BusinessDay 09 Oct 2020

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news you can trust ** friday 09 october 2020 I vol. 19, no 668

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0.00

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7.36

6.93

6m 12m 31-Mar-21 29-Sept-21 403.06

420.09

-0.09

0.00

7.86

10.07

60m 36m 27-Sept-23 24- Sept-25 497.46

589.09

*NTB - Nigerian Treasury Bills; *CP - Commercial Paper

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Unveiling Nigeria’s 2021 budget Buhari expresses concern over poor revenue generation Defence gets N840.56bn, largest for recurrent spending Education gets N127bn for capital expenditure Tony Ailemen, Kamarudeen Ogundele, James Kwen, Abuja & KELECHI EWUZIE, Lagos

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resident Muhammadu Buhari on Thursday, expressed serious concerns over government poor revenue generation, and directed that incomes of Government Owned Enterprises (GOEs)

be scrutinised henceforth and limits imposed on their cost-to-revenue ratios.

Buhari, speaking at the presentation of the 2021 Appropriation Bill to a joint session of the National Assembly in Abuja, urged the law-

makers to pay close attention to the revenue side as they would do to the expenditure side.

The N13.08 trillion 2020 budget tagged “Budget of economic recovery and resilience” coming at a time of a looming economic recession, Continues on page 31

Cinema industry seeks to recover from six-month zero performance ... Hope of surpassing over N6bn earnings in 2019 dims OBINNA EMELIKE & BUNMI BAILEY

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he Nigerian cinema industry is looking to recover after over six months of inactivity and zero revenue occasioned by the lockdown and safety measures imposed by the

government at the peak of the fight against the coronavirus pandemic.

Sadly, cinemas across Nigeria have been closed since late March 2020 until late September, even when other businesses were allowed to open at Continues on page 31

Dear esteemed reader, BusinessDay will, on Monday, present an in-depth report on the malfeasance that has perpetuated Apapa gridlock, putting lives and businesses in jeopardy. It promises to be an interesting read.

Inside L-R: Solape Hammond, special adviser on SDG and investment to the Lagos State governor; Olayemi Cardoso, co-chair, Ehingeti Steering Committee; Sam Egube, commissioner for economic planning and budget, Lagos State, and Gbolahan Yishawu, chairman, House Committee on Economic Planning and Budget, Lagos State House of Assembly, at the Ehingbeti 2020 stakeholders press conference and logo unveil in Lagos, yesterday.

Pic by Olawale Amoo

HO Corn, like Thrive Agric, postpones repayment of investors’ funds twice P. 2 Squabble in Alpha-beta over stakes P. 2

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news HO Corn, like Thrive Agric, postpones repayment of investors’ funds twice FRANK ELEANYA

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hile the dust is yet to settle between Thrive Agric and its investors, HO Corn, a Lagos-based agro-investment platform, has written a letter to people who subscribed to its farms requesting an extension for the payment of capital and accrued dividend.

In a letter seen by BusinessDay, the agric crowdfunding platform said the repayment that was due on October 10, 2020, would no longer be possible due to “unexpected twist in events, largely occasioned by the novel coronavirus pandemic,” as the new payment date was now October 30, 2020.

HO Corn had in February 2020 embarked on nationwide publicity in which it disclosed plans to cultivate maize on about 30,000 hectares of land, which will yield an additional 120,000 metric tons to national output to help meet household and industrial demand for the crop in 2020.

Harrison Andrew, CEO of HO Corn, had claimed that the 30,000 hectares production capacity could accom-

modate 30,000 investors with a minimum investment of N100,000 per lot and assurance of 50 percent return on investment.

A source who had made efforts to invest during the time told BusinessDay that Nigerians’ response to HO Corn’s call for investment was overwhelming. Within two weeks of opening the company’s website was struggling to keep up with the traffic. Most of the time the website was down, which prompted the source to go to the company’s office located on 3rd Floor, Africa Re-Insurance Building, Plot 1679 Karimu Kotun, Victoria Island, Lagos.

“On the last day the subscription was supposed to end, the crowd that trooped to HO Corn was mammoth.

It was as if people were begging the company to take their money and it was refusing,” the source said.

HO Corn promised investors they would earn their return on investment in six months. That was in July 2020.

A few days to the due date in July, the company sent a mail to its investors requesting for three more months, precisely

With fresh 7m set to fall into poverty, Nigeria’s poor will outstrip population of Spain, Canada combined

… as poverty deepens on back of COVID-19, economic recession Favour Olarewaju & Oluwafadekemi Areo

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conomists are projecting that an additional 7 million Nigerians will fall into a widening poverty pit by the end of 2020, with 5 million expected to come from the impact of the Covid-19 pandemic while 2 million people are expected to be impoverished by the more familiar problem of weak economic growth.

Some 82.7 million Nigerians are already living in extreme poverty according to data by state-funded data agency, National Bureau of Statistics (NBS).

The new projection means that a total of 90 million Nige-

rians will be in poverty by the end of 2020, thereby surpassing the entire populations of Spain (46.8m), Canada (37.6m) and Singapore (5.6m) combined.

This poverty index implies that an average of 4 out of 10 Nigerians have real per capita expenditure below N137,430 annually, and this translates into almost N11,500 monthly and about N382 daily, assuming 30 days monthly.

Poverty is made worse by rising unemployment and inflation Unemployment rate in Nigeria is currently at a sixyear high of 27.1 percent as at the second quarter of 2020, meaning that about 21.7 million out of the total population of over 200 million people are unemployed.

Several Nigerians have lost their jobs while others are faced with salary cuts or no pay at all as a result of the negative impact of the coronavirus pandemic on companies and economic growth that is slower than population growth.

In addition, inflation has remained a pertinent issue for Africa’s largest economy as it hits its highest point in 29 months at 13.2 percent in August 2020 from 11.08 percent in August 2019, according to the most recent inflation report from the NBS. Food inflation, as measured by the composite food index, makes up the bulk of Nigeria’s inflation and also reached its peak at 16 percent in August 2020, up from 13.17 percent in August 2019.

Continues on page 31

Squabble in Alpha-beta over stakes OBINNA EMELIKE

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he shareholders of Alpha-beta, a consulting firm handling the computation, tracking and reconciliation of Internally Generated Revenue (IGR) in Lagos State in return for a commission, are set for a tough fight over irreconcilable shareholding issue and company assets diversion.

The four shareholders; Infiniti Systems Enterprises, Mono Consulting, Ebo Consult, and Intergrev Services have been taken to court on the issue, which have so far bred bitterness and distrust in the thriving consultancy business.

Dapo Apara, a Nigerian chartered accountant, and owner of Infiniti Systems Enterprises, who claimed that sometime in 2000, he solely conceived, prepared and presented a proposal to the Lagos State government on providing consultancy services using his firm, has accused Bola Tinubu, former governor of the state, for fuelling the crisis.

In writ of summons deposed to at a Lagos high court, Apara, claimed that Tinubu and Alpha-beta reneged on certain agreements reached in the past about the management and control of the consulting firm.

Apara, who claims to own 30 percent stake in the company, alleged that Tinubu “has directed and dictated the affairs” of the company by diverting assets to himself at the detriment of the claimant.

Apara claimed that apart from owning 30 percent stake in the company, other stakeholders are Michael Ogunmola, trading under the name and style Mono Consulting (40%); Tunde Badejo, trading under the name and style Ebo Consult (15%), and Tunde Badejo, trading under the name and style Intergrev Services (15%), who seem to represent the former governors interest in the company.

He also claimed that the company was being used for “massive corruption purposes including tax evasion, bribery of government officials, diversion of funds” and money laundering by the former governor of Lagos State and Akin Doherty, a former commissioner for finance in the state, between 2005 and 2007.

In the 40-page writ of summons issued by Tade Ipadeola, Apara’s lawyer, which was made available to the media, there were details of the claims including an order compelling an account of all sums due to Apara from 2010 till date; an order tracing all funds and assets due to him from the inception of the company to date and an order of specific performance of certain clauses of the partnership agreement that created the company by extant partners.

Other detail include; an order for payment to the claimants by the defendants, all sums adjudged to be due to him on the submission of the accounts; and payment of 10

Continues on page 31 www.businessday.ng

President Muhammadu Buhari lays the Draft 2021 Appropriation Bill before the joint session of the National Assembly in Abuja, yesterday.

Pic by Tunde Adeniyi

The major drivers of the rise in Nigeria’s food index are meat, oil, potatoes, fish, yam and other tubers as well as bread and cereal. To make matters worse, the current inflation reading may not even provide the full extent of Nigerians’ sufferings.

However, in the monthly review of Steve Hanke, a professor of Applied Economics at the Johns Hopkins University, United States, Nigeria’s August 2020 inflation rate was put at 31 percent, ranking Nigeria as ninth out of 12 countries with the highest inflation rates in the world.

The economist said his annual inflation rates were measured based on a purchasing power parity (PPP) model that he developed when he measured Zimbabwe’s 2007-08 episode of hyperinflation, as PPP represents the “gold standard” for measuring inflation for countries experiencing elevated/hyperinflation rates.

What makes Hanke’s PPP model different from NBS’s CPI model is that the PPP model uses black market exchange rate data collated on the last day of the month while CPI makes use of the average change in the data over time.

Also, while the CPI model uses average change in the price of a basket of selected goods, PPP model covers a wider basket of goods and services.

In addition, to determine changes in the price of items, the PPP model uses changes in exchange rate between the Nigerian naira and the US dollar, while CPI model adopts just changes in the Nigerian naira as the methodology.

Virus wipes N939bn off wealth of shareholders of Nigeria’s biggest firms … but recovery is on Mercy Ayodele

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he biggest shareholders of Nigeria’s 30 largest firms lost a whooping sum of N939 billion combined in the first half of 2020 as the Covid-19 pandemic took a toll on the equities market.

The shareholders used in the analysis are individuals with the single largest shares in the top 30 companies listed on the Nigerian Stock Exchange, otherwise called the NSE 30.

The shareholders information was sourced from the annual reports of the companies as at December 2019.

This analysis considered the value of the shareholdings of these shareholders as at June 2020 compared with June 2019 and also examined which of these shareholders have recovered from the pandemic blow. The data show a recovery is truly on.

Shareholders Perfor-

mance H1 2020 As at the end of June 2020, the shareholders of the biggest companies had a combined wealth of N3 trillion, a 23 percent decline from N3.9 trillion as at June 2019.

While most shareholders suffered the impact of the pandemic on the stock market, some shareholders gained during this period.

The worst hit shareholders are Olugbenga Awomolo (International Breweries), B.A Savage (Guinness Nigeria), Ayeyemi Ademola (Ecobank), Atedo Peterside (Unilever Nigeria) and Kolawole Jamodu (Nigerian Breweries) as their wealth plunged 76 percent, 70%, 55%, 54% and 44%, respectively, during this period.

While several NSE 30 top shareholders have seen their wealth dip during this period, othershaveexperiencedasurge.

John G. Coumantaros, the biggest individual shareholder at Flour Mills Nigeria,

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saw a 40-percent increase in the value of his shareholdings in Flour Mills to N50.4 billion from N36.1 billion as at June 2020 compared to N14.3 billion as at June 2019.

Gbenga Oyebode, chairman of Okomu Oil Palm, also saw a 23 percent boost in wealth to N3.2 billion as at June 2020 compared to N2.6 billion recorded in the same period last year.

H.O Wigwe of Access Bank, Aliko Dangote, the largest shareholder of Dangote Sugar, Delinda Ajoke of Julius Berger Nigeria plc and Adetunji Oyebanji of Mobil Nigeria all saw their wealth surge by 2%, 6%, 9% and 13%, respectively.

The shareholder had a combined wealth of N3.2 trillion as at January 1, 2020, but the discovery of the virus in Nigeria sent share prices falling and affected their wealth.

As at March 31, 2020, the combined wealth had dipped 10 percent to N2.9 trillion @Businessdayng

eroding about N357 billion off the wealth of these shareholders, all within three months.

Half year sectoral analysis Industrial Goods The shareholders in the industrial goods sector recorded the biggest loss among the sectors as they lost N916 billion combined in H1 2020. The shareholders were worth N2.5 trillion in H1 2020, a decline from N3.5 trillion in H1 2019.

Aliko Dangote (Dangote Cement) was the biggest loser in the sector as his wealth slumped by 31 percent to N1.8 trillion in H1 2020 from N2.6 trillion in H1 2019. This loss was as a result of a crash in the company’s share price from N184 to N127 in the period.

Mobolaji Balogun also experienced a 17-percent crash in his shareholdings in Lafarge Africa to N100 million in H1 2020 from N127 million in H1 2019 as share price dipped from N12 to N10 within the period.

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With Nigeria at 60, what can we do?

TALES FROM THE MAIN ROAD

EUGENIA ABU

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have sat up most nights as the cymbals of celebration are drummed across the nation and far afield in the diaspora. To be sixty is worthy of celebration but I am concerned about where we go with this title of a sixty-year-old nation. Of course we must salute the nation and its entire people therein but our reflection must now be deeper than it has ever been and our smiles must be wide but not as wide as it could have been. Let us pause a little and draw some parallels that may not necessarily be perfect.

A sixty-year-old man or woman is expected to know who they are and walk like senior citizens and be celebrated by their children. Usually a huge party. I worry that we have the party and it has been huge but many Nigerian children, many nationals are throwing stones at their 60-year-old father.

First, a nation is symbolic. A nation is only as good as her citizens. So let us unpack that a little bit. I am concerned by those things that undo us and they may not be huge but they add up. And in my writings in this column, I have vented, spoken, written, cajoled and sometimes I have yelled.

So whose fault is it that we break traffic lights and someone might die?

So whose fault is it that we are sorting marks for students of higher institu-

tions? So whose fault is it that we hide files until we are given money? So whose fault is it that we are selling COVID results to travellers? So whose fault is it that we are sleeping with our friend’s children and selling our children into prostitution? It’s hard to imagine that the nation on its own committed these atrocities. We are so quick at finger pointing and forget that the remaining four fingers are pointing at us. When we hire persons who are not qualified for a position knowingly, we have diminished Nigeria. When we do sex for marks in schools, we have knifed Nigeria.

When we help ourselves to the till and ensure that all contracts in our establishment are offered to our cousins and our in-laws, we have reduced Nigeria and when we do the things we shouldn’t we have literally murdered Nigeria. But the slow bleeding of the nation did not start today; we took a beautiful country and brought it to its knees. But more importantly the culprits from generation to generation are the ones shouting foul when their backyards are stinking. I believe that most Nigerians behaving badly should really become actors and actresses in a blockbuster movie that should outsell the best blockbuster movie ever produced.

Institutions in scandals, drama of abduction, rape everywhere, fake doctors, embezzled monies, sex in high places and other related matters. Yahoo is alive and well and I hear there is now Yahoo plus, add a little juju and you can never be caught. Hushpuppies and hush mummies everywhere. As a screenplay writer and storyteller, there is a huge movie here but one that reverses the gains of our independence and our forebears and patriots. They are turn-

ing in their graves. It is truly bizarre and unbelievable. We ask where our leaders come from. They are from us, within us, created by us. So what do we do now?

Universal values remain the same worldwide. Honesty, propriety, selflessness, hard work, empathy and all other related values. A man who was never concerned about values as a regular citizen will escalate bad behaviour if he gets into office. Mark you, it’s the same man or woman with all those bad qualities that will now move into a powerful position carrying that baggage in whatever position they find themselves.

The other day someone online was lamenting that a well-known thug got into a powerful position in his state. We are brilliant at complaining but when it’s time to do our civic duty we sell our rights for two pence and it is that two pence that we have for four years. We have criminals who enable bad leadership then they join panels and speak high English about bad leadership. I am at my wits end. Monies are used to buy all sorts of things, from jobs to scores to positions and character is slowly taking a back seat in the Nation. Corruption has eaten deep into our body politic from official spaces to private spaces that one does not know where to turn for relief.

In a conversation with a young protégé of mine, she lamented that it’s hard to stay true to good values in Nigeria because her contemporaries who are breaking the law seem to be getting along. I counselled her that she should remain forthright. I know how she feels. I see it every day. It’s the most amazing state of affairs. Hard workers seem to get the short end of the stick. It has happened to me in my little corner and lazy people with the right connects

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Nigeria is elastic at each point and something saves us divinely but bad people cannot get ahead forever.

One day soon, they will all be washed away.

Let us stand by our nation.

At 60, Nigeria needs honest, hardworking men and women to stand up for her

Eugenia Abu is a broadcaster, writer, trainer, brand and multimedia strategy expert and media consultant.

Email: abu_eugenia@yahoo.com Phone number: 08033109820

She likes rice, doesn’t she?: Tag questions in English

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ative speakers of English are supposed models to second-language users such as Nigerians. This is, however, not always so, especially at the level of consummate grammar. Consequentially, the utterances of some native speakers are occasionally characterised by informality that negates the precepts of standard English. One of such situations of informal language is the tag formation. For instance, many a British person uses the tag question, ‘innit’, for virtually all statements, whereas the formation of tag questions is rule governed. Assuredly, this essay borders on the rules guiding the construction of tag questions.

First things first, a tag question is a short question that is attached to a statement for clarification. Fundamentally, a statement in the positive form attracts a negative tag, while a negative declaration admits a positive tag.

Besides, it bears affirming that a sentence is adjudged negative when it encapsulates negators such as ‘no’, ‘not’ and ‘never’. These contrasting situations are well represented in the ensuing structures: 1. She is singing, is she? (incorrect) She is singing, isn’t she? (correct) 2. She was never attentive, wasn’t she? (incorrect) She was never attentive, was she? (correct) 3. Kunle does the laundry on a weekly basis, doesn’t he? (correct).

4. The governor didn’t promise to implement the policy soon, did he? (correct) 5. They shall depart for London tomorrow, shan’t they? (correct) You must have observed that the aforesaid example sentences contain auxiliary verbs (is, was, does, didn’t and shall). This begs the salient question: how do we form a tag when a

sentence portrays only main/lexical verbs — not auxiliary verbs? For proper perspective, it will sound utterly ridiculous to say: 6. Bimbo buys groceries at weekends, buysn’t she? (incorrect) Thus, in such a circumstance, suffice it to deploy the tags ‘do’, ‘does’ or ‘did’ as and when appropriate. While ‘do’ is used in the present tense, alongside plural nouns or pronouns, ‘does’ is equally in the present tense and deployed together with singular nouns or pronouns. By comparison, ‘did’ is applied in the past tense, regardless of if the noun or pronoun is singular or plural. These generate sentences like: 7. She sings every morning, doesn’t she? (correct) 8. We play football every day, don’t we? (correct) 9. We read the novel twice, didn’t we? (correct) 10. Tina always caters for the toddlers, doesn’t she? (correct) In furtherance of that, the verbs, ‘has’ and ‘need’, deserve special attention in tag formation. ‘Has’ forms the tag when it precedes another verb; it attracts do, does or did when it is the lone verb; and it accepts an auxiliary verb when it is preceded by an auxiliary verb. These positions are explicitly exemplified below: 11. Kunle has got a car, hasn’t he? (correct) 12. Kunle has a car, doesn’t he? (correct) 13. Kunle has no car, does he? (correct) 14. Kunle does not have a car, does he? (correct) The foregoing instances are quite similar to ‘need’, which can likewise precede another verb, be used alone or succeed a helping verb.

It forms the tag when it precedes another verb; it attracts has, have or had when used www.businessday.ng

alone; and it takes the auxiliary verb as a tag when it follows the auxiliary verb. These viewpoints are illustrated in the accompanying sentences: 15. They need to arrive early, needn’t they? (correct) 16. They need some money, don’t they? (correct) 17. They will need a substantial sum for their upkeep, won’t they? (correct) On top of that, ‘I am’ usually accepts the question tag ‘aren’t I’, while ‘used to’ admits the tag question ‘didn’t’, as evidenced below: 18. I am Shina’s bosom friend, aren’t I? (correct) 19. Mustapha used to travel to the Philippines, didn’t he? (correct) Next, be informed that when a sentence is comprised of two or more parts, the last part determines the tag: 20. I came, but I didn’t eat, did I? (correct) 21. Denis has yet to meet my father, but he liaises with my mother, doesn’t he? (correct) Moreover, when sentences encompass the demonstrative pronouns, ‘this’ and ‘that’, the pronoun used in the tags is ‘it’. In the case of ‘these’ and ‘those’, the pronoun applied in the tags is ‘they’.

22. Those are Peter’s houses, aren’t those? (incorrect) Those are Peter’s houses, aren’t they? (correct) 23. This is not my smartphone, is it? (correct) 24. That is your item of jewellery, isn’t it? (correct) 25. These are not Musa’s teachings, are they? (correct) Interestingly, any sentence that involves ‘let’, takes ‘shall’ in the tag question.

26. Let us begin the rehearsal, shall we?

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go on to get the promotions.

Something is desperately wrong with a nation who allows this to happen. I told my protégé that it will be better because I believe in Nigeria. I believe that a few idiots among us cannot continue to do our nation in and a time will come when true Patriots with no ulterior motive will stand up to be counted. Sometimes I see preachers who shout “a better Nigeria” from rooftops end up disappointing those who look up to them. We find they have huge skeletons in their cupboards.

Too many pretenders to the throne.

Nigeria is elastic at each point and something saves us divinely but bad people cannot get ahead forever. One day soon, they will all be washed away.

Let us stand by our nation. At 60, Nigeria needs honest, hardworking men and women to stand up for her. We need to change our ways and do the right thing and the President’s launch of the National ethics and integrity policy is a good move. Implementation will be the most important arm of that build-up of returning to our age old values. Having moderated several webinars in the run up to the independence celebration and after, I know that Nigerians are hungry for a change. But it is the duty of all of us. One and all.

Happy Birthday Nigeria. I love our food, our clothes, our community, the brilliance of my people. I will stay by my country but we need to work hard at keeping our 60-year-old father healthy for his grandchildren and posterity. It is possible!

THE GIFT OF GAB

GANIU BAMGBOSE (correct) In regard to sentences that embrace indefinite pronouns like ‘somebody’, ‘everybody’ and ‘nobody’, plural auxiliary verbs and pronouns are used in the succeeding tag questions.

27. Everybody is currently engaged, aren’t they? (correct) 28. Somebody has not consumed the delicacy, have they? (correct) Last but not least, it is important to affirm that the positive marker, yes, should not be accorded to a negative response: 29. Aren’t you eating with me? Yes, I’m not eating (incorrect).

Aren’t you eating with me? No, I’m not eating (correct).

In conclusion, like every other endeavour, fluency demands a great deal of mastery. As such, anyone who desires an enviable command of the English language must be committed to mastering its intricacies.

Dr Bamgbose (Dr GAB) has a PhD in English and lectures at the Pan-Atlantic University, Lagos. He is a social commentator who writes on different issues of national concern and the author of daily online English lessons titled “English for Today” with hundreds of lessons available on his website www.englishdietng.com.

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Preparing for the Brave New World of 2050 (1) THE NEW WEALTH OF NATIONS

OBADIAH MAILAFIA

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hen Albert Einstein was sixteen, he was precocious enough to ask himself a simple question: “What would the world look like if I rode on a beam of light?” At that time, he himself did not know he was a genius. All the schoolmasters had, in fact, written him off; including his own parents. That big question he posed himself, as it turns out, became the biggest scientific puzzle of the century. It set him on the path of discovering Relativity Theory and his famous E = MC2 equation.

Last week we wrote about Nigeria’s 2050 Agenda and its prospects.

Today, we peer into the future and try to imagine the world as it will be in thirty years down the road. That kind of futuristic thinking is important if we are to do the right kind of planning and the right kind of policy choices that will enable us to succeed as a country in the coming decades.

There is an entire discipline known as Futurology or Futures Studies. Futurologists are experts who spend their entire lives thinking about the future. What they look at are global megatrends, defined as long-term ubiquitous, structural and often irreversible transformations that shape economies and societies.

One of the great megatrends leading up to 2050 is population. World

population attained the 7 billion mark in 2010, today, it stands at 7.6 billion and by 2050, it is projected to rise to 9.8 billion. For the advanced industrial economies, the trend will be that of demographic decline. By 2050 the number of people older than 65 is set to double to about 1 billion while today the population of those aged 65 and above is 8 percent of the global population, that figure will increase to 13 percent in the coming decade.

Today, 90 percent of the youth population resides in developing countries. This has profound implications for employment-generation strategies in both rich and poor countries.

In 2010 the world’s middle-class population stood at 27 percent, by 2050 it is expected to reach the 65 percent mark. Of this, 80 percent will reside in the developing countries, with all the implications for global business and investments.

For Nigeria in particular, our population is set to dramatically increase from the current 206 million to some 263 million in 2030. We are projected to become the third most populous nation in the world, behind India and China, with a population of 410 million people by 2050.

Another megatrend is urbanisation, in 1950 some 30 percent of the world’s population lived in urban cities, according to some forecasts, some 68 percent of the world’s population will live in cities by 2050. For Africa, by 2050 urban dwellers are likely to constitute 50 percent, up from the current 30 percent therefore we are going to see more and more megacities, like Lagos, which is projected to exceed 27 million by 2050.

Megacities will be vortices for business, money and capital. They will have a capacity to wield economic power well beyond their national frontiers. Several of those cities have

a GDP higher than many countries.

New York’s economy stands above a US$1.5trillion while that of London is $845 billion. Lagos is projected to become a megacity of 32.6 million, with a GDP higher than that of many African countries.

Urbanisation will push demand for greater infrastructure, housing and public social facilities such as education, health and public transport. The challenges of pollution, floods and other urban problems will also intensify. Governments will have to design urban management solutions that will enable the new megacities to flourish; otherwise, they will be dens of iniquity and strife, with all the implications for governance, security and social stability.

We will also witness the phenomenon “smart cities” that are innovative and creative. Drones will be widely used. Waste disposal networks by way of tubes will carry wastes from building to building into recycling plants for production of biogas. Driverless cars and buses will gain increasing acceptability while maglev subways will become one of the popular means of transport.

But there will be substantial differences in the demographic mix of the megacities. In Asia, the population of over 60 will outnumber the young while in Africa it will be the opposite.

By 2050, the global information revolution would have reached its mature stage. The so-called “digital divide” would have been reduced.

Rudimentary technologies of today -robotics, nanotechnology and sustainable energy systems - would have made quantum advances, Intercontinental maglev trains traversing oceans should be possible, supersonic flights will be back after the disappearance of the French Concorde, electric cars would be the norm while hydrocarbon fuelled

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In 2010 the world’s middleclass population stood at 27 percent, by 2050 it is expected to reach the 65 percent mark. Of this, 80 percent will reside in the developing countries, with all the implications for global business and investments.

vehicles may be consigned to museums.

The Age of Big Data would reign supreme, including use of blockchain in business and finance. Unless governmental authorities take measures to curtail it, electronic money will threaten the survival of some national currencies.

The technologies of the future will shape transport, communication and energy systems. Manufacturing will also be greatly influenced by artificial intelligence and robotics, with all the implications for labour and employment, increasing sophistication in financial technology will increase risks for cyber security particularly in the banking and investment world.

There will be further advances in biotechnology by way of manipulation of DNA to produce new organisms and there will also be production of artificial tissue and advanced nanotechnology for surgery and remote monitoring of patients.

Governments that care about their people will accelerate policies to manage the demands and expectations of mass publics. More vigilance will have to be paid to cyber-security to ensure that banking systems are safe and technology-based digital money transfers are secure. Just as new jobs will emerge in technology and communications, many more will be lost. Governments must therefore invest in human capital and skills while updating the technical competencies of young people to ensure that they are well placed to enjoy gainful employment in the emerging new industries.

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)

Compensation and benefits

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elcome to this column. Again, this is trusting all is well. We are all still in awe of how Nigeria has seemed to escape the worst of the pandemic. We cannot explain it but are grateful for God’s mercies. Today we will be looking at an overview of a topic that is in the heart of the matter but many do not like to discuss.

Compensation is far more than just the regular paycheck. The money we receive at the end of the month or work period is what we call direct pay. Benefits on the other hand cover what we call indirect pay. This includes health insurance or medical allowance (even though more companies should opt for health insurance these days), car allowance, school fees allowance, stock options, or any myriad of things offered to employees. All of these things are critical in any job offer. Two jobs that offer identical salaries may differ in the benefits category, making one a better financial proposition than the other.

Overtime pay, stock options, days off, and even free lunches make up an essential part of the compensation and benefits package. Some benefits are country-specific. In Nigeria, pension makes up a key component of benefits.

So is maternity leave and maternity leave allowance. Termination notice is also a benefit.

Compensation and benefits are the responsibility of the Human Resources department. In a small company, a human resource generalist would handle all aspects of this process. In the past, a large company would have dedicated

departments to manage these. Now technology is taking over these computations.

There are two important reasons Compensation and benefits are important. One is that except they are volunteers or interns nobody works for free. Unless you’re a non-profit organisation, it’s illegal to ask them to work for you for free. There is a social contract between the employer and employee, where the employee puts in the work and the employer rewards this. Compensation and benefits are an important part of that equation. They are crucial to employee motivation.

