BusinessDay 10 Aug 2018

businessday market monitor Commodities

NSE

Bitcoin

Brent Oil

Biggest Gainer

$72.10

INTBREW N31.00

Cocoa

Biggest Loser

MOBIL 1.64pc N170.00 36,232.66

US $2,129.00

-5.56c

₦2,273,634.97

FMDQ Close

Everdon Bureau De Change -1.52pc

Powered by

news you can trust I **FRIDAY 10 AUGUST 2018 I vol. 15, no 115 I N300

Buy

Sell

$-N 357.00 360.00 £-N 468.00 476.00 €-N 408.00 416.00

@

Foreign Exchange

Market Spot ($/N) 3M 0.08 I&E FX Window 362.19 CBN Official Rate 306.00 11.34

Currency Futures ($/N)

fgn bonds

Treasury Bills

6M

5Y

-0.01 12.86

-0.02

10 Y -0.09

20 Y 0.00

13.75

14.32

14.17

NGUS OCT. NGUS JAN. NGUS JUL. 30, 2019 24, 2019 31, 2018 0.00 362.23

0.00 362.68

0.00 363.58

g

Politics weighs on stocks as index drops to 10-month low M S

Ambode shifts Blue line rail completion to 2022

OWEDE AGBAJILEKE & Innocent Odoh, Abuja, Emeka Ucheaga, Cynthia Ikwuetoghu & Oghogho Edosomwan, Lagos

to cks dropp e d to a 10-month low despite the positive half year results from two of the country’s most profitable banks.

Nigerian Stock Exchange All Share Index dropped for the fifth straight session, down 0.19 per-

Opposition alleges attempt to freeze Saraki’s bank accounts

EFCC raids ex-DSS DG Ita Ekpeyong’s Abuja home

NASS to reconvene Aug. 14

illions of residents of Lagos looking to ride in the unfolding Lagos Blue Line rail system have additional four more years to see their dream come true, if at all.

This is because the Lagos State

Continues on page 34

N72bn Apapa -Oshodi road project to be funded by Dangote tax payment

Continues on page 34

Inside Adaora MbeluDania a compendium of creativity

NSIA transfers $417.46m to NBET after 4 years P. 4 investment term

JOSHUA BASSEY

MIKE OCHONMA

T L-R: Chris Ogunbanjo; Akinwunmi Ambode, governor, Lagos State; Yakubu Gowon, former head of state; Akintola Williams (seated), doyen of Accountancy in Africa/celebrant; Rilwan Akiolu I, Oba of Lagos; Ibikunle Amosun, governor, Ogun State, and Razak Jaiyeola, president/chairman of council, Institute of Chartered Accountant of Nigeria (ICAN), during the 99th birthday celebration of doyen of Accountancy in Africa at his residence in Ikoyi, Lagos, yesterday.

he seventy two billion naira worth of contract for the reconstruction of the Apapa Oshodi expressway in Lagos which has continued to witness high trucks and container traffic within the metropolis is to be funded by future taxes paid

Continues on page 34

Premier League clubs spend £1.24bn on players as transfer window closes ANTHONY NLEBEM

T

he Premier League transfer window for 2018 that opened in June closed on Thursday August 9th. Clubs were

busy strengthening their squads ahead of the 2018/19 Season that gets underway on Friday August 10th with huge sums of money being spent.

A total of £1.24 billion have

been spent so far compared to the record fee of £1.47 billion during the 2017 summer transfer window. Jose Mourinho looks to have missed out on a new centre back with no positive transfer

news coming from Manchester United yesterday.

Tottenham have also missed out on bringing any additional players to White Hart Lane this summer.

Premier League teams are counting the cost of their summer transfer window spending, with just not enough time to part with

Continues on page 34

2 BUSINESS DAY NEWS

C002D5556

Policies, attitude remain barriers to youth HIV health service delivery recent report by a consortium of some international nongovernmental organisations states that poor service delivery, attitude and policies, are major barriers in curbing human immunodeficiency virus (HIV) and acquired immunodeficiency syndrome (AIDS) among adolescents and young people worldwide.

A global coalition of more than 80 youth organisations working on HIV (the PACT), and Youth Voices Count (YVC) launched a poll to get a sense of what young people know about sexual reproductive health.

According to the National Agency for the Control of AIDS (NACA), Nigeria has the second highest burden of adolescents living with HIV as 240,000 adolescents in the country, representing 10 percent globally, are living with the disease.

Sani Aliyu, director-general, NACA, said recently that Nigeria was not preventing new infections, enrolling and retaining young people in treatment fast enough, adding that with their strong drive, idealism and fresh ideas, young people could

introduce new solutions to the challenges. “All-In” - working with adolescents and young people to achieve 90:90:90 in Nigeria.

“The work stream on engaging adolescents recognises that adolescents and youths are critical in efforts to end the AIDS epidemic. By working together with them in AIDS response and across sectors can create a successful pathway to adulthood for young people,” Aliyu said.

However, the report notes that more than half of the 270,000 young people aged 10-24 from 21 countries that responded to the U-Report poll 54 percent of boys and young men, and 58 percent of girls and young women sought HIV and other services at a health centre or clinic in the previous three months.

About 36 percent of young people aged 10-24 who did not seek services reported feeling uncomfortable visiting a health centre or clinic, and more than 28 percent of young people (both sexes) said they felt scared to seek services.

Damilola Walker, senior advisor on Adolescents and HIV, UNICEF, said although healthcare settings should be

Ambode okays competition to revive reading culture

Customs FOU zone ‘A’ confiscate over N2bn DPV contraband in two weeks

JOSHUA BASSEY

SEYI JOHN SALAU

ANTHONIA OBOKOH

A

L

agos State governor, Akinwunmi Ambode, has authorised the ‘LagosReads Competition’ geared towards improving the reading culture among Lagos residents.

Obafela Bank-Olemoh, the special adviser to the governor on education, made this known on Thursday, saying the statewide reading competition, an initiative of the Lagos State Library Board, would hold its maiden edition in October 2018.

According to Bank-Olemoh, the LagosReads initiative, officially launched in June 2018, is the state’s way of not only improving the reading culture among the residents, but also rewarding readers.

Bank-Olemoh said the books for the month of August were literary works, carefully selected by the Library Board.

“We will announce books to be read by different categories of the public every month.

We enjoin book clubs, school libraries, public and private libraries across the state to encourage their members to read these books in order to participate in the periodic LagosReads competitions.

“The books for the month of August are: The Making of Nigeria by Constance Omawunmi Kola-Lawal and The King and the Colony by Olasupo Shasore for the junior and senior categories respectively, while readers in the adult category are to read White Lagos

by Pelu Awofeso.”

He explained that only members of book clubs, school libraries, public and private libraries registered on the portal were eligible to participate in the periodic quiz competition, adding that the registration portal www.lagosreads.com is open to the public.

safe spaces for those receiving care, this was not the case.

“Policies and attitudes remain barriers to youth-friendly HIV and sexual and reproductive health services. Indeed, 37 percent of respondents who reported having visited a clinic were not willing to recommend doing so to their peers.

“AIDS is far from over, but it can be if young people are informed, free and able to access services that are safe and responsive to their specific needs.”

The report states that a survey was carried out with support from the Joint United Nations Programme on HIV and AIDS (UNAIDS), UNAIDS, the UNICEF, and the United Nations Population Fund (UNFPA).

An in-depth survey and interviews led by YVC, which showed that approximately 15 percent of those who accessed any sexual health services in the past six months experienced refusal or mistreatment because of their age, sexual orientation, gender identity or HIV status.

And of those who felt mistreated because of their age, 55 percent identified as gay, bisexual, and 25 percent identified themselves as living with HIV.

Friday 10 August 2018

Money market awaits N2.68trn inflows this month HOPE MOSES-ASHIKE

M

oney market will this month be awash with liquidity estimated at N2.68 trillion from the various maturing government securities and Federation Account Allocation Committee (FAAC).

There is an estimated outflow of approximately N1.14 trillion from the various sources, including government securities and statutory withdrawal, leading to a net inflow of about N1.53 trillion.

“We expect the Central Bank of Nigeria (CBN) to use Open Market Operation (OMO) to manage the liquidity in the market,” Ayodele Akinwunmi, head, research and strategy at FSDH Research, says.

Last week, the CBN mopped up excess system liquidity, which stood at N511 billion opening balance as of Thursday of the same week. The regulatorbank conducted an OMO auction offering N600 billion for investors. The OMO breakdown shows that N200 billion was offered for 91 days tenor and N400 billion for 203-day maturities.

The shorter tenor was 29.5 percent subscribed (N58.5bn subscription against N200 bn offered) while the longer tenor was 76.0 percent subscribed

(N304bn subscribed vs. N400bn offered) as more investors positioned at the longer end, according to a report by Afrinvest Securities Limited.

Consequently, overnight rate, which is the rate at which banks borrow and lend to each other, increased to 4.25 percentage rate on Thursday last week compared with 3.75 percent recorded on Wednesday the previous day, data from FMDQ indicated.

The Open Buy Back (OBB) rate, a money market instrument used to raise short-term capital also rose to 3.33 percent on Thursday last week as against 2.92 recorded the previous day, Tuesday.

Also, an inflow of N452 billion from OMO maturity is expected to boost system liquidity in the money market today.

“On the back of the expected system liquidity boost and absence of Primary Market Auction (PMA), we expect the CBN to conduct more frequent OMO auctions to mop up excess liquidity,” analysts at Afrinvest said.

“We anticipate a bullish performance in the T-Bills secondary market consequently leading to a slight moderation in yields across the curve. Investors are advised to position in

short to medium term bills as we anticipate more attractive rates closer to the 2019 general elections,” the analysts said.

The overnight rate, yesterday, Wednesday rose marginally to 8.54 percent from 8.42 percent on Tuesday. The OBB also increased from 7.58 percent on Tuesday to 7.75 percent, FMDQ data indicated.

Godwin Emefiele, governor of CBN, noted at the last MPC meeting in July that the average inter-bank call rate fell to 5.0 per cent in June 2018, from 25.43 percent in May 2018, while the average Open Buy Back (OBB) rate decreased from 18.37 percent in May 2018 to 10.84 percent in June 2018.

The trend in market rates and the net liquidity position he said reflected the impact of the auction of Open Market Operations (OMO) bills, foreign exchange interventions, FAAC allocations to various levels of government, as well as the servicing of maturing CBN Bills.

At the Nigerian Treasury Bills (NTBs) auction, FSDH said average yield on the 91-day was down to 10.26 percent in the month of July compared with 10.36 percent recorded in June 2018. The average 182-Day NTB stood at 11.08 percent, up from 10.97 percent in June 2018.

I

n keeping with its reinvigorated effort to stamp out smuggling in the South West Zone of the country, the Nigeria Customs Service, Federal Operations Unit (FOU) has in the last two weeks intercepted various contraband items with a duty paid value (DPV) of N2,055,321,389.84.

Mohammed Uba, comptroller, Customs FOU, Zone ‘A’ in a statement, said the unit intercepted various contraband items between July 25 and August 7, stating that the Nigeria Customs would double its anti-smuggling effort while collaborating with sister agencies of government.

“This is the second time in a row that the unit is intercepting this substance since the Federal Government banned the importation of cough syrup that contains codeine,” he stated.

Notably among the seizures made was a truck with registration number XB 286 BEN along Afromedia Estate by Alaba International carrying 2,748 cartons of DSP Codeine cough syrup 100mg (100 per carton) and 95 cartons of Chaka pain Xtra with a DPV put at N1,175, 200,200. Also seized were 17 Sport Utilities Vehicles (SUV) with N348,291,251.94 DPV, and 1,380 bags of foreign 50kg parboiled rice with a DPV of N18,288,174.

According to Uba, smuggling is a global phenomenon that can be reduce to it barest minimum through aggressive collaboration by all security agencies and blocking the various flashpoints in the system.

However, he said the seizure was significant to him as it mark his last press conference as controller FOU, zone A, Ikeja due to his redeployment to Seme Area Command, as the CAC of the service.

L-R: Mazi Okechukwu Williams, Chairman, Leather Products Manufacturers Association of Abia State (LEPMAAS); Olukayode Pitan, MD/CEO, Bank of Industry; Okezie Victor Ikpeazu, governor, Abia State, and Favour Anthony, a beneficiary of the BOI-supported Aba Finished Leather Goods Cluster Financing Programme at the cheque presentation to beneficiaries at the formal inauguration of the scheme in Aba,

Farmer groups, cooperatives chart new course for seed production CALEB OJEWALE

T

he Access to Seeds Index, 2018, has found that famers’ groups and cooperatives are an integral part of seed production in Nigeria, like other countries in Africa, and need to be formalised in order for better standards to be achieved.

Access to good seeds is a nagging issue, which ranks high among factors responsible for many farmers being unable to achieve optimum farm yields, and as a result, continue to wallow in poverty.

Supported by Agence Française de Développement, the Government of The Netherlands and AgriCord, the study evaluated over 50 seed-producing cooperatives across 20 countries in West and Central Africa. Strong performers were identified in four

countries: Senegal, Mali, Burkina Faso and Niger Republic. In eight other countries the situation was qualified as ‘promising.’

For Nigeria, the report cited a 2016 survey by the National Agricultural Seed Council (NASC), which found that only 24 percent of seed in Nigeria was supplied by the formal sector. This suggests that up to 76 percent of farmers’ seed requirement is met by the informal seed sector.

It identified a total of 560 farmers’ groups engaged in seed production activities but were not registered with the NASC as a seed-producing entity. To date, only a handful of cooperatives have been formally recognised as seed producers.

“The key question that guided our evaluation is whether farmerled cooperatives can play a role delivering the new varieties developed by research institutes

into the hands of famers,” Yacouba Diallo, research lead for the study, said.

“This is relevant as modern plant breeding has led to an acceleration in the development of new varieties that can help farmers deal with the effects of climate change such as increased weather variability and the introduction of new pests and diseases,” Diallo said, adding, “Based on our findings, the answer is: yes, they can, and they are already doing it.”

Farmer-led cooperatives moved into seed production in the 1980s and 90s, when the seed sector was privatised. In the 2000s, many countries renewed their national seed laws, which created opportunities for these cooperatives to become formally recognised as certified seed producers. “When we talk about the formal seed sector in the region, it is important to realise that

cooperatives can also be formal actors, not just seed companies,” Diallo explained.

The general perception of cooperatives is that they multiply basic seed sourced from research institutes, distributing these among their members. The study observed that strong performers had moved well beyond that model.

“These strong performers partner with national and international research institutes to test and select varieties that meet the needs and preferences of local farmers.

“Also, they partner with seed companies or public agencies to ensure that the seeds are distributed at national scale or even beyond borders. Some even have reached advanced levels of seed production, producing hybrids or early generation seeds,” he said.

Friday 10 August2018

C002D5556

BUSINESS DAY

3

4 BUSINESS DAY NEWS

C002D5556

Friday 10 August 2018

Big GDP contributors not fully represented on NSE …as market cap-to-GDP at 12% Olalekan Ipele, Oghogho Edosomwan,Cynthia Ikwuetoghu & Abdullateef Eniola-Giwa

T

he Nigerian Stock Exchange (NSE) has failed to attract listings that replicate broad sectors of the of the economy as strong and consistent GDP contributors are not well represented in the market.

The NSE according to BusinessDay analysis lag peers in market capitalization to (GDP) ratio (a metric used to determine the overall value of a market) which stands at 12 percent, compared the JohannesAgriculture, oil/gas and information and communications technology (ICT) sectors which contributed 21 percent, 16 percent and 10 percent respectively to Nigeria’s GDP in 2017 accounts for a dismal 1 percent, 5 percent and 0 percent of total equities market capitalization of N13.25 trillion at the close of market yesterday.

There are only 5 companies representing the agric sector on the Nigerian stock exchange (NSE), 7 representing the Oil and gas sector and 12 representing the ICT sector together accounting for N881.2 billion, a shallow 6.3 percent of total market cap.

The agricultural sector has been the single largest contributor to Nigeria’s GDP over time with total contribution to GDP in Q1 standing at about 4 percent. A well enabled agric sector will result in upspring of companies attractive enough to do IPOs, analysts say.

The financial services sector with heavyweights like Guaranty Trust Bank, Zenith Bank, Stanbic IBTC and Eco-

Bank is over represented in the market contributing 33 percent to total NSE market capitalization and 3 percent to total GDP in 2017.

Natural resources contributed 9 percent to total 2017 GDP but had no significant contribution to total market capitalization. In the same vein, ICT which contributed 10 percent to GDP had an insignificant contribution to market capitalization while the consumer goods sector contributed 26 percent to total NSE market cap and 4 percent to GDP. The manufacturing sector contributes 9 percent to GDP and it comprises of consumer goods and industrial goods. Industrial goods which parades Dangote cement, the most capitalized stock in the market with current market cap standing at N3.9 trillion, has a crucial 28.3 percent of total market cap.

Wale Okunrinboye, head of research sigma pensions said “the major reason we haven’t seen enough agricultural firms come to list on the exchange is that the sector is largely informal and is not structured enough to be listed on the exchange.Also,theirproductionsaremajorlysubsistencewithsmallscalefarmers.”

On his part, Dolapo Ashiru, a Lagos based financial analyst said “the government must get involved in terms of creating an enabling environment where businesses can thrive and also put in place policies that will encourage local production so we can have more of Okomu and Presco coming to list.”

Continues on wwwbusinessday online.com

INSIGHT

Dive into financials may show why Staco Insurance CEO was fired IHEANYI NWACHUKWU AND BALA AUGIE

A

cursory look at trends in the financial statements of Staco Insurance Plc over the past four years may explain why Sakiru Oyefeso, the Chief Executive Officer (CEO) of the firm was fired by the Board of directors of the company. The firm last released its results for the September 2017, period.

The Board of the company last week dismissed Sakiru Oyefeso as the CEO of Staco Insurance Plc on the grounds of financial misappropriation, abuse of office, and breach of corporate governance best practices.

In a notice at the Exchange, the company notified the shareholders that the Board of Directors at its meeting held in Lagos on July 30, 2018 passed the resolution to dismiss Oyefeso as the CEO of the company.

Oyefeso directly owns 522.97 million units of equity holdings in company, representing 5 percent voting right in the company’s outstanding shares of 9.341 billion units. BusinessDay checks show that the former CEO’s equity holdings in the company were 470.14 million units as at December 2015.

That means he acquired an additional 52.21 million shares worth about N26.05 million (based on N0.50 share price).

The company’s financial assets were down 47.02 percent to

N461.24 million in September 2017, from N871.06 million the as at December 2016. It also dipped by 27.47 percent to N149.03 million in 2015, as against N205.54 million as at December 2014.

The drop in financial assets can be attributed to a 83 percent slump in government securities to N68 million in September 2017 from N422.14 million the previous year, in a period of when yields on treasury bills were at an all-time high.

Another transaction begging for answers is the value of investment property, which has remained the same over a period of time.

Investment property was valued at N1.520 billion at December 2016, and same as at September 2017, which was the last time Staco Insurance has released its financial results.

The investment property is a landed property held for the purpose of capital appreciation.

It is a bare land located at No 13 Glover Road, Ikoyi in Eti Osa Local Government Area of Lagos State, according to the company.

There is a negative asset to liability mismatch of N2.72 billion in September 2017 financials, and a negative mismatch of N2.14 billion as at December 2016.

There is an item of N1.60 billion in the books of the Nigerian insurer, being impairment loss on assets carried categorized as receivables.

Continues on wwwbusinessday online.com

L-R: Ehimeme Ohioma, head, Investment Supervision Department, National Pension Commission (Pencom); Mary Uduk, director-general, Securities and Exchange Commission; Mohammed Umar, head, compliance and enforcement department, Pencom, and Isyaku Tilde, acting executive commissioner operations, SEC, during a meeting between SEC and Pencom in Abuja.

NSIA transfers $417.46m to NBET a fter 4 years investment term Onyinye Nwachukwu, Abuja

T

he Nigeria Sovereign Investment Authority (NSIA) announced on Thursday that it was able to grow the $350m Nigeria Bulk Energy Trading Company (NBET) funds under its management to $417.46 million and has transferred same to the bulk trader following the expiration of the 4 years investment term.

