward, the crash of the Equities Market over 2008-2009, was due to eight factors. 1.) Macro-economic instability caused by large and sudden capital inflows [my paraphrase would be unregulated system behaviour] 2.) Major failures in corporate governance at banks [the plurality and rampant nature here suggesting weak regulation of standards] 3.) Lack

of investor and consumer sophistication [Caveat Emptor] 4.) Inadequate disclosure and transparency about financial position of banks [poor information gathering by the regulator] 5.) Critical gaps in regulatory framework and regulations [overall system was weak] 6.) Uneven supervision and enforcement [again poor/ selective information gathering and weak/selective attempts at behavior modification] 7.) Unstructured governance & management processes at the CBN/weaknesses within the CBN [the regulator itself being somewhat ineffectively organized at the time for the task of regulation] and, 8.) Weaknesses in the business environment.

It is probably fair to conclude from HRH Sanusi’s summation that in the period leading up to 2009 inclusive of the 2001-2006 period in which some large corporate entities are now being called to account for alleged misdemeanors, the regulator itself appears to have been ineffective and somewhat in disarray.

So, this action by the CBN in 2018 about events around which it failed to adequately perform its regulatory function, will extend to all other infractions by other market players who operated in that period since Mr. Sanusi’s words suggest we ought to find many given the grave event that followed – the crash of the equities market? If the CBN does not extend it beyond this, does it leave itself open to insinuations that we may again be witnessing “poor at best, selective at worst information gathering and weak at best, selective at worst, attempts at behavior modification?” This is now a crucial issue as its actions are sending huge signals to investors and consumers

who are no longer “lacking in sophistication” given the reaction by markets in Nigeria and elsewhere to the recent announcements by the CBN. Was the announcement and the way and manner in which it was made meant to give confidence to or scare away international investors? Or were these just unintended consequences?

Next comes the matter of “unpaid taxes” announced by the Attorney-General of the Federation as opposed to the Chairman of the Federal Inland Revenue Service (FIRS). What does that mean? Are we to see the office of the AGF as part of the tax administration system? Sitting thousands of miles away from Nigeria, would the approaches adopted not seem awkward? Since there are time tested approaches used by regulators the world over to communicate news regarding their strong suspicions or proof that an infraction has occurred somewhere. Regulators typically send carefully thought through messaging to reinforce the system and not to bring it to the brink of panic. By all means, regulators must be allowed to get on with their crucial task of maintaining a balance and when things are going out of kilter, applying tools in their arsenal to achieve the much-needed correction and behavior modification to preserve the public interest.

The actions of the CBN and the AGF, are they in the public interest? Do the actions shore up our economy or threaten to make it more fragile? What do you think?

demonstrated in their previous outings? What is their understanding of the common good?

How do they hope to meet the challenge of national reconciliation and economic rejuvenation?

I am challenging us to be audacious and do something beyond complaining and allowing a handful of over-experienced politicians and their thugs to hold us to perpetual ransom. It requires a number of philosophical paradigm shifts and specific actions including the following: Firstly, we must all recognize and believe that Nigeria can only get better when we the forwardthinking Nigerians decide to do things differently. Building on this we can’t just keep writing, talking, posting, on social media and then sleeping it out on election day because we do not care.

We need to secondly – participate actively in the electoral and political process – join political parties of forward-thinking Nigerians who offer alternatives to the overexperienced establishment parties and get involved in selecting and grooming leaders. Thirdly, we must as Fr. Ehusani has suggested select candidates that are ready to be disruptive, make a difference and add value. Also, we must begin

to focus and “play” politics on the real issues, and get beyond ethnicity, religion and money politics.

We should stop getting impressed by candidates promising roads, power and hospitals (which my 12-year-old daughter can achieve) and begin to challenge our leaders to deal with the “soft” infrastructure issues of value-reorientation, human capital development and building strong institutions which Bill Gates spoke about in his last visit to the country. Finally, we should be audacious – do something and do the right thing.

Kwame Nkrumah once said – “Seek ye first the political kingdom and everything else will be added unto you”. Forward-thinking Nigerians need to understand that until we have more for wardthinking politicians, all our efforts in social, business and even in our faith communities will never take us to the promised land. I have decided to get involved and I urge all forward-thinking Nigerians to take these steps I have outlined to get involved. It is the only way that things will ever really change in this country of ours. #Let’sGetInvolved.

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Let’s get involved

OMAGBITSE BARROW FCA Barrow is a Strategy Consultant and teacher of values based Leadership with the Abuja based Learning Impact NG @gbitsebarrow

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igeria’s literary icon Chinua Achebe in his classic book “An Image of Africa” written in 1983 shares these provoking thoughts on Nigeria “…Whenever two Nigerians meet, their conversation will sooner or later slide into a litany of our national deficiencies. The “trouble with Nigeria” has become the subject of our small talk in much the same way that the “weather” is for the English. But there is a great danger in consigning a life and death issue to small talk. National bad habits are a serious matter, we resign ourselves to them at our own peril”.

I have spent the last fifteen years of my adult life building organizations, building people and

trying very hard to build a good life for myself and my family. In these years I have written over 100 newspaper articles, posted and made an uncountable number of comments on social media, spoken on scores of TV and Radio Programs, delivered seminars and workshops to tens of thousands of people, written books and engaged my fellow Nigerians on how we can all work together to make Nigeria better, but I have come to the awful conclusion that in all this time, my life and my businesses have prospered, but I cannot really say the same about Nigeria. The problem of Nigeria still persists.

Ingo Walters, a Professor of Economics at New York University once commented about Nigeria and I paraphrase – “The Nigerian people keep shooting themselves in the foot because of the type of leaders they have…

The Nigerian renaissance will take place, but only when forward-thinking Nigerians decide to act and do something about their country”. Rather than act, we talk, especially on social media, and with due respect, it seems that all we achieve most times is whining and complaining that doesn’t really move

the needle of change. Clearly the biggest challenge to the Nigerian renaissance lies in the fact that forward-thinking Nigerians are too busy trying to build their own private empires and get out of the cycle of poverty so that they can live a better life and are not interested in getting involved in the process of determining who leads them across all levels or even getting involved in vying for political office itself. The result – we will continue to get the third-rate leaders that we deserve, and in spite of the personal progress we make, we will not make much progress as a society, because inevitably – the fish rots from the head.

Rev. Fr. George Ehusani, in an article written in the build-up to the 2003 Elections asked the following critical questions which unfortunately are still relevant and remain largely unanswered by the forward-thinking people of Nigeria till today, a good 15 years later: Who are the aspirants to political office this time around? What are their antecedents? What kind of people were they in private life or public office? How have they performed in the various positions of responsibility they have held in the past? What measure of patriotism and sense of service have they

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COMMENT

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comment is free

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Why great companies should constantly think differently WITH

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egardless of whatever reason(s) any business was established, the desire to achieve better result will always be prevalent. Then, again, achieving better result to most organizations is characterized by increased in profitability. Desiring an increased in profitability is an acceptable proclivity for organizations as a result of the services being rendered and paid for. But, the established truth is that no organization can achieve increased profitability by desiring or wishing for it alone except by thinking differently and doing things differently.

Years back, Steve Haines said something to me that changed my worldview about thinking. He said, “You don’t need to think more, you just need to think differently”. That made me to realize that as individuals or organizations, we do not need to think more (quantitatively) just for thinking sake, we need to think differently with the result in mind – we need to think strategically. The same applies to organizations, to achieve better results, we may not necessarily do so many things for our customers in terms of quantity, but we need to begin to do things differently for them.

IKEMESIT EFFIONG Effiong is a research analyst and public affairs commentator.

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‘UJU ONWUZULIKE

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

ndeed, Nigeria might be in the throes of a regulatory perception problem. The latest confirmation of this issue comes from the rather puzzling decision by the country’s central bank to sanction Africa’s biggest telecom firm MTN Nigeria and four banks for what it called the “illegal repatriation” of $8.1 billion from the country. The regulator, in dishing out N5.87 billion in fines to the banks, ordered the company to return the sum to its coffers.

The Nigerian units of South Africa’s Standard Bank, the UK’s Standard Chartered, and the US lender Citigroup as well as Diamond Bank, according to the Central Bank of Nigeria, committed a “flagrant violation of extant laws and regulations...including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 and the Foreign Exchange Manual, 2006” in improperly issuing certificates to convert shareholders’ loans in MTN Nigeria to preference shares in 2007.

As a result, dividends paid by MTN Nigeria to the parent company between 2007 and 2015 – amounting to $8.1 billion – are deemed

We might just focus on doing one particular thing differently for them.

The other time I was discussing with an executive whose company has spent so much money on transformation, and I realized one key thing that was lacking––attitudinal change. For an organization to think differently and achieve its transformation goals, attention must be paid to develop the right attitude of its workforce first and foremost.

This is why I always encourage organizations or corporations that have merged or acquired others to pay attention to “attitudinal change transformation”––a key area that cannot be ignored. This is because one person with a wrong attitude can sabotage and make a mess of all the transformation effort. And right attitude is like a lubricant that will oil the wheels of “thinking differently”.

Unbelievably, and despite the fact that most organizations are doing the same thing year in year out, using the same business strategy and initiatives that have not worked, and yet they expect to have different and better results (that is impossible). With the stiff competition in the business world, if you keep doing your business the same way you

have done it for five years; you will never even achieve the old results that you are used to, but rather below what you have been achieving. That goes to show that to desire improved results in all facets of business operations, we must have a paradigm shift, and that comes by thinking differently. The truth of the matter is that sometimes, we know why our organization is performing so badly, but we are stuck to the old ways of doing things – and we are not ready to try something new.

All organizations that are stuck to the old ways of doing things that have not yielded them better results will end up becoming “Defenders of Decline” instead “Architect of the future” (example is Apple Inc. vs. others). Apple succeeded in becoming the “architect of the future” while others are busy defending the decline, little wonder Apple’s slogan is “Think Different”.

To paint a clearer picture of what thinking differently should mean to organizations, we need to realize that in our various organizations, there are strategies that are not working, marketing initiatives that are not producing the numbers, activities that are not worthwhile and generally things that are not working for the organization. Thinking differently starts when we begin to question the old ways of doings that that have not yielded expected results and begin to push the boundaries and think in new ways that lead to improved results.

Thinking differently is akin to committing to make a difference. In order words, organizations that are thinking differently want to make a difference in the lives of their customers and employees. It is this committing to a make a difference that brings im-

‘

It is by thinking and doing things differently that our organization can stand out. Real organizational success and growth do not come as a surprise (or by wishful thinking), they come as a result of seeing what others have seen, but thinking in a different way

’

proved and sustainable results for the shareholders.

When we begin to think differently, we would realize that there is

no just one way of doing things. Of course, it is a red signal to assume there is only one way of doing things.

Employees must begin to ask optimal questions in order to have optimal answers. Questions like: why are we not achieving our desired results?

Why are we not having enough customers to patronize our business?

Why do our customers complain?

Are there things we are not doing well? How can we be different from competitors? The fact is that when we blend in to what others are doing, we may not be able to stand out with a different result. That means we need to be different in all areas of our business (we need to be perceived differently and better) and that is the only time we shall stand out as an organization of choice.

Final note It is by thinking and doing things differently that our organization can stand out. Real organizational success and growth do not come as a surprise (or by wishful thinking), they come as a result of seeing what others have seen, but thinking in a different way. With the knowledge of the fact that we cannot solve tomorrow’s problem with today’s thinking, there is a need for all of us to think and do things differently on a daily basis – because what brings success today may not tomorrow.

As always, I welcome your suggestions, requests and comments.

Happy reading and I look forward to hearing from you!

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Nigeria’s vibrant business landscape – The case of an arid rainforest illegal, and should be returned, Nigerian regulators argue.

This is not the first time that MTN has had an issue, direct or otherwise, with Nigerian regulators. The firm was fined $5.2 billion in 2015 by the Nigerian Communications Commission (NCC) for failing to disconnect unregistered SIM cards on its network. The fine was later reduced to $1.7 billion with an option to list its shares on the Nigerian Stock Exchange (NSE).

Puzzled industry watchers, anxious investors and bewildered stakeholders have watched as the company, deeply entrenched (the Nigerian unit contributed almost 40% of the Group’s revenue in the first half of 2018) and a private sector giant (by one measure, it directly and indirectly supports half a million Nigerian jobs), has weathered a number of regulatory storms since it began operations in 2001. With the recent development, investors might be beginning to lose faith in the resilience of foreign-owned businesses aiming to operate in Africa’s largest economy.

The negative investor sentiment which caused MTN’s share price to descend to near decade lows last week quickly spread to other South African stocks with Nigerian exposure because of regulatory risk concerns. Standard Bank, the

continent’s biggest lender, saw its share price fall almost 4%; Shoprite, Africa’s biggest supermarket retailer, fell 4.8%; while Naspers, whose MultiChoice Nigeria pay-TV business is grappling with its own regulatory issues, shed 6.4%. The Public Investment Corporation of South Africa, which manages the pensions of South African public-sector employees and owns about 15% of MTN Nigeria’s parent company, alone lost more than R5 billion (N123.6 billion).

Nigeria, despite its promise of high returns, has been a graveyard for companies unwilling to do their homework and wilfully underestimating the rigours of operating in this environment. In 2015, Tiger Brands sold its stake in UAC Nigeria’s flour business for $1, after buying it for $200 million in 2010; it never made a profit from the investment.

Sun International bought 49% of the Tourist Company of Nigeria in 2006, giving it part-ownership of the flagship Federal Palace Hotel in Lagos. By the time it pulled out of the country in 2016, earnings had fallen 58% and occupancy rates at the property dipped to 42%. Retailer Woolworths closed its three stores in Nigeria in 2014, a mere year-and-ahalf after it first entered the market.

The firm said at the time that shuttering its Nigerian unit would not hamper its Africa expansion plan. Telkom

had to abandon its investment in Nigeria’s Multi-Links, which had bet on code division multiple access (CDMA) technology, which is preferred in North America but nowhere else.

MTN’s travails raise wider questions about Nigeria’s regulatory climate, chief of which appears to be a divide between regulators and oversight bodies. In November 2017, Nigeria’s upper legislative house approved a report largely exonerating the company from accusations that it illegally repatriated $14 billion out of the country. The Senate, instead, indicted the CBN for granting extensions and exemptions to financial regulations, opening the door to potential “sharp practices by commercial banks”.

There are also political and economic considerations at play here.

The government is under pressure to generate more non-oil revenue months after emerging out of a recession that saw economic output almost halve in late 2016 and much of 2017. International credit rating agency, Moody’s Investors Service, says the country’s key challenge remains improving its ability to generate revenue away from its key export – oil. It called the authorities’ efforts to increase non-oil revenue since late 2015 “largely unsuccessful” and says it will remain a “key

weakness” for the country as it approaches crunch elections next year.

Despite its economic challenges and heightened regulatory risk, Nigeria remains on a growth path, a proposition which will continue to make it attractive to investors.

Despite this, Dobek Pater, director at research firm, Africa Analysis, thinks it is not all gloom. “Nigeria is still worth it for MTN,” he told Business Day TV. “While half of its 190 million plus people live on about $2 a day, from a 10, more like a generational 20-30-year perspective, it will grow in terms of disposable income levels of the consumer, in terms of business requirements for telecommunications, IT services and content consumption,” he added.

But, as with many things concerning Nigeria, the necessary caveats. “It’s just that it is becoming an increasingly risky environment to do business in and that is what I think investors are worried about,” Pater added. David Shapiro, deputy chairman of Sasfin Wealth, a private wealth manager, said the country’s actions reinforced his “very sceptical” stance towards investments in the rest of Africa, where “you have governments that are largely unpredictable”.

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Editorial

The curious squeeze on MTN Nigeria

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he additional demand for $2bn in back taxes from MTN Nigeria through the Office of the Attorney General of the Federation lends credibility to suspicions that the actions on the leading telecoms firm are premeditated and seek a predetermined goal.

It is unclear to both watching investors and citizens the purpose of government’s actions. In the absence of clarity, therefore, what is evolving is a signal to investors to be even more wary and circumspect about investing in Nigeria at a time when the country needs more investments than ever.

The quantum of funds involved, the matter of previous approvals and waivers as well as Senate clearance and now re-occurrence of the same issues leave a trail of confusion.

There is a need for clarity, circumspection and action that promotes the mutual interests of Nigeria and organisations and persons who invest in our economy. Currently, the atmosphere is so foggy no one can see clearly.

Nigeria through the Central Bank recently asked MTN Communication Nigeria Limited and four banks to refund cumulatively $8.14bn in dividend payouts to its shareholders over a period of 10 years allegedly for using unauthorised certificates of capital importation.

The CBN also hammered the banks that facilitated the trans-

actions, namely Stanbic IBTC Bank, Standard Chartered Bank, Citibank and Diamond Bank. The four banks are required to cough out $16m.

MTN then revealed on September 4 additional demand for back taxes from the Office of the Attorney General. While the AG’s office estimates a sum of $2bn, MTN admits a figure of $700m.

The firm says it has settled those taxes through the proper channels of tax authorities and is surprised at the demand coming from the office of the country’s chief law officer.

Nigeria accounts for more than a quarter of MTN’s total subscriber base spread around 22 markets. MTN through massive and aggressive investments helped to spur the growth of the GSM sector and telecommunications in Nigeria. CEO Rob Shuter in a call to investments analysts affirmed the commitment to Nigeria and its determination to stay.

Central Bank of Nigeria later clarified that it would refund MTN the $8.1bn in local currency when it answers the demand for a refund of monies in dollars transferred to shareholders outside the country. CBN Governor Godwin Emefiele clarified in an interview with this paper that the crux of the matter of the bank’s demand is the alleged “unauthorised conversion of a loan of $399m to preference shares by the MTN and the banks and thereafter the repatriation of the sum of $8.1billion with CBN final approval”.

Emefiele added: “The facts

from the last examination which commenced in March 2018 is that at the inception of the company the shareholders inflowed the sum of $402million and reported that $344million was equity and $59million as loan. The examiners later discovered that in its 2007 audited accounts, MTN’s auditors reported that the investment of $402million was stated as $2.99million in equity and $$399million as loan, a statement that conflicts with their earlier disclosure and by which CCIs had long been issued to the company.

Soon after, the company through its bankers approached the CBN for the conversion of the loan of $399million to preference shares.”

The handling of the alleged breaches by MTN by the Federal Government have raised many issues and doubts. Analysts question the real problems at stake or if there is more to this issue than what both MTN and the government are saying to the public.

On the surface, the allegations paint the picture of a cocktail of malpractices perpetrated by MTN. When the telecom sector regulator slammed a fine of $5.2billion on it for failure to register SIM cards in 2015, it was a clear case of negligence and impudent disregard for rules.

However, it won sympathies from many quarters as a leading investor in the country. The government eventually reduced the fine to $1billion.

In the instant case, the Central Bank of Nigeria points to a failure

to comply with regulations and attempts at falsification of facts and figures. MTN denies these. Critical questions for the banker of last resort include why it failed to flag these alleged defaults over a ten-year period, why it gave MTN clearance at the Senate hearing on the matter and why the same issues are cropping up now.

The more curious and disturbing angle is the involvement of the Office of the Attorney General of the Federation as tax collector.

Does the participation of the AG speak to a failure of the Federal Inland Revenue Service or distrust of its operations?

There are many lessons. Asking for back taxes over a long period points to lax enforcement of the rules over the period or at best failure to act promptly. There is an enabling environment for ineptitude as well as corporate indolence and laxity.

More importantly, both the Central Bank of Nigeria and the Office of the Attorney General owe the nation clarity on the issues. Their communication on the matter has not been forthright and has left many questions unanswered. MTN is not a small fry and ranks as one of the foremost players in Foreign Direct Investment into Nigeria. Investors and analysts are watching keenly to see even-handedness and uprightness in Government’s dealing with the firm. How it plays out would determine the attitude of investors to Nigeria.

Handle with transparency and circumspection.

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Tizeti secures $3m funding to expand public Wi-Fi service in Africa N

ternet connectivity not only in Nigeria, but on the continent as a whole, by developing a cost-effective solution from inception to delivery, for reliable and uncapped internet access for potentially millions of Africans,” Kendall Ananyi, CEO and co-founder of Tizeti said in a statement the company sent to BusinessDay. Tizeti was first launched in 2012

by Kendall Ananyi and his partner Ifeanyi Okonkwo but was relaunched in 2014 as Wifi.com.ng to the mass market with the goal of providing a sustainable solution to the poor internet connectivity problems in Nigeria and Africa.

Part of the $3 million funding it got will go into setting up Wifi.Africa, another consumer-facing brand later this year. Wifi.Africa will kick off in Ghana before launching in other African countries.

“We have grown rapidly in the Nigerian market in the last twelve months and expect to continue on this trajectory, as millions more Africans come online,” Ananyi said.

Internet penetration rate is at about 20 per cent in Africa representing only 9 per cent of the world’s internet users. Though huge mobile phone penetration rate, the cost of internet data continue to limit millions of Africans from joining the global digital community. It is a challenge that Tizeti said gives it competitive edge.

By significantly reducing operating costs, Tizeti is able to offer what it describes as “hyper-competitive” subscription prices. For instance, a Wifi.com.ng unlimited plan in Nigeria currently cost N9, 500 ($30) per month.

“Reducing the cost of data in Africa is a critical step in accelerating the pace of internet adoption across the continent,” Baddoo said. “Tizeti, driven by a stellar company culture, has built a world-class network that delivers data to users at a fraction of the current cost. Tizeti makes it easier and cheaper to connect Africa to the global digital economy and we are excited to partner with Kendal and his team on this mission.”

MainOne boss says technology innovations slow in Nigeria FRANK ELEANYA

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espite the much touted potential of the country, Funke Opeke, CEO of MainOne seems unimpressed with the growth of technology innovations in Nigeria.

While addressing academics at the department of Electronic and Electrical Engineering, Obafemi Awolowo, IleIfe, Osun State, recently, the MainOne boss noted that Nigeria was behind peers in terms of technology innovations. The country has also made little progress in the fields of electronic devices and instrumentations despite contributions of eminent Nigerians to the development of information and communications technology (ICT).

She pointed out the huge gap between Nigerian engineering faculties and global standards which has widened in the last thirty years.

“These problems include unfavourable climatic conditions, low cost e-learning devices, power, security leading to spin-offs or patents which can be commercially exploited in the immediate market,” Opeke said. “It will also enable students and faculty to exchange ideas with the very best minds inside and outside the academy.

Most important, it will help to prepare students to be citizens of a rapidly changing world.”

To address the gap, Opeke recommended partnerships that will go beyond transferring knowledge from

lab to practice but also provide critical funding for talented faculty and students to pursue foundational research on technologies that can solve local problems.

She urged the Nigerian government at all levels to set up infrastructure, policies, incentives and grants for universities to encourage research and development (R&D), facilitate the growth of industry and improve national competitiveness as seen in several developed countries where the tech industry is driven by publicly funding research such as the National Science Foundation (NSF) and the United States Department of Defense (DoD).

WorldRemit targets affordable money transfer with new African service FRANK ELEANYA

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orldRemit, one of the leading international money transfer firms, has a new product it says will enable customers across the African continent to send and receive money easily and at reduced cost.

In a statement BusinessDay received, the company said the

digital service will first roll out in Kenya, Rwanda, Tanzania and Uganda before it makes it way to the rest of the continent.

“Just as WorldRemit has revolutionised the way people send money from developed countries, our vision is to do the same within Africa,” Ismail Ahmed, CEO and co-founder of WorldRemit said.

“From the frequent traveller, who

works in different countries, to the small business owner buying goods abroad, our new fast service will offer the benefits of lower cost and greater convenience.”

The London-based WorldRemit was founded in 2010 by Ismail Ahmed, Catherine Wines and Richard Igoe and it is backed by venture capital companies such as Accel Partners and Technology

Financing

What your company needs to know about mental ignition he universe, created by a collision, has shown signs that indicate its continued existence is dependent on more collisions – mental collisions of bright individuals focused on driving sustainable actions.

I firmly believe that it is the social responsibility of every inhabitant of the earth to strive towards giving back, at the very least, to her immediate community for sustained growth.

With this as a back-drop, my thoughts on the social initiatives for organisations are on three idiosyncrasies: targeted donations, employee volunteerism, and social hackathons.

On targeted donations, companies could dedicate funds to causes that address environmental concerns. Some of these include seed funding for innovative ideas around alternative sources of renewable energy that harness vibrational, wind, and solar power using new or existing materials to address energy needs.

This could be a prized challenge that involves the development of a multi-layer catalyst tackling the problem of gas flaring by converting released and elusive methane into methanol; a fund directed towards reducing the impact of environmental damages caused to aquatic animals, improving food security, improving quality of life, and/ or reducing the risk of future violent upheavals within a social eco-system, for instance.

Such initiatives will be a positive step in the right direction, not just for strategic philanthropy, but for the sustained existence of the human race.

Another budding action point is encouraging employees to volunteer for programmes that tackle banes in the society like the underutilisation of potentials in student communities and misinformation of college students. Broaching the subject matter, many university students – primarily those in academic disciplines of Science, Technology, Engineering, and Mathematics (STEM), struggle to find internships because of the many inadequacies of the structures in most corporate organisations. A means of tackling this could be for organisations to host career fairs aimed at recruiting students for projects or internship positions. Hard-working student interns are low-cost hires who tend to bring much value to the table.

During my internship, for instance, I made resourceful and valuable recommendations to the top management that would boost

production efficiencies and remove some redundancies in their production line, if implemented. Many students crave opportunities to put their creativity to use in functional organisations.

Also, the misinformation of university students in Nigeria is an issue that dampens students’ employability chances upon graduation.

A way organisations could tackle this problem could be via the encouragement of intra-departmental aggregation of employees assigned to engage with higher institution students periodically.

Focus areas could be on skills required by functional units in organisations, fuelling them into more intentional self and career development beings, amongst other suitable directions. Ultimately, this will positively affect not just individual students but organisations, in the sense that the quality of job applicants will improve over time, there will be healthy competition amongst applicants, and new employees will resume better equipped to take on functional roles within the organisations.

Another novel means of creating impact could be the introduction of social hackathons focused on the use of fresh and growing technological trends.

These include the use of artificial intelligence and machine learning to facilitate the safety of processing plants and storage vessels for handling refined oil products; the merger of machine learning and data science for accurately informing demand-based oil-product distribution models; the development of models that aid inventory optimisation; the analysis and development of marketing models within various demographic regions that rely on behavioural statistics of residents to accurately predict product choices and lots more. Social initiatives of this nature could position today’s Nigerian youths for better global impact in the stratosphere of digital trends.

I must commend the efforts of organisations in developing platforms such as this - focused on creative thinking amongst Nigerian youths and stirring ideas to bring about social change in our time.

This competition has helped me reflect and collect my experiences into words that hope to address vital issues. I appreciate the opportunity and hope that this initiative and others adopted in the future continue to spur disruptive and creative revolutions that ultimately advance youths in our society.

Crossover Ventures (TCV). In 2017, the company received a $40 million Series C funding led by Leapfrog Investments.

Nigeria is listed as part of the countries where customers can access its services. It has partnership with nearly all the financial institutions in the country.

According to the company’s statement, with transfers from the African continent growing by 80 per cent, WorldRemit enables more than $1.6 billion annually. It also trades in all

African currencies every day and has an extensive pan-African distribution network including bank, mobile money and cash pick-up points.

“WorldRemit customers transfer from over 50 countries to over 145 destinations globally,” the statement noted. “Last year, WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal.”

The company however did not indicate when the new digital service will go live.

OYAKHIRE SOLOMON TOLULOPE

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FRANK ELEANYA

igerian internet service provider (ISP) Tizeti said it has secured a $3 million Series A round that will enable it provide Wi-Fi services to consumers in other parts of Africa, starting from Ghana.

The investment brings its total to $5.1 million, haven received seed funding of $2.1 million in 2017.

The latest round of investment is led by venture capitalist firm, 4DX Ventures with participation from existing investors like Y Combinator Continuity, Lynett Capital, Social Capital, Western Technology Investment, Friale, and Golden Palm Investments.

Apart from investing in Wifi.com. ng, a consumer facing brand owned

by Tizeti in 2017, 4DX Ventures have also financially backed Flutterwave in 2016 and 2017 as well as Andela in 2014, companies co-founded by a Nigerian. Walter Baddoo, co-founder and managing partner of 4DX Ventures will be joining Tizeti’s board of directors, as part of the financing round.

Founded in 2012, Tizeti builds and operates solar-powered towers in Nigeria and through Wifi.com.ng provides residences, businesses, events and conferences with unlimited high speed broadband internet access, covering over 70 per cent of Lagos. Its The Y Combinator Winter 2017 alumni, is behind more than 7,000 public Wi-Fi hotspots within Nigeria enabling 150,000 users with high speed internet. The company had in November, 2017, announced a partnership with Facebook to offer Express Wi-Fi in Nigeria.

“Tizeti was built to tackle poor in-

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Mini-grids provide N2.8trillion yearly investment opportunities in rural Nigeria ISAAC ANYAOGU

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ini-grids in rural Nig er ia can provide business opportunities worth over to N2.8 trillion per year in providing rural electrification projects for communities who are living in areas Nigeria’s national grid does not cover as well as providing a cost-effective solution to power challenges according to a report by ...

“The Nigerian mini-grid space is ready to take off, and there is a huge opportunity for investment to scale the market,” said Sachi Graber, an associate at Rocky Mountain Institute and co-author of the study.

“These mini-grids could drive a significant economic change in rural Nigeria,” Graber added.

The Nigerian minigrid market today has reached an inflection point - costs are competitive with alternatives like diesel and petrol generators, and projects are moving away from grant funding to commercial investment, says the report. Yet at the e same time, minigrid costs can be reduced by more than 50% over the next three years, unlocking market scale to tens of thousands of sites within Nigeria alone.

The 40- page document

seen by BusinessDay found that that acelerating development of this market will require building on the foundation in place and addressing key challenges that may slow progress.

In the last few years, the Federal Government of Nigeria has created policy to enable minigrid and offgrid development in the country. Beginning with the National Electric Power Policy of 2001, and including more recent policies like the Nigerian Electricity Regulatory Commission’s Mini Grid Regulation of 2017, “the government has increasingly committed to off-grid development and electrification. This commitment has ranged from enabling regulation and policy to direct investment through budgeted funds and facilitating development partner loans and grants,” the report said.

It however recommend-

ed that, “there is a need to provide more clarity on policy by addressing overlapping mandates and competing frameworks, as well as to more consistently enforce existing regulation. The government can also continue to improve the ease of doing business, considering customs issues and supporting finance development in particular.