Secondly, benefits make up a large percentage of the cost of employing someone, businesses cannot overlook. Careful attention to a fair compensation and benefits structure is of utmost important.

Apparently pay increases have to be very significant to increase the chances that an employee would stay at the company for their next role, rather than moving on. Even though this may be right, this alone may not be enough to convince a company to give an employee a significant salary increase. Even though salary is important, there are usually other factors that go into it. For the employee.

Pay clarity is strong when employees understand that their compensation is fair, it increases their engagement. Engagement profoundly influences retention.

Compensation fairness consists of two elements. Distributive fairness which refers to the

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perceived fairness of the amount of compensation the employee receives and Procedural fairness which refers to the perceived fairness of the means used to determine those amounts.

Again, apparently both lead to higher employee retention. However, when it comes to employee engagement (or motivation), procedural fairness seems more important than distributive fairness.

To be candid from experience it is more about communication and honesty than money. Many companies typically keep salary information shrouded in mystery. Some managers even punish employees for sharing information about their salaries with co-workers. Secrecy can backfire because employees are concerned about their pay being fair.

When an employee clearly understands that their compensation is commensurate with their skills, position in the company, and broader job market, they are more likely to be engaged in their work.

Benefits as listed above, help increase employee retention. Some benefits require a period before the employee is vested. That is, you don’t receive the money or benefit from these forms of compensation until you’ve worked a minimum amount of time. If you quit before this date, you give up the stock options for example.

Some organisations delay compensation and have found to some degree this decreased turn over, but it was only until they compensa-

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OLAMIDE BALOGUN

tion fell due. Employees will act strategically by choosing to leave their jobs after being paid.

This should not be confused with employee retention.

Some benefits increase both retention and engagement because they increase employee happiness and peace of mind. Flexibility, such as paid time off, and other family friendly benefits, medical/health insurance for example, rice and groundnut oil at Christmas, strongly influenced employee satisfaction with their jobs. These benefits may not translate into very much money, but they generate so much satisfaction.

Organisations are advised to always bench mark their compensation and benefits with companies that can compete for their staff in the same region, so as to maximise the benefits from these benefit programs.

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

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Friday 09 October 2020

BUSINESS DAY

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Mental health and the people of Nigeria HUMANANGLE

FEMI OLUGBILE

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t will be World Mental Health Day tomorrow, Saturday 10th October 2020.

Every year, there is a main theme for the World Mental Health Day celebration.

For this year, it is “Mental Health for All; Greater Investment – Greater Access. Everyone, everywhere.”

The words are chosen with a consideration for catching the eye and the ear and sticking in the memory – the sort of advertising and marketing pitch-making more familiar in the circles of those that sell Coca-Cola and Nike trainers.

No field of Medicine is as much in need of expert “packaging” and “marketing” as Psychiatry. No category of afflictions other than Mental Illness leaves a millions-strong army of ‘walking wounded’ people occupying Presidential offices and Boardrooms, populating office-corridors and factory-floors, or roaming the streets from Akure to Atlanta, as they grapple with their diminished ability to enjoy life and to function in society.

One out of every four human beings can expect to experience at least one episode of mental illness in the course of their lives. Mental and neurological illnesses, along with substance use disorders, account for 13 percent of the total global burden of disease.

In every forty seconds that elapse,

one person somewhere in the world is committing suicide, so that the total number of 800,000 deaths from suicide annually exceeds the numbers dying by war and homicide put together.

Suicide is the second most common cause of death among youths aged 15 to 29 years. From Nigeria’s population of two hundred million, up to twenty million may reasonably be assumed to be suffering from a mental illness now, or to have had one in the past twelve months.

The theme for tomorrow’s celebration – “Mental Health for All; Greater Investment- Greater Access. Everyone, everywhere” is effectively a call for Universal Health Coverage for Mental Health everywhere in the world – including Nigeria.

It is a tall order. However, given the havoc being wrecked daily on the quality of human existence by mental ill-health of various stripes, it is a necessary target for all of humanity.

The advent of COVID19 pandemic has further increased the burden of mental illness on people. Apart from the long-term direct effects of the disease, the experience of death or near-death of loved ones, the fear of infection, and the massive dislocations to normal life have led to serious psychological consequences. Many have lost their jobs. Many face an uncertain future. Incidents of domestic violence have spiraled up.

The world-wide push for Universal Health Coverage for Mental Health should provoke a hard look at the situation in Nigeria. How near, or how far, is Nigeria from the dream of Mental Health for All? Universal Health Coverage requires that every citizen should have access to good health services reasonably close to them and should not be deprived of such care because they cannot pay.

In Nigeria, many citizens, especially in the rural areas, live very far away from the nearest health facility. The distance is a “barrier” to access. Apart from that, more than 70 percent of all citizens’ encounters in health facilities are paid for “out of pocket” and not through insurance, or taxation, as in the United Kingdom. This means people who are ill would often not seek treatment because they have no money to pay for it.

The long-standing drive to build a National Health Insurance system in which every citizen is covered has yielded to date only coverage of about 5 percent of the population.

Good mental health care, in current thinking, should start from Primary Healthcare. In Nigeria, most Primary care facilities, public and private, currently do not offer any form of mental health care.

Of the small percentage of Nigerians already covered by Health Insurance, most of the insurance contracts exclude coverage for long term mental illness.

It is a bleak picture.

What is the roadmap to “Mental Health for All” in Nigeria?

There needs to be strong Advocacy for Mental Wellness. Good Mental Health may be promoted by good habits, moderation, a healthy engagement with family and other members of society, and avoidance of substance abuse.

Where illness occurs, it needs to be recognised early. One key target of Advocacy is to help people may recognise symptoms in themselves or those close to them and know where to seek help.

Concerning treatment, there is still a disproportionate amount of focus on the treatment of severely ill ‘psychotic’ illnesses, which require the attention of specialists.

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Health Insurance, whether National or State operated, needs to make compulsory, and to be synchronised in order to ensure that ultimately all Nigerian citizens are covered

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

Value system as a navigational tool for leadership

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value is a preference for one thing over its opposite. Values are ideals pointing in a direction. They are standards of importance that dictate the decision-making process and what is considered a priority. Values are both personal and organisational and are applicable in all places and for all humans. Rokeach opined that a value is an enduring belief that a specific mode of conduct or end-state of existence is personally or socially preferable on the opposite or converse mode of conduct or end of the state.

Hultman also explained that personal values are values that determine or influence human actions and behaviours. They are responsible for shaping peoples’ preferred ways to satisfy individual needs, even if they are not aware. So, organisations don’t have values, but because they are composed of human beings, their cultures are shaped by values. The values of persons shape organisational behaviour and the direction taken by the organisation.

Leaders must have instrumental values for them to function, which are the standards of the importance of pursuing terminal values. The instrumental values which leaders must have include “mastery, social competence, personal integrity, and social integrity.” Using Rokeach’s notion, instrumental values are “respect, integrity, trust, authenticity, care, ethics, honesty” while terminal values are; “empowerment, human development, dependability, sense of community, creativity, growth, freedom.” While organisational values apply to organisations, however, they always function in the same way as humans do. Burke listed organisational values such as “human development, fairness, openness, choice and balance of autonomy and con-

straint.” These values help organisations succeed.

Different cultures, religions, and nationalities have divergent value systems. For example, Family values are a part of the Christian worldview. However, they are not exclusive to it. Buddhism stresses love, compassion, and unselfishness. The book of Galatians’ lists the fruit of the Spirit as love, joy, peace, longsuffering, kindness, goodness, faithfulness, gentleness, and self-control, which can be likened to both terminal and instrumental values.

Hindu culture encourages honour and generosity in the family unit. Buddhism, Hinduism, and Christianity share the values of love, kindness, and benevolence. These values become the bedrock for healthy families and relationships.

In times of conflict, how do you resolve the difference in individual and organisational values?

Values are psychological constructs that are internal to a person. The values of persons shape organisational behaviour and the direction taken by organisations. For an organisation to be effective, the leader’s values must align with the organisation’s values. Hultman points out that if a leader’s values are not aligned with the organisational values, the leader will have difficulty achieving goals when obstacles or hurdles arise. Besides, when a leader’s values align with organisational values, the leader will be more likely to live out those values instead of just espousing them. This is key for both the leader and the organisation.

Kouzes and Posner pointed out that studies show that followers rate trust or credibility as the most valuable characteristic that a leader can exhibit. Dyer echoes these same sentiments, stating that managers need to develop greater

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THE LEADERSHIP FACTORY WITH

congruence in their behaviour to build greater trust in organisations.

With this being said, the critical value that leaders should have is honesty. When a leader is honest, they have not only freed themselves from pretending to be someone or something that they are not, but they also free themselves, their followers, and their organisations up for success.

When leaders are honest and authentic, they help establish a non-threatening climate that can help motivate employees. Hultman submitted that lack of authenticity is a significant barrier to effectiveness in leadership. It creates misalignment and an environment of mistrust and defensiveness. Northouse also touts the importance of honesty as a value for leaders, pointing out that leaders who do what they say will score higher when reviewed by followers, and typically have a higher rate of goal attainment.

Values are both personal and organisational in nature, and they are applicable across the board. Values are the driving force in human motivation and corporate culture, and balance among values is essential to a healthy workplace and long-term organisational success. Organisational leaders can influence decisions that affect the growth or demise of the organisation.

In today’s global economy, leaders are faced with challenges in dealing with honesty and integrity, which is a quality needed to succeed in any atmosphere. Organisational leaders are expected to operate with values of honesty, integrity, and ethics to build trust within organisations to maintain a competitive edge.

Accordingly, the best way to increase the organisation’s effectiveness is to raise trust among people. Leaders must possess the instrumental

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The vast majority of mental illnesses belong to the “minor” categories of Anxiety and Depression. It is now recognised as best practice all over the world that Primary Care facilities should be activated to be able to recognise most of such mental health conditions and to treat a large proportion of them. Other complimentary, nonspecialised resources in society such as counseling services can also play a part.

However, such services should only be given by trained persons and should be regulated by the bodies of psychiatrists and psychologists, since inexpertly administered psychotherapy may actually cause harm.

The current lack of Mental Health services and capabilities at primary care level is both a challenge and an opportunity. If the workers at that level, public and private, are trained to recognise and treat basic mental illnesses, 70 percent of the mentally ill in Nigeria will no longer go unattended, as is currently the case.

Finally, the financial barrier would need to be addressed. Health Insurance, whether National or State operated, needs to be compulsory, and to be synchronised in order to ensure that ultimately all Nigerian citizens are covered. And Mental Healthcare should no longer be excluded from the ‘benefits-package’ offered under any of the Insurance schemes.

If the “powers that be” commit to these “baby-steps” at tomorrow’s celebration, instead of the usual official clichés, Nigerians can begin to sing along with the rest of the world about the imminence of Universal Health Coverage for Mental Health. For now, it remains a distant, but compelling dream.

TOYE SOBANDE value of honesty to build confidence to operate at an optimal level ethically for their lead. As significant decision-makers, leaders have definite, essential responsibilities regarding developing and maintaining an organisation’s ethical culture. Leaders should be ethical, embody the organisation’s vision and values, and influence others to follow their lead.

Organisational leaders are aware of maintaining integrity to build trust with others because it is the glue that holds people together in any organisation. When leaders lead with integrity, they improve their business and culture, making a difference in the world.

Further, leaders that build honesty, trust, relationship, and teamwork create a climate of collaboration. Leaders that want high-level performance, coupled with honesty, trust, and collaboration, must demonstrate and set the stage for trust and integrity to be upheld in the organisation. When this is achieved, organisations can compete globally with an advantage built on wellconstructed, ethically sound business practices.

Sobande is a Lawyer and Leadership Consultant. He is a Doctoral Candidate at Regent University, Virginia Beach, USA, for a Ph.D. in Strategic Leadership. He can be contacted by Email: contactme@toyesobande.com

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Friday 09 October 2020

BUSINESS DAY

EDITORIAL PUBLISHER/EDITOR-IN-CHIEF

Frank Aigbogun EDITOR Patrick Atuanya

DEPUTY EDITORS John Osadolor, Abuja Lolade Akinmurele NEWS EDITOR Osa Victor Obayagbona NEWS EDITOR (Online) Chuks Oluigbo MANAGING DIRECTOR Dr. Ogho Okiti EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha ADVERT MANAGER Ijeoma Ude MANAGER, CONFERENCES & EVENTS Obiora Onyeaso BUSINESS DEVELOPMENT MANAGER (South East, South South) Patrick Ijegbai COPY SALES MANAGER Florence Kadiri DIGITAL SALES MANAGER Linda Ochugbua GM, BUSINESS DEVELOPMENT (North)

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Ondo Election: Putting people’s interest above other considerations Election not a do or die affair

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n a matter of hours from now, precisely tomorrow, Saturday, October 10, Ondo people will be keeping appointments with history as they vote to choose who becomes their governor for the next four years.

It has been a very challenging, sometimes frightening, electioneering campaign period that saw sporadic violence and skirmishes in some parts of the state, especially in the riverine areas, but we hope the contenders must have put all these behind them for the sake of peace.

For tomorrow’s election, over 10 political parties will be involved, but the real contest is for three main political parties. These are the ruling All Progressives Congress (APC), Peoples Democratic Party (PDP) and Zenith Party (ZP) which have Rotimi Akeredolu, Eyitayo Jegede and Agboola Ajayi as flag bearers respectively.

As the clock ticks towards the zero-hour and the candidates perfect their strategies to win the election, we join other Nigerians to ask that the interest of Ondo State people should come first above any other considerations.

The peace accord which the candidates signed recently should not be seen as a mere document, but a testament that should not only shape the attitude and conduct of the election, but also define its soul and spirit.

All stakeholders to the election should do their beat. The police say they have deployed about 33,000 officers and 11 Deputy Inspectors General of Police (DIGPs) for the election. We hope that this massive deployment of officers and men will translate to a peaceful, fair and free election that Ondo people should be proud to identify with.

The Ondo , in our view, is a litmus test for the Independent National Electoral Commission (INEC) after the Edo State election where it was scored high for the good job it did— delivering a free, fair and credible election. It behoves INEC to repeat this good record because, we believe, the world is watching.

We are not unmindful of the challenges and difficult terrain posed by the riverine area of the state but that should not be a reason for late arrival of electoral materials or INEC officials for the election. We urge INEC to make early preparations to ensure that no

Ondo person, who is eligible, willing and ready to vote is denied this opportunity for reasons of NIEC act of omission or commission.

Additionally, known volatile areas in the state should be adequately policed to check electoral violence that could mar the electoral process or lead to the death of innocent citizens of the state. We always align with former President Goodluck Jonathan who believes that no man’s ambition is worth the blood of any Nigerian. So, we plead that no Ondo man or woman should lose his life because of this election.

The security agencies should know that their neutrality in the Edo election, which endeared them to many Nigerians, has placed on them a moral burden that demands a repeat of that feat in Ondo. They should not take sides nor seen to be doing so with the ruling party or any other party for that matter.

The decision of Agoola Ajayi, the state’s deputy governor, to run on a separate ticket from his principal, the governor, raises concerns, but we can only hope that his decision is in the best interest of Ondo people, else his drive, which is a run against the current, is self-serving.

We call on the political parties not to see the election as a do-or-die

affair. They should conduct themselves in a manner that shows our beleaguered democracy is maturing.

We also call on both the INEC and the security agencies to rise to the occasion. Nigeria has got sufficient electoral laws that guide the conduct of elections. INEC should be able to muster enough moral courage to wield a big stick against any party that contravenes these laws.

We would like to see a situation where INEC will have enough willpower to cancel any election that is marred by violence. That, for us, is the way to go and we hope this will be communicated to the top contenders in the election.

Security agencies should not offer themselves for sale. Utmost peace, safety of life and property in all nooks and crannies of Ondo State should be their ultimate preoccupation in this election.

Available records show that poverty always plays a major role in escalating electoral violence because it influences people’s behaviour, decisions and choices a great deal when there is an inducement. We are, therefore, urging Ondo people to look beyond money, conduct themselves with maturity, go out there and vote for whoever they think will put their interest first.

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Friday 09 October 2020

BUSINESS DAY

13

THE WEST Odu’a declares N890m PBT for 2019, pays N320m dividends for member states Rolls out Ambitious 5-year Strategic Plan to improve Southwest states’ economies REMI FEYISIPO, Ibadan

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d u ’a I n v e s tment Company Limited has declared profit before tax of N890 million for the 2019 financial year.

Addressing shareholders at the annual general meeting of the conglomerate in Ibadan, Chairman, Segun Aina, said that 2019 profit before tax of N889.71million was five percent higher compared with 2018 profit before tax figure of N849.34 million.

The chairman also said the company paid a dividend of N320million for Financial Year 2019 and N1.53billion cumulative dividend paid since 2015.

While all resolutions placed before shareholders were approved, the General Meeting approved, among other resolutions, the group and holding company consolidated financial statements for the financial year ended 31st December, 2019 as well as the payment of cash dividends of N320million to its shareholders which member states of Oyo, Osun, Ogun, Ondo, Ekiti and Lagos.

The meeting which took place under special arrangements due to the COVID-19 pandemic, Aina stated that the prudency of Management and its budget monitoring processes coupled with increased efficiency and productivity reduced operating costs and boosted profitability of the company in the year under review He assured shareholders that “with the new Vision To be a World Class Conglomerate and the ambitious financial targets, the Board remains positive about the company’s future and will continue to work closely

L-R: Adekemi Ajayi, group chief financial officer; Adewale Raji, GMD/CEO; Segun Aina, chairman; Abiola Ajayi, company secretary/head of Legal and Olugbolahan Mark-George, group chief investment and business development officer at the 38th AGM of Odua Investment Company Limited held at the Group’s Headquarters in Ibadan on Wednesday

with the Management and provide the needed oversight, guidance and strategic direction’’.

The company as part of its Corporate Governance reforms also got shareholders approval for the appointment of 2 each Independent Directors and Group Executive Directors to strengthen the Board which now has 11 members.

The company’s Group Managing Director/CEO, Adewale Raji stated that despite the global and domestic economic challenges during the financial year that affected revenue trajectory, the company managed to increase its PBT by 5 percent compared to 2018.

He assured shareholders of better performance in ensuing years as the new Board and the Management team had at a recent strategy retreat mapped out a new course to deliver on an audacious 5-Year growth plan.

This entails consolidating on existing businesses and diversifying into high growth

and profitable sectors of the economy to realize our strategic objectives of creating value for our shareholders and delivering social impact to the South West States.

The GMD spoke on some of the company’s new foray into the Oil and Gas upstream sector and Agriculture with processing component.

This include the Group’s mechanized farm at Imeko, Ogun State where 1,200 hectares of cassava is currently under cultivation with a technical partner that will feed into two 50ton/day modular processing plants for the conversion of cassava tubers into High Quality Cassava Flour (HQCF) and High Quality Cassava Starch (HQCS).

There are also renewed organic growth efforts at our Wemabod Limited (Real Estate) and Glanvill Enthoven Insurance Brokers & Pensions Consultants Ltd (Insurance Brokerage).

Raji emphasized on the Group’s commitment to Agricultural transformation to

address food security, export earnings, job creation, accelerating industrialization and lifting rural economy.

The Group had recently incorporated South West Agriculture Company Limited (SWAgCo) to mid-wife the agriculture transformation of the South West strictly on sound private sector principles and strategic partnerships.

This Agriculture investment company has already identified focused food crops, cash crops, livestock and agriculture processing that will guide its investment decisions. SWAgCo will spinoff SPVs that will bring about profitable economic growth and social impact of job creation and lifting the rural economy of their locations.

Adewale Raji concluded in his outlook for the future that the Group will focus its strategy in critical essential sectors of the economy like food and manufacturing, healthcare and pharmaceuticals, logistics, ICT, among others.

2021 Kwara appropriation bill on course to address key socio-economic challenges - Speaker SIKIRAT SHEHU, Ilorin

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akubu Salihu Danladi, the Speaker of Kwara State House of Assembly has said that the 2021 Appropriation Bill is underway, adding that the administration deems it expedient to consult with the people to enable them set developmental priorities rightly.

T h e S p e a k e r, w h o dropped the hint at a town

hall meeting organized by the stakeholders in the Kwara north senatorial district to acquaint the people of what had been achieved in the last one year, equally noted that the KWASU Ilesha Campus would receive attention in the 2021 budget when the contractors will return to site to complete the ongoing project.

He said the government intends to continue on the path of changing developmental narratives of Kwara

North regardless of personal interest, challenging all leaders of Kwara North to develop and present developmental template to the government and not political positions ahead of next elections, “because we need to justify being elected in 2019 before talking about 2023,” he said.

D a n l a d i , h o w e v e r, stressed the need for the people to stay focused on projects that would develop the area rather than making

uncoordinated requests from all quarters which may not be in the interest if the district.

The speaker stated that Governor Abdulrahman Abdulrazaq has awarded the total overhaul of the General Hospital Okuta and the Baruteen FM station as well as other projects in the offin, adding that tractors had been made available to farmers in the senatorial district in recognition of the fact that Kwara north is the food basket of the state.

Ogun mobilises MSMEs operators for FG’s N75bn survival fund

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s part of efforts to cushion the effect of the COVID-19 Pandemic on businesses in Ogun state, the State Ministry of Industry, Trade and Investment has commenced mobilization of operators of the Micro, Small and Medium Enterprises (MSMEs) to enable them register and access the N75 billion MSMEs Survival Fund initiated by the Federal Government.

Kikelomo Longe, Commissioner for Industry, Trade and Investment made this known in Abeokuta while speaking during a meeting with various MSMEs and Business Membership Organisations (MBOs) on the survival fund, saying that Governor Dapo Abiodunled administration remains committed to ensuring eligible small businesses access the Survival Fund and all intervention funds available.

Longe said small business owners in the state should access the five components of the survival fund which include: the payroll support, artisan/transport grants, general MSME grants, formalisation support and guaranteed

off-take stimulus scheme.

The Commissioner noted that application for the payroll support is available for private schools, factory owners, law firms, hospitals and hotels and is currently ongoing, stressing that the application for that component of the survival fund closes by the 15th of October, 2020.

She added that the Artisan/ Transport Grant which is a one-off payment of N30,000 to self-employed individuals such as mechanics, taxi drivers, hairdressers, Keke Napep riders, Okada riders, plumbers, electricians and others commences on Monday 19th October and ends on Saturday 31st October, 2020 while application for the other components would be announced later.

Longe however called on small businesses to promptly register for the Survival Fund via www.survivalfundapplication.com noting that an impressive number of registration would enhance the chances of the State in benefitting from other future interventions from the Federal Government.

Ondo 2020: Group warns INEC, raises alarm over possible connivance with transport unions for poll rigging KORETIMI AKINTUNDE, Akure

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non-governmental organization, the Centre for Democracy and Development (CDD) has warned that leadership of the National Union of Road Transport Workers (NURTW) might be illegally used to rig and frustrate the process of conducting a timely, peaceful, credible, and transparent governorship election in Ondo State on Saturday.

The CDD, which gave the warning on Wednesday in its pre-election reports, said the Independent National Electoral Commission (INEC) should be watchful of the transport unions ahead of the Saturday exercise.

The group in the reports signed by its Director, Idayat Hassan, observed that the NURTW leadership in the state and the members of the Motorcyclists Union wielded more influence in the election exercise mostly for the deployment of logistics and voting materials.

The Group said, “CDD warned that the partisan disposition of transport unions, including the National Union of Road Transport Workers and the Motorcyclists Association, could pose challenges, which may create credibility and logistics problems.

“CDD observation of the political environment in Ondo State indicates that the NURTW and the Okada riders’ union will play a major role in the complex web of partisan alliances, which will influence the outcome of the election.

“One of the worrisome realities is that NURTW, one of the major unions is depicted to be a highly partisan association, which tries to use its influence to enforce electoral outcomes.

“The NURTW played a prominent albeit partisan role in previous elections and remains on course to do leverage its presence towards the realization of partisan objectives.

“The closeness of the union to partisan interests could impact on the credibility of key processes.

“The leaders of the NURT W in some sense would be fighting for their own survival because the tradition is that every NURTW Leadership leaves with any administration voted out.

“Incidentally, the NURTW is the body INEC relies on for transportation of electoral materials. This may create a problem for INEC in the area of getting materials to all voting areas in the state.

Apart from the NURTW, the militants are another group of actors which would wield influence on the poll”.

Team: RAZAQ AYINLA, Head; Correspondents: REMI FEYISIPO, Oyo; SIKIRAT SHEHU, Kwara; KORETIMI AKINTUNDE, Ondo; OLA JOHN, Osun; Graphic: Fifen Famous www.businessday.ng

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Friday 09 October 2020

BUSINESS DAY

MONEYINSIGHT

Vague goals will produce vague results - Uwadiale OSAGIE BENARD OMOHE UWADIALE, chief executive officer of Clean FCT is determined to build a profitable business and to create a logistics ecosystem that delivers goods seamlessly across the world from and to Nigeria. In this interview with STEPHEN ONYEKWELU, Uwadiale takes his audience through the details of what it takes to become a successful entrepreneur in Nigeria. Excerpts:

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hat is Clean FCT about?

Clean FCT offers satisfactory laundry services within Federal Capital Territory. We are currently partnering with a shipping company in Istanbul Turkey. My passion is to create an ecosystem. That is, a way I can cargo products from every part of the world to Nigeria without delay.

How do you see the company changing in two years, and how do you see yourself creating that change?

I see a lot changing in two years. I want to make Clean FCT to go global. I am so passionate about what I do and I am working on an App that will make a change and also make it easier for customers to patronise us without leaving their comfort zones. I am strategising a plan to offer our services like no other company does, in a unique way, in a way that customers will wonder, ponder and ask what kind of professionals we are. I want my brand to be special and I want it to stand out.

All this requires work, yes and I am ready to put in my best.

I am currently reading lots of business books. Not just reading but I have been to seminars in England, Australia and Dubai.

To me, this is the time to put that knowledge to use.

How has your business fared under the COVID-19 pandemic?

I was lucky enough to be able to hand some costumer con-

their consciousness.

My book is not for everyone. It’s for those who don’t know how to start; it’s for those who have already given up and those who think they can never do it.

Why do many people find it difficult to achieve their goals and desires?

One of the main reasons people fail to reach their goals is because they are not being specific enough. When you ask them what they want to achieve in their lives, they will give you vague and general wishes such as they want to be rich or they want to be happy.

tacts but basically what I did after offering my services before the lockdown was that I got their contacts. These were email addresses, phone numbers or even house addresses.

I sent in gifts for events like Salah. And sometimes I send emails of appreciation and texts too.

So when the lockdown started I had to go back to the drawing board. Gathered all the contacts I already had and I started to send texts and emails to the. This way I was able to continue my business.

This pandemic is challenging. It is also a test for us Nigerian entrepreneurs. Any business that can’t survive a lockdown shouldn’t even be called a business. After this pandemic, entrepreneurs need to sit down to find a way

to offer or sell their goods and services online. What I mean by that is we should look for a way to survive for any other lockdown.

You have written a yet to be published book. Tell us about it.

It is titled Transition Waves.

My book is simply about courage and tactical thinking.

All I did was to show my generation how to go slow and steady instead of moving fast and crashing afterwards.

It is also about building and working on your foundation because success without a well-planned foundation won’t last. Apparently many youths in Nigeria have so much potentials that most don’t even know because of how the society has affected

Bitcoin hit lowest volume since February FRANK ELEANYA

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itcoin investors are continuing to hold on to their bitcoin as the volume of transactions dropped on Saturday 3 October to the lowest seen since February, according to Luno and Arcane Research which provides a weekly analysis of the market.

The drop in volume means the price of the largest cryptocurrency has not improved much from September where it remained within the $10,000 range. There was anticipation last week that the cryptocurrency was going to hit $11,000. The price of bitcoin rose to $10,919 on October 1 and later dropped to $10,524 as news broke on BitMEX being charged by the Commodities Futures Trading Commission (CFTC). Unsurprisingly, uncertainty returned when one of the leading derivates exchanges in the crypto market suddenly experienced trouble with the regulators.

CFTC charged the BitMEX owners with illegally operating a cryptocurrency derivatives platform and anti-money laun-

dering violations.

The U.S. attorney for the District of New York indicted Arthur Hayes, Ben Delo, Samuel Reed, and Gregory Dwyer for violating and conspiring to violate the Bank Secrecy Act. The DOJ has revealed that Reed was arrested on Thursday morning, while Hayes, Delo, and Dwyer remain at large.

Another report that rocked the boat in the cryptocurrency market is Donald Trump’s positive COVID-19 test last week.

The shock the news sent to the global stock market also dragged down the crypto market.

As at press time, bitcoin was trading at $10,640.

Analysts are not holding up hope of a bullish price move www.businessday.ng

given that most of the time in recent weeks, bitcoin price has not shown any direction, while altcoins have taken a downward slope.