The NSIA said the funds were transferred to NBET in three tranches, including; US$8 million (May 2016), US$5.5 million (August 2016) and lastly US$403.96 million (July 2018).

“The returned fund consists of the principal sum of US$350 million allocated to the NSIA from the proceeds of the US$1 billion Eurobond

issued by the Federal Government of Nigeria in July 2013 under a fund management agreement and the sum of US$67.46 million (net of fees) as interest and earnings over the investment period,” the NSIA said in a mailed statement.

Speaking on the development, the Managing Director and Chief Executive Officer, NSIA, Uche Orji said that the Authority had accomplished its goals of “enhancing NBET’s liquidity position whilst enabling the company to focus on its principal function of developing the electricity market. NSIA’s role as fund manager helped to safeguard NBET’s capital against market volatility and also conferred the agreed financial benefits on the company.”

Out of the proceeds of the successful $1 billion Eurobond issuance in 2013, the federal government

under President Jonathan’s administration allocated an additional $550 million to the Nigeria’s Sovereign Wealth Fund (SWF) to improve power sector financing, bringing the total monies available to the NSIA then for management to $1.55 billion. $350 million out of the money was allocated to the NBET as a liquidity facility but was transferred to the SWF to manage on behalf of the bulk trader.

Ngozi Okonjo-Iweala, the then finance minister and Coordinating minister for the economy had raised confidence that the money would back up the bulk trader’s finances and give confidence to the international community that it had the needed resources to be an intermediary in the power sector.

Continues on wwwbusinessday online.com

13 insurers qualify to operate in NAICOM’s Tier 1 category BALA AUGIE

T

hirteen insurance companies are qualified to operate in the Tier 1 category as their capital bases exceed the regulatory limits set by the National Insurance Commission of Nigeria (NAICOM).

Experts are of the view that the introduction of the new rules will enable firms take on more risk and reposition them to compete at the global competitive arena. It will be recalled that the commission recently introduced a 3-tier based recapitalisation for the insurance industry.

That means composite insurance companies that are now interested to play in the Tier 1 category are expected to increase their capitalisation from N5 billion to N15 billion, while those interested in the

same tier but operating life business are required to recapitalize from N2 billion to N6 billion. Non-life insurers planning to play in this tier are expected to improve capitalisation from N3 billion to N9 billion.

According to an August 8 report released by investment house Chapel Hill Denham, titled “Risk-based Capital: Mergers and Acquisition inevitable” thirteen insurance companies qualify to operate in all the Composite, Life, and Non-Life Insurance business under the Tier 1 category. The investment firm used the latest financial statement of firms- half year 2018- to extract their shareholders’ fund.

According to the report, Leadyway Assurance Company Limited, with a shareholders’ fund of N55.30 billion and solvency margin of 369 percent and AXA Mansard Insur-

ance Plc with shareholders’ fund of N17.51 billion and solvency margin of 117 percent, can operate in the Tier I composite insurance segment.

Firms that qualify to operate in the Tier 1 non-life insurance business are Zenith Insurance Limited with shareholders’ fund of N23.47 billion and solvency margin of 261 percent, Leadway Assurance with shareholders’ fund of N22.58 billion solvency ratio (251); Linkage Assurance Plc with shareholders fund of N20.44 billion, solvency margin (227 percent); Custodian and Allied Plc with shareholders’ fund of N17.46 billion, solvency margin (194 pecent); Wapic Insurance Plc with shareholders’ fund of N15.24 billion, solvency margin (169 percent).

Continues on wwwbusinessday online.com

Nigeria-Singapore income tax treaty to take effect Jan. 1 Bloomberg

A

bilateral double taxation agreement between Nigeria and Singapore generally is to take effect Jan. 1, 2019, although in Singapore, provisions regarding income taxes other than withholding taxes are to take effect Jan. 1, 2020.

The treaty, also known as a DTA, is to affect how each country’s income tax laws apply to workers from one of

the countries who work in the other.

The measure is the first agreement covering personal income taxation between Nigeria and Singapore. The treaty was signed Aug. 2, 2017, and is to enter into force Nov. 1, 2018, the Inland Revenue Authority of Singapore said Aug. 3, 2018, in a news release.

Among the taxation elements of the treaty are articles regarding income pertaining to employment, independent personal services,

capital gains, director fees, artists and professional athletes, teachers and researchers, students, and pensions.

Under the treaty, double-taxation avoidance with regard to employment income generally is applicable to employees who are residents of one country but who work in the other country for up to an aggregate of 183 days in a 12-month period starting or ending in the applicable fiscal year.

Friday 10 August2018

C002D5556

BUSINESS DAY

5

6 BUSINESS DAY NEWS

C002D5556

Interest rate hike likely if currency comes under pressure JOSEPHINE OKOJIE

T

here were projections and expectations of monetary policy easing this year by economists and analysts from the financial services sector based on improving macroeconomic indicators.

Renaissance Capital analysts had projected a 2 percent rate cut to 12 percent by year-end 2018.

“We agree that the upside risks to inflation have increased, which implies that our projection of a 2 percent rate cut to 12 percent by year end18 is unlikely. But as we expect the pick-up in inflation to be moderate, we do not foresee rate hikes from current levels.

So, we revise our policy rate forecasts to 14.0 percent at YE18 and YE19, respectively, from 12.0 percent,” RenCap analysts said.

However, three of the 10 Monetary Policy Committee (MPC) members voted to hike the policy rate. Joseph Nnanna, deputy governor who spoke at a conference in Egypt, said the CBN was “in the mood” for tightening and would increase its main interest rate if inflation doesn’t slow.

In her emailed response to BusinessDay, Yvonne Mhango, head of research, SSA director, Sub-Saharan Africa Economist, said, “The comment was in keeping with the change in the tone of the MPC meeting state-

ments and the voting patterns of MPC members.

“In July, we saw the minority view switch to hiking rates (from a cut), due to the building up of inflationary pressures. While we do agree that the upside risk to inflation has increases, we do not see them hiking in the short term, in part due to the risk of destabilising the fragile economic recovery. If the currency in particular were to come under pressure, then yes a hike is likely. However, this is not our base case view.”

The MPC at the end of its meeting in July retained the benchmark interest rate at 14 percent, with the asymmetric corridor at +200 and -500 basis points around the MPR; it retained the Cash Reserve Ratio (CRR) and Liquidity Ratio (LR) at 22.50 percent and 30 percent, respectively.

Nigeria’s inflation rate yearon-year slowed marginally to 11.23 percent in June from 11.61 percent the previous month, but still remains well above the 6-9 percent preferred band.

The expectation of Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has been to see inflation rate drop to very low double digit or high single digit levels during the this year, barring any unforeseen shocks.

However, FSDH Research says attaining single digit infla-

tion rate is now unlikely. The firm expects the inflation rate (year-on-year) to drop to 11.01 percent in July 2018 from 11.23 percent recorded in the month of June.

The expected decrease in the inflation rate is largely attributable to the base effect of the previous year. The prevailing crisis in the food producing states in Nigeria is putting an upward pressure on food prices. This is a major risk to the achievement of a single digit inflation rate in 2018.

Nigeria’s GDP grew by 1.95 percent (year-on-year) in real terms in the first quarter of 2018.

This shows a stronger growth when compared with the first quarter of 2017, which recorded a growth of –0.91 percent, indicating an increase of 2.87 percent points. Compared with the preceding quarter, there was a decline of –0.16 percent points from 2.11 percent. Quarter on quarter, real GDP growth was –13.40 percent, according to the National Bureau of Statistics (NBS).

Exchange rate has been relatively stable as a result of increase in crude oil production and prices as well as sustained forex interventions by the CBN. Oil revenues still remain the country’s dominant source of income. The International Monetary Fund (IMF) had warned that Nigeria’s debt shift could create exchange rate risks.

Friday 10 August 2018

Lagos 31,594 microenterprises receive FG’s GEEP-MarketMoni interest-free loans

F

ederal Government, through the Bank of Industry (BoI), has successfully disbursed MarketMoni loans to 31,594 microenterprises in Lagos State.

MarketMoni loans are zerointerest loans available under the Government Enterprise and Empowerment Programme (GEEP), one of the National Social Investment Programmes (NSIP) of the Federal Government.

On Tuesday a section of MarketMoni beneficiaries in Lagos, and key stakeholders in charge of the scheme were at the Teslim Balogun Stadium, Surulere, for the Lagos State Micro, Small, and Medium Scale Enterprises (MSME) Clinic, also organised by the Federal Government to support MSMEs. At the MSME Clinic, acting

President Yemi Osinbajo was represented by Aisha Abubakar, minister of state for trade and investment, and Tola Johnson, special adviser to the Vice President on MSMEs. The minister, who inspected the exhibition stands and interacted with some GEEP MarketMoni beneficiaries, expressed delight at the progress of micro businesses in the state.

Apart from providing financial support in terms of interest-free loans, she said the government was prepared to ease all the policy regulations and bottlenecks that were currently confronting MSMEs in Nigeria.

The beneficiaries in the state also talked about the impact of the scheme on their businesses.

Iyabo Lamidi, who sells gift items,

said, “When the Iponri Market Elders told us about the loans I didn’t believe at first until market women started testifying. Now I can proudly say MarketMoni is real. I got 100,000 to boost my gift items business and the returns have been great.”

Another, Margaret Jakpovi got a loan to support her cleaning business. “MarketMoni helped me to employ more people. Now I can complete more jobs and earn more money,” she said.

The GEEP scheme includes loans in different categories called TraderMoni, MarketMoni, and FarmerMoni. In December 2016, disbursement commenced across the country, and as of today, there are over 350,000 beneficiaries across all 36 states of the nation including the FCT.

331 maize farmers get loan as NIRSAL commences payment JOSEPHINE OKOJIE

A

total of 331 maize farmers under the auspices of Hope Concept Cooperative in Ifo, Ogun State, received part payment of the first tranche of the N247 million loan from the Nigeria Incentive-Based Risk Sharing for Agricultural Lending (NIRSAL), yesterday.

The farmers, who had earlier cried out over the delay in payments by the institution as earlier reported by BusinessDay, expressed joy over the commencement of payments yesterday.

Each of the farmers got a part

payment of N282,100. “331 farmers out the 872 farmers who qualified for the loan have received alerts from their bank about the payments, and we are very happy by the quick response of NIRSAL,” TimothyAjibodun,publicrelation officer, Hope Concept Cooperative, said.

“With this payment made, about 400 farmers are expected to commence planting on 400 hectares of land in Ogun village, Abeokuta by next week. The land has been cleared, tilled and prepared for planting already,” Ajibodun said.

He said the cooperative had

collaborated with a Jewish firm to provide irrigation facilities for the farmers so that they do not depend on rainfall agriculture, saying, “Our irrigation is connected to the dam and it is powered by watering sprinklers to irrigate the farms.”

He said farmers under the scheme were being taught by the NIRSAL train-the-trainers’ team on good agricultural practices and use of modern farming techniques, noting that Flour Mills who was off-taking from the farmers had provided them with key inputs such as seeds and chemicals.

Friday 10 August 2018

C002D5556

BUSINESS DAY

7

NEWS Tech revolution: EdoJobs, ATC target 1,296 youths for digital skills training

G

overnment of Edo State in partnership with American Tower Cooperation (ATC) has concluded plans to train 1,296 Edo youths on digital skills to drive innovation and wealth creation.

The partnership is driven by the state’s jobs creation and skills development platform, EdoJobs, an initiative of the Governor Godwin Obaseki’s administration designed to deliver at least 200,000 jobs to Edo people and residents.

Speaking with journalists, head of EdoJobs and the special assistant to the Governor on Skills Development and Job Creation, Ukinebo Dare, said “the training will be held for the 1,296 youths in three designated ATC centres in Benin City, Ekpoma and Irrua.

“The 1,296 youths will be empowered with Information and Communication Technology (ICT) skills required for improving their employability and prepare them for entrepreneurship.”

The training, she explained, “will provide youths in the host

communities with the chance to become self-employed as well as opportunities to develop skills in ICT. “In the areas where the ATC centres are located, we are working with community heads to shortlist candidates to be trained. On August 7, together with officials of ATC, we visited the Odionwere of Igbesanmwan Community to sensitise community leaders to nominate beneficiaries from the community.

“The next day, we carried out another sensitisation at Emando Community and at the Enogie’s palace at Irrua, where elders and the Enogie were properly sensitised on the benefits of the digital training,” she said.

According to her, “The training will be spread across six months. Thirty three participants will be trained for three months in each of the three training centres. In Benin City and Ekpoma training centres, the training commences on August 13, while in Irrua, it will begin on August 20.”

Edo warns against illegal conversion of residential buildings to industries, religious houses

E

do State government has warned property owners over the unlawful conversion of buildings approved for residential purpose to religious and industrial buildings.

In a statement signed by Edorodion Oye Erimona, commissioner for physical planning and urban development, the state government condemned the practice, noting that such action was not only illegal but also harmful.

He noted, “The Edo State Ministry of Physical Planning and Urban Development has observed the illegal and harmful conversion of buildings from the uses/purposes for which they were initially approved and built, to other uses within the state.

“For example, the conversion of a residential building to commercial, religious, industrial and other uses, is a gross violation of the Town Planning Laws of the

state. Regrettably, such indiscriminate conversions of the use of buildings are responsible for the chaotic nature of our settlements across the state.”

He added, “The ministry condemns this act of illegality and wish to advise property owners to submit their proposed change of use applications to the Ministry of Physical Planning and Urban Development, EDPA Building, Sokponba Road, Benin City, or any of its area planning offices across the state for consideration, and subsequent approval before any such conversion is done.”

He urged property owners, who have already converted their property to other uses, to submit applications for conversion to the ministry for necessary action.

“The ministry will not hesitate to invoke appropriate sanctions against defiant property owners in line with the extant Town Planning-Laws,” he warned.

Competition thickens in Nigeria’s pay-TV industry ODINAKA ANUDU

C

ompetition is thickening in the Nigeria’s pay-TV industry as StarTimes announces a one-month free access for all its subscribers in August.

This is even as the pay-TV firm has included Ebony Life TV, ST Nollywood Plus and Fox in its series. The pay-TV firm has promised a downward review of its Classic Bouquet subscription rate from N2600 to N1,900 in September.

“This reinforces our commitment to ensuring that our customers enjoy the best for less,” Kunmi Balogun, company’s public relations manager, said in a statement.

“We are aware of the economic challenges faced by many Nigerians and have resolved to allow them watch all channels for free this August and reduce our subscription rate come September 1,” Balogun said.

Balogun added that the

firm was seeking to enrich the lives of its customers across the various territories where it operated. “We are constantly looking for new ways of delivering more value to our customers with the best local and international entertainment. We want to do our bit with this offering. While others are increasing prices, we find ways to lower ours to ensure customer satisfaction,” he said.

StarTimes is the digital TV operator in Africa, serving nearly 20 million users with a signal covering the whole continent and massive distribution network of 200 brand halls, 3,000 convenience stores and 5,000 distributors.

StarTimes owns a featured content platform, with 480 authorised channels consisting of news, movies, series, sports, entertainment, children’s programs, etc. The company’s vision is to ensure that every African family can access, afford, watch and share the beauty of digital TV.

L-R: Srinivas Joshi; Prasenjit Banerji; J.I Nwakwo, director, NAFDAC; Hemant Sharma; Varkey Verghese; Mojisola Adeyeye, directorgeneral, NAFDAC; Monica Eimunjeze, director, R&R, NAFDAC; Ashwin S.D; Gbenga Fajemirokun, SA, DG, NAFDAC; Virendra Jain, and Dhananjay Haldar, during a courtesy visit paid to the DG NAFDAC by the executive members of Indian Pharmaceutical Manufacturers and Importers In Nigeria (IPMIN).

We’ve no plan to impeach Buhari - PDP senator … National Assembly is committed to free, fair, credible elections in 2019 - Dogara KEHINDE AKINTOLA & OWEDE AGBAJILEKE, Abuja

C

hairman, Senate Committee on Navy, Isah Hamma Misau, has debunked the claim by former governor of Lagos State, Bola Tinubu that the National Assembly was planning to impeach President Muhammadu Buhari.

Misau, in a statement, urged Nigerianstodisregardtheremarks by the All Progressives Congress (APC) chieftain, describing it as “a mere partisan rhetoric aimed at catching the attention of the crowd” at the rally planned for the declaration of the former Senate minorityleader,GodswillAkpabio into the APC. The lawmaker, representing Bauchi Central Senatorial District whorecentlydefectedfromAPCto PDP, explained that lawmakers of the party had no plans to impeach President Muhammadu Buhari.

“I am surprised that a politician of Tinubu’s calibre will be playing politics with a serious issue like the impeachment of the President of the country just because he wanted to catch the attention of a crowd. Politicians at his level should not be engaging in unnecessary sabre-rattling and empty speculation.

“We, members of the PDP

in the Senate have no plan to impeach President Muhammadu Buhari. There is no need for that process and we are not contemplating it. Our focus right now is to defend democracy and its institutions, fight for enthronementofruleoflaw,independence of the legislature and the judiciary and ensuring good governance.

“If Tinubu has any concrete, reliable and verifiable evidence to the contrary, he should come forward and prove it. A man like him should not be getting carried away by the crowd and making claims that have no basis.

“We therefore urge all Nigerians and members of the international community to ignore that claim.Thereisnobasisforanybody to make such claim. It is a mere fabrication and a stunt pulled to pleasethepartisancrowdtowhich it was uttered,” he said.

Meanwhile, Yakubu Dogara, speaker, House of Representatives, has reiterated the resolve of federal legislature towards the conduct of free, fair and credible elections in 2019.

This,hesaid,duringameeting of the leadership of both chambers of the National Assembly with the Independent National Electoral Commission (INEC) chairman, Mahmoud Yakubu.

The speaker, who acknowl-

edged the gains recorded during the last election cycle in 2015, urged the electoral umpire to ensure that standards were improved upon.

“I want to reiterate that we are committed to an electoral process that will better our experiences of our 2015 general elections.

“We have already set a standard where the world has avowed our electoral process to be fair to a certaindegreeandwemustnotgo below that standard,” the speaker urged.

He pledged the commitment of the National Assembly to enabling INEC achieve this goal through appropriation, and also expressed concerns about what he described an emergency approach being taken towards the 2019 elections.

“As leaders of the National Assembly, we are committed to appropriatingwhateverisneeded within the confines of the resources of the nation for INEC to be able to actualise this and that is why this meeting is important.

“However, personally, I have some questions that I intend to raise, but I will raise these in the process of discussion because it appears that we are treating this 2019 election as an emergency, which it ought not to be, so that is just my concern.”

NCC, INEC meet to discuss e-transmission, collation of 2019 elections JUMOKE AKIYODE-LAWANSON

A

s Nigeria prepares for the upcoming 2019 general elections, efforts are being madebytheIndependent Electoral Commission (INEC) and the Nigeria Communications Commission (NCC) to ensure free, fair and credible elections with the use of information technology (IT).

The two commissions on Wednesday, met to review the outcomeofthereportofajointcommittee on electronic transmission and collection of election results, which was set up earlier this year.

Themeetinghadinattendance Umar Garba Danbatta, executive vice chairman of NCC, Mahmood Yakubu, chaiman, INEC, Ubale Maska, executive commissioner, technical services (EC-TS) of the NCC, as well as other national commissioners of the electoral body and other high level staff of both agencies.

Speaking after the meeting, Danbatta said, “Remember this joint committee was set up 7 monthsago.They’veworkedhard, andthewholeideawastoproduce a document on the basis of which elections can be conducted in a mannerthat’sconducive,credible, and of course, transparent.

“This can only be done by leveraging the power of Information Communications Technology. So this is to bring to bear global best practices in the way and manner elections are being conducted all over the world.”

Earlier, Yakubu had expressed his delight with the way the Danbatta-led NCC picked up the gauntlet thrown by the INEC as well as the efforts of the joint committee of the two organisations.