On Tariff

users were charged using different tariffs. For most projects, tariffs were developed in agreement with the host community. In each community, the majority of residents report spending less on electricity from the minigrid now than they did on energy alternatives before the minigrid’s installation.

“Today’s cost-reflective minigrid tariffs are typically near N200/kWh (US$0.57/

The report also said that the costs are becoming affordable. “Tariff rates vary from site to site, but a flat tariff structure (a single

fixed price per unit of electricity) for all customers was implemented in nine of ten sites. At the last site, residential and commercial

kWh), which is less expensive than the cost to run a small diesel or petrol generator set. Although this cost reflects the small scale and risk of a nascent market, minigrid tariffs are expected to continue falling and can be reduced by 60% by 2020.

In comparison to diesel, the report said that “the levelised cost of electricity (LCOE) from a small diesel generator is at least N250/ kWh (US$0.71/kWh).

The report said that implementation of the commercial minigrids detailed in this report provides a proof point for how projects can be successfully installed and operated. These projects also provide clear best practices that developers, investors, and other stakeholders can learn from as the next generation of minigrids are installed. it also said that, “At the same time, their experience highlights opportunities to significantly reduce cost through a variety of measures. Similarly, continued improvement of the business and policy environment will enhance project bankability and sustainability and unlock investment needed to reach greater scale. This report presents a set of key recommendations for how policymakers, the business community, investors and development partners, and minigrid de-

velopers can address these challenges and help to realise this enormous opportunity.”

According to the report, as the minigrid sector in Nigeria grows, it offers both meaningful impact and exciting investment opportunities. “In a matter of 12–24 months the number of commercial minigrid systems is expected to increase by a factor of ten, while project costs are falling and best practices are being implemented across the sector,” says the report.

This progress can be further accelerated as new investors enter the market and stakeholders address opportunities for enabling growth. As the Nigerian market scales, it can be a vanguard for expanded minigrid development across subSaharan Africa, where investors and developers can transfer the experiences and lessons learned in Nigeria to other countries with similar energy landscapes. Taken as a whole, the future is bright for the minigrid industry and the electrification of rural Nigeria The report also provides recommended best practices for the mini-grid sector, based on current operating mini-grid projects, which can ensure success from both a business and development perspective.

Nigeria-centric off grid energy business models on the rise – Boer

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igeria’s peculiar challenges with inadequate electricity supplies to a good number of its citizens have led investors and operators to develop and adopt resourcefully tailored business models and renewable technologies to drive up access to electricity in the country, Wiebe Boer, chief executive officer of All On, has disclosed.

Boer, a 2015 Tutu Fellow said in a literature he wrote in the African Business Magazine, that the development of the new model and technologies indicated that with the right financing, regulation, and consumer aspiration, the country’s off grid power sector was at a tipping point.

He explained Nigeria still had lots of structural barriers to providing access to electricity for about 120 million people he said lacked electricity at the moment,

and would need to address these barriers.

“New and improving renewable and gas to power technologies and business models adapted to the particularities of the Nigerian market are emerging, suggesting that with the right financing, regulation, and consumer aspiration, the sector is at a tipping point in the country,” said Boer.

According to him: “The problem (power shortage) is particularly acute in Nigeria, which has an estimated energy gap in the range of 30GW to 175GW, a gap that will cost between $40bn and $200bn to address. Research shows that an estimated 28m households and 11m SMEs in Nigeria are either off grid or receive less than four hours of power per day (bad grid).”

“This amounts to 120m people living without access to reliable and affordable power – or 75% of the popu-

lation. Nigeria is already the world’s most off-grid country, with up to 60m generators in the country generating far more energy than the national grid. But this approach, using expensive

dirty fuels, is not efficient, cost-effective, environmentally sound, nor sustainable,” he added.

Boer explained the access-to-energy challenge in Nigeria required a combina-

Wiebe Boer

Analyst: Isaac Anyaogu, Email: isaac.anyaogu@businessdayonline.com, 07037817378,

tion of both the traditional large-scale power generation approaches and distributed power innovations that are smaller scale, lower cost, and quicker to market, to be addressed.

He noted that while the government had put in place an attractive regulatory environment and was supporting the growth of the off-grid energy sector through the Rural Electrification Agency (REA), there still remained major barriers for deployment of access to energy in the country.

Boer listed the inconsistency to include import duties, the lack of mobile money penetration, and financing.

He also stated that market studies conducted by Dalberg in 2016 suggest that in Nigeria’s south region alone, there is a high willingness to pay for off-grid power with an estimated annual spend of $825 million.

“Extrapolated across the country, this amount to $10bn in annual spend for off-grid energy. Other data suggests that Nigerians are willing to pay substantially more for alternative energy sources than their counterparts in East Africa and India, and also that the typical Nigerian household has a higher power load requirement.

“Recognising the opportunity for substantial economic and social impact, there is an ever-increasing set of home-grown and international businesses entering the space, along with a growing number of investors.

“In the midst of all this activity, new business models are emerging where there is a convergence of solar home systems and mini grids, as well as business models where the generation and distribution for mini grids is separated,” he stated.

Graphics: Joel Samson

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CHI unveils travel insurance policy for customers

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Clarke Energy, Kohler plans £650,000 diesel assembly plant in Lagos MICHEAL ANI

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larke Energy, w orking w ith Kohler SDMO, said it plans to open its first assembly plant for diesel engines worth £650,000, which will be based in Nigeria, according to a statement obtained from the firm’s website.

The UK based firm said the investment will be located in Lagos and will employ 22 full time staff at start up, demonstrating the companies continued commitment to international trade “The facility is planned to assemble diesel genset units up to 700kW, Alexander Marshall, Group Marketing and Compliance director told Businessday. We also have plans to further expand our capabilities by building larger units once the plant is completely operational”.

“Clarke Energy, Kohler SDMO and their local distributors will sell the generators

making use of the company’s engineering, installation and maintenance capabilities and the smaller units are to be sold via local distributors,” Marshall said.

Nigeria installs circa 20,000 diesel units per year but only 15 percent of the current market share is imported due to the import tax imposed by the government. It was therefore identified that it was essential to set up a local facility to deliver competitiveness and profitability whilst maintaining the highest standards of manufacturing using technicians trained in the UK and France.

Marshall noted that the assembly plant is the first of its type by the firm in any of the 25 countries in which it operate operates.

“The project has utilised companies’ experience across project management, finance and service and compliments the gas to power based installations that the company excels in globally. It is also a success as a Franco-British

L-R: Jimalex Orjiako, group head, technical division, Consolidated Hallmark Insurance Plc; Mary Adeyanju, executive director, operations, and Tope Ilesanmi, regional director, retail and western region, during the press conference on new travel insurance policy and digital payment channels in Lagos.

Pic by Olawale Amoo

collaboration with Kohler SDMO, with both companies working together in unison sharing manufacturing experi-

Nigerian market not yet mature for Rent-to-Own home model, says Previs …offers Rent-to-Own-Land as alternative starting point CHUKA UROKO

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he Nigerian real estate market is not yet mature and ready for the burgeoning rent-toown homeownership model, Previs Development, a special purpose vehicle in the James Cubitt Group, has said.

The company, whose vision is to make property ownership possible, enjoyable and meaningful for everyone, notes that despite the seeming simplicity of this model, careful study of the offers in the market now shows that the absence of mortgage financing has significantly limited the number of homes that can be delivered using that model.

As a homeownership model, rent-to-own, also called rental-purchase, is a type of legally documented transaction under which tangible property, such as land or a house is leased in exchange for a monthly, quarterly or annual payment, with the op-

tion to purchase at some point during the agreement.

The model is gaining popularity among developers and is being championed by the Lagos State government as a viable option for providing ‘cheap’ housing accommodation for its civil servants.

But Previs says that with some of its building developments sold out using the rent-to-own scheme, it has observed that the Nigerian real estate market is not yet ready for a rent-to-own model for houses.

“We want to cater to Nigeria’s underserved middle market. This is why we have created a product called Rentto-Own-Land (RTOL). The logic is simple: without access to bulk funds, aspiring property owners must approach their home ownership in milestones – land first. Getting land is where the journey starts for most homeowners,” explained Peter Coker, Previs’ managing director, in a statement.

“Our planned estates are

strategically located. Subscribers under our RTOL scheme enjoy up to 200 percent capital appreciation because the estates are in developing areas which are receiving focused attention from the government, ” Posi Lawore, the Project Lead for Previs, disclosed.

“These estates are properly planned. Subscribers know that their neighbour will not turn their residences to office spaces years down the line,” Lawore assured.

The number of residential accommodation being transformed to offices spaces continues to increase daily.

This invariably changes the dynamics to the living conditions and may affect property usage and pricing.

Tolulope Olorundero, Marketing and Communications Lead, disclosed that the Phase 1 of their property in Lekki Scheme 2 was sold out, while Phase 2 was also fast selling out because their subscribers enjoyed monthly or annual payment plans of up to 5 years.

ence along with local market knowledge”.

Alan Fletcher, Clarke Energy’s Managing Director for

Africa said, “The investment in the first assembly plant for Clarke Energy and partnership with our sister company

Kohler SDMO will help to improve the costs and availability of the Kohler generating sets in Nigeria. In parallel we are creating jobs in the country and expanding our existing local capabilities.”

Clarke Energy’s is approaching 20 years’ experience of operating in Nigeria with over 360MW delivered for a wide range of applications with emphasis on local and responsive after sales support.

The firm has recently supplied its first hybrid power generation solution, delivered to OK Plast in Lagos, demonstrating engineering capabilities to deliver hybrid power generation solutions for microgrids.

Hervé Prigent, Kohler SMDO’s general manager said, “Clarke Energy’s strong presence in Nigeria made them an ideal partner to work together to assemble our diesel gensets in Nigeria. We will be building to the highest standards in country, in parallel improving our customer’s access to and pricing of these generating sets”.

Ecobank new MD to drive customerfriendly banking services Seyi John Salau

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atrick Akin Akinwuntan, managing director and Regional Executive of Ecobank Nigeria has started his new role in the bank. The vastly experienced banking professional is passionate about bringing customer-friendly banking services to every household in Nigeria. This means that Nigerians can expect a more customer-friendly Ecobank as well as continued marketleading banking innovation that will make their banking easier, more convenient and an overall better experience.

The Ecobank Group aims to be serving 100 million customers by the end of 2020 and intends for many millions of them to be in Nigeria.

Akinwuntan explains; “My mandate is to deliver the brand promise of Ecobank as a leading financial institution in Nigeria in the hearts of our customers by ensuring that we treat our customers well when they choose to open

a bank account with us or do their payments, collections, savings and financing through us. In this manner, we will realize the vision of our founders, which is that Ecobank is the pan-African financial institution that empowers every African to realize their ambitions through convenient, accessible and affordable banking products and services delivered at a price point that is affordable to all and gives quality returns to shareholders.

The foundations that will ensure we serve the needs of our consumer, commercial and corporate clients through our digital solutions such as the Ecobank Mobile app, EcobankPay, Rapidtransfer, XpressAccount, Xpress Point agents, Ecobank OMNI and Bank Collect, have been laid.

Ecobank has built an unrivalled banking platform in Africa and we have earned several accolades within and outside Africa in the past decade which is a testimony of the transformational role we play in various markets in Africa.

We will therefore continue to leverage the deep market knowledge of Nigeria that we have, our unrivalled panAfrican reach, digital platforms, Ecobank branches and Ecobank agencies (EcobankXpress) to empower our customers, drive commerce, financial inclusion and support Nigeria’s renewed focus on becoming the trade hub of Africa.”

He said his is a thoroughbred Ecobanker and has the requisite skills, experience and background to enable a seamless transition as he takes up his new role. “My combined and diverse Group and country experience built over 20 years and covering virtually all key aspects of banking and the track record and trust built amongst my colleagues and customers of the bank will serve me well in this new role.” he explains. I am indeed privileged for the opportunity to serve in the noble mission of Ecobank, bringing financial integration to our continent and it is a particular pleasure to be able to now do so in Nigeria.”

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CHI unveils travel insurance policy for customers ...creates digital distribution channels Modestus Anaesoronye

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nderwriting firm, Consolidated Hallmark Insurance(CHI) Plc has announced the introduction of travel insurance cover to its bouquet of products, targeted at giving its numerous customers a worthy travel experience when the go outside Nigeria.

At the same time, the Company has also unveiled new payment channels to bring about ease of transaction and expand reach of her products to different parts of the country.

Mary Adeyanju, executive director, Operations, Consolidated Hallmark Insurance CHI Plc made the disclosure during a press briefing at the Company’s head office in Lagos.

Adeyanju who represented the managing director/CEO of the Company, Eddie Efekoha, said the Travel Plan was designed to address the needs of her numerous clients and members of the public who, during trips outside the country encounter several unforeseen losses of property and huge expenses in health bills.

“It is our desire therefore that our clients Travel with their mind at rest by obtaining the CHI PLC Travel Insurance.”

She the Travel Plan, which

is coming in partnership with Mapfre Asistencia of Spain, cover expenses incurred due to trip cancellation, as well as compensation in respect of expenses incurred for delayed departure. “The policy also covers medical expenses and hospitalisation during the trip while abroad, and in the event of loss of luggage, the Travel Plan covers cost of replacement up to the pre-agreed amount covered by the policy.

According to her, the policy holder can upgrade cover to include injury that may be sustained whilst engaging in winter sporting activities during the trip.

She further stated that the CHI Travel Insurance which covers the Schengen and other European countries, Asian, African countries and America, has since been approved by the National Insurance Commission (NAICOM).

“It will provide the required cover for travelers who go abroad for tourism, business trips or educational pursuit.”

Duration of cover is available for short trip and up to a period of twelve months, renewable thereafter, and special plans have been put in place under the plan to cater to the needs of pilgrims during trips to the holy lands (Pilgrimage Protection), and Students special Travel Plan.

L-R: Erhumu Bayagbon, head, corporate communications, Airtel Nigeria; Emeka Oparah, director, corporate communications/CSR, and Tonye Boham, head human resource talent management, all of Airtel Nigeria, at the Airtel Touching Lives Season 4 media

Pic by Olawale Amoo viewing held in Lagos.

On pricing, she said the rates are competitive beginning from N3,800 based on duration of trip and destination of the prospective policy holder.

On the new digital payment channels, Consolidated Hallmark Insurance has also recently introduced additional premium payment channels in an attempt to ease the transac-

Habo Global unveils e-payment mobile app to ramp up sales in Nigeria Jumoke Akiyode-Lawanson

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abo Global Limited, a sanitary product producer based in Lagos has unveiled a mobile app designed to bring the company products especially female hygiene sanitary towels to customers and also to reduce the possibility of buying counterfeit.

Speaking on the need to launch a mobile app for its products, Nkiruka Igbokwe, the general manager of Habo Global Limited said; “we decided to deploy this mobile app to enable women and all those interested in our products to have easy access to original products. It will also reduce the stress of searching for where to get these products.”

Igbokwe added that the app is designed to incorporate electronic payment and logistics as in the case of ecommerce. “We hope that this will make the use and access of

Habo products more exciting for our customers,” she said.

Speaking on the security and development of the mobile app, Ifeanyi Ifeabunike, the chief executive officer, Mira Technologies Limited said that “we brought the global best practices to the fore in the deployment of this app. We have taken into the consideration the need for customers to have their data protected by working with Interswitch, a reputable payment gateway and Guaranty Bank PLC to ensure that Nigerians have the most secured mobile app.”

“We also integrated email authentication and notification to ensure that security is taken a step further. The mobile app can be downloaded via Google Play store”, he added.

In line with corporate social responsibility and the digitisation policy of the company, Habo Global says it has also decided to give back to women by encouraging them to download the app and stand the chance to win mouthwatering

prizes that would enable them start up their businesses.

The company has created a HashTag Habo Global (#HABOGLOBAL), on Instagram for a competition that encourages creativity with one minute video about the Habo sanitary pad. Winners stand the chance of becoming Habo products ambassadors.

Paul Osaze Ohunmende said that “prizes ranging from one million to hundred thousand would be won in the two month period that the Instagram competition would be on.

“We understood that a lot of Nigerian women are hardworking and we are looking at empowering about four women and making them our products ambassadors.

In a social media world, we encourage women to follow our Instagram page and make a one minute video and talk about the sanitary parts. This is in line with the unveiling of the app. Women with the highest likes stand the chance of winning mouthwatering prizes,” Ohunmende said.

tion process.

According the company, clients who effected payment of their renewal premiums with written cheques and direct bank deposits/transfers are now taking advantage of the recently introduced channels.

“The digital channels include Quickteller, Paydirect, partnership with GTbank Inter-

net banking and the payment enabled company website – chiplc.com.

“Clients of the company, in utilising these channels now have fast and convenient access to the payment portals, saving valuable time in the process.

“For Quickteller, simply search for Consolidated Hallmark Insurance and follow the

steps to pay the renewal premium.” “Payment of premium for the insurance policies underwritten by the company can also be made through Paydirect by simply visiting the branch of any commercial bank in the country and requesting to make Consolidated Hallmark Insurance Premium through PayDircet.”

SSAOGES to focus on energy infrastructure deficiency in Sub-Sahara Africa FRANK UZUEGBUNAM

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he maiden edition of Sub-Sahara Africa Oil, Gas and Energy Summit, (SSAOGES 2018) “scheduled to hold in Nairobi, Kenya in October this year will focus on energy infrastructure deficiency in Sub-Sahara Africa according to Oladeji Olawale, the co-convener of the summit at a news conference on the summit in Lagos adding that stakeholders in oil, gas and energy industry would congregate in the East African country to find answers to decades of lack of clear policy in the sector.

The energy summit, was being put together to build effective multi-stakeholder partnerships, particularly with private sector across SubSahara Africa.

Olawale said that Kachikwu had confirmed his participation, adding that he would address experts on prospects of investing in those critical sectors. Munyes Kiyonga, Aziz Rabah who are ministers of en-

ergy for Kenya and Morocco respectively have confirmed their attendance. Other dignitaries who will grace the event include Victor Khaikov, adviser to President Putin on oil and gas matters, Fidelis Tendo from Cameroon, and Anthony Paul from Trinidad and Tobago amongst others.

Olawale said that the operators would also find direction among governments in Africa to support deployment of key infrastructures to harness its abundant energy resources.

He said that stakeholders in the industry were now looking at ways to see that adequate energy supply would be produced.

The planned event will help to facilitate needed investments into the oil and gas industries and explore possibilities of the gas revolution in the region.

Olawale underscored the importance of the summit, stressing that when put the projections of the UN and IMF side by side, it showed that Africa had a lot to do to achieve economic prosperity and energy efficiency.

“With increasing population growth, increase in demand for energy becomes critical. Africa as a continent, though with enough energy reserves to serve its teeming population does not have the infrastructure to produce enough energy to meet the continents need. This scenario will only get worse if urgent steps are not taken to ensure energy efficiency,” he said.

Olawale further explained that the summit was organised around presentations, panel discussions and breakaway sessions evaluating identified themes bothering on oil and gas and energy infrastructure in Sub-Sahara Africa.

He said that it would also help to evaluate the penetration of the oil and gas industry into various parts of the economy, foster and build inter regional partnerships.

The convener said that summit would also focused on cooperation among nations in the Sub-Sahara Africa, explore and create better connections between the gas industry and other domestic sectors.

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How Samsung, Apple have performed on their smartphones ...IPhone hits 43.5 million active devices.

Jonathan Aderoju

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ver half of the 3.2 b i l l i o n s ma r tphones that were used globally in May 2018 were made either by Samsung or Apple, with the tech giants boasting market shares of 27.2 percent and 23.8 percent, respectively According to newzoo global smartphone and tablet tracker.

On a device level, Apple is more popular than Samsung, newzoos data for May 2018 shows that the iPhone 7 finally put an end to the iPhone 6’s impressive run as the most actively used smartphone in the world, knocking it down to the number two spot.

All in all, there were 118.7 million iPhone 7s and 118.5 million iPhone 6s active in the market in May. The iPhone 7 family now makes up 26.3 percent of all active Apple smartphones on the market.

The iPhone 6S was the thirdmost used model globally, followed by the iPhone 7 Plus. Samsung’s most popular smartphone

model was the Galaxy S8, with 56.3 million active devices, making it the number six globally.

The iPhone 7 family now makes up 26.3 percent of all active Apple smartphones on the market. And the iPhone X made up 5.7 percent of All Active Apple Smartphones in May 2018.

After a successful launch period in November 2017, the iPhone X already had 43.5 million active devices in May 2018, which is 5.7 percent of the 766 million iPhones that were used.

In comparison, the iPhone 7 and 7 Plus made up 15 percent of all active iPhones in the same period of the previous year (May 2017).

Still, it’s worth noting that consumers had more choice this time around, as the iPhone 8 was released launched barely 2 months before the iPhone X launch. On that note, the iPhone 8 family is performing better than the iPhone X. Data showed that 30.2 million iPhone 8s and 32.7 million iPhone 8 plus devices were active in the market in May further highlighting consumer’s growing preference for larger screens.

The market with the highest number of iPhone X smartphones in May was China, which accounted for 28 percent of them ahead of the U.S. with 22.3 percent.

Samsung’s Galaxy S9, which was launched on March 11, 2018, alongside the larger and more powerful Galaxy S9+. Compared to Samsung’s previous flagships, the S9 family features a higherquality camera and a betterpositioned fingerprint sensor.

Interestingly, the S9+ was more popular than the S9 in May 2018, with 7.4 million active devices as against the standard model’s 5.2 million yet another recent example of smartphones with larger screens performing better than their smallerscreened counterparts.

After around two-and-a-half months on the market, the S9 family’s grand total of active devices was 12.6 million, which is 1.4 percent of all active Samsung smartphones in May. This uptake is slower than the S8, Apples last flagship smartphone, which made up 1.8 percent of all active smartphones back in May 2017.

MTN Nigeria donates ultra-modern ferry terminal to Lagos State

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TN Nigeria has donated a world class ferry terminal to the state government, describing the state as home of aquatic splendor and as part of efforts to harness the potentials of water transportation in Nigeria.

The new Five Cowrie Creek Terminal was built at the site of a former refuse dump near the lagoon, close to MTN’s headquarters. After seven years of work, the jetty will now serve as the headquarters of the Lagos State Waterways Authority (LASWA), and includes a berthing area for up to 20 boats, ticketing/waiting areas, a restaurant and a rooftop section with a lovely view of Ikoyi

and Victoria Island.

In addition to the terminal, a multi-level carpark (with the capacity to house 800 cars) was also commissioned by the State Governor. This carpark was also built and operated by MTN Nigeria for the Lagos State Development and Property Corporation (LSDPC), under a Public Private Partnership (PPP) arrangement.

Both facilities were commissioned by the State AttorneyGeneral, Adeniji Kazeem (who represented Governor Akinwunmi Ambode) in the presence of excited LASWA staff, state government officials and some traditional rulers.

The MTN delegation to the event was led by the chief operat-

ing Officer of MTN Nigeria, Mazen Mroue; the Chief Enterprise Business Officer, Lynda Saint Nwafor and the Customer Services Executive, Ugonwa Nwoye among others.

In his speech, the governor said the completion of the new Terminal project was a demonstration of the state government’s resolve to ensure the development of the water transport sector in the state.

He praised MTN for its investment, support and commitment to ensuring that both projects were delivered, while calling on corporate organisations to partner with the state government in its efforts to improve public infrastructure.

Heritage Bank, Multichoice boost Africa’s film industry

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eritage Bank Plc has partnered with MultiChoice Nigeria Limited, owners of the DSTV and GOTV brands to boost film industry with the sponsorship of the 2018 edition of the Africa Magic Viewer’s Choice Awards (AMVCA).

Speaking at the event which held in Lagos over the weekend, Fela Ibidapo, divisional head, Corporate Communications of Heritage Bank, said the bank sponsored the programme puts the Nigeria’s entertainment space on the world’s stage and there is no better platform for Heritage Bank than this.

He added that it is also an offshoot of what the bank has been doing in the entertain-

ment space in partnership with Multichoice.

He said the bank prided itself in its ability to hand hold different sectors of the economy in order to nurture them and help them to grow, remarking that the bank’s participation in the recent Nigeria’s creative summit has further given it a boost as it is now more committed to supporting the entertainment industry.

According to him the bank is proud of the entertainment industry and will continue to stand by operators in it by supporting them and watch them grow. Also, Heritage Bank has always partnered with MultiChoice to bring the Big Brother Nigeria (BBNaija) to viewers

across Africa and beyond.

Ibidapo said the bank sponsored the indigenous language category in movies and TVs: the Ibos, Yoruba and Hausa movies in a bid to promote the Nigerian culture, remarking that Heritage Bank will always support anything that has to do with the Nigerian culture, which is its heritage.

The Africa Magic Viewer’s Choice Awards is Africa’s most prestigious celebration of film and TV talent behind and in front of the cameras. The AMVCAs also represent the significant investment made by MultiChoice as a show of its commitment to the development of skills and talent on the continent.

L-R: Femi Elebiju, project manager; Dolapo Ogunjana, event manager; Oladeji Olawale, co-convener, and Kayode Olamoyega, project consultant, all of Sub-Sahara Africa Oil, Gas and Energy Infrastructure Summit (SSAOGES) during the press conference to announce the forth-coming Sub-Sahara Africa Oil , Gas and Energy Summit in Nairobi , Kenya in Lagos.

Pic by Pius Okeosisi

L-R: Bukky Akin-Ajayi, manager, Davies Street (Lagos Island) Branch of First City Monument Bank (FCMB); Lilian Ojukwu, managing director of Bubbling Bureau De Change and winner of the star prize of the promo; Bukola Smith, executive director, business development of the bank, and Paul Adebo, head, SME liability, during the cheque presentation ceremony to the winner in Lagos.

L-R: Pamela Emodi, education portfolio manager, MTN Foundation; Abasi-Ekong Udobang, senior manager, program implementation, MTN Foundation; Iyabo Solanke, executive vice chairman, Nigerian Communications Commission, and Denis Okoro, director, MTN Foundation, during the MTN Foundation Scholarship Alumni induction and award ceremony in Abuja.

L-R: Olalekan Ilori, chairman, Throne Group of Companies; Oladipo Oladimeji, managing director, Throne Autos Limited, and Deji Oso, chief operating officer, Vintage Options Ltd., , during a press conference on the ease of vehicle importation by Throne Autos Ltd., in Lagos.

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INSIGHT Facts behind the Findex Figures: Nigeria’s 2017 Indices

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inancial inclusion, and especially the use of digital financial services, is being shown by a growing body of evidence to have numerous potential development benefits, with wide ranging applications. Whether facilitating investments into key development sectors, like healthcare, education and small business and so driving economic growth, or directly enabling the poorest to save more effectively, to access and pay for essential services or to receive government benefits, the number of applications for digital financial services is still growing. That is why a broad range of international donor agencies and philanthropic foundations have recognised its importance, and established well-funded and ambitious programmes to achieve inclusion, everywhere in the world.

One of these programmes is the World Bank’s Global Findex Database, the most comprehensive analysis of financial inclusion globally; with data sets on how adults save, borrow, make payments, and manage risk. Established in 2011, it is updated every three years with data collected in partnership with Gallup Inc., through nationally representative surveys of more than 150,000 adults in over 140 economies. The data is used as a key indicator of progress towards the UN’s Sustainable Development Goals.

The 2017 data was released in April 2018, and shows a continued rise in financial inclusion globally from 51% in2011, to 62% in 2014 and now 69% in 2017. 515 million people opened a financial institution or mobile money account between 2014 and 2017, bringing to 1.2 billion the number of adults that have obtained an account since 2011.

However, while Sub-Saharan Africa, in general, improved inclusion rates from 34% to 43% between 2014 and 2017 in Nigeria, the opposite is the case, with financial inclusion decreasing from 44% of the population in 2014, to 40% in 2017.

Exclusion is heavily focused on 7 countries but most are improving Nearlyhalf (46%) of the global unbanked population reside in just seven economies; Nigeria, China, India, Indonesia, Pakistan, Mexico and Bangladesh. Specifically, 4 % of the financially excluded live in Nigeria. Proximity and affordability – specifically financial institutions’ locations being too far away and financial services being perceived as too expensive are key reasons people say they don’t have accounts. Other reasons are: lack of the necessary documentation, lack of trust in financial institutions and religious reasons. Significantly, 40% of respondents said their reason for not having an account was due to the lack of funds to run an account, demonstrating a clear link between extreme poverty and exclusion.

When we look further behind the figures, we can see that, while these seven economies make up 46% of the unbanked population, many of them are improving relatively rapidly. Pakistan improved from 13% in 2014 in 21% in 2017; India improved from 53% in 2014 to 80% in 2017; China increased from 79% in 2014 to 80% in 2017; Bangladesh increased from 31% in 2014, to 50% in 2017 and Indonesia increased from 36%

Nigeria is experiencing a widening youth bulge; with more than half of the population under 30 years of age, this category is estimated to be growing at 3.5% annually due to factors such as increasing life expectancy and declining infant mortality and so their levels of financial inclusion must grow faster than other categories in order for the country to grow more broadly.

in 2014 to 49% in 2017, leaving only Mexico (decreased from 39% to 37%) and Nigeria (decreased from 44% to 40%) with deteriorating rates of inclusion amongst those countries most affected.

Nigeria in the context of lower middle income countries Classified as a lower middle income country, Nigeria is placed alongside countries like Kenya, Bangladesh, Cambodia, Congo, Cote d’Ivoire and Ghana, across which the broader progressive trends in the survey are mirrored, with inclusion increasing from 42% in 2014 to 58% in 2017.

Common trends within this subgroup include a gender divide, with males over the age of 15 more likely to have an account (63% to 53%), rising levels of debit card ownership and use (20% to 27%), slow but steady improvements in the

of insecurity led to inflation, low economic activities, and increased unemployment.

We have chosen to analyse the gender gap, youth inclusion, debit card usage, mobile money uptake and mobile coverage, cash usage and the receipt of government transfers as key indicators worthy of analysis from the hundreds of indicators that the findex uses to track progress. Should you wish to look at the raw data behind these numbers, please visit https://globalfindex. worldbank.org/

Declining government transfers The number of respondents who indicated that they received a government transfer in 2017, declined significantly, with 7% of respondents receiving a government transfer of some form in 2014, but only 3% of respondents receiving a transfer in 2017.

Access to emergency funds is more difficult The number of respondents over the

Behind the figures in Nigeria Nigeria declined in many indicators in comparison to the 2014 findings.