The majority of the markets have been in massive corrections and this does not portend a strong signal for the total market.

However, technical analysis of the price may give a different picture, according to analysts at Luno. The point out that September closed at $10,779, which is above the monthly resistance level from 2019.

“Last summer, the monthly resistance was at $10,761, just below the close from September,” the analysts said. “This is starting to look like a textbook example of support or resistance flip, where previous resistance turns into support. As this is on a high time frame, we could easily get wicks much lower than the current price, but this could be a good time to scale into longer-term positions.”

Do you know that vague goals will produce vague results? And that your goals will affect your strategy?

The strategies to achieve $10,000 a month and the strategy to achieve $1,000,000 a month are totally different.

Therefore, if your goals are not specific, you cannot create a specific action plan to reach them. The first thing you must do is to make sure your goals are as specific as possible.

Next, people often have doubts about their goals and they do not believe in their abilities. They set a goal and then they imagine all the things that will go wrong, they ask themselves, “What if I fail?”

When you have doubts and you do not believe in yourself, you would rarely tap into your maximum potential to

reach for what you want. Think about it, if you are doubtful that your product can perform, do you think you will go all out and promote it?

Steve Jobs, Richard Branson, Elon Musk, et cetera always believed in their products and services that is why they are willing to invest millions of dollars into their businesses. If they are doubtful about their businesses, they will never take a bold move and pour all the effort into their dreams. You have to believe in yourself and your ability to reach your goals.

Too often, you will see people jumping from one company to another and switching from one business to another.

Most people do not know how to handle their failure and they do not have the determination to go on. When they work on something and they do not see any result, they choose to give up and go on to chase the next big thing.

So what do you think should be done to overcome the current challenges?

Responses to the past pandemic outbreaks have been fragmented. Instead of pooling resources, governments and business set up isolated programmes.

In order to fight infectious diseases effectively, we must collaborate. Health Ministries must take advantage of innovation in the private sector, and in turn, educate business about the effects of pandemics on their bottom line.

Business has access to a portfolio of new and evolving technologies. Their research and development divisions give them deep insight into local needs and they have the ability to produce health solutions at scale.

We only need to look at how private-public partnerships (PPPs) have driven innovation in the financial services to see the impact it can have.

Healthcare in Africa must embrace mobile technology in the same way financial services has.

By connecting patients and care providers with public health workers via mobile telecommunications, we can effectively detect and act against infection outbreaks and develop valuable insights to prepare for future outbreaks.

This so-called disease surveillance involves the collection, analysis and interpretation of large volumes of data originating from a variety of sources. It helps us predict, observe, and minimise the harm caused by an epidemic or pandemic outbreaks. It increases our knowledge about which factors contribute to such circumstances.

To effectively implement surveillance through technology, we must turn primary healthcare workers into data gatherers. This will take a major investment in skills development. By training staff to recognise symptoms and to collect data for epidemiological reasons, we will be building an extra layer of defence against pandemic outbreaks.

CRC Credit Bureau gives insights on how to access intervention funds STEPHEN ONYEKWELU

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RC Credit Bureau Limited has embarked on a campaign to increase awareness on the various Central Bank of Nigeria’s intervention funds that are available to Nigerian businesses before and during the COVID-19 era.

This was at a webinar, last month, themed ‘CBN Intervention Funds: Access, Impact and Prospects,’ under the ‘You and Credit’ webinar series organised as part of the credit bureau’s corporate social responsibility to educate individuals and businesses on credit and finance.

Zephaniah Chinedu Ogbonnaya, from the Anchor Borrowers Programme, Development Finance Department of the CBN highlighted the objectives of the various funds which include, encouraging exportation, expanding output of agriculture and the manufacturing services sector to conserve foreign reserves.

Ogbonnaya introduced some of the various funds, and how they are accessed by businesses in different sectors of the Nige-

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rian economy. He also touched on the impact these funds have made on Nigerian businesses and the economy. For details on each fund, he encouraged participants at the webinar to visit the CBN website. This would furnish applicants with relevant information before approaching commercial banks for access to government funding.

Simon Aranonu, executive director, Large Enterprises Bank of Industry listed the intervention funds available through the Bank of Industry, such as the Power and Airline Intervention Fund (PAIF). He also mentioned the objectives of each of these funds and the terms/conditions that are stipulated for each of them.

Additionally, practising responsible borrowing is a requirement that was also emphasised.

Olusegun Alebiousu, chief risk officer, First Bank of Nigeria Limited recommended that Nigerian consumers and Nigerian business owners shun the attitude of referring such interventions as their share of the proverbial national cake in Nigeria. This means meeting the requirements before accessing any form of finance either through the government or financial institutions. @Businessdayng

It also implies repaying according to stipulated agreements and contract.

However, people familiar with happenings in the business community have highlighted the various challenges business owners face in accessing these funds which include, costs of the funds, their short tenure and the difficulty of even accessing these funds at all especially for small businesses.

‘Tunde Popoola, managing director and CEO CRC Credit Bureau reiterated the importance and role of credit bureaus in facilitating access to finance and their contributions in increasing the availability and accessibility of consumer and Micro Small and Medium Enterprises loans in Nigeria over the past 10 years.

“We are using every means possible to educate individuals and businesses on how to access finance and keep their credit history positive. Many Nigerians are not aware of the financial implications of keeping a positive credit history and its implications on accessing finance, even if they are government funds,” Popoola said. “We will continue to lead the charge on financial education in the credit bureau industry.”

Friday 09 October 2020

BUSINESS DAY

FINTECH News

Products Review

Technology Review

Personality Review

15

Company Review

Slow smartphone penetration sees USSD’s lead of payment market in Nigeria unfazed FRANK ELEANYA

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he majority of digital banking transactions in Nigeria and Africa will continue to go through the Unstructured Supplementary Service Data (USSD) channel on the back of the slow adoption of smartphones.

Digital banking is being tipped to outgrow the use of cash in the near future as more online payment channels become user friendly, and smartphones become even more affordable. But as it stands, feature phones continue to dominate the mobile phone market leaving millions of people with fewer channel options.

According to the IDC, feature phones accounted for 56.0 percent share of all devices shipped in the first quarter of 2020 in Nigeria.

They are preferred as secondary phones because of long-lasting batteries, and network access in rural areas where 4G is unavailable. Feature phones are a midway point between smartphones and basic phones. Unlike smar tphones, they usually do not accommodate thirdparty apps, which means banking applications are near impossible on feature phones since they mostly do not come pre-installed.

The latest GSMA report showed that while the number of unique mobile connections in sub-Saharan Africa reached 477 million in 2019, representing 45 percent of the population, internet subscribers were at 272 million (26%). Smartphone penetration at 44 percent of mobile connections means only 209.9 million people own a smartphone in the region. That is way below the global average

at 64 percent at the end of 2019. It also means that number of smartphone owners in all of sub-Saharan Africa is a little above the population of Nigeria alone at about 200 million people. What that means for financial institutions and fintech companies, the total addressable market for digital payment channels that rely heavily on the use of smartphones is less than 210 million people in sub-Saharan Africa.

It gets even lower when it comes down to Nigeria, Africa’s most populous country. Less than 30 million Nigerian own a smartphone and the majority of those who do live in cities and can afford to buy one.

Reports have also shown that not ever yone who owns a smartphone gets to use it for digital transactions. For example, insight from DataProt found that in the period between

October 2019 to February 2020, only 79 percent of smartphone owners in the US have used their device for online purchases. In Nigeria, the volume of mobile and POS transactions dropped in the month of August 2020, according to the Nigerian Interbank Settlement System (NIBSS) because of the drop in disposable income and difficulties in carrying out transactions caused by poor infrastructure.

Niyi Toluwalope, CEO of eTranzact told BusinessDay that the mobile banking trends in Nigeria have been evolving and changes over time with new development. Prior to the creation of USSD in 2010, cards issued by foreign card companies like Mastercard and Visa were the most payment channels. Then came the local cards schemes like Verve

by Interswitch. After that, mobile phones and smart-

phones became relatively affordable, hence mobile applications became a pre dominant channe l.

Practically, all the banks in Nigeria own at least one mobile application that speaks to one form or the other.

We have also seen the Unstructured Supplementary Service Data (USSD).

That has taken up a lot of focus because of its ease of use and it is phone agnostic, you don’t have to have a sophisticated phone to be able to use a USSD service. You just need to have a phone that has connectivity with the telco and has airtime balance on it.

Every bank has a *# something for a specific service.

Even merchants are now having dedicated streams for their service. A DStv could be *389*9*smartcardnumber# that calls up my account balance and I can do a debit into my bank account and make

a payment,” Toluwalope said.

T h e G S M A p ro j e c t s that the number of smartphone users in Nigeria would surge to 154 million by 2025 on the back of continuous falling prices.

“The average selling price of smartphones has reduced significantly in recent years, with the influx of sub-$100 devices from Chinese brands such as Tecno and Infinix, and the growing momentum behind the KaiOSpowered smart feature phones. However, many consumers are still unable to afford the one-off upfront cost of purchasing a device,” the report noted.

The GSMA hopes that with smartphone financing gaining traction in some African countries, this model would soon translate to more people owning their smartphone in the very near future.

Should be the case, mobile

banking applications are likely to also gain traction.

But Toluwalope still thinks the race would be won by USSD. “I think the USSD is winning the battle because of its ease of use, adaptability, and anybody with any kind of phone can access it. We are seeing a lot of growth; many bill payments are now going the USSD route, fund transfers, and airtime purchases. In fact, more airtime purchases are going via the *389# than opening a mobile phone and doing a transaction,” he said.

The challenges facing smartphone penetration in Nigeria and sub-Saharan would likely not be solved by just improvi n g f i na n c i n g m o d e l s.

Addressing affordability would require the removal or reduction of mobilespecific taxes and fees that can stimulate the economy through greater mobile penetration, investment, and tax revenues.

Toluwalope adds that mobile applications that are well built would give USSD good competition any day.

“If it is well built, user friendly, and has good graphics, people want to use it all the time. That is a winning strategy for mobile-application focused s e r v i c e. Yo u c a n e a s ily compete with a USSD once you can achieve that because that is the attraction of a USSD. in threefour clicks on a USSD you are done. There is going to be some form of competition between the mobile application and the USSD overtime. However, I think the USSD might just trump that because it is quite popular among the younger demographic of Nigeria,” he said.

Thrive Agric, Leadway reply investors clarify positions on delayed repayment FRANK ELEANYA

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igital agro-investment platform, Thrive Agric and Leadway, the insurer has clarified their positions on the

ongoing repayment challenge investors are faced with.

Thrive Agric said that the up to 24 months timeline it gave to investors who were affected by the dip in revenue caused by www.businessday.ng

the COVID-19 and offtakers’ delay in making payment, would depend on the specifics of the investors’ subscription.

The agric crowdfunding firm said in a statement signed by its two founders

and sent to BusinessDay that it expects to payout before the committed due date.

Leadway, Thrive Agric’s insurer, also issued a notice on Tuesday stating that its contractual agree-

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ment covers the client, Thrive Agric, and not its individual investors. The insurance cover protects farm assets of its insured agric platforms.

“This, therefore, means that we only provide cov@Businessdayng

er using our agric based insurance solutions for the risks to the insured farms and other farm assets against perils stated in the insurance policy document issued,” the company said.

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Friday 9 October 2020

BUSINESS DAY

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Friday 09 October 2020

BUSINESS DAY

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COMPANIES&MARKETS OCP Africa partners ATBU to empower The cost of housing will crash in Nigeria if government makes lands available to developers - MD Leisure Court young Nigerians through agric JOSEPHINE OKOJIE

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igeria OCP Africa, one of the leading companies in the global production and exportation of phosphate-based fertilizers, in its quest to empower African youths through agriculture has partnered with the Abubakar Tafawa Balewa University (ATBU) to commence the pilot phase of its Empowering African Youths (EMAY) project in Nigeria.

Empowering African Youth (EMAY) seeks to equip young Nigerians with capabilities to be self-employed and future agripreneurs.

The first phase beneficiaries of 30 youths are selected from Sokoto, Kaduna, Nasarawa, Niger, and Bauchi states, having been screened based on criteria ranging from having a certificate in agriculture, experience with farmer engagement and entrepreneurship drive among others.

The participants will un-

dergo bespoke capacity training as developed by the faculty of Agriculture of ATBU to enable them to function as value creators across the value chains.

The Young Leaders – as the youths participating in the EMAY project are called - will be empowered with agronomy practices, technical know-how, and agricultural tools, such as mobile digital soil laboratories for soil testing and analysis, cargo tricycles to reach rural farming communities as last-mile retailers of inputs, electronic tablets for data gathering using digital solutions, and small handheld implements to enable them to deliver value to rural smallholder farmers.

Speaking at the commencement of the weeklong training held at ATBU, Bauchi, Donald Madukwe, head agronomy, OCP Africa Fertilizers Nigeria said the participants will undergo specialized training by the credible tertiary institutions of learning, so they become

proficient in technical and commercial skills to be able to function as service providers and independent business owners within the agricultural ecosystem, thereby eking out a means of livelihood for them.

He said that after the training and handing over of the items, the Young Leaders will be supported with monthly stipends for some initial period to enable their businesses stabilizes until they can become self-sustaining by contributing their quota in creating value to increase yields.

Madukwe said part of EMAY’s objectives, aside from creating a source of livelihood for the youths in the agricultural sector, is to empower them with the required knowledge needed to be consultants and advisors which will enable them to provide Best Agricultural Practices (BAP), agronomic and technical training and support to smallholder farmers in rural communities.

L-R Sanusi Mohammed, general secretary, Nigeria Football Federatio, and Benjamin Udebuani, business development manager, Emzor Pharmaceutical, North Central, at a product presentation to NFF in Abuja.

Logistics Haven, Mama Moni collaborate to distribute food items poor Nigerians JOSEPHINE OKOJIE

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ith millions of poor Nigerians struggling to sustain their livelihood, Logistics Haven has partnered with Mama Moni Empowerment Foundation to distribute food items to poor and needy Nigerians amid the COVID-19 pandemic.

The relief programme carried out all through August is part of the social

corporate responsibility of the organisation to address some of the challenges Nigerians are facing in a period of economic downturn.

“The objectives are to piece together and put at ease the gap in the livelihood of families, to fuel an adaptive chain reaction for development in the microsystem of society and the nation within individuals especially the homemakers,” said Obi John, chief executive officer, Logistics

Haven.

“The girl child and women in general who have been caught unawares by the negative effects of the COVID-19 pandemic,” John said. He says his organisation is simply carrying out its social responsibility by supporting poor Nigerians.

He noted that the virus outbreak which impacted the country’s economy negatively has brought hardship and financial challenges to Nigerians.

www.businessday.ng

Segun Abolaji is a builder by profession and the managing director of Super Structures Limited and Leisure Court. In this interview with Ifeoma Okeke, he speaks on how the government can contribute in achieving affordable houses in Nigeria. He also speaks on the services of Leisure Court as it opens branch in Lagos.

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ha t s e r v i c e s does Leisure court offer?

Leisure Court is a household name in the Real Estate Industry and we are a group of seasoned professionals in the Real Estate sector and a team of builders, engineers, and architects providing excellent housing solutions and services. These are what I have done very effectively in the past and we feel it is the best if we extend a hand of fellowship to those in Lagos and help solve more housing problems.

Today is the official commissioning of our Lagos Office. We have been in Abuja for some years now and we thought it wise to have a branch in Lagos.

With this Lagos opening, who are your target audience and what services will you offer here in Lagos?

Our target cuts across all classes of life ranging from the high to the low ends of the economy. We have luxury apartments that we want to embark on and we also have affordable housing. Our target is even the lower cadre of the economy and you know there has been a campaign for affordable housing in Nigeria and we feel we can contribute our own quota to the economy.

There is a huge housing deficit in Nigeria and the private sector appears to be playing a key role in providing housing. How do you think you can bridge the gap of housing deficit and how can professionals like you take this over?

When you talk about affordable housing, it is relative because what one person can afford may not be affordable to another person but generally we are looking at something that everybody can afford.

This is why I talked about cutting across all sectors of the economy, from the high ranking members of the society to the low as civil servants. We have different packages, we have luxury homes, we have those that can go as low as N15 million and we have mortgage facilities for civil servants and those in the organised private sector.

We as professionals have been contributing our own quota and we believe the issue of scarcity or deficit for us is an opportunity to do more and that is what we have been doing and we will continue to do more.

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Segun Abolaji

People have been canvassing the idea of locally made materials that are environment friendly that could bring the cost of housing down. What is your take on this issue?

It is good to use locally produced materials and I am also an advocate of that but it is not everybody that you can use locally materials for because the standard produced in Nigeria may not be the same with those produced in other climes. If we use locally produced materials, a particular class of the society will be able to at least afford a home but for those who want luxury, you can’t rule out the other side too. But generally, if locally made and imported materials are being subsidised and local industry encouraged to do more, it will go a long way. This is however not the only issue. We also have issues with land acquisition which is the key factor.

It carries about 50 percent of the cost of the house because these days it is very difficult applying to the government and getting land. If it is in Lagos, you may have to buy from families and then go and process your Certificate of Occupancy. If it is in Abuja, you have to buy from a third party who has previously been allocated land by the government.

If the government makes land available to developers, then in turn, the prices of houses @Businessdayng

will crash.

How do you think the government can improve on roads that will give access to housing infrastructures?

The areas where I think the government can contribute is enormous. Like I mentioned, the government can subsidise the cost of materials and make lands available to developers.

In a situation where developers acquire land for a very exorbitant price, there is no way the price of a house will be affordable. Government needs to also provide infrastructure. If you look at Lagos for example, you will find out that many estate firms have their sites in areas that are not accessible. Most times they have to contribute money to make the road accessible. In other climes, you find infrastructures on ground, you just move in your material and equipment and continue to construct.

Where do you see Leisure Court in the next five to 10 years?

In the next five to 10 years, we should be one of the biggest stakeholders in Lagos because we are starting with four sites, two on the mainland, in Ogudu GRA and Alaka Estate in Surulere. We have two sites on the Island. We have a mind of moving to other States.

Although we have landed properties all over the country we want to take this one step at a time.

BUSINESS DAY 18 thursday 08 October 2020

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BUSINESS DAY

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Garden City Business diGest Port Harcourt innovative ICT firm drills hole into N300Bn annual digital education market with over 20 market size

Cinfores says online learning is new face of education worldwide IgnatIus Chukwu

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igeria’s digital education with online connectivity network is said to be as huge as N300Bn per annum covering over 20 million students so far in Nigeria alone. It has prospects of mass deployment into Africa and beyond. In fact, some of those at the unveiling in Port Harcourt called for an Africa-driven online university to teach the world.

The Port Harcourt-based innovative IT firm, Cinfores, which revealed this last week in the Garden City, is believed to have drilled a hole into the 20 million market size with various digital deployments that are opening up opportunities for the firm into the new market.

By the way the market would operate, over 20 million students would now have to combine both in-class learning and online or digital learning processes that would not only protect students from infectious (contact) diseases such as Covid-19 but would create intensive learning options that offer 100 per cent success guarantees in examinations. This process is said to be bringing schools to homes in the North East of Nigeria where insurgents are making it difficult for students to go to schools.

Parents that have so far tested and tasted the innovation said at the launch of

BrainFriend Premium in Port Harcourt that students easily score over 300 in joint examination board tests to get slots in university admissions. The teaching methods in the software are said to turn students into top brains.

The director of administration and human resources, Ikechi Nwogu, who explained details of the emerging market to BusinessDay, said Nigeria has over 20 million students across the board (primary to university) that need digital learning support.

According to him, subscription to BrainFriend takes a maximum of N15,000 per year per student and minimum of N10,500. By this, the market is as huge as N300Bn per year should all students subscribe to BrainFriend or any other available application that brings schools to homes.

Nwogu who is part of the initial four brains and later 15 top directors and 150 others working in a digital compound to create and develop the new learning system said the main aim of BrainFriend was to stop examination fraud.

When his team lead by the CEO, Ibifuro Asawo, began to market the idea 19 years ago, they told the likes of BB Fakae then Rector of the Bori Polytechnic and later Vice Chancellor of the University of Science and Technology (now Rivers State university) that the innovation would put an end to examination malpractice.

Then, BrainFriend had 3000

Adamu Adamu, minister of education

solved past questions and answers before it developed to 30,000 and now over 70,000 questions with solving, videos, and many other add-ons.

Their message then to university community and schools heads was that the innovation would cut out opportunity to cheat in any exam.

The massive response led to Computer Based Tests (CBT) system which many universities embraced and oil corporations used it to select scholars and conduct semester examinations.

This was one of the systems that made the UST one of the best universities in the world and number one state government-run university in Nigeria at that time.

Nwogu described the innovation as something with

amazing results. He mentioned the early institutions that applied it to get such results as Rivers State Polytechnic, UST, University of Port Harcourt, Elechi Amadi Polytechnic, and several organizations that wanted to get fraud-free scholarship tests.

He said many organizations in Rivers State and branches of the government have engaged Cinfores to develop digital management systems to interface with customers and the public to reduce or eliminate contact processes that can easily be fraught with fraud and manipulations.

Giving insight, the CEO, Asawo, in his address, welcomed the public and academic community to where he called “Cinfores Campus’ at Okujiagu area of Trans-Amadi

to unveil the latest version of Nigeria’s foremost e-learning and examination preparatory software.

He said: “The journey that began over 16 years ago has brought forth innovations that have added value to the education sector and other sectors of the economy.

“Today, we have come to show the world what technology can do to improve teaching and learning in our schools in Nigeria and the rest of Africa.

This solution is indigenous and tailored to handle most of the challenges faced in our education sector.

“Before the pandemic, we had challenges such as the lack of qualified teachers, infrastructural materials, properly equipped schools and lots more; the pandemic has further compounded these challenges by adding the need to observe the COVID-19 protocol as our schools prepare to resume.

“Truth be told, only technology can give us the leverage we require as a country to provide access to quality education to over 40 million school-aged children in Nigeria. Cinfores BrainFriend has been playing this role of providing such quality education to Nigerians in the last decade and we have not rested on our oars. That is why today, we have invited you to join us as we unveil the future of education in Nigeria and Africa - post-pandemic.

“The presentation is not just a show of technology, innovation and creativity; it is

also a show of the courage and resilience of Nigerian youths coming together to forge a cause – the cause of making Nigeria’s education world-class.

Although we are predominantly from the Niger Delta, we are a blend of the finest Nigerian youths poised to change the narrative of the Niger Delta region and the country at large.

The story behind the new product celebrates the Nigerian youth’s audacity to bring about a positive change. I celebrate all Cinforesers and our partners for this feat.

“It is on this note, with pleasure that I unveil the 2020 version of BrainFriend elearning and exam preparatory software known as BrainFriend eduConnect to the public for the use of all schools in Nigeria and the rest of Africa.

Thanks, and God bless!

“All Schools across Nigeria are given a free one-month subscription with full customization, beginning from today until the end of the year. To enjoy this promotion schools are encouraged to log on to: www. brainfriendonline.com. Select the school registration menu; Complete the form to register as a partner school; and your school will be setup for free”.

Most persons demanded for something that could end election fraud but the innovators said they were ready if the electoral commission was.

There also demands for security solutions and the high-tech gurus said there were no limits to what the discovery can do.

Reopening schools is good but risky and found 37,000 positive cases in the school population.

What has been the concern is not that the high infection rate killed the children. No! The non-symptomatic school children rather usually go home to infect their parents and grandparents. They also infect their teachers like free agents.

This is why ASUU (Academic Staff Union of Universities) has continued to kick against reopening, knowing that it would hit harder

Port Harcourt by boat

IGNatIuS cHuKWu

on the lecturers. Countries and societies that joked with Covid have paid dearly for it, and some presidents that mocked it are now being mocked. It is only important to take this matter seriously.

Now that we must reopen, it is important to exercise utmost caution. Schools must be supported to apply all protocol measures and watch the children. Most parents seem to be scared still, and you do not blame them. One private secondary school in Elelenwo, PH, is taking all

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ivers schools have resumed and Federal schools are to resume this Monday all over Nigeria. Most persons are celebrating it, wanting their kids to graduate quick, but teachers are subdued. The reopening seems good to many but it surely is still risky, dangerous.

The best thing the Rivers State government has done is to stop nursery and primary sections from resuming but the tiny tots now dominating the secondary schools give concern in terms of their appreciation of the dangers of Covid-19 and application of remedial measures.

No country that reopened schools including Israel that did not regret it. Many shut down again to re-plan. What has happened in most countries is that the pandemic took a spike after school reopening. One country did a study www.businessday.ng www.businessday.ng

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measures. Only eight students in JSS-1 reported for school on day one out of 37. Other classes had less attendance. It shows a very cautious and slow response.

The state government task force on COVID-19 compliance went to some schools the next day and expressed satisfaction with what they saw, but demanded for more. They say it was ok with temperature gadgets and handwashing provisions but called for enforcement of sanitizers in each class. This is important.

Hand sanitizers should be fully back now that people would be mixing up. Touching money is the most risky. Let each parent help their child with small bottles and let each class have one big bottle.

The schools visited include, Ignatius Ajuru University of Education, Jephthah Comprehensive Secondary School, Government Girls Secondary School, Rumuokwuta and Community Secondary School, Rumuepirikom.

Others are Government Comprehensive Secondary, Borokiri, Enitonna High School, Borokiri, Methodist Girls High School, Harbour Road, and Stella Maris College, Port Harcourt.

Even the washing and temperature testing will soon die down in schools as it did in offices and markets. This would make infection free for all. Until cure or prevention is found, schools remain our last bulwark or defence, else, students would create mass infection and cause mass deaths.

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OBINNA EMELIKE

BUSINESS DAY

Friday 09 October 2020

HEALTH BUSINESS&LIFE Diagnosis remains major challenge for endometriosis – Experts ANTHONIA OBOKOH

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he delay in the diagnosis of endometriosis despite its high prevalence rate has remained a major challenge in the management of the condition, experts say.

The experts also say that research on the condition has remained largely underfunded in the country, noting that some women suffer pelvic pain for as long as 10 years before getting the right diagnosis.

The experts who spoke at a two day international conference on endometriosis organised by the Society of Gynaecology and Obstetrics of Nigeria (SOGON) in conjunction with the African Endometriosis Awareness and Support Foundation outlined gaps in examination and unmet needs of women with endometriosis that have delayed progress in treatment.

The experts call for advancements in treatment for this chronic disease that affects millions of women and causes chronic pain, inflammation and infertility.

According to research, endometriosis affects an estimated 1 in 10 reproductive-aged women, or nearly 200 million worldwide. The inflammatory disease in-

cludes tissue growth outside the uterus and may severely disrupt a woman’s quality of life and ability to have children.

“Mostly, endometrosis subdivided in three types which include peritoneal superficial endometriosis, ovarian endometriomas, and deep infiltrating endometriosis (DIE). What we know is that usually it’s very often because about 17 to 45 percent of patients with endometriosis will have endometrioma. It pathology have a very wide range, subtypes and symptoms,” said Julien Bakenga a Gynecological and obstetrician surgeon at Poitiers, France.

Bakenga who specialises in ultrasound, Endometriosis, Colposcopy and In Vitro Fertilization, speak-

ing on the topic diagnosis of endometriosis current concept, said looking at the clinical outcomes, we have different clinical aspects which are the symptomatic, asymptomatic or sometime endometriosis is found on when we are looking for any infertility symptoms.

According to the expert, pain is one of the major symptoms in endometriosis because it is found that about 70 percent of patients with endometriosis and the physiopathology is not really well known, but we have such hypotheses on it.

He explained that most of the pains can be in relation with hemorrhage of ectopic lesion that will give that recurrence and cycling disease and it could also be in relation with inflamma-

tory process due to hemorrhage of implant lesion, that will liberate the growth factor and that liberation can lead to more addition so in that, it gives more pelvic pain.

“The major and challenging problem in endometriosis as we all know is the delay to diagnosis and an average diagnosis delay goes from six years to 10 years and from the appearance of symptoms to diagnosis, more than 67 percent of patients report their first symptom before the age of 19.

“We are essentially try to analyze what comes for teenagers, because of this big delay for diagnosis, most of young people feel pain but they do not have the diagnosis done and what you have found at the for the last study is that the delay for first symptom to first visit a doctor is longer for a woman Under 19 versus woman After that, age.

The delay between first symptom and diagnosis is also very different; this means that it is a big challenge to try to diagnose this pathology in young patients,” said Bakenga.

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

WHO director, medical professionals to discuss mental health challenges on Nigerian youths KELECHI EWUZIE

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xecutive director, Partnership for Maternal, Newborn and Child Health (PMNCH), World Health Organisation (WHO), Helga Fogstad among other medical and health professionals will discuss solutions around the increasing issues and challenges on the mental health of youths and young adults in Nigeria at the 3rd edition of the Olashore International School annual Mental Wellness Conference.