“When we started we were clear in our minds that we must challengeeverynationalinstitution to contribute towards free, fair and credible elections in Nigeria. We

are happy that the NCC has risen to this challenge.

“Andwelookforwardtoimplementingtheserecommendations.

If there are other areas we need your collaborations we hope you will remain open to us to do so.

But we are very happy that one majornationalinstitutionhasbeen challenged and has risen to the challenge,” Yakubu said.

Recall that in January 2018, the NCC and INEC, in a deal acclaimed to have the potential of playing a major role in the outcome of future elections in the country, reached an agreement on the e-transmission of results in the 2019 general elections.

Analystssaytheverifiableidentification systems for voters and the e-transmission of results will positively impact the upcoming 2019 elections by curbing alleged fraudulent spike up in numbers, which will in turn lead to free, fair and credible election results.

CIBN UK to address challenges of regulatory changes in financial sector HOPE MOSES-ASHIKE

C

hartered Institute of Bankers of Nigeria United Kingdom, an international branch of the Chartered Institute of Bankers of Nigeria (CIBN), is planning to open discussion on how regulatory changes in the financial industry can be addressed.

This is against the backdrop of the fact that an onslaught of complex and broad ranging regulations has affected the global banking industry - with more to come.

In view of this, the CIBN UK has concluded arrangements to hold the first Nigerian international Bankers Conference on the Challenges of Regulatory Changes and De-Risking, scheduled to hold in London, from August 30 to September 1.

High-performing banks are expected to view this as an opportunity to create competitive differentiation.

The right strategic regulatory response can lead beyond survival to profitable growth in the new environment.

Distinguished faculty to facilitate the event include; Aishah N. Ahmad, Deputy Governor, Financial Systems Stability Directorate, CBN; John Turnbull, Director, Certis International; Clive Carpenter Vice President, Business Council for Africa; Noline Matemera, Partner, TLT LLP ; Stuart Mc Bride Partner, TLT LLP; Jason Cropper, Partner, TLT LLP; Ian Burgess, Principal, Technology and Digital Uk Finance; Paul Gair, Partner, TLT LLP; Brain Craig Legal Director, TLT LLP ; Mduduzi Mswabuki, partner, Ernst and Young While Uche Olowu, president/chairman of Council, CIBN would give the keynote address.

According to the organisers, the conference provides another unique opportunity to partner with other forward looking organisations and stakeholders in the financial system within Nigeria and Africa, including global financial leaders across the globe.

8

BUSINESS DAY

C002D5556

Friday 10 August 2018

Highlight of the news reports on our digital platforms this week

Best five stories this week Weber’s puzzle: Why is Nigeria so religious, yet so poor?

A few months ago, the popular American preacher TD Jakes came to the church I attend in London. Preaching on leadership and wealth, he said prayer is not leadership and won’t make anyone rich. “If prayers were enough”, he said, “Nigeria would be one of the richest countries in the world”.

What will it take to impeach Saraki?

The National Assembly is currently gripped with fear of plans to have Senate President Bukola Saraki impeached. The rumours of impeachment intensified this morning when lawmakers arrived at the National Assembly to find the place locked down by the members of the State Security Services.

Who is Lawal Daura, sacked DG SSS The audacious gift of CIC Enugu Old Boys Old students of the College of Immaculate Conception (CIC) Enugu scored a massive goal for social responsibility, philanthropy and alumni relations at the weekend beginning August 2-5, 2018.

2019 governorship race and Nsima Ekere’s dilemma

POLL RESULTS:

The sacked director general of the state security service had been arguably one of the most powerful persons in Nigeria and he apparently had no reluctance to put himself and the service he led in the spotlight, frequently.

With the defection of over senators and lawmakers from APC Nigeria to the opposition party, do you think PDP will seize power in 2019?

The result of the poll is as follows: 26% of Nigerians say yes and 74% say no. What is your personal opinion?

For more visit our website at businessdayonline.com to catch up on full news stories.

Write us with your opinion at digital@ businessdayonline.com to let us know what your preference is.

Poll of the week

The Managing Director of the Niger Delta Development Commission (NDDC), Nsima Ekere has had everything working for him almost throughout his entire life.

He was the deputy governor of Akwa Ibom State and has served on the board of blue chip companies in Akwa Ibom and outside the state.

Cartoon of the week

Tweet of the week

Video of the week

Friday 10 August 2018

BUSINESS DAY

9

10

BUSINESS DAY

C002D5556

COMMENT

comment is free

Friday 10 August 2018

Send 800word comments to comment@businessdayonline.com

Curbing corruption: It’s not all bad news SOJI APAMPA Olusoji Apampa is the CEO of The Convention on Business Integrity.

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

C

oncerning Nigeria’s anti-corruption efforts, it is not all bad news as the project improving respect for standard operating procedures (established by Port Agencies in a process chaired by the ICPC) and use of a new grievance mechanism managed by the Nigeria Shipper’s Council all housed in a Port Services Support Portal www.pssp. gov.ng seems to be making a difference at Nigeria’s ports.

For the global shipping industry, Nigeria is one of the most challenging countries to do business in with unlawful demands commonplace. In Nigeria, there are numerous steps in the vessel clearance process which lead to inefficient operations (e.g. red tape issues) and increase the opportunity for illegitimate demands in ports. As an example, a root cause analysis carried out by the Maritime AntiCorruption Network (MACN) and United Nations Development Programme at the start of the port

AARON ELEOJO UMORU Umoru is Author of “The worth of National Youth Service Corps SchemeCertificate Not License to Wealth” and wrote in via umoruaaron@yahoo.com

R

eality of the day and my careful studies about the National Economy with a keen interest to assessing NYSC on her current day credibility and importance with regards to National economy challenges at hand; have to my surprised revealed further the more Economics Importance of the Scheme in our present day economy. Her importance to addressing such problems like deficient human capital resources, youths and infrastructural development etcetera. These revelations are with little regards to the 3Rs which are Reconciliation, Reconstruction and Rehabilitation that led to the birth of the SCHEME in the year 1973. This is why this article could also be seen as “A CALL FOR THE REBIRTH OF NYSC”, hence the title.

The initial birth was out of the desire to achieving the 3Rs Agenda of the then administration, led by General Yakubu Gowon as Military President and Col. Ahmadu Ali as the pioneer Director General of National Youth Service Corps. The Scheme was viewed as a suitable mechanism in achieving two major Rs out of the 3rs Agenda, particularly

reform project concluded that it can take more than 140 signatures to get a vessel or cargo cleared in Nigeria.

In an ongoing survey by The Convention on Business Integrity (CBI), Nigeria partner of the MACN, 9/10 vessel captains surveyed so far report that, “Nigerian Sea Port or Terminal officials boarding the vessel ask Captains for cash, cigarettes, items from the galley or other gratuity,” always! Some who know the industry well have cited instances of representatives of ports agencies coming off vessels carrying cartons of sardines and other items found in the galley of the vessels not knowing captains make a report and the shipping companies eventually surcharge cargoes coming to Nigeria recovering many multiples of the cost of the items taken off the vessels by such officials.

For instance, Danish operated vessels call at Nigerian ports nearly 600 times a year so the financial value of fair and smooth port calls is enormous. According to Maria Skipper Schwenn, Executive Director, Danish Shipping, “It is of utmost importance for the shipping sector that trade and port calls are free from any illicit demands that cause iniquitous delays and stressful situations for the crew.” Danish Shipping has a zero-tolerance approach towards bribery and is therefore very pleased with the achievements

There was a case where an attempt was made to surcharge a vessel, arrested by an immigrations official, by as much as $8,000 per head of crew on a matter the shipping company believed to be illegal, in one of Nigeria’s Sea Terminals of the anti-corruption efforts in the port sector so far. Shipping companies have periodically achieved a zero-tolerance approach to corrupt demands without it resulting in threats or delays in Nigeria.

There was a case where an attempt was made to surcharge a vessel, arrested by an immigrations

official, by as much as $8,000 per head of crew on a matter the shipping company believed to be illegal, in one of Nigeria’s Sea Terminals. The company involved reported this to the Convention on Business integrity as local partner of the MACN, that then escalated the matter to the Nigeria Shippers Council who then using the grievance mechanism established by the project escalated it to the top of Immigrations. The good news is that within 48hrs the vessel was released, and the official involved summoned to Abuja where an investigation of the matter was then initiated.

The Maritime Anti-Corruption Network has been active in Nigeria since 2012 and has been able to push for improvements in ports processes in partnership with the ICPC, TUGAR, Shippers Council and other key players in the maritime sector. With funding from several donors, the network has been able to develop a platform of tools to improve the port environment. These tools have been tested in five Nigerian ports (Apapa, Tin-Can, Calabar, Onne and Port-Harcourt) with positive feedback and have been further enhanced by an integrity training kit for port officials. Between 2016 and 2017, CBI has trained some 1,000 port officials with this kit on behalf of the Network.

According to Cecilia Müller Torbrand, Director of the Maritime Anti-Corruption Network,

“through collective action, and the support of our donors we have been able to push for change in an environment no one believed we could. However, our work in Nigeria is not finalized. We must still ensure the tools and procedures are both used by the shipping industry and implemented in the ports. Together with the Nigerian authorities and CBI, we have built a solid platform, and we are eager to continue to push for a positive change in Nigeria. The lessons learnt here and the toolkit we have developed can also be applied globally to combat corruption in other hot-spot locations.”

The Nigeria Shippers Council is preparing to transit into the Transport Commission of Nigeria where it will be responsible for regulating rail, road and maritime transport. These lessons on how to improve transparency of operating procedures, consistency of their application and predictability of charges and services from participants in the sector will certainly improve end user confidence and contribute towards the ambitions of the Presidential Enabling Business Council.

Is progress possible in the fight against corruption? I would say YES, especially when it is towards activities to identify corruption risks and prevent them. What do you think?

foundation upon which our future is to be built via teaching, orientation and training. Admittedly, I doubt what we, the youth in particular are learning today. Show me the famous leader or achiever in a country that the youths emulate and focused on, and I could tell you the future bearing of the nation. Education is what NYSC should ideally stand for by looking into her aims, objectives and the core values.

In achieving our agenda and quest to fight corruption as a nation, the top priority of the present day administration led by President Muhammadu Buhari, and the expected Nigerian leadership continuity of the fight into the future, these should be the advice in line with a quote that “if a country is to be corruption free and become a nation of beautiful minds, I strongly feel they are three key societal members who can make a difference. They are father, mother and the teacher” Abdul Kalam. This quote makes it obvious that Mr. President alone cannot fight this fight of corruption but a fight of all and sundries. Our political leaders and other top government and private sector office holders are the supposing fathers and mothers in this context while NYSC is the educational institution that should teach the youth our core national values and life priorities which could build the future that is

expected of us as Nigerian Youth.

This is the NYSC mandate as an institution with the finishing touches obligation after our circular school education.

I finally beseech the government and Mr. President in particular to give attention to youth empowerments and keen attention to the SCHEME as the presidency brainchild in building human capital development.This will reduce pressure on our parents and will to a greater extent better our economy and the attitude of the people. This should also be a wakeup call to all service corps members and parents to downplay and reduce their rapt attention on defect areas of the scheme and focused more on the great strength and positive impacts of the scheme on participants and their future life. This is not to say they are perfect but any attitude to discourage participants from the fullest benefits of the scheme either by the Judas among the NYSC staff or parents and members of the Nigerian society will be considered a rebel and disservice to this nation, a frustration of the majority effort to build this country a home of equal opportunities for all which is the vow inherited from our heroes and heroines past.

Send reactions to: comment@businessdayonline.

NYSC: “A means to an end” that of the Reconciliation and Rehabilitation, these deemed it fit to be regarded as “a means to an end”.

Of recent our bonds and formidable forces for National Love, Pace, Unity and Progress are obviously seen losing, and are getting weaker by the day. We are clearly phased with a lot of questionable National Leadership challenges, low level of self/leadership integrity, considering decency, accountability, underdevelopment of infrastructure with absent or low attention for equity and equality, challenges of job dissatisfaction and unemployment among the Nigerian youth and others.With these aforementioned national issues, it is a pleasure in my best assurance to get back to Nigerians once again that NYSC is a valid answer and possible instrument to ameliorate the current deplorable state of our social-economy, if genuinely given a priority to lead from the front and her activities are well checkmated.

National Youth Service Corps (NYSC) has the mandate to teach and encourage various (leadership) skills and creativities via her Skills Acquisition and Entrepreneurial Development-SAED as a full department on its own. In her kit for training and orientation are three major instruments that can conquer our national issues and or influences our personal

life styles positively. These should be duly upheld with all vigour and attention. These instruments are Discipline, Leadership and Humility Service. These are the required instruments to rebuild our National, Leadership and Political systems in particular, and the answer to all other leadership questions that the nation is confronted with today. Our national leadership has been devoid of integrity, as they majorly focused on self-gain and are usually accused of corrupt practices that have held the country in this likely standstill position which is responsible for all our problems summarized earlier. Coincidentally, our present day youths have become the victims, hence faced with pressure and doomed in the dilemma therein.

With the three major tools in the NYSC KIT, we can revive our nation, if the scheme is adequately empowered to deliver this mandate for our country, Nigeria. National development and success emerge through discipline which could be cooperate or personal/self-discipline. Integrity is an act of discipline, Humility and selfless services are rare virtues to acquire, in a similar manner that skill acquisition and hard workability are contributing factors in achieving greatness and success in life. It is my belief that nation can never be built by a wall of bricks and stones, but built by education as a sure able

Send reactions to: comment@businessdayonline.com

Friday 10 August 2018

C002D5556

COMMENT

BUSINESS DAY

11

comment is free

Send 800word comments to comment@businessdayonline.com

An ailing country in a season of political defections CHIEDU UCHE OKOYE Okoye writes from UruowuluObosi, Anambra State 08062220654

I

t’s divine providence that thrust Dr Goodluck Jonathan into the loft of power following the death of his predecessor in office, Alhaji Umaru Musa Yar’adua. However, Dr Jonathan’s poor leadership performance in office is a proof that he was not prepared for the arduous task of leading Nigeria. During his stay in office as the president of Nigeria, he was tardy, visionless, and clueless.

So, he couldn’t transform Nigeria and take it to unprecedented economic and technological heights.

So, in order to prevent Nigeria from drifting into an anarchical state, leaders of some political parties, including the rump of APGA, reached an agreement, which culminated into the coalescing of the political parties to form APC. It’s believed that APC has progressive orientation and philosophy.

It is the political party on the platform of which Muhammadu Buhari contested the 2015 presidential election. In the run-up to the 2015 presidential election, the APC’s slogan of change resonated

MUHAMMAD AJAH Ajah is an advocate of humanity, peace and good governance in Abuja. He writes via Email mobahawwah@yahoo.co.uk.

L

ate Maitama Yusuf Sule was, indeed, a great Nigerian nationalistic compatriot. A two-time minister of the Federal Republic and former Nigerian Permanent Representative to the United Nations, he led a powerful delegation of the Northern Leaders to visit President Buhari when he won the 2015 general elections. I have watched the video more than once his passionate and altruistic advice to Buhari, an advice no one can give a leader than the lover of the leader and the led. One can feel the passion from his voice, from his divine quotations and from his composure. Two simple but very tasking words that were the onus of the frank counsel were “justice and fairness” to all Nigerians.

Definitely, Sule was proud of Buhari as a good patriot who possesses all the leadership qualities to rescue Nigeria. He praised Buhari for distinguishing himself in the service of the nation during the military junta when force was the system of governance. Yet, he expressed optimism that he can deliver in a democratic setup. “It is the same Buhari that gave Nigeria a sense of direction when he was a military leader, this time around I’m

with us given the fact that Muhammadu Buhari is reputed to possess probity, ascetic nature, and avuncular disposition. And we believed the top members of APC such as Bola Tinubu, Dr. Fayemi, and others to be truly progressive-minded politicians owing to their glittering political antecedents and activism.

Didn’t Tinubu fight for the revalidation of the annulled June 12, 1993 presidential election?

President Buhari won the 2015 presidential election on the coat tail of his ascetic nature, perceived integrity, APC’s formidable media propaganda, and Dr Goodluck Jonathan’s bumbling political leadership of Nigeria. Before clinching the presidential diadem in 2015, Buhari had contested the presidential election three times without winning it.

His tenacity and zeal for political leadership cannot be disputed.

But a man’s zeal for political leadership cannot imbue him with leadership qualities and transform him to a great political leader. It is sad and incredible that Buhari’s ascension to the summit of political power in Nigeria has led to his demystification, considering the great hurdles he surmounted to win the presidential election. Now, the mystique of incorruptibility and messianic capabilities woven around him has unraveled. And, so far, his bumbling and inept leadership of Nigeria is a testament to the fact that he is not a great and visionary leader.

When he assumed duties as our President, it took him a great deal of time to cobble together his ex-

It is sad and incredible that Buhari’s ascension to the summit of political power in Nigeria has led to his demystification, considering the great hurdles he surmounted to win the presidential election ecutive cabinet, unlike what obtains in Europe and American. And some of the ministerial appointments he made could be likened to putting square pegs in round holes.

Is the troubled and harried minister of finance, Ms Kemi Adeosun, the best person suited for the post of finance minister? After Buhari had become our President, our economy went into recession; and luckily it has slipped out of it. But, has our country’s economy grown under her watch? And, this civilian regime has not executed pragmatic measures to tackle holistically the niggling issue of graduate unemployment in Nigeria occasioned by our stagnant economy.

Our economy is solely based on crude oil. It has not been diversified.

More so, it is worrisome that the Buhari administration is dillydallying as well as shilly-shallying in launching a probe into Ms Kemi Adeusun’s NYSC certificate exemption issue. The federal government’s inaction on the controversial matter is a blot and stain on its anti-corruption

initiative. And it calls into question the federal government’s moral authority to probe members of the opposition party (PDP), who are accused of perpetrating financial malfeasances and other sundry corrupt deeds. Do members of the ruling party, APC, know about this saying: He who lives in a glass house should throw no stone?

Now, not a few Nigerians believe, and rightly so, that Buhari’s fight against corruption is designed to persecute members of the PDP in order to weaken and cow them ahead of the 2019 presidential election.

Again, the government’s disobedience of courts’ judgments, especially regarding Dasuki’s case, weakens our democracy, which is founded on the principle of separation of power. So, against this backdrop of government’s recalcitrance on the issue of obeying courts’ judgments, can we describe President Buhari as a true democrat; and, this civilian regime as a model of representative government?

Not only is President Buhari not a true democrat, but also he has not shed his toga of ethnic jingoism and chauvinism as well as religious bigotry. Today, Nigeria’s security architecture is occupied by northern Muslims. That is a violation of the federal character principle and a display of utter and brazen contempt for the heterogeneity of Nigeria. The northernization of the security apparatchik deepens and breeds ethnic mistrust and animosity amongst the peoples of Nigeria.

And he has not treated the issue of herdsmen’s attacks on farmers with

the seriousness it deserves owing to the filial consanguinity, which has existed between him and the murderous herders.

Consequently, now, the Boko Haram insurgency and the Fulani herdsmen’s attacks are decimating the populations of the middle-belt region and the north-east of Nigeria.

More so, it seems that the Fulani herdsmen have embarked on an expansionist move with the tacit support of the Presidency. Haven’t they sacked many communities in the middle-belt and took possession of their farmlands?

Now, this is not the best of times for Nigerians. And, Nigerians have agreed on this: The APC led government cannot transform Nigeria positively and rapidly. Worst still, APC, which is a mish mash of political strange bedfellows, is unraveling. Many top members of APC had defected to PDP, not based on ideological grounds, but in order to achieve their selfish political ends, which will guarantee them pecuniary benefits. Now, our wandering political proselytes and defectors, who are with ideological vacuity and moral aridity, traverse the borderless border between APC and PDP easily.

But are they the politicians who can change the complexion and dynamics of our politics for good and offer us humane, result-oriented, qualitative, and purposeful political leadership, which can better our lots in life and make Nigeria a great country?