The most glaring being the decline in the number of account holders in banks and other financial institutions – from 44.4% to 39.7%. This is not surprising given the challenges the nation faced between 2014 and 2017 (when the findex update was conducted). The economic recession, post-oil price slump and threat

Understanding the trends This analysis has taken a deliberately

A widening gender gap in Nigeria The gender gap in Nigeria is considerably wider than its contemporaries in the lower middle income segment. 51% of males over 15 had an account in 2017 (a reduction of 3% since 2014) while only 27% of age of 15 who indicated that access to emergency funds was not possible, increased from 37% in 2014 to 53% in 2017. This is indicative of the difficult economic conditions that Nigeria experienced between 2014 and 2017.

number of people receiving their wages through formal financial accounts (from 21% in 2014 to 23% in 2017), increasing levels of mobile money usage (from 3% in 2014 to 5% in 2017) and a growing digital payments ecosystem (21% making digital payments in 2017 compared to 16% in 2014).

To understand how we fit within this sub-category, we need to take a look at some of the sub-indicators that make up Nigeria’s financial inclusion profile in the findex report.

Only 16% of respondents with a primary education had an account of some kind in 2017, while 59% of respondents with a secondary education have one.

The level of debit card usage is indicative of this, where 50% of people with a secondary education indicated debit card ownership in 2017, compared to only 10% of those with a primary school education.

The savings culture shows the same trend, with 7% of those with a primary education saving in a financial institution in 2017, versus 31% with a secondary education.

Use of the internet to make purchases further reinforces the findings, with 10% of secondary educated respondents adopting the internet while only 1% of primary educated respondents do.

females over 15 had an account in 2017, representing a 7% reduction since 2014. The gender gap (number of percentage points between male and female account holders) has increased from 20 percentage points in 2014 to 24 percentage points in 2017.

The gap in the wider lower middle income group of contemporaries, is only 10%.

Exclusion increasing amongst the youth but are more saving?

While the percentage of respondents saving in Nigeria declined from 69% to 62% between 2017 and 2014,the number of young adults who saved any money at all increased to 59% in 2017 from 56% in 2014. That said, only 17% of Nigerians between the ages of 15 and 24 indicating that they saved to start a business in 2017, compared to 22% in 2014. This is perhaps indicative of the fact that youth are saving and conserving (for a rainy day) as opposed to saving with investment and goal in mind.

Number of debit cards declining, as is their usage The number of respondents who owned debit cards decreased from 36% to 32% between 2017 and 2014, and this change was mirrored in the number of people who used a debit card to make a purchase which declined from 14% in 2014 to 9% in 2017.

statistical approach to analysing some of the key findings from the Global Findex report, but there are some clear trends emerging. Over the coming weeks, Business Day will look in more detail at some of the drivers and reasons for Nigeria’s performance in the Findex to understand the challenges that we face, and some of the solutions that might be developed.

It is clear that intervention is required. Increasing exclusion, increasing use of cash, declining usage of digital payments and platforms, a particularly significant impact on the least educated, the young and those in rural areas and a reduction in government transfers are, when combined, a serious challenge for Nigeria to address.

The Central Bank of Nigeria (CBN) has already taken a proactive approach, with an ongoing review of the National Financial Inclusion Strategy document. The Target is to ensure that 70% of adult Nigerians have access to and use formal financial services by the year 2020.

Part of the framework for the Strategy includes establishing a clear understanding of the current state of Financial Inclusion in Nigeria, including the status of on-going initiatives, quantifying the gap and identifying barriers to financial inclusion, developing targets for financial inclusion in 2020, and proposing business and operating models for achieving said targets.

Educated versus uneducated Whatever we are analysing in the Findex results, there is a clear trend, between the level of education of the respondent, and the level of inclusion, starting with whether a respondent has an account or not.

This is the first of a 3- part weekly series, on analyzing the Global Findex Database for Nigeria. The next piece will focus on Nigeria’s efforts to achieve its financial inclusion targets.

Cash usage is increasing and digital is decreasing 38% of respondents over the age of 15 indicated that they received their wages in cash in 2014, but by 2017, this number had increased to 50%, indicating that cash usage has increased substantially during the period. The percentage is higher for private sector employees, with 65% of respondents paid by the private sector indicating that they received cash.

The number of Nigerian respondents who indicated that they had made or received a digital payment in 2017 decreased to 30% from 37% in 2014. This is despite an increase in the percentage of respondents with a mobile money account, which increased from 2.3% in 2014 to 5.6% in 2017.

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TECHNOLOGY REVIEW

As Nigerian banks embrace WhatsApp banking, wither USSD? Stories by FRANK ELEANYA

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our Nigerian banks including United Bank for Africa (UBA), Guarantee Trust Bank (GTBank), Access Bank, and First Bank have led the way of new innovation with the announcements of WhatsApp messaging as part of their digital banking strategies.

More banks are expected to embrace the Facebook-owned messaging platform, which could position it as a potential threat for the Unstructured Supplementary Service Data (USSD).

A post on Access Bank website defines WhatsApp banking as an alternative channel that provides financial services to existing and potential customers through use of WhatsApp application, leveraging on the real-time messaging capabilities of the WhatsApp platform.

“WhatsApp banking is a social media platform designed to allow existing and potential customers make use of financial services that Ac-

cess Bank offers such as funds transfers, airtime purchase, bill payments, balance enquiry, account opening and so much more,” the bank noted.

Access Bank and UBA WhatsApp banking services went live on 1 September, 2018.

The messaging platform innovation comes on a recent push into banking and transactional services with WhatsApp

Pay services. WhatsApp partnered with the government of India and the National Payments Corporation of India (NPCI) as well as banks in the country to make the feature possible. Interestingly, after several financial institutions in India tried implementing the platform for banking services without success, South Africa’s Absa – formerly Barclays Africa

Group - in July became the first bank to launch the service anywhere in the world.

WhatsApp banking’s growing attraction lies mostly with the numerous feats of the messaging platform across markets globally and in Africa. With internet penetration reaching 435 million people (34%) and 191 million very active social media users, WhatsApp which

shares over 170 million users in Africa with Messenger is a market leader.

Although it is too early to call, there are many reasons one could prefer WhatsApp as a banking digital strategy to the traditional SMS platform that powers the USSD market.

First is the issue of availability. Android Messages is the most popular platform to receive and send SMS, however it is only limited to Android phones. WhatsApp on the other hand is available on iPhone, Android, and Windows phones although you cannot use the same account on all of them.

There is also WhatsApp web version in case users do not want to download the app on their smartphone.

Second is pricing. Android messages often come preinstalled on most devices with the exception of Samsung and Xiaomi. However, users can install it on these devices from the Play Store. However, Users will also require a cellular telephone account to activate SMS, but they do not need internet to use. Sending mes-

sages from this platform come at a price. In Nigeria networks charge an official price of N4 for every message. WhatsApp however is free, although you require an active internet connection to use it.

Privacy is another attraction for WhatsApp. It is difficult to spam users who do not subscribe to your service.

With SMS, all a bank requires is a phone number.

The benefits notwithstanding, the limited WhatsApp banking offerings from the four banks so far also show that it could be a long time before the innovation upstages the dominance of USSD. At the moment, users who use the WhatsApp banking can only check account balance, BVN, open new accounts, airtime top-up and request payday loans. Funds transfer feature is not included.

UBA customers will be interacting with LEO, the chatbot sensation that first launched on Facebook Messenger, when they activate their WhatsApp banking. Welcome to the new world of banking.

enue is coming from bricks today, you cannot neglect the physical,” Ndubuisi Ekekwe, author of Africa’s Sankofa Innovation noted in a post.

“Do not listen to them when they say that today is mobile and online. Sure, the future promises mobile and online, but we have to survive today.”

Iroko TV, an online streaming platform with customers across Africa and beyond has physical stores in various states in Nigeria as part of its offline strategy. The strategy ensures that people can walk into any of its stores and pay for subscription in cash.

Be smart, there are thou-

sands of older generation who are not technology savvy and hence not plugged into the online payment system yet.

Make your services available to them too.

Combining an online strategy with an offline strategy goes beyond the physical cash conundrum. If your offline strategy is similar to Iroko TV’s your customers have option of moving between your different channels with no snags.

They can be in a part of the country where the internet is not so strong and still be able to access your services by walking into your physical store.

TECHNOLOGY REVIEW

Build online, make money offline

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igeria is still overwhelmingly a cashdriven economy.

Despite having the most mobile phone penetration number on the African continent, and an increasing internet users growth rate, the majority of Nigerians - both merchants and consumers tenaciously hold on to cash transactions.

In February 2018, Mastercard citing a report it conducted in collaboration with Fletcher School, disclosed that of the $301 billion of funds flows from consumers to businesses in Nigeria, 98 per cent is still based on cash.

As worrisome as that will seem for officials in Central Bank of Nigeria (CBN) and fintech companies like Paga who are actively championing a future where Nigerians give up their cash for online payment, it could represent an opportunity for new businesses.

To be sure, there are several reasons why the average Nigerian consumer and business will prefer physical money.

Low broadband penetration at 22 per cent and no hope of reaching the 30 per cent by 2018 certainly does not help.

Although internet users’ population reached 103 mil-

lion in May 2017, according to the Nigerian Communications Commission (NCC), majority of online businesses still find it very difficult to acquire customers. With broadband penetration at 22 per cent, the high cost of data limits activities of potential consumers online.

Another problem is poor internet services. Thousands of online transactions on various channels such as ATM, PoS, mobile banking fail on a daily business. Merchants and retailers have also complained about transaction reconciliation with payment service providers that takes days to

complete. Why wait three days to receive money a customer paid you, when you can insist on cash which is fast and doesn’t require a third party?

Expensive transaction fees ensure retailers and consumers will stick with cash payment for a while longer.

What then?

A business strategy is not complete without an offline strategy for any business at this time. Today’s customers may have moved online, but their traditional money preferences is yet to relocate.

Hence, be flexible.

“If 98 per cent of your rev-

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Friday 07 September 2018

Tuberculosis kills 420 Nigerians daily ANTHONIA OBOKOH

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u n d i n g g a p, a high tuberculosis burden and rising incidence of multi-drug resistance are among factors hindering Nigeria’s fight against TB, leading to 420 Nigerian deaths daily.

According to the 2017 global TB report, Nigeria is among 14 countries with the highest burden for TB, TB/HIV and MDR-TB, it ranks seventh among the 30 high TB burden countries and second in Africa. Every hour 47 Nigerians develop active TB, seven of whom are children.

Experts say that the increasing gap in funding for TB control over the past five years has led to over 300,000 undiagnosed TB patients, a threat to the public health.

One of the models they suggested to improve TB control is public-private partnerships. This will help with implementation and intervention, which will in turn lead to a breakthrough in Nigeria’s fight to end Tuberculosis.

“Every day, 420 Nigerians

die from Tuberculosis, an estimated 300,000 cases remain undetected with each of the undetected cases having the potential of infecting between 10 and 15 others.

TB is not far from anyone,”

said Adebola Lawanson of the National Tuberculosis and Leprosy Control Centre (NTBLC).

Lawanson made this assertion while estimating the state of tuberculosis in the

country at the Private and Public Mix (PPM) summit for tuberculosis control in Nigeria held in Lagos, September 03, organised by the World Health Organisation in collaboration with Federal Ministry of Health and Lagos State Ministry of Health.

According to her “Nigeria has the second highest TB burden in Africa and seventh globally, affecting the poorest and most vulnerable in the country, especially those in their productive age.”

Similarly, Lovett Lawson, board chair, Stop TB Partnership Nigeria, added that TB is curable if it is diagnosed early enough. Despite the significant challenges to the country’s public health institute, it can be controlled.

“Tuberculosis control in Nigeria is grossly underfunded, receiving less than 30 per cent of the required funding, there is a gross gap between the TB control and the amount needed to achieve the mission to universal access to service delivery.” Lawson said.

The National Strategic Plan for TB control 20152020 was a call to action for

all stakeholders in Nigeria to mount a collective response to the challenges of Nigerian cases to eliminate this life threatening incurable aliment.

“By the virtue of our large population, particularly population density and our metropolitan nature, in Nigeria, Lagos State has the highest estimated burden of TB cases,” said Jide Idris, commissioner for Health Lagos State.

Idris, in his welcome address stressed that most of the challenges of TB have to do with funding and this can be resolved.

“It is in this light that the summit has become so important and timely, there are huge resources in the private sector, and we wish to tap into some of these to drive out TB from our country.”

“This summit is long overdue and I am glad that it is holding at the right time, the time when it is required that all hands must be on deck to ensure that we stop TB by improving on national case detection and case management,” Idris said.

Tuberculosis is a communicable disease caused

by bacteria known as mycobacterium tuberculosis; the most frequent symptoms include cough of two weeks or more, weight loss, night sweat and loss of appetite.

Currently, there is no effective vaccine to prevent TB and about 104,904 cases were notified in 2017 out of the estimated 420, 000 huge TB cases in Nigeria.

However, Wondimagegnehu Alemu, the WHO representative in Nigeria, represented by Lynda Ozor said that the burden of the disease in Nigeria is further fueled by the huge number of undetected TB cases (which we call missing cases), which serve as a pool of reservoir for the continuous transmission of the disease.

“We expect private corporate organisations, as well as the private health institutions to help in bridging one or more of the gaps associated with TB control, as part of their corporate social responsibility and participate effectively in supporting the government in reducing the catastrophic impact and costs of tuberculosis on the citizens of this country” said Alemu.

Edo FRSC advocates medical screening for drivers

FG begins health survey of HIV/AIDS, malaria, others on 42,000 households in Ogun

IDRIS UMAR MOMOH, Benin

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he Edo State Sector Command of the Federal Road Safety Corps (FRSC) has advocated for medical screening to improve the health of commercial, trucks and other logistics drivers.

The FRSC says this screening should be organised by the employers of the drivers.

The advocacy was aimed at improving the health of drivers and giving them the opportunity to get themselves screened for eye corrections, blood pressure and sugar level tests.

Anthony Okoh, the state’s sector commander, made the call during the 2018 Guinness Nigeria Plc, transport and safety week on Wednesday in BeninCity with the theme, “Be Safe, Smart, Alert, Focused and Educated”.

Okoh, who was represented

by Udensi Emea Oji, deputy Corp Commander, lamented that truck drivers are a major challenge to the agency as far as road safety is concerned, “the high rate of road crashes across the country is worrisome.

“I urge that all companies should endeavour to carry out audit of all their trucks to ensure that they meet the required mechanical and physical standards.

“This sensitisation will help drivers working in the establishment, especially truck drivers to rise up to best transportation

practices, including vehicle safety, good condition of engine and tyres among others,” he said.

Okoh added, “I have never seen any commercial driver using eyeglasses. Is that all of them have good eyesight?

“This transport and safety week programme is an opportunity for drivers to undergo free screening for their eyes, blood pressure, sugar level tests and other medical services in order to be aware of the risks associated with inadequate care of oneself.

“The test the FRSC did for the drivers in the state some time ago, the outcome was quite revealing. I promised to sustain this partnership and support for the company; we commend your effort, Guinness Brewery for complementing the fight against road crashes in the country,” he said.

Also speaking at the event, Colman Hanna, of the supply chain of the company, represented by Adebayo Alli, the site director, Guinness Brewery Plc, Benin plant, said the company has taken safety from the baseline to the main stream.

“We have about 600 drivers to be trained in this three days programme and with more regular trainings it will help the drivers gain more consciousness while on the steering and reduce the rising incidence of road crashes in the Edo sate and the country at large,” Hanna said.

RAZAQ AYINLA & IFEDAYO OGUNYEMI, Abeokuta n a bid to ascertain the prevalence of certain diseases in the country, the Federal Government, through the National Population Commission, has started the National Demography Health Survey in Ogun State.

The survey which will take place in 42,000 households spread across the state, to generate data for sustainable development of the country, will also determine the current status of the country in the areas of health and education.

Eze Duruiheoma, chairman, National Population Commission, speaking at a press conference in Abeokuta on Monday, said the survey would provide upto-date information and reliable estimates of fertility levels and preferences, awareness and use of family planning methods, breastfeeding practices, nutritional status of mothers and young children.

Other areas which the survey will look into include early child mortality, maternal and child health, knowledge and behaviour regarding HIV/AIDS and other sexually transmitted infections (STI), female

genital mutilation, fistula and domestic violence.

Duruiheoma, who was represented by the State Director, Gbolahan Olude, added that the survey would provide estimates of anaemia, malaria and sickle cell prevalence among children aged six to 59 months, as well as adults.

“We have 37 clusters in Ogun State where our people will visit to collect data.

They are spread across the state and they are enough to give the data needed across the state by the design of the questionnaires.

“The survey will take place for four months and that will give us the opportunity to ask enough questions and gather enough information from the respondents who are associated with

these ailments and sicknesses.

“This will enable us know and analyse those who are carrying such diseases within Nigeria. A total of 333 interviewers have completed their one-month long intensive training in Kaduna state, out of which 74 are biomarkers who will carry out medical tests on these health specific areas,” he said.

Also speaking at the press conference, Babatunde Ipaye, commissioner for Health in the state, noted that the outcome of the survey will assist government budgeting, private sector investment, policy formulation and help to track health issues bedevilling the country.

“The 42,000 households

will be a true representation of the population. It has been tested scientifically. There are going to be 37 clusters, each cluster will accommodate several households.

“Beyond the fact that this survey outcome will guide our budgeting and planning and health system investment, it will also serve the donor community and the implementing agencies.

It will help them understand which state of Nigeria requires their attention and funding support.

“When the likes of WHO, the World Bank and UNICEF come to Nigeria to carry out projects based on the data gathered from the survey, it will also help them to prioritise the local governments which have the prevalence of a particular disease in the state.

“It will help the private sector to site their companies in the country. If there’s no survey such as this, there is no way to know if there is a market in the state and the country.

“Ogun will support the survey and I want to implore our people to give maximum cooperation to the interviewers. We will provide key supporting staff to reach the households to be surveyed,” the commissioner added.

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Expert solicits improved commitment towards HIV response, eradication SIKIRAT SHEHU, ILORIN

and they are fully functional. KWASACA has been coordinating structures for prompt response and HIV prevention in the state through so many sectors at local government and state levels,” said Saleem, while speaking on how the agency has being rendering health care service delivery and supporting the people infected in the state.

According to him, there is a need for individuals, private- public sectors to collaborate and contribute their quota towards eradicating HIV/AIDS completely in Nigeria.

“There are different control measures the agency is using to prevent HIV/AIDs

in Kwara State. The strategies are usually targeted at key populations and the general population. Key populations are female sex workers and general population has to do with women, youths and others.

“We also have HIV testing services for identifying those that are positive.

Screening of the general population to define those that are positive and linking them to appropriate care.

For those that are negative, we ensure they don’t get positive by counselling them properly.

“Mothers that are positive will be placed on antiretroviral therapy, drugs that reduce the load of virus

Why is my period so light?

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any factors can alter a person’s menstrual flow and make their period unusually light. Body weight, exercise, and stress can all cause light periods and knowing why can be helpful.

Lighter periods than normal do not usually cause concern. People often find their menstrual flow varies from month-tomonth, and some months are naturally lighter than others.

In certain cases, a light period could indicate pregnancy or a hormone-related condition. Similarly, people can think they are having a light period, but instead, they are experiencing spotting or colored discharge.

In this article, we discuss how a person might identify a light period, the causes, and when to see a doctor.

Symptoms of a light period During a usual menstrual period, people lose around 2–3 tablespoons of blood on average.

However, there is wide

HBL TEAM

variation between individuals. People should make a note if their periods are lighter than they usually are. A person can measure the amount of menstrual blood they produce each month by using a menstrual cup.

A light period can have some of the following symptoms: shorter in duration than is usual for the individual, needs fewer pads or tampon changes than usual, does not have the usual heavy flow for the first 1–2 days but has a consistent, light flow and bleeding resembles spotting over a few days instead of a steady flow Sometimes a light period may also cause a reduction in symptoms of premenstrual syndrome (PMS), such as less back pain, uterine cramping, or mood swings.

Causes of a light periodThe following factors can cause periods to be lighter than usual: Age: Period flow can vary throughout a person’s lifetime. Early periods are usually lighter and

may only involve spotting.

They become more regular when a person is in their 20s and 30s.

In their late 30s and 40s, people may develop heavier and shorter periods. They may skip months without periods, and have a heavier period later. Periods often then become lighter and more irregular during perimenopause.

A lack of ovulation: Sometimes a woman has irregular periods because her body does not release an egg, which is known as anovulation. This can lead to lighter or irregular periods.

Being underweight: People who are underweight may notice their periods are ver y light or stop altogether. This change happens because their levels of body fat drop so low that they do not ovulate regularly.

Exercising too much is another cause of light or absent periods and may also be linked to being underweight.

Pregnanc y : During

in their systems and we don’t allow their unborn children infected and we give them necessary care during delivery,” Saleem said.

The secretary further stated that another area of concentration is the care support system where they cater for the affected ones by supporting them emotionally, financially and socially, to make sure that they are incorporated back in to the society.

“Prevention of mother to child HIV has also been properly mitigated for mothers that avail themselves the opportunity of accessing health-care services in health facilities.”

pregnancy, a person’s periods will usually stop completely. However, people may mistake implantation bleeding for a light period.

Implantation bleeding is an early sign of pregnancy.

When someone is sexually active and does not usually have light periods, they may wish to take a pregnancy test.

Medical conditions: Medical conditions that affect hormones in the body, such as polycystic ovary syndrome (PCOS) and thyroid-related conditions, can affect a person’s menstrual cycle.

Stress: Periods of stress can affect the body’s hormonal balances, which can interrupt the regular menstrual cycle.

Light periods and birth control When people start taking birth control pills, they may notice their periods get lighter and lighter.

This reduction in blood flow may be because the hormone dosages in birth control pills are low and do not stimulate the uterus to build up a thick lining. As a

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How lack of exercise lowers quality of life he combination of lack of physical exercise, sedentary lifestyle puts the health of adults at greater risk by lowering the quality of life and exposing them to cardiovascular disease, type 2 diabetes, dementia, hypertension, and some cancers.

The health benefits of physical exercise far overweigh the risks attached.

The World Health Organisation (WHO) says lack of physical activity is a leading risk factor for non-communicable disease, negatively impacting mental health and overall quality of life.

Similarly, Experts say that high levels of sedentary time - more than seven hours a day - increase the risk of an early death, cardiovascular disease, type 2 diabetes and some cancers, even if people are physically active at other times of the day.

Nigeria, with a large and increasing middle-aged population, has increased risk that can lower the quality of life due to insufficient physical activity.

According to new data published in the Lancet Global Health, more than one in four adults globally, which accounts for 28 per cent or 1.4 billion people, are physically inactive.

These data show the need for all countries, including Nigeria, to increase the priority given to national and sub-national actions to provide the environments that support physical activity and increase the opportunities for people of all ages and abilities to be active every day.

Oladoyin Odubanjo chair, Association of Public Health Physicians of Nigeria (APHPN), Lagos Chapter said, it is essential to reduce the amount of time spent being sedentary in addition to doing more exercise.

“A more active lifestyle can significantly reduce the chances of chronic health conditions, mental health disorders, and premature death,” Odubanjo added.

According to the new Global Action Plan, a target has been set to reduce physical inactivity by 10 per cent by 2025 and 15 per cent by 2030.

Regina Guthold, of WHO Switzerland, the study’s lead author, counselled that more adults are lagging behind the recommended levels of physical activity required for a healthy life.

“Unlike other major global health risks, levels of insufficient physical activity are not falling worldwide, on average, and over a quarter of all adults are not reaching the recommended levels of physical activity for good health,” Guthold advised.

However, physical activity has positive effects, a 2018 study of 1,237,194 people, found that those who exercised reported fewer mental health problems than those who did not.

Going for at least three 30-minute runs and doing two 30-minute sessions of strengthtraining exercises per week would be sufficient to meet the minimum physical activity guidelines.

Physical activity delays the onset of dementia, and can help the maintenance of a healthy weight.

result, a woman may have a light period because there is minimal uterine lining to shed.

This may also occur in people using the hormonal IUD, contraceptive implant, or injection, as these cause thinning of the uterine lining.

People may experience some initial spotting between periods as the hormones start to help regulate their periods.

In certain cases, a doctor may recommend that someone with light periods takes birth control to help regulate their cycle.

Some types of birth control contain hormones that can help an individual’s cycle to become more consistent.

Risk factors Sometimes people with no known risk factors can have light periods.

However, some factors make light periods more likely.

Risk factors for a light period include: • Age: Young women tend to have lighter periods.

• Breastfeeding: This natural process may delay the return of periods after childbirth or lead to lighter periods when they do restart.

• Stress: High stress in someone’s life can affect the levels of hormones in their body.

• Polycystic ovary syndrome (PCOS): Certain reproductive conditions, such as polycystic ovary syndrome, can affect hormone levels and menstrual flow People may want to talk to their doctor about individual risk factors that may affect the severity of their periods.

When to see a doctor Having a light period is not usually cause for concern. However, if someone has consistently light periods or starts skipping periods altogether, they should talk to their doctor.

A person should also see a doctor if a light period coincides with other symptoms that are causing concern, such as pelvic pain.

Culled from Medical News Today

ANTHONIA OBOKOH

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n expert in the health industry, Alabi Saleem, the project manager and secretary of the Kwara State Aids Control Agency (KWASACA), has recommended that government at all levels should take full ownership of HIV/AIDs response in the country by committing more funds to the fight against it and ensure an AIDs free society.

Saleem, who stated this in an interview with BusinessDay in Ilorin, equally charged that women and the general population should always avail themselves for screening in order to know their HIV status and dissociate themselves from activities that predisposed them to contacting it.

He explained that HIV/ AIDS is an infection that is usually contacted via unprotected sex, use of sharp objects, female genital mutilation, from infected mother to unborn child, blood transmission among others.

“The State has About 200 health facilities that deliver HIV care services

BUSINESS DAY

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

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BUSINESS DAY

Harvard Business Review

Friday 07 September 2018

ManagementDigest

Alibaba and the future of business platforms.

Communication standards, such as Transmission Control Protocol/Internet Protocol, and application programming interfaces are critical in getting the data flowing among multiple players while ensuring strict control of who can access and edit data throughout the ecosystem. APIs, a set of tools that allow different software systems to “talk” and coordinate with one another online, have been central to Taobao’s development.

MING ZENG

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ESSONS FROM CHINA’S INNOVATIVE DIGITAL GIANT Alibaba hit the headlines with the world’s biggest initial public offering in September 2014.

Today, the company has a market capitalization among the global top 10, has surpassed Walmart in global sales and has expanded into all the major markets in the world.

Alibaba’s special innovation was that we were truly building an ecosystem: A community of organisms (businesses and consumers of many types) interacting with one another and the environment (the online platform and the larger offline physical elements).

The ecosystem we built was simple at first: We linked buyers and sellers of goods. As technology advanced, more business functions moved online. As we expanded our ecosystem to accommodate these innovations, we helped create new types of online businesses.

Alibaba is not just an online commerce company. It is what you get if you take all functions associated with retail and coordinate them online into a sprawling, data-driven network of sellers, marketers, service providers, logistics companies and manufacturers.

Of the world’s 10 most highly valued companies today, seven are internet companies with business models similar to ours. Five of them have been around barely 20 years. These firms follow an approach I call smart business, and I believe it represents the dominant business logic of the future.

WHAT IS SMART BUSINESS? Smart business emerges when all players involved in achieving a common business goal are coordinated in an online network and use machine learning technology to efficiently leverage data in real time. This tech-enabled model, in which

most operational decisions are made by machines, allows companies to adapt dynamically and rapidly to changing market conditions and customer preferences, gaining tremendous competitive advantages over traditional businesses.

The more data and the more iterations the algorithmic engine goes through, the better its output gets. Machine learning is more than a technological innovation; it will transform the way business is conducted as human decision making is increasingly replaced by algorithmic output.

AUTOMATE ALL OPERATING DECISIONS To become a smart business, your firm must enable as many operating decisions as possible to be made by machines fueled by live data.

STEP 1: “DATAFY” EVERY CUSTOMER EXCHANGE. For many businesses, the data capturing process will be challenging. But live data is essential to creating the feedback loops that are the basis of machine learning.

Most businesses that seek to be more data-driven typically collect and analyze information in order to create a causal model. The model then isolates the critical data points from the mass of information available.

That is not how smart businesses use data. Instead, they capture all information generated during

exchanges and communications with customers and other network members as the business operates, then let the algorithms figure out what data is relevant.

STEP 2: “SOFTWARE” EVERY ACTIVITY. In a smart business, all activities are configured using software so that decisions affecting them can be automated. The dominant logic for smart business is reactivity in real time.

The first step is to build a model of how humans currently make decisions, and find ways to replicate the simpler elements of that process using software.

The growth of Taobao, the domestic retailing website of Alibaba Group, is driven by continuous “softwaring” of the retailing process.

Because most software today is run online as a service, an important advantage of softwaring a business activity is that live data can be collected naturally as part of the business process, building the foundation for the application of machine learning technologies.

STEP 3: GET DATA FLOWING. In ecosystems with many interconnected players, business decisions require complex coordination. Taobao’s recommendation engines, for example, need to work with the inventory management systems of sellers and with the consumer-profiling systems of various social media

STEP 4: APPLY THE ALGORITHMS. Once a business has all of its operations online, it will experience a deluge of data. To assimilate, interpret and use the data to its advantage, the firm must create models and algorithms that make explicit the underlying product logic or market dynamics that the business is trying to optimize.

From very early on, our goal for Taobao was to tailor it to each individual’s needs. This would have been impossible without advances in machine learning. Today, when customers log on, they see a customized webpage with a selection of products curated from the billions offered by our millions of sellers. The selection is generated automatically by Taobao’s powerful recommendation engine.

In 2016, Alibaba introduced an artificial intelligence-powered chatbot to help field customer queries. It is different from the mechanical service providers, familiar to most, that are programmed to match customer queries with answers in their repertoire.

These four steps are the basis for creating a smart business: Engage in creative datafication to enrich the pool of data the business uses to become smarter; software the business to put workflows and essential actors online; institute standards and APIs to enable real time data flow and coordination; and apply machine learning algorithms

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

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to generate “smart” business decisions.

THE LEADER’S ROLE Leaders have to inspire the employees, partners and customers who make up that network. They must be visionaries and evangelists, outspoken in a way that the leaders of traditional companies do not have to be.

At the highest level, the digital evangelists must understand what the future will look like and how their industries will evolve in response to societal, economic and technological changes.

Digital leaders no longer manage; rather, they enable workers to innovate and facilitate the core feedback loop of user responses to firm decisions and execution.

DIGITAL-NATIVE COMPANIES such as Alibaba have the advantage of being born online and data-ready, so their transformation to a smart business is quite natural. Now that they have proved the model works and are transforming the old industrial economy, it is time for all companies to understand and apply this new business logic. That may look technologically intimidating, but it is becoming more and more feasible. The rapid development of internet-of-things technology will further digitize our physical surroundings, providing ever more data. As these innovations accumulate in the coming decades, the winners will be companies that get smart faster than the competition.