The theme of the virtual conference scheduled for Saturday, 10th October is “Mental Wellness: A Central Pillar of Adolescent Wellbeing”,

Olapeju Sofowora, chairperson, OISA Foundation, said the conference has the twin objectives of creating awareness amongst parents and caregivers of the mental pressures and challenges faced by their children in today’s society and providing practical guidelines to tackling these challenges have been achieved by the success of the two previous editions of the conference.

Sofowora while speaking about the conference observes that there remains a lot more to be done to help school administrators, parents, caregivers and children develop a better understanding of the

mental issues that negatively influence young people and highlight the mental health services and treatment options that are available.

According to her, “This year’s conference will be hosted on the Zoom video conferencing platform and will focus mainly on the critical role that mental wellness plays on the wellbeing of adolescents; persons of ages 10 to 18.

The conference is planned to commemorate the World Mental Health Day, celebrated globally on October 10, this year’s edition of the conference, organised by the OISA Foundation will have the WHO Director Helga Fogstad

delivering the keynote address.

Other speakers expected to give both Nigeria and global perspective to the challenges of Mental health at the conference include Oluwayemi Ogun, managing director, Federal Neuro-Psychiatric Hospital, Yaba Lagos; Tolulope BellaAwusah, Head of Department, Child and Adolescent Psychiatry, University College Hospital, Ibadan.

Others are Tobi Odunsi, Psychiatrist and founder, mental Status Quo and an old student of Olashore International School, Folashade Adefisayo, commissioner for education; Lagos State will be the special guest at the event.

West African College of physician in Ilorin to evaluate General Hospital SIKIRAT SHEHU, Ilorin

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3-man accre dita tion team from the West African College of Physician are in Ilorin, the Kwara State Capital to evaluate the Ilorin General Hospital for postgraduate medical training.

The visiting team is in the state capital to evaluate the level of preparedness of the General Hospital Ilorin, to commence postgraduate training for medical doctors of the state health sector in family medicine.

A release by Falade Gbenga Tayo, press secretary, Kwara State Ministry of Health, the team which is being led by Akin Moses from the National Hospital, Abuja will be evaluating the entire facilities in place to support effective service delivery and training of medical personnel under the state health sector in the bid to acquire additional professional qualification while rendering essential services to their teeming patients.

Speaking at a welcome reception organised in honwww.businessday.ng

our of the visiting team, the Chief Medical Director of the General Hospital, Ilorin, Abdulkadir Bola Ahmed, described family medicine as “that part of medical practice that takes care of the total health of the patient”.

According to him, this is the more reason why the hospital needed to facilitate all the necessary inputs to ensure its commencement while commending the Governor for providing essential requirements to make a success of the accreditation exercise.

In his goodwill mes-

sage presented through his Health Commissioner, Raji Razaq, Governor Abdulrahman Abdulfazaq assured the team of the state government’s commitment to qualitative healthcare delivery service throughout the State.

The team had started work in earnest and is expected to submit its report to the West African College of Physician, with a view to formally endorsing the commencement of postgraduate medical training for family medicine in the Kwara State Hospitals.

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19

Travel tips and your mental health Executive Travel Health

Adeniyi Bukola Q-life Family Clinic

lifeadvisoryservices@outlook.com

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ravel presents a great opportunity to explore other countries and their cultures. It also provides an avenue for rest and relaxation. However, travel can pose serious stress which can trigger mental health challenges.

Mental health problems are amongst the leading causes of ill health in travellers and a common reason for medical repatriation. It may occur in travellers with no pre-existing history as well as those with a current/previous history of mental illness.

Several factors have been identified as triggers and this includes: separation from family and friends, sleep deprivation, disruption of normal activities, travel delays, culture shock, sense of isolation, language barriers, drugs and alcohol use, physical ill-health during travel, forgetting to use medications regularly, some type of travels like funeral, volunteer, aid work. Major life events occurring prior to travel such as a birth, death, wedding, divorce, moving or serious illness may also pose a risk.

Difficult home or professional life; experiencing recent emotional exhaustion or financial strain, pre-existing psychiatric disease are all important risk factors.

Infections (particularly urinary tract infections in people over 60) are an example of the physical health issues that can radically affect behaviour and mental health. There are clear links between mental and physical health, which makes looking

after yourself whilst travelling and while abroad so important.

Tips on how to manage mental health issues during travels A well-managed or previous history of mental health problems is not a barrier to travel.

When planning a trip be aware of the following points: Before you travel Check out the travel advice on www.gov.uk/ foreigntravel-advice and www.gov. uk/ knowbeforeyougo Keep an eye on news reports of any problems in the area you are visiting. Follow Foreign and Commonwealth Office (FCO) on Twitter and Facebook for regular updates Get comprehensive travel insurance – which includes any pre-existing medical conditions you have, and ensure it covers all activities you intend to undertake. If you do not take out proper insurance, you will normally have to pay the costs of any emergency yourself, including expensive medical bills.

At least six weeks before you travel, check with your doctor what vaccinations and other health precautions you may need to take for your trip.

Take any prescribed medicine with you and keep it to hand, as well as a copy of the prescription. However, be aware that some medications (including prescription medications) may be illegal in the country you are visiting. Speak to your prescribing doctor for advice.

Ensure your passport is valid and in good condition and that you have any necessary visas.

Leave copies of your passport, insurance policy (plus the insurer’s 24-hour emergency number), ticket details, your itinerary and contact details with your family and friends or someone else you trust.

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

Senior citizens major consumers of healthcare – UBTH CMD CHURCHILL OKORO, Benin

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arlington Obaseki, chief medical director of University of Benin Teaching Hospital (UBTH), has said that senior citizens are the greatest consumers of healthcare in the hospital.

Obaseki made the disclosure at the International Day of Older Persons with the theme, “Caring for the elderly: lessons from the COVID-19 pandemic”, organised by the Elder Friendly Hospitals Initiative (ELDFRHI) of the hospital in Benin City.

The UBTH boss noted that despite being the largest consumers of healthcare in the hospital, older persons are still facing difficulties in accessing health services.

While noting that 44 per cent of persons in medical examination in the hospital were 60 years and above as at 2019, he @Businessdayng

explained that due to the high numbers it became imperative to improve older people’s health and wellbeing through elder friendly healthcare.

“In March this year, the Honourable Minister of Health, Osagie Ehanire came here in UBTH, to launch a unique project that UBTH is driving nationwide. We call it the Elder Friendly Hospital Initiatives.

“The reason why we started that project was basically because, we looked at our data of hospital utilisation, the greatest consumers of hospital services are older persons. In our medical emergency for example in 2019, 44 percent of people we attended were people of 60 years and above.

“Now, you contrast that with the proportion of the elderly persons in society. Older persons in Nigeria make up only five percent yet they utilize 44 percent of hospital services.

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Friday 09 October 2020

BUSINESS DAY

LEADINGWOMAN

INMAGAZINE TODAY

WOMEN’S HUB

Visit www.businessday.ng to download today’s edition of the Magazine

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Remi Duyile, the distinguished Professor, banker and entrepreneur, shattering the glass ceiling globally KEMI AJUMOBI

Associate Editor, BusinessDay

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t’s no secret that Professor Duyile has come a long way from the small Nigerian town of Ondo where she was born and raised. Over the course of less than 18 years, Duyile immigrated to the United States and managed to climb the corporate ladder of one of the nation’s most revered banking institutions, Bank of America. It was here that she shattered glass ceilings when she was appointed Vice President of Retail, Premier, and Mortgage Banking.

Duyile served in this role managing over 600 financial portfolios of high net-worth clients for 17 years, until she decided that it was time to step into her true calling of helping others as a serial entrepreneur.

Having achieved so much within her own life, Remi recognises the power in breaking one’s own self limitations. With this in mind, she has made it her life’s purpose to empower others in recognising their own strength and abilities.

Duyile has since validated her status as a speaker, gaining numerous certifications with The John Maxwell Group, Jim Rohn, and under the mentorship of renowned motivational influencer Les Brown.

As a certified speaker, trainer, and entrepreneur, she has made others the focus of her life and business. In the years since leaving corporate America, she has established various foundations and in support of this vision including: her own mortgage company ( Premier Mortgage Solutions), an International consulting firm (Image Consult-

ing Group), as well as a non-profit providing mentorship and financial literacy for women and girls (Legacy Premier Foundation).

Under the umbrella of her companies she has become an empowerment mentor, community mobilizer, certified trainer, as well as an international keynote speaker.

Remi served for five years in Akure, Nigeria as Senior Adviser and International Relations Liason for Diaspora Affairs to the Ondo State Governor. Duyile has attended many highprofile events such as dinners at the White House with former US President Barack Obama and congressional events for the community in support of the legislatures.

Remi Duyile’s knowledge and leadership,

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is sought after and well respected. Given her savoir-faire, the Professor of Finance has become a liaison working with various global agencies to connect the continent of Africa with the world. She has spoken throughout Africa, Europe, and extensively within North America (Canada and the US) teaching financial literacy, offering entrepreneurial development, and encouraging millennials to engage in the Diaspora, among other things.

In integrity with her commitment to inspire others, in 2016, she added the title of author to her everexpanding list of accomplishments. Her book, Perseverance: Winning Key To Destiny was published in the US and is sold internationally. @Businessdayng

While it is quite evident that Remi Duyile wears many hats, the one that she wears most proudly is that of being a devoted wife, and mother to three awesome children.

She credits all of her success to God, and the support of her best friend and loving husband of 28 years.

Remi was recently my guest on my Live Talk Show called #InspiringWomanSeriesWithKemiAjumobi where she shared on shattering the glass ceiling, her journey to the top, her views on being a Nigerian and hope for the citizenry among others. She graces our cover for Women’s Hub Magazine today.

Please visit our website www.businessday. ng to download this edition.

BUSINESS DAY

Friday 09 October 2020

21

AGRIBUSINESSINSIGHT Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

Send in Commentaries to caleb.ojewale@businessdayonline.com

CBN investments in agric outweigh results so far – AFAN President CALEB OJEWALE

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he Anchor Borrowers’ Program of the Central Bank of Nigeria (CBN), has been a combination of successes and failures; keeping agriculture at the top of public discourse and to some extent economic agenda, and reaching out to farmers even though in very small percentages, at least according to Kabir Ibrahim, national president, All Farmers Association of Nigeria (AFAN).

Ibrahim, in a panel discussion during this year’s virtual edition of the BusinessDay agribusiness and food security summit, described the ABP as a failure to the extent it is hardly reaching “the real farmers on the whole”.

“We find the ABP trying to reach about 1 million farmers and majority of them are really just briefcase farmers,” he said, whereas the AFAN president said

there are about 14.5 million farmers in the country.

Recalling when the program was launched in 2015, he explained there was a N2.6 billion fund for both wheat and rice, but over the years wheat has more or less taken the back seat. Since then, different sums of money are announced for interventions

across different commodities apart from rice. However, as he explained, a cursory look at the current situation in the country shows “the investment far outweighs what we are getting from it and fewer farmers are being reached.” For him, the obstacles to achieving more success under the ABP can be outlined thus;

Experts advise optimization of seed production to boost agribusiness GBEMI FAMINU

there is a need to position agriculture in an enabling position through the provision of policies and infrastructure.

“Nigeria is currently plagued with a myriad of input deficiencies which significantly hampers her food sustainability, import substitution and indeed export promotion agenda, to achieve Nigeria’s food security agenda, there must be access to right quality inputs,” she stated.

She stated that Nigeria has input deficiencies and that less than 15 percent of Nigerian farmers are using quality seeds in their farming processes, adding that it is necessary to provide short to medium plans which will direct how to address current and future seeds problems in Nigeria.

Olusegun Ojo, director-general, National Agricultural Seeds Council (NASC), in his remarks, said that in optimizing seed farming, there is a need for the seeds to be available in sufficient quantity, readily available and suitable to the local www.businessday.ng

environment.

He added that the NASC is working on introducing measures to help improve farmer’s access to quality seeds, curb challenges encountered in accessing good seeds, and in general improve the agricultural industry going forward.

Similarly, Nkiru Okpareke, chairman, Business Integration Platform of the International Institute for Tropical Agriculture (IITA), said Nigeria can produce seeds and that the COVID-19 pandemic has exposed the insecurities in Nigeria’s agricultural sector and also brought up new opportunities for growth and self-sufficiency.

The pre-summit was held ahead of the upcoming annual 26th Nigerian Economic Summit scheduled to hold from October 26 – 27, 2020 which is themed “Building Partnerships for Resilience”, and is focused on mapping the future, new trends, new opportunities, embracing technology and innovation, building resilience and charting the path to economic recovery.

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Regardless, he said, not all being done by the CBN is wasted, as more than ever, its interventions have kept farmers on their toes to be able to contribute towards the country’s development.

“We must also commend the CBN for at least trying and should do more going forward,” he said.

While there are complaints of soaring commodity prices despite the interventions for farmers, he says this is because there is a lot more work required in reaching out to more farmers and up scaling agricultural productivity in different commodities across the country.

He also expressed the view that the ministry of agriculture has not done enough to provide direction for the sector, worsened this year by the COVID-19 outbreak and other risk factors to food sufficiency in the country.

“The ministry should work with the CBN to churn out policies and statements that are correct,” he said.

Agriculture requires more investments to drive Nigeria’s economic growth - Abdulwahab SIKIRAT SHEHU, Ilorin

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xperts in the agricultural sector have emphasized the need for optimization of local seed production to boost agricultural productivity in the country.

Speaking at a virtual pre-NES26 event themed ‘Optimal Productivity in Nigeria’s Agribusiness: Achieving the Goal of Seed Security’, Mustapha Shehuri, minister of state for Agriculture, said in line with the economic diversification agenda, agriculture has a significant impact on the local economy however growth in the sector is constrained by low productivity and poor value chain development owing to a number of challenges.

“The COVID-19 pandemic tested Nigeria’s food system and it shows that agriculture has the prospect to expand Nigeria’s economy. However, agricultural growth in recent times has been challenged on account of low productivity, poor value chain development, and ineffective linkages with industrial and service sectors,” he explained during the session recently hosted by the Nigerian Economic Summit Group (NESG).

The minister revealed that the Nigerian seeds economy is worth over N4 billion annually if properly optimized as the country supplies over 40 percent of the seed requirement in West Africa, adding that on a global scale the demand for seed has the potential to generate foreign exchange earnings for Nigeria in the future.

Also, Wonu Adetayo board member, NESG in her remarks said in achieving food security,

1. The right kind of farmers are not engaged, with those described as ‘brief case’ farmers getting more of the intervention funds and support.

2. The right quality of inputs (such as seeds) are not given to farmers. If good seeds are not provided there will be no good output.

3. There is a lack of data on farmers who produce specific crops, and therefore the way the CBN carries on the ABP is limited by that. There is a need to know the number of farmers engaged in a certain competence to be able to get them to upscale production to impact the food system. Unless the statistics are available, it is going to be next to impossible to really impact the system.

He also stated the need to create better synergy between the ministry of agriculture, the CBN, and farmers, in ensuring there is less disconnect in policy formulation, deployment, implementation and eventual impact.

igeria can accelerate economic development through agriculture, if the country’s industries are rightly fixed, agricultural production and agribusiness are taking more seriously, according to Umar Abdulwahab, a member of the Federal Government Joint Technical Task Team (JTTT) on Agricultural Inputs who recently with spoke with BusinessDay. According to Abdulwahab, there should be massive investments in agriculture all over the country in such a way that agricultural produce useful for the manufacturing sector are being produced, thereby, reducing expenses spent annually on importation of raw materials.

“I think the most important thing is the theme, ‘Together, We Shall’, because we have gone through so many tribulations that (almost) disintegrated the

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country but upon all that, we are still one as a nation.

“This year is another experience for us not only in Nigeria but all over the world. The issue of COVID-19 Pandemic has caused the whole world to be at pause, if not for recent time when things started moving gradually. The effect indeed was critical as virtually every sector of the economy had collapsed,” said Abdulwahab, while speaking during celebrations of Nigeria’s 60th independence anniversary.

Abdulwahab said that for Nigeria to excel as a nation, “Nigerians must key in to the Federal Government’s policy on agriculture, stressed the need to explore agricultural sector maximally, in order to ensure food security and as well, move the country forward.

“We can see that the rain is not falling as expected, that means if we are not careful there could be food crisis” he said.

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Friday 09 October 2020

BUSINESS DAY

Hotels

A look at Legend Hotel Lagos Airport after two years in business OBINNA EMELIKE

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

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n October 5, 2018, the Nigerian hospitality industry witnessed the berthing of a new entrant in the Lagos hotel market.

That day, Legend Hotel Lagos Airport, Curio Collection by Hilton opened its doors to discerning guests, in a colorful event graced by industry stakeholders, business executives, top government functionaries and Hilton representatives.

Of course, the hotel opening was a major milestone for both the industry and the Hilton brand for many reasons.

First, there are a few of Curio Collection by Hilton; about 90 one-of-a-kind hotels and resorts across the world, which makes the brand rare and its entrance in Nigeria a welcome development.

Again, the opening marked the first branded hotel to open at the Murtala Mohammed International Airport Lagos and any airport in Nigeria. It also marked the first Curio hotel to open anywhere in Africa.

These are unarguably feats and a big boost to quality hospitality offering in Lagos and Nigeria at large.

However, two years down the line, the high profile guests, who have stayed in the 54-room hotel, used its world class amenities or enjoyed the super convenience of the inbuilt immigration facilities, are testifying to the exclusive offerings ever experienced in Africa.

Despite the two years of successful operation, the hotel, according to the management, is just starting in delivering quality offerings to its discerning guests.

Of course, Peter Idoko, general manager of the hotel, is excited that the hotel is soaring in quality service, maintenance of facilities, upholding the Curio tradition and most importantly, still open to guests despite the challenges the hospitality industry has faced in recent times, especially the pandemic.

In the past two years and

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

A scenic view at the hotel

in line with Curio’s brand proposition, the hotel, according to Idoko, has been offering travelers authentic and curated experiences through distinctly local offerings amid elevated amenities.

Unveiling the secret of the successful operation since opening, Idoko, who is the first Nigerian-born general manager of a Hilton hotel in Nigeria, says, “It is down to two main things: the culture, dedication of our team members and the support of our guests and owning company”.

These factors, according to Idoko, have led the Ikeja airport-based hotel to focus on things that add to the quality of its space and operation, and thus adding value to the guests.

As well, in the past two years, the general managerled hospitality team has been able to focus on guests by constantly putting them at the centre of the hotel’s operation, actively seeking their feedback and taking action.

“As you know, we are part of Curio Collection by Hilton, one of Hilton’s 18 brands, and that says a lot – We bring to life in Lagos the legendary Hilton hospitality. As we say, “We are Hilton, We are Hospitality”, the general manager enthuses.

Again, guests who were present at the opening of the hotel, two years ago, are witnessing even more curated experiences today.

The general manager says the offerings are getting better every day because, “We

Legend Airport Hotel Lagos by Curio Collection www.businessday.ng

strive for continuous improvement, and the worst we can get to is the same high quality we started out with. The current core of our guests started with us and have been referring others to us and thus building for us an ever increasing base of satisfied guests”.

Considering the feats so far, it is obvious that the hotel has established itself in the Nigerian hotel market.

“In the short time of our operation, we have been able to establish ourselves as the reference point of hospitality in Ikeja, and indeed, Lagos”, Idoko says.

Also, recognitions and awards have been coming since opening the door to the public. “In just two years we have received many awards, including the two very prestigious awards for guest satisfaction, namely Trip Advisor 2020 Travellers’ Choice Award and Booking. com Traveller Review Awards 2020, where we scored 9 out of 10 in guest satisfaction”, the excited general manager says.

Moreover, both awards, according to him, put the hotel in the top 10 percent of guest satisfaction worldwide, while the owners are pleased with the progress, which has further positioned the hotel as the reference point for hospitality in Ikeja, if not, Lagos.

In all these, the general manager thinks that the unrivalled offerings in Legend Hotel Lagos Airport, Curio Collection by Hilton have done the magic, especially the unique location.

“We are right in the international airport in Lagos, conveniently nested between the international and local terminals, – just a walking distance to the international terminal and only 5 KMs to the domestic terminal. We are the only hotel that has in-house immigration and customs desks and is a few steps to boarding of private jets.

“Ou r L e g e n d Fl i g ht Lounge and De Bull Restaurant & Bar are uniquely situated and provide impressive views of the airfield. Indeed, both private jet and commercial airline passengers are delighted to have a place where they can conveniently stay overnight, have lunch or generally wait for their flights.

“We are also uniquely located for business meetings in any of our meeting venues or restaurants depending on the size and nature of the meetings. I must say that our uniqueness is the convenience that we provide in a bustling city like Lagos”, he discloses.

But in the spirit of the times, the hotel, which reopened to the public in mid July, following the nationwide lockdown in March, is not rolling out the loud drums yet. It will continue its quest for improving the experience for the guests.

“Like I said, we will continue to do those things that add value to our team and guests and other stakeholders. For example, we have new and extraordinary culinary adventures awaiting guests. Watch the space”, the general manager concludes.

While the celebration on October 5, 2020 was low-key due to the need to observe safety protocols for the pandemic, the hotel’s management hopes to roll out big drums for the celebration of the third year anniversary in 2021.

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

Tel: +234 9 4603900, +234 805 7522500

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

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

206 Exclusive Hotel Plot 206 Oladipo Diya Road Opposite Olympia Estate

By Games Village Second Gate Durumi2 Abuja

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

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

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

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

Friday 09 October 2020

BUSINESS DAY

23

ENTERTAINMENT

Rattlesnake: The Ahanna Story, remake of an exciting classic Stories by OBINNA EMELIKE

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n 1995, when video compact disc (VCD) and digital video disc (DVD) were trending, Nigerian movie lovers were captivated by Rattlesnake, an enthralling Nollywood blockbuster that trailed the life of Ahanna; a young man who is dissatisfied with the way his life has turned out and masterminds a way to steal the life he wants.

After his father passed away, he joined a gang of robbers to escape the constant family troubles that befell him.

For those who cannot connect with the story, Play Network Studios is offering an exciting narrative of the blockbuster movie in a remake, 25 years after the original movie was released by Amaka Igwe, the late iconic movie producer.

However, in the highly anticipated remake, Stan Nze takes on the iconic role of Ahanna who handpicks The Armadas, a highly intelligent group of thieves and together they carry out spectacular heists that bring them everything they ever wanted. But like everyone knows, nothing lasts forever.

Soon, The Armadas make enemies on both sides of the law. Will Ahanna be able to mastermind his way out of the life of crime he chose, or will his sins catch up with him? These are intrigues that await viewers to find out when the movie premieres soon.

Executive produced by Charles Okpaleke and directed by Ramsey

A scene from Rattlesnake remake

Nouah; the Rattlesnake remake is star-studded. Alongside, Stan Nze, the cast includes; Osas Ighodaro, Omotola Jalade-Ekeinde, Elma Mbadiwe, Chiwetalu Agu, Ayo Makun, Fred Amata, Bucci Franklin, Efa Iwara, Ejike Asiegbu, Chinyere Wilfred, Tobi Bakre, Gloria Young, Norbert Young among others.

As well, one of the reasons the movie is a must-watch is because it is the first movie in Nollywood that stars the Young Family, where their daughter Antoria Uri Young makes her acting debut.

Meanwhile, credit goes to Charles Okpaleke and the Play Network

The Next Titan concludes Season 7 audition, set for online bootcamp

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he online auditions of the Season 7 of The Next Titan Nigeria ended last week with applications from young aspiring entrepreneurs from different regions in Nigeria. The audition, which held online due to the COVID 19 pandemic lasted from morning till night, and showcased young aspiring entrepreneurs with outstanding business ideas, and promises for the future.

Having completed the auditions, the Nigeria’s foremost entrepreneurial reality TV show is now set for its Top 50 online bootcamp, which would hold from October 3-9, 2020, where the search will continue for the best top 25 intelligent and aspiring entrepreneurs with great business ideas immune to any pandemic, and 16 finalists that will make it to the Titan House for a battle of 10 weeks on TV. While in the Titan House, the budding entrepreneurs, led by their supervisors, will be divided into two teams to tackle business tasks. After completing each task, both teams will return to the weekly boardroom

Amifeoluwa Yakubu, winner, last season of The Next Titan show

never be heard that his son went to Lagos to join a bad gang. First of all, the film gives us that nostalgic feeling, secondly, it does a lot for the Igbo culture and the Nigerian nation, and thirdly, we honour Amaka Igwe, who is an icon and has been responsible for a lot of people you call stars today; the likes of the Richard Mofe Damijo, Nkem Owoh among others. We came out the first time with Living in Bondage and we are going to keep coming out every year to blow your mind”, the producer concluded.

In the vein, Judith Audu, the line producer and host of the recent virtual press conference, stated that, “Rattlesnake is a film that will entertain and educate you. You are going to have drama, emotions will run wild, and you are going to go home asking yourself questions.

The film is filled with family values, friendships, love and so much more. What we are promising is an experience.”

On her part, Nicole Asinugo gave credit to Amaka Igwe, the original script writer. “There were already a lot of materials to work with; I was just building on what the great Amaka Igwe wrote. As a remake, one is creatively allowed to think about things from a different perspective, but stay true to the real essence of the movie, which I believe we did.

Even if you watched the original Rattlesnake, we made sure we incorporated experiences that are relevant now. We also had the freedom to build on and incorporate other characters”, Asinugo said.

Guinness hosts, rewards winners of BBNaija housemate tasks

to discuss their experiences and give their report before the board of judges, who will declare the winners or losers. The winners will be rewarded with a treat while the losing team will nominate some of their colleagues for eviction, and the process with arguments that follows, will enable the board of judges to evict at least one of the candidates from the competition. The eventual winner of The Next Titan Season 7 will walk away with N10,000,000 to start or support their new or existing business.

The 10-week entrepreneurial reality TV Show, which is in its 7th season, has always maintained its mission to ignite the spirit of entrepreneurship in the hearts of people by having them go through a life changing experience and supporting the winner with startup capital on his/her business.

The present generation of Africans need inspirations, mentors and storytellers who will be the symbols of hope to them in order to achieve and maintain the building blocks of the economy.

Speaking during the auditions, Fela Ibidapo, head, Corporate Communication, Heritage Bank, which is the headline sponsor of the show, stated that, “Heritage Bank has continued to support The Next Titan project because it is associated with the development of young people through small and medium scale enterprises (SMEs) to curb the high level of unemployment in the country”. www.businessday.ng

Studios team for staging the remake.

Okpaleke, who many have nicknamed ‘King of Remakes’, has truly reshaped the way the Nigerian movie industry tells stories, especially by paying homage to the classics with a 21st century lifestyle spin. Okpaleke has been in the news for acquiring the rights of the original Living in Bondage film, which was a high risk move that eventually paid off.

Living in Bondage; Breaking Free, the 2019 sequel, received critical and commercial acclaim as one of the most successful movies in Nollywood till date with a record of N163 million at the box office. The 2019

sequel, which was a directorial debut for Ramsey Noah also won him the AMVCA award for Best Director.

Considering the success of Living in Bondage; Breaking Free, there is wild anticipation for what Play Network Studios has up its sleeves for Rattlesnake. Unlike Living in Bondage, which was a sequel to the original story, the new movie is a remake with no rules, and the story completely transformed into a new and exciting narrative.

Moreover, last September, a virtual press conference for Rattlesnake was held, which offered entertainment journalists and film critics the opportunity to ask questions on what was in store for the audience.

In attendance were most of the cast and crew; including Charles Okpaleke, the executive producer; Ramsey Nouah, the director; Chris Odeh, the producer and Nicole Asinugo, the scriptwriter.

Speaking at the media parley, Odeh said, “While producing Living in Bondage, the idea of remaking other Nollywood classics was discussed.

Some of us in the team were teenagers at the time some Nollywood classics were made, this is why I think telling the Rattlesnake story is important”.

He noted that the remake has a strong ‘coming of age’ narrative, which a lot of people can resonate with.

“You know that period in time when your father is warning you about armed robbery or getting into bad gangs. I do not know about you, but my father sat me down, showed me the Rattlesnake movie, pulled my ears and said it would

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n a bid to fulfill its promises, Guinness Nigeria, the gold sponsor of Big Brother Naija Lockdown 2020, hosted the winners of its housemate tasks, including Laycon, the overall winner and other housemates recently.

The exclusive event, which took place at Casa Mia in Victoria Island, Lagos, witnessed presentation of prizes to the winners of the various tasks sponsored by Guinness in the recently concluded reality TV show.

At the event, the guests were alsotreated to a carefully curated dinner, paired beautifully with the distinctive blends of The House Of Guinness’ beverage alcohols, including; Guinness Smooth, Johnnie Walker, Cîroc and Orijin.

Leveraging on its strength as the first and only total beverage alcohol company in Nigeria, Guinness Nigeria earlier this year partnered Big Brother, Africa’s most-watched reality TV show, to further demonstrate a commitment to refreshing, entertaining and impacting lives.