Send reactions to: comment@businessdayonline.com

That Maitama’s advice to Buhari sure Allah has brought him to correct the ills of the past, to reform,” he boasted. Yes, the multifaceted problems that Buhari inherited from May 29, 2015. Yes, Buhari was brought by Allah to redirect Nigerians and pull her citizens from the dungeon of indirection, lustful looting and ultimate wickedness in the nation’s governance.

“But it was easy when you were there as a military leader, but what made it easy, justice. With justice you can rule Nigeria well, justice is the key, if you do justice to all and sundry, and I say all and sundry because Allah says: ‘If you are going to judge between two people, do justice irrespective of the tribe, religion or even political inclination.’

Justice must be done to whosoever deserves it.” Nothing can be the bare truth than this. Military leaders are mostly known for harshness and inhumanity. The history of Nigeria under military leaderships recorded the same pattern of perfidy to the citizens and grandeur in personal aggrandizement. Buahri, Sule exploded, had a unique style by taming the fiery military spirit with humility and humanity. Now under a democratic atmosphere, has Buhari heeded these words?

It was a very big task Sule bequeathed Buhari. I pray God bless Sule and grant him Paradise. Amen.

I wish that Buhari should continue to revisit these few words of a man

who loved him and loved Nigeria like himself. On this note, I want to undertake a task of diagnosing how Buhari has been able to comply with these words of wisdom. Buhari has run a democratic government of Nigeria for three years a few months now. Has he displayed justice and fairness to all Nigerians irrespective of “tribe, religion and political inclination” as expected? The duo of justice and fairness in governance merely relate to the distribution of federal projects and equity in the utilization of the human resources.

Simply put, it is appointments into federal positions and equal infrastructural development in all parts of Nigeria. The answer to the question is simply troublesome, depending on individual perceptions and the reality. I would like to take Buhari’s treatment to Nigerians from the three aspects that Sule anchored his message on: tribal, religious and political.

From the tribal line, Buhari has tried his best. I must confess that there are allegations that he has favoured his kinsmen more than any other in the country. These are claims, most especially from the opposition party and those who are disgruntled about his focused leadership style and performance.

The constitution recognizes the command of national loyalty in government or in any of its agencies. Above all, for any hero to succeed in his conquest, he must work with the people

he knows very well. That is the first factor for success. But because Buhari is a detribalized patriot, he allowed his government to be run by the opposition, hence the failure in some areas that should have been transformed better within his three years and few months in the federal leadership. This has never happened before in the history of Nigeria. Despite the fact that his party men have strongly agitated for the change in the leaderships of federal government’s agencies and parastatals, Buhari had allowed the opposition to be in his government. Maybe he wished they could be reformed. But alas, now that the members of the nPDP are returning to their old house, the lesson may have been learnt. Yet, some citizens cry foul and claim his partiality.

From the religious line, it is not yet Uhuru. Claims and counterclaims of marginalization are pushed forward by the leaderships of the two main religions in Nigeria: Islam and Christianity. The Christian Association of Nigeria (CAN) and its allies have continued to make proclamations of lopsidedness in Buhari’s appointments.

The Supreme Council for Shari’ah in Nigeria (SCSN) and its sister bodies hold the same notion that Muslims are sidelined in federal appointment. In one of my articles, I wondered if it were non-Muslims and non-Christians running the

Buhari government. But a critical analysis in this regard shows that Buhari has been fair to all except the Muslim minority of the Southeast and Southsouth.

In Buhari government, there are Christians of the North, South, East and West. There are also Muslims of the North and West. But there is no single Muslim from the East and South. I bet to be corrected. This analysis means that Buhari is yet to display justice and fairness to the Muslims of the two regions where they are in minority and abject degradation. Some appointments have been based on special considerations, not even party loyalty. Why is the case of the minority Muslims of Nigeria always different? Buhari should take into cognizance that any single denied citizen of Nigeria is his responsibility to recognize the person, irrespective of the clamour.

Allah command fairness and justice upon leaders for all their subjects.

Those who are in comfort zone should realize that complacence is a dangerous weapon to development.

Every part of Nigeria deserves representation in the federal government which is a trust on him.

Note: the rest of this article continues in the online edition of Business Day @https://businessdayonline.com/ Send reactions to: comment@businessdayonline.com

12

BUSINESS DAY

C002D5556

Editorial

Friday 10 August 2018

Halt these disenabling and obnoxious political games

PUBLISHER/CEO

Frank Aigbogun EDITOR Anthony Osae-Brown DEPUTY EDITORS John Osadolor, Abuja Bill Okonedo NEWS EDITOR Patrick Atuanya

EXECUTIVE DIRECTOR, OPERATIONS Fabian Akagha EXECUTIVE DIRECTOR, DIGITAL SERVICES Oghenevwoke Ighure ADVERT MANAGER Adeola Ajewole FINANCE MANAGER Emeka Ifeanyi MANAGER, CONFERENCES & EVENTS Obiora Onyeaso SUBSCRIPTIONS MANAGER Patrick Ijegbai CIRCULATION MANAGER John Okpaire GM, BUSINESS DEVELOPMENT (North)

Bashir Ibrahim Hassan

GM, BUSINESS DEVELOPMENT (South) Ignatius Chukwu HEAD, HUMAN RESOURCES Adeola Obisesan

EDITORIAL ADVISORY BOARD Dick Kramer - Chairman Imo Itsueli Mohammed Hayatudeen Albert Alos Funke Osibodu Afolabi Oladele Dayo Lawuyi Vincent Maduka Maneesh Garg Keith Richards Opeyemi Agbaje Amina Oyagbola Bolanle Onagoruwa Fola Laoye Chuka Mordi Sim Shagaya Mezuo Nwuneli Emeka Emuwa Charles Anudu Tunji Adegbesan Eyo Ekpo

A

cting President Prof Yemi O sinb ajo’s prompt action in dismissing the Director General of the Department of State Security Malam Lawal Daura on Tuesday, August 7, 2018, represents a significant positive step in tackling a gradual descent to anarchy in law administration and enforcement in Nigeria. It would serve to confirm the existence of a federal government committed to due process, law and order.

It is commendable and welcome. But it is not enough.

For too long arms of the security services in Nigeria have run amock. They have given short shrift to due process, to respect for the rights of citizens and to the fundaments of democracy.

Citizens are frightened at the seeming conversion of the security services to traducers rather than defenders of their rights.

Citizens woke up Tuesday, August 7 to news of the blockade of the National Assembly by masked and armed men. It turned out they were from the DSS. They prevented both legislators and staff of the National Assembly from entering the building.

Courageous legislators resisted the move and stood up to the intruders. Some did so at high personal risk. Soon it was trending on national and global media. It was such an embarrassment for the nation as it harked back to the dark days of military

incursion into politics. Thankfully, it was not the military but paramilitary authorities with a duty to defend the constitution.

The Vice President reportedly took action in the light of the impunity. DSS allegedly acted on its own without the approval of the Presidency. No would they bother to provide a cogent rationale for their action.

His office stated that the Senior Advocate of Nigeria and professor of Law “described the unauthorised takeover of the National Assembly complex as a gross violation of the constitutional order, the rule of law and all accepted notions of law and order”. The Vice President assured that “all persons within the law enforcement apparatus who participated in this travesty will be identifed and subjected to appropriate disciplinary action”.

The Presidential action is one of several steps needed to stabilise the Nigerian governance and political environment. In addition to a lack of ideology, Nigerian politics has lately descended into the mire of selfish grandstanding and pursuit of interests other than those of citizens. It has led to the worst form of unprincipled intra-party movements and instability.

The result is stasis. Mr President is away from the country. The National Assembly is on recess. The Judiciary is currently on their annual vacation. What is happening to the business of governing the country?

The junketing of the politicians and elected officials would not

be so invidious if it only provided comic relief to Nigerians on social and traditional media. It provides distraction and talking points.

Unfortunately, the consequences are deleterious and should engage the attention of all citizens, in their individual, professional and institutional capacities.

Both the Legislature and the Executive are preoccupied with scheming for political advantage, abandoning many pressing issues.

These political games are disenabling to the economy and society. Nigeria is reverting to the stasis experienced in the first six months of the PMB administration that dealt severe blows to the economy.

We cannot afford another round of haemorrhaging from stagnancy.

Bank credit is drying up in the face of economic uncertainties caused by political difficulties.

External reserves are dropping.

Among outstanding bills for the attention of the National Assembly are the Petroleum Industry Governance Bill, review and confirmation of nominees for boards of State-Owned Enterprises and the review of the budget to provide for the 2019 elections.

Already, investors on the Nigerian Bourse have responded with a bearish disposition. Foreign portfolio investors have withdrawn about $4billion since the beginning of the second quarter of this year.

The market has lost nearly four percent in 2018 as against a gain of 37 percent at the same time in 2017.

Other investors have adopted a wait-and-see attitude. MTN has

listed in Ghana and is supposed to register in the Nigerian bourse and provide a needed boost and deepening of our stock market.

Initial indicators are that it would happen this August. Mum has been the word for a while now. Will it still happen?

We await. Nigerians await action on several fronts. More than anything else, we call on the Federal Government to provide leadership, vision and direction.

The Federal Government must stay committed to the implementation of its reform programme and execution of the 2018 budget.

Budgets in the last three years have suffered from poor performance and late release of funds. These times call for accelerated action to fast-track implementation and claw back some gains.

We recommend that the government should separate the bureaucracy from the ongoing political actions. It is tough, but it is standard practice wherever governments commit to delivering.

Unfortunately, Nigeria does not have a law such as the Hatch Act in the United States that prevents government officials, elected or otherwise, from using state resources for their political activities. So much waste happens here in official time, workforce and money.

The Federal Government must increase its capacity for execution in spite of or even because of the disablers of politicking. Please halt these offensive political games.

There is too much at stake for the piffle of political gamesmanship.

ENQUIRIES NEWS ROOM 08023165438 Lagos 08169609331 08033160837 Abuja

}

ADVERTISING 01-2799110 08034743892 SUBSCRIPTIONS 01-2799101 07032496069 07054563299 www.businessdayonline.com The Brook, 6 Point Road, GRA, Apapa, Lagos, Nigeria.

01-2799100 LEGAL ADVISERS The Law Union

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

OUR CORE VALUES

BusinessDay avidly thrives on the mainstay of our core values of being The Fourth Estate, Credible, Independent, Entrepreneurial and Purpose-Driven.

• The Fourth Estate: We take pride in being guarantors of liberal economic thought • Credible: We believe in the principle of being objective, fair and fact-based • Independent: Our quest for liberal economic thought means that we are independent of private and public interests.

• Entrepreneurial: We constantly search for new opportunities, maintaining the highest ethical standards in all we do • Purpose-Driven: We are committed to assembling a team of highly talented and motivated people that share our vision, while treating them with respect and fairness. www.businessdayonline.com

Friday 10 August 2018

C002D5556

BUSINESS DAY

Business Intelligence

13

Nigerian millennials report Omobola Adu, Emeka Ucheaga & David Ibidapo

A

Nigerian Millennials lthough there are no precise dates for millennials, millennials are considered to be those born in the early 1980s to the early 2000s currently between the age brackets of 18 to 38. As at 2006, these individuals were estimated to be around 76.68 million people out of a total population of 140.43 million people representing 54.6 percent of the entire population of Nigeria.

With an estimated population growth rate of 2.6 percent per annum, BusinessDay estimates that the total number of millennials in Nigeria this year (2018) will be about 105.71 million.

The Survey BusinessDay conducted a survey in order to investigate whether the Nigerian millennials are investing in the financial market (stocks/bonds market) and in the real estate market. The essence of this survey is premised on the perspective that the Nigerian millennials are those individuals currently moving towards their peak spending age.

Income spent on consumable goods is likely to decline in favour of building up wealth for the years to come implying a change in both consumption and saving patterns.

The change in consumption pattern in favour of building up wealth is rather as a result of the desire to settle down in the future and live within a comfortable financial life. Furthermore, this change is necessitated on the idea that job prospects, cost of education and the cost of living are going to become harder compared to those individuals born in the Generation X age (early 1965 to early 1979).

The survey reflects the responses of 100 Nigerian millennials. The chart below shows that out of the 100 respondents, 51 respondents were male representing 51 percent and 49 respondents indicative of 49 percent were female.

Focusing on the age group of the respondents, the survey shows that majority of the respondents are between the ages of 23 to 27 years old, thereby accounting for 83 percent of the entire respondents which is more than half of the sample.

Also, the BusinessDay survey looked to determine whether these respondents own a business. The results indicates that

majority of respondents do not own their own business. In particular, 64 respondents indicated that they do not own a business.

Survey Insights Do you own Shares/Stocks in any Publicly Listed Company?

The respondents were asked whether they own shares in any publicly listed company in Nigeria. The essence of this was to gauge whether millennials in Nigeria are engaging in the stock

market.

The results indicated that 37 respondents representing 37.37 percent chose that they have shares/stocks in any publicly listed company, whereas 62 respondents indicative of 62.63 percent do not own any shares.

Furthermore, when asking the respondents that have shares/ stocks in any publicly listed company when they started investing the stock market, majority of the

respondents indicated that they last within the last 12 months.

From this result, it can be seen that most of the millennials in Nigeria are not involved in the stock market.

Do you own any Land or Property?

The respondents were also asked whether they own any land or property in order to ascertain whether millennials in Nigeria have invested in the real estate market. From the results obtained, a large proportion of the sample indicated that they have not bought any land or property.

Out of the respondents, only 16 percent have invested in the real estate market in Nigeria.

In addition to this, majority of the respondents they indicated that they have purchased land or property have only done so within the last 12 months.

This implies that most of the Nigerian millennials choose to invest in the stock market in comparison to the real estate market based on the findings obtained.

Do you invest in Treasury Bills or Bonds?

Examining whether Nigerian millennials are involved in the bonds market, a larger proportion of the respondents indicated that they do not invest in treasury bills or bonds. The statistics obtained from the survey shows that only 29 percent of the respondents invest in treasury bills or bonds.

If you have not invested in the financial or real estate market, why is that so?

Finally, the respondents who have not invested in the financial or real estate market were asked whether the reason for their lack of investment were as a result of lack of funds, the market being too risky or because they do not have the required knowledge.

The results from the survey shows that the risky nature of the financial or real estate market is

not a major reason for the reluctance of Nigerian millennials to invest, but rather it is as a result of the lack of funds and the lack of knowledge to invest.

In particular, it can be seen that only 3 respondents suggested that the risky nature of the market is the reason for the lack of involvement in the financial or real estate market. 27 respondents indicated that they do not have the required knowledge to invest in the financial or real estate market, while 55 respondents representing more than half of the respondents suggest that lack of funds is the major reason for not investing.

Major Findings The results of the survey show that Nigerian millennials are rarely involved in the financial or real estate market. A larger proportion of the respondents indicated that they do not own any shares or stocks in any publicly listed company as well as owning any land or property.

Furthermore, observing the patterns, it can be seen that for those millennials involved in the financial or real estate market, majority operate within the stock or bonds market against the real estate market. This finding could suggest that Nigerian millennials are more exposed to the financial market in comparison to the real estate market in Nigeria.

Comparing the results of whether the respondents own a business to the results of whether they are involved in the financial market (stock or bond market) and the real estate market, the results shows that majority of the respondents do not own a business and are not involved in the financial (stock or bond market) and the real estate market.

An explanation from the trend obtained can be situated in the reason that the lack of funds is the major barrier for entry into the financial market.

Therefore, the lack of funds is a major contributor of the reason why millennials are not involved in the financial market.

In addition, it was seen that most of Nigerian millennials do not have the required knowledge in order to invest. This implies that there is a lack of exposure to the skills or expertise to engage in the financial market in Nigeria for millennials.

Surprisingly, the risky nature of the financial market or real estate market is not a major reason for not investing in the financial market in Nigeria.

14 BUSINESS DAY Policy

Investments

Market

Friday 10 August 2018

C002D5556

Insight

Influencers

MARKET

Arnergy ramps up offgrid energy for productive uses Stories by ISAAC ANYAOGU

F

or companies involved in providing solutions in off grid energy, the next scale of growth after meeting the obligations of providing power to underserved communities in most rural areas is deploying renewable enegy for productive use Arnergy says it is well on its way in that journay.

Arnergy, a decentralized utility cleantech company is ramping access to constant energy to enterprises and corporate companies in healthcare hospitality, education, retail, agribusiness, financial institutions, insurance and service sectors are now taking advantage of its offgrid services the company

Apartments and hostels at Federal Polytechnic Nekede and Federal University of Owerri

has said.

“They can now switch to Off-grid Solar to power their facilities choosing from any of the 3 models deployed by ARNERGY. ARNERGY has a reinvigorated mandate to energize Nigeria economy with rooftop solar revolution across the country,” the company said in a release by Femi Adeyemo, one of its founders.

Adeyemo said the company has developed various models including energy as a service where customers pay a monthly fixed fee pursuant to a 10year renewable contract.

“This model is currently on trial in the healthcare (A state of the art pharmacy outlet in Surulere and several hospitals across Lagos- Healthtrust, Maciland Hospital to mention a few),

education and the hospitality sector (A prominent hotel chain in Lagos- Lobim-D) with Lagos and Abuja rollout

by Q4 2018,” said Adeyemo.

The company also said it has other models including a lease to own where customers lease the system and make installment payment for up to 36 months and there is another model that involves an outright sale of the systems where they can pay up N2.9m.

Arnergy says some of its landmark projects include the system powering a Private Educational Center- Adamma Educational Center, Apartments and hostels at the heart of Owerri providing conducive environment for the students of Federal Polytechnic Nekede and Federal University of Owerri.

Hogan Lovells focuses on business integrity, sustainable development

Pipeline of mini-grid projects seeking investment in Sub Saharan Africa by $500m – Odyssey Energy

nternational law firm Ho ga n L ov e l l s ha s launched a dedicated Business Integrity and Sustainable Development (BISD) initiative for the energy and natural resources industry sector, to be led by Denver-based partner and global head of the firm’s Energy and Natural Resources sector Group (ENRG), Scot Anderson. BISD forms part of the existing firmwide Business Integrity Group (BIG) which promotes doing good business the right way across industry sectors.

The launch comes as stakeholders and governments increasingly demand higher ethical and sustainability standards from business. Public opposition has delayed a number of high profile projects in the mining, oil and gas, and pipeline industries over the last three years.

In a 2017 survey* of over 22,000 investors across 30 countries 78% of respondents confirmed sustainable investing is more important to them now than it was five years ago, with two thirds of investors reporting having increased their sustainable investments over the last five years.

Research found a total of 5.4GW of clean energy contracts were signed by 43 corporations in 10 countries in 2017**, up 23% from a record high 2015; the green bond market doubled in 2016 and continues to grow,

d y ss e y En e rg y Solutions, a platform connecting private mini-grid developers and investors, backed by Shell Foundation, Factor[e] Ventures, DOEN Foundation, USAID Power Africa, and the UK Department for International Development (DFID), has said that its pipeline had surpassed 550 projects, requiring a total estimated investment of more than USD $500 million.

Decentralized renewable energy solutions like minigrids are the least-cost option for bringing electricity to more than 70 percent of the world’s 1 billion people currently living without access to basic power, most of whom live in rural areas in Sub-Saharan Africa and Asia.

It is estimated that up to 200,000 mini-grids will be needed to lift these people

I

it is estimated that the market has capacity to reach US$1 trillion by 2020.

The BISD initiative will draw on the firm’s global network of lawyers including in London, Washington D.C., Sydney, Perth, Singapore, Dubai, Denver, and Johannesburg; with experience in handling complex commercial arrangements, disputes, litigation, financial, and human rights matters, to guide clients looking to create and follow best practice in the energy and natural resources sector. Hogan Lovells will help clients adopt strategies and internal controls to ensure ethical operations, raise financing for sustainable business endeavors, work within local regulatory and international ethical standards, and assist clients in meeting sustainable development goals, including community and stakeholder engagement.

Commenting on the launch, Scot Anderson said: “Doing business the right way is fundamental to companies operating in the energy and natural resources sector.

More than simply being the right thing to do, it has longterm benefits for businesses, customers, and stakeholders.