Ming Zeng is the chairman of the Academic Council of the Alibaba Group, an e-commerce, retail and technology conglomerate, based in Hangzhou, China, and the author of “Smart Business: What Alibaba’s Success Reveals About the Future of Strategy.” He is also the dean of Hupan School of Entrepreneurship, a private business school founded

by Alibaba chairman Jack Ma and other leading Chinese entrepreneurs in Hangzhou.

Friday 07 September 2018

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Green Bonds: A pathway to resolving major climate changes Abisinuola David-Olusa

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reen or climate bonds are fixed income securities which are used to finance projects targeted at environment conservation such as energy efficiency, sustainable agriculture and environmentally friendly technologies.

Green bonds can be issued by either government or private corporations, of which case referred to as corporate green bonds. To qualify for a green bond status, bonds are usually verified by a climate bond standard board so as to certify that such bond(s) meet set standards and they would be used for the required environment projects.

They usually come with tax incentives and these make them a more attractive investment unlike their taxable counterparts.

Climate change, or global warming as it is popularly referred, is not just a threat to the environment but also a massive threat to economic development which would distort decades of global development gains. According to research from University of Sussex and La Sapienza economists, global warming would slow productivity in the poorest countries as the world’s 100 poorest countries would be worse off than they would have been without climate changes by 5 per cent at the end of the century. This would result into trillions of dollars being wiped off the global economy annually and also lead to a huge disparity between the rich and poor countries’ economies.

So therefore, a lack of prompt action by global actors would lead to a higher cost in the medium and long term and also greater risk exposure.

For many years, capital markets have been a major source of funding for green investment and until recently, equity financing was the major source of as private equity funds, venture capital funds and government funding were the most accessible capital sources at the early stages of green technologies development. As these technologies were tried, verified and refined, funders have progressed towards debt financing to support growth and technology scaling.

Global green bond market The global market for green bonds took off in 2005 with an issuance by the European Investment Bank (EIB) and since then, the green bond market has grown to about $100 billion in annual issuance and over $200 billion total outstanding. This growth has expanded the sustainable investment market from equities into bonds.

The market has proven that there are sustainable investing opportunities in

The resources needed to arrive at Nigeria’s set targets in the NDCs by 2030 are put at $142 billion, translating to about $10 billion annually

fixed income, and that bonds can be used as a tool to drive a transition from an environmental hazardous towards a low carbon and climate resilient economy. Multilateral Development Banks (MDBs) were the only issuers of green bonds until 2013 and would continue to play a significant role in financing green investment, of which MDBs need to leverage on significant resources from the private sector so as to carry out such functions accordingly.

Nigeria’s green bond market Nigeria’s debut issuance of green bonds, a N10.69 billion issue with a tenor of 5 years in December 2017of which investors will receive a 13.48 per cent annual coupon, was towards showing commitment to the Paris Agreement on reversing negative effects of climate change. The bonds were listed on the Nigerian Stock Exchange (NSE) and FMDQ and the purpose of this sovereign bond issue was to finance projects in the 2017 appropriation act for afforestation, renewable energy and provision of clean energy to support education.

As at March 2018, the bonds have funded three projects which are Energizing Education Project and Rural Electrification Municipal Project, both of which are registered under the Ministry of Power; the Afforestation Project registered under the Ministry of Environment. At the Paris Agreement, Nigeria made commitments to reducing carbon emissions by 20 per cent unconditionally and 45 per cent with international support by 2030.

The mitigation of the effects of climate change such as desertification, flooding, erosion, erratic rainfall, etc., would be driven through energy, transport and agriculture projects.

This bond issue resulted in positive assessment by the International Climate Bond Initiatives and named Nigeria as the first African country to issue a climate bond certified sovereign green bond and the world’s fourth sovereign green bond issuer, behind Poland, France and Fiji.

Due to the success of the debut green bond issue, the minister of environment announced that the ministry is set to issue another N150 billion green bonds in 2018 which would potentially finance climate-related work for women and non-state actors in Nigeria.

Call to action Bond issuances from corporate and deposit money banks (DMBs) have experienced growth over time but demand from institutional investors still outweighs supply. There is significant headroom for quality green issuance, particularly from banks and corporations and these institutions play a vital role in meeting climate finance targets and achieving the country’s Nationally Determined Contributions (NDCs).

The resources needed to arrive at Nigeria’s set targets in the NDCs by 2030 are put at $142 billion, translating to about $10 billion annually. Therefore, corporate organizations and institutional investors should begin to critically consider issuing bonds that are specifically targeted at a climate change solutions.

24

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AgriBusinessInsight Market Insights

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Commentaries

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Commodities watch

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Send in Commentaries to caleb.ojewale@businessdayonline.com

Investors on Farmcrowdy visit farms, meet farmers and ‘assess their investment’ CALEB OJEWALE Twiiter: @calebtinolu

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emi Osinbajo, Nigeria’s vice president, may have visited farmcrowdy, and even reported to have sponsored some farms on the digital platform, but it would appear, nothing gives assurance like physically seeing farms that have been sponsored.

Last weekend, Farmcrowdy took a group of farm sponsors on a trip to Lade, a community in Patigi Local Government area of Kwara state, where 800 farmers have cultivated 2,000 acres of rice. The four-hour drive from Ilorin on a bumpy road to Lade, was an opportunity to meet farmers who for the first time in many years, were getting an opportunity to increase their productivity.

These farmers, it appears, are beneficiaries of a fund raising round where each unit cost N90,000 and 2,500 units were sold out in about one month. In essence, N225 million was raised to support the rice production in Lade.

Without such a platform, the farmers never would have been able to raise an equal amount of money to scale their production to its current state.

Onyeka Akumah, Founder/CEO of Farmcrowdy, explained that the money raised serves to procure inputs such as seeds and fertilisers for the farmers, land preparation, and securing tractors as well as other machinery needed during the production cycle. At the end of the cycle, investors, referred to as farm sponsors, get their original capital plus interest, in this case 15 percent.

Until the farm visit, a number of the farm sponsors who went on the trip had described their disposition as, “whether or not a farm really exists, all I want is my money back on due date”. The perception, it would appear, has now changed, as interacting with some of the farmers in Lade community, showed their investments were not only going to bring financial returns to them, but

Some farm sponsors and Farmcrowdy team members, with some farmers in the background at the Dam which provides irrigation to the farms also impact the lives of 800 farmers as well.

“I remember when we first got to this community; we could only get four hundred farmers to sign up, whereas the projection was for 1,000 farmers.

Based on the turn out, we had to reduce to 800 farmers,” recalled Tope Omotolani, Farmcrowdy’s chief operations officer.

“But when they saw that we started bringing in trucks of seeds etc, they were like; oh it seems this people are for real” she said, The interest from farmers soared at this point, with over 1,200 indicating interest in the project, but only 800 were accommodated, drawn from 57 cooperatives within the area.

Since late 2016, when Farmcrowdy which describes itself as Nigeria’s first digital agriculture platform opened its doors to ‘farm sponsors’, crowd funding platforms have been gaining traction. Today, it would appear crowd funding is increasingly becoming a reliable alternative for providing finance in the agric sector, where millions of smallholder farmers are unable to escape the poverty trap. Even big

players in the sector often complain of access to finance and the impractical interest rates from most banks when they even decide to lend to the sector.

One of the questions many people seem to have is; if it takes for instance, five months for rice to grow, why does Farmcrowdy, promise to deliver returns in nine months instead?

Akumah, in addressing this explained, “Truly, the nine months cycle is not the actual cycle for rice. But, this is because last year, we noticed that with the six months cycle, we harvested and wanted to sell (immediately). What we learnt from that experience is, almost everyone is harvesting around the same time, and this creates some level of glut in the market.

“What we’ve done is to extend the time beyond when everyone has harvested, made provisions for warehousing, and then secure buyers that will pay prices we are comfortable with either at harvest, or ready to wait the extra months when it makes more financial sense.”

Investing in agriculture is a move many individuals have for years thought of making, but lacking either

knowledge or time to execute this plan, even when money was not necessarily an issue. Many urban dwellers who had nine to five jobs, had shared experiences of agribusiness investments where their inability to be physically present and provide supervision was blamed for the ventures failing.

Without much options to invest in, treasury bills, like other fixed income instruments were favourites of many Nigerians with disposable income, but the appetite has been declining almost as fast as yields have dropped. Today, many people with disposable incomes are able to invest in agriculture through crowd funding platforms like Farmcrowdy, without having to nurse fears of losing their investments because of their own lack of physical presence on the farm, or actual knowledge of the farm type they have invested.

The usual risks in crop failure, animal mortality and the rest are of course still in existence, and while Farmcrowdy says its insurance plan adequately covers this, there is yet to be any known incidence putting it to test.

£3mn fund targets improving Africa’s agric innovation

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three million pounds competition has been launched for UK organisations to work with partners in Africa to innovate in agriculture and food systems.

According to Innovate UK, the British innovation agency, businesses and research organisations can apply for a share of up to three million pounds to develop and embed agri-tech and food chain innovations in Africa, collaborating with African countries.

The funding, announced this week by Penny Mordaunt, International Development Secretary, is part of a package of support to help farmers across Africa grow their businesses and protect livestock.

Funding in this Agri-tech Catalyst competition comes from the Department for International Development (DFID), with the pro-

cess managed by Innovate UK. Three-quarters of the poorest people in Africa (75%) live in rural areas and are reliant on agriculture and livestock for their livelihoods.

Yet, while agriculture and food systems are quickly evolving, uptake of new technologies and practices is low in African countries. For example, just 28% of cultivatable land in Africa grows modern crop varieties, compared with 65% worldwide.

Action is needed to ensure that Africa can adapt in order to deliver a nutritious, sustainable and secure food supply that supports a healthy population.

According to the agency, for UK organisations, there is an opportunity to apply agri-tech skills and knowledge to a new market, further innovate and support international development.

This competition aims to increase the pace of development and scale up innovative agricultural and food systems in Africa. It is looking for projects that transform how Africa approaches existing and new technologies and embraces change. These should target farmers and others involved in the food value chain including manufacturers, processors, retailers, distributors and wholesalers.

Projects can be for early-stage feasibility studies, mid-stage industrial research or late-stage experimental development. They should: - be sustainable and support environmental challenges such as climate change and resource scarcity - minimise negative outcomes such as pollution, food losses and waste

Friday 07 September 2018

Report on fertilizer market prices for August 2018 Local fertilizer market price summary • The average fertilizer prices across the states decreased by 2.38% for NPK, 2.01% for Urea and 3.76% for SSP compared to average fertilizer prices of July, 2018. Average fertilizer price of NPK is now 6.54% lower; Urea is 7.87% lower, SSP is 2.01% lower compared to August, 2017.

• The available fertilizer brands in the market were Golden, TakAgro, Solar, Ebonyi fertilizer, Solar, Notore, Wacot, Elephant, Indorama, Bauchi Blend, Dan lawal and Springfield.

• In the open market NPK sold between N6, 000 – N9, 500, Urea N6, 250 –N8, 000, SSP N6,500 –N7,000 Farmers and Agro dealers’ views on fertilizer, market situation • Bauchi state farmers reported being pleased with the stable trend of rainfall and the availability of inputs in the markets, as well as government’s subsidized inputs.

• Benue state agro dealers reported farmers are still patronising them. Last month, it was reported that farmers had started harvesting early maturing maize variety, millet, vegetables and fruits.

• Ebonyi state agro dealers said there is increase patronage of fertilizers by farmers. However, farmers complained of high cost of labour. NPK 20-10-5 of Tak -Agro was found in the market for production of garden egg and rice • Edo state farmers are presently applying fertilizers to tree crops (oil palm and cocoa) • Ekiti state agro dealers reported demand of fertilizers by farmers is at the peak for the season.

• Kaduna state agro dealers said sales are low as farming is getting out of season • Niger state agro dealers reported increase in fertilizer patronage by farmers, and getting to its peak • Oyo state agro dealers said fertilizer usage has increased tremendously in the state • Rivers state agro dealers reported the need for the state government to provide accessible roads for fertilizer distribution from the city to the rural areas where bulk of the farmers dwell to reduce additional costs they might incur in transporting the fertilizers.

• Zamfara state agro dealers reported farmers demand more of urea than other types of fertilizer

- promote safe, healthy and nutritious diets for people They could include: - primary crop and livestock production, including aquaculture - non-food uses of crops, for everything excluding ornamentals - challenges in food processing, distribution or storage, and adding value, such as through a change in the physical state or form of the product - improving the availability and accessibility of safe, healthy and nutritious foods Other factors to consider are gender equality, particularly how empowering girls and women could tackle unequal access and control of assets and improve agricultural productivity or food security. Projects should also have the potential to benefit ani- Source: Fertilizer Producers & Supplimal welfare. ers Association of Nigeria (FEPSAN)

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Hotels ‘General sentiment in the hospitality industry is that the worst is behind us’ With the general elections approaching, uncertainty is setting in across all businesses. But Trevor Wards, managing director, W Hospitality Group, tells Obinna Emelike in this interview that the hospitality industry will consolidate on the improvements of half year 2018 in the rest of the year, but should be proactive against the negative impact of the election in early 2019 to stay afloat.

How was the performance of the Nigerian hospitality industry in the half year (H1) of 2018, are there improvements when compared with records of 2017 half year performance? e saw a distinct improvement in H1 2018 versus 2017. The number of rooms sold in Lagos was up 10 percent on last year, with prices up 5 percent. I do not have hard data on other markets in Nigeria. No doubt, there were winners and losers, but the general sentiment in the hospitality industry is that the worst is behind us.

If there are improvements, what do you think were the reasons and what can be done to sustain them?

It is all about the economy, and about the activity of government. The end of the recession means that there is great confidence in the domestic economy (although the international investors are still wary of the country, given the volatility and the political instability).

There are more conferences taking place, and more domestic business travel. To sustain this, we need economic stability and growth, particular corporate investment, and we need political certainty. Part of the upturn

W

is due to the increase in oil revenue, which results from several external factors.

Where do you think the industry will be heading in the second half (H2) of the year?

It looks like more of the same, with gentle growth, at least in Lagos. Abuja is entirely dependent on the federal government – if government is spending, there is more demand for hotel accommodation. It is also dependent on conferences – when the large events are on, the hotels receive demand

for their rooms – but they can quickly empty once the event is over.

The 2019 general election is drawing closer and investors seem to reduce their pace. Do you think the election will impact the hospitality sector negatively?

Yes, it is inevitable. The future is very uncertain.

We should be ok for the rest of 2018, but the first quarter of 2019 is likely to be very depressed. In 2015, we lost both February and March to the (delayed) elections.

What proactive measures should hoteliers put in place to be afloat while the election lasts?

Learn from the past.

Be aware that demand is being low, and adjust your expenses accordingly, to maintain profitability. Reducing prices is a no-no because there is no more demand to be had at a lower price. It is just leaving money on the table; maintain your prices. More proactively, you could offer election specials to attract people to stay in the hotel whilst the results are being counted, with a meal offer (election breakfast?) or similar.

Do you think the fear of instability over the election will impact pipeline hotels in Nigeria?

No. Hotel development is long term, and whatever happens in Nigeria is still a good bet for the hotel industry, with growth in the future.

Where do you see occupancy rate averaging in the second half of the year and in early 2019?

Well, for Lagos, I believe we could see an average of around 57 percent for 2018 fiscal year (last year was 53 percent), but note that is an average, with some hotels expected to end the year as high as 75 percent. For 2019, no, I cannot see that far, the political scene is so volatile.

F

Tagged DCM Hotel and Suites, the outfit, which recently opened to discerning leisure seekers in the whole of Alimosho area, offers 32 chic and stylish rooms spread across deluxe, executive, classic, and standard categories amid beds with antiallergy duvets.

Other facilities include; a standard bar, world-class restaurant, conference facility with 200 seats, 100-guests capacity banquet hall, car park, airport shuttle service among others.

It also prides of its proximity to the Murtala Mohammed International Airport Ikeja, which about 15 minutes drive. The uniqueness of the newly opened hotel is the design, interior décor and furnishings, which are European themed.

Having lived and trave l l e d w i d e i n E u ro p e, Okpala Emeka Jonathan, the Anambra State-born promoter of the hotel, is pained by the absence of quality hotels in the Akowonjo neighborhood, hence was committed to establishing one with the kind of quality he experienced while in Europe.

For the Geology graduate, DCM Hotel and Suites

Four Point Hotels (Oniru Chiefatancy Estate,Lekki)

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

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

Tel: 01 277 3560

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

Tel: +234 9 4603900, +234 805 7522500

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

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

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

Alimosho welcomes DCM Hotel and Suites or the love of his place of birth, and need to offer quality hospitality facilities and services, a Nigerian businessman returned from Europe to Akowonjo, Egbeda in Alimosho area of Lagos State to establish a stylish boutique hotel.

Top BusinessDay Partner Hotels

is the flagship outlet that will see to the opening of many other hotels in the nearest future, hence he assembled a team of youthful workforce groomed by hospitality experts.

The young entrepreneur says the hotel is part of his empowerment initiative and giving back to the society.

By employing people from the area, he insists that security is no longer an issue, coupled with its internal security including technologybased surveillance system and efforts by the Lagos State government to ensure safety of lives and properties in the state.

On maintaining the standards, the promoter says he has worked hard to establish the hotel and will not watch his investment go down the drain. Maintenance training and routine checks are in place to ensure sustainable culture, he assures.

Protea Hotel (GRA Ikeja) GRA Ikeja

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

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

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The AMVCAs has truly come of age Stories by OBINNA EMELIKE

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n March 9, 2013, the African film industry and stakeholders across the world witnessed the premiere of the Africa Magic Viewers’ Choice Awards (AMVCAs), which aims to boost healthy rivalry among African film industries and reward excellence in television and film productions across the continent.

That year, Otelo Burning emerged the Overall Movie. The film, which was directed by Sara Blecher, a South African director and producer, also had 14 nominations and still maintains the record of the Most Nominated Movie in the awards.

Six years down the line, the AMVCAs has truly come of age in terms of the organisation, number of categories, more nominations from African countries that hitherto were absent in the awards, improved attendance and especially improvement on the quality of the storylines, technical areas and filmmaking skills.

Again, no single African country has dominated the awards in recent time as the winnings have had continent-wide spread.

The 2018 edition of the awards, which held at Eko Hotel and Suites, Lagos, its venue since inception,

A scene from the movie 18 Hours

also lived up to expectations with live broadcast in over 50 countries on all Africa Magic channels on DStv and GOtv. It was a testimony of a worldclass event management by Multichoice Africa, the organisers. It offered excitement, as well as, threw up surprises for viewers.

Most importantly, it boosted healthy rivalry among stakeholders in the African film industries as many who were rewarded went home encouraged while those who

Van Vicker brings Ghollywood to Lagos

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s the 14th edition of the Akwaaba African Travel Market opens in Lagos, Van Vicker, an ace actor in the Ghanaian Film Industry, otherwise called Ghollywood, is promising lovers of Ghana movies and culture wonderful experience in Nigeria.

The Ghollywood actor, who also plays prominently in the Nigerian movie industry (Nollywood), will be welcoming visitors at the Ghanaian stand at the travel fair, which holds at Eko Hotel and Suites, Victoria Island, Lagos from September 9-11, 2018.

Vicker invites the general public to the Special Ghana Day on

Van Vicker

Sunday September 9th and also to witness the Jollof Rice Competition where some members of the Ghana Chef Association and other chefs across Nigeria, Gambia, Senegal, among other West Africa countries will attempt to cook and present the best Jollof rice menu in the region.

Besides Vicker, the Ghanaian stand at the event will also feature some Ghollywood alongside their Nigerian counterparts.

Akwaaba African Travel Market is the biggest travel expo in West Africa. It has been hosted in Lagos for the past 13 years and it annually attracts visitors and exhibitors from over 20 nations from West Africa and the continent.

could not clinch any award resolved to improve on their craft for the next edition of the awards.

That sense of encouragement was exactly how Phoebe Ruguru, the director of ‘18 Hours’ and her team felt on that awards night when they received the award for the Best Overall Movie in Africa 2018.

Besides wining the biggest award of the night, ‘18 Hours’, which was inspired by true events, won two other awards; Best Movie East Africa (Phoebe Ruguru) and Best Picture

Editor (Mark Maina).

Somehow, the awards was a big night for Kenyans as Nyce Wanjeri, popularly Kenyan actress won the Best Actress in a comedy and TV Series for her role in the movie; Auntie Boss. Other Kenyan winners included; Denis Maina Wanjohi whose documentary “The Flesh Business” was declared the Best Documentary and Sarika Hemi Lakhani for her movie “Supa Modo” which bagged the Best Indigenous Language movie or TV series.

Some of the surprises in the 2018 edition of the awards were the ‘Best Supporting Actor in a Drama’ award won by Folarin Falana (Falz), a Nigerian rapper, for his role in New Money and Best Actress in a Drama movie/TV series won by Omotola Jalade- Ekeinde for her role in Alter Ego. Omotola’s announcement that the award was her first AMVCA was a surprise to many who thought that the queen of Nollywood have clinched all available awards, as well as, Falz who was called back shortly after performing on stage to collect an award. The question asked rhetorically by many was, “Is Falz among the actors”?

Other Africans made impact as well. Adjetey Anang, a Ghanaian actor, won the Best Actor in a drama or TV series for his role in the movie, Keteke, Lydia Forson, also Ghanaian

actress, won Best Supporting Actress in a drama for her role in Isoken, The Road to Sunrise by Shemu Joyah won the Best Movie In Southern Africa, among others.

But what may not be surprise for many was Bisola Aiyeola, wining the Trail Blazer award, and Tunde Kelani, a veteran cinematographer, who won the Industry Merit Award.

Both were well-deserved, many guests at the awards agreed.

Looking at the 27 categories drawn from over 120 nominations across the continent in this year’s awards, the organisers noted that a lot went into the preparations to ensure credibility of the nominations, final results, world-class organisation and also that ‘18 Hour’ deserved the recognition as Phoebe Ruguru was recognised for telling an authentically African story.

The awards, which was hosted by the returning duo of IK Osakioduwa and Minnie Dlamini was graced by the crème de la crème of the African film, TV and entertainment industry and also witnessed thrilling entertainment including; Seki, an electrifying performance by a Niger-Delta dance troupe, soft renditions by Cobhams Asuquo, Omo Bello, Nigerian opera singer who performed together with her orchestra, and also Falz, the ace rapper.

Be on the lookout for Breaking Out

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nce again, the producers of Alakada Reloaded, a blockbuster comedy that ruled the cinemas on after its premiere, are set to thrill the audience.

This time, they are coming out with a new TV series tagged Breaking Out. The launch of the series has already started with #BreakingOut, an online campaign that encourages people to share how they made success in a saturated industry and where it was deemed difficult. The intrigue is that the campaign opens a competition where winning stories will be winning cash prizes and other benefits.

Courtesy of Bola Oba, one of the producers Alakada Reloaded and an entertainment frontrunner, the series, is about a Northern Nigerian girl, from a prominent family in Kaduna, who has spent the last few years of her life in Canada. She decides to come back to Nigeria, but instead of returning to Kaduna as her father and family expected, she goes to go to Lagos, determined to make a new life for herself and this does not fall under the norms of her family cultural and traditional beliefs. It is a series that shows the problems of a single woman trying to make it in Nigeria’s most populace city; from dealing with family, culture, and beliefs to running a business

Saheed Balogun in Breaking Out

and the all too familiar complications of relationships and love.

The series features many talented stars including; Linda Osifo, Saheed Balogun, Asabe Philips, Bolaji Ogunmola, Micheal Ejoor, Ibrahim Suleiman, Salisu Gezawa, Deborah Nwaohiri, Salisu Danjuma among others.

After completing the Breaking Out campaign that will see the winner go home with cash prizes, the series will debut on national TV to teeming audience.

According to Bola Oba, who is the CEO of Film Service Media, the new series has been created and the campaign is only meant to reiterate the stories of many

people all around us.

“One of the reasons we created Breaking Out is to provide a top quality series for the African market that will entertain and become a standard for primetime television programmes in Nigeria.

The series is ready for launch but we thought it necessary to allow people share their own Break Out stories with the world. We want to make the series about them than about us. If you look around, you will see that our world is filled with many people who rose to successful heights despite being in a dominated industry. These are the stories we want to hear before the series go live on TV”, he said.

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Business Etiquette

Movie Review - Hotel Transylvania: Summer Vacation (2018)

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hoosing an animated movie to watch in the cinema could be a daunting task sometimes, I wanted to see something unique and different from the regular action, thriller and suspense movies, my aim was to watch a kiddies movie to review and advice parents on what to do with their kids before the holiday was over and this want bad at all.

As usual they had a lot of funny jokes for kids, dancing and singing all along, I did watch with an open heart and did learn a few lessons from this movie, which I would share towards the end. I really did enjoy the movie and choice songs at the end were awesome. Sometimes watching these animated movies provides us with some different perspective to laugh and peep into the world of these kids to see how they reason and think, you need to have seen the excitement on the faces of these little ones, another beautiful experience for me, I must say.

This animated movie was directed by Genndy Tartakovsky and written

by Genndy Tartakovsky and Michael McCullers.

It was an animated, kids and family movie, recommended for all. The movie was a continuation of part 1 and 2, and although most people do not feel that this one was better than 1 & 2, I kind of enjoyed the simple story anyway. I loved the production, the choice of voices and characters featured, and the nice twist in the storyline. I also felt they had a lovely end, as most animated movies ended well to keep the kids happy and excited.

The movie started well with Mavis recommending to her dad Drac a lovely boat cruise vacation, she felt that her dad worked so hard and didn’t have time to have fun and relax, she wanted him to go on a vacation, where he could relax and maybe find love again, as he had lost his wife, which was her mom. She sincerely felt that the Dad needed to be happy and was willing to help him find love again, the honest truth was that I don’t think she was actually ready for

with Janet Adetu

Your Name is Powerful

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oes your name have any significance?

How important is the name

Cast: Adam Sandler, Kevin James, Keegan Michael Key, Mel Brooks, Andy Samberg, David Spade, Molly Shannon, Selena Gomez, Steve Buscemi, Fran Drescher Genre: Animated, Comedy, Kids & Family Director: Genndy Tartakovsky Ratings: PG (for some actions and rude humor) Written by: Genndy Takovsky and Michael McCullers Runtime: 97 minutes Studio: Columbia Pictures and Sony Pictures Animation

that, as she felt kind of jealous, when her dad finally found someone he loved. The boat cruise was to take them from shore to Bermuda triangle and back. As they boarded the boat, Drac suddenly met the cruise captain and immediately fell in love with her and the rest was history, he did all in his power to protect and keep her from all dangers, despite her plans to kill him, little did he know that she was actually on a mission with her great-grand father to kill him and all monsters on earth through a technique they had created.

Drac really loved her and despite all the warning and reprimands from his daughter, co-workers and friends he still went ahead in assisting her to almost kill them all, unknowingly. I did love that it ended well and his kindness and goodness went all to melt her heart and help to save them, thereby destroying her great-grand dad. The lessons for me were simple, most times in life we can’t really choose who we fall in love with, but if we show them much love, they will someday

change for the better. Also when we do good, despite the evil they plan, things will work out for our good at the end, despite the fact that people might be bad and always plot evil, you must never be like them, but instead show them love and care and watch them change for the better, it might take a while, but one day they will realize and change.

I would score Hotel Transylvania an 8/10, I did enjoy the simple storyline and lessons shared, I enjoyed the choreography and the songs played. The production, character and voices chosen made it so interesting from start to finish. For those parents looking for a nice family to watch with the kids, this is a sure recommendation from me to you, you would also have a good laugh and have fun.

Feel free to review any movie of your choice in not more than 200 words, please send us a mail to linda@businessdayonline. com and stand a chance to win a free movie ticket Linda Ochugbua@lindaochugbua

you bear?

Are you weary of tarnishing your name and image?

Is there goodwill attached to your name?

Have you ever contemplated changing your name?

Do you respect names or other people’s names?

Your legacy is tied to your name whether it is good or bad. You have a responsibility to build your name or you will single handedly crush it to the ground if care is not taken.

Depending on your cultural background your name and title plays a significant part of how you are ranked in the society. Your name is precious and should be guarded diligently. Some people have been known to change their name completely or create a compound name by adding their marital name to their existing maiden name. Some names are boosted by extra titles, it is expected in some cultural settings that the name called is incomplete if the title is not added. Also some professions are even more respected when you include their professional titles in the name like Dr, Architect, Barrister, Honourable, Your Excellency, Chief, Knight and much more. while some are real tongue twisters. In some cultural settings it is not uncommon to be married and bear your Mothers name as your sir name in a Matriach society. It is also not uncommon to be married and decide to maintain or be called by your maiden name. For deeper recognition some married women actually bear the full first and sir name of their husbands.

Whatever your name maybe it is your right by birth, marriage or choice to be identified with that name. In the business world let your name have a good reputation, more so because as we see repeatedly that others may share the same name. In a society where image is considered everything who you are, what you do and your personality is ultimately attached to your name.

At a woman’s meeting quite recently we were all asked to introduce ourselves for the purpose of identification as well as to familiarize ourselves with all others present. A particular lady humbly introduced herself loud and clear, before we could say anything, all simultaneously a group of ladies added Chief (Mrs); instantly we all raised our heads again in recognition of who she was simply out of respect. The business world expects that in any gathering you do your best to introduce yourself, acknowl-

edge the name of the person you are talking to and as much as possible try to remember their name.

Remembering someone’s name is a gift, not everyone has that talent. Infact many adults are victims of forgetting names most times within the first ten minutes of meeting someone. To avoid such awkward situations during any first time meeting you will need to make a conscious effort to try to remember the name. never feel shy to ask someone to repeat or remind you if you missed it at the beginning.

Frankly speaking if you can remember names weeks later it is a huge bonus for you by way of impression management, and image enhancement. People will draw to you instantly and feel more inclined to cultivate a business relationship. On the other hand you stand a big chance of ridiculing yourself if you find that on meeting someone again not quite long after the first meeting you wrongly introduce them to someone

The Etiquette of Names Listen: Always listen with intent to hear and understand the name when meeting someone.

To affirm what you heard recite the name loudly or silently just try to know you got it correctly.

Repetition: Remembering anything takes practice, try to encourage yourself to repeat the name in the course of the conversation or within the first few minutes you meet. Mention the name at the start, during and at the end of your brief meeting.