As the Gold sponsor of the Lockdown season, the brand redefined housemate tasks and BBN Saturday parties with captivating, educative and entertaining experiences for both housemates and viewers.

The brewery giant awarded a cash prize of N1 million to Team Hops for the Guinness Smooth Tribe photography challenge and N2 million to Team Barley

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Some of the BBNaija awardees at the event

for the Guinness Smooth Hunt task. Team Barley (Kiddwaya, Brighto, TrickyTee, Lucy, Erica, Vee, Kaisha and Laycon) also won a share of N1 million from Guinness as The Voters Choice Winner for the #SmoothChallenge.

An all-expense-paid trip and a sum of N1 million was awarded to each team member of Team Gold Label for winning the Johnnie Walker Wager, ahead of Team Red Label, White Walker and Black Label respectively. To crown the long list of awards, the overall BBNaija winner, Olamilekan ‘Laycon’ Agbeleshe, and the first runner-up, Dorathy Bachor, were rewarded with a trip to Dublin, Ireland, to witness the greatness of Guinness.

Speaking on the prize presenta@Businessdayng

tion, Adenike Adebolahe, marketing director, Guinness Nigeria, said, “For nearly seven decades, Guinness Nigeria has not only produced high-quality products, we have also modelled our diverse range of drinks to consistently refresh and celebrate Nigerians. The Big Brother Naija lockdown season was another fitting opportunity to further fulfill that purpose while also gifting viewers a sense of communion through our exciting initiatives on the show.

Likewise, the BBN participants all became brand advocates through our well curated activations; driving relevant branded conversations and making our brands the most talked about across the respective categories.

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Friday 09 October 2020

BUSINESS DAY

Sports

Super Eagles ready for big games

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Algeria, who have a second game against Mexico in The Netherlands on Tuesday, come into Friday’s game not only as the champions of Africa, but also on the back of an 18-match unbeaten run. They have not lost on the pitch since they were bumped by the odd goal in an AFCON 2019 qualifier away in Benin Republic in October 2018.

Two years earlier, the Super Eagles in a 2018 FIFA World Cup qualifying match in Uyo bounced them 3-1.

Both teams ended the return leg in Constantine 1-1, though the Eagles had already

picked the only World Cup ticket from the group ahead of that final encounter.

Tunisia, who play the Super Eagles on Tuesday at the same venue, will host Sudan’s Falcons at the Stade Olympique in Rades on Friday at the same time the Eagles are taking to the pitch against the Fennecs in Austria.

Djamel Belmadi, the former Algerian international who coached his country to a second continental title in Egypt last year, has included standout names Riyad Mahrez, Yassine Brahimi, Sofiane Feghouli and Bagh-

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but when you see the reality, it is even more impressive,” he said in a statement which added that all eight venues will be completed “well in advance” of the event.

“Qatar has been able to continue to advance during the last six months while the world stood still -- from infrastructure preparations to important developments such as the recent labour reforms announced by the government,” he said.

Qatar has made a series of reforms to its employment regulations since being selected to host the 2022 World

Gianni Infantino www.businessday.ng

dad Bounedjah in his 24-man squad to confront the threetime African champions.

Coach Gernot Rohr also has in his team Captain Ahmed Musa, Alex Iwobi, Samuel Chukwueze and Kenneth Omeruo, but he has to do without electrifying forward Victor Osimhen and midfield lynchpin Wilfred Ndidi. New birds Frank Onyeka and Chidera Ejuke, and former U17 captain Samson Tijani have the opportunity to impress.

Friday’s game, like Tuesday’s, will kick off at 8.30pm Austria time (7.30pm Nigeria time).

arcelona have begun proceedings for universal pay cuts at the club. All club employees, including the first team playing squad, will be subject to wage reductions as part of a substantial modification of the collective working contract.

Members of Ronald Koeman’s squad have been asked to choose a representative, who will sit alongside other club employees on the Business Committee and negotiate the wage cuts.

As part of those measures, the players agreed to take a pay cut, with Lionel Messi taking issue over the club’s handling of negotiations.

With the players taking pay cuts, the rest of the em-

ployees at the club were able to keep earning their full salaries.

However, Barcelona’s economic situation has worsened in the months that followed and now there’s no option but to apply for another ERTE. The Catalan club have already presented their accounts, including debts of €488 million and losses of €97 million.

The club also spent €855 million - €192 million less than what was initially stated in their budget. With the picture now looking more and more concerning, more wage reductions are inevitable, but there could be legal complications in the Spanish Workers’ Statute.

Organisers slash Olympics cost by $280m as Covid-19 bites harder

Infantino pleased with Qatar’s World Cup preparations IFA president Gianni Infantino has praised Qatar for pushing ahead with 2022 World Cup preparations despite the coronavirus pandemic, while the rest of the world “stood still”.

Infantino made this known while on a visit to Doha, during which he got into football kit to play a seven-aside-match at the striking tent-style Al Bayt stadium, Infantino said he was “very pleased” with Qatar’s progress ahead of the tournament.

“We have seen the plans,

.... report €488m debts and €97m losses

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Stories by Anthony Nlebem he camp of the Super Eagles at the Hotel die Zeit an der Glan in Austria is brimming with excitement following the arrival of all invited players.

The stout confidence is the mixture of old boys and new acts capable of turning back African champions Algeria and the continent’s secondranked team Tunisia in two friendlies between Friday and Tuesday.

Heartwarming news came on Monday evening when former Germany U20 captain Kevin Akpoguma, who arrived at camp only to bond with Nigeria’s international train ahead of his switch to fatherland, was cleared by FIFA’s single judge to dorn the green-white-green henceforth.

His clearance solidifies a dependable backline of Kenneth Omeruo, Leon Balogun, Chidozie Awaziem, William Ekong, Olaoluwa Aina, Jamilu Collins, Oluwasemilogo Ajayi and first-time invitee Zaidu Sanusi.

Barcelona begin pay cut for players as economic situation worsens

Cup, which has required a vast programme of construction dependent on foreign workers.

However, rights campaigners say that widespread abuses persist.

The Gulf state will kick off the World Cup at the Al Bayt Stadium, which takes its shape from the traditional tents used by nomadic peoples in the Gulf region.

The timings of the competition, due to be held in November and December of 2022, remains unchanged by the coronavirus pandemic which has already forced the postponement of the European football championships and the Tokyo Olympics.

Qatar has had one of the highest per capita coronavirus infection rates in the world although infection rates have now fallen sharply.

Work continued at 2022 sites this year -- even as Doha imposed wide-ranging closures including on shops, restaurants, and mosques -but was slowed to allow virus containment measures including screening and social distancing to be observed.

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he cost of Tokyo Olympics will be slashed by $280 million, organisers said, touting a scaled-back Games with cuts to everything from staffing to pyrotechnics.

But the final price of the event officially budgeted before the pandemic at $12 billion remains unclear because additional expenses caused by the postponement have not yet been made public.

Olympic chief Thomas Bach, in a virtual press conference from Lausanne, hailed the cuts as “a significant result considering the circumstances”.

“Most of the expenditure had been made. There’s very limited room to manoeuvre,” said Bach, president of the International Olympic Committee (IOC).

Plans for a lower-key Olympics were unveiled last month, with cost-cutting measures including fewer free tickets, scrapping athlete welcome ceremonies, and savings on banners, mascots and meals.

“This work will help to create a model for future global events including forthcoming Games amid the new normal in which we now live,” organisers said in a statement after a presentation to the IOC Executive

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Board.

They said they would calculate an updated budget -- including additional costs linked to postponement and coronavirus counter-measures -- by the end of the year.

The 2020 Games were pushed back a year as the deadly coronavirus disease spread around the globe, and are now set to open on July 23, 2021.

But the delay has thrown up a plethora of new costs, from re-booking venues and transport to retaining a huge organising committee staff.

With many countries experiencing second or even third waves of infection, there have been doubts about whether the event can be staged, but organisers and Olympic officials insist it can be done safely.

“We are aware some people are of the opinion that @Businessdayng

it should be cancelled,” Tokyo 2020 CEO Toshiro Muto said.

“But if we are not able to overcome Covid-19, is there anything positive about the situation? I think we can all agree that this is not a desirable situation.”

Organisers and officials are considering a long list of possible virus counter measures that they hope will make it possible to hold the Games, even if a vaccine is not available.

But enthusiasm for the Games appears to have waned in Japan, with polls over the summer finding just one in four Japanese people wanted to see them happen, and most backing either a further postponement or outright cancellation.

Muto acknowledged the importance of public support for the event.

Friday 09 October 2020

BUSINESS DAY

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Thursday 08 October 2020

BUSINESS DAY

Corporate Social Impact

Onuwa Lucky Joseph Editor, (08023314782)

‘Turn Up for SDGs’

WeForGood International Partners the United Nations SAMUEL POPO

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s part of the United Nations SDG Action Campaig n, We ForGood International in collaboration with the United Nations Information Centre held ‘Turn Up 4 SDGs’, an event to drive the conversation to mobilize individuals, communities and organizations to channel the power of people to act on the Goals and inspire others to do the same.

Held on Thursday September 24, 2020 in celebration of the 2020 Global Week to #Act4SDGs, the event brought together social innovators, SDG advocates and development enthusiasts across Africa in a party-like format to discuss the power of the Sustainable Development Goals to create solutions to the continent’s pressing challenges.

Sp e a ki ng ab ou t t h e event, Temitayo Ade-Peters, CEO of WeForGood International and host of the day said, “September

2020 is a particularly significant month for discussions about sustainable development. First, it’s the 75th anniversary of the United Nations. It also marks 5 years since the launch of the Sustainable Development Goals and so we’ve officially begun the race to the decade of action.”

Commenting further on the initiative behind the event Ade-Peters opined that, “By engaging young people to deliberate on the SDGs in a bid to proffer solutions to Africa’s challenges, we are putting them

at the centre of the actions and allowing them to take full charge of the future just like their counterparts in other climes. African youths have good understanding of the challenges facing the continent and given the right opportunities and environment, they can also deliver the solutions.”

Commending the project, Mr. Ronald Kayanja, Director, United Nations Information Centre, Lagos, who was represented by Mrs. Bolanle Olumekor, said that, “UNIC is happy

Search for MTN Y’ello Star Winner:

‘Turn It Up’ brings you the Stories behind the Story

exhibition, which was a display of SDGs symbolized in painted artworks had participants completely engaged as they tried to identify which SDG each artwork represented.

Another interesting aspect of the Turn Up for SDGs was the Breakout session following a brief training session on Design Thinking by Temitayo AdePeters. Here, each group conversed on how to combine Design Thinking with the SDGs to create sustainable solutions. United Nations representative Mrs. Olumekor and Miss Keffas were on ground to provide more insights as representatives from the Breakout sessions presented their conclusions.

It is good to see WeForGood continue to push the frontiers when it comes to engaging with young people to achieve the SDGs. ‘Turn Up for SDGs’ is clearly another feather to its cap, having been adjudged the best virtual party in town.

‘Turn Up for SDGs’ was put together with the collaboration of United Nations Information Centre.

The Nigeria/UAE Tit for Tat that Lit up the Burj Khalifa ONUWA LUCKY JOSEPH

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ONUWA LUCKY JOSEPH

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cross the nooks and crannies of Nigeria and beyond, the groundbreaking story of who becomes the MTN Y’ello Star winner has been revealing. During the search for the best musical talents in the country, the production team came across potential vocalists who defied the odds and exhibited uncommon courage. They are stories difficult to ignore, stories that that positively touch lives. It is unarguable that the Y’ello Star online audition is the opportunity that will change the lives of several young aspiring musicians.

As MTN continues in the quest for the maiden winner, the producers have decided to take a step back and showcase the human-interest stories behind the story. Turn It Up - a 10 episode (4 minutes per episode) skit run is centred around how some selected contestants at the early stage of MTN Y’ello Star online auditions displayed sheer determination, courage, and ability to overcome challenges. Ruth Odalonu, for example, a visually impaired contestant, held the produc-

to collaborate with WeForGood International to champion these conversations. The SDGs do not belong to the United Nations; they are everyone’s Goals.

As such, we must always explore avenues to rally people around the Goals and push to achieve them for the people and for the planet. We commend the effort of organisations such as WeForGood International in their commitment to leave no one behind.”

On her part, Rose Keffas, Special Assistant OSSAP-SDGs Nigeria, also a

special guest at the event, shared insights and strategies on several ongoing actions and implementations towards the execution of SDGs in Nigeria.

According to her, “It is important that young people get the right knowledge about government policies and directions so as to be able to work in alignment and synergy. Working together is very critical to achieve progress as it relates to the SDGs.” The event was unique in its style as it provided an avenue for attendees to actually voice their perspective and be heard as against just being spoken to which is usually the norm. Earlier, guests had been invited to apply to own the stage to share their SDG stories and showcase their talents.

The event welcomed speakers across Africa to debate on why their choice of SDG should be prioritized to address the challenges facing the continent.

The talent showcase, featuring musical performances and an art exhibition added extra spice to the event. For the art

tion team spellbound. The other 9 contestants selected for the skit run, all, heartwarmingly, turned it up during the auditions.

With regards to the soon to be aired MTN Y’ello Star main show, it’s the first time in the history of musical talent competitions in Nigeria that the online audition mechanism would be deployed in selecting the contestants.

Y’hello Star is groundbreaking in this regard. The wellexecuted inclusive and cost effective arrangement gave contestants the freedom and comfort to audition whenever they were ready, and from wherever they were. All they needed was access to data.

And through its technical partner (Afrinolly Creative Hub) which handled the MTN Y’ello Star production, www.businessday.ng

MTN made sure to use it as another value-adding opportunity.

Being a company with deep roots in Nigeria, MTN is aware of the challenges currently plaguing the country, including high unemployment and migration rates.

And so with Y’ello Star, it seeks to leave a long-lasting impact by empowering youths in an inclusive process that enables them showcase their talent to the world.

Since 2006, through the MTNF/MUSON Scholarship Programme, MTN Nigeria has trained hundreds of young Nigerians in the art and business of music.

Y’ello Star now seeks to take this further by bringing the process of creating the ultimate superstar to television screens nationwide.

he UAE has long been a big beneficiary of Nigerians’ penchant for traveling to places they consider more exotic and better than their own country. It’s a sad take on things that Nigeria, a federation and oil producing country like the UAE has been unable to move beyond oil dependency whereas the reason her citizens visit Dubai, one of the federating states, is for to experience the infrastructure oil wealth has helped the UAE put in place..

However, Hushpuppi happened, and before that, some other stories around scammers who had traceable Nigerian roots. And so the UAE closed its doors on Nigerians, although it claimed it was in line with Covid protocols, which it said affected other countries as well. No problem. But lockdown eased up and the UAE lifted the restrictions on nationals of other countries while keeping the restriction on Nigerians firmly in place.

Well, maybe it’s about Dubai being a favourite destination of Nigeria’s high and mighty, (a number of who have choice properties there), but the typically lackadaisical government which usually turns the other cheek whenever the country and its citi-

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zens are insulted anywhere; decided they would not take this lying low.

By September 23rd, the Federal Government of Nigeria banned Emirates planes from landing on Nigerian soil.

The same discourtesy was extended to other countries that refuse to treat Nigerians with respect. The UAE government clearly didn’t see this coming.

They were used to having their way without experiencing repercussions of any sort.

The UAE took stock and realised hey, the Nigerian route is a major cash cow for them.

Seven days after the Nigerian action, UAE reversed the visa ban on Nigerians, hoping that Nigeria would reciprocate the gesture by restoring landing rights to Emirate flights.

And to top that up, on Nigeria’s Independence Day, October 1st 2020, the Burj Khalifa was lit up in Nigeria’s national colours to com@Businessdayng

memorate the grand event.

The ultimate show of goodwill. Nigeria won’t be the first country done this honour. But it was good to see.

This is one time we cannot but commend the Nigerian government. There’s a lot more work to be done, however, especially with Nigerian embassies abroad. It is obvious that the disrespect we get from others tends to stem from their observation of the disrespect we mete out to ourselves, especially abroad. Nigerian embassies are some of the unfriendliest places for Nigerians. That needs to change effective immediately.

(Inspired by an online post

by Ten Esan)

(Kindly send feedback to 08023314782 / csrmomentum@gmail.com)

Friday 09 October 2020

BUSINESS DAY

27

ENERGYREPORT Oil & Gas

Power

Renewables

Environment

Shell, Gredor agreement to spur industrial development of Niger Delta region OLUSOLA BELLO

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he oil giant, Shell Nigeria Gas (SNG) has commissioned Gredor Nigeria Limited to start the construction of gas pipeline infrastructure that will supply gas to the Industrial Park in Polaku, Bayelsa State. This is to enhance the industrial development of the Niger Delta region.

Spurred by the desire to accelerate industrial development of the Niger Delta region and create jobs and build capacities, Nigeria Content Development and Monitoring Board (NCDMB) planned to set up Industrial Parks in a number of states in the Niger Delta region.

The objective of the industrial parks is to establishment them close to the field clusters to stimulate In-Country manufacturing by Original Equipment manufacturers (OEMs) or their local partners, attract

Standing R: Oyewo Oyelowo, Attorney-General/Commissioner for Justice; Amidat Ololade Agboola, head service; Banwo Adeosun, secretary to State Government; Ed Ubong, SNG MD; Seyi Makinde, Oyo state Governor; Rafiu Olaniyan, deputy governor; Seun Ashamu, state Commissioner for Energy & Mineral Resources, and Tunde Olaleke, SNG External Relations Manager. Standing in the back row from (r) Abdul Majeed Mogbonjubola, deputy chief of staff; Bisi Ilaka, chief of staff to the governor; Yemi Solar, SNG Business Development Manager, and Joel Ajagbe, permanent secretary in the Ministry of Energy & Mineral Resources.

domestic and foreign direct investment at the community level that support the Oil and Gas Industry, Promote community participation in manufacturing and other industry activities.

Other objectives include, reduce per capita cost of doing through shared services, develop and integrate the local supply chain to support oil and gas operations, foster mentoring of local SMEs by

Sahara Energy invests $450 million in Cote d’ Ivoire to boost LPG supply OLUSOLA BELLO

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Niger ian Energ y company, Sahara Energy Resource Limited, has since 2014 ploughed over UDS450 million into facilitating the supply of Liquefied Petroleum Gas (LPG) to Cote d’Ivoire as the nation continues its quest for cleaner cooking fuel options.

Although the 2014 population and housing census (RGPH 2014) in Cote d’Ivoire showed that 78 percent of households use wood and charcoal as their cooking fuel while 22 percent use gas, the National LPG consumption has grown from 175KT in 2013 to 380KT in 2019, following increased availability of the butane gas and deliberate policy intervention by the government.

According to 2020 YTD records, Sahara Energy has invested about USD84 million to supply 200,578.22MT of LPG to the West African nation. Last week, the Sahara Gas LPG vessel berthed in Ivorian waters discharging 10,000MT of LPG, further driving increased departure from other sources of cooking fuels that pose huge threats to healthcare and the environment.

The Sahara Gas vessel is owned by West Africa Gas Limited (WAGL), a joint venture between Nigerian National Petroleum Corporation (NNPC) and energy conglomerate, Sahara Group. The JV also has the Africa Gas LPG vessel in its fleet. Sahara Gas and Africa Gas have delivered 373,651.22MT and 268,206.22 MT of LPG to Cote d’Ivoire since the commissioning of the vessels in March 2017.

Olayemi Odutola, Country Manager, Sahara Energy Resources in Cote d’Ivoire, said “Working in collaboration with various stakeholders, Sahara Energy is delighted to be driving access to clean energy in Cote d’Ivoire. This is equally the case across the continent where our LPG vessels play a critical role in ensuring households and communities have a viable cleaner option for cooking and ultimately living healthy lifestyles,” he said.

Sahara Energy is already in a Joint Venture with Petroci Holding towards achieving the construction of a 12,000MT LPG storage facility to increase storage and supply of the product in Cote d’Ivoire. The $43 million project will be executed in two phases, with commissioning scheduled for November 2021 and October 2022, respectively.

international OEMs for annual benefits, facilitate new business start-ups, technology acquisition and competitiveness and Provide a range of made in Nigeria goods for the oil and gas industry.

To ensure the effective take off of the industrial park, SNG had earlier in the year acquired the lease of one hectare of land in Polaku for the gas project which will supply gas for industries in the park and the environs. The project is expected to be delivered within six months.

Ubong said the Polaku project would boost industrialisation in Bayelsa State and provide employment opportunity for skilled and unskilled local population in addition to directly improving internally generated revenues in the state. He said, “The project will increase the over 150 industrial and commercial customers in Nigeria who currently receive SNG’s supply of natural gas through gas infrastructure that we have built with our partners and local stakeholders.”

Responding to the rapid expansion of SNG as distribution network, Country Chair, Shell Companies in Nigeria, Osagie Okunbor said Shell was

positioned to continue to optimise its onshore footprint while investing in gas. “For more than 50 years, Shell has been in the forefront of the campaign to develop and monetise Nigeria’s huge gas resources. SNG continues to demonstrate leadership in this space, growing the domestic gas market and also helping to improve lives in every state it operates.”

SNG recently completed 20 kilometres domestic gas pipeline expansion project in Abia State, connecting Agbor Hill, Osisioma and Ariaria industrial zones. The expansion project has enabled the supply of pipeline gas to Ariaria Market Energy Solutions Limited, the Independent Power Project (IPP) consortium that provides electricity to the popular Ariaria market in Abia State.

Ariaria International Market is one of the largest leather shoemaking and open stall markets in West Africa, with over 37,000 shops and an estimated one million traders.

Experts advocate transition to gas as a solution to balance of payment deficit GBEMI FAMINU

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xperts in the oil and gas industry have canvassed the need to transit to gas and enhance sustainable economic growth which can help solve balance of payment issues.

Timipre Sylva, minister of state for Petroleum, who spoke at the Pre-NES26 webinar themed “Domestic Gas Utilisation and Commercialisation: Implementing the NDC Sectoral Action Plan for Energy” hosted by the Nigerian Economic Summit Group (NESG) held recently, said that Nigeria possesses the human and natural resources to steer the country on the path to a resilient economy and also have a surplus balance of payment.

The minister who was represented by Justice Derefaka,

Technical Adviser (TA) on Gas Business and Policy Implementation, Federal Ministry of Petroleum Resources added that there is a need to prevent and reduce all forms of pollution while identifying sustainable solutions to mitigate against climate change and adapting to its repercussions.

“The most serious challenge we currently face locally and globally is the climate change phenomenon and Nigeria is committed to the NDC, the UN Sustainable development goals and their accompanying targets “It is impossible to have sustainable social and economic development if environmental degradation is not stopped, there is a need to prevent and reduce all forms of pollution,” Derefaka said.

Laoye Jaiyeola, Chief Executive Officer (CEO), NESG,

in his remarks said the slump in oil price on the back of the Coronavirus pandemic and also the reduction in the demand for fossil fuel, which was caused by a stall in economic activities of developed countries, has led to a focus on national preservation and sustainable local growth, as the government plans to foster a low carbon economy.

Dayo Adeshina, Programme Manager, National Liquefied Petroleum Gas (LPG) Expansion Plan, Office of the Vice president said the government is putting up measures to ensure quick interventions in emission reduction adding that a major problem bedevilling LPG was Value Added Tax (VAT) and tariffs on LPG equipment which was recently removed and replaced with a five-year renewable waiver for all LPG equipment.

BEDC suspends new service based tariff for 14 days

…as Ibadan Disco reiterate commitment to excellent service OLUSOLA BELLO

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he Management of BED C Electricity Plc (BEDC) has announced its compliance with the Order from the Nigerian Electricity Regulatory Commission (NERC) based on the communique issued after a meeting between the Federal Government and the labour unions requesting the suspension of the new Service Reflective Tariff for 14 days pending consultations and Olusola Bello, Team lead,

finalization of negotiations by both parties on the new tariff implementation.

BEDC management said in a press release over the weekend that it will be complying with the 14days suspension order which was to take effect from September 28th to October 11, 2020 using the rates applicable as at 31st August for its various customers.

The company says postpaid customers will have their charges for the suspension pe-

Graphics: Joel Samson.

riod reflected in the bills to be delivered in October affecting this consumption period. Bills sent to customers in October 2020 is based on September 2020 consumption and band wise tariff as per NERC classification will apply. Similarly, prepaid customers have commenced vending based on the changed rates.

“Prepaid customers who have been migrated to Bands A, B, and C will need reload a change token at the first purchase after the com-

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mencement of this suspension. Please contact BEDC customer care portal-customercomplaints@bedcpower or visit nearest BEDC office or call 080-3901-2323/ 0813984-1391,” BEDC added.

Meanwhile the management of Ibadan Electricity Distribution Company Plc (IBEDC) has joined the world to kick off the 2020 Customer Service Week, with the international theme for this year as “Dream team”.

According to the manage-

ment, “at IBEDC our 2020 Customer Service goal is geared towards taking service delivery to higher heights through customer centric initiatives that will enable us attend and resolve our customer enquiries, complaints, fault clearing, speedily and efficiently across the franchise.

John Ayodele, the Chief Operating Officer (COO) said part of the company’s customer centric initiatives include the newly introduced Customer Relationship Man-

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

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agement (CRM) platform, designed to ensure that customers get prompt responses and resolutions. This platform allows customers to log onto the company’s website @ customer.ibedc.com to check their payment history, view both previous and present bills, make enquires and complaints conveniently. We have also introduced over 38 customer care offices this year alone across our franchise to facilitate easier and quicker access to us.

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Friday 09 October 2020

BUSINESS DAY

news

5 dead, 25 houses, vehicles razed as another gas explosion hits Lagos Joshua Bassey

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ive persons were on Thursday confirmed dead, several others injured, while houses, shops and vehicles razed when another gas explosion hit Lagos.

It was the second of such disaster in Nigeria’s economic capital and its Ogun neighbourhoods- Akute where a gas explosion left tears and sorrows in its wake on September 24, 2020.

Lagos in recent years has witnessed increased and indiscriminate siting of liquefied petroleum gas (cooking gas) stations without the government, either at the national or subnational level bothering to put in place regulatory measures to guarantee safety, and avert recurring explosions with their attendant deaths and destruction of properties.

The yesterday’s explosion, according to the Lagos State Emergency Management Agency (LASEMA), occurred at about 6am at a gas station belonging to Best Roof Cooking Gas, located at Unity Bus Stop, in Baruwa area, Ipaja, Lagos.

“Preliminary investigation carried out at the scene revealed that the gas station belonging to Best Roof Cook-

ing Gas exploded and burnt adjoining buildings.

Unfortunately, five deaths were recorded and eight others injured. A combined effort of the LASEMA’s Tiger team, Dolphin team, LRU Fire, Lagos State Fire Service, Nigeria Police, Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) were on ground to curtail the spread of the fire to other buildings,” said Femi Oke-Osayintolu, managing director of LASEMA. According to Oke-Osayintolu, post disaster assessment carried out by LASEMA revealed that this was an entirely avoidable incident caused by carelessness on the part of the operators.

Giving further details of the disaster, Oke-Osayintolu said “five fatalities recovered, eight casualties with major burns have been transferred to the Gbagada General Hospital Burns Unit.

“25 houses damaged of which 10 were classified as “severely affected,” 16 shops razed by the fire, one private primary school, one hotel affected, three vehicles comprising of a pickup truck, tricycle and motorcycle.”

The LASEMA MD, however, encouraged residents to re-

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port unsavoury and dangerous practices within their neighborhoods to the relevant agencies which include Lagos Safety Commission, Lagos State Environmental Protection Agency “so that the government can engage in more prevention and precautionary measures including issuing contravention notices and sealing up premises to prevent these types of disasters.”

Meanwhile, the Lagos State governor, Babajide Sanwo-Olu has extended government’s sysmpathy to the families who lost their loved ones in the disaster.

Sanwo-Olu in a statement signed by his chief press secretary, Gboyega Akosile said: “The gas explosion this morning has left a sour taste in my mouth. It is a reminder of the dark episode of March this year at Abule Ado Soba when innocent lives were lost to gas explosions of monumental proportion and properties destroyed. I really can’t believe that we would witness another such incident, no matter how little.”

“I wish to therefore register my heartfelt condolences to the families of those that lost their loved ones in the fire. I pray that God grant their souls eternal rest.”

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Market determined electricity tariffs will build investors’ confidence - Okiti STEPHEN ONYEKWELU

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igeria’s electricity supply industry has consistently failed to perform optimally due to electricity pricing system that makes cost recovery difficult and return on investments uncertain.

The cost of electricity is a major component in the production of goods and services. The Central of Bank of Nigeria (CBN) estimates that businesses spend $14 billion yearly on diesel generators to power their operations because electricity from the national grid is unreliable.

This is believed to be one major cause of the near insolvent state of the power sector, because the prevailing tariffs mean electricity distribution companies (Discos) are unable charge and collect tariffs that cover the cost of distributing power and also assures some fair margin of profit.

The Federal Government of Nigeria pays the difference in the form of electricity consumption subsidy.