“By bringing together a dedicated group that has business integrity and sustainability matters as its focus, Hogan Lovells is taking an innovative, client-centered approach. Over time,

the value of this approach will pay dividends for the firm, for our clients, and perhaps most importantly for the people and nations that sustain the word’s energy and natural resources markets.”

The BISD initiative will focus on five specific areas including sustainable development and the social license to operate - helping host nations avoid the boom and bust commodities cycle through coordinated engagement between central government, local stakeholders and communities, and producing companies.

It will also focus green Financing and green bonds - helping to raise funds that support new and existing projects with long-term environmentally sustainable goals and clean energy sources. Socially Responsible Investing which considers the environmental, social and corporate governance impact of portfolio investing promoting positive societal impact without sacrificing returns on investment will also be included.

The company also says anti-bribery and corruption which entails making use of Hogan Lovells’ Bribery and Corruption Task Force, helping clients create best practice operations, especially in locations where transparency is low and corruption is common. It will also address business and human rights issues would be examined.

O

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

out of energy poverty. The mini-grid projects on the Odyssey platform represent an expected 275,000 connections, with a generation capacity of about 150 MW of installed solar PV. The 550 projects being developed on the platform come from 21 countries, including Cameroon, Cape Verde, Democratic Republic of Congo, Ethiopia, Ghana, Haiti, India, Kenya, Lesotho, Myanmar, Niger, Nigeria, Philippines, Rwanda, Sierra Leone, Somalia, South Africa, Tanzania, Uganda, Zambia, and Zimbabwe. Project ticket sizes range from $40,000 to $3 million.

Odyssey platform users currently comprise a network of over 100 developers, investors, vendors, and government institutions, with recent month-on-month user growth of 30-40%.

“With no outbound marketing, we’re seeing incredible uptake of the Odyssey platform,” said Emily McAteer, company co-founder and CEO. “Odyssey is proving just how quickly the mini-grid sector is taking off around the globe.

By using software and data analytics to streamline and standardize mini-grid project development and financing, we’re able to aggregate projects into bankable portfolios that meet investors’ ticket sizes and diligence requirements, paving the way for more capital to come into the sector.”

“With Odyssey there is finally a one-stop shop for mini-grid development,” said Olusegun Odunaiya, Havenhill Synergy CEO. “Odyssey has allowed us to quickly conduct rigorous technical and economic analyses for mini-grid projects in our pipeline and then create portfolios suitable for financing.”

Odyssey is a secure, webbased platform that streamlines the development and financing of mini-grid projects. Via state-of-the-art software tools, powerful analytics, and data-sharing architecture, Odyssey standardizes how mini-grid data is developed, managed, analyzed and communicated – seamlessly connecting project developers, suppliers, financiers and governments to get projects built.

Graphics: Joel Samson

Friday 10 August 2018

C002D5556

COMPANIES & MARKETS

BUSINESS DAY

15

Conoil shares resume trading on NSE at N24.30

Pg. 16

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

CWG, GRG Banking partnership to increase accessibility, flexibility in ATM usage Modestus Anaesoronye

C

WG Plc, a leading systems integration company in Nigeria and GRG Banking, a leading high-tech company from China have entered into partnership agreement that will increase accessibility, flexibility and in Automated Teller Machines usage in Nigeria.

This is also aimed at complementing the Nigerian Apex Bank, the Central Bank of Nigeria (CBN) drive to change the narrative on financial inclusion by 2020.

These two innovative companies at this time have set about providing Nigerian financial institutions with the best-in-class Automated Teller Machines (ATMs) that will ease the burden of functionality, efficiency and accessibility of funds for the populace.

Adewale Adeyipo, vice president, Sales & Marketing, CWG Plc said during a Partner’s meeting held at CWG Head Office in Lagos that the interesting thing about this agreement is that GRG has spent time and resources to understudy Nigerian market, and so has come up with

equipment and innovations that suit the local market.

He expressed optimisms that this relationship will enable CWG its ATM reach, and reasonably close the existing gap in the Nigerian space.

George Kaloutas, sales manager, Africa Region, GRG Banking said it’s coming with value offering that is built for the Nigerian market.

Kaloutas stated in terms

of value addition, it is bring flexibility, robustness as well as innovation, stating that cash usage is not going to go away, so ATM must be commoditised to help support government vision for financial inclusion.

GRG Banking is a subsidiary of Guangzhou Radio Group (GRG); a state owned organisation which ranks Ttop100 IT companies in

U

nderwriting firm, Mutual Benefits Assurance Plc has flagged off its N2 billion rights. The N0.50 rights issue of 4 billion ordinary shares is scheduled to be available between August 6, 2018 and September 14, 2018 on the basis of one (1) new share for every two (2) shares held as at October 31, 2017.

The fund when raised will enable the company increase its shareholders’ funds, strengthen capital base, deepen capacity to underwrite risks, upgrade its information technology and enhance its working capital.

At Mutual Benefits As-

solutions in Nigeria for the past 5 years; Intelligent Cash Deposit machines and Cash Recyclers(P Series) Cash Recycling ATMs(H Series) , Cash sorting Machines( CM Series) and recently Cash Dispensing ATMs( N and V Series) CWG Plc, has been at the forefront of most financial technology innovation in the country in the last two

L-R: John Obaro, MD, SystemSpecs Limited; Peter Rufai, tournament ambassador, Remita Corporate Champions Cup (RC3); Deremi Atanda, executive director, SystemSpecs Limited, and Emmanuel Eze, executive director, SystemSpecs Limited, at the 2018 Remita Corporate Champions Cup press conference in Lagos.

Pic by Olawale Amoo

Mutual Benefits N2b rights open for shareholders Modestus Anaesoronye

China with businesses covering many areas; such as smart transportation solutions, public security with AI technologies like biometric identification, image and video analysis, big data, and much more. This Banking subsidiary offers financial self-service products, solution and service area and has successfully deployed her products and

surance Plc’s (Mutual Benefits) 22nd Annual General Meeting (AGM), the Chairman of the company, Akin Ogunbiyi, chairman of the Company told shareholders of the company’s commitment to sustainable growth, in line with its 5-year strategic plan.

The 2017 financial year revealed a 15.6 percent growth in gross premium to N14.04 billion from N12.14 billion in 2016, which puts the Company among the league of top Nigerian insurance companies.

Net benefits and claims grew by 53.9 percent from 2016’s figures. The significant growth in gross premium and better management of resources made 2017 a turnaround year for the company.

Ogunbiyi said “Both shareholders’ funds and policyholders’ funds are represented by the right portfolio mix of short and long-term investments.”. The biggest improvement was the N1.02 billion profit that was declared as against the N1.35 billion loss recorded in 2016.

At the announcement of the proposed dividend payment, the reaction of the shareholders present at the AGM was positive. The company has demonstrated its commitment to shareholders through the payment of N160 million as divided for for the 2017 financial year.

The Chairman reiterated that the payment of the dividend would mark the beginning of consistent dividend payments to its shareholders.

decades; deploying software solutions to over 60 financial institutions that have helped to change the narrative of what financial efficiencies should be, with the inclusion of core-banking software like Finedge, VSAT and Infosys Finacle, huge gaps have been closed in the financial industry in Africa.

In 2005, GRG Banking developed its own core module of cash recycler, which brought to its business a big success in China market and global market as well. In 2007, GRG Banking was listed in the Shenzhen stock market of China. Since 2008, GRG Banking took the first place of ATM market share in China and on the 1st of November 2010 the first Chinese ATM R&D Academy; GRG R&D Academy was founded by GRG Banking.

Presently, GRG Banking serves a number of Financial Institutions like Banks and CIT Companies with their products and their alignment with CWG Plc has brought on more opportunities to provide these services. Only recently, CWG supplied GTB with over 100 new GRG Banking ATMS across Nigeria with the intention to spread to over 1,000 across West Africa in coming months.

Louis XIII Cognac offers unique experience of world’s most exquisite spirit IFEOMA OKEKE

L

ast month Jörg Pfützner, LOUIS XIII private client director Africa, toured select West African cities including Lagos and Abuja, hosting a series of exclusive LOUIS XIII cognac tasting experiences.

The Lagos session was hosted in partnership with Rele Gallery on the 17th of July, attended by an intimate group of cognac and luxury enthusiasts at the Rémy Martin Centaur Club.

First created in 1874, LOUIS XIII Cognac is an exquisite blend of up to 1,200 eaux-devie (translated as the water of life), sourced 100 percent from Grande Champagne, the first cru of the Cognac region.

Each eau-de-vie is then matured slowly inside special

oak casks and blended based on a special recipe handed over from one cellar master to the next. Meticulously nurtured by generations of cellar masters, LOUIS XIII is the result of over a century of practice in ageing and blends.

Each individually numbered crystal decanter is designed based on an original 16th century metal flask, discovered on the site of the battle of Jarnac in France and is handblown by a team of artisans.

“LOUIS XIII is regarded as the most luxurious spirit on the planet with an intricate alchemy which takes four generations of Cellar Masters to craft,” shares Pfützner who shares the LOUIS XIII experience throughout the continent; detailing this cognac’s incredible history, heritage and art de vivre.

A tasting with Pfützner is a once in a lifetime experience as he expertly takes guests through the LOUIS XIII history and approach to fully experience the prestigious spirit.

In the opening ceremony and serving ritual, Pfützner will use a custom-made pipette to extract the precious liquid from the iconic crystal decanter, releasing it into bespoke LOUIS XIII crystal glasses crafted by French designer Christophe Pillet. A selection of delectable canapés will be paired to complement and enhance LOUIS XIII’s unique flavours.

“The legend of LOUIS XIII has been traced by exceptional individuals, extraordinary places and the hand of history itself. I am thrilled to share my passion for LOUIS XIII for the first time in Nigeria,” Pfützner added.

16

BUSINESS DAY

C002D5556

Friday 10 August 2018

COMPANIES & MARKETS Conoil shares resume trading on NSE at N24.30 David Ibidapo

A

t the close of trading on the Nigeria Stock Exchange (NSE) Floor on Wednesday, Conoil shares rebounded with a trading volume of 25,299 units of share with an estimated value of N624, 298 at N24.30 per share.

The NSE earlier today lifted Conoil’s suspension prompt folowing the company’s release of its Q1 and H1 2018 financial results.

In response to the suspension notice by the NSE, Conoil plc explained reasons for the delay in filing its Q1 2018 unaudited financial statements (UFS) and half year UFA for the period ended June 2018 with the NSE. According to the

company’s management, “the delay in filing was occasioned by some hitches in the company’s accounting software”.

Analysis of the first half 2018 result released by Conoil plc yesterday revealed that operating income of the company boosted company’s earnings by 29 percent. The company recorded a growth in its operating income by 19 percent from N96.7 million in H1 2017 to N114.5 million in H1 2018.

Profit after Tax (PAT) stood at N550.7 million from N427.3 million recorded in H1 2017 as total expenses total expenses (Distribution, Administrative and Finance cost) incurred increased by 5 percent to total N5.7 billion as against N5.5 billion recorded in H1 2017.

Critical look into the company’s book shows operating

income was beefed up by service income and interest from bank deposits despite rental income dropped by 84 percent. Rental income represents income received from letting out the Company’s property. Rental income amounted to N10.16 million in H1 2018 from N61.8 million in H1 2017.

Service income of the company increased by 170 percent from N34.8 million to N93.8 million in period under review. Company also made N10.49 million from bank deposit as interest within the period.

Service income represents commissions received from dealers for the use of the Company’s properties at service stations. The dealers use the properties for the sale of Conoil’s products.

Phillips Consulting, Intellect Design partner to develop core banking solution

P

hillips Consulting Limited has partnered with Intellect Design Arena Limited to develop and jointly implement a new digital banking platform called Intellect Digital Core Banking Solution.

PCL is a management consulting practice serving clients across Africa.

This new digital banking solution was developed to accelerate the digital banking and channel transformation journey of Nigerian banks.

Nova Bank, a newly licensed merchant bank with a focus on wholesale and investment banking, is the first in the country to adopt this innovative technology, according to a statement made available to journalist.

Intellect Digital Core Solution comes with a Digital 360 proposition with inbuilt design

for both Digital Outside and Digital Inside. Digital Outside ensures True Omni channel and consistency of customer experience at all touch points while Digital Inside drives operational excellence. “Completely flexible and scalable, the Intellect platform is built around customer experience.

The partnership between both parties, allows Phillips Consulting’s own Fintech Consultants to render on-going support to financial institutions postimplementation”, the statement further said.

Seun Ngonnase, senior partner at Phillips Consulting, said, “implementing the core banking solution will save time and resources “In today’s world, banks require a single, seamlessly integrated global payments system for domestic and cross-border transactions. This system

must eliminate manual tasks and enhance interoperability.

Implementing Intellect’s Core Banking platform will save time and money for the bank while providing value-added services to their customers.

The whole idea is based on the concept of Contextual Banking; customers should bank in the way they want to and how they want to.”

As the first bank in Nigeria to use the Solution, Chinedu Ikwudinma, chief executive officer of Nova Merchant Bank, explained why “There was a reason we chose this. Our aim was to identify a solution provider that is geared for the future. If you look at the banking system today, there are lots of developments in terms of digital banking and the customer experience now drives banking activities”, according to the statement.

UPDC repositions, deepens management with new directors CHUKA UROKO

D

etermined to maintain its market leadership in real estate investment and development, UAC Property Development Company (UPDC) has repositioned, injecting new hands into its management, a move close market watcher say is aimed to give new meaning and impetus to its operations.

The board of the company has just announced the appointment of new directors which has Babatunde Kasali as chairman and Folasope Aiyesimoju as the chief executive

officer (CEO).

Kasali takes over from Larry Ettah, former chairman of UPDC, who retired with effect from July 23, 2018. Also appointed were Adeniun Taiwo as the chief operating officer (COO) and Awuneba Ajumogobia who is coming as a non-executive director.

Kasali, an accomplished accountant, banker and a Fellow of the Institute of Chartered Accountants of Nigeria, is a non–executive director of UAC of Nigeria Plc and the nonexecutive chairman of Wema Bank Plc. Aiyesimoju is a finance

professional with experience spanning corporate finance, principal investing and private equity. He is the founder of Themis Capital Management and a non-executive director of UACN Plc. Ajumogobia, who is a fellow of the Institute of Chartered Accountants of Nigeria, is a non-executive director and chairman of Risk Management Committee of the Board of UACN Plc. Until her current appointment, Taiwo, was the chief financial officer of UACN Plc and acted as managing director of UPDC Plc from May 2, 2018.

L-R: Tony Fadaka, registrar/ chief executive officer, Nigeria Institute of Management (Chartered) (NIM); Odeleye Adedeji, winner of NIM 2018 Young Managers’ Competition, and Olakunle Iyanda, president and chairman of council, NIM, at the Nigeria Institute Of Management 2018 Young Managers’ Competition Grand Finale in Lagos.

NESG to connect startups with potential investors at NES#24 Endurance Okafor

T

he Niger ian Economic Summit Group (NESG), a private-sector funded organisation aims to connect new ventures seeking to raise funds with potential investors at the NES #24th Startups Pitching Event.

The firm has announced the launch of the application portal for the NES#24 scheduled to hold in Abuja on October 21, 2018.

“During the event, 8 selected startups will pitch in front of venture capitalists and investors.

Each startup will have 5 minutes to pitch to prospective investors and 10 minutes to answer questions from them,” NESG said in a statement.

Meanwhile, submission of applications for the event opened on Wednesday, August 1, 2018 and it is organized in partnership with the Lagos

Angel Network (LAN), one of the most active African premier angel network in Nigeria.

On the firms that are eligible to apply, the event organiser said the interested startups must be engaged in any sector of the economy; health, education, agriculture, renewable energy and transport and they are invited to visit the NESG website (www.nesgroup.org) and the NES #24 Startups Pitching Event page on the VC4Africa platform for additional information and submission of their applications.

The application process will end on August 31, 2018 and successful startups will be announced on October 5, 2018.

“They will be invited to pitch at the grand finale to a group of investors at the Transorp Hilton Hotel, Abuja and the eligible ventures must be in the early customer/revenue stage. Prototype or concept stage ventures will not be considered,” the firm

disclosed to BusinessDay in a mail response.

On the processing of the applicants, NESG said the platform of Venture Capital for Africa (VC4Africa) will curate applications and the pitch materials will be available on the platform to the investors. VC4Africa’s tools will review and shortlist the companies in the run up to the events while an adjudication team from the Lagos Angel Network and Nigerian Economic Summit Group will select the 8 startups that will be invited to the event.

This year’s event is sponsored by include Sterling Bank PLC, Accenture and Ventures Platform.

Meanwhile, NESG is a nonprofit, private sector organization that was incorporated in 1996 with a mandate to promote and champion the reform of the Nigerian economy into an open, private sector-led globally competitive economy.

LAPO to partner Govt, other agencies for increase access to finance IDRIS UMAR MOMOH, Benin

T

he management of Lift Above Poverty Organization (LAPO) has promised to continue to partner with relevant authorities and agencies of government at all levels on enhancing access to finance by Micro, Small and Medium Enterprises (MSMEs) in the country.

Godwin Ehigiamusoe, chief executive officer made the promise at the 4th LAPO Institute Conference on Microfinance and Enterprise Development, with the theme, “Indigenous Technology and

Value Chain Development” in Benin-City on Tuesday.

Ehigiamusoe said the organization won’t relent in its commitment in the fight against poverty alleviation, improving the livelihood of Nigerian households, women empowerment and improving health of Niberia.

Ehigiamusoe, who is also the chairman, governing council, LAPO Institute noted that in the 21st century indigenous technology and value chain development remain fundamental for poverty reduction, economic growth, economic recovery and environmental sustainability.

He opined that indigenous technology and value chain development contributes to economy such as economic growth, industrial development, economic catalysts, sources of services as well as a contributing factor to peace and stability by providing employment to the growing population of restive youth.

The LAPO boss , said the objectives of the conference was aimed at critically reviewing the present state of indigenous technological capabilities approach to innovation in developing countries like Nigeria, it’s challenges, and how to promote same.

Friday 10 August 2018

C002D5556

BUSINESS DAY

17

COMPANIES & MARKETS Complementary fiscal measures required to de-risk economy – FSDH Research HOPE MOSES-ASHIKE

F

SDH Research, a subsidiary of FSDH Merchant Bank limited, on Tuesday stressed that the Central Bank of Nigeria (CBN)’s proposed policy measures may increase credit creation and business expansion to stimulate growth, but complementary fiscal measures are required to de-risk the economy.

The CBN after the Monetary Policy Committee (MPC) meeting in July encouraged large corporations to issue Commercial Papers (CPs), which may be bought by the CBN if necessary.

FSDH Research believes this measure will increase the issuance of CPs in Nigeria in second half of 2018. The yields on the CP may also drop or trail the yields on the Nigerian Treasury Bills (NTBs). The measure will reduce the finance cost for large corporates and increase their profitability.

Similarly, the CBN plans to implement measures to direct Cash Reserve Requirement (CRR) funds to the manufacturing and agriculture sectors of the

Nigerian economy at 9% interest rate with a minimum tenor of seven years and moratorium period of two years.

Speaking at the monthly economic and financial market outlook on the topic, ‘Unconventional Monetary Policy Requires Complementary Fiscal Measures’, Ayodele Akinwunmi, head, research and strategy FSDH Research, recommends that government at all levels must intensify efforts to implement policies which would grow the non-oil sectors of the economy The data from the CBN shows that net domestic credit decreased marginally by 0.57 percent to N25.72 trillion in May 2018, from N25.86 trillion in December 2017. The net credit to the private sector shrank marginally by 0.37 percent to N22.21 trillion during the same period.

In inflation, the firm predicts the inflation rate in July 2018 to trend downward from the level recorded in June 2018. The inflation rate dropped further to 11.23 percent in June 2018, from 11.61 percent recorded in May. “The drop in inflation was in line with the expectation of FSDH”, Akinwunmi said. The Month-on-Month (Month-on-

Month) change in the Consumer Price Index (CPI) stood at 1.24 percent in June, higher than the 1.09 percent recorded in May. Year-on-Year, the change in the Food Price Index (FPI) stood at 12.98 percent in June, down from 13.45 percent in May 2018.