Mix and match: If that name is familiar to you match with others you know that have the same name. Align the name with something familiar, to help jog your memory. e.g Mr and Mrs Green (the colour green), create your own version if it will help.

Take Note: The best next thing is to note the name down if you were not given a card.

Store the name on your phone and add a memory name tip at the end.

Correct Spelling: Don’t pretend to know how to spell the name, it is safer if you po-

else. Many names today are a bit of a tongue twister, the best way not to sabotage your image is to get it right from the onset and not pronounce a person’s name wrongly.

Some cultures will allow you to call names casually applying the first name basis, but like everything else caution must not be thrown to the wind. It is important to give significance to ranking, seniority, and respect to all.

Many cultures have a very formal business setting so would frown at any differences applied to their setting. For instance in your working place calling your boss by his/her first name may be acceptable but do not assume all organizations are open and free to do likewise.

I have witnessed many young professionals, loose multimillion contracts just by virtue of share carelessness of character.

You should be able to judge when to use names appropriately. When you are in an unfamiliar territory, it goes without saying that to create a good first impression you should initially appear somewhat more formal, and then change if you have been allowed to.

In building relationships the name is key, take note of the following Strategic Etiquette Techniques for addressing someone’s name:

litely ask for the correct pronunciation. Some people like to be addressed by the shortened version of their name; ask before you do so or wait to be told.

Mis Pronounciation: Indeed some names just by seeing on paper or by the owner saying it you instantly recognize the difficulty in remembering that name. Where you attempt to call the name and it appears you have destroyed the meaning and the pronounciation, simply apologize and actively seek to be corrected then try again. Be aware when you have made a mistke.

In conclusion to be civil in the business environment is to continuously act with consideration for others. Ensure your work environment is and your conduct is acceptable to all.

Recognize the name you prefer to be called by and flow with it. I’m Janet, for over 20 years my close friends call me Jaytee which happens to be a combination of my first and middle names. Even at that this name is only used in social familiar gatherings, while my full name is for formal official gatherings.

So in truth realistically speaking there is a lot in a name. Use yours wisely.

Goodluck Janet.adetu@jsketiquetteconsortium.com

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Sports

Bribery Scandal: Salisu gets 1-year ban, $5,000 fine

GOtv unleash boxing talents, sets to hold NextGen Search 4

Stories by Anthony Nlebem

T

he Nigeria Football Federation (NFF) Committee on Ethics and Fair Play has placed a one year ban from all football related activities on Super Eagles’ Chief Coach, Salisu Yusuf, following its consideration of a complaint by the NFF as well as the Coach’s defence of a video documentary in which he was seen to accept the sum of $1,000 from an undercover reporter posing as a player’s agent. The coach must also pay a fine in the sum of $5,000 to the Federation within three months.

In its report submitted to the NFF Secretariat on Tuesday, days after inviting the coach to state his own side of matters, the Committee, chaired by Mallam Nuhu Ribadu, said it: 1) Established from the admission of Coach Salisu Yusuf and also found as a fact from the documentary and video evidence before it, that he accepted the cash gift of $1,000 offered by Tigers Player’s Agency, an undercover reporter, purportedly interested in acting on behalf of Players Osas Okoro and Rabiu Ali, for their inclusion in the list of players for 2018 CHAN Competition in Morocco.

2) The Committee found as a fact that it was not an error of judgment on the part of Coach Salisu Yusuf but a conscious and deliberate decision to have accepted the cash gift of $1,000 from the decoy player agent/undercover reporter, purportedly interested in acting on behalf of Players Osas Okoro and Rabiu Ali, even though the evidence before the Committee did not establish that his conduct influenced the choice of the two players.

3) That the two Players could have made the team to 2018 CHAN Competition in Morocco on the basis of their talent and performance.

4) That Coach Salisu Yusuf did not accept the offer of 15% of the anticipated transfer fees of the said players, as there was no follow –up action on the promise.

5) That the act of the Coach, which was widely published on the British Broadcasting Corporation, has a damaging effect on the reputation and integrity of Nigerian Football, as he ought to have conducted himself

I Salisu Yusuf

more professionally in line with the Code of Conduct signed alongside his Contract with the Nigeria Football Federation, as his conduct in public and in secret should be exemplary, since coaches are role models.

6) That the FIFA Code of Ethics, NFF Code of Ethics and FIFA Disciplinary Code, did not contemplate negligence or error of judgment as a defence to violation of any of the provisions as contained therein, as punitive measures must be adopted to serve as deterrent to other intending offenders, even though, that he is a first time offender.

Committee’s decision: “In accordance with Art. 22, FIFA Disciplinary Code, he is hereby banned for the period of one year, from partaking or involvement or participation in any football related activity, effective from the date of this decision. He is also fined in the sum of $5,000 to be paid within three (3) months of the date of this decision…” The Committee also ruled that an appeal against the decision can be made to the NFF Appeals Committee.

Art. 20: “Persons bound by this Code may only offer or accept gifts or other benefits to and from persons within or outside NFF, or in conjunction with intermediaries or related parties as defined in this Code, which i) have symbolic or trivial value ii) exclude any influence for the execution or omission of an act that is related to their official activities or falls within their discretion iii) are not contrary to their duties iv) did not create any

undue pecuniary or other advantage and v) did not create a conflict of interest.

Art 21 (1): “Persons bound by this Code must not offer, promise, give or accept any personal or undue pecuniary advantage or other advantage in order to obtain or retain business or any other improper advantage to or from anyone within or outside NFF. Such acts are prohibited; regardless of whether carried out directly or indirectly through, or in conjunction with, intermediaries or related parties as defined in this Code. In particular, persons bound by this Code must not offer, promise, give or accept any undue pecuniary or other advance for the execution or omission of an act that is related to their official activities and is contrary to their duties or falls within their discretion. Any such offer must be reported to the Ethics Committee and any failure to do so shall be sanctionable in accordance with this Code.”

Art. 21 (3): “Persons bound by this Code must refrain from any activity or behaviour that might give rise to the appearance or suspicion of improper conduct as described in the foregoing sections, or any attempt thereof.”

Before the Committee’s sitting, the NFF Integrity Unit headed by Dr. Christian Emeruwa, which commenced preliminary investigation when the documentary was first made public, had already submitted a report to the NFF General Secretary based on its work.

Pirelli announces tyre choices for Singapore Grand Prix

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irelli, Formula 1’s sole tyre supplier, has announced the tyre choices the different teams have made for

the Singapore Grand Prix. During the race weekend at Marina Bay, which will partially take place under artificial lighting, the teams have the soft, ultra-soft and hypersoft compound tyres at their disposal. Leaving the super-softs at home, Pirelli creates, as we have seen previously during this season, a greater difference between the different compounds.

Remarkable is the rather reserved strategy of Mercedes. Lewis Hamilton and Valtteri Bottas are only bringing along six sets of the hyper-softs with them, the least of everyone. As oppose to Fer-

rari, together with Haas they have gone for nine sets of the softest compound.

Max Verstappen and Daniel Ricciardo both opt for three sets of softs, three sets of ultra-softs and seven of the hyper-softs to run on the 5,065 km long street circuit.

Sometimes even within a team the choices drivers make can be different, but this time round it has remained almost identical. Except for the Williams’, Haas’ and Sauber drivers, they have gone for a different strategy. The difference here lies in the choice of the amount of soft and ultra-soft compound tyre.

Friday 07 September 2018

n a move to unearth young and talented amateur boxers willing to progress into professional boxers and perhaps represent the nation in global competition, GOtv Boxing is set to hold its fourth edition of the GOtv Boxing NextGen, billed to take place in Abeokuta, the capital of Ogun State, between 13th and 15th September, 2018. The programme, sponsored by Pay TV Company, GOtv, and organized by Flykite Productions, was conceived to unearth young and talented amateur boxers desirous of tuning professional.

It will take the form of sparring sessions supervised by some of the country’s best boxing coaches, who will assess and select the boxers adjudged to be ready to move into the professional ranks. The programme will hold at Dunkin Pepper Gym inside the MKO International Stadium Complex.

It is open to boxers between the ages of 18 and 25 from all parts of the country. Boxers selected by the coaches will have the licences paid for by the sponsors, undergo free medical examination and are in line to fight in coming editions of GOtv

Boxing Night.

This is the second time the event is holding outside Lagos since it debuted in 2015. Last year, it held at the Francis Aiyegbeni Boxing Gym, Wall Hotel, Ibadan. The first two editions held at the Lagos Boxing Hall of Fame Gym in Surulere, Lagos. Each of the previous editions attracted over a hundred boxers, out of which an average of 25 were adjudged ready to make the leap into the professional cadre. The programme has helped many boxers rise to local and international prominence.

Reigning West African welterweight champion, Rilwan “Baby Face” Babatunde, was discovered at the maiden edition of the programme. He went on to become the national champion before clinching the sub-regional title. He also, on two occasions, won the best boxer award at GOtv Boxing Night, earning cash prizes of N2million and N1million attached to the award. Other products of GOtv Boxing NextGen Search, who have come into the big time, include Ridwan “Scorpion” Oyekola, winner of the best boxer award at GOtv Boxing Night 15; Prince “Lion” Nwoye, Chukwuebuka “Wize King” Ezewudo and Osamudiamen “Chiso” Goodluck.

Registration forms for the event are available free of charge at the Lagos Boxing Hall of Fame Gym, Nigerian Boxing Board of Control (NBB of C) Secretariat, National Stadium, Lagos; Alake Sports Centre, Abeokuta; and Akure Township Stadium, Akure.

Fast Five FC wins premier cool 5-aside football competition … Takes home N3millon

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he 5-Aside football competition organised by Premier Cool, a brand of PZ Cussons, tagged ‘Turf Wars’, and concluded successfully on Saturday, September 1, 2018 at the Children International School, Lekki. The football tournament ended amidst fanfare after a very entertaining final match, in which Fast Five FC emerged victorious.

Fast Five FC, PhotostudioNG FC, Hunters FC, Juniorates FC, Bomb Squad FC, Odd Twelve FC, Old Ladies FC, and Ballers FC, took to the pitch to battle it out.

At the end of the semi-finals, Fast Five FC and PhotostudioNG progressed to the final, while Hunters FC and Juniorates FC faced off for third place.

Fast Five FC emerged champions as they won 3-2 on penalties, completing an incredible comeback.

The road to the final involved a lot of painstaking work as 4000 teams initially registered for the tournament.

These teams were, however, whittled

down to 32 and subsequently to 16 via an online voting contest. These 16 teams then went on to compete in a series of matches for a place in the final that eventually produced Fast Five FC as winners of the competition.

Speaking after the event was Brand and Activation Manager, Busayo John, who expressed her joy at the successful conclusion of the competition.

“We are immensely proud at the manner in which this competition has played out. We sought to reward our consumers by creating an unforgettable experience for them through the Premier Cool Turf Wars event and we are sure we achieved that goal precisely. We identified football as a passion point, but most importantly we wanted to reward those passionate individuals who still take time off work to play and enjoy the game of football. As witnessed in the competition, we have players from all professions you can think of – lawyers, engineers, doctors, and so many others.

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32 BUSINESS DAY NEWS NIS plans safety migration sensitization in Anambra EMMANUEL NDUKUBA

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he Nigerian Immigration Service (NIS) in collaboration with the Anambra state government is planning a seminar to sensitize the youths on safe travel.

Miriam Audu, Comptroller of NIS in the state stated this when she received members of the Correspondents’ Chapel of Nigerian Union of Journalists(NUJ) Anambra state council paid her a courtesy visit in Awka on Thursday.

She said the seminar in collaboration with the state Ministry of Youths and Entrepreneurship, adding that the establishment was working to dissuade youths from undertaking illegal journeys to overseas countries in search of greener pastures.

She warned youths in the state that if they let themselves to be lured to travel through unapproved routes, they may lose their lives in the process, even as she affirmed that the establishment had much roles than just issuing international passports to members of the public.

“Other jobs we do include checking immigration and emigration. We have officers who monitor migration and immigrants, including the data and statistics of immi-

grants in Anambra, and also check their activities too.

“I can tell you that lots of people are trying to come into Nigeria illegally and we have been fining and charging some of them to court. NIS is also working with sister security agencies in the state to ensure adequate protection of residents’’. ,” Audi said.

On those seeking international passports from the command, Audu said such is usually obtainable only in areas where large volume of commercial activities could be found.

“Anambra is known for the large volume of business happening here, and I think this place is only second to Lagos. Lots of people come here to seek passports, to renew or replace lost ones.

“This is a state where you can see an 80 year old man, and he has his passport and clutching it closely. Many people in this state have relatives overseas, and that is the reason for the large number of people you see here,” she said.

Emmanuel Ndukuba, Chairman of the Correspondents’ Chapel commended the establishment for its effective operation in the state, adding that journalists in the state would partner with the establishment to enhance its operations in the state.

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CBN moves to sanction S/Africa’s recession could boost erring BDC operators foreign inflows in Nigeria HOPE MOSES-ASHIKE

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he Central Bank of Nigeria (CBN) said on Thursday that it is determined to sanction Bureau De Change (BDC) operators for poor compliance with the guidelines.

This is coming as the outcome of several on-site examinations of BDCs in the past by the regulator, have consistently revealed poor compliance with the guidelines.

The observed lapses/infractions include failure to maintain basic accounting records, failure to submit annual audited accounts to the CBN, failure to stamp customers’ international passports with the amount of foreign exchange (FX) sold, and failure to comply with Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) requirements – policy/procurement manual, designation of a compliance officer, Suspicious Transaction Reports (STRs) reporting to Nigerian financial Intelligence Unit (NFIU), training, display of AML caution notice, among others.

“We are determined to apply these sanctions ro-

bustly in a new sanction regime”, Aishah Ahmad, deputy governor, CBN, said, in Lagos at a two-day sensitisation forum for BDC operators, organised by Travelex Nigeria limited.

The National Risk Assessment (NRA) conducted in 2016 to assess Nigeria’s Money Laundry/ Terrorism Financing (ML/TF risk showed that BDC sub-sector rated high risk.

Represented by Mustapha Haruna Bala, head, BDC coordinating group at Other Financial Institutions (OFIs) department, she outlined some of the challenges in supervising the BDCs to include large number and proliferation of BDCs in the face of limited supervisory resources, lack of full automation of the regulatory submission and analysis process, and limited knowledge and skills among operators among other challenges.

Stakeholders see the need for cash-less approach to the weekly allocation of FX to BDcs – that is partial electronic/digital payment. They also see the need for more inter-agency collaboration on intelligence sharing and capacity building for BDCs.

BUNMI BAILEY & EMEKA UCHEAGA

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outh Africa’s entry into recession could bring in new investments to Nigeria, according to economists. South Africa which is Africa’s most developed economy fell into a recession in after the economic growth declined for the second consecutive quarter this year.

Economists now tip Nigeria to benefit from the impending decrease in foreign investments into the South Africa due to its poor economic performance.

“New investments that are meant to be going into Africa may now be going to Nigeria,” said Bismarck Rewane, managing director, Financial Derivatives Company.

In 2009, during the last economic recession in South Africa, foreign investments into the country fell from $9.9 billion in 2008 to $7.6 billion in 2009. This led to a marginal growth in Nigeria’s foreign inflow which then moved from $8.2 billion in 2008 to $8.6 billion in 2009.

“Now that one of the biggest economies in Africa which ought to attract the bulk of foreign inflows funds is in recession, investors will shift their attention to another big African frontier market

which is Nigeria.

The largest population in Africa has been able to maintain positive growth for the last one year and this makes the country a better alternative for foreign investments seeking to enter Africa than South Africa,” Ayo Akinwunmi, Head of Research, FSDH Merchant Bank said on phone South Africa unexpectedly fell into its first recession in almost a decade.

It went into recession after its economy shrank by 0.8 percent in the second quarter of the year, according to recent official data.

The main reasons behind the contraction in the second quarter were slowing agriculture, transport and trade sectors, according to Statistics South Africa. In particular, the agriculture market fell back by 29.2 per cent, taking 0.8 per cent off GDP. “The recession in South Africa may still leave many investors sceptical about investing in Nigeria. Nigeria is only just recovering from a recession and still growing at a slow pace. This will not be too encouraging to foreign investors.

If two of the biggest economics in Africa are struggling to grow, investors may be reluctant to bring funds into the continent,” Akinwunmi added.

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NEWS Attorney General, CBN in duel over custody of...

Continued from page 1

the latter will be paid,” one source

with knowledge of the matter said.

Sources tell BusinessDay that in the past when Banks paid fines imposed by the CBN it never went into any strange bank account. It would also be codified and explained clearly to the affected financial institution.

“It appears that they are making this up as they go and it is very embarrassing for the nation, in addition to being quite dangerous for the stability of the financial system,” the source said.

Sources tell BusinessDay that the letters sent out by the attorney general’s office to the banks had numerous errors and wrong details.

Some had wrong figures, wrong bank addresses, confused the titles of those it was addressed to in some cases, and in one case mixed up Stanbic IBTC, with Standard Chartered Bank.

BusinessDay has learnt this is all happening to protect the fees the lawyers used to ‘investigate’ the new MTN CCI allegations will ultimately earn.

“There is complete shock and consternation in the financial services industry,” the CEO of a major securities firm tells BusinessDay. The CBN yesterday debited the accounts of the banks for the sum of N5.87 billion as payment for the imposed fines.

Stanbic IBTC said in a statement published on the Nigerian Stock Exchange (NSE) website that the CBN deducted the sum of N1.886 billion from the account of its bank subsidiary, stating “that the bank has done nothing illegal and accordingly the bank will continue to provide CBN with documents and details in support of contention that our actions in relation to these transactions were not illegal.”

BusinessDay also confirmed that the CBN has debited Standard Chartered N2.4 billion ($7.86 million), and CitiBank N1.2 billion, after it fined the lenders for what it claims were illegal movement of a total of $8.1 billion abroad with improper certificates for telecoms giant MTN.

Daniel Okezie, the Vice Chairman, Lagos Chamber of Commerce & Industry (LCCI SME group) said CBN is the regulatory agency for the banks and in this case it should not involve the AG of the federation as the problem arose due to lack of agreement (between the CBN and the Banks).

“The CBN regulates the deposit money banks and has nothing to do with the AG as the duty of the AG is to advice the executive arm of government on any legal issues if the CBN needs clarification on any legal matters, it will definitely send it to the office to interpret. It is not the duty of the AG or the ministry of justice at the Federal levels to give such instructions to counter what the CBN has done,” Okezie told BusinessDay by phone.

The Vice Chairman, Okezie concluded by saying “we are carrying on with our advocacy work to protect the interest of the organized private sector and Nigerians, and at our next council meeting, the committee that is in charge of this matter would have given us a report which we would look into and make recommendations to the presidency and all the stakeholders involved.”

Responding to the banks’ being debited by the apex bank, Bismarck Rewane, MD of economics consulting firm Financial Derivatives said “it is just a sign by the CBN to show that they are serious,althoughpenaltiescanalwaysbe refundedafterthecasehasbeenresolved.”

He however said he has doubts that this is the proper way to go about such an issue.

Meanwhile the total amount of N3.65 trillion ($10.1 billion; tax of $2billion and $8.1billion refund) CBN is asking MTN to pay in refunds and tax is about 33 percent of Nigeria’s 2018 budget of N9.2 trillion, as calculated by BusinessDay. Rafiq Raji, the Chief economist at MacroafricaintelInvestment,aresearch and investment consultancy firm, said CBN should be performing its regulatory function, not the attorney General.

“This action by the apex bank

suggests that indeed it is convinced that there was an infraction and this means that it is doubtful that MTN will have a substantial basis to argue against the fine it has been asked to pay,” Raji concluded.

Meanwhile, the Nigerian government on Tuesday said a whistle blower prompted an investigation into alleged infractions committed by telecoms group, MTN. An undisclosed official of the office of Nigeria’s attorney general is said to have made the disclosure.

The nation’s government in July last year, passed the whistle blower bill into law.

Otherwise known as “An Act to Protect Persons Making Disclosures for the Public Interest and Others from Reprisals, to Provide for the Matters Disclosed to be Properly Investigated and Dealt with and for other Purposes Related Therewith”, the law also ensures that persons who make disclosures and persons who may suffer reprisals in relation to such disclosures are protected under the law.

According to the law, a whistle blower is entitled to 2.5 percent (minimum) and 5.0 percent (maximum) of the total amount recovered as a result of the whistle blowing.

In this case BusinessDay’s calculation of the expected fine from Standard Chartered of N2.5 billion; Stanbic IBTC’s N1.9 billion, Citibank’s N1.3 billion and Diamond Bank’s N250 million added to MTN’s expected payment of N3.65 trillion will give the whistle blower about N91.35 billion to N182.75 billon as he or her reward.

That may be the primary motive for Malami’s investigation sources tell BusinessDay. In the meantime risks from all these to the banking system have become elevated as investors begin to fear that contagion may spread quickly in the banking system, if not handled carefully.

“Banks are beginning to get calls from correspondent banks. Investors are also calling and getting worried about where Nigeria’s financial system is headed,” another source said.

L-R: Vice President Yemi Osinbajo; Aisha Abubakar, minister of State for Industry, Trade and Investment, and Toyin Adeniji, executive director, micro enterprises, Bank of Industry (BOI), at the launch of the Government Enterprise and Empowerment Program (GEEP), Trader Moni, held at the Utako Ultra Moden Market in Abuja yesterday.

With its fast developing real estate market, huge construction

projects and major developments, this district is emerging as new main-street of Africa, offering vast investment opportunities. However, the ghost of Apapa now hangs over it.

The Lekki corridor is attracting huge individual and institutional investments such as the Lekki Free Trade Zone (LFTZ), the ambitious Dangote Refinery expected to come on stream by 2019, the Lekki deep seaport, chemical and fertilizer plants, among others.

Continued from page 1

political thugs of the party and A ll Progressives Congress (APC)

clashed.

The incident happened as the former Vice President Atiku Abubakar was at the party secretariat to submit his Nomination and Expression of Interest forms to contest for the PDP presidential primary.

Michael Okpara Street in Wuse Zone 5, Abuja where the secretariat is located, was blocked as the supporters engaged in free for all, wielding machetes, cudgels, daggers and sticks.

Trouble started after one of Atiku’s supporters was beaten black and blue by APC supporters outside the secretariat.

The development led to a stampede, as security men who guarded the secretariat were overpowered by supporters who forced the gates open to seek for shelter.

It took the intervention of police who fired multiple gunshots into the air to disperse the crowd.

Some of the supporters, who spoke with our correspondent, alleged that the thugs were sponsored to disrupt the submission of forms by the former Vice President, adding that this was to put him in bad light.

Another account at the scene, said: “The fight started when the thugs, who came with All Progressives Congress (APC) flag were asked why they are at the PDP national secretariat with APC flag, but in the process of the argument fight started.

The thugs beat Atiku supporter to a stupor, if not because of police that started shooting they would have killed the young man. The man was later rushed to the hospital.”

Normalcy was later restored, as Atiku submitted his form without commenting on the incident.

Reacting to the development, the PDP accused the APC of hiring party thugs to disrupt its activities.

A statement by PDP National Publicity Secretary, Kola Ologbondiyan, asked security agencies to investigate the incident and bring the perpetrators to book.

According to him, they were assembled and mobilized from APC the National Secretariat.

“The PDP had repeatedly warned against APC’s proclivity for violence and unprovokedattacks,butweneverimaginedthattheirdesperationforpowerwill drivethemtotheinsanityofattackingour nationalsecretariat.Wethereforecharge security agencies, who also witnessed this attack, to immediately investigate this development, arrest and prosecute all individuals and officials of APC connected with the attack.”

Meanwhile no fewer than 84.7 million Nigerians can vote in the 2019 general elections following the fresh registration of 14. 5 million prospective voters. In addition to fresh registration, INEC is also processing 769,917 requests for intra and inter-state transfers as well as 1,178,793 requests for replacement of lost, damaged or voters cards with misspelt names or incorrect personal details of voters as required by law.

Professor Mahmood Yakubu, Chairman, Independent National Electoral Commission announced this Thursday at the consultative meeting with INEC National and Resident Electoral Commissioners in Abuja.

Yakubu explained that with this development, the Commission has to print a total of 16,500,192 Permanent Voters’ Cards (PVCs) and make them available for collection by citizens ahead of the 2019 general elections.

He disclosed that INEC has already printed the PVCs for those registered in 2017 and delivered them to States for collection and confirmed that the PVCs for 2.7 million voters registered in the first quarter of 2018 have been printed and will be delivered to the States next week.

“On this note, let me also appeal to Nigerians to seize the opportunity of the ongoing nationwide display of the particulars of new voters for claims and objections as required by law. By doing so, citizens will be helping the Commission to further clean up the register and purge it of all ineligible registrants as required by Sec. 12 of the Electoral Act”, Yakubu stated.

The INEC Chairman who reassured Nigerians that every registered voter will have his/her PVC available for collection before the general election, said the collection of PVCs will continue until one week to the 2019 general elections.

Hong Kong overtakes New York as the World’s...

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world’s ultra-wealthiest population, according to the 2018 edition

‘Ghost’ of Apapa hangs over Lekki...

Continued from page 1

PDP, APC supporters clash as Atiku submits...

About 70 companies cutting across diverse sectors of the economy are said to have signalled interest to do business within the LFTZ with many of them promising billions of dollars of investment in the corridor, which also boasts of West Africa’s biggest shopping mall.

Even at that, the Lagos State government says this is just a scratch of the surface as the zone presents limitless opportunities still to be tapped by local and foreign investors.

“Lekki still remains the biggest investment corridor in Lagos,” says Adeyinka Onigbanjo, a realtor, adding, “that concentration of high net worth

individuals and high end business outfits in Lekki, makes it a good catchment area for investment purposes.”

But concerns remain.

With all these investments and potential to grow into a city with its own soul, there is no known and concrete plans at public or private sector level to provide the critical infrastructure that will drive and give those investments any meaning.

So far, the only access road to Lekki, for all it represents, is the six-lane Lekki-Epe Expressway.

This road is congested with cars during rush hour because there are no viable alternatives.

•Continues online at www.businessdayonline.com

of the World Ultra Wealth Report released by Wealth-X, a global leader in providing intelligence and market research.

Asia recorded the fastest growth, with the number of ultra-high-networth individuals increasing by 18.5 percent to 68,970, and their combined wealth increasing by 26.7 percent to $8.4 trillion in 2017.

Hong Kong saw its ultra-wealthy population increase by 31 percent in 2017 to 10,010, overtaking New York for the first time to become the largest ultra-high-net-worth (UHNW) city. During the same period, New York’s ultra-wealthy population grew 7 percent, to a total of 8,865.

United States still remains the world’s leading location for the Uber rich, staking claim to 35 percent of the world’s ultra-wealthy population, whose combined wealth totals $10.99 trillion. However, Asia is quickly closing in.

Asia’s dramatic uptick was led by a new wave of ultra-wealthy entrepreneurs, who are capitalizing on growing opportunities within the region, particularly in the financial, manufacturing and tech industries.

Vincent White, head of Wealth-X Institute said, “Hong Kong’s rise in

terms of the number of (UHNW) individuals is mainly because of its trade and investment links to China’s mainland, where new, self-made wealth is growing at the fastest pace.”

“Wealth creation in Hong Kong was also supported by the stable exchange rate: the Hong Kong dollar is pegged to U.S. dollar, which is the base currency in calculating the net worth of the ultra-wealthy,” White also said.

According to the report at the end of 2017, the top ten wealthiest population are United States having 79,597 with its wealth valued at $9.84 trillion, Japan had 17,915 with a value of $1.69 trillion, China had 16,875 with a value of $2.42 trillion, Germany had 15,080 with a value of $1.82 trillion, and Canada had 10,840 with a value of $1.15 trillion.

France ranked sixth with a wealth population of 10,120 and value of $1.08 trillion, Hong Kong had 10,010 with a value of $1.3 trillion, United Kingdom had 9,370 with a value of $1.04 trillion, Switzerland had 6,400 with a value of $877 billion and Italy had 5,960 with a value of $692 billion.

The growth in the UHNW was due to the auspicious global economic climate, robust asset markets, and relatively stable exchange rates against the U.S. dollars running through the year.

•Continues online at www.businessdayonline.com

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COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

University don wants youths to adopt a production mentality …as unemployment soars in Nigeria BEN EGUZOZIE & REGIS ANUKWUOJI, Enugu

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professor of Measurement and Evaluation at the Nnamdi Azikiwe University (NAU), Awka, Anambra State, Ngozi Agu has advised Nigerian youths to consciously develop a production mentality rather than their current consumer mentality; stating that the latter was a major enemy to the progress of youths in Nigeria.

The professor, while delivering a keynote address in Enugu at the 2018 annual youth convention organized by the Church of God Evangelical Mission, Enugu, noted that the pressure Nigerian youths were facing were not different from what was obtainable in other parts of the world; but that it all depended on how most of the youths were handling it.

Agu lamented that Nigerian youths were highly affected by a consumer mentality, instead of a production mentality; saying that some youths stay up most nights

browsing on the Internet, without knowing that every click they make is giving somebody money.

She therefore, advised that youths should go beyond that, and think more of Internet drive that could be used to talk about Nigeria and other interesting issues to make money from Google; maintaining that youths in Nigeria could change their lives if they can dispel negative mentality where they are only viewed as consumers, and move into a production mentality to effectively fight enemies to their progress.

Meanwhile, unemployment, especially among youths is soaring in Nigeria. Statistics from the nation’s statistics agency, National Bureau of Statistics (NBS) indicate that unemployment rate was 18.8 per cent in the third quarter of 2017 (Q3 2017). Whereas, the combined underemployment and unemployment rate for Nigerians in the 25 to 34-year age group stood

at 42.5% within the same quarter.

This is a steep rise from the 39.6% in the previous quarter (Q2 2017).

Tens of thousands of idle young people daily roam the streets and villages in the country yearning for jobs to keep themselves busy.

Agu, who spoke on the topic, “Practical tips that will cause a Catalytic Reaction in your Cerebral Hemisphere and finally Transform you to what God has designed you to be,” called on the youths to sit up and stop dependency mentality where grown-ups were still depending on their parents to eat; urging them to take to selfmentality; and as much as possible depend on their own.

She also spoke on excuse mentality among workers, which normally leads to sleeping on duty, excuse on why they should not do this or that, which was assigned to them; noting that such character retards their progress.

Other areas the Measurement and Evaluation professor spoke against include procrastination

mentality, the idea of ‘I will do it latter’ as a dangerous one; Impossibility mentality which she warned should be dropped to ‘possibility mentality.’

She called on the youths to stop thinking that certain things could not be achieved; stop the blame mentality, where they often say somebody was responsible for their failure or lack of achievement in life.