This amounted to N540 billion last year alone and over N1.70 trillion in the past five years.

The other kind of cost which is often ignored is the alternative use to which the amount the Federal Government pays for subsidy could be put to. This comprises the opportunity cost for close to 100 million Nigerians living on less $2 a day

to improve their standard of living through access to electricity for learning at night and standard, functional primary health care centres.

“The Multi-Year Tariff Order (MYTO) was not meant to work because of government’s constant interventions, ruining the sector,” Ogho Okiti, managing director, BusinessDay Media Limited said at Nextier Insights inaugural edition of the “One-on-One” discourse series on Thursday. “Lack of a tariff template that ensures both cost recovery and returns on investments means that investors would stay away from the sector for lack of clarity and predictability.”

Okiti argued that the Discos would have little incentive to bother collecting tariffs when government hands out subsidies. This also means a lack of fresh investments, which implies that the unit costs of producing electricity stays high and excludes millions of Nigeria’s port from accessing electric power.

“If there must be subsidy then it should be targeted at the poor. But the identity problem must first be resolved. And subsidies are best designed for production not consumption,” Okiti said.

The immediate effect of tariff increase would affect consumers, to the extent that it leads to an increase in the prices of goods and services sold. For companies, this would raise the cost of production.

One stillbirth occurs every 16 seconds in low-income countries - report …says COVID-19 could make it worse ANTHONIA OBOKOH

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lmost two million babies are stillborn every year – one every 16 seconds – the United Nations said Thursday, warning that the Covid-19 pandemic could result in nearly 200,000 additional stillbirths.

According to the estimates released by UNICEF, WHO, the World Bank group and the population division of the United Nations department of economic and social affairs, some 84 percent occur in low, lower and middle-income countries.

The new report, titled ‘a neglected tragedy: the global burden of stillbirth’ revealed that in 2019, 3 in 4 stillbirths occurred in sub-Saharan Africa or Southern Asia.

A stillbirth is defined in the report as a baby born with no signs of life at 28 weeks of pregnancy or more.

“Losing a child at birth or during pregnancy is a devastating tragedy for a family, one that is often endured quietly, yet all too frequently, around the world,” said Henrietta Fore, UNICEF executive director.

Fore said “Every 16 seconds, a mother somewhere suffers the unspeakable tragedy of stillbirth. Beyond the loss of life, the psychological and financial costs for women, families and societies are severe and long lasting.

“For many of these mothers, it simply didn’t have to be this way. A majority of stillbirths could have been prevented with high quality monitoring, proper antenatal care and a skilled birth attendant.”

The report warns that the Covid-19 pandemic could worsen the global number of stillbirths. A 50 percent reduction in health services due to the pandemic could cause

nearly 200,000 additional stillbirths over a 12-month period in 117 low and middle-income countries. This corresponds to an increase in the number of stillbirths by 11.1 percent.

According to modelling done for the report by researchers from the Johns Hopkins Bloomberg School of Public Health, 13 countries could see a 20 percent increase or more in the number of stillbirths over a 12-month period.

“Most stillbirths are due to poor quality of care during pregnancy and birth. Lack of investments in antenatal and intrapartum services and in strengthening the nursing and midwifery workforce are key challenges, the report said.

Over 40 percent of stillbirths occur during labour—a loss that could be avoided with access to a trained health worker at childbirth and timely emergency obstetric care.

Around half of stillbirths in

sub-Saharan Africa and Central and Southern Asia occur during labour, compared to 6 percent in Europe, Northern America, Australia and New Zealand. Even before the pandemic caused critical disruptions in health services, few women in low and middleincome countries received timely and high-quality care to prevent stillbirths.

Half of the 117 countries analysed in the report have coverage that ranges from a low of less than 2 percent to a high of only 50 per cent for 8 important maternal health interventions such as C-section, malaria prevention, management of hypertension in pregnancy and syphilis detection and treatment.

Coverage for assisted vaginal delivery - a critical intervention for preventing stillbirths during labour – is estimated to reach less than half of pregnant women who need it.

Enitan Ogunwusi, Ojaja II, Ooni of Ife, and grand patron decorating Ayodele Alabi, managing director, Fastlink Construction Limited, for renovating school facilities and appointment as a trustee of St John’s Old Boys Association, SJOBA during the ceremonies marking the inauguration of N50 million projects by SJOBA in Ile-Ife, Osun State at the last weekend.

Ex-Arik Air boss appointed Cleanserve Energy CEO …Vincent Ndubueze new chairman as firm turns 10 MIKE OCHONMA

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leanserve Integrated Energy Solutions Ltd, one of the nation’s fastest growing aviation fuel supply firms, has announced the appointment of Chris Ndulue as its new chief executive officer, and Vincent Ndubueze, a professor as the new board chairman.

Confirming this in Lagos, David Aloh, Cleanserve head, legal services and administration said that this move was reflective of the changes in the stature and personality of Cleanserve as a “top flight” aviation support services brand.

Chris Ndulue, former managing director of Arik Air, who is expected to bring his wealth of experience and versatility to bear on the company’s growth, is a consummate finance and aviation professional, with almost 30 years of experience in general management, accounting and financial

management across various industries.

O n hi s pa r t, Vi n c ent Ndubueze is a professor of geology, petroleum explorationist, an accredited environmental consultant, hydro-geologist, educationist and administrator.

Coming on the he els o f t h e c o m p a n y ’s 1 0 t h year anniversary, industry watchers say this development is strategic. With a pan-Niger ia bows er capacity of up to 470,000 litres and storage capacity close to 5 million litres, Cleanserve has metamorphosed into a major player in the aviation oil marketing space with facilities spread across the following major locations.

These locations are the Murtala Mohammed International Airport, lkeja, Port Harcourt lnternational Airport, Omagwa, Port Harcourt, Nnamdi Azikwe International Airport, Abuja and Mallam Aminu Kano International Airport, Kano. www.businessday.ng

Autogas: FG to make conversion, installation cheaper for Nigerians HARRIDON EDEH, Abuja

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he Federal Government has assured it would make cheaper the conversion of vehicles to autogas to mitigate the effects of rising petrol costs and usher in the era of gas as an alternative source of fuel for Nigerians.

The minister of state for petroleum resources, Timipre Silva stated this on Thursday during an Autogas Dispensing Station and conversion inspection at the

NNPC Autogas dispensing facility, Jahi and Autolady Garage, Abuja, where some government official vehicles were converted.

Silva expressed satisfaction with the conversion process, and charged conversion centres to make vehicle and user safety a priority. He added that his vehicles and others in the presidential fleet would soon be converted.

Present at the inspection was the executive secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu,

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who said autogas would be made available to people all over the country.

“Nigerians can be rest assured of the government’s commitment to providing a cheaper and cleaner alternative to PMS, as prices have been on an upward climb in recent months following the deregulation of the downstream sector.

“Aside from the fact that autogas is cheaper, we are also concerned about making the conversion of cars affordable so that Nigerians can indeed reap the advantage of this new policy,” he @Businessdayng

said.

The PPPRA boss also said that some filling stations across the country were already keying into the plan by adding autogas dispensers to their stations.

He urged Nigerians to embrace autogas as gas p o w e re d v e h i c l e s a re cheaper and more environment-friendly. He also noted that the majority of vehicles built in the last two decades were well suited to conversion for dual fuel applications, and therefore, safe for people willing to convert their vehicles

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News Unveiling Nigeria’s 2021...

Continued from page 1

is predicated on a $40 per

barrel oil price benchmark and daily oil production estimate of 1.86 million barrels.

Exchange rate is estimated at N379/$, and Gross Domestic Product (GDP) growth projected at 3 percent, with inflation projected at 11.95 percent.

In his 16-page budget speech, the President said revenue generation remained the country’s major challenge as he had directed government agencies “to ensure that they obtain all necessary approvals before embarking on any fresh recruitment.

“Any breach of these directives will be severely sanctioned,” he said.

As at July, Federal Government’s actual revenue available for the budget was N2.10 trillion, about 68 percent of pro-rated target in the revised 2020 budget.

At N992.45 billion, oil revenue performed well above budget target, by 168 percent.

However, Non-oil tax revenues totalled N692.83 billion, which was 73 percent of the revised target.

To improve independent revenue performance, the President also directed that the cost profiles of GOEs be scrutinised and limits imposed on their cost-to-revenue ratios.

“Supervising Ministers have also been directed to ensure closer monitoring of the revenue generating activities and expendituresoftheGovernment OwnedEnterprises,”hedirected.

According to the President, “government is determined to tackle the persisting problems with domestic resource mobilisation, as there is a limit to deficit financing through borrowing and that the time has come for us to maintain a healthy balance between meeting our growing expenditure commitments and our longterm public financial health.”

He raised the concerns that Personnel cost remained the country’s largest single item of expenditure, noting, “In the seven months to 31st July 2020, it accounted for 34 percent of total Federal Government spending and is projected at 33 percent of 2021 expenditure.

“Personnel cost is still our largestsingleitemofexpenditure.

In the seven months to 31st July 2020, it accounted for 34 percent of total Federal Government spending and is projected at 33 percent of 2021 expenditure.”

To check the incidence of payments to non-existent personnel and unauthorised allowances, he declared that only federal staff that have been captured on the Integrated Personnel Payroll Information System (IPPIS) platform would receive salaries.

“All agencies have been directed to ensure that they obtain all necessary approvals before embarking on any fresh recruitment. Any breach of these directives will be severely sanctioned.”

The President revealed that overhead costs of Ministries Department Agencies

(MDAs) and GOEs were projected to rise to N625.50 billion in 2021, mainly due to the inclusion of the overheads of an additional 50 Government Owned Enterprises.

Consequently, he barred all government agencies from embarking on fresh recruitments, warning to sanction heads of agencies that breached the order.

The President’s concerns is coming amid fears of an imminent recession, and according to him, GDP growth is projected to be negative in the third quarter of this year, and as such, “the economy may lapse into the second recession in four years, with significant adverse consequences.”

Real GDP growth, which declined by 6.1 percent in the second quarter of 2020, ending the 3-year trend of positive, but modest, growth recorded since the second quarter of 2017.

Though he admitted that Nigerian economy was currently facing serious challenges, with the macroeconomic environment being significantly disrupted by the coronavirus pandemic, he however, assured that government working assiduously to ensure a rapid recovery in 2021, and remained committed to implementing programmes to lift 100 million Nigerians out of poverty over the next 10 years.

As part of efforts to enhance national security and human capital development, government has allocated a major part of the 2021 recurrent cost estimate to paying salaries and overheads in MDAs providing these critical public services.

These include: N227.02 billion for the Ministry of Interior; N441.39 billion for the Ministry of Police Affairs; N545.10 billion for Ministry of Education; N840.56 billion for Ministry of Defence; and N380.21 billion for Ministry of Health.

Additional highlights of the budget showed that of the N484.49 billion provided for Statutory Transfers in the 2021 Budget, National Assembly got N128.00 billion; the Niger Delta Development Commission is allocated N63.51 billion; North East Development Commission gets N29.70 billion; and National Judicial Council has N110.00 billion.

Also, under the Statutory Transfers, Universal Basic Education Commission is given, N70.05 billion; Independent National Electoral Commission - N40.00 billion; Public Complaints Commission N5.20 billion; Human Rights Commission - N3.00 billion; and Basic Health Care Provision Fund - N35.03 billion.

The sums of N227.02 billion are allocated to the Ministry of Interior; N441.39 billion for the Ministry of Police Affairs; N545.10 billion for Ministry of Education; N840.56 billion for Ministry of Defence, and N380.21 billion for Ministry of Healthinthe2021recurrentcost estimate for payment of salaries andoverheadsinMDAsproviding these critical public services. www.businessday.ng

L-R: Giafranco Albertazzi, joint managing director, Borini Prono and Company Nigeria Limited; Babatunde Fashola, minister of Works and Housing, and Paolo Prono, executive director, Borini Prono and Company Nigeria Limited, during an inspection of the ongoing repairs on the Third Mainland Bridge in Lagos, yesterday

Cinema industry seeks to recover...

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the easing of the five-week

lockdown.

While the industry made no revenue from late March to late September 2020 due to the pandemic, cinemas raked in over N1.5 billion in movie ticket weekend sales the same period in 2019.

Considering the impressive growth of the industry in the last five years, movie industry experts and film distributors regret that the N1.5 billion loss from movie ticket weekend sales within that period would have been N2 billion revenue or more, if there was no pandemic.

According to data released by the Cinema Exhibitors Association of Nigeria (CEAN), Nigerians spent about N6.7 billion on movie tickets in 2019; a figure that represents over 200 percent increase from about N2 billion spent on movies at the cinemas in 2018.

Going by the data and annual growth, the industry is

expecting to earn at least N8 billion by the end of 2020. But that feat seems a dream this year considering the economic reality and health challenge.

“With the six months shutdown, we have suspended all our revenue targets for 2020.

Our worry now is recovery, and how to get more Nigerians to visit about 80 cinemas across the country to improve patronage,” Clement Omoruyi, a cinema exhibitor, states.

Speaking further, Omoruyi says the pandemic made most producers already at film locations to suspend their shooting, resulting in lack of quality movies for both Nigerian and foreign blockbusters, while most schedules for cinema premiere have been called off for lack of movie to show.

“After months of shutdown, you need exceptionally thrilling movies to lure cinema goers back on the big screens or else, they will stick to the streaming platforms, which are their new found love,” he says.

In line with Omoruyi, a source at FilmOne, a foremost movie distribution company, and an arm of FilmHouse Cinemas, notes that patronage is improving and that there is no increase in the prices of movie tickets yet in order to woo more patronage.

Further investigation by BusinessDay reveals that movie ticket price ranges between N1,000 and N3,000, the rate they were before the pandemic and cinemas are not going to increase the prices for now.

However, industry stakeholders express hope with the increasing patronage since the partial opening of cinemas in late September, and the full opening this October.

Cinemas made N20.6 million from movie ticket weekend sales in the month of September 2020, according to CEAN data. The earning, which was a somewhat relief, was also unimpressive because few cinemas were open, while Lagos cinemas, which make up over 70 percent of cinemas across the country, were still closed.

But in October, when the Lagos cinemas were opened, after a six-month shutdown, the numbers improved.

Surprisingly, Nigerian cinemas earned N27.6 million in the opening weekend of October, a figure movie distributors assured would increase to N30 million weekly and over N100 million at the end of October.

Speaking on the improvement in patronage, Josephine Okaka, a film distributor, notes that at the opening week in September, Lagos cinemas were not opened, opened cinemas were operating at 30 percent capacity, few people were willing to visit and blockbuster movies were not out then.

“The situation is getting better and more people are willing to go to the cinemas now,” she says.

Thoughthenumbersareimprovingnow,KikelomoObembe of Silverbird Cinemas notes that the reduced capacity in line with social distancing is forcing cinema outfits to take only the contents that they are sure will make money in the cinemas and give them more playing time.

HO Corn, like Thrive Agric, postpones... Squabble in Alpha-beta over...

Continued from page 2

October 10, 2020.

In its October mail to investors, HO Corn said the original plan was to harvest and commence massive sales from the month of April to July, but the Covid-19 pandemic disrupted its harvest and payment calendar. It currently has vast non-harvested farmlands.

“Note that in the month of June, when we should be consolidating our nationwide sales and mobilising resources for payment, we were still carrying out planting activities. No thanks to the disruptions of both preplanting and post-planting operations caused by the nearly-two-months complete shutdown of the farm in the wake of the global pandemic.

The aftermath of that closure dealt a terrible blow to us. We are yet to fully recover from its attendant consequence,” the company said in the mail.

The claims are similar to what Abuja-based Thrive

Agric told its investors. The company, which has been owing investors since March, is currently trying to find a solution that would stop the aggrieved investors from taking legal action.

A HO Corn investor, who pleaded anonymity, told BusinessDay he invested N700,000 and was concerned that there might be more delays in view of the situation at Thrive Agric.

I”t was a six months agreement with a return on investment (RoI) of 50 percent, payment was due for July initially and then they sent a mail about Covid-19 and asked for an extension till October 10. Since then there was no frequent communication until now they sent another mail saying Covid-19 affected sales. Investors have to wait again until October 30.

“It is annoying because all we have been seeing since the past three months were videos and pictures of corn being harvested and taken in big lorries, indicating good sales and harvest,” the investor said.

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Continued from page 2

percent interest on the sums adjudged to be due to him.

The first, second and third defendants, according to the writ, include Alpha-beta Consulting, Tinubu and Doherty, respectively.

Apara claimed that sometime in 2000, he solely conceived, prepared and presented a proposal to the state government on providing consultancy services using his firm, Infiniti Systems Enterprises, with respect to using computerisation to track and reconcile the Internally Generated Revenue (IGR) of the state.

Following the presentation of his proposal to the state government, Apara claimed that Tinubu, who was at the time the governor, demanded that 70 percent equity interest in the project be assigned to a certain Olumide Ogunmola before he would approve the project.

The aggrieved shareholder said he later met the said Ogunmola and it was agreed that a limited liability company @Businessdayng

be incorporated in which Apara will hold 30 percent shares while Ogunmola and his partners will hold 70 per cent of the shares of the company.

Following that agreement, Apara said Alpha Beta Consulting Limited was incorporated in 2002 with the shareholding ratio that shows that 30 per cent was allocated to him (Apara), 40 per cent for Ogunmola, and 30 per cent for Adegboyega Oyetola.

For, it is unclear if the said Oyetola is the incumbent governor of Osun State, a supposedly close ally of Tinubu.

He revealed further that upon the commencement of business operations, Tinubu directed that the 30 per cent shareholding of Oyetola be transferred to one Tunde Badejo and this was done.

He added that although he was a signatory to all the bank accounts of the company, payments from the bank accounts required only two signatories, which was mostly handled between the other two partners, Messrs Ogunmola and Badejo.

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World Bank says SSA to see 3.3% economic contraction on COVID-19 pandemic ...region to lose at least $115m in output Onyinye Nwachukwu, Abuja

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he economic fallout of the Covid-19 global pandemic, will see growth in Sub-Saharan Africa (SSA) shed to a -3.3 percent in 2020, pushing the region into its first recession in 25 years, the World Bank said on Thursday.

In its latest regional economic analysis, Africa’s Pulse: “Charting the Road to Recovery”, the World Bank also noted that the pandemic could drive up to 40 million people into extreme poverty in Africa in 2020, erasing at least five years of progress in the fight against poverty.

Three major and exportdriven economies in the SSA , including Nigeria,

South Africa and Angola will substantially account for that negative economic fallout.

N i g e r i a’s r e a l G D P contracted by 6.1 percent year-on-year in the second quarter of 2020—the worst result in more than a decade. South Africa, operating under severe containment measures, saw its real GDP contract by 17.1 percent year-on-year in the second quarter of 2020. Angola, Sub-Saharan Africa’s second largest oil producer after Nigeria, saw its economy contract by 1.8 percent year-on-year in the first quarter of 2020.

The decline in growth has been stronger among metals exporters where real GDP is expected to contract by 6 percent, partly reflecting the large drop in output

in South Africa. Among oil exporters, after expanding by 1.5 percent in 2019, real GDP is projected to fall by more than four percent in 2020, owing to contractions in Angola and Nigeria.

With over a million reported Covid-19 cases across the continent, the pandemic is still not under control in Sub-Saharan Africa.

The World Bank noted that the substantial downturn in economic activity will cost the region at least $115 million in output losses this year. Gross domestic product per capita growth is expected to contract by nearly 6.0 percent, in part caused by lower domestic consumption and investment brought on by containment measures to slow the spread of the coro-

navirus.

The bank mentioned some governments, notably Senegal and Mauritius, to have acted rapidly to reduce the spread of infections; noting however, that successful containment measures come with a high economic cost, as has been seen across the globe.

“The road to recovery may be long, and it may be steep, but prioritizing policy actions and investments that address the challenge of creating more, better and inclusive jobs will pave the way for a faster, stronger and inclusive recovery for African countries,” Albert Zeufack, World Bank chief economist for the Africa regions stated in a mailed statement ahead of the official release of the report on Thursday.

Kano to partner Inland Containers Nigeria Limited to boost freight movement Adeola Ajakaiye, in Kano

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ano State government is entering a partnership with Inland Containers Nigeria Limited (ICNL)), a haulage company, to fast-track economic activities in the state.

Th e state g ove r n o r, Abdullahi Ganduje disclosed this while receiving the chief executive of the company, Ismaila Yusuf when he paid him a courtesy visit at Government House, Kano, on Wednesday.

Represented by his deputy, Nasiru Gawuna, the governor stated that his administration was committed to providing a conducive atmosphere that would enable businesses to thrive, particularly, in this era of Covid-19.

“We are glad to have the management of the Inland Containers Nigeria Limited, a well-known business group in the state, visit us. ICNL has for years been rendering to the state, services ranging from shipping, clearing, and a lot of other logistics activities.

“People of Kano are proud of the company and the vision that has sustained the company for over 40 years now”, Gawuna said.

He expressed the determination of his administra-

tion to continue to utilise every opportunity to ensure that the services rendered by the company are fully developed for the benefit of people in the state.

In doing this, the governor hinted that his administration would continue to provide assistance and other needed supports to boost the company`s activities.

“We expect that your company will come up with proposals that we can sit together to deliberate upon which will help make the logistics industry bigger than what we are having now in the state.

“I want to say we are highly impressed by the quality of the ser vices which your company is rendering, and I want to charge you to keep it up”, he added.

The company`s CEO, Yusuf noted that the purpose of establishing the company was to bring the services of maritime and its operations to other parts of the country especially northern Nigeria.

According to him, the management of the company initiated the visit as a way of registering its appreciation to state government over the support it has so far given to the organisation.

Kogi to immunise over 1m children VICTORIA NNAKAIKE, Lokoja

K L-R: Aliyu Saidu, board member, Nigerian Communications Commission(NCC); Adeleke Adewolu, executive commissioner, stakeholder management, NCC; Adeolu Akande, board chairman, NCC; Hope Uzodinma, governor, Imo State; Salman Muhammed, board member, NCC; Ubale Maska, executive commissioner, technical services, NCC; Clem Baiye, board member, NCC, and Uche Onwude, board member, NCC, during a courtesy visit of the NCC board to the Imo State governor, in Owerri.

Okowa restates call for review of revenue allocation formula Francis Sadhere, Warri

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elta State governor, Ifeanyi Okowa, has called for a review of the existing revenue allocation formula in favour of states and local governments, in reflection of current socio-economic realities in the country.

Okowa made the call when he received on a courtesy call, the national executive council members of Association of Local Governments of Nigeria (ALGON) led by its president, Kolade Alabi, in Asaba, on Thursday.

He said the review of the

revenue formula has become expedient in view of the huge responsibilities facing states and local governments in the country.

According to the governor, the local government administration is growing and it is our hope that we get them stabilised financially so that they can impact on the lives of our people.

Insisting on restructuring the sharing formula, the governor said there were lots of things being done at the national level that ought not to be done at that level.

“I believe that local government administration

must be autonomous and here in Delta, we have never tampered with their funds, rather we assist them and provide bailout funds for them on a monthly basis to augment their payment of salaries.

“We have generally as a nation made local government administration take up serious responsibilities like payment of local government council staff and primary school teachers’ salaries without providing the necessary funds for them.

“We need to have a rework of the revenue allocation formula because none

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of the arms of government should shy away from that.

“We need to be able to provide funding so that they can reach out to the people and the people will feel their impact.

“The Federal Government is an important tier of government but they can’t perform well in terms of reaching out to the various communities because of the issues of monitoring and evaluation.

“There is a need to rework the laws in such a way that we are able to redirect governance the way it ought to be done,” he said.

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ogi State governm e nt s ay s i t ha s concluded plans to immunise 1.6 million children against measles and menegitis across the 21 local government areas in the state.

The executive director, Kogi State Primary Health Care Development Agency (KSPHCDA), Abubak a r Ya ku bu , d i s c l o s e d this at a press briefing on Wednesday, adding also, that the state’s meningitis and measles vaccination campaign has effectively commenced from October 8, 2020.

He said that children within the ages of 9 and 59 months, totaling 866,328 would be immunised against measles while children within the ages of one and five years, totaling 815,368 would be immunised against meningitis.

The reason for the immunisation exercise, he said, was to reduce measles transmission and enable Nigeria eliminate the disease by 2028. It would also protect new births in the state.

“Measles is a highly infectious air borne disease @Businessdayng

caused by the measles virus through respiratory droplets; one of the childhood killer diseases and tends to occur in epidemics”.

“Meningitis is a dangerous infectious disease that affects the coverings of the brain and spinal cord, caused by viral, bacterial or fungal, viral remains the commonest form of meningitis”.

Ya k u b u , t h e r e f o r e , urged all traditional leaders, religious leaders, parents and all stakeholders to ensure that all targeted children are present for vaccination.

He disclosed that the wife of the Kogi governor, Rashida Bello was expected to flag off the campaign on October 8, at NPI in Okene local government council, adding that the vaccination campaign would be conducted using health facilities and d e s i g nat e d t e m p o ra r y fixed and mobile centres such as schools, churches, mosques, markets, parks, among others. ‘’All vaccines are free and safe; mothers and caregivers should avail themselves of this opportunity and make sure their children are vaccinated’’, Yakubu said.

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Friday 09 October 2020

news

Troops arrest foreign B/Haram arms, logistics supplier Godsgift Onyedinefu, Abuja

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he Nigerian Military says its troops of Operation Lafiya Dole have arrested a foreign arms and logistics supplier for Boko Haram terrorists at a location close to an internally displaced persons (IDPs) camp in Diffa region of Niger.

The suspect, a Nigerien national, was arrested by troops following credible intelligence on terrorists’ convergence at Chinguwa village in Niger Republic close to Gashigar in Mobbar local government area of Borno.

The coordinator, Defence Media Operations (DMO), John Enenche, disclosed this in Abuja on Thursday.

He also informed that troops of Operation Safe

Haven in collaboration with personnel of Nigerian Navy School of Armament Technology Kachia, have arrested one “Nuhu Pate” one of the masterminds behind several robberies, kidnappings and other heinous activities in the Southern Kaduna general area.

Enenche said the suspected armed bandit was arrested at Laduga in Kachia local government area of Kaduna State, on October 1, following credible intelligence on his whereabouts.

He also said the troops of Operation Whirl Stroke in conjunction with the Defence Intelligence Agency Tactical Surveillance team, conducted a dawn raid operation to a suspected armed bandits’ hideout at Maraban Udege in Nasarawa State.

He informed that the op-

eration led to the arrest of a notorious bandit, one “Adamu Abu”, with one locally made rifle and 4 rounds of ammunition.

“Following, was another raid on 25 September 2020 where troops of Operation Whirl Stroke and 117 Guards Battalion, while on a joint clearance operation around Mararaba Udege in Nasarawa State, raided a suspected kidnappers’ camp along Bakonu road in Nasarawa LGA”, he said.

“During the operation, the troops neutralised 2 kidnappers and rescued 3 kidnapped victims. Thereafter, the troops conducted a dawn raid operation at an identified militia hideout around Kwaghaondo village in Chanchanji council ward of Takum local government area of Taraba State” he added.

Aisha Buhari, 6,000 others for 2020 national women conference John Seyi Salau

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ife of the president, Aisha Buhari, and 6,000 other participants are expected to attend the 2020 edition of the National Women Conference (NWC), an annual event organised by Committee of Wives of Lagos State Officials (COWLSO).

This year’s event, according to Ibijoke Sanwo-Olu, wife of the Lagos State governor and chairman of COWLSO, would be held virtually from October 14 to 15, 2020 in line with Covid-19 regulations.

Addressing a pre-event press conference in Lagos, on Thursday, Sanwo-Olu said all was set for the conference, as necessary arrangements have been firmed up.

According to her, “Last year, we had about 3,000 participants

physically. With the present pandemic protocols in place, we know that is not possible and so the NWC Committee decided that it will be virtual this year.

“In line with the guidelines put in place by the administration of the Governor of Lagos State that said we must have less people in a place depending on the size, we have decided this year that inside the hall, there will not be more than 100 to 200 people and because it is now virtual, we are expecting that if we have had 3,000 people, our expectation this year is that it might double the number.”

She said participants at the Eko Hotel Convention Centre physical venue would be minimal, while all Covid-19 safety regulations would be strictly observed.

“There will be a minimal number of dignitaries, resource

persons and participants where the activities of the conference will be beamed live to the public.

She said interested participants could register through COWLSO’s website – www. cowlso.org.ng, adding that the registration fee has been reduced from N50,000 to N10,000 to give opportunity for robust participation.

Speaking on the theme of this year’s conference – “exploring the possibilities in a new world,” the governor’ wife said it was carefully selected and aimed at equipping participants with the skills and information to cope and stay above board in these interesting times when the world is contending with Covid-19 pandemic, which she described as unplanned, unanticipated and unprecedented health crisis in human existence.