Month-on-Month, the Foreign Portfolio Investors (FPI) grew by 1.57 percent in June, compared with 1.33 percent in May. The increase in the prices of potatoes, yam and other tubers, bread and cereals, oil and fats, fish, milk, cheese and eggs, vegetables and meat drove the FPI during the period.

The Core Index stood at 10.40 percent in June, down from 10.70 percent in May. The largest increases in the Core Index were recorded in the prices of fuels and lubricants for personal transport equipment, garments, domestic and household services, books and stationery, actual and imputed rentals for housing, tobacco, vehicle spare parts, hairdressing salons and personal grooming establishments, pharmaceutical products, dental services, maintenance and repair of personal transport equipment, paramedical services, hospital services.

Intaxiads, MOTPA partner to create job opportunities KELECHI EWUZIE

I

ntaxiads a premium taxi advertising company says it targets to create jobs for Nigerian youths and reduce the 61.6 percent unemployment figure in Nigeria.

The company says that having a strategic partnership with Moving Train Pilots Association (MOTPA) a registered professionals association with over 2,500 drivers will create employment opportunity enhance their daily and monthly income.

Aminat Ayeni, executive director, Intaxiads Company while speaking at the launch of the product in Lagos said that as an

innovative advertising company in Nigeria, they are set to give the brands maximum exposure to their target audience.

She disclosed that under the arrangement with MOTPA, the company provides service for companies that are looking to employ taxi marketing techniques as a tactics in their marketing strategy, which will give their content the maximum exposure it required.

Ayeni observed that Nigeria is a place with lots of creativity and innovation, but businesses lack absolute market strategy to reach their targeted audience and market.

David Ogivly, one of the pioneers of advertising, said that in

the modern world of business, it is useless to be a creative, original thinker unless you can also sell what you create.

According to her, “We are ready to dedicate our resources, time to affect your brands and the nation positively” “We are also aware of the population of the unemployed youths.In a country of about 197 million people, 61.6 percent are unemployed which occupies half of the population”, she said.

Timothy Adelaja, president, Moving Train Pilots Association(MOTPA)said the reason for the partnership with Intaxiads is to affect positively the businesses and products that are registered under the platform.

Festival organisers shut door against competing brands of Glo, FCMB, Nigerian Breweries RAZAQ AYINLA, Abeokuta

G

oing by the longstanding sponsorship and support of the trio of Globacom, FCMB and Nigerian Breweries PLC for annual Ojude-Oba, Ijebu carnival annually, the organizers of event have told competing brands of the firms mentioned that there won’t be any vacancies for them to participate in the fiesta.

The organizers of the 2018 Ojude-Oba festival tagged, “Ojude-Oba: Celebration of Rich Cultural Heritage”, chaired by Wahab Osinusi, Otunba Fidipote of Ijebu, declared that the endur-

ing support and sponsorship given by Globacom and its chairman, Mike Adenuga, Apesin of Ijebuland; FCMB and its founder, Subomi Balogun, Olori Omo’ba of Ijebuland as well as Nigerian Breweries PLC could not be trivialised and therefore, no competing brands would be welcomed.

BusinessDay reports that Ojude-Oba festival is an annual event that has been in existence for over two centuries and it is being celebrated on the third day of Moslem festival of Eid-elKabir popularly known as Ileya in Yoruba-speaking states of the country firstly by the Muslims and later by Christians, traditionalists and Non believers who

converge on Awujale pavilion in Ijebu-Ode, one of the cities in Ogun state, annually.

Speaking at the press conference heralding the Ojude-Oba celebration at Awujale Palace on Monday, Fassy Yusuf, Baagbimo of Ijebu, who doubles as coordinator of the fiesta, said that the main and co-sponsor roles given to Globacom and FCMB were borne out of their commitments to the socio-economic development and growth of Ijebuland, coupled with the fact that the duo of Adenuga and Balogun belong to Ijebu people of Yoruba extraction, adding that it would not speak well of the Ijebus to disown their sons.

Business Event

L-R: Bajo Onafuwa, Customer Relations Manager, MTN Nigeria, Otunba Ayo Olumoko, Osun Osogbo Festival Chairman and HRM Oba Jimoh Oyetunji Olanipekun Larooye 2, The Ataoja of Osogboland at the 2018 Osun Osogbo Festival stakeholders forum at Ataoja’s palace in Osun State.

L-R: Adeshile Adekanmbi, product manger, ATM & POS, CWG Plc; Denis May, deputy project director, Africa Region, GRG Banking; Adewale Adeyipo, vice president, sales & marketing, CWG Plc; Anthonia Ehanmo, group head, Brand & marketing communications, CWG Plc; Oluwafemi Adeniyi, country manager, GRG, Nigeria & Ghana, and George Kaloutas, sales manager, Africa Region, GRG Banking, during a Partner’s meeting held at CWG Head Office in Lagos.

L–R: Adeyemi Ademiluyi, cyber security manager, Inlaks; Bako Wakili, head, technical standards & network integrity, NCC; Asmau Galadanchi, manager, public affairs, Nigerian Communications Satellite Limited, and Oladimeji Talabi Koyejo, director, value added services, Inlaks, during the presentation of ICT Conglomerate of the Year Award to Inlaks at Africa Digital Awards, a part of Nigeria ICT Impact CEO Forum in Lagos, recently.

L-R: Ify Nwakwesi, director, Fymak Marine and Oil Services; Priscilla Otti; Alex Otti former group managing director, Diamond Bank/governorship candidate of APGA; Uzo Nwankwo, MD/CEO, AiQ Capital Management Ltd, and Stella Okoli, founder/CEO of Emzor Pharmaceutical manufacturing company, when the Abia Professionals, South East Businessmen,Technocrats Back on Alex Otti to re-run for the governorship election in Abia state for APGA in Lagos.

18

BUSINESS DAY

Friday 10 August 2018

C002D5556

IMPACT INVESTING Impact Investment in education: A bedrock for sustainable growth In Association With

Innocent Unah & Abisinuola David-Olusa The extent of the decay in the educational sector igeria accounts for the highest number of out-of-school children in the world, as there are currently more than 8.7 million children out of school, according to United Nations Education and Children Fund (UNICEF). Also, according to a United Nations Educational, Scientific and Cultural Organization (UNESCO) survey, it was stated that over 65 million Nigerians are illiterates with just 57 per cent of the adult population as literates, which is very low compared to other African countries such as Botswana (88.5 per cent) and Ghana (76.6 per cent). These above statistics are compelling enough to establish, without a doubt, the fact that the educational sector is in an alarming state and actions need to be taken in this sector so as to prevent a brewing disaster.

The above statistics focused on illiteracy and lack of education but a more devastating fact showed that in a competency test conducted on primary school teachers in Kaduna State, two-third of these teachers failed to score 75 per cent or higher on assessments usually given to their students.

This data makes it unsurprising that four out of every five children that has completed primary school are not able to read a three-sentence passage fluently with no help. So the problem not only lies on the access to education but also on the quality of education provided. Quality education has been the backbone of development in countries of the world because it boosts both economic and social development as nations of the world agree that the way out of issues that plague individual countries and their citizens is through quality education. According to VVOB, a Belgian organisation which focuses on promoting education, quality education is defined as one that provides all learners with capabilities they require to become economically productive, develop sustainable livelihoods, contribute to peaceful societies and enhance individual well-being. A World Bank survey also found out that primary school teachers are unavailable in their scheduled classes at approximately 25 per cent of the time. It is

N

estimated that actual teaching time is on the average of 33 per cent or less than what is timetabled.

Poor funding has been identi-

fied as one major problem that has resulted in the decay of the sector and the federal government has not done so much to improve the sector

The country’s problem of underfunding, low quality and poor access of education has been further strained due to the explosive growth in population as on the average, there is just one qualified teacher for every 46 primary school students

in that regard as a miserly 7 per cent of the country’s budget in 2018 was allocated to education which is well below the UNESCO recommendation of 26 per cent of a country’s budget.

With all of these numbers out there, it is quite glaring at this point that for the educational sector to begin to experience trajectory growth, the private sector has to play a complementary role in the core delivery of education and there is a need for investors to begin to enter into the market which would not only yield sustainable returns but also impact positively socially.

Opportunities that lie ahead Benjamin Franklin once said, “An investment in knowledge pays the best interest” The country’s problem of underfunding, low quality and poor access of education has been further strained due to the explosive growth in population as on the average, there is just one qualified teacher for every 46 primary school students. However, some of the factors that form the bedrock of the challenges in this sector also provide an opportunity to

drive improvements. Some of which are: Huge demographic shift as the median age in Nigeria is 17.9 years; rapid urbanization which would improve the percentage of individuals seeking education as the proportion of literate urban individuals far exceeds the proportion of literate rural individuals; and the proliferation of technology. A research report, the business of education in Africa, showed that 21 per cent of African children and young people are being educated in the private sector with this percentage to rise to 25 per cent in 2021. It also identifies an investment need in private sector education in the region of about $16 billion- $18 billion over the next five years. The future of the sector within Africa would be a hybrid of both the public and private sector provisioning. Investing in education has exciting prospects for potential investors, some of which are: Demand for education is always larger than the supply, which means there would always be a demand-supply gap. There is a long-term and sustainable revenue visibility and barriers to entry are high.

Friday 10 August 2018

C002D5556

FINTECH News

Products Review

Technology Review

Personality Review

BUSINESS DAY

19

Company Review

COMPANY REVIEW

Itanna kicks off accelerator program with four tech startups Stories by FRANK ELEANYA

F

our Nigerian tech startups have become the pioneers of Itanna, an accelerator and investment program created by Honeywell Group. The program which was officially launched on Monday, 7 August, 2018 will see the pilot cohort startups receiving $25,000 each in investment from Honeywell Group.

The four star-ups include Accounteer – providers of online accounting services for small businesses across Africa; KoloPay – a cashless target savings mobile and web application; Tradebuza – an online platform for managing and brokering commodities sourcing and outgrower scheme; PowerCube – providers of affordable power supply using renewable energy.

According to a statement

sent to BusinessDay, the startups were chosen from over 200 applications. Aside from the $25,000 investment, each startup will also receive training and mentoring from lead-

ing industry experts, as well as the opportunity to pitch to Honeywell Group’s network of local and international investors at the company’s inaugural Demo Day, which takes

place towards the end of 2018.

“Honeywell Group is entrepreneurial to its core,” Obafemi Otudeko, Honeywell Group’s Executive Director said. “As part of our wider portfolio,

Itanna allows us to collaborate with the Nigerian tech ecosystem. We will invest patient capital into the startups we work with, and we will also provide world-class mentorship to enrich the business strategy of ach cohort.”

Otudeko also sees Itanna as the platform for through which Honeywell Group can achieve its dream of building a better world through businesses.

Itanna’s long term objective is to support and invest in techenabled for-profit startups with an existing minimum viable product. Hence, startups selected into the program have to demonstrate traction through customer growth or partnerships with customer acquisition enablers, have a clear vision as well as technical capability, sector knowledge and the desire to scale.

Tomi Otudeko, head, Innovation and Sustainability for

Honeywell Group and director of Itanna disclosed that Itanna was conceived as a platform where top talents in Africa will be able to build their ideas, visions, expertise and resources with the aim of stimulating and igniting economic growth across Nigeria and the African continent.

“Itanna is a critical element of Honeywell Group’s innovation strategy, and it is well placed as we look towards building this future of techenabled businesses,” Tomi Otudeko said.

Itanna’s launch partly realises Honeywell Group’s mission to connect technology and innovation by transferring knowledge in business-building and entrepreneurship, as the company looks to cement its position as a facilitator and influencer of growth in key sectors, including tech within Nigeria and across Africa.

they measure success more holistically and in ways that go beyond purely financial metrics (such as cost reduction).

The right strategies, structures and cultures are closely correlated with the most digitally advanced companies. As a result, digital leaders enjoy a broader range of benefits (especially around customer satisfaction, profitability and greater adaptability to emerging threats), than laggards, who are more narrowly focused on cost.

EY understands this, which is why we have established 5 distinct digital offerings reflecting the holistic set of challenges that digital creates for clients across industries ‘Grow, Optimize & Protect’: Strategy- help clients rethink their business strategy and operating model for the digital age. Innovation & Incubation- establish an end-

to-end innovation capability to incubate new ideas and business models, Continuous Experience Implementation analyze the world of the customer, then design and implement new experiences, Digital Operations align, enhance and automate operations and supply chains to deliver on the promise of digital, Digital Trust scan the digital risk horizon and help clients build agility to respond to digital risks.

“If any digital initiative lacks a strong business case clearly outlining contributions to revenue or reduction of costs, it belongs in the laboratory.

Launch in sizable doses and scale quickly.” – Dapo Adewole, EY Digital / IT Advisory Leader for West Africa.

TECHNOLOGY REVIEW

4 objectives your digital strategy should address PHILIP OKAFOR (Guest Writer)

M

ost companies across the globe are in the process of defining or executing a digital transformation in response to what has been tagged ‘fifth industrial revolution’ which is expected to significantly change the way we live, work and interact with one another. This technology driven revolution is projected to be faster, more scalable and adopted by more people than perhaps all industrial revolutions prior.

According to a recent EY report, organizations must ensure that all digital transformation initiatives embarked upon meet at least 2 of the following objectives; improve customer experience, empower employees, increase revenues and optimize

operating costs.

A significant number of organizations are struggling to achieve the return on investments from their transformation; resistance to change is cited as one of the most prevalent reasons for failure.

Digital introduces new ways of working, different from what most experienced employees are used to. This typically leads to resistance and low adoption of the new operating model.

To win the adoption battle, organizations must carefully consider the impact of transformation initiatives on people (skills, roles and KPIs), existing employees need to be upskilled and empowered to function in the digital age, the introduction of external skills may be required for specialized functions (cyber security, data science, enterprise architecture,

customer experience mapping, software development etc.).

Most importantly, management needs to clearly communicate how digital initiatives will assist employees perform their roles more effectively.

According to Akinsope Roberts, EY Digital Solutions Architect for West Africa “Customers expect a significantly improved experience on digital channels.

Traditional organizations are more often than not compared to disruptors such as Facebook, Amazon, Uber, Jumia, Air BnB, Wakanow etc., who have harnessed the power of emerging technologies to deliver intuitive customer-oriented business solutions. Emerging technologies such as block chain, artificial intelligence and IoT amongst others are undoubtedly important enablers for digital, but organizations must keep in mind

that these are simply a means to the end which remains robust customer experience; simple, personalized, interactive and secure.”

Prioritizing the right change levers is key to the success of any transformation, but how the transformation journey is managed and measured also plays a big role in digital transformation. In a recent survey commissioned by EY, it was found that digital transformation leaders embrace systemic change, especially in the realms of organizational structures, cultures and human talent. These dimensions are frequently overlooked or undervalued by less mature firms and those just commencing their transformation journeys.

Leaders are also notably more focused on customer needs and new business models. Lastly,

Philip Okafor is the head of Media Relations for Ernst & Young.

20

BUSINESS DAY

C002D5556

Innovation, investment keys to reducing outbreak of diseases in Nigeria ANTHONIA OBOKOH

A

s Nigeria battles with frequent outbreaks of infectious diseases which seem to be the norm in the country, experts are asking for innovative preventive measures, investment and public-private partnership to save the citizens.

They say unless surveillance is strengthened and infrastructure provided, the country will continue to lag peers in the area of disease prevention.

“Strengthening Nigeria’s epidemic preparedness and response will require bold innovative approaches and complementary public private partnerships,” said Muntaqa Umar-Sadiq, chief executive officer, Private Sector Health Alliance of Nigeria (PHN).

Muntaqa said Nigeria’s epidemic preparedness and response capacity highlight six priority gaps required to enhance detection, prevention and management of an outbreak.

“Priority gaps include infrastructure, logistics, commodities, technology, human resource and communication.

“With more outbreaks on the horizon, Nigeria can’t afford to repeat this cycle of uncertain priorities, wasted time and investments.

We need strong and clear leadership; effective deployment of new innovations,” he stressed.

He pointed out that the state of health in Nigeria is characterised by poor health outcomes and suboptimal health care systems vulnerable to the threat of future epidemics and outbreaks, which threaten global health security.

“There is a compelling opportunity to engage the private sector and other nonstate actors to complement government in advancing its health security agenda,” said

Muntaqa.

Over the past few years, the country has had to struggle with quite a number of outbreaks.

The outbreaks of Ebola, Lassa fever, Monkeypox, yellow fever, cholera and meningitis have caused significant strain to the nation’s public health sector and has affected the economy through loss of labour, reduced productivity and inefficiency of businesses.

Records show that 42 days after the Ebola epidemic ravaged parts of Nigeria in 2014, the country recorded 19 cases, which led to 10 deaths.

Public health experts harp on the need to invest heavily in tackling disease outbreaks, stressing that Nigeria must do more to improve the country’s infrastructure, logistics, commodities, technology, human resource and communication.

However, there are important lessons to learn around the importance of partnership, leadership, communication and innovation.

Global strategies indicate that the roles of multi-sectoral

partnerships, particularly the private sector at country level, which is a critical precursor to accelerating progress towards set objectives, analysts say.

The Nigeria Centre for Disease Control (NCDC) and the Private Sector Health Alliance of Nigeria (PHN) have launched a new initiative - the Alliance for Epidemic Preparedness and Response (A4EPR).

The aim is to develop a formal structure for the private sector to support the Nigerian government through NCDC, in the prevention, preparedness, detection, response and control of outbreaks in Nigeria.

The A4EPR is designed to address priority areas in health security, focusing on building the capacity to protect the health of Nigerians.

These priority areas include – purchase of equipment for outbreak preparedness and response; support to states during outbreaks; advocacy and communications as well as capacity development.

Chikwe Ihekweazu, chief executive officer, NCDC, reit-

erated the need to develop the Nigerian healthcare system to effectively prevent, protect, and respond to disease emergencies, saying it is as important as, or more important than, an emergency response. It costs less to invest in advance and to be ready,” Ihekweazu said.

“Infectious diseases do not respect borders or class. There is an urgent need for investment in preparedness and the time to prepare is now,” he added.

Oladoyin Odubanjo, chair, Association of Public Health Physicians of Nigeria (APHPN), Lagos Chapter, said Nigeria needs to be more proactive in preventing, adding that the country must begin to apply the lessons learnt.

Odubanjo said key success factors of the past should be applied in order to prepare the country against another outbreaks.

“Effective surveillance is clearly important. Containment and general precaution measures will minimise risk of transmission of the viral disease coming into the county,” said Odubanjo.

28,000 residents covered so far in Araya-Ogun primary health care scheme – OGSG RAZAQ AYINLA, Abeokuta

B

abatunde Ipaye, Ogun state commissioner for Health declared that about 28,000 residents of the State, mainly women, infants and teens, had so far benefited from Araya Health Scheme which has been in existence since the first tenure of Ibikunle Amosun-led administration in the state.

Araya - sound health in Yoruba language is an Ogun state Health Insurance Scheme created to boost primary health care delivery

in the state for which the commissioner said, was part of effort to ensure that efficient healthcare delivery gets to all residents of the state.

Ipaye dropped this hint during a community health programme, for commercial drivers, organised by the Ministry of Health, in conjunction with Shell Gas Nigeria Limited, in Ado/ Odo Ota Local Government Area.

He assured that primary health care would continue to remain top priority of the present administration, adding that, government

intends to institutionalize the Community Based Health Insurance Scheme for its citizens, to allow everyone have access to the programme.

He said, “Presently, this scheme has provided services for about 28,000 Ogun State indigenes and they don’t have to pay for services at the point of service control. We are also institutionalising very soon, the law that will make insurance scheme available to all and sundry, to ensure that the 7.2million Ogun people have access to qualitative health service.”

On his part, the regional Health manager, Shell Nigeria Limited, Akin Fajola, while appreciating the State government for partnering the company, in organising the programme, urged commercial drivers to assist in saving lives on roads by being physically and mentally fit before driving.