“A poor man always counts time he worked, while a rich man counts results,” Agu noted, and called on the youths to strive harder to become professionals in whatever field of endeavor they chose.

Earlier, the president of the youths Ndubueze Mikel Okoloeze, who is also a pastor with the Church of God Evangelical Mission, said, this was the 7th time they were having the youth convention, where youths from different organizations and churches were brought together for teachings that could change

their ways of living in so many aspects of their lives.

He said that the theme of this year’s convention is “Catalyst.”

That God endowed in every one enormous gifts and talents; but that those talents needed to be awakened. “We start by awakening our spiritual consciousness and then the physical,” he said.

In his contribution, the chief host and overseer of the Church of God Evangelical Mission, Boniface Okolo said the topic was chosen to spur the youths into action; and described the presenter as a sound resource person.

He urged the youths to pay attention and learn from the knowledge and experience of the university don; promising his continuous support of such youth program.

The resident pastor of the church in Enugu, Izuchukwu Ukoha called on the youths not to depart from the word of God; saying that it is only by the mercy of God that anybody can be developed.

Leadership institute calls on media, NGOs, CSOs for synergy in selecting candidates GIS ANUKWUOJI, Enugu

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frican Heritage Institution has urged journalists to partner with Non-Governmental Organisations (NGOs) and Civil Society Organisations (CSOs) to work in synergy to come up with a system of choosing candidates at elections.

The executive director of the institute, Ufo Okeke-Uzodike noted that the media was quite powerful and highly influential on the people, while NGOs and CSOs were calculated and strategic in their operations; as a result, a synergy of the three would help advance Nigeria’s democracy.

Okeke-Uzodike, speaking during Afri-Heritage’s people and power conference on ‘power of citizens to choose responsible leaders in a democracy,’ noted that the media have influential social discourses and defined relationships between nation-states and their people across the globe.

“The media understand and defend their social mandate and responsibility to their publics, human rights are respected and individuals and communities are free; whole societies prosper; and democracy is embedded. The net effect of the work of the media regardless of regime type is to nurture or strengthen good governance and democratic practice through their commitment to, and defense of the public interest,” she noted.

Okeke-Uzodike said the media also needed CSOs and NGOs to do their work more effectively, and tasked journalists to be committed and focused on the quest for truth without fear or favour.

In a lecture, the zonal director, Federal Radio Corporation of Nigeria (FRCN), South East, Ike Okere urged Nigerians to decide their own future in the 2019 general elections by registering to vote,

collecting their permanent voter’s card (PVC), and protecting their votes.

Okere said the people have the right to protect their votes in any given election, especially when the constitution made it clear that they have the right to vote and protect their votes.

However, he regretted that over the years, it has proved a herculean task to enforce that right due to a prevailing poverty in the land. “Poverty is the biggest threat. Our people are poor and can be manipulated any how through vote buying,” he said; noting that since the return of democracy in Nigeria in 1999, Nigeria’s elections have been associated with stories of fraud and related malpractices.

Principally, election results commonly failed to reflect the popular wishes of the people. This seems to have contributed to a common lack of confidence by the public in electoral processes and the institutions governing them. In many instances, the controversies result in electoral violence leading to wanton destruction of lives and properties, he said.

Okere said he believes that the trend could be changed if the people should shun apathy. “The inability of our people to participate in politics breeds mediocres, while the citizens are governed by inferiors; and with the cowardice of the elite, we continue to pontificate over issues. Rules are enforced not through moral pontification but by enforcing the rules institutions,” he said.

Also speaking at the event, the head of department (HOD) Mass Communication, Enugu State University of Science and Technology (ESUT) Enugu, Chris Ngwu stressed on the role of the media in ensuring good governance by holding governments accountable. He maintained that “leadership and good governance need responsible reportage.

2018 graduands of Quantum Business School & Entrepreneurship Centre, Port Harcourt

Kate Ibekwe, head, Port Harcourt Liason Office, National Lottery Regulatory Commission speaking during the recent launch of Give ‘N’ Take in Port Harcourt

Friday 07 September 2018

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BUSINESS DAY

NERC goes tough on Discos, Britain and the new scramble for Africa doubt investments claims Continued from back page

OLUSOLA BELLO

…Aims to curb technical losses

he Nigeria Electricity Regulatory Commission NERC is taking a tough stand against electricity distribution companies (Discos) as it is developing a framework to actually ascertain the investment made by the companies and compare it with proposals presented to the commission.

NERC is said to be worried that, if there are actual investments as claimed by the Discos the level of technical losses being experienced currently in the industry would have not have occurred The NERC in its first quarter report for 2018 which was released this week said to curb the losses attributed to DisCos’ technical constraint (poor network), “the Commission is developing a framework where actual investments by the DisCos would be thoroughly verified,

evaluated and compared with the proposed investments which they had been allowed a return. A mechanism will also be developed to, in the subsequent tariff review, claw back any return received on previously proposed investments that were not eventually executed by DisCos” This action it stated is expected to improve DisCos’ commitment to their network upgrade and reduce technical loss. To stop the commercial loss, the Commission has already directed the them to do asset mapping and tagging customer enumeration in order to identify illegal connection and bring them onto their billing platform.

It stated further that when the Multi Year Tariff Order ( MYTO) load allocation is compared with the share of the total energy received by DisCos during the first quar-

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ter of 2018, just almost like what happened in the preceding quarter, Enugu, Ikeja, Jos, Kaduna and Kano received less energy than their MYTO allocation, possibly reflecting the technical limitation of their network and load rejection during the period under review.

The total collection by DisCos from their customers in the first quarter of 2018 stood at 106.6billion out of the total bill of 171.2billion. This represents a 6% increase when compared to 101billion collection in the last quarter of 2017.

The slight increase in revenue collection in the quarter under review is attributed to the increase in energy billed.

The average collection efficiency in the first quarter of 2018 was 58%, same as recorded in the fourth quarter of 2017.

L-R : Taiwo Ebenezer, chairman, Association of Bureau De Change Operators of Nigeria (ABCON), Mark Smith, commercial director-Africa, Travelex; Stella Uzoebo, head of corporate relationships, Travelex; Anthony Enwereji, general manager, Travelex Nigeria Limited; Godson Evulukwu, adviser to the board of Travelex Nigeria Limited, and Usani Francis, director, Nigerian Financial Intelligence Unit, EFCC, during the day one of the 2 day sensitisation forum for Bureau De Change Proprietors in Nigeria ,with the theme’ Systems, Processes &Compliance in Nigeria’s Retail BDC Forex Sector’’ in Lagos yesterday .

Pic by Pius Okeosisi

V.S.Naipaul and the black and yellow races of the world Continued from back page remarked on the general perception that Naipaul was the literary successor to Josef Conrad, the Polish born celebrated icon of ‘English literature’. Chinua Achebe, the greatest African novelist never (yet!) to have won the Nobel prize, assessed Conrad, and concluded that he was a thoroughbred racist who promoted ‘colonial mythologies’ about ‘wogs’ and ‘darkies’. For his part, Naipaul uncharitably remarked that Achebe had exhausted his subject, and should not have stayed so long in exile.

This, of course, was coming from a man who himself lived most of his life in exile and was not really ‘at home’ anywhere in the world!

VS Naipaul’s writing has tended to portray the Third World and its peoples in a harsh, unsympathetic light.

There was little by way of hope for redemption. True, some of the observations were starkly honest, and many of the predictions were later borne out by events. The Caribbean has gone nowhere culturally and economically, bogged down by drugs, crime, and corruption. Pakistan, riven by political religion and dominated by its army, its mullahs and its unruly tribal homelands, has become Taliban land with a nuclear bomb to boot. And Africa?

Africa has gone nowhere – yet and was struggling still to live down the shame of Mobutu Sese Seko and Idi

Amin and Sani Abacha.

The problem was – so what? Were the Africans to throw up their hands, and give up on themselves? Or was there another narrative evolving, that needed to be recognised, and nurtured?

Naipaul, for most of his writing life, did not see as the duty of his literature to ‘nurture’ anyone.

He spoke unpleasant truths, usually about Africans and Asians. He offered condemnation, and no hope.

He tried, feebly, and without much success or conviction, to redeem himself in his declining years. Perhaps History will be kinder to ‘Sir’ VS Naipaul, Indian Nobel Laureate from Trinidad, Knight of the British Empire, than his critics have been. Perhaps!

great manufacturing powerhouses in the world.

Lest I’m misunderstood, it must be said, though, that Britain has made a success of the money-changing business. The City of London has become the global centre of international finance. Every year, trading in currencies such as the dollar, yen and the euro is in the staggering amount of US$869 trillion.

This is more than in all the Eurozone countries combined. London is home to the largest number of banks in the world, ahead of New York, Chicago, Paris and Frankfurt. It is also hosts the largest insurance market in the world, valued at over US$6.8 trillion.

London also dominates Europe’s US$5.2 trillion investment banking business. French nuclear reactor agencies, German automakers and Dutch pensioners all invest in London insurance and other financial services.

Britain also hosts the largest foreign exchange market and the biggest derivatives industry in the world, controlling a whopping 4 percent of the world dealings in those sectors.

These exploits have raked in humungous amounts of dosh and influence. But British leaders do not realise that their island homeland is not a little country like Monaco or Luxembourg; it’s a populous nation of nearly 70 million. The rise of the finance capital and the demise of industry in Britain has brought with it industrial blight across much of the North, particularly in places such as Manchester and Yorkshire. Everybody is moving to London, making it a crampy, overcrowded and expensive place in which to live and do business. Unemployment remains a major challenge, particularly in the former industrial heartlands.

Given the kind of noises we are hearing from Brussels, Paris and Berlin, the Europeans are determined to take with them a large chunk of currency and banking business away from London. That can be expected to compound Britain’s economic challenges post-Brexit.

But all of that, of course, is in the future.

Africa accounts for a mere 3 percent of Britain’s global trade as contrasted with 54% with

Europe. Until the late nineties Britain accounted for 7% of Africa’s imports, but that volume has gone down to a mere 2 percent. This lacklustre performance, according one leading international trade expert, is on account of the “lack of competitive exports from Africa and the rise of other competitive economies”.

Today, the total volume of Britain-Africa trade stands at over US$28 billion. The total stock of British investments in our continent is currently valued at over UK£43 billion, second only to China. Theresa May’s priority, as we understand, has been South Africa and Nigeria, whose combined trade with the UK stands at over US$8 billion.

With the British Premier’s visit, more trade and investment opportunities will open up for both Britain and Africa.

She announced during her visit that London will host the 2019 Africa Investment Conference.

British companies have already struck some good deals with African countries in the infrastructure and mining sectors.

In Ghana British companies are building one of the most modern rail networks on the continent. The multi-billion dollar deal also involves building of telecoms and power distribution installations. In Angola a British company is investing some UK£800 million to resuscitate an iron ore mine; a project that will entail extension of an existing railway, expanding a port and construction of a power plant to generate additional 600 megawatts of electricity.

Britain and Nigeria have had long-standing trade and diplomatic relations. The downside of this long-standing relationship is akin to what happens to long-married couples: they tend to take each other too much for granted.

This, of course, has a tendency to sully relationships. The Anglo-Dutch oil company, Shell, has been in Nigeria for more than 60 years. Several British firms have invested in our country and they are doing good business.

According to Britain’s Minister for Africa Harriet Baldwin, Anglo-Nigerian trade is currently valued at more than US$4.5 billion annually.

Much of the trade balance has historically been in favour of Nige-

ria. Since 2015, however, we have had a trade deficit with Britain, owing to dwindling oil revenues and the recent economic recession, amounting to over N280 billion. The British government recently created a UK£750 million fund to aid British companies seeking to invest in our country.

Among the important outcomes of Premier Theresa May’s visit is the signing of defence and security agreement and an economic cooperation compact. It was also announced that the British aid agency DFID is committed to providing annual funding of UK£200 million for humanitarian action in the North East over the next four years.

With its market size and enormous growth potentials, Nigeria should be the ultimate destination for Britain on our continent. There are considerable opportunities for trade and investments in such sectors as transport and infrastructures, machinery and transport equipment, manufactured goods, chemicals and pharmaceuticals, mining, technology, telecoms and information services, retail and consumer products and business and financial services.

Britain and Nigeria are partners of destiny.

Some 1.1 million Nigerians reside in the United Kingdom. An estimated 18,000 Nigerian students enrol in British higher educational institutions annually, the third largest after India and China. For many of our compatriots, Britain is like home from home.

For us to build stronger economic ties in future, some of the binding constraints must be loosened. It is imperative that we in Nigeria keep our home in order. We need to build an eco-system that is attractive to foreign investors – a safe, peaceful environment with stable electricity, world-class infrastructures and a highly skilled populace.

I see Lagos twinning with London to boost our commercial capital’s ambitions to become the financial capital of our continent. I see our leaders working together to strengthen the ties between our two nations for mutual prosperity of our people. I see Nigeria working with Britain as a prosperous democracy and a moderating voice in international relations.

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FINANCIAL TIMES Five surprising outcomes of the 2008 financial crisis

South Africa’s central bank defiant on emerging market pressures Page A2

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World Business Newspaper

Trump lashes out at administration ‘resistance’ claim Unsigned opinion article alleges top people in the government are working to thwart president DEMETRI SEVASTOPULO

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furious Donald Trump has lashed out at a senior administration official who wrote an unsigned opinion piece claiming that aides were seeking to frustrate the president’s actions due to concerns over his “instability” and “amorality”.

So concerned were officials within the White House over Mr Trump that cabinet members discussed using a constitutional measure to remove him from office early in his tenure, according to the senior official in a rare anonymous opinion article in The New York Times The official said there had been “early whispers” about invoking the 25th amendment — a complex process allowing cabinet officials to ask Congress to remove the president — but that cabinet members ultimately decided against that path because it would have sparked a constitutional crisis.

Instead, the author said, many senior officials were working to “frustrate parts of his agenda and his worst inclinations”.

The publication of the anonymous opinion piece came just days before the release of Fear: Trump in the White House, a critical look at Mr Trump by Bob Woodward, the veteran journalist whose reporting with Carl Bernstein helped to lead to the resignation of Richard Nixon as US president.

Mr Trump responded with a oneword message on Twitter to the Times opinion piece — “TREASON?” — and then said that if the “gutless anonymous person” existed, the news organisation should turn them over to the government “at once” for national security reasons.

On Thursday morning he tweeted: “The Deep State and the Left, and their vehicle, the Fake News Media, are going Crazy — & they don’t know what to do.”

Sarah Sanders, White House press secretary, earlier called for the resigna-

tion of the author, whom she described as a “coward”.

“The individual behind this piece has chosen to deceive, rather than support, the duly elected President of the United States. He is not putting country first, but putting himself and his ego ahead of the will of the American people. This coward should do the right thing and resign,” she said.

In the Times opinion piece, the senior official wrote: “We want the administration to succeed and think that many of its policies have already made America safer and more prosperous.

But we believe our first duty is to this country, and the president continues to act in a manner that is detrimental to the health of our republic.

“That is why many Trump appointees have vowed to do what we can to preserve our democratic institutions while thwarting Mr Trump’s more misguided impulses until he is out of office.”

The official added: “The root of the problem is the president’s amorality.

Anyone who works with him knows he is not moored to any discernible first principles that guide his decision making.”

The opinion piece sparked a flurry of speculation in Washington over the identity of the author. A communications aide to Mike Pence denied the US vice-president’s office had any involvement.

“The Vice President puts his name on his Op-Eds. The @nytimes should be ashamed and so should the person who wrote the false, illogical, and gutless op-ed. Our office is above such amateur acts,” Jarrod Agen tweeted.

According to a Washington Post account of the Woodward book, which will be released next week, Jim Mattis, defence secretary, referred to Mr Trump as a “fifth- or sixth-grader” following a meeting about North Korea.

John Kelly, White House chief of staff, also reportedly described the administration as “Crazytown” and referred to Mr Trump as an “idiot” who had “gone off the rails”.

Why big companies squander good ideas The FT’s Undercover Economist on the real reasons that corporate innovation dies TIM HARFORD

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F C Fuller did not invent the tank.

That distinction should probably fall to E L de Mole, an Australian who approached the British war office in 1912 with a design that was — in the words of historians Kenneth Macksey and John Batchelor — “so convincingly similar to those which finally went into service that one wonders why it was never adopted from the outset”.

But when the British army

eventually introduced the tank, it was J F C Fuller, chief staff officer of what would later become the tank corps, who understood what to do with it.

At 39 years old, Fuller was a small man with a neatly trimmed moustache and a hairline that had retreated over his crown and was beginning to march down the back of his head. He could have passed for a butler in a costume drama, but his appearance belied an inner radicalism. (He had been friends — and then enContinues on page A2

From left, US secretary of defence Jim Mattis, US secretary of state Mike Pompeo, Indian foreign minister Sushma Swaraj and Indian defence minister Nirmala Sitharaman at the agreement signing © AFP

Ex-head of Nigerian bank’s UK unit was arrested in bribery probe Head of London branch of UBN held last year by National Crime Agency CAROLINE BINHAM, MARTIN ARNOLD AND BARNEY THOMPSON

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he head of the London branch of a Nigerian bank in which Bob Diamond’s investment fund has a sizeable stake was arrested last year on suspicion of bribery.

Maurice Phido, the former chief executive of the UK unit of Union Bank of Nigeria, was arrested by the National Crime Agency on suspicion of bribery, according to three people familiar with the investigation.

Since his arrest last year, Mr Phido has returned to Nigeria, one of those people added. He has not been charged with any offence.

Nigel Kirby, deputy director of the NCA’s economic crime unit, said in a speech earlier this week that the agency had arrested the London head of a foreign bank but did not identify the suspect. He added that the NCA, after a seven-month investigation, had passed the file to the Crown Prosecution Service to weigh charges.

The NCA declined to comment, but one person familiar with its case

work confirmed that there were no other files relating to bank chief executives.

The biggest investor in UBN is Atlas Mara, the London-listed investment fund founded and chaired by Mr Diamond, the former chief executive of Barclays. Atlas recently lifted its stake in the Nigerian bank to 49 per cent and is expected to become the majority shareholder later this year.

A person familiar with the matter said Mr Phido had been arrested in the UK on a matter that was not directly related to UBN and his case had not been discussed by the bank’s board of directors.

The person said Mr Phido no longer worked for UBN, adding that his arrest did not imply any wrongdoing by the bank, which ranks among Nigeria’s ten biggest lenders.

Another person familiar with the investigation said it began over allegations that a client had paid the school fees of another employee’s children, and accusations that false invoices were sent out. The probe then expanded into other areas.

UBN traces its roots back over

a century and was once owned by Barclays, which acquired the lender then called Colonial Bank in 1925.

Any link with the UK bank ended after the Nigerian lender was separately listed and then part-nationalised in the 1970s.

The Nigerian bank said in an emailed statement: “Union Bank UK would like to state that it has not been nor is the bank currently the subject of any bribery investigation.” It added that Mr Phido no longer works for the bank.

Atlas Mara and the NCA declined to comment.

According to the register of the UK’s financial watchdog, the Financial Conduct Authority, Mr Phido’s authorisation to be chief executive of Union Bank UK lapsed in May 2017.

An employee of the bank’s headquarters in Lagos confirmed that Mr Phido was no longer in his position and that he had left.

No response to a message seeking comment sent to Mr Phido through social media was received and details of his lawyers could not immediately be located.

US paves way for sales of arms to India with security pact Pompeo says Washington backs ‘India’s rise’ as US seeks counterweight to China KATRINA MANSON

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he US and India signed a breakthrough security agreement on Thursday, cementing relations between the pair and unlocking sales of high-tech American weaponry worth billions of dollars to the world’s top arms importer.

Washington sees India as the linchpin of its new Indo-Pacific strategy to counter the rise of China, but has spent months pushing for closer cooperation. It wants Delhi to participate in more joint military exercises, boost its role in regional maritime security and increase arms purchases.

“We fully support India’s rise,” said Mike Pompeo, US secretary of state, during a visit to New Delhi. Later on Thursday the two countries signed Comcasa, a security agreement tailored to India that Jim Mattis, US defence secretary, said meant the pair

could now share “sensitive technology”.

Nirmala Sitharaman, India’s defence minister, said military co-operation had become the key driver of US-Indian relations, which she said was being taken “to a new level”. India also agreed to hold joint military exercises across land, sea and air with the US next year.

The breakthrough came after talks between Mr Mattis and Mr Pompeo and their Indian counterparts Ms Sitharaman and Sushma Swaraj in New Delhi. The signing followed months of concern in India that it might be forced to concede its sovereignty. US officials were uncertain that the two would complete the deal.

Jeff Smith, south Asia expert at the Heritage Foundation, said that the deal was a “significant” step, adding that the US and India had previously been forced to communicate on open radio channels and remove some encrypted

systems from platforms the US had already sold to India.

He added that US officials had spent months attempting to convince Delhi that such agreements facilitated sensible and often mundane co-operation — such as being able to refuel each other’s ships at sea — rather than Washington spying on India.

Lieutenant General Charlie Hooper, director of the US Defense Security Cooperation Agency that is responsible for foreign military sales, said the US was discussing selling “many, many systems” to India.

Gen Hooper did not specify the systems under discussion, but another US official said that India was seeking advanced drones, helicopters and fighter jets from the US. Delhi has already bought C-17 transport aircraft, Apache and Chinook helicopters, maritime patrol aircraft and M777 howitzers from the US.

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Why big companies squander good...

Republican anger boils over into political threat for big tech

Continued from page A1 emies — with the occultist Aleister Crowley.)

Late in 1917, after almost 400 British tanks had, with modest success, lumbered across the German lines at the battle of Cambrai, Fuller applied his radical streak to the problem of using the tank effectively.

A new and much faster tank, the Medium D, could travel 200 miles at a speed of 20 miles per hour. Fuller proposed that these tanks would attack the German army’s brain — the string of German headquarters miles behind the front line. A Medium D could roll across the trenches and be on the German command posts in an hour; Fuller’s attack would come from nowhere. Air support would disrupt German road and rail travel.

“Bad news confuses, confusion stimulates panic,” wrote Fuller. His idea was dubbed Plan 1919. By striking suddenly at the German command, Plan 1919 would cause the German army to disintegrate.

It would, Fuller declared, be “the winning of the war in a single battle”.

His astonishing idea became “the most famous unused plan in military history”, according to his biographer Brian Holden Reid.

But, of course, that is not entirely true. It was used to great effect, in 1940 — by the Germans. J F C Fuller had invented blitzkrieg.

The story might be a historical curiosity, had echoes of it not been repeated so frequently since the British army stuffed Fuller’s plans for blitzkrieg into a desk drawer.

Organisations from newspapers to oil majors to computing giants have persistently struggled to embrace new technological opportunities, or recognise new technological threats, even when the threats are mortal or the opportunities are golden. Why do some ideas slip out of the grasp of incumbents, then thrive in the hands of upstarts?

In 1970, the photocopying giant Xerox established the Palo Alto Research Center, or Parc. Xerox Parc then developed the world’s first personal computer, with a graphical user interface, windows, icons and a mouse. Bill Gates of Microsoft and Steve Jobs of Apple observed developments at Xerox Parc with great interest. Xerox still makes photocopiers.

In 1975, a 24-year-old engineer named Steven Sasson built the world’s first digital camera — a patched-together device scavenging a lens from a Super-8 camera, magnetic tape in a portable cassette recorder and a TV screen.

Sasson worked for Eastman Kodak, where in 1989 he and his colleagues also constructed the first modern digital SLR camera. Kodak built a sizeable line of business in digital photography, and earned a small fortune from the patents. Yet Kodak could not adjust to a world in which every phone contained a camera. The company filed for bankruptcy in 2012.

Friday 07 September 2018

Rightwing criticism of social media groups has become a powerful tool for politicians

HANNAH KUCHLER, RICHARD WATERS AND KADHIM SHUBBER

F Lesetja Kganyago: ‘We have a credible central bank, underpinned by the constitution’ © Reuters

South Africa’s central bank defiant on emerging market pressures Comparisons with Turkey and Argentina are inappropriate, says governor Kganyago JOSEPH COTTERILL

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outh Africa’s central bank governor has insisted investors should not lump the country in with Turkey and Argentina as turmoil in emerging markets puts growing political pressure on interest rate-setters.

Lesetja Kganyago, the head of the Reserve Bank, insisted in an interview with the Financial Times that South Africa had a more credible monetary policy than the two countries that have been worst hit by a recent market sell-off.

“You have a situation in Turkey where the president pronounces on interest rates,” he said. “Look at these countries and the standing of their central banks. We have a credible central bank, underpinned by the constitution.”

But he also acknowledged that new threats to central bank inde-

pendence were emerging in South Africa, in part because of proposals by the ruling African National Congress to nationalise its shares.

Turmoil in emerging markets has been lapping at South Africa’s economy. The rand has tumbled in recent days, its fall accelerating after data showed Africa’s most industrialised economy fell into recession in the first half of the year. The currency staged a recovery on Thursday.

The Reserve Bank is widely regarded as having defended its independence even amid the decay of other government institutions under Jacob Zuma’s corruptionplagued presidency, which ended this year when he was forced to leave office by the ANC. “Institutions matter. That is why we are not a Turkey, or an Argentina — or a Venezuela, for that matter,” Mr Kganyago added.

But he was speaking as the ANC

reignites debate on nationalising ownership of the Reserve Bank, which is unusual among peers for having private shareholders. Shareholders have no say over the bank’s monetary policy or control over its reserves. They receive only limited, fixed dividends.

Although nationalisation would have little practical effect, Mr Kganyago said he was concerned some proponents had “nefarious intentions” and wanted to use the issue to undermine the bank’s inflationbusting mandate.

In Turkey, where the lira’s value has plunged, President Recep Tayyip Erdogan has attacked high interest rates as “the mother and father of all evil”. In Argentina, the IMF has made strengthening the central bank’s independence a condition of bailout loans, after investor concerns earlier this year over its commitment to fighting inflation.

Emerging market stocks pare losses after descent into bear market Rupiah, rand rebound after developing nation sell-off spreads beyond Turkey, Argentina EMMA DUNKLEY

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sian equity markets opened on Thursday in a sea of red as investors expressed concern over the deepening emerging market sell-off, before recovering slightly later in the morning.

China’s CSI 300 index of mainland listed companies opened nearly 2 per cent lower, following disappointing data released on Wednesday on China’s manufacturing sector and ahead of potential new trade tariffs imposed by the US, before paring losses later in the day.

Indonesia’s stock market also came under pressure as overseas investors have withdrawn some $3.7bn from the market so far this year, according to data from Bloomberg, pushing the Jakarta Stock Exchange Composite index down 10 per cent year-to-date.

In Japan, the Topix index opened the day 0.7 per cent lower, amid news of an earthquake with a 6.7 magnitude in the northern island of Hokkaido.

The Indonesian rupiah rebounded in the morning by as much as 0.42 per cent to Rp14,875 against the US dollar, and South Africa’s rand strengthened by 0.22 per cent to R15.3893 against the

greenback.

The broader EM index has again slumped more than 20 per cent since its January high, the typical definition of a bear market. Analysts are now questioning whether the rout merely reflects a series of one-off hits or indicates the beginning of a broader malaise.

“We’ve had a series of idiosyncratic shocks, but this week it has felt like more of a generalised selloff than an idiosyncratic one,” said Gene Frieda, a strategist at Pimco in London. “Some investors just want to get out now.”

While homegrown problems in both Turkey and in Argentina have made them the weakest links across EM this year, there are signs that investors are now looking to reduce their broad exposure to currencies, stocks and bonds in the developing world.

The Turkish lira and Argentine peso enjoyed some welcome stability, helping JPMorgan’s indextracking EM foreign exchange index to climb 0.3 per cent, but bourses in the developing world enjoyed little respite. The biggest fallers on Wednesday were Indonesian, Saudi Arabian, Nigerian and Hong Kong equities, even as Argentina and Turkey’s bourses bounced off their lows.

Amid fears of broader conta-

gion from the sell-off, European shares retreated 0.9 per cent and the S&P 500 index dipped 0.3 per cent.

“People are now looking beyond idiosyncratic issues and more generally at spillover and contagion, and which economies are most vulnerable,” said Dwyfor Evans at State Street Global Markets.

The rise in the US dollar since April has exacerbated troubles in several emerging economies, where the amount of dollar-denominated debt has more than doubled to $3.7tn over the past decade, according to the Bank for International Settlements.

Climbing US interest rates and the Federal Reserve slowly trimming its balance sheet of bonds acquired in the wake of the financial crisis has both supported the dollar and increased pressures on emerging markets, according to analysts.

Mark Tinker, a fund manager at Axa in Hong Kong, pointed out that the [US dollar] Libor interest rate — which constitutes the “raw material” of the financial system — has almost doubled in the past year. “What we are seeing in the markets at the moment are the natural consequences of tightening US monetary conditions,” he said.

or just a moment, it looked like big tech was having a good day.

For three hours, Sheryl Sandberg, Facebook’s chief operating officer, and Jack Dorsey, Twitter’s chief executive, carefully managed questions from US senators on how their platforms have become tools for manipulating voters.

Neither company has managed to solve the problem, which looms over the November midterm elections, with Facebook admitting that it expects “bad actors” to try to stir up division.

But Ms Sandberg was composed, Mr Dorsey was thoughtful and, more importantly, their examiners were divided: Republicans looked just as likely to resist regulation in this fourth and final hearing, as they were in the first.

However, as the pair left the room, they walked straight into another political storm. Criticism that social media companies are censoring rightwing views has been bubbling among Republicans all summer, and Alex Jones of Infowars, the rightwing polemicist, was waiting to heckle Mr Dorsey as he left the hearing.

US president Donald Trump, in an interview on Wednesday, accused social media companies of rigging political debate against him.

“The truth is they were all on Hillary Clinton’s side,” he said.

The argument has been a powerful tool for Republicans to rally support to their base.

The accusations then became a full-blown political crisis, and a potential legal threat, when the Department of Justice announced that Jeff Sessions, the attorneygeneral, would discuss with some state attorneys-general whether social media platforms “may be hurting competition and intentionally stifling the free exchange of ideas”.

The announcement was a worrying development for big technology companies; until now, while many have accused them of anti-competitive practices, only the EU has taken significant action, recently applying a €4.3bn fine to Google over its mobile operating system Android.

“It is worrisome when a government agency mentions antitrust and censorship together as it raises a question of whether DOJ might use an investigation to try to pressure social media companies to alter how they handle legal free speech in the various online public squares,” said Heather Greenfield, a spokeswoman for the Computer and Communications Industry Association, said.

The justice department under Mr Sessions has already taken up free speech issues championed by Conservative activists.