Nigerian artists, content creators to benefit from $100m YouTube fund CALEB OJEWALE

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igerian artists and content creators can apply to benefit from a $100 million fund set up by YouTube, through what it calls the ‘Black Voices Fund’, which over the next three years will offer support to Black artists and creators so that they can thrive on the platform.

Alex Okosi, MD, Emerging Markets, YouTube EMEA, said in a statement that the Black Voices Fund will invest with the intention to “present fresh narratives that emphasise the intellectual power, authenticity, dignity and joy of Black voices, as well as to educate audiences about racial justice”.

Okosi also explained that the fund will be focusing its efforts on creators within the US, Brazil and Kenya, Nigeria and South Africa. “Our goal is to expand funding to more countries over the course of the next three years,” he said.

“Additionally, we hope to provide a consistent drumbeat of educational training, workshops, and community events to Black creators and artists globally.”

The #YouTubeBlack Voices Fund is part of the work currently underway to ensure that YouTube is a place where Black artists, creators, and users can share their stories and be protected.

“Along with our commitment to amplifying marginwww.businessday.ng

alised voices on the content side, we are also investing in product and policy changes that will continue to advance YouTube’s mission of giving everyone a voice and showing them the world,” Okosi added.

YouTube in the statement said it believes that it is only by taking a stand against those who would try to bully, harass, silence and intimidate others that it truly moves closer to achieving this mission. Its new efforts include ramping up enforcement and terminating more accounts that repeatedly post hateful comments. It is also in the process of rolling out product changes to make creator moderation tools more streamlined. https://www.facebook.com/businessdayng

@Businessdayng

Friday 09 October 2020

BUSINESS DAY

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news

Police arrest Ponzi scheme fraudsters in Oyo REMI FEYISIPO, Ibadan

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he police in Oyo State on Thursday paraded eight suspected fraudsters said to have defrauded unsuspecting members of the public of sums worth over N2 million.

The suspects were said to have scammed their victims through a money-doubling Ponzi scheme at Igboho, in Oke Ogun area of Oyo State.

Commissioner of Police (CP) in charge of Oyo State command, Joe Enwonwu, who paraded the suspects in Ibadan, said they were rounded up in Badagry, Lagos, where they relocated to open another office after successfully defrauding their victims in Oyo. The CP said the sum of N205,000 was recovered from the suspects, who include Oyejobi Kola, Adisa Olayinka, Ridwan Adebayo, Damoka Ademuyiwa, Dada Adisa, Romoke Oladipupo, Adegbola Eniola and Damilola Adejumo.

According to Enwonwu, sometimes in August 2020, some members of a notorious gang of fraudsters who spe-

cialised in swindling members of the public through money-doubling Ponzi scheme stormed Igboho town and induced many to part with huge sums amounting to N2.7 million, by introducing them to a scheme they termed ‘socialeconomic development programme’.

“The fraudsters who operated under the name- Noble City Global Concept induced unsuspecting members of the town to part with their money under the pretext that they receive in multiple folds within 40 hours any amount they invested.

“However, as soon as they received money from the victims, they disappeared into thin air and all efforts to reach them proved abortive.

“A team of SARS operatives swung into action and after discreet investigation, the members of the criminal syndicate were arrested in Badagry area of Lagos state where they had opened another office and swindled so many other members of the public. They confessed to the crime,” the police boss said.

Obasa, Lagos Assembly speaker quizzed

by EFCC over fraud allegations ...nothing new in his invitation - aide Iniobong Iwok

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peaker of the Lagos State House of Assembly, Mudashiru Obasa, was on Thursday, invited for questioning by the Economic and Financial Crimes Commission (EFCC), over allegations bordering on fraud.

Wilson Uwujaren, spokesman of the EFCC said Obasa was invited and he honoured the invitation at the Lagos zonal office of the commission on Thursday.

Obasa, who is a two-time speaker of the House, has been facing allegations of corruption.

Recall that in recent times there have been agitations for the commission to investigate the speaker over allegations of corruption levelled against him.

The speaker had some months back appeared before the state house of assembly panel of enquiry on allegations bordering on corruption. The committee, however, exonerated him of any wrongdoing and even asked anyone with evidence to come forward.

Obasa has consistently denied most of the allegations, but he admitted that N80 million as estacode was approved for the training of the wives of 20 lawmakers in Dubai.

“We gave N4 million to each of the participants for air tickets, hotels, feeding and local travel. Air ticket to

Dubai alone costs about N2 million”, Obasa had said.

An aide to the speaker who spoke on condition of anonymity told BusinessDay that there was nothing new in his invitation by the EFCC. “I am not surprised by the EFCC invitation, there is nothing new, he is occupying public office and anybody of such would be in public scrutiny,” he said.

Meanwhile, the commission has been granted an order to freeze three bank accounts belonging to Obasa.

EFCC, in a matter filed at the Federal High Court, Lagos, with suit number; FHC/L/CS/1069/2020, sought an ex-parte order to freeze Obasa’s three bank accounts pending the conclusion of an ongoing investigation into the allegations of diversion of funds, abuse of office and money laundering levelled against him.

A c o py o f t h e r u l i n g which was issued on September 15 was signed by the court’s registrar, Adebimpe Oni. The anti-graft agency said it filed the matter “Pursuant to section 44 (2) (K) of the constitution of the federal Republic of Nigeria 1999 (as amended) and section 26, 29, and 34 (1) of the Economic and Financial Crimes commission (Establishment) Act, 2004, and under the inherent jurisdiction of this honourable court.” www.businessday.ng

Firemen putting out fire at the scene of the gas explosion at Candons Street, Baruwa, Ayobo, Lagos, in which 5 people died, 25 buildings, shops were burnt, yesterday.

Electricity subsidy benefits rich Nigerians more - World Bank study STEPHEN ONYEKWELU

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lectricity consumption in Nigeria has been subsidised for several decades, but a small portion of the country’s population has benefitted from this while a greater majority still lack access to electric power, according to a World Bank study.

Permissible electricity tariffs in 2019 covered 56 percent of the sector’s required revenue. The gap was the tariff shortfall of N540 billion to be funded by the Federal Government of Nigeria and the 2020 projection could be much higher.

Nevertheless, the subsidy disproportionately benefits the rich because they are connected to the national grid. Nearly 60 percent of the subsidy goes to the richest 20 percent of the population; 7 percent of the subsidy goes to the bottom 40 percent and less than 2 percent benefits the poorest 20 percent, ac-

cording to Muhammad Wakil, energy specialist, World Bank Group highlighting the report. The decision to subsidise electricity consumption means funds with alternative uses have been allocated to it.

Economists tend to measure the real cost of a choice in terms of the opportunity missed. That is the alternative uses of the funds. Some of the opportunity costs of subsidising electricity lie in the lost investments in social infrastructure such as health, education, which determines the quality of a country’s human capital stock. These social facilities also better benefit the poor.

I n 2 0 1 9 , t h e Fe d e r a l Government approved budget was N8.9trillion, of which health was N428 billion and education was N650 billion. It means the Federal Government of Nigeria spent more subsidising electricity consumption for mostly its rich population, in 2019 than it did to

provide health infrastructure for its more than 82 million people living on less than N386 a day, according to the National Bureau of Statistics.

People with deep knowledge of Nigeria’s Electricity Supply Industry (NESI) say the electricity market subsidy goes entirely to two tariff classes, the residential 1 (domestic) (R1) and R2 classes. The R1 pay N4 per kWh. This is N50 below the average range of N53 – N55 per kWh to deliver electricity.

R1 customers consume less than 50 kilowatts.

Nobody is complaining because the Discos have systematically moved many of these consumers to R2, who pay more. The overwhelming bulk goes to the R2 class.

This class of customers has electricity demand level of above 50kWh. This is the class where everybody from the president to the middle-class population living in urban areas belongs.

The average tariff is between

N25 – N26 per kWh. The remaining N27- N28 is paid by the Federal Government.

“The richer you are the less of consumption subsidy you should enjoy. So, bundling most people into R2 is inefficient. This accounts for the disproportionality,” Ayodele Oni, energy partner, Bloomfield Law Practice told BusinessDay. “Subsidies are for the poor.”

These electricity consumption subsidies have shut private investments out of the sector. Electricity generation companies (Gencos) represent at least 80 percent of natural gas off-take.

When tariffs do not cover the cost of distributing electricity to households distribution companies are unable to pay everyone along the value chain from the transmission to generation companies and gas suppliers.

About 47 percent of Nigerians do not have access to grid electricity and those who do have access, face regular power cuts.

Infrastructure, job creation top expectations of OPS as Lagos revives Ehingbeti HOPE MOSES-ASHIKE

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rganised private sector (OPS) operators in Nigeria on Thursday highlighted their expectations from the upcoming Lagos economic summit, Ehingbeti 2020.

Top on the agenda for the private sector operators who gathered at the Ehingbeti 2020 stakeholders’ conference and logo unveiling held in Lagos are issues around infrastructure, waste management, investment, technology and innovation, among other topical issues. They are looking forward to ideas from the summit that would address these challenges.

“Covid-19 has impacted tremendously on the economy, health and job security, economic growth. My organisation is interested in partici-

pating. The question is how can we together drive economic growth and job creation? How can we employ the youth to drive growth? One of the private sector operators said.

The theme for this year’s Ehingbeti, scheduled to hold from November 10 - 12, 2020, is ‘For greater Lagos: Setting the tone for the next decade’. The state expects to see about 100,000 participants at the summit.

Commenting, Funmi AdeAjayi Ogunlesi, executive director at Citibank Nigeria, said, “I am very excited that Ehingbeti has come back.

We are constantly looking at how and what will attract investment into this great city.

Lagos is sixth, seventh largest economy in Sub-Saharan Africa. If we can get the blue and red lines commissioned, the knock-on-effect will not be quantifiable. The knock

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on effect also on sustainability and environment will also be unquantifiable. We have people positioned, waiting for those projects to start.

Infrastructure is what I would like the summit to focus on.

The second thing is technology and innovation. Nigeria attracted $400 million into various tech and innovation space last year alone. With the implementation of the Lagos State master plan on technology, I think a lot of other things will be done”.

Ehingbeti 2020 will provide a robust platform for deliberations on pragmatic optimization of the inherent opportunities in Africa’s 5th largest economy and offer perspectives on how to manage the peculiar socio-economic landscape of the State in the coming decade. The three-day summit, which will be a hybrid @Businessdayng

of virtual and live events, will draw participation from various sectors of the economy and across the globe.

The Group has also refreshed the Ehingbeti logo to reflect the contemporary outlook of the annual summit without disconnecting from the economic heritage of the Marina and Broad Streets areas of Lagos, which served as the springboard for Nigerian and West African economic development since the European incursion in the 15th century.

Unveiling the new logo, Olayemi Cardoso, co-chair of the ‘Ehingbeti 2020’ Steering Committee and former Lagos State commissioner for economic planning & budget said “this new Ehingbeti logo is an embodiment of meanings and expression of the Lagos Ehingbeti Summit Group (LESG) ideals.

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Friday 09 October 2020

BUSINESS DAY

Friday 09 October 2020

BUSINESS DAY

INSIGHT

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COVID-19 pandemic and the doctrines of force majeure and frustration of contract: Impact on commercial contracts

Basic law: Black’s Law Dictionary and the Merriam Webster Dictionary define force majeure —as an event or effect that can be neither anticipated nor controlled. The term is commonly understood to

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For frustration of a contract to be invoked and applied requires that the entire subject matter or underlying rationale for the contract be destroyed

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Introduction: he Covid-19 pandemic has become one of the most serious threats to global markets and international trade seen in recent times with the attendant job losses and many businesses facing insolvency or bankruptcy coupled with the crash of the global stock exchanges. The pandemic has squeezed both supply and demand with vast numbers of businesses experiencing a collapse in revenue — and in many cases a complete suspension of operations — there is an acute risk of inability to fulfill contractual obligations due to the widespread bankruptcies and business closures.

Given the supply chain disruption caused by the Covid-19 pandemic, it is likely that performances under many contracts will be delayed, interrupted, or even cancelled. Counterparties (especially suppliers) to such contracts may seek to delay and/ or avoid performance (or nonperformance liability) of their contractual obligations and/or terminate contracts, either because Covid-19 has legitimately prevented them from performing their contractual obligations, or because they are seeking to use it as an excuse to extricate themselves from an unfavorable deal. Principally this will be by activating Force Majeure clauses and invoking the doctrine of Frustration.

As additional restrictions are imposed on gatherings, work, and travel, businesses’ ability to perform their contractual obligations may be impaired or altogether precluded. Fortunately, businesses may have contractual recourse as a result of a force majeure clause or the common law doctrine of frustration of contract.

This paper seeks to examine the impact of the pandemic visà-vis the impracticability or impossibility of fulfilling contractual obligations and how the doctrines of force majeure and frustration of contract can provide relief to a party prevented (or hindered, impaired or adversely affected) from performing its obligations under a commercial contract.

encompass both acts of nature, such as floods and hurricanes, and acts of man, such as riots, strikes, and wars. In the Nigerian context, the Court of Appeal in GLOBE SPINNING MILLS (NIG) PLC v. RELIANCE TEXTILE INDUSTRIES LTD defined it as: “a clause inserted in a contract which allows parties to rescind a contract upon the occurrence of certain specified events beyond the control of parties making performance unrealistic and impossible”.

From a contractual perspective, a force majeure clause provides temporary reprieve to a party from performing its obligations under a contract upon occurrence of a force majeure event. A force majeure clause in a contract would typically include an exhaustive list of events such as acts of God, war, terrorism, earthquakes, hurricanes, acts of government, explosions, fire, plagues or epidemics or a nonexhaustive list wherein the parties simply narrate what generally constitute force majeure events and thereafter add “and such other acts or events that are beyond the control of parties”.

Frustration of contract, on the other hand, is a defence available to a defendant who would otherwise be liable for breach of contract for non-performance of contractual obligations but for the occurrence of a fundamental event that makes it impracticable or impossible to perform the contract. Simply put, once an event occurs capable of rendering performance of a contract impossible and different from what the parties contemplated and strikes at the substratum of the contract, the doctrine of frustration ap-

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plies. Hence, frustration is the happening of an act outside the contract and such act makes the completion of performance of a contract impossible.

In Nigeria, it has been held in judicial decisions that a “frustration” occurs wherever the law recognizes that without default of either party, a contractual obligation has become incapable of being performed because the circumstances in which performance is called for would render it radically different from what was undertaken by the contract .

In A. G. CROSS RIVER STATE v.

A. G. FEDERATION , the Supreme Court held that frustration of contract occurs:“where it is established to the satisfaction of the court that due to a subsequent change in circumstances, the contract has become impossible to perform. Frustration of contract arises where a supervening event destroys a fundamental assumption for the contract. In other words, frustration of contract occurs whenever the law recognises that without default of either party, a contractual obligation has become incapable of being performed because the circumstances in which performance is called for would render it a thing radically different from what was undertaken by the contract.”

Frustration brings a contract to an end immediately and automatically: MARITIME NATIONAL FISH LTD. V. OCEAN TRAWLERS LTD .

Ordinarily, the law takes legally binding contracts seriously.

It is difficult to get out of contracts and escape liability for performance, even when something happens that makes it harder, more expensive or onerous to perform. Frustration of contract is the general law’s method of allowing parties to be relieved of their legal obligations. Historically, there had been no way of setting aside an impossible contract after formation; it was not until 1863, and the case of Taylor v Caldwell that the beginnings of the doctrine of frustration were established. Here, two parties contracted on the hire of a music hall, for the performance of concerts. Subsequent to contracting, but prior to the dates of hire, the music hall burned down. It was held the contract was impossible to perform.

Hardship, even if severe, does not constitute frustration. This was put in perspective in the classic test of frustration from England, DAVIS CONTRACTORS LIMITED v. FAREHAM URBAN DISTRICT COUNCIL . In that case, Davis Contractors agreed

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unusual and unexpected that the parties could not reasonably have foreseen it, and if it is unfair to place the risk of its happening on either party, then a Court may excuse further performance of the contract on both sides. On the other hand, if the risk that such an event could happen was one that the parties should reasonably have anticipated, or if the contract assigned that risk to one of the parties, then a court normally would not excuse further performance. Known risks assigned by contract will not excuse performance no matter how disastrous the consequence of that risk.

There are at least three levels of impossibility including : Imp o ssibility of p erformance: Where performance becomes physically impossible, further performance would almost certainly be excused. For example, a roofing contractor would not be in breach for failing to complete a roof on a building destroyed by fire through no fault of his.

with Fareham UDC to build 78 houses over eight months for £92,425. It ended up taking 22 months, because Davis was short of labour and materials. It cost £115,223. Davis submitted the contract was frustrated, void, and therefore they were entitled to quantum meruit for the value of work done. The House of Lords held that although the performance of the contract had become more onerous it was not frustrated.

Difference between force majeure and frustration of a contract: Under the doctrine of frustration, impossibility of a party to perform its obligations under a contract is linked to occurrence of an event/ circumstance subsequent to the execution of a contract and which was not contemplated at the time of execution of the contract. However, in the case of a force majeure, parties typically identify, prior to the execution of a contract, an exhaustive list of events, which would attract the applicability of the force majeure clause.

For frustration of a contract to be invoked and applied requires that the entire subject matter or underlying rationale for the contract be destroyed. Doctrine of Frustration renders the contract void and con@Businessdayng

sequently all contractual obligations of the parties cease to exist. Frustration of a contract is the end result of events arising after the contract was executed. Whereas a force majeure is a contractual provision contemplating an event, which can result in deferment of performance of contractual obligations and therefore rights of parties thereunder until such event continue and typically does not absolutely excuse parties from performing their obligations.

Typically, where a force majeure event is not specifically covered under a contract, frustration of a contract may be claimed by the affected party, however, if the case is opposite and a particular event is covered as a force majeure event under a contract, frustration of such contract cannot be automatically claimed.

Force majeure clauses in a contract suspend performance in the occurrence of supervening events not the fault of either party but maintain the existence of the contract unlike frustration of contract which puts an end to the contract because it has become impossible to perform.

Difference between impracticability of performance and impossibility of performance: Force majeure clause does not give a

blanket protection against any non-fulfillment of contractual terms. In practice, most force majeure clauses do not excuse a party’s non-performance entirely, but only suspend it for the duration of the force majeure. It is important to note that force majeure clauses do not generally provide for termination of an agreement; rather, they generally suspend a party’s obligation to perform under the agreement for the duration of the force majeure event. Where the supervening event was contemplated as noted above, the doctrine of frustration will not apply and recourse will be had to the force majeure clause if not parties may have recourse to frustration of contract if the circumstances permit.

In business contracts, the language of the specific force majeure provision is the key factor in determining whether the force majeure clause will apply in a pandemic situation, such as the current COVID-19 situation. Some force majeure provisions will expressly exclude pandemics or global health crises from the application of the force majeure clause, while others will expressly include such health events, and still others will be silent on the issue.

Whether performance is excused depends on the event that makes performance impossible or unfeasible, and whether that event was contemplated under the contract. If the event was so

Frustration of purpose: Where the principal purpose of a contract is destroyed, further performance would probably be excused, absent a contract provision to the contrary. For example, the roofer who contracts to buy material for use on a building destroyed by fire may be able to cancel that material contract.

While the purchase of roofing material is not rendered impossible by the fire, the purpose for which the materials were contracted is impossible to achieve through no one’s fault.

Commercial impracticability: Where performance becomes so difficult or costly that the value of the contract to one party is destroyed, continuing that performance to completion may be financially impractical. However, despite severe economic consequences, further performance may not be legally excused unless the direct cause of the difficulty could never have been foreseen. Absent extraordinary circumstances, losing money is not a legal defence to a breach of contract action.

Where performance is excused after work has begun, recovery will usually be allowed for the fair value of work actually performed based on quantum meriut, but not for lost profits on work not done as could be recovered in a breach of contract action.

In summary, unanticipated circumstances may excuse a failure to perform contract work www.businessday.ng

completely but only where: • an unexpected event occurs without the fault of the party invoking the defence; • that event makes further performance impossible or so difficult or expensive as to frustrate the purpose of the contract or destroy its value; and • Impossibility of performance is often raised as a defence for breach of contract. For example, the party that is accused of breach may be excused from the breach if they can prove that it would have been impossible to perform the contract.

Conversely, impracticability is similar in some respects to the doctrine of impossibility because it is triggered by the occurrence of a condition which prevents one party from fulfilling the contract.

The major difference between the two doctrines is that while impossibility excuses performance where the contractual duty cannot physically be performed, the doctrine of impracticability comes into play where performance is still physically possible, but would be extremely burdensome for the party whose performance is due.

Thus, impossibility is an objective condition, whereas impracticability is a subjective condition for a court to determine.

In regards to frustration of contract, a contract does not become frustrated merely because it has “become difficult to perform” as against “become impossible to perform”. A contract is not frustrated merely because the circumstances in which it was made are altered. The Courts have no

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Conversely, impracticability is similar in some respects to the doctrine of impossibility because it is triggered by the occurrence of a condition which prevents one party from fulfilling the contract

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Osayaba Giwa-Osagie and Michael Dedon

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general power to absolve a party from the performance of its part of the contract merely because its performance has become onerous on account of an unforeseen turn of events.

In an instructive English judgment namely, TSAKIROGLOU & CO. LTD. V. NOBLEE THORL GMBH , despite the closure of the Suez canal, and despite the fact that the customary route for shipping the goods was only through the Suez canal, it was held that the contract of sale of groundnuts, in that case, was not frustrated, even though it would have to be performed by an alternative mode of performance which was much more expensive, namely, that the ship would now have to go around the Cape of Good Hope, which is three times the distance from Hamburg to Port Sudan. The freight for such a journey was also double. Despite this, the House of Lords held that even though the contract had become more onerous to perform, it was not fundamentally altered.

Where performance is otherwise possible, it is clear that a mere rise in freight price would not allow one of the parties to say that the contract was discharged by the impossibility of performance.

Flowing from the foregoing, a contract is not frustrated merely because its execution becomes more difficult or more expensive than either party originally anticipated and has to be carried out in a manner not envisaged at the time of its negotiation .

Secondly, if the obligation under a contract was due before the frustrating event, the subsequent occurrence of the frustrating event does not discharge that contract. Thus, all legal rights already accrued or money already paid, which has become payable before the frustrating events occurred remains intact, while obligations falling due for performance after the event are @Businessdayng

discharged .

In addition to the above two instances, it is pertinent to note that the doctrine of frustration also does not occur where: (i) the intervening circumstance is one which the law would not regard as so fundamental as to destroy the basis of the agreement. (ii) the terms of the agreement show that the parties contemplated the possibility of such an intervening circumstance arising. (iii) one of the parties had deliberately brought about the supervening event by his own choice .

Conclusion: Whether a contractual obligation can be avoided on the grounds of force majeure or frustration of contract is a factual determination based on the specific terms of the contract or the alleged frustrating event. The courts would examine, whether in each case, impact of Covid-19 pandemic prevented the party from performing its contractual obligation.

As we have seen above, the terms “force majeure” and “frustration of contract” are not one and the same thing in law as they have differing connotations and legal implications. Simply put, frustration of contract puts an end to a contract whereas force majeure only defers the performance of the contract until the supervening event abates or is extinguished.

The relationship between both doctrines is such that force majeure clauses are used in contracts to avoid frustration. To avoid a contract being found to have been frustrated, parties should apportion risks, as far as possible in a force majeure clause embedded in the contract.

Also impracticability of performance may not excuse a party from performance unlike impossibility of performance which will.

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Friday 09 October 2020

BUSINESS DAY

Live @ The Exchanges Market Statistics as at Thursday 08 October 20200

Top Gainers/Losers as at Thursday 08 October 2020 LOSERS

GAINERS

ASI (Points)

Company

Opening

Closing

Change

Company

Opening

Closing

Change

AIRTELAFRI

N400.2

N410.2

10

DANGCEM

N158

N150.5

-7.5

DEALS (Numbers)

UNILEVER

N12.3

N13.5

1.2

GUARANTY

N31

N32

1

ZENITHBANK

N19.55

N20.1

N4.1

N4.45

ETI

N52.3

N48.6

-3.7

CONOIL

NB

N15.25

N14.4

-0.85

VOLUME (Numbers)

0.55

BUACEMENT

N41.75

N41.4

-0.35

VALUE (N billion)

0.35

ARDOVA

N12.8

N12.45

-0.35

MARKET CAP (N Trn)

28,546.22 6,101.00 569,376,786.00 4.913 14.920

Stock market closes in red ...Investors lose N46bn

losers are stocks like Conoil Plc which dropped from N15.25 to N14.4, shedding 85kobo or 5.57 percent; Ardova Plc dipped from N12.8 to N12.45, down by 35kobo or 2.73 percent and BUA Cement Plc which dropped from N41.75 to N41.4, shedding 35kobo or 0.84percent.

At the close of trading, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) decreased by 0.31percent

from day open high of 28,634.35 points to 28,546.22 points, while the Market Capitalisation decreased from N14.966trillion to N14.920trillion. The market’s positive return year-todate printed slightly lower at +6.35percent.

Eterna Plc, Zenith Bank Plc, Access Bank Plc, FBN Holdings Plc and Fidelity Bank Plc were actively traded stocks on Thursday

October 8.

In 6,101 deals investors exchanged 569,376,786 units valued at N4.913billion.

Airtel Africa said it will announce its H1’21 results for the period ended September 30, 2020 on October 23, 2020. The Telco’s management will host a conference call on the day of results for analysts and investors.

Siemens Energy, partners set for MEA Energy Week conference ...draws world-class lineup to advance energy transformation agenda

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iemens Energy and partners are holding a major Middle East and Africa (MEA)focused virtual conference, entitled ‘Shaping the Energy of Tomorrow’.

The conference which holds from October 19 – 21, 2020 is to drive forward the sustainability and decarbonization agenda at a defining moment in the energy industry.

With the long-term impacts of Covid-19 and a fundamental shift in energy markets still being realised, now is the moment for the energy industry to collaborate to realise a future that is sustainable, efficient, affordable and accessible, in line with the ideals laid out by UN Sustainable Goal 7.

The MEA Energy Week conference is being held in partnership with the Association of German Chambers

Nikkei 225 23,647.07JPY +224.25+0.96%

S&P 500 Index 3,440.41USD +20.96+0.61%

Deutsche Boerse AG German Stock Index DAX 13,042.21EUR +113.64+0.88%

Generic 1st ‘DM’ Future 28,289.00USD +110.00+0.39%

of Industry and Commerce (DIHK); the Arab-German Chamber of Commerce and Industry (Ghorfa); the Global Manufacturing and Industrialization Summit (GMIS); and Masdar, a global leader in renewable energy and sustainable urban development, and a wholly-owned subsidiary of the Abu Dhabi government’s Mubadala Investment Company.

The world-class speaker line-up currently features numerous regional ministers, CEOs, energy and finance industry leaders and Siemens Energy experts for the eight panel sessions.

To date, ministers from Benin, Iraq, Jordan, Morocco, Nigeria and the UAE will participate in the conference. Senior executives from Abu Dhabi Transmission and Despatch Company, ADNOC, Crescent Petroleum, DEWA, Euler Hermes, Masdar, Mubadala and Saudi Aramco have also confirmed their participation. www.businessday.ng

The panelists will address the numerous challenges and opportunities that the energy industry faces amid the twin goals of improving access to energy and meeting growing demand on the one hand, while also doing so in an environmentally and financially sustainable manner.

Topics such as financing sustainable energy projects, integrating renewables into grids, incorporating digitalization and automaton, decarbonizing hydrocarbon intensive industries, and utilizing green hydrogen, will be at the forefront of panel discussions.

The launch of this important and timely event comes shortly after the listing of Siemens Energy on the Frankfurt Stock Exchange on September 28, following a spin-off from Siemens AG. An estimated one-sixth of the world’s power generation is already based on technologies from Siemens

Energy. With this important legacy comes significant responsibility; to help shape the direction of the future of energy sector, with a focus on sustainability, innovation, and decarbonization, for the benefit of society.

“Around 850 million people on our planet still lack access to reliable electricity, this must be improved. As an independent company, Siemens Energy has the entrepreneurial flexibility to help shape the global transformation of the energy markets in a sustainable and economically successful manner,” said Dietmar Siersdorfer, Siemens Energy Middle East Managing Director. “But this change can only be achieved with global awareness, willingness to adapt and strong partnerships. That is what makes this event so important. The impressive list of participants highlights the desire to collaborate on finding solutions to the challenges.”

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Shanghai Stock Exchange Composite Index 3,218.05CNY -6.31-0.20%

Free Float deficiency: Transcorp Hotels gets till October 2023 to comply

T

A

Iheanyi Nwachukwu

FTSE 100 Index 5,978.03GBP +31.78+0.53%

Iheanyi Nwachukwu

Iheanyi Nwachukwu s investors continued to take profit in stocks, trading on the Nigerian Bourse closed in the red zone on Thursday, making it the second time this week after 12 consecutive sessions of capital appreciation.