One of the beneficiaries, Babatunde Lawal, appreciated the organisers, for the health talk and bringing free health to their doorsteps, saying, they would put what they had learnt into practice, for the benefit of the all.

Friday 10 August 2018

Firm adopts ‘smart approach’ to drive contraceptive use SIKIRAT SHEHU, Ilorin

A

s part of the efforts to increase contraceptive prevalence rate in Nigeria from 27 to 36 per cent by 2020, the Pathfinder International has organised a three day workshop on advocacy, family planning and adoption of smart approach.

The workshop which was organised for advocacy working group know n’s as Awareness Initiative for Good Living (AIGL) aimed to build family planning advocates in Kwara State.

Speaking at the opening ceremony Farouq Jega, the pathfinder country director, described smart approach as an essential tool in achieving a laudable success in family planning advocacy.

“The pathfinder technical advisor, enjoined the participants to adopt SMART approach in stimulating actions for improved reproductive health in their various stations,” he said.

According to Jega, advance family planning aims to increase financial investment and political commitment needed to ensure access to quality family planning through evidence based advocacy.

He explained the need for the participants to put in their best and adopt SMART approach for them to record huge success in their family

planning advocacy company.

Jega made it known that the organisation is working on 12 states in the country to increase budget for family planning and reproductive health in which kwara state is of the beneficiaries.

Earlier, Ajibola Wahab, chairman of AIGL, explained that the group aims to have a state of healthy citizens, where motherhood is made safe, child survival is enhances and as well to made reproductive health services accessible and affordable.

“The mission of the Association is to an effective advocacy mechanism that will ensure increase in budgetary allocation to reproductive health and support legislation to promote sustainable reproductive health services to the people,”.

According to him, the group was name to be Advocacy core Group Nigeria but through registration the group is now known to Awareness Initiative for Good Living (AIGL).

He said members of the group were drawn from public and private sectors which comprise, Health personnel’s faith based organisation, Journalist among others.

Ajibola added that members were trained and retrained to build their Advocacy capacity noting that the traditional rulers, policy makers had been advocates to support family planning.

Here are reasons why your child’s eyes need early attention ANTHONIA OBOKOH

A

n ophthalmologist has said that uncorrected or refractive error affects children’s eyes and major cause blindness.

The expert disclosed in an interview with BusinessDay that it is very mandatory and important not only in Nigeria, but all over the world to take any child between the ages of two to three for check up with an ophthalmologist.

Refractive error means that the shape of your eye does not bend light correctly, resulting in a blurred image.

According to Ranijit Basu, a consultant phaco, Refractive, Glaucoma and paediatric ophthalmology, at Skipper Eye Q said, “Early detection is the key to save the children from blindness; any child between the ages of two to three should be taking for check up with an ophthalmologist.

“Others are allergies which are mostly from toxic smoke; air conditioners and the effect of global warming are also affecting these children which are creating a whole

lot of problems. Congenital cataract, maligned or cross eyes,” said Basu.

According to him, time is very mandatory when it comes to eye; therefore it is recommended we go for eye check-up yearly except the diabetic and glaucoma patient which needs to visit the hospital between four to six months.

‘Raising the index of consciousness in the society is very vital; I request the government of Nigeria to replicate the models which the Middle East countries as well as India have been following.

Eye surgeries for people who live below poverty level cost practically nothing. So the social economic status should not be the main hurdle to the person receiving proper delivery of eye care,” Basu added.

However, symptoms and signs of refractive errors could be blurred vision, headaches, double vision difficulty reading or seeing up close and crossing of the eyes in children (esotropia).

Refractive disorders are commonly treated using corrective lenses, such as eyeglasses or contact lenses.

Friday 10 August 2018

C002D5556

Lagos, Reckitt Benckiser collaborate to tackle risks of open defecation ANTHONIA OBOKOH

A

L-R: General Manager, RB West Africa, Dayanand Sriram; Marketing Director, RB West Africa, Aliza Leferink; Permanent Secretary, Lagos State Ministry of Environment (MOE), Abiodun Bamgboye and Harpic Brand Ambassador, Helen Paul at the official commissioning of Harpic/MOE public toilets at Ojota, Lagos.

pier lives in Nigeria,” “The newly refurbished public toilets are located in Ojota, Oshodi, Costain and Alausa,” said Sriram Sriram further disclosed that the Harpic toilet refurbishment project will result in big positive attitudinal change, which will impact the lives of the people and the environment.

“Our immediate priority is to change consumer behaviour for a healthy environment; we want every Nigerian to use clean and safe toilets.

This is possible, only if we all join hands to work towards this goal.

“Open defecation is not only dehumanizing, but it is also an abuse of human rights. Harpic wants this abuse of the environment and human rights to stop, hence this collaboration that has seen Harpic taking charge of the

end-open -defecation campaign in the state,” he added.

A World Bank Report (2012), Nigeria loses N455 billion or US$ 3 billion annually due to poor sanitation.

This works out to US$ 20 per capita/year and constitutes 1.3 per cent of Nigeria’s Gross domestic product.

The adverse effects of open defecation in the country prompted the National Council on Water Resources in 2014 to prioritize the development of a roadmap towards eliminating open defecation in the country, in line with the United Nations global campaign for ending open defecation.

Aliza Leferink, marketing director, RB West Africa, also expressed the view that usage of clean toilets is capable of preventing diseases and that the Harpic open defecation elimination programme is targeted to reach over 1 million

homes in 16 cities to educate and encourage people to use clean toilets regularly.

“We requested for societal support towards a behavioural change to tackle the menace of open defecation in the state and I urged the residents to support the maintenance and proper utilisation of the 26 refurbished public toilet units in Lagos,” she said.

Abiodun Bamgboye, permanent secretary, Lagos State Ministry of Environment, commended Harpic for her continued support in building a hygienic and healthy environment in the state.

Bamgboye stated the donation of public toilets

by Harpic is another step taken in the right direction, encouraging greater partnership with the private and public sector to further boost the welfare of the people in the state.

Bayelsa announces more incentives for pregnant women Samuel Ese, Yenagoa

T

he Bayelsa state Government has announced new incentives and inaugurate a door to door campaign in order to sensitise pregnant women on the benefits of the safe motherhood initiative.

According to Henry Dickson, Governor of Bayelsa state, pregnant women in the state would receive N2, 000 for registering at health centres and another N2, 000 for continuing with ante-natal care in addition to the N3, 000 as an incentive to support them.

The governor made this known at the launch of the Safe Motherhood Initiative and the inaugurating the committee in Yenagoa on

HBL Team

Wednesday.

Also speaking at the launch, Daniel IworisoMarkson, commissioner for information and orientation said all hands must be on deck to achieve the goal of bringing all pregnant women whether married or not into the scheme by adopting the Jehovah’s Witnesses approach.

“The predicament of pregnant women who lack healthcare and oftentimes fall prey to cultural practices due to lack of awareness, the grim statistics of mother and child mortality made Governor Dickson to launch the initiative,” “We want to begin sensitisation campaign to every nook and cranny. We will reach every single community

in Bayelsa State,” he said.

According to IworisoMarkson, the membership of the committee which is to work with other stakeholders in the communities includes all press officers in the state as well as some staff of the Ministry of Health and Primary Health Board.

Ebitimitula Etebu, commissioner for Health said staff of primary health centres would also go out to households, identify pregnant women and take their details.

“This is not a one-stop measure” saying the campaign would be a continuous one and solicited the support of the media to ensure the success of the exercise,” said Etebu.

Victoria Denenu, chair-

man of the Primary Health Board, said the government does not want any pregnant woman to die again and urged them to visit primary health centres nearest them to get proper healthcare.

“The traditional birth attendants (TBAs) would be involved as well community governance structures such as women groups and the committee would be replicated in the local government areas.

In his response, chairman of the sensitisation committee, Chris Odi assured that the committee was going to tackle the issue with the seriousness it deserves and reach every community despite the staggering statistics of mother and child mortality.

21

Expert calls for policy review to ease herbal drugs registration IFEOMA OKEKE

A

…refurbish 25 public toilets across Lagos s Nigeria battles with the highest number of people practicing open defecation in the world, in its bid to imbibe hygiene and sanitation, Reckitt Benckiser (RB) has partnered with the Lagos State Ministry of Environment to upgrade and refurbish 25 public toilet units for four communities in Lagos state.

According to United Nations Children’s Fund (UNICEF), Nigeria is among the nations in the world with the highest number of people practicing open defecation, estimated at over 46 million people with a projected 56 million new cases in the next 10 years.

The practice has had a negative effect on the populace, especially children, in the areas of health and education and had contributed to the country’s failure to meet the MDG target.

Open defecation is seen as the practice where people go out “in the fields, bushes, forests, or other open spaces, rather than using the toilet, to defecate.”

Dayanand Sriram, general manager, RB West Africa said the refurbishment is part of a long strategic partnership established with the Lagos State Government.

“It’s aimed at cleaning, sensitising and influencing positive behavioural changes towards good hygiene and sanitation habits in the people in order to tackle open defecation in the state as a way of ensuring healthier and hap-

BUSINESS DAY

n expert, Joseph Okogun, Emeritus Professor of Chemistry, University of Ibadan and chairman, BEVEKT GEDU chemical company has called on concerned regulators to review set down policies and procedures that cause bottlenecks to the registration of local and herbal drugs in Nigeria.

Speaking during his BEVEKT GEDU chemical company public lecture in Lagos, Okogun said the regulators should look at the basis on which the policies have been formulated and following the World Health Organisation (WHO) guidelines, the listing or registration of the drugs should be fast tracked.

“People are still complaining of bottle necks which are created. Nigerians should find a way to be more interested in the common good, so that when people in such offices see that the products have followed the proper guidelines to the formulation and they have checked the toxicity, they should fast track it and not put bottle necks,” he said.

He explained that if the country keep using the standards that keep appreciating in the advanced world, we may never get anything registered because these standards are based on facilities that are not here or don’t work here.

He expressed concerns that Nigeria uses foreign guidelines which help the western industries but kill our developments here.

On the acceptance of local drugs in Nigeria, Okogun said “The pharmacist in Nigeria and western trained pharmacists are beginning to accept local drugs. They see the advantages but the tough defence of the professionals is a problem. Our orthodox doctors are trained on regulations, cultures and practices that are foreign. They do not feel at

home with formulations like this where the pure substance and mechanisms of action are not known.

“All we are asking them to do is to corporate and do clinical trials and hopefully government will fund them and they can study the mechanism of action. We have isolated and known some of the pure active ingredients and the toxicity in the ones we make. We have collaborated with facilities abroad to do this,” the professor added.

Erabor Okogun, the fourth child of Joseph Okogun and a director at BEVEKT GEDU told BusinessDay that over time, his father has produced people with PHDs and taught similar professors who have become heads of departments, Deans, vice chancellors, captains of industry and who have taken his ideals as an educationist and used it to guide their own lives.

He explained that beyond just the academics, he has also discovered many new products and chemicals from herbal products, which are being exploited around the world.

“As an academician the purpose of academics is to spread knowledge and he has published in the top most journals and over 130 of these publications have spurred developments, products and created new businesses outside the country.

“During the Human Immune deficiency Virus (HIV) outreach programme, Joseph Okogun gave some of his discoveries to some HIV patients and it has boosted their immunity and they can live more healthy lives.

“Some of his products have gone through rigorous tests by the National Agency for Food and Drug Administration and Control (NAFDAC) and are now listed by the agency and many pharmacists are getting the products and people are getting healthier,” he added.

Two Chinese drugmakers admit hypertension drugs could cause cancer

T

wo Chinese drugmakers have announced that a blood-pressure medication they exported to Taiwan contained a potentially cancer-causing impurity.

This occurs a month after the same problem at another Chinese manufacturer prompted a global recall.

Tianyu Pharm and Rundu Pharma said batches of valsartan, an active ingredient widely used in medications for high blood pressure and congestive heart failure, contained N-nitrosodimethylamine (NDMA), which is believed to potentially cause cancer through longterm use.

Tianyu Pharm made its announcement in a statement on Monday to the Shenzhen exchange, where both companies are listed, while Rundu admitted the same in an exchange statement, on Friday.

Shares of both companies plunged by the maximum daily limit of 10 per cent on Monday.

Last month Europe’s medical regulator issued an alert over supplies of valsartan produced by another company, Shanghai-listed Huahai Pharmaceutical, followed about a week later by a similar notice from the US Food and Drug Administration.

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

22

BUSINESS DAY

Harvard Business Review

Friday 10 August 2018

ManagementDigest

Why ai will shift decision-making from the c-suite to the front line Alessandro Di Fiore Alessandro Di Fiore is the founder and CEO of the European Center for Strategic Innovation and ECSI Consulting.

H

ardly a day goes by without the announcement of an incredible new frontier in artificial intelligence. From fintech to edtech, what was once fantastically improbable is now a commercial reality.

There is no question that big data and AI will bring about important advances in the realm of management, especially as it relates to being able to make better-informed decisions. But certain types of decisions — particularly those related to strategy, innovation and marketing — will likely continue to require a human who can take a holistic view and make a qualitative judgment based on a personal consideration of the context and facts. In fact, to date, there is no AI technology that is fully able to factor in the emotional, human and political context needed to automate decisions.

For example, consider the health care industry, where AI is having a huge impact. Even if AI can support a doctor in making a diagnosis and suggesting medical treatments for a cancer patient, for example, only the doctor herself can factor in the overall health condition and emotional context of the patient (and of the patient’s family) in order to decide whether to proceed with invasive surgery. Most of what we do in health care is not simply in the service of making a diagnosis; health

professionals also work with patients to find appropriate treatments that factor in a more holistic, empathic view of their circumstances.

AI technologies can provide managers and employees with accurate data and predictions at their fingertips to support and enable the right decisions in a timely way. But even if an AI system gives employees superpowered intelligence to make decisions, those employees can’t provide real value if their company’s internal bureaucracy requires timeconsuming pre-authorization from senior managers before they can act on those decisions. To extract value from AI, employees at all levels of an organization need to be empowered to make final decisions aided by AI, and to act on them quickly. In short, there needs to be a democratization of judgment-based decision-making power.

Much that’s been written about the decision-making impacts of big data and AI has tended to emphasize the importance of having central-

ized teams staffed with plenty of data scientists. This implies that companies with more data scientists have a better chance of generating business impact. My own experience as a consultant, supported by recent research, indicates a different view: Firms that hire an army of data scientists do not always generate better bottom-line value. Rather, it is the democratization of access to AI tools and of decisionmaking power among managers and employees that creates more tangible value.

Consider internet platform companies such as Airbnb, where data is at the core of the firm’s business model. Airbnb believes that every employee should have access to its data platform to make informed decisions. This applies to all parts of the organization, from marketing and business development to human resources. For example, employees can monitor in real time how many of Airbnb’s hosts are using the company’s professional photography services and in which location.

Data access is key, but it’s

not enough. Employees also need to be given the skills to use and interpret that data.

For Airbnb, it’s simply not possible to have a data scientist in every room, and the fast internationalization of the company makes the situation even more challenging.

So in 2016 Airbnb launched its own Data University, which now has a curriculum of more than 30 modules. The goal is to build employees’ knowledge and skills so that they can utilize and interpret data and its associated tools.

This will enable employees to act swiftly on innovation opportunities. For example, product managers are learning to write their own SQL code and interpret their own experiments about whether to launch a new product feature in a certain city.

The result: Since launching the program, more than 2,000 employees have been trained, and the weekly active users of its internal data platform — a proxy of how “data informed” the organization is — rose from 30% to 45%.

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

We have you covered through CBN’s special intervention for specified retail invisible transactions.

Are you travelling abroad for vacation

Visit any of our designated branches nationwide for your following invisible trade transactions: School Fees Pilgrimage & Other Travel Allowances (PTA and BTA) Medical Allowances

or studying abroad?

We are here to serve you. *Terms and conditions apply

www.firstbanknigeria.com

FirstBankofNigeria

@FirstBankngr

Firstbankngr

FirstBankofNigeriaLtd

@firstbanknigeria

+FirstBankNigeria

Another case is Unilever.

Orchestrated by the company’s newly created “Insights Engine,” Unilever introduced a number of AI-driven systems and tools that are accessible to all of its global marketers.

The availability of real-time, frequent, data-driven consumer insights has generated even more need for distributed decision-making by the company’s marketers. One tool they use is People World, an AI platform able to mine thousands of consumer research documents and social media data. The platform is able to answer natural language questions that marketers may ask on a specific area.

This has helped to address the problem summed up in the phrase, “If only Unilever knew what Unilever knows.” It has also helped to remove silos, increase employees’ trust in “one consolidated source of truth” and dramatically reduce the time needed to make informed decisions.

Over the last decade, the costs and time associated with organizing data and running analyses has dropped dramatically. But in many companies, AI use is still highly centralized. Corporate AI units often develop dashboards for senior executives, which are used exclusively by them. AI democratization remains limited.

But by using AI to increase the effectiveness of the decisions employees are making, the need to control and centralize decisions essentially evaporates. Best practices show how democratization can bring about quicker and better distributed decisions, making companies more agile and responsive to market changes and opportunities.

BUSINESS DAY

Friday 10 August 2018

23

CityFile

Refuse: Abia gets mobile court to try offenders UDOKA AGWU, Umuahia

I

n an effort to enforce strict compliance to the monthly environmental sanitation exercise in Abia, the state government has set up a mobile sanitation court for instant prosecution of offenders.

Aham Uko, the state commissioner for environment stated that with the establishment of the mobile court, the monthly sanitation exercise in the state would witness improved participation of the residents with resultant cleaner environment.

“We have recorded some level of improvement in Aba and other parts of the state, but we hope to see a cleaner environment as we go along. We also intend to collaborate with other

agencies with the purpose of keeping our environment clean,” said Uko during the monthly sanitisation exercise.

Kelechi Onuzuruike, a member representing Umuahia North state constituency in Abia House of Assembly who joined the commissioner, said the state has witnessed improved environmental sanitation.

He urged the Abia State Environmental Protection Agency (ASEPA) to rise to its responsibilities of cleaning up the environment.

“I don’t know the problem of ASEPA. If the agency is starved of fund, they have not come to the house to complain but in the course of my oversight function, I will find out what their problems are,” said the lawmaker.

5,000 Zamfara IDPs return home, says Army

O

ver 5,000 Internally Displaced Persons (IDPs) have returned to their villages in Zamfara following clearance operation conducted by the military against bandits terrorising communities in the state.

The army had launched ‘Operation Sharan Daji’ to dislodge the bandits and secure communities that had come under attacks in recent months from bandits hitherto operating freely in the area.

The operation, which began on July 1, 2018, is being conducted across troubled spots in the Northwest and North Central parts of the country.

The outgoing force commander of the operation, Muhammad Muhammad stated this while handing over to his successor, Stevenson Olabanji in Gusau. Both officers are army generals Muhammad said resi-

dents displaced by armed bandits especially around Galadi, Kwaddi and Katuru villages in Zurmi and Shinkafi local government areas of the state were back home safely.

According to him, the operation has stabilised the affected area and neutralized several bandits while others on the run are being pursued by troops.

The out-gone commander also said that farming activities have gradually resumed in other villages affected by the bandits’ attacks in Maradun local government area.

He expressed full confidence that the new commander would sustain the operation until all bandits are neutralised and the communities made safe for normal activities.

Olabanji, the new commander, pledged to pursue the operation with renewed vigour.

L-R: Stella Adesiyan, apex nurse/ assistant director of Nursing Services, Igbo-Efon Primary Health Center Lekki Lagos; Tunde Adeola, Divisional Head, Commercial Banking, Sterling Bank Plc; John Miracle, beneficiary, and Adewale Adebowale, head, new business, Health Sector, Sterling Bank, during the inauguration of Lagos State Primary Schools Deworming Exercise by Sterling Bank in Lagos.

Oyo tasks judiciary on enforcement of land grabbing law AKINREMI FEYISIPO, Ibadan

O

yo State government has urged members of the judicial arm to adopt the principle of substantial justice in dealing with the growing menace of land grabbing, the state having risen to the occasion by passing an appropriate legislation to tackle the illegality.