It has intervened in the ongoing battle in US universities between progressives and conservatives about what speech should be allowed on campus. In June, the DoJ joined a lawsuit against the University of Michigan that sought to strike down its free speech code, which prohibits “harassment” and “bullying”.

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Five surprising outcomes of the 2008 financial crisis We learnt the dangers posed by ‘too big to fail’ banks but now they are even bigger GILLIAN TETT

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redictions are difficult, especially about the future; or so the old Danish joke goes. But that has not prevented financial pundits from feverishly speculating this autumn about the future of finance — and debating who predicted the 2008 financial crisis.

As the postmortems pile up, there is another intriguing question to ask: how does the trajectory of finance look today, compared to what we expected a decade ago? My own answer is: “a bit surprising”.

Most notably, if you look at how finance has evolved, there are at least five features that seem distinctly counter-intuitive — even odd — in light of the narrative of those panic-stricken days after Lehman Brothers collapsed.

What are these surprises? Start with the issue of debt. Ten years ago, investors and financial institutions re-learnt the hard way that excess leverage can be dangerous.

So it seemed natural to think that debt would decline, as chastened lenders and borrowers ran scared.

Not so. The American mortgage market did experience deleveraging. So did the bank and hedge fund sectors. But overall global debt has surged: last year it was 217 per cent of gross domestic product, nearly 40 percentage points higher — not lower — than 2007.

A second surprise is the size of banks. The knock-on effects of the Lehman bankruptcy made clear the dangers posed by “too big to fail” financial institutions with extreme concentrations of market power and risks. Unsurprisingly, there were calls to break them up.

The big beasts are even bigger: at the last count America’s top five banks controlled 47 per cent of banking assets, compared with 44 per cent in 2007, and the top 1 per

cent of mutual funds have 45 per cent of assets. It is unclear whether any regulators have solved that “too big to fail” dilemma.

A third counter-intuitive development is the relative power of American finance. In 2008, the crisis seemed to be a “made in America” saga: US subprime mortgages and Wall Street financial engineering were at the root of the meltdown. So it seemed natural to presume that American finance might be subsequently humbled.

Not so. American investment banks today eclipse their European rivals in almost every sense (share of deals, return on equity and stock price performance), and the financial centres of New York and Chicago continue to swell as London is troubled by Brexit.

Then there is the issue of nonbank financial companies. A decade ago, investors discovered the world of “shadow banks”, when they learnt that a vast hidden ecosystem of opaque investment vehicles posed systemic risks. Regulators pledged to clamp down. So did the shadow banks shrink? Not quite: a conservative definition of the shadow bank sector suggests that it is now $45tn in size, controlling 13 per cent of the world’s financial assets, up from $28bn in 2010. A regulatory clampdown on the banks has only pushed more activity to the shadows.

A fifth issue to ponder is the post-crisis retribution. Back when lenders were falling over by the dozens, it seemed natural to presume that some bankers would end up in jail. After all, there were hundreds of prosecutions after the US savings and loans scandals of the 1980s. But while banks have been hit with fines in the past decade, totalling more than $321bn, (almost) the only financiers who have done jail time are those who committed crimes that were not directly linked to the crisis, such as traders who rigged the Libor rate.

Novartis offloads part of Sandoz generics business in US Swiss group in drive to focus on higher-margin innovative drugs SARAH NEVILLE

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ovartis is selling part of its generic drugs business in the US as its chief executive continues his drive to focus the Swiss drugmaker on higher-margin innovative medicines.

Since taking the helm in February, Vas Narasimhan has moved quickly to reshape the company, selling its 36.5 per cent stake in a consumer joint venture with GlaxoSmithKline and announcing plans to spin off its Alcon eyecare unit.

His predecessor, Joe Jimenez, raised the possible divestment of its oral solids — or generic pills — business in the US last year amid pricing pressures. Mr Narasimhan said in July that he was “actively looking at options” for the business, including whether to “stay in and invest [or] to exit”.

Announcing second-quarter results in July, the company said that overall net sales at Sandoz, its

generics arm, were $2.5bn, 2 per cent down in constant currencies.

The company said “9 percentage points of price erosion, mainly in the US” had been largely offset by “7 percentage points of volume growth”.

On Thursday, Novartis said it would sell portions of the Sandoz US portfolio to Aurobindo Pharma USA in order to focus on “higher growth areas”.

The sale, for $900m in cash plus $100m of potential performancerelated payments, includes the US generic and branded dermatology businesses as well as its dermatology development centre.

Aurobindo will acquire manufacturing facilities in Wilson, North Carolina, as well as Hicksville and Melville, New York. The businesses being sold had net sales of $600m in the first half of this year. The Indiabased group will secure around 300 products, as well as a number of development projects.

The Citigroup building in New York: America’s top five banks are getting even bigger © Bloomberg

FCA chief warns against fencing off EU financial activity post-Brexit CAROLINE BINHAM

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he UK’s top financial regulator has warned his European counterparts against fencing off financial activity within the European Union after Brexit, urging them to commit to a plan floated by the UK government that would continue to allow mutual access.

Andrew Bailey, the head of the Financial Conduct Authority, said that the UK and EU should press on with a so-called equivalence arrangement to enable financial companies to continue trading across the bloc after Brexit, but should not be constrained in areas where there are no common rules.

The UK government argued for a souped-up version of equivalence — an existing legal mechanism by which Brussels grants

overseas firms access to the single market in particular areas, provided the rules of their home nation are deemed broadly equivalent — in its white paper on Brexit earlier this summer.

“In Europe, as we will have identical frameworks, there will be a strong case for the UK and the EU to find each other equivalent on ‘day 1’. And we should now work together to put in place the arrangements to achieve this in practice,” Mr Bailey told his counterparts in Vienna. “By committing to this course, together we can also take a decisive step to head off the risk of transitional cliff edges.”

His comments come as financial companies get increasingly close to the moment when they must press the button on their worst-case contingency plans for a hard Brexit. Meanwhile, there are

fears that authorities across the bloc’s other financial centres are taking a hard line, protectionist approach in a bid to win jobs from the City of London.

For its part, the EU has vowed to be strict in the policing of equivalence and toughen its assessments of whether countries meet the conditions.

The City, meanwhile, is split over how closely to tack to EU regulations after Brexit. Some see it as an opportunity to jettison unpopular rules such as the bonus cap, but others are worried about losing equivalence. The regulators have given mixed messages so far, making a U-turn on a plan to reform parts of EU insurance rules.

Mr Bailey said that the UK would likely continue to abide by sweeping market transparency rules known as Mifid II after Brexit.

Volatility jumps as Wall Street tech sell-off accelerates PETER WELLS

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ech stocks are again leading a sell-off that has put Wall Street on track for its third straight day of declines and dragged the Nasdaq Composite near a key momentum level.

Market volatility was also rising, with the Vix climbing above 15 on Thursday for the first time in intraday trade since mid-August. A close above 15 would be the highest level for Wall Street’s “fear gauge” since early July.

The Nasdaq Composite was down 1.1 per cent at 7,908.8, approaching its 50-day moving average of 7,817.29. The tech benchmark’s 1.2 per cent drop on Wednesday

was its biggest one-day fall since mid-August.

The S&P 500 was down 0.6 per cent, with heavy declines for some of its biggest stocks, Apple and Amazon, which were off 2 per cent and 1.6 per cent, respectively. The Dow Jones Industrial Average was down 0.3 per cent, benefiting from its heavier weighting towards defensive healthcare and consumers stocks.

Chipmakers were performing poorly. Micron Technologies was down 10.2 per cent, followed by KLATenor, down 9.2 per cent. Among other big names, Applied Materials was off 4.1 per cent and Advanced Micro Devices fell 3 per cent. That helped push the Philadelphia semiconductor index, which tracks the

sector, 2.5 per cent lower.

Tech was the worst-performing sector in the S&P 500, with a 1.5 per cent drop, followed by energy, down 1.3 per cent, and consumer staples, down 0.6 per cent. Telecommunications, utilities, consumer staples and industrials were the only segments in the black.

Government bonds rallied as the stock selling picked up steam through the morning session. The yield on the benchmark 10-year US Treasury was down 2.3 basis points at 2.8785 per cent.

The dollar had reversed earlier declines, leaving the DXY index, which tracks the buck against a basket of global peers, flat at 95.154 per cent.

Citigroup revamps investment bank and reshuffles management LAURA NOONAN

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itigroup is overhauling the organisation of its investment bank as the Wall Street group “looks to the future” after an age of “repairing and rebuilding”, its president has told the Financial Times.

The US lender is merging two of the biggest divisions of its investment bank and reshuffling management around the new structure, continuing an executive

shake-up that began this week with the departure of three senior managers.

Jamie Forese president of Citi and head of the Institutional Clients Group — which includes Capital Markets Origination, Corporate and Investment Banking, markets and treasury services — said that the investment bank reshuffle was “separate from the changes announced earlier in the week”.

“What’s common to them is that we’re all thinking of the future;

if we have the right organisation and leadership for the coming years,” he added. “We’ve done a lot of repairing and rebuilding the business and now we’re focused on what’s ahead of us.”

Most of Citi’s rivals already run their origination and investment banking businesses together.

Citi’s CIB division, which looks after lending and client advice, is being combined with its (CMO) unit, which helps clients to raise debt and equity.

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Kwara signs pact with NDE, World Bank on vocational training of 250 youths SIKIRAT SHEHU, Ilorin

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wara State International Vocational, Technical and Entrepreneurship College (IVTEC), has signed Memorandum of Understanding (MoU) with National Directorate of Employment (NDE) and the World Bank on the training of 250 students for a firstlevel skills training.

The MoU, according to governor Abdulfattah Ahmed, who signed on behalf of the state government, provides for payment of monthly stipend for each trainee for the period of the training.

He added that the three months training programme would be followed by a six months industrial apprenticeship to further expose the trainees to their various chosen jobs.

The governor explained

that the College was established to provide the best technical, vocational and entrepreneurship training to youths in order to make them gainfully employed and contribute their quotas to the society.

Ahmed added that IVTEC is benchmark against global standards in vocational education through partnership with globally recognized certification bodies like City and Guilds of London among others.

Speaking earlier, the director general (DG) of the National Directorate of Employment (NDE), Nasiru Mohammed Ladan had in his remarks said the partnership in the area of skill training is a right step in the right direction, explaining that it would open a new vista in the implementation of the skills for job of components of YESSO.

Customs nets N140bn revenues in August, 2018 CYNTHIA EGBOBOH, Abuja

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he Nigeria Customs Service said on Tuesday that it recorded N140,415,355,659.97 revenue in August 2018, the highest ever monthly collection by the agency.

Hameed Ibrahim Ali, Comptroller-General of Customs in a statement signed by Joseph Attah, Public relations Officer said that the increase in revenue is as a result of dogged pursuit of the several reform programs. He said, “this historic feat is as a result of dogged pursuit of the reform programs which include: Strategic deployment of manpower; Upgrade on the electronic systems from Nigeria Integrated Customs Information System (NICIS I) to NICIS II which has blocked leakages;

Strict enforcement of extant guidelines by the Tariff and Trade department; Robust stakeholder engagements resulting in higher compliance; Increased disposition of Officers and Men to change the way of doing things for the better”.

According to the statement, NCS has in the last eight months, effected seizures of 156,090 bags of smuggled rice, 15,632 sets of military wears, 489,000 ammunitions and other items with the highest monthly revenue collection of over N140 billion in August 2018.

The statement further shows that the NCS has embarked on implementation of three pronged presidential mandate of restructure reform and raise revenue to strengthen the Service as a crucial contributor to national economy and Security.

Nigeria needs 633 epidemiologists to tackle prevalent challenges ANTHONIA OBOKOH

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igeria’s ability to reduce infectious diseases, prevent and control emerging epidemics is currently constrained because it needs more epidemiologists than it has in order to strengthen its national strategy.

However, Africa’s most populous nation needs a minimum of 1,000 epidemiologists but presently has 367. This represents a shortfall of 633 epidemiologists.

“Given the population of the Nigeria, it is estimated that we need to train and sustain 1,000 epidemiologists to be able to meet epidemiological challenges. To date 367 are in training and another 58 have been selected for the next class for a total of 425,” said Okey the

A

bia state governor, Okezie Ikpeazu, has submitted his governorship nomination forms and boasted that even his enemies acknowledge that the state is the Small and Meduim Enterprise (SME) capital of Nigeria.

Ikpeazu, further said that his administration has placed the state on a path of irreversible sustainable development, adding that the Made in Aba initiative has gone beyond the shores of Nigeria.

He said, “For the past three years in Abia State we have succeeded in placing Abia on a path of irrevers-

ible, sustainable development running on our five pillars of development which include: trade and commerce, agriculture, oil and gas and promotion of small and medium enterprises.

“Today, even our worst enemies acknowledge that Abia is the SME capital of Nigeria, courtesy of the benevolence of God almighty.

“Our promotion of Made-In-Aba has gone beyond the chores of Nigeria, Africa indeed and I am happy and pleased to say that our innovations in agriculture have also seen new vistas and the massive infrastructural development that has opened up our market, opened up our

senior executive for Africa at the Global Health Services Network.

Nwanyanwu said this while speaking on “Securing Nigeria’s Public Health Future through NCDC: People, Knowledge, Money,” at the Nigerian Field Epidemiology and Laboratory Training Program (NFELTP), 2018 Conference.

According to him, public health security in Nigeria is the responsibility of Nigerians. Its future can only be secured by Nigerians through a coordinated and integrated effort organised locally and sustained organically.

“We are here to think together on solutions that will drive future interventions, to discuss on going interventions contributing to health security, and discuss how to make resources available to sustain them.”

“Money is important. It is

not only the Nigeria Centre for Disease Control (NCDC) that should be funding, other ministries should be contributing money including states, NGOs and the private sector. We need to have a plan to raise these funds,” Nwanyanwu added.

Meanwhile, the Nigeria Centre for Disease Control (NCDC) and the Nigeria Field Epidemiology and Laboratory Training Program (NFELTP) is set to hold its third yearly scientific conference.

Themed: “Strengthening Health Security through Field Epidemiology”, the conference, aims at creating a platform to enable epidemiologists and public health physicians share their scientific works with the larger public health audience.

George Akpede of Irrua Specialist Teaching (ISTH)

Hospital said at the conference that rising to the challenge is really an issue of raising the standard of clinical care of infected persons, particularly those with severed infections, in endemic countries.

“Lassa fever care centres should have optimum infection control and containment procedures; a high degree of expertise in critical care and management of highly infectious diseases’’.

He stated.

Joshua Obasanya, chairman at NFELTP closing the conference ceremony said we have reached the end of the 3rd Annual Conference.

“We have been assailed by torrents of ideas, and in the next few weeks we have plenty to reflect on in terms of health and security in Nigeria. We can do more through multi-stakeholder collaboration,” he said.

L-R: Ibiyinka Afuwape, vice chancellor, Michael and Cecilia Ibru University; Cecilia Ibru, co-founder, Michael and Cecilia Ibru University; Beverly Hartline, vice chancellor for research and dean of graduate studies of Montana Tech. Butte, USA/ guest speaker, and Peter Gbewa Hugbo, pro- chancellor, Michael and Cecilia Ibru University, at the 2nd annual memorial lecture of late Olorogun Michael C.O Ibru. The Otota of Agbarha Kingdom, Agbarha Ottor Delta State.

2019: Ikpeazu, others submit PDP nomination forms OWEDE AGBAJILEKE, Abuja

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major cities and ensure that trade and commerce begin to flourish once again.

“I know that whatever is good is ordained by God. And I can say that it is the wish of God that we continue in this trajectory,” he said.

Similarly, an aspirant from Kaduna State, Muhammad Sani Bello, after submitting his forms, said “We are currently witnessing maladministration in Kaduna State and the people are asking for a change”.

Two other governors also submitted their nomination forms for their reelection. They include Taraba state governor, Darius Ishaku and his Akwa Ibom State counterpart, Udom Emmanuel.

Nigeria records N2.36trn trade surplus in Q2 2018 - NBS CONRAD OMODIAGBE

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igeria recorded a trade surplus of N2.36trillion in the second quarter of 2018 eventhough total trade showed a decline in both import and export, according to latest report from the National Bureau of Statistics (NBS).

Total value of trade for the second quarter of 2018 was recorded at N6.57trillion which indicates a -8.89 percent contraction from N7.21Trillion and marks the first fall in trade value since the second quarter of 2016.

The surplus realized, shows 8.36 percentage increase from the N2.2trillion in the first quarter of 2018 and also a significant 399.8 percent increase from

the first quarter of 2017 which had a surplus of N471.48billion.

Even though import and export numbers declined in the second quarter of 2018, the rise in surplus was mostly driven by a slower decline in export as opposed to the massive decline recorded in Nigeria’s imports.

According to the NBS report, crude oil remained the major export product gulping 85 percent of total export. Despite a contraction of 4.9 percent over the year’s first quarter, total export was valued at N4.46trillion. Imports, quarter-on-quarter, the NBS said declined -16.3 percent to N2.11triillion during the period.

Experts say efforts made by the Federal Government

in reducing high levels of importation into the country particularly in rice and wheat has helped the positive trade balance being witnessed.

The stability of the local currency against the dollar has also helped in reducing high import bills, which according to the experts could moderate further especially with the recent naira currency swap deal initiated by the Central Bank of Nigeria with the Chinese Yuan.

China accounted for 25.28 percent imports into the country, the largest for the quarter. The NBS said the major goods imported were machineries and transport equipment which gulped about N600.6billion, with total imports from China reported at N531.6billion.

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Friday 07 September 2018

2019: Lagos, Rivers, Abia emerge states with highest number of registered voters ...As INEC laments high number of unclaimed PVCs INIOBONG IWOK

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s preparations towards the 2019 general election intensify, the Independent National Electoral Commission (INEC) has disclosed that Lagos, Rivers and Abia states had the highest number of registered voters in the country which the commission estimates at about eighty four million after the completion of the Continuous Voters Registration (CVR) on August 31st.

Rotimi Oyekanmi, chief press secretary to INEC Chairman Mamood Yakubu, stated this yesterday in an exclusive interview with BusinessDay, revealing that

the three states surpassed any other state in the country.

Oyekanmi stressed that the commission registered almost fourteen million voters in the sixteen months that the CVR was carried out across the country.

“Lagos is leading with 725,437 new voters, followed

by Rivers with 705,921, then Abia with 547,606 as at August 26. Recall that we had almost 70 million registered voters as at 2015. If we add the new figures, we will have almost 84 million voters on the Voters’ Register,” Oyekanmi said.

“As at August 26, the Commission had registered 13,634,414 new voters. If we add the figures from August

27 to 31 when the exercise was suspended, we would hit the 14 million mark,” he further said.

Oyekanmi however, lamented the slow pace of collection of the Permanent Voters Card (PVCs) across the country, revealing that the commission had adopted several measures to sensitise Nigerians.

“We have adopted several measures, including but not limited to using traditional and social media outlets to create awareness on this.

We have also appealed to all our major stakeholders, including the media, to help us create more awareness.

We still have over 7 million uncollected PVCs and it will be in the best interest of

Yakubu

Restructuring must involve equitable redistribution of Nigeria’s commonwealth - Falana KELECHI EWUZIE

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emi Falana, human right lawyer and senior advocate of Nigeria has declared that the only way Nigeria can experience the restructuring they crave for is through the equitable redistribution of commonwealth to improve the economic wellbeing of citizens.

He observed that Nigeria cannot seriously be restructured without equitable redistribution of commonwealth adding that those who have cornered the nation’s commonwealth should not be allowed to talk of restructuring in isolation.

Falana pointed out that the campaign for restructuring should encompass the decentralisation and democratisation and economic powers which have been privitised by all factions of the ruling class.

In particular, the struggle for fiscal federalism has to confront the control of national economy by imperialism.

While speaking at the 19th Mike Okonkwo annual lecture in Lagos Wednesday, Falana stressed that since the constitution has clearly stated that the welfare and security of the people shall be the primary purpose of government, Nigerians must demand an end to a policy that allows political office holders and civil servants who constitute less than 1 percent of the population to continue to allocate 70 percent of the nation’s resources to themselves.

In his lecture titled Nigeria’s Unity: Matters Arising, the senior advocate of Nigeria (SAN) opines that Nigerians should therefore be prepared to challenge the recycled neo-liberal managers of the economy who continue to insist on the dominance of market forces which

have been discredited by the crisis of global capitalism.

He however warned that the devotion of powers to the states from the center without the democratisation of the powers will not promote the unity of the country.

“Restructuring without equitable redistribution of the common wealth will not promote unity or political stability.

Unity is not an abstract phenomenon. In concrete terms, unity means the corporate existence of Nigeria”.

“Since the rich are united in exploiting the national resources, the exploited poor and oppressed people should united to free themselves from poverty,” he said.

He enjoined Nigerians to reject the shameful categorisation of the country as a rich with the largest concentration of poor people in the world.

According to him, “It is high time that poverty was seriously

attacked through the empowerment of the masses and job creation for young people”.

“We must reject poverty alleviation or reduction and demand poverty eradication In addition, the recovery of stolen wealth of the nation by foreign and local thieves should be a collective battle while the fund recovered from corrupt public officers and their privies is spent on job creation and fixing hospitals and schools as well as provision of other social services”, he added.

On his part, John Nwodo, chairman of the occasion said the unity of Nigeria should not be left to the ruling class adding that it should be a collective effort from all more especially the youth.

He advocated institutional reforms that can attract more youth participation in the leadership to contribute to the economy.

Atiku condemns incident at PDP headquarters

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t i ku Ab u b a k a r, one of the presidential aspirants on the People’s Democratic Party (PDP) platform and former vice president, has condemned the violent incident perpetrated by trouble makers at the headquarters of the PDP, at Wadata House, Abuja on Thursday.

In a statement in Abuja, the presidential aspirant stated that it was uncalled for and undemocratic for any group of individuals to turn an otherwise happy political event into a fracas that threatens the lives and well-being of party supporters who were at the event by choice to support their candidate and party.

The Waziri Adamawa called on supporters of all political hues to show ma-

turity and allow the democratic process to proceed unhindered in the interest of the parties and aspirants as well as the nation.

He urged his supporters to show restraint even in the face of provocation.

Atiku praised the police and other security personnel for containing the situation and protecting innocent and law-abiding supporters at the venue.

He advised that Nigerians should always allow peace to reign in order for the leadership selection process to be reliable and credible.

The former Vice President is optimistic that with the neutral and effective co ndu ct by th e p o lice, there is hope that Nigeria would get the 2019 elections right to the satisfaction of all Nigerians.

“We know the high cost of the forms is to scare away a lot of these aspirants, but it is not the best, it would only give people in government advantage, and fraudulent people would find their way in government, they would want to recoup their money back after being elected; so in the end it may affect their performance. I would have expected the party to bring down the cost of the forms and screen the aspirants”, Fasoranti said.

Also speaking in similar vein, the national President of the Yoruba Patriotic Front

and governorship aspirant in Oyo State on the platform of the APC, Soji Adejumo, accused the APC of insensitivity and encouraging corruption, warning that it was capable of creating problems in the polity.

“I would describe the amount as critical madness; this amount is equal to a five year salary of a Permanent Secretary in the ministry and ten years’ salary of a Director in the Ministry; this would only end up creating more problems for the polity, I am a governorship aspirant I can say that”, Adejumo said.

2019: Afenifere, OPC, YPF condemn cost of APC nomination forms INIOBONG IWOK

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o re c o n d e m nat i o n s hav e c o nt i nu e d t o trail the cost of nomination and expression of interest forms for aspirants on the platform of the ruling All Progressives Congress (APC) into various elective positions in the 2019 general election, this is just as the pan-Yoruba social cultural group Afenifere, the Odua People’s Congress (OPC) and the Yoruba Patriotic Front (YPF) have equally described the cost of the forms as ridicu-

lous and capable of creating more confusion in the nation’s polity.

The APC national working committee (NWC) last week pegged the cost of nomination and expression of interest forms for House of Assembly positions at N850, 000; House of Representatives N3, 850,000 Senatorial 7 million, governorship N22.5 million, while the presidential position was fixed for N45 million.

But speaking in separate interviews with BusinessdDay yesterday, the leaders of the groups wondered why the

APC which promised to tackle corruption in the country would charge such exorbitant fees from it aspirants, which according to them could only be afforded by corrupt politicians, stressing that the cost of the forms was capable of aiding fraudulent individuals into elective positions in the country.

Founder of OPC and national leader of the Green Party (GP), Federick Fasheun, noted that he was not surprised with what the APC had done, stressing that he had always maintained that the Buhari administration which

claimed to be fighting corruption was equally corrupt.

“You know Nigeria’s politics is cash and carry, it started during the Babangida era and it has continued. I have always said that the Nigerian government is fighting corruption with corruption,” Fasheun said.

Also leader of Afenifere, Reuben Fasonranti, said that he thought the cost of the forms was to reduce the number of aspirants in the APC, but suggested that the APC should have made the cost of the forms affordable and screen the aspirants.

democracy for the owners to collect them and actually vote during the general election,” Oyekanmi added.

He stressed that the commission was working assiduously to print the PVCs for collection ahead of the 2019 general election, adding that the lists were being displayed at the registration centres across the country.

“The next step is to embark on the process leading up to the printing of the Permanent Voter Cards (PVCs) of all those who registered from January to August 31 this year when the exercise was suspended. Already, the lists are being displayed at the various registration centres for claims and objections,” he said.

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BUSINESS DAY

Friday 07 September 2018

BUSINESS DAY

C002D5556

NEWS YOU CAN TRUST I FRIDAY 07 SEPTEMBER 2018

Opinion Britain and the new scramble for Africa

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must confess that I have always been partial towards Britain. I spent some of my formative years as a student in France. I love Paris and its boulevards, elegant cafés and sheer style. But I knew I would always be the outsider. I was always desperately homesick in winter; only comforted by the words of the novelist Albert Camus, “in the midst of winter, I suddenly learned that there was, within me, an invincible summer”.

England, by contrast, felt like home. The Cotswolds, Tintern Abbey, Christchurch Meadow and the Lake District felt exactly as I had read about them as a schoolboy in Mada Hills, in the backwoods of the ancient savannah of my birth in the Middle Belt of Nigeria. To echo the poet Rupert Brooke, there is a part of me that will forever be England.

All the other places I was privileged to foray into in the course of a privileged career – Boston, Washington DC, Tokyo, Singapore, Helsinki, Uppsala, Stockholm, Bergen, Copenhagen, Budapest, Warsaw, Vienna and Ottawa, with all their attractions pale behind the immortal dreaming spires of Oxford.

The whirlwind African safari by British Prime Minister Theresa May last week has come and gone. Britain, as my gentle readers already know, is about to leave the European

Union in a matter of months.

The Brexit negotiations do not look particularly promising. It is not in the interest of the Europeans to give the Brits a soft landing, just in case it serves as an incentive to others who might consider leaving the union. Britain, if truth be told, stumbled into Brexit without the vaguest clue as to what they would have in replacement.

The entire project was bankrolled by irresponsible public school boys like Nigel Farage, former leader of the UK Independence Party (UKIP) and former foreign secretary and accident-prone Boris Johnson. It came across as a playground prank that suddenly went wrong. They had absolutely no plans for the future of their country outside Europe and were quite surprised that they actually did win. They have been in hiding ever since.

I have always been a student of British political history since Magna Carta 1215.

I know that giants once governed Britain – from William Wilberforce and the two Pitts to Gladstone, Churchill, Macmillan and Margaret Thatcher.

Today, the state is riddled with wimpy little Old Etonians. The great statesmen are no more.

In their place we have mere political jobbers who are in government merely to have a go at something that will give them a reasonably cushy pension later in life, so they can

go with the lads to the pubs in the evening of their days. John Major and Tony Blair typify that type. I feel sorry for Britain.

Theresa May’s lugubrious dance-steps with some giggling school girls in South Africa last week did not impress me. The visit to Abuja seemed somewhat more dignified. The question is: Why Africa, and why now?

Britain is rediscovering Africa and the Commonwealth because she needs new trade

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Africa accounts for a mere 3 percent of Britain’s global trade as contrasted with 54% with Europe. Until the late nineties Britain accounted for 7% of Africa’s imports, but that volume has gone down to a mere 2 percent

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and business partners to replace the gaping hole that will inevitably emerge with Brexit -- borne of desperation. Be that as it may, the new rapprochement with Africa comes at an opportune moment.

Britain is the oldest democracy in the world. The Brits take pride in the fact that their parliament – the Mother of all Parliaments – has never stopped sitting, be it in war or peace, for the last 300 years.

Today’s Britain is a prosperous middle industrial power with a

HumanAngle FEMI OLUGBILE Physician, psycho-profiler and essayist

T

he famous author and Nobel laureate – Vidiadhar Naipaul, died at the ripe old age of eighty-five years, a few weeks ago. He was a man with Indian roots, born in Trinidad.

That no Indians or Trinidadians were grieving loudly for one of the greatest writers ever to arise from within their ranks spoke volumes about the man who died.

VS Naipaul was a difficult man to love. He let it be known that love or hate did not touch him and would not make him waver an inch from his chosen path of saying it as he saw it.

He was not a great admirer of Africans. It caused not a little surprise therefore, when in 2008, almost exactly ten years to his death, he travelled to Nigeria and spent several days wandering around the streets of Lagos, as a guest of financial guru and politician Wale Edun.

Vidiadhar was a man who travelled a lot, and who was

population of 66 million, a GDP of US$2.64 trillion and a per capita income of US$39,734.

As my gentle readers who did history at school would know, the industrial revolution first began in Britain in the middle of the nineteenth century, before spreading to France, Germany and the United States. Britain was the first factory of the world, aided by the supremacy of the pound sterling, mastery of the high seas and imperial hegemony

over North America, Africa and India.

Britain held sway over Africa for more than a century, until the 1960s when Harold Macmillan’s “wind of change” swept through our glorious continent. Post-independence relations have waxed and waned over the succeeding decades. By the 1980s Britain had retreated from much of Commonwealth Africa, with the exception of Apartheid South Africa. Three reasons accounted for this. there was a gap between the rhetoric of African liberation and the day-to-day living stories of the people.

One thing Shiva liked to do was to use little vignettes presumably based on actual observations to make the story reveal itself. In ‘North of South’ he derided and ex-

V.S.Naipaul and the black and yellow races of the world (a tribute, after a fashion, to a controversial literary giant) generally acknowledged as one of the most significant writers of the age.

He was not a popular man, and not a happy man, and he never conveyed the sense of a man who was truly comfortable in his own skin. Even the people who admired his talent often showed profound discomfort with him, as he did with them.