Equity investors on Custom Street, Lagos booked about N46billion loss as activities on the supply side of the Nigerian Stock Exchange (NSE) outweighed the demand.

Dangote Cement Plc recorded the highest decline after its share price moved from Wednesday high of N158 to N150.5, losing N7.5 or 4.75 percent. Another stock that recorded remarkable decrease is Nigerian Breweries Plc which dropped from N52.3 to N48.6, down N3.7 or 7.07 percent.

Also on the list of top

Global market indicators

he Board of Directors of Transcorp Hotels Plc has notified all its esteemed shareholders that the National Council of The Nigerian Stock Exchange approved the Company’s free float compliance extension request of three (3) years ending October 3, 2023.

Free float, also known as public float, refers to the shares of a company that can be publicly traded and are not restricted (that is held by insiders). In other words, the term is used to describe the number of shares that is available to the public for trading in the secondary market.

The extension given to Transcorp Hotels Plc is to enable the Company to comply with the Exchange’s free float requirements of 20 percent issued and fully paid share capital or N20billion free

float market capitalisation for companies listed on its Main Board.

Transcorp Hotels Plc is among the listed companies on the Nigerian Stock Exchange said to be deficient in their equities free float.

In line with Rule 3.1.4 of the Exchange’s rules governing Free Float requirements, the Exchange may suspend trading rights in the Company’s securities if the Company does not achieve the required free float within the stipulated timeframe.

The Board and Management of Transcorp Hotels Plc remains strong and is committed to good corporate governance and to delivering value to all its stakeholders.

The Company said it is positioned to achieve and meet the free float requirements of The Nigerian Stock Exchange within the three (3) years’ timeframe, ending 3 October 2023.

United Capital daily insights:

Quarterly Fixed Income market overview and outlook

...we expect rates to remain depressed through Q4’20

S

entiments across the domestic fixed income market were largely bullish under the review period.

Notably, both Open Market Operation (OMO) and FGN Treasury Bill (NTB) yields which averaged 5.1percent and 2.2percent at the end of second quarter (Q2) 2020, converged at 1.9percent at the end of third quarter (Q3) 2020.

Similarly, the year-long rally at the bond market continued in Q3-2020 as the average yield on FGN Bond dipped from 8.6percent as at the end of June-2020 to end Sept-2020 at 6.8percent.

This was thanks to netinflow of funds via OMO maturities since the CBN barred locals from participating at its bills market late Oct-2019.

At this point, no sovereign bills or bond of any duration yields more than inflation at 13.22percent.

Looking ahead, we expect rates to remain depressed through fourth quarter (Q4) @Businessdayng

2020. This is predicated on the large size OMO bill maturities scheduled to hit the financial system in Q42020.

Although non-bank local investors will fully rotate out of OMO bills from October 2020, we do not expect a sizeable upward repricing of yields in the near term, given that FG’s planned domestic paper supply for the year are already well bought and satisfied.

Further out, we are of the view that rates could adjust slightly upward as liquidity becomes less abundant. This is barring another unorthodox move by the CBN to keep rates down.

Also, the renewed apathy for duration witnessed in the later part of Q3-2020, particularly as secondary market yields are yet to converge at primary yields, suggests investors may already be positioning for the peak of the market.

Friday 09 October 2020

BUSINESS DAY

A7

Live @ The STOCK Exchanges Prices for Securities Traded as of Thursday 08 October 2020

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 280,807.28 7.90 4.64 455 57,062,112 UNITED BANK FOR AFRICA PLC 235,976.01 6.90 0.73 355 29,692,077 ZENITH BANK PLC 631,069.53 20.10 2.81 887 74,231,671 1,697 160,985,860 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 226,140.34 6.30 1.61 491 44,401,293 491 44,401,293 2,188 205,387,153 TELECOMMUNICATIONS SERVICES MTN NIGERIA COMMUNICATIONS PLC 2,859,809.08 140.50 - 209 1,141,544 209 1,141,544 209 1,141,544 BUILDING MATERIALS DANGOTE CEMENT PLC 2,564,596.36 150.50 -4.75 155 969,737 LAFARGE AFRICA PLC. 273,832.52 17.00 1.19 235 17,085,255 390 18,054,992 390 18,054,992 EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 241,262.27 410.00 - 11 9,062 11 9,062 11 9,062 2,798 224,592,751 REAL ESTATE INVESTMENT TRUSTS (REITS) SFS REAL ESTATE INVESTMENT TRUST 1,386.00 69.30 - 0 0 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 10,163.30 40.65 - 5 4,838,187 UPDC REAL ESTATE INVESTMENT TRUST 10,139.42 3.80 - 1 9,900 6 4,848,087 6 4,848,087 OTHER FINANCIAL INSTITUTIONS NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 0 0 VALUEALLIANCE VALUE FUND 3,692.74 115.05 - 0 0 0 0 0 0 6 4,848,087 CROP PRODUCTION FTN COCOA PROCESSORS PLC 572.00 0.26 - 0 0 OKOMU OIL PALM PLC. 76,312.80 80.00 - 20 21,714 PRESCO PLC 60,500.00 60.50 - 19 55,007 39 76,721 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 8,500.00 4.25 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 1,830.00 0.61 - 6 15,870 6 15,870 45 92,591 DIVERSIFIED INDUSTRIES JOHN HOLT PLC. 217.92 0.56 - 0 0 S C O A NIG. PLC. 1,903.99 2.93 - 0 0 TRANSNATIONAL CORPORATION OF NIGERIA PLC 25,201.75 0.62 1.64 78 7,363,526 U A C N PLC. 19,880.95 6.90 - 22 290,082 100 7,653,608 100 7,653,608 BUILDING CONSTRUCTION ARBICO PLC. 152.96 1.03 - 0 0 0 0 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 26,769.60 16.90 1.50 62 701,415 ROADS NIG PLC. 165.00 6.60 - 0 0 62 701,415 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC 15,404.78 0.83 5.06 38 12,200,178 38 12,200,178 100 12,901,593 AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 6,968.25 0.89 - 0 0 GOLDEN GUINEA BREW. PLC. 829.98 0.81 - 0 0 GUINNESS NIG PLC 32,855.74 15.00 - 118 2,037,639 INTERNATIONAL BREWERIES PLC. 123,028.27 4.58 -1.51 78 1,668,823 NIGERIAN BREW. PLC. 388,649.44 48.60 -7.07 69 438,627 265 4,145,089 FOOD PRODUCTS DANGOTE SUGAR REFINERY PLC 163,982.86 13.50 0.75 84 1,035,789 FLOUR MILLS NIG. PLC. 90,208.35 22.00 - 67 1,661,069 HONEYWELL FLOUR MILL PLC 7,533.69 0.95 - 19 341,746 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 828.63 4.65 4.49 5 130,002 NASCON ALLIED INDUSTRIES PLC 31,793.26 12.00 - 59 1,033,901 UNION DICON SALT PLC. 2,993.06 10.95 - 0 0 234 4,202,507 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 13,429.14 7.15 - 27 150,863 NESTLE NIGERIA PLC. 931,371.10 1,175.00 - 15 9,514 42 160,377 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 0 0 VITAFOAM NIG PLC. 7,505.06 6.00 - 35 1,286,180 35 1,286,180 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 17,867.15 4.50 - 62 1,542,632 UNILEVER NIGERIA PLC. 77,557.57 13.50 9.76 98 2,886,694 160 4,429,326 736 14,223,479 BANKING ECOBANK TRANSNATIONAL INCORPORATED 81,655.50 4.45 8.54 109 8,814,439 FIDELITY BANK PLC 60,847.07 2.10 0.48 169 31,835,057 GUARANTY TRUST BANK PLC. 941,797.74 32.00 3.23 541 18,288,383 JAIZ BANK PLC 17,383.91 0.59 1.69 24 1,979,052 STERLING BANK PLC. 39,442.87 1.37 3.79 51 6,143,226 UNION BANK NIG.PLC. 145,603.76 5.00 - 71 1,704,273 UNITY BANK PLC 7,130.50 0.61 -1.61 18 435,503 WEMA BANK PLC. 23,144.68 0.60 1.67 58 3,078,320 1,041 72,278,253 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 0 0 AIICO INSURANCE PLC. 11,420.85 0.84 5.00 30 2,076,674 AXAMANSARD INSURANCE PLC 20,370.00 1.94 7.18 9 2,168,147 CONSOLIDATED HALLMARK INSURANCE PLC 3,960.67 0.37 - 1 45,000 CORNERSTONE INSURANCE PLC 9,991.52 0.55 -8.33 31 3,566,332 GOLDLINK INSURANCE PLC 909.99 0.20 - 0 0 GUINEA INSURANCE PLC. 1,228.00 0.20 - 0 0 INTERNATIONAL ENERGY INSURANCE PLC 487.95 0.38 - 0 0 LASACO ASSURANCE PLC. 2,050.56 0.28 -3.57 18 2,634,010 LAW UNION AND ROCK INS. PLC. 4,983.74 1.16 - 6 112,434 LINKAGE ASSURANCE PLC 4,400.00 0.44 -2.22 7 30,502,000 MUTUAL BENEFITS ASSURANCE PLC. 2,346.27 0.21 -8.70 13 3,239,652 NEM INSURANCE PLC 10,719.42 2.03 - 11 63,010 NIGER INSURANCE PLC 1,547.90 0.20 - 0 0 PRESTIGE ASSURANCE PLC 3,816.72 0.60 - 0 0 REGENCY ASSURANCE PLC 1,667.19 0.25 - 2 74,375 SOVEREIGN TRUST INSURANCE PLC 2,272.89 0.20 - 1 3,000 STACO INSURANCE PLC 4,483.72 0.48 - 0 0 STANDARD ALLIANCE INSURANCE PLC. 2,582.21 0.20 - 0 0 SUNU ASSURANCES NIGERIA PLC. 2,800.00 0.20 - 0 0 UNIC DIVERSIFIED HOLDINGS PLC. 516.46 0.20 - 0 0 UNIVERSAL INSURANCE PLC 3,200.00 0.20 - 0 0 VERITAS KAPITAL ASSURANCE PLC 2,773.33 0.20 - 0 0 WAPIC INSURANCE PLC 9,116.84 0.38 5.56 20 2,222,701 149 46,707,335 MICRO-FINANCE BANKS NPF MICROFINANCE BANK PLC 3,132.69 1.37 1.48 11 423,570 11 423,570

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MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 6,784.62 1.05 - 0 0 ASO SAVINGS AND LOANS PLC 7,370.87 0.50 - 0 0 INFINITY TRUST MORTGAGE BANK PLC 5,671.82 1.36 - 0 0 RESORT SAVINGS & LOANS PLC 2,265.95 0.20 - 0 0 UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 0 0 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 11,400.00 5.70 -0.87 108 2,030,932 CUSTODIAN INVESTMENT PLC 30,291.60 5.15 - 4 41,000 DEAP CAPITAL MANAGEMENT & TRUST PLC 405.00 0.27 -10.00 1 5,000,000 FCMB GROUP PLC. 46,140.32 2.33 5.91 69 7,703,878 ROYAL EXCHANGE PLC. 1,389.25 0.27 - 3 23,266 STANBIC IBTC HOLDINGS PLC 472,004.90 42.50 - 26 189,084 UNITED CAPITAL PLC 22,260.00 3.71 -0.80 137 7,499,466 348 22,487,626 1,549 141,896,784 HEALTHCARE PROVIDERS EKOCORP PLC. 2,991.61 6.00 - 1 500 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 923.82 0.26 7.69 10 837,573 11 838,073 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 593.50 0.60 - 0 0 0 0 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 FIDSON HEALTHCARE PLC 7,656.94 3.67 - 18 189,253 GLAXO SMITHKLINE CONSUMER NIG. PLC. 6,995.88 5.85 1.74 33 640,747 MAY & BAKER NIGERIA PLC. 5,175.70 3.00 - 13 112,988 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 3,456.47 1.82 -1.62 16 7,167,661 NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 PHARMA-DEKO PLC. 325.23 1.50 - 0 0 80 8,110,649 91 8,948,722 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 710.40 0.20 - 2 1,680 2 1,680 COMPUTERS AND PERIPHERALS OMATEK VENTURES PLC 764.87 0.26 - 0 0 0 0 IT SERVICES CWG PLC 6,413.06 2.54 - 0 0 NCR (NIGERIA) PLC. 216.00 2.00 - 1 100 TRIPPLE GEE AND COMPANY PLC. 178.18 0.36 - 1 3,357 2 3,457 PROCESSING SYSTEMS CHAMS PLC 939.21 0.20 - 9 957,909 E-TRANZACT INTERNATIONAL PLC 9,870.00 2.35 - 1 20,000 10 977,909 TELECOMMUNICATIONS SERVICES AIRTEL AFRICA PLC 1,541,593.75 410.20 2.50 28 221,291 28 221,291 42 1,204,337 BUILDING MATERIALS BERGER PAINTS PLC 1,941.82 6.70 - 7 52,030 BUA CEMENT PLC 1,401,984.26 41.40 -0.84 22 265,886 CAP PLC 13,090.00 18.70 - 23 687,854 MEYER PLC. 265.62 0.50 - 0 0 PORTLAND PAINTS & PRODUCTS NIGERIA PLC 1,769.32 2.23 - 0 0 PREMIER PAINTS PLC. 1,156.20 9.40 - 0 0 52 1,005,770 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,192.12 2.03 - 0 0 CUTIX PLC. 3,029.47 1.72 -2.82 25 1,917,980 25 1,917,980 PACKAGING/CONTAINERS BETA GLASS PLC. 27,698.45 55.40 - 10 118,735 GREIF NIGERIA PLC 388.02 9.10 - 0 0 10 118,735 AGRO-ALLIED & CHEMICALS NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 0 0 0 0 87 3,042,485 CHEMICALS B.O.C. GASES PLC. 1,769.04 4.25 - 6 12,500 6 12,500 METALS ALUMINIUM EXTRUSION IND. PLC. 1,781.64 8.10 - 1 187 1 187 MINING SERVICES MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 0 0 0 0 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 77.00 0.35 - 0 0 0 0 7 12,687 ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,252.54 0.20 -4.76 18 3,577,650 18 3,577,650 INTEGRATED OIL AND GAS SERVICES OANDO PLC 28,467.93 2.29 -2.55 116 24,200,642 116 24,200,642 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 67,395.25 186.90 - 27 81,153 ARDOVA PLC 16,215.89 12.45 -2.73 129 3,267,126 CONOIL PLC 9,992.91 14.40 -5.57 30 346,480 ETERNA PLC. 4,303.68 3.30 10.00 29 112,889,510 MRS OIL NIGERIA PLC. 3,794.59 12.45 - 5 11,749 TOTAL NIGERIA PLC. 32,865.71 96.80 - 43 144,930 263 116,740,948 397 144,519,240 ADVERTISING AFROMEDIA PLC 887.81 0.20 - 0 0 0 0 AIRLINES MEDVIEW AIRLINE PLC 15,796.05 1.62 - 0 0 0 0 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 235.27 0.20 - 1 46,122 1 46,122 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 3,019.91 3.26 1.24 22 1,116,865 TRANS-NATIONWIDE EXPRESS PLC. 393.83 0.84 - 0 0 22 1,116,865 HOSPITALITY TANTALIZERS PLC 642.33 0.20 - 0 0 0 0 HOTELS/LODGING CAPITAL HOTEL PLC 3,748.05 2.42 - 1 773 IKEJA HOTEL PLC 2,099.58 1.01 - 1 287 TOURIST COMPANY OF NIGERIA PLC. 7,076.28 3.15 - 0 0 TRANSCORP HOTELS PLC 30,401.62 4.00 - 0 0 2 1,060 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 3,600.00 0.30 - 1 2,575 1 2,575 PRINTING/PUBLISHING ACADEMY PRESS PLC. 163.30 0.27 - 1 1,500 LEARN AFRICA PLC 848.60 1.10 - 5 192,308 STUDIO PRESS (NIG) PLC. 1,064.85 1.79 - 0 0 UNIVERSITY PRESS PLC. 534.95 1.24 - 5 25,436 11 219,244 ROAD TRANSPORTATION ASSOCIATED BUS COMPANY PLC 497.31 0.30 - 5 76,535 5 76,535 SPECIALTY INTERLINKED TECHNOLOGIES PLC 688.80 2.91 - 0 0 SECURE ELECTRONIC TECHNOLOGY PLC 1,126.31 0.20 - 0 0

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@Businessdayng

A8

Friday 09 October 2020

BUSINESS DAY

POLITICS & POLICY

Ondo guber: DSS pledges support as US urges free, fairpeaceful polls INNOCENTODOH, Abuja

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he Department of State Services (DSS) has assured the public and stakeholders inthe Ondo State governorship election scheduled for October 10, 2020 of itssupport and preparedness for the polls.

PublicRelations Officer of DSS, Peter Afunanya, said in a statement on Wednesday thatthe Service will not only partner with sister security agencies but support theIndependent National Electoral Commission (INEC) to ensure that the election ishitch-free.

The DSS also enjoined its personnel to remain professional whiledischarging their duties.

“TheService, therefore, urges all players in the electoral process to abide by therules of the game. Persons and groups that may wish to engage in violentactivities leading to breakdown of law and order are advised to desist fromsuch devious plans or be ready to

face the full wrath of the law,” thestatement said.

Meanwhile,the United States (US) has urged all stakeholders to continue to work towardfree, fair, transparent, and peaceful elections in Ondo State.

Astatement issued by t h e Pu b l i c A f f a i r s S e ction of the US Embassy in Abuja, said:“We reiterate

our hope that all participants in the democratic process,including the INEC, political parties, and the security services, will takeconcrete steps to ensure a peaceful election that reflects the will of thepeople of Ondo.

“TheUnited States remains committed to the US-Nigeria partnership as we worktogether to achieve our mutual goals

of peace and prosperity for the citizensof both our countries.”

Recallthat the US had issued a threat of visa ban on any person or group of personswho violates the electoral rules and cause mayhem during the justconcluded September 19 governorship election in Edo State and the October10, Ondo State governorship election.

Thisthreat, according to pundits, played a significant part in reducing tension andensuring a peaceful outcome in the Edo election even as the US has notwithdrawn the threat ahead of Saturday’s polls in Ondo.

Theprincipal contenders for the governorship seat in Ondo are incumbent Governor,Rotimi Akeredolu of the All Progressives Congress (APC); Eyitayo Jegede of themain opposition People’s Democratic Party (PDP) and the current Deputy Governorof the state, Ajayi Agboola who is running on the platform of the Zenith LabourParty.

As Ondo voters prepare to go to the polls tomorrow KORETIMI AKINTUNDE, Akure

A

s the electorates in Ondo State go to the poll tomorrow (Saturday), they would have the choice to determine who rule the state for another four years by their vote.

According to the Independent National Electoral Commission (INEC), 17 political parties fielded candidates for the weekend governorship poll. But the main political parties and contestants to watch out for in the election are - incumbent Governor Oluwarotimi Akeredolu of the APC (North), Eyitayo Jegede of the PDP (Central) and Deputy Governor Agboola Ajayi, of the (ZLP) (South).

The emergence of Ajayi into the race after he fell apart with Governor Akeredolu, has been described as a “third force”.

No doubt about the fact that one of the three candidates will emerge the governor of the state after the election.

While speaking at the stakeholders meeting held at the ‘Dome’ event centre in Akure, the Ondo state Resident Electoral Commissioner, Rufus Akeju, said, “everything required statutorily has been put in place for the registered voters in the state to vote for the candidate of their choice tomorrow.”

According to him, the delimitation data of the State

are as follow, number of registered voters, 1,822, 346, number of PVCs distributed 1,478,460, number of PVCs remaining uncollected 343,886.

Akeju noted that implication of the above was that only 1,478,460 voters that collected the permanent voter cards are expected to come to the various voting points to exercise their franchise on Saturday.

Also, the INEC chairman, Mahmood Yakubu, promised that all eligible voters would have equal opportunity to exercise their right to vote appealing to all political parties, candidates and their supporters for peaceful conduct.

“Our commitment is to ensure that the choice of who becomes the next Govwww.businessday.ng

ernor of Ondo State is entirely in the hands of the voters. I wish to assure all eligible voters that every vote will count and only the choice made by the people of Ondo State will determine the outcome of the election.

“I want to assure political parties and candidates that we will remain focused on our processes and procedures. Let me reiterate to all stakeholders that the Commission will not take any action to the advantage or disadvantage of any political party or candidate.

“I wish to reassure the people of Ondo State that the Commission has taken every step to ensure that the election on Saturday is free, fair, credible, inclusive and safe,” Yakubu said.

The political atmosphere

in the state ahead of the Saturday election is tensed as supporters of the main political parties are in a last minutes of wooing electorates to their different camps.

Also, no fewer than 20 sitting governors in the country are the states to mobilise materials support for the candidates of their various political parties.

As it stand, the PDP candidate, Jegede, who is from the central has a brighter chances in the governorship election exercise.

It was even gathered that majority of the civil servants in the state have determined to vote for PDP no matter how the strategies the ruling APC may wanted to used to woo them saying that Jegede is the only candidate to their welfare.

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Abiru: I’ll establish endowment fund to alleviate poverty

…Pledges qualityrepresentation, youth engagement

INIOBONG IWOK

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andidate of AllProgressives Congress (APC) for the October 31 senatorial by-election in LagosEast, Tokunbo Abiru Wednesday disclosed his plan to set up an endowment fund toalleviate poverty and reduce unemployment in the senatorial district.

Abiru, a former commissionerfor Finance in Lagos State, equally pledged quality representation for thepeople of the district, saying he would promote legislations that would improvethe quality of life for the people of Lagos East if elected on October 31.

He made thesepromises Wednesday at a meeting with stakeholders in Ikorodu Central LocalGovernment Area (LGA) and Ikorodu North Local Council Development Area (LCDA)on the next senatorial by-election in Lagos East.

The stakeholders atthe meeting comprised leaders and members of Nigeria Union of Teachers (NUT), Nigeria Union of Local Government Employees (NULGE), National Union of Road TransportWorkers, National Association of Persons with Physical Disabilities andCommunity Development Association (CDA) and NationalYouth Council of Nigeria (NYCN).

Atthe public engagement, residents including community leaders, traditionalrulers and youth leaders asked diverse questions about the deplorable state ofroads, public schools and what they described as an unacceptable rate ofpoverty among the people nationwide.

The National Bureauof Statistics (NBS) had, in 2019, put poverty rate in Nigeria 40.1percent,which by implication over 82 million in an estimated population of about 206million live on less than $1 dollar per day.

Respondingto their concerns one after the other, the APC candidate acknowledged the sorrylevel of poverty in the country, which according to him, could only beeffectively fought from corporate, individual and pubic fronts.

Whenelected senator of the Federal Republic of Nigeria on October, Abiru promisedthat he would set up an endowment “to alleviate poverty and reduce unemploymentin Lagos East, even in Lagos State.”

Besides settingendowment that would focus on poverty alleviation, youth empowerment,employment @Businessdayng

generation and gender balancing, the APC candidate pledged hiswould-be constituents quality representation.

Citing differentinstances of result-oriented representation he offered while working in thebanking sector, he explained how he led the management team that rescue SkyeBank Place from outright collapse between July 4, 2016 and August 30, 2020.

Consequent uponstrategic leadership he provided within this timeframe, the APC candidatedisclosed that the transformation plan he executed at the bank saved the jobsof over 8,000 personnel.

He, therefore,assured the people of Lagos East that he would, first and foremost, prioritisetheir welfare and wellbeing, while acknowledging the outstanding performance ofall the senators that had represented the senatorial district.

Abiru disclosed thatif eventually elected on October 31, the performance of the district’s previoussenators “will be a yardstick the people of Lagos East will use to measure hisown performance.”

He said: “Thewelfare of Lagos East will be paramount to me. The office of a senator is notan executive office, but I will work hard to lift up people from poverty andaddress their socio-economic concern through the instrument of legislation andlawmaking.”

Abiru explained thathe would take advantage of his relationship with the Minister of Works &Housing, Mr. Babatunde Fashola and Lagos State Governor, Mr. Babajide Sanwo-Olu“to ensure the completion of all ongoing road projects in Lagos East andprevail on them to initiate new road projects.

“We will keepreminding the federal and state governments about the concern of the people inLagos East. As the ongoing road projects are completed, we will prevail on thegovernments to initiate new projects and programmes for our people.

“That is why we havebeen advocating special status for Lagos as the cornerstone of my campaignagenda. There are a lot of facilities that are attracting people to Lagos afterFederal Capita Territory (FCT) had been relocated to Abuja,” Abiru explained.

In response to aninquiry

by Baale of Ojogbe, Olukayode Olomo, Abiru acknowledged that resolvingthe challenges of public schools in the senatorial district “is not just aboutproviding chairs and desks for the pupils, but also about using moderntechnique of instruction and teaching.”

BUSINESS DAY Friday 09 October 2020

By Kemi Ajumobi

Kemi@businessdayonline.com

www.businessday.ng

Women in Business Rosie Ebe-Arthur

Group Head, Human Capital Management and Development, FBN Nigeria Ltd, & Subsidiaries

R

osie Ebe-Arthur, in her capacity as Group Head, Human Capital Management and Development at First Bank Nigeria Ltd. & Subsidiaries (FBN), is accountable for the delivery of superior performance and productivity through the management of talent and organisational development strategies. Her goal is to help the organisation achieve the position of top three employer of choice in the industry by 2022. She is also setting the people agenda and delivering an enviable employee value proposition to employees.

She is also in charge of management of employees across the Bank’s footprint in Nigeria, the United Kingdom, Ghana, DR Congo, Guinea, Sierra Leone, Senegal and the Gambia.

The COVID-19 pandemic was a significant plot twist for the world as a whole and its impact globally could not have been envisaged by one or many organisations. For Rosie, FBN has been on a transformational journey over the last few years and the agility built over that period enabled them to pivot quickly into the positive outcomes of the pandemic.

She says major digital evolution was taking place and therefore, FBN had in place robust and upgraded platforms that ensured that they were able to increase their focus on the needs of their customers at a time filled with uncertainty and anxiety.

In Rosie’s view, with a 126 year history, the experiences garnered by FBN over the years have built a strong level of positivity and resilience into the DNA of the institution.

She further revealed that, using their known ‘goal set through’ approach, they also strive for an approach that looks beyond challenges, that is, looking past the pandemic with a conviction that they will come through and therefore, focusing on what their new ways of working should look like, what they must refresh or change in their business model delivery, strategy and so on, to properly address

the uncertainties that have today become their way of life.

Like with most organisations during this COVID-19 period, safety is key however, Rosie takes it further. According to her, “The safety of our employees is paramount and we made that clear to them by immediately reassuring our employees on the Bank’s interest in their welfare and progress, and that we would do our outmost best to keep them safe.” She said.

FBN did this through providing the requisite Personal Protective Equipment (PPE) for all employees who were designated essential workers at the onset of the pandemic and provided accommodation and feeding to ensure that services could be delivered with minimum disruptions.

Rosie explained that with the help and dedication of the Bank’s Medical Advisor, they were able to work with partner organisations to support their employees including upgrades to employee health and wellbeing. For instance, the introduction of telemedicine, employee assistance programs, virtual keep fit sessions and so on.

Ebe-Arthur affirmed that FBN made bold decisions earlier in the year and through the pandemic with regards to employee management, and this has built on the trust levels and commitment of employees.

While several organisations carried out salary cuts and termination of appointments, Ebe-Arthur said FBN carried out

their salary reviews and promotions, and did not reduce salaries or exit any of their employees.

“We carried on with recruitment to ensure that all our critical roles were adequately resourced and have recently embarked on our Service Executive Conversions, which is how we create opportunities for non-core staff to become full time employees of the bank and pursue their aspirations with us.” Said Rosie.

On working towards ensuring to achieve the position of top three employer of choice in the industry by 2022, Rosie said, a few years ago, FBN designed a People Agenda which speaks to how they will achieve a strong employee value proposition, develop the learning capability and agility of their employees in order to deliver a strong employer brand to attract and retain the best of talent.

She says FBN has since brought more clarity to their people strategy by focusing on achieving the position of top three employer of choice in the industry by 2022.

This has led to reaffirming their people agenda which rests on the following four key pillars which includes: Deepening their employee value proposition, building an agile and future proof organisation, creating a versatile and agile workforce and empowering employees at all levels of the organisation.

Being a leader, Rosie’s interpretation on who a leader is, is thought provoking.

She says a true leader is able to speak truth to power and be heard irrespective of gender. As long as she is concerned, a true leader is someone with the ability to put forward a different point of view with empathy and thoughtfulness while being human especially in today’s world, where there is so much focus on the bottom line.

She insists that a true leader must lead with purpose and belief, while demonstrating strong values in everything they do, as this will enable you to have impact and also to inspire and empower your followership.

And to every young lady out there, EbeArthur says you must be deliberate in your decisions. She adds that work and life are integrated in your deliberateness and must be across both. She advices you to do great work, build strong organisational capabilities so that you can deliver on the organisational strategy.

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