It also warned that the use of thugs, agents, consultants to attack occupants or demolish buildings based on purported court judgment without proper procedure shall be prosecuted under the Real Property Protection law (Anti Grabbers Law) to ensure the menace of land grabbing is finally curbed in the state.

The government said that it initiated the Real Property Protection (RPP) Bill in 2016, passed into law and assented to by Governor Abiola Ajimobi on February 9, 2017 to curb the menace of land grabbing, explaining that section 3 of the RPP law states that: “as from the commencement of this law, no person shall use force or

self-help to take over any real property or engage in any act inconsistent with the proprietary right of the owner or occupant in the state”.

Oluseun Abimbola, attorney general and commissioner of justice, Oyo State, recently decried the manner some creditors were going about executing land related judgments from the Supreme and High Courts, with the increasing use of thugs and brigades to take possession.

Abimbola stated that without prejudice to the rights of a judgment or creditor to reap the fruits of his/ her judgment, there are laid down procedure for the enforcement of a warrant of possession over real property, and there are statutory persons authorized to carry out that task, noting that other than bailiffs/sheriffs of court supported by the police, no other person(s) have a legal right to enter into another person’s property in the name of executing a court judgment.

The attorney general said that aiding and abetting a

forceful take-over of land, threat or use of force, with or without offensive weapons, selling or offering for sale illegally taken over real property, or a beneficiary of such forcefully taken over land are all subject to prosecution under this new law.

He stressed that professionals like estate agents, estate and land surveyors, or even lawyers may be subject to prosecution should they be found to have played any role in the chain of events leading to such forceful take-over of real property in Oyo State.

Abimbola said that Section 7(1) of the RPP Law states unequivocally that “Any person who without lawful authority uses or threatens violence for the purpose of forcefully taking over or grabbing any real property for himself or for any other person, commits an offence and is liable on conviction to imprisonment for 15 years or a fine ofN500,000 or both... “(2).

The right of any person to possession or occupation of any property shall not for the purpose of subsection

(1) of this section constitute lawful authority for the use or threat of violence by him or anyone acting on his behalf for the property...(3) For the purpose of this section an offence is committed whether or not the violence is... directed against the person or the property.

“Regrettably even since the commencement of this law, the police still sometimes charge culprits arrested for offences created under the RPP law, merely for malicious damage, a charge readily defeated by a defence of bonafide claim of right under section 23 of the Criminal Code, whereas under the RPP Law, a bonafide claim of right is no defence to a ‘vi et amis’ (force of arms) take-over of any land in Oyo state.

“I commend our colleagues with whom I had engaged on recent developments in this respect for their quick intervention to avoid a breach of public peace and undue empowerment of brigands by their clients in the name of enforcement of court judgments,” Abimbola added.

Enugu: Victims of inter-boundary clashes get relief materials

O

ver 20 hous eholds displaced by a boundary dispute in Ibite Olo community in Ezeagu local government of Enugu State, have been presented with relief materials by the state government.

Th e com munit y a nd their neighbours, Awba Ofemmili in Awka North local government, Anambra, had on April 17, 18, and 19, engaged in civil clashes over a disputed farm land.

The i ncide nt, wh ich happened in the farm settlement, led to the death of one person, destruction of property and displacement of about 20 households in Ibite Olo. Nkechi Eneh, the executive secretary of the State Emergency Management Agency (SEMA), while presenting the materials to the victims, said that the state government was miffed at the extent of destruction.

Cecilia Ezeilo, the deputy governor of Enugu State

had shortly after the incident drawn the attention of SEMA to the clashes, after which the agency, at the instance of Governor Ifeanyi Ugwuanyi, embarked on on-the-spot assessment of the destruction.

Eneh said that the agency, after its assessment, discovered that no fewer than 15 houses in the community were burnt, while one life was lost.

“The governor was touched and directed that this donation be made to

cushion the effects of the loss. These items, however, could not be commensurate with your loss,” she said. Eneh noted that the state government would take proactive steps to ensure that such incident did not occur again.

Chukwudi Ezinwa, chairman of the local government said that farmers in Ibite Olo, had prior to the clash, been using the disputed area without any form of problem from the people of Awba Ofemmili.

He said that farmers in the area recorded huge loses worth millions of naira from the crisis.

“The state government has decided that this will not happen again,” Ezinwa said.

Monday Nweke, one of the victims who recounted their ordeal, said that the incident happened while they were on their farms.

Nweke said that he received a machete cut from the invaders and was, consequently, admitted in a

hospital.

“All our farm produce, including bags of r ice, beans, yams and processing machines, were all burnt,” he said as he also appreciated as he also appreciated the intervention of the state government in donating the relief materials.

Some of the items donated include bags of rice, beans, vegetable oil, wrappers, roofing sheets and ceiling boards, among others.

24

BUSINESS DAY

AgriBusinessInsight Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

Friday 10 August 2018

Send in Commentaries to caleb.ojewale@businessdayonline.com

Farmers’ groups, cooperatives chart new course for seed production Stories by CALEB OJEWALE Twiiter: @calebtinolu

T

he Access to Seeds Index, 2018 has found that famers’ groups and cooperatives are an integral part of seed production in Nigeria, like other countries in Africa, and need to be formalised in order for better standards to be achieved.

Access to good seeds is a nagging issue, which ranks high among factors responsible for many farmers being unable to achieve optimum farm yields, and as a result, continuing to wallow in poverty.

Supported by Agence Française de Développement, the Government of The Netherlands and AgriCord, the study evaluated over 50 seedproducing cooperatives across 20 countries in West and Central Africa.

Strong performers were identified in four countries: Senegal, Mali, Burkina Faso and Niger. In eight other countries the situation was qualified as ‘promising’.

For Nigeria, the report cites a 2016 survey by the National Agricultural Seed Council (NASC), which found that only 24 percent of seed in Nigeria is supplied by the formal sector.

This suggests that up to 76 percent of farmers’ seed requirements is met by the informal seed sector. It identified a total of 560 farmers’ groups that are engaged in seed production activities but are not registered with the NASC as a seed-producing entity. To date, only a handful of cooperatives have been formally recognized as seed producers.

“The key question that guided our evaluation is whether farmer-led cooperatives can play a role delivering the new varieties developed by research institutes into the hands

of famers,’ said Yacouba Diallo, research lead for the study. ‘This is relevant as modern plant breeding has led to an acceleration in the development of new varieties that can help farmers deal with the effects of climate change such as increased weather variability and the introduction of new pests and diseases,’ Diallo adds. ‘Based on our findings, the answer is: yes they can, and they are already doing it.’

The index noted that Farmer-led cooperatives moved into seed production in the 1980s and 90s when the seed sector was privatized. In the 2000s, many countries renewed their national seed laws, which created opportunities

for these cooperatives to become formally recognized as certified seed producers. ‘When we talk about the formal seed sector in the region, it is important to realize that cooperatives can also be formal actors, not just seed companies,’ Diallo explains.

The general perception of cooperatives is that they multiply basic seed sourced from research institutes, distributing these among their members. The study observed that strong performers have moved well beyond that model.

Diallo, stated that ‘These strong performers partner with national and international researchinstitutestotestandselectvarieties that meet the needs and preferences

What can Nigeria learn from the Netherlands? (1)

T

he Netherlands at 41,543 square kilometres, is 4.45 percent of Nigeria, which has a landmass of 923, 768 square kilometres. To this end, Nigeria is very big, yet, the Netherlands dwarfs her in agricultural productivity, and this is the starting point for lessons that have to be learnt.

Dutch exports of agricultural goods reached a record level of 91.7 bn euros in 2017, exceeding the previous record in 2016 by more than 7 percent. This was according to Statistics Netherlands (CBS) and Wageningen Economic Research on the basis of joint research commissioned by the Ministry of Agriculture, Nature and Food Quality.

The figure edges up to N100.8 bn euros, when agriculture related goods such as milking robots or machinery for the food industry are added. It is said to be the first time in history this export value has passed the 100 billion euro mark.

Conversely, Nigeria with an estimated 82 million hectares of Arable land, diverse, (mostly) favourable climate, and a 190 million popula-

tion, is nowhere close to the Dutch’s level of productivity. The country’s agricultural exports barely sum up to one billion dollars, which could be described as just one percent of what the Netherlands currently exports.

“Don’t try to copy Holland. There are lessons to be learnt, but there are also ways not to go. Holland is very small, so we have very little land.

We have not too much labour so we really need to go into high tech to be able to grow enough food, and we can afford the high tech because then we can save on labour,” said Rutger Groot, chairman, East-West Seed Knowledge Transfer, and a member of the Supervisory Board EWS BV when he was interviewed earlier this year.

His observations about falling back on technology to compensate for labour costs was seen firsthand on tours to several farms during this year’s Dutch Roots/IFAJ Congress.

But at the same time, the many ways technology would improve Nigeria’s agricultural productivity were very visible.

So, while Nigeria has population to its advantage, the use of

technology by the Dutch needs to be a source of inspiration. Not so much from an end user point of view, but the determination that has seen Dutch agro players leading the way in inventions, which can solve their local problems.

The small country is offering big solutions to the rest of the world because her people make an effort to develop their own solutions, master them, and still sell to the rest of the world.

More importantly, the capacity of Nigeria’s large population has to be adequately developed, in order to be optimally put to use for the country’s growth needs.

The biggest lesson for Nigeria from the Netherlands is determination to outperform the odds. A small country, yet, described as the world’s second largest exporter of food after the United States. Nigeria for many years has expressed the desire to become a ‘leader in agricultural’ output, but so far, there has been very little action, and will (political and individual) towards achieving this.

To be continued next week...

of local farmers. Also, they partner with seed companies or public agencies to ensure that the seeds are distributed at national scale or even beyond borders.

Some even have reached advanced levels of seed production, producing hybrids or early generation seeds.’

Highlighted in Nigeria includes the Jirkur Seed Cooperative Society, which the report notes was set up by a group of community seed producers in Borno State, to continue the sustainable supply of quality seed in the region after an IITA-supported project ended. It was officially registered with the Borno State Ministry of Cooperatives in 2008, with NASC in 2010 and with the Corporate Affairs Commission in 2014. Initially con-

sisting of ten members, it has now grown to 200 members. Its production has also increased, from 50 tons to nearly 1,000 metric tons annually of maize, rice, soybean, cowpea and groundnut seed. NASC certifies and approves the quality of seeds produced for dissemination to farmers and also assists in capacity building.

The second is Badala Azare Farmers’ Cooperative Society, which as at 2016; is the largest seed-producing cooperative in Nigeria, with a total of 250 members. Along with the Jirkur Seed Cooperative Society, it is the only cooperative that is formally recognized as a seed producer. It operates in the northwest, north central and northeast of Nigeria. Seed-production activities focus on four field crops: rice, maize, sorghum and millet. The cooperative reports a total estimated seed production of 400 metric tons a year Also identified is the Agriculture Graduates Association of Nigeria (AGAN), which has begun the accreditation process for the formal seed system. It was established with the aim of mobilizing young graduates to take a lead in sustainable agricultural development in Nigeria. Although AGAN is a national association, most of its activities (extension services, community-based seed production, community-based equipment hiring and commercial farming programs) are developed and promoted in Niger State. AGAN according to the report, has engaged over 500 young farmers and 50 professional members in community seed production. AGAN interacts with both national and international research institutes to source its foundation planting materials. The crops covered include rice, sorghum, maize (PVA), cassava and oil palm.

Group unveils initiative to empower women in agriculture

A

Non-Governmental Organisation (NGO), the Unique Women in Agricultural Cluster Initiative (UWIACI), has been officially launched this week, to influence, inspire, engage and empower women along the entire value - chain of the Agricultural Sector.

Bridget Okonofua, president of Unique Women in Agricultural Cluster Initiative (UWAICI), said in a statement, “The Initiative was envisioned to respond to the leadership, Production, Capacity development, opportunities and challenges confronting women in the same Industry.

“We have been able to reach out to significant number of women, boasting of a membership strength of about 200 members, some of whom are clustering to Co-fund and co-own Agricultural projects in the areas of Piggery, Fishery, Crop Cultivation and Water Melon. We are also planning to add Snail and Cassava Farming to our portfolio of projects.

“In terms of capacity building and farm project enhancement, UWIACI has identified with the

Ayedoto Poultry Farm in Ojo Local Government Area of Lagos State.

The identification process include needs assessment and grant solicitation to generate renewable energy and the production of organic fertilizer” she disclosed.

The President of UWAICI further disclosed that the group which is poised to partner with the local government areas(LGAs) and Government Parastatals (MDA’s towards empowering vulnerable and base line Individuals, especially women, in order to give them opportunities to economically improve their welfare and livelihood.

Okonofua said, “UWIACI is seeking collaboration with both Local and International Agricultural Development Bodies to promote gender equality in the opportunities and facilities available to Practitioners in the Industry, which hitherto has been skewed against the Women in Society.”

She affirmed that UWIACI is ready to fill the gap between the demands and requirements of the sector against the backdrop of diversification mantra championed by the present administration.

BUSINESS DAY

Friday 10 August 2018

25

Hotels Worldlillies, the trendy boutique experience in Ibadan

OBINNA EMELIKE

W

hile some international hotel brands have been coming and leaving Ibadan in recent time for reasons obvious to them, indigenous hoteliers seem to be taking advantage of the situation to entrench their brands.

A drive through major parts of the ancient city reveals a couple of new, quality and indigenously managed hotels springing up to close the gap in the quality of facility and service delivery, which most discerning guests resent.

One of such hotels is WorldLillies Hotel. Going by its world class facilities and architectural design, WorldLillies, which sets in a serene neighbourhood and close to IITA Forest Reserve, is the trendiest boutique hotel in Ibadan.

The trendiness lies in its simple but striking architecture, colourful interior, digitalized services, 24-hours front desk, very personalized offerings, its tranquil setting and modern facilities that aid leisure. The tastefully furnished rooms are inviting, especially the Presidential Suite, which among other facilities also features a kitchenette for private use.

The bar is a melting pot for relaxation and networking over drinks and nuts while the eyes glue on TV screen for further entertainment. As well, WorldLillies parades culinary experts who satiate all tastes buds with their cuisines ranging from African, European to continental.

In an effort to offer a onestop-shop package to guests, the hotel services and facilities are complemented by a world class event centre, about two buildings away, allowing guests to lodge and host events at their convenience. The luxurious multi-purpose venue, which is fully integrated with the highest quality visual and lighting systems, is suitable for a wide variety of events.

The centre can accommodate 800 guests in banquet style, 1500 theatre sitting, while the gallery upstairs is perfect for smaller meetings or seminars for up to 250 guests and can

also be used as a VIP area for banquet dinners, with a capacity of 150 guests.

What also goes for the boutique hotel is the insistence on regular maintenance. Abodun Olatunji, CEO, WordLillies and a Lagos-based legal practitioner, noted that the insistence on quality and maintenance is to change the face of hospitality business in the city, as well as, to attract quality guests to Ibadan.

“Everything here is imported because we want to set a standard. From the design, façade, interior decoration to the room feel, you will see and appreciate the quality”, the newest hotelier

explained.

Considering the huge investment, one wonders why the lawyer sited the hotel in Ibadan instead of Lagos, which is believed to guarantee quick return on investments. But he sees things, especially investment with different eyes.

“I grew up in Ibadan; this place is like my second home. I had my primary, secondary and tertiary education here in Ibadan. I have always wanted to have businesses around the globe not just Nigeria, so, when I conceived the idea of Worldlilies Guest House, the first place that came to my mind was Ibadan and not Lagos.”

Beyond catching up with his place of birth, the lawyer’s choice was influenced by the business potential of Ibadan. “Ibadan is the third most populous place in Nigeria. By 2036, experts have predicted that the population will skyrocket to 11.3million. That means huge business for the hospitality industry. I see Ibadan becoming more robust in business tomorrow”, Olatunji explained.

Truly, business is picking up in Ibadan as the hotel is almost fully booked. “Things are picking up fast. We are few months in our operation here and so far, it has not been bad. Ibadan people are actually more social than we perceive them to be, though we know Lagos is busier.

But whenever people come in here, they are always surprised at the standard of our facilities and that is what we are bringing to the table,” he said.

The lawyer assured on the expansion plan for the WorldLillies brand. Again, hospitality business has always been a thing of passion for him as he felt fulfilled when the hotel started operation early this year against the challenges of the industry.

“The hospitality industry is a huge industry all over the world. I understand that there are many challenges here, but it is never a write off; not in this era of new technologies, tourism and development. Hotels are always in demand as more people are travelling and in need of accommodation; that is why all our facilities are of international standard. What I would say is that the business is capital intensive; so, you have to have patience and a lot of it,” he said.

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

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

Protea Hotel Apo Apartments Address: Ahmadu Bello Way, Apo, Abuja Tel: 09 480 1818

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

Tel: +234 9 4603900, +234 805 7522500

Chida Hotel International Address: Plot 224, Solomon Lar Way, Utako, Abuja Tel: 0810 871 8882

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

206 Hotel Plot 206 Cadastral Zone B02 Opposite Kenuj 02 Mall, Oladipo Diya Road, Durumi District, Abuja Tel: 08119707993 Email: 206abuja@gmail.com

Protea Hotel (GRA Ikeja) GRA Ikeja

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

Gombe Jewel Hotel, 22, Njamena Street, off Aminu Kano crescent Wuse 2, Abuja.

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

26

BUSINESS DAY

C002D5556

Friday 10 August 2018

Nigerian Diaspora filmmaker clips the gun in Nollywood …as Klippers opens today in cinemas Stories by OBINNA EMELIKE

A

fter years of training in film production in the United States of America, and lots of acting roles and short films to his credit, Ofu Obekpa says it is time to step out with his own production.

The Benue State-born filmmaker who is not difficult to spot out in blockbuster movies such as Captain America; Civil War and Black Panther, has experienced a quantum leaping effect in his career.

Passionate about making awesome films, the USA-based filmmaker with certitude, is a prime example of what sheer determination can accomplish in today’s DIY film market.

Ofu sees something different in Nollywood now, an improvement, which the world acknowledges, and is open for collaborations with stakeholders in the Nigerian film industry.

Ofu Obekpa in Klippers

He is opening the collaboration with Nollywood with the release of Klippers; his first movie production, in the cinemas across Nigeria today, August 10, 2018.

Written and directed by Ofu Obekpa, Klippers is an action packed movie laden with thrillers,

My concert will defy traditions, set new records – Humblesmith

R

aised in Abakaliki but found musical fame in Lagos, Humblesmith who also goes by the monica, the Golden Prince of Africa, recently assured that his upcoming Osinachi Concert at Eko Hotels and Suites, Lagos on Sunday, August 12, 2018 will defy traditions and set new records in the music industry.

Many have postulated that the musician is an underdog but the musician believes that the Osinachi Concert is a perfect opportunity to reveal to the world what he can do and how much influence

Humblesmith

he can command.

Joining Humblesmith on stage are top tier artistes, many of whom featured in his recently released album, Osinachi. Some of the names on the album include; Tiwa Savage, Davido, Olamide, Rudeboy, Patoranking and many more. Other artistes not on the album are expected to perform at the concert as well.

The event has also received sponsorship from the Lagos State government, Tummy tummy, PGK and Federal Inland Revenue Services.

Tickets to the show have almost run out, according to sources, but the musician insists that his goal is not just the numbers but the never-seen-before quality entertainment he wants everyone who attends the show to get.

“I have already seen the Osinachi Concert. It has happened already in my mind and with what I saw, it is the best musical concert ever not just in terms of numbers but in relation to the quality of performance, creativity and delivery. We have been having back to back rehearsals all for the success of this show and if those rehearsals are anything to go by, I can assure you that the Osinachi Concert will defy traditions and set new records. I urge everyone to come out on Sunday and let us all have fun at the biggest concert of the year”, he said.

suspense and rated as one of the best action movies produced by a Nigerian in the Diaspora.

In the movie, the multi talented Ofu stars alongside Kevin Nash, a WWE legend and formerly known as Diesel, Uchenna Echeazu, Nigerian international seasoned actor who

is better known as Conphidance and for his role in the Emmy Award winning TV series “Atlanta”, and “The Inspectors