The attitude of the English intellectual establishment – the theatre-going, fox-hunting gentry could be summarised in their quaint description of him – ‘He looks like one of them, but he is really one of us…’

Oh, there have been efforts to outdo VS in dismissive, disdainful rhetoric against Africans, Asians, and the ‘Third World’ generally. His younger brother Shiva, who died of a heart attack in his thirties, had

coriated the African, and the general tenor of his conclusions was pretty much in tandem with what the yellow and black peoples of the world had frequently accused VS, his more famous brother, of – that the colonial experience was a necessary and beneficial one, bringing civilisation where there was nothing, and that decolonisation was a sham and a prescription for disaster.

VS – at seventysix, when he visited Lagos, was still travelling, and still writing.

He was, he said, in travelled to East Africa on a journey purportedly for the purpose of finding out for himself the answer to the question of whether

Nigeria on a writing assignment. He was collecting material for a book on Africa.

Normally he was a man who gave no quarter and

THE NEW WEALTH OF NATIONS

First, British accession to the European Economic Community, as it then was, required that she gave up her trade and financial links with her former colonial dependencies. The Commonwealth trade preferences were discontinued.

They also withdrew the pound sterling as the principal anchor for the currencies of the African English-speaking countries.

A process of trade diversion occurred in favour of Europe as against the former African colonies.

Second, the rising wave of economic nationalism in the developing world made the British to look more inwards within Europe for trade and investment opportunities.

The Indigenisation Decrees of the seventies in Nigeria, for example, compelled several British companies to disinvest from our country. The nationalisation of British Petroleum and of Barclays Bank by the Obasanjo military administration to punish Britain for her implicit support for the ignoble Apartheid regime in South Africa probably did help to mount additional pressures that ultimately led to the unravelling of the fascists in Pretoria.

But it was a ghastly mistake for our economy.

Third, we have the grim reality of de-industrialisation in Britain towards the last quarter of the twentieth century.

When I was a child, any object that had “Made in England” pulled no punches. In his earlier years, he had scathingly dismissed a certain brand of Islam popular in Pakistan as a haven for retreat of people who felt insecure in their ability to cope with the challenges of modernity. This was several years before the advent of Osama bin Laden, Al Qaeda, the Taliban and ISIS. He was unsparing of this category of people in ‘Among the

‘

If Vidiadhar had already ‘done’ Africa ‘down’, in his book ‘In a free State’, winning a Booker off it in 1971, was he in Lagos in 2008 to mock Nigerians, or to seek redemption?

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Believers’. In return he was hated in full measure by the people he wrote about.

The VS Naipaul of the last ten years was certainly a mellower, more considerate person than the one everyone was familiar with.

Still, Chimamanda disliked his disdainful attitude. Wole Soyinka, whose work he disdained, maintained a stoical

OBADIAH MAILAFIA Dr. Mailafia is a former Deputy Governor of the Central Bank of Nigeria, a development economist and public finance expert with a DPhil from Oxford obmailafia@gmail.com; 08036590990 (text messages only) appended to it was the seal of quality and international standard. Sadly, these days, such an item with the same label would be considered suspect. The main culprits are Baroness Thatcher and her neoliberal Argonauts who hated the labour unions so much that they were ready to close down the coal mines and the factories in order to call their bluff. They preferred to transfer much of the capital resources to the money-changers in the City of London. Britain gradually lost her place as one of the Continues on page 35

silence to the end.

He was a white man in his head and a yellow man in his skin. He had left Trinidad early, gone to Oxford, conquered English literature.

He had not assimilated, could not assimilate. He was racially alienated from the First World, and psychologically alienated from the Third World. He was useful on the dinner-party circuit as evidence of the achievements of the civilising mission of the Empire, but he could never become the colonial himself. He did not belong anywhere.

Earlier in his life, VS Naipaul had presented an unflattering view of his homeland, his race and his ‘countrymen’ in ‘The Middle Passage’.

A year before he came to Nigeria, in 2007, a kinder, gentler Naipaul was back in Trinidad. He made nice speeches, urging his countrymen to put aside their ‘Indian’ and ‘African’ labels and to embrace a truly national ‘Trinidadian’ character.

If Vidiadhar had already ‘done’ Africa ‘down’, in his book ‘In a free State’, winning a Booker off it in 1971, was he in Lagos in 2008 to mock Nigerians, or to seek redemption?

In his Nobel citation, the Nobel Committee had Continues on page 35

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WOMEN’S HUB Friday 07 September 2018

BUSINESS DAY

What it is like for a black student to go to Cambridge

AMVCA 2018

Anight of Glitz & Glamour!

Damilola, all for the love of arts and photography

MODUPE EMMANUEL with first and second degrees in Law from Cardiff and University of Nottingham, called to bar and 4 years of practice, yet she followed her heart

2 BUSINESS DAY

EDITOR’S NOTE Welcome to another edition of Women’s Hub. This week, our cover personality and Leading Woman is Modupe Emmanuel whose love for baking is respected far and wide.

Her story is truly inspiring.

A Reality TV show, The Entrepreneur is set to launch in October, Desmond writes on this.

Wondering what it is like for a black student to go to Cambridge? Rianna Croxford’s story tells it all.

I had an amazing time at the 2018 edition of the AMVCA. Some ladies stood out in their outfits. I chose 6 and shared my experience and observations about the event.

Center for Cyber Awareness and Development, CECAD spurs women to tap into growing possibilities of digital technology. This is enlightening.

These and other juicy stories we have for you this week.

Enjoy!

KEMI AJUMOBI kemi@businessdayonline.com

Graphics by David Ogar

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Leading Woman

Friday 07 September 2018

WOMEN’S HUB

MODUPE EMMANUEL, with first and second degrees in Law from Cardiff and University of Nottingham, called to bar and 4 years of practice, yet she followed her heart KEMI AJUMOBI

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odupe Emmanuel is a wife and a mother. She is the Head Chef of Salt Lagos, a fast growing culinary company, based in the city of Lagos, Nigeria. Modupe studied law at Cardiff University and then completed a Masters in International Commercial Law at the University of Nottingham. After being called to the Bar in Nigeria, Modupe practiced Law for 4 years and then decided to pursue her passion for the love of good and quality food. In order to formalize her passion, Modupe went on to train at the prestigious Le Cordon Bleu Paris and obtained a Grand Diplome in both pastry and cuisine.

Whilst studying in Paris, she was among the top performers in her Intermediate Pastry class. Following her completion of the Grand Diplome, she successfully completed an apprenticeship at Le Mini Palais Restaurant, Champs Elysses, Paris. Her success at Le Cordon Blue is evidenced by her appointment as an official representative of Le Cordon Bleu in Nigeria.

Upon her arrival in Nigeria, Modupe started Salt Lagos, a quality culinary service provider in 2014 and has since established herself and her team as one of the top culinary service providers in Lagos. Salt Lagos is well known for the unique desserts, cakes and pastries.

Early Years Growing up was fun and quite interesting for me. I grew up with a lot of my Aunties and uncles. My parents ensured my siblings and I were well brought up and they didn’t tolerate nonsense. Their discipline and love keeps me grounded even till date.

I know nothing is handed to you on a platter of gold and you have to work hard for anything you want. I also learnt a lot about God as my parents didn’t joke about church. That foundation definitely shaped me. My parents ensured that we all did house chores and helped in the kitchen; as a result, I developed my cooking skills by spending a lot of time in the kitchen. For instance, my mum’s policy was, ( and still is), if you wanted to eat pounded yam, you must be able to pound yam.

So, lot of my cousins, actually learnt how to pound yam in parent’s house.

When and why did you start your business? How did you come about the name?

Salt Lagos was established in May 2014 and my first event was my friend’s wedding. However, my culinary journey began way before then. I would cook and bake for people for free, just to experiment. I started Salt Lagos because of my passion for food.

I mean, I started pounding yam for instance at the age of 5, (believe it or not).

Initially, I was in the legal profession. I studied law at Cardiff University, obtained a Masters degree in International Commercial Law at the University of Nottingham, and practiced law for 4 years. However, I was not fulfilled and I knew there was more to my existence than just doing core litigation. I knew I was passionate about food and that was the only thing that excited me. Thankfully, by the grace of God, I was able to converse with my parents about undergoing training at the prestigious Le cordon Bleu, Paris. Subsequently, in 2013, I obtained my Grand Diplome both in pastry and cuisine. I worked for a few months at Le Mini Palais, a restaurant on Champs Elysee, Paris.

Afterwards, I moved back to Nigeria and started salt Lagos. The inspiration for the name came whilst in my apartment in Paris.

The Holy Spirit directed me to the scripture in the Bible that says you are the salt of the earth in Matthew 5:13. Interestingly, the pastor preached about the scripture in church the next day, thereby giving me the confirmation I needed and I knew it was the right fit. I knew I wanted it to have Lagos in it because that is where I call home. It’s where I was born and grew up. I wanted the company to be associated with Lagos no matter where our products ended up.

How important is it to get the right baker for your special occasion?

For me, the food, desserts or cakes at an event are very important. I feel some people go to parties just for the treats! Sometimes, people remember your event because of what they’ve eaten, whether good or bad. It’s always humbling for instance, when people tell me that they ask if the dessert is ‘Salt’, whilst at events.

Have you ever come to the rescue of someone who had ordered from someone who messed them up?

Definitely! It happens often.

Uniqueness in style of cakes I always ascribe the distinctiveness and nice taste to God. I tell people that I don’t think I’m doing anything differently but the Holy Spirit helps us bake or create these desserts. Sometimes, I get inspiration from God even when I least expect. I also try as much as possible to use the best quality ingredients. I’ll never compromise when it comes to the ingredients even if it’s very expensive. Quality and taste are extremely important to me.

What is the most exotic cake you have made?

Hmmm... that’s a tough one. We tend to do quite a few interesting combinations. But I think one of my favourites is the chocolate brownie cake which has three layers of chocolate brownies, a layer of chocolate chip cookie dough, a layer of vanilla cheesecake, filled with our signature salted caramel and then covered in chocolate ganache. I like the different textures in the cake and it’s very rich.

Would you say your cakes are pricey?

Pricey is relative to be honest. Interestingly, I’ve gotten comments from fellow bakers that I undercharge. When we think of the quality of ingredients we use, one would realize that our prices are quite reasonable.

What is the day in your line of work that you can never forget?

The day I’ll never forget was when I just started in 2014.

A customer (of blessed memory), whom I met on Instagram, had ordered a cake, and it was a special type of cake.

Initially, I wanted to send my driver to deliver it as I had another event that day, but I felt led to deliver it to her myself so that I could also meet her. On my way to her house, the cake started having cracks but I thought it would be fine. As soon as I got to her front door, and she greeted me, the cake literally fell apart! Like literally split! She kept encouraging me and telling me not to worry and was thinking of ways we could put the cake back together. She then told me not to worry that she would give her sister another gift. She took the cake and said she would give the kids to eat. As I left her house, she gave me a gift and said we entrepreneurs must support one another. That day, her kindness melted

How important is it for bakers to always reinvent themselves? What do you do to upgrade your skills?

It is very important for bakers to reinvent themselves if they want to be relevant and stay relevant in the society. You can be a hit today but tomorrow, someone else has better products. The dessert world has definitely evolved since I left Le Cordon Bleu in 2013. I therefore cannot stay stuck in 2013 or just rely on what I learnt then. Consequently, I try as much as possible to go for courses, read books, keep up with the latest trends and try out new recipes.

my heart. God also taught me a lesson that day. Sometimes, things are out of your control and irreparable but God can always step in and make it work.

Challenges We face a lot of challenges every day in the business, but we strive daily to become better.

We take constructive criticisms. We let go of the toxic things some customers say or do to us and just work on satisfying our customers as best as we can. The prices of things in the market also make things difficult, but we have to do what we can to maintain our standards as well as please our customers.

Final words I believe it is important for business owners to support one another, rather than pulling each other down. It is interesting that we experience a lot of negativity from fellow entrepreneurs/ business owners, who afford little or no grace.

It’s important that we criticize constructively rather than in a derogatory manner. I am of the firm opinion that when you are forgiving, you receive the same type of grace when you fall short. This is a principle I keep in mind when dealing with businesses.

In conclusion, I believe I was able to achieve my dreams by the grace of God and through perseverance and hard work. I would just encourage people to follow their passion. Don’t give up! Sometimes, your idea(s) might seem silly or impossible to achieve, but keep pressing and take each day as it comes. It’s important to surround yourself with the right people and have a good support system. Keep working hard and Trust God to see you through, no matter how tough the journey seems.

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Friday 07 September 2018

BUSINESS DAY

Reality TV show, The Entrepreneur to launch in October T

he Entrepreneur, an educative business reality TV programme calculated to offer mind transforming tools for, and deep insights into business for young entrepreneurs will be launched in October this year said Olusoji Moses, president, Champion Space Foundation.

Moses recently disclosed this to journalists at a press conference at Island Heights Hotel, in Victoria Island.

The reality show was conceived out of the believe that young people can contribute to the stable growth and development of the country’s economy, as a result, it challenges the norm in Nigeria’s reality TV shows which only entertains, by fusing its educative content with entertainment to build teamwork, leadership, competence, and accountability in youths.

The Entrepreneur will be enabling youths who are interested in entrepreneurship to know how to run their businesses. Housemates will get understanding on the business landscape of Nigeria, and taught what a business person ought to know.

Organised by the Champion Space Foundation, the show seeks a total of twenty-five housemates who will then be divided into five groups, and participants are required to pay a sum of N3, 000 for registration online.

T

he managing director, PZ Cussons Consumer, Alex Goma has said that competence, leadership skills are critical qualities that women require to get into the boardrooms of their organisations. He also said women need to have sound business acumen to better position them for the apex and decision-making positions in organisations.

He said this while speaking to women at the maiden edition of the Women in Marketing and Communication Conference and Awards on “Pressing for Progress to the Boardroom” –a topic that elicited keen interest from female marketing and communication professionals, last Friday.

“Competence is required both for women and men.

You need to build strong leadership skills; you’ve got to have very strong business acumen. You’ve got to be somebody who provides solutions, you’ve to have agility, which means you can respond to changes, you’ve got to be resilient, and on top of that you’ve got to have a track record of delivering consistent results. Those things are critical and how do you build them is going through a career process that builds both women and men in those directions,” he said.

As he spoke, he bluntly identified societal barriers as challenges limiting women to certain positions in the past, hence “some have started to feel like they don’t have a right to aspiration. We’ve got to break those barriers,” he avers.

“Women have to deal with problems at home and as well work, how do we create an environment that allows them to balance that and give them the opportunity to be seen as women. There are some things a woman can do that a man cannot do and there are some things a man can do that a woman cannot do.

So they don’t have to apologise for being women, but they just have to take advantage of the platforms to make sure that they can rise to the top.

“So we need everybody, starting with the women themselves, women who have made it to lead other women, men to support either as fathers, husbands or as leaders of communities and also organisations to create the platforms that removes all the barriers that inhibit them from growing,” Goma said.

The Women in Marketing and Communication Conference and Awards, WIMCA, emerged in cognizance of the many challenges precluding female marketing executives from attaining the zenith of their career

WOMEN’S HUB

Samuel Olushola Agbeluyi, Honorary Treasurer, Chattered Institute of Taxation, Olusoji Moses, president, Champion Space Foundation, Kemi Ajumobi, Editor, Women’s Hub, BusinessDay; Chukwuma Moye, GD, Delta State Economic Summit Group and Paul Umanah, agency manager at Aiico Insurance Plc

Stories by DESMOND OKON “The Entrepreneur Business Reality TV show will be encompassing in terms of how we see business. Business needs to be done in a different approach. The Entrepreneur will be teaching all these areas on start, manage, and sustain, and also the chain of successional plan. Being successful is when your business can outlive you, meaning that while you are not in the scene, your business is still running.

“I’ve also come to realize that a lot of Nigerian businesses are yet to get to that point. The Entrepreneur is going to develop this angle and build sustainable plan that would help a lot of young people build competence that will make them stand within the seasons of business,” said Moses.

Chukwuma Moye, GD, Delta State Economic Summit Group, who also will be one of the judges thinks the show

has the potential to be a catalyst to actually spur young people to getting into entrepreneurship. “And I like the fact that it covers a lot of areas, like Agriculture, media.”

Like all reality TV shows, The Entrepreneur will feature live eviction shows on Sundays and Women’s Hub, Business Day’s Editor Kemi Ajumobi will be co-anchoring the eviction shows.

“I believe that it’s going to turn out well, and I believe it’s going to change the way young people see business.

The fact that it’s going to be giving an opportunity to people who have never done something like this before within the age of 18 and 35 is a laudable thing and I think it’s going to be a success. It is going to be a win-win thing because those who were not selected will not be left out” Ajumobi said.

The winning group gets twenty million Naira, the second group gets fifteen million Naira, while the third group goes with ten million Naira.

Competence, leadership skills critical for women advancement to boardrooms – Goma

and “we decide to put together this platforms to address those challenges facing the female marketing professionals, and secondly, to also celebrate women who have made a mark in the field of marketing and communications,” Joshua Ajayi, publisher of brand communicator, told Women’s Hub. “We hope to see more women empowered to attain leadership positions by breaking barriers through sessions that addresses career development issues

by hearing from people who have made a mark in the industry and how they have been able to survive.

“There is need for more collaborations and conferences that will enable people understand current trends, and there is need for more platforms that address core issues beyond just generic conversations, but specific issues that actually affect the lives and careers of people,” said Ajayi who is also the convener of WIMCA.

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Khloe

KEMI AJUMOBI

BUSINESS DAY

Toyin Lawani

Cee-c

DAMILOLA, all for the love of arts and photography

AMVCA 2018 A night of Glitz & Glamour!

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Dakore Akande

KEMI AJUMOBI

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KEMI AJUMOBI

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usually watch the AMVCA’s from home. I must confess I do enjoy it because it’s live and I do not miss out on anything but after getting my invite followed by calls, I knew I had to attend so I did. It was a tedious one because the traffic was really bad. Thank goodness I didn’t drive. Getting there, it was obvious everyone came prepared. Gorgeous guests looking stunning in their own way and the hall was packed full.

It was the 1st of September 2018, the much anticipated 6th edition of the prestigious Africa Magic Viewers’ Choice Awards (AMVCAs) held to much fanfare, glitz and glam at the Eko Hotel and Suites in Lagos.

The hall was filled with the crème de la crème of the African film, TV and entertainment industry and it was hosted by the returning duo of IK Osakioduwa and Minnie Dlamini.

Performances included the critically acclaimed NigerDelta dance troupe, Seki, renditions by singer-producer Cobhams Asuquo, and Nigerian opera singer, Omo Bello who performed together with her orchestra. Nigerian rapper Falz also thrilled on the night and also won the ‘Best Supporting Actor in a Drama’ award.

Another highlight of the night was when renowned Nigerian cinematographer Tunde Kelani was presented with the Industry Merit award, a decision that was well received by the audience as evidenced by a prolonged standing ovation. In the same vein, the Trailblazer Award was given to Bisola Aiyeola in recognition of her growing impact in the African film and TV space.

The crowning of the night was the announcement of Phoebe Ruguru’s ’18 Hours’ as the Best Overall movie, a fitting tribute to an event that featured many other Kenyan winners.

WOMEN’S HUB

Friday 07 September 2018

Fathia Williams

amilola Adedayo is the CEO of DGWC. He held an exhibition a while ago at the Freedom Park Lagos. His exhibition was inspired by the need to change narratives, celebrate the beauty of Art from an admirable standpoint, project leading works by DGWC studios and further positioning it as one of the foremost photography outfits. His aim was to swing it closer to a sought after clientele base whilst also providing a platform for expression, networking and entertainment.

According to Damilola, “The DGWC brand has evolved over the years and our brand at the time we had the exhibition was beginning to gain public consciousness and appeal so, we thought to reposition its profiling by bringing it closer to its clients, fans and the general public.

At the time, our team had just concluded a five western states documentary tour and most of our works enjoyed rave reviews from art enthusiasts and critics so, we thought to compliment the review by having a public showing in form of an exhibition, word play/poetry and music.” He said.

On feedback, Dami said the build up to the exhibition was quite overwhelming considering the level of support, excitement and expectations from his clients, friends of DGWC, fans and the general public which translated to the massive success of the exhibition itself. The attendance was encouraging as the facility was packed whilst everyone had a memorable and great time.

“From feedbacks received, a large concentration of the attendees gave great commendations whilst also highlighting their commitment to support and attend subsequent edition”.

On what he looks forward to, Dami says “At the moment, we are presently doing our yearly review and repositioning as a brand so, all of our efforts are tied around ending the year on a high with creating more memorable

experiences for our clients.”

Asked on his love for photography and he has this to say “My Love for photography is influenced by the creativity and art of expression which is an adventure in its entirety. Also, being inspired by the beauty of storytelling, creating and preserving memories.”

Girl gains right to wear dreadlocks to school after court ruling DESMOND OKON

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Juliana Olayode

5-year-old girl in Jamaica recently gained the right to wear dreadlocks to school after a legal battle with both the school and the Ministry of Education was resolved in her favour by the country’s Supreme Court.

The girl’s mother, Sherine Virgo, said that her daughter had been accepted at Kensington Primary School, an esteemed public school near Kingston, but was told by the principal during orientation that she would have to cut off her daughter’s hair (due to

hygiene).

But Virgo refused, noting that other students, many White, were allowed to keep long hair so long as it was straight.

The human rights group, Jamaicans for Justice, took up her case, and argued that the barring of children with dreadlocks or “natural” hair from attending school was discriminatory and violated the child’s constitutional right to an education.

In the end, the Supreme Court agreed and issued an injunction to force the school to accept the

girl wearing her hair in dreadlocks.

“Without this court order, she faced the prospect of being denied an education simply for refusing to remove her dreadlocks,” said Jamaicans for Justice executive director Rodje Malcolm.

This is not the first of this case. Last month, similar cases have sparked outrage in the U.S. A viral video showed an 11-year-old girl being kicked out of a Louisiana Catholic school over her braided hair extensions.

Another video taken in Florida showed a 6-year-old boy being told by school officials that he was being unenrolled because he came to class wearing dreadlocks.

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BUSINESS DAY

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am the first in my family to go to university and faced a lot of the obstacles students of colour encounter when aiming for Oxford and Cambridge. Educated at state school, I graduated from Cambridge last year as one of only seven women of mixed white and black heritage in my year of 3,371 undergraduates. As one of the first black students to read English at Trinity Hall College, I had to deal with different degrees of racism day to day, as well as cultural challenges that my background had not prepared me for. I want to help make it easier for other students like myself to enter elite institutions that can offer a fast track to a successful career. Getting into Cambridge was a struggle.

My first attempt failed. For my A-levels, I had moved from a comprehensive to a grammar school. My A and A* grades at GCSE, considered exceptional at my old school, paled alongside the straight A* scores of my new classmates. I was not chosen by the grammar school for Oxbridge preparation sessions or open days. One teacher told me not to apply as she explained: “It’s bad for the school’s reputation if our candidates don’t get in.” Her words stayed with me. I had never been in the gifted and talented class at either school, so maybe she was right, I thought.

But, ever optimistic, I applied for Cambridge anyway, with no idea what to expect because I did not know anybody who had been there. I secured an interview, for which my Ghanaian mother encouraged me to wear a formal black dress. Her parting words of advice were that I should smile, be polite and refrain from arguing with my interviewers. In Ghanaian culture, elders are respected, not challenged. This was a well-meaning suggestion but not what the interviewers wanted. On the way to my interview, I bumped into an applicant from a public school who had just emerged from his on a confident high. “That was brilliant,” he told me. One of my privately educated friends told me that, at her interview, she simply regurgitated what she had been taught to say in special coaching sessions. According to her, this meant “getting into Oxbridge was a given”.

My own experience could hardly have been more different. Flustered, intimidated and constantly tugging at my dress, I was barely able to think. I managed to waffle about Othello and received pitying looks in return.

I was not surprised to be rejected. I received only one university offer that year, from my fifth choice, which I felt would not be worth the £30,000 investment. As I had gained 3 A*s at A Level, I decided to find a job and reapply to universities later. I used this time to develop the skills I needed to shine at an Oxbridge interview — self-confidence, strong opinions and the ability to argue one’s case. As an admissions tutor told me: “We don’t care about what — or how much — you have read, but what you’ve thought about what you’ve read.” On my second attempt, I was offered a place.

During my first term, I came across a succession of “micro-aggressions” — subtle forms of discrimination which, whether intentional or not, were always awkward. At my first tutorial, the supervisor tried to break the ice by asking me if I liked the rapper Kanye West.

The other students exchanged nervous glances. Later

What it is like for a black student to go to Cambridge when I braided my hair, I was mistaken for another black student who also had braids, even though our KEMI AJUMOBI hair colour was different and we did not look alike.

After a term of this, I decided to never wear my hair like that again. Black undergraduates are regularly mistaken for tourists or asked to show their ID cards on college grounds. And we used to joke that in order to make it past the porters at King’s College, which is often visited by day-trippers, you needed a college scarf, library books and a white friend.

The best way to encourage more applicants from diverse backgrounds to aim for Cambridge is by showing them students like themselves who have succeeded

One way of combating such behaviour would be to introduce compulsory training in how to spot unconscious bias. This is currently optional in many colleges. Schools need to do the same for teachers as many still discourage bright black applicants from applying to Oxbridge.

The best way to encourage more applicants from diverse backgrounds to aim for Cambridge is by showing them students like themselves who have succeeded. Last year, a post from the AfroCaribbean Society, with a photograph of 14 of the 15 UK black male students admitted to Cambridge in 2015, went viral. It challenged white Cambridge student stereotypes and urged more sixth-formers to apply. Yet candidates need practical help as well as role-models. Some of the young men featured had been coached by Target Oxbridge, a scheme that helps black students gain places by providing interview practice, one-to-one tuition and summer schools. Mentoring is also critical. There is nothing like hearing a first-hand account from a past student to motivate the hesitant. I mentored three black applicants and two of them received offers at Trinity Hall. One of the women I mentored told me that seeing ethnic minority Cambridge students on social media or YouTube had pushed her to apply. And my example, she added, had provided the clinching argument: “You know what? What the heck — let’s do this.” Let’s hope more follow suit.

Rianna Croxford is a freelance journalist and FT intern

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BUSINESS DAY

Friday 07 September 2018

WOMEN’S HUB

CECAD spurs women to tap into growing possibilities of digital technology

DESMOND OKON

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omen in Nigeria were on the 30th of August, spurred to tap into the endless and growing possibilities of digital technology to grow and develop their businesses at the Nigerian Women Digital Agenda Summit, held at Oriental Hotels. The event was put together by Center for Cyber Awareness and Development, CECAD. They were strongly encouraged to be deliberate and more intentional to make the best use of digital opportunity available to them, leverage on it, step up and step

forward into modern technology and knowledge for their uplifting.

Statistics show that there are more women in the world than men. Similarly, there are also more women in Nigeria than men, this makes it critical for them to harness digital technology to not just grow their enterprises, but also to develop themselves in order to bridge the knowledge gap between them and men, and help them contribute meaningfully to Nigeria’s sustainable growth and development.

This is because “women in places of leadership have shown more credibility than men” According to Francisca Nnanna, a speaker, given their significant percentage

in Nigeria’s population, being relegated will hinder the achievement of the country’s developmental chart.

“Digital technology will help anybody not just a woman. But women have a better advantage because if there are stereotypes around their lives, if there are cultural issues and language barriers, the digital technology gives them leverage and they can interact anywhere. So it is a clarion call for them to come in now and get it right. Whoever you are and whatever you do, you will actually get something doing with digital opportunity,” said Omowunmi Hassan, president and CEO, High-Tech Center: Hassan told Women’s Hub that the biggest inhibiting factor for female engagement in digital technology had always been self and that discovering their true identity would help them make a difference.

“Many people will tell you, it’s my husband, it’s my children, but I think I it’s yourself because if you discover who you are, you realize that you can make a lot of difference in your bedroom or when you are asked not to go out. Once you have a mobile phone and it’s something you do Facebook on, then you are already in the world. Self could only be the only problem you can have not to explore what you have to get what you need. We just need to come out of that self, break the barriers and tell yourself you can do it if others are doing it,” she said.

“Any woman can do it irrespective of your age, culture religion. So many women have proven that there is no barrier and there is no barrier,” she further adds.

According to the president, CECAD, Bayero Agabi, by configuration, women are better placed to ensure that Nigeria attains her developmental goals. Nigeria’s population is more of women than men, “so if you are planning development and you exclude her, where are you going?”

“So we need women to contribute in terms of skills, knowledge, administration and innovation to ensure that we can maximize the gains of this new world of digital technology. Women use more phones that men, but what do they use those phones for?

“We are here to enlighten women to use digital technology to build their enterprise, their businesses, and also manage their homes because as we have found out, children these days are smarter than their parents, so when you have children who are smarter than you using the computer and a smart phone, there is no way you can curb that child without knowing more than your child,” he explained.

I should know my craft. He said, “If you know what you are doing and can contribute to the situation on ground, people will automatically be drawn to you.”

Once I learned this, I looked out for classes I could take that will better my chances in the office. I also took classes in communications amongst many others.

Workwise, I will stay late and come in early to study the task that I was given and on days when I had meetings, I came into the office early to prepare. On a particular occasion, my manager had a presentation to deliver to the Vice President of Operations and a few senior managers

so I approached her and asked if I could present on her behalf. She was quite shocked but seemed pleased. She requested a dry run of what I came up with after which she gave her blessing for me to present.

Unfortunately, I didn’t do too well with the presentation but my manager and others saw the potential in me and the confidence I had and proceeded to enroll me in the management trainee program.

Needless to say, I stopped questioning my abilities and in turn, I was able to get my confidence back and progressed at the job.

Be Visible!

OMOWUNMI MARTINS

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stee Lauder said “I didn’t get there by wishing for it or hoping for it, but by working for it.” I got the opportunity to work at what I consider one of the best companies in the world. I felt so fortunate to identify with this brand and I knew it was my ‘moment.’ This was an opportunity of a lifetime. The stars had aligned and my question to myself was how do I make the best use of this?

I was in a room full of colleagues that went to Ivy League universities; these were people I felt at the time had a huge advantage over me. I felt it was a privilege for me to be in the room with this crop of people. I was intimidated by them. I would find myself not speaking up during meetings and always waiting for others to take the lead. As time progressed I knew something had to be done. I was struggling with myself and situation. At this time, I looked inward and asked myself an important question, what are others doing that makes them speak up in meetings? One common theme amongst my colleagues was they made themselves visible positively. It went beyond the work they did. It was how they engaged people, the contacts they made within the organization and their knack for always asking questions. I decided to seek mentorship and fortunately, I was able to mentor under a man who was consistently successful at the company.

The first and most important lesson he taught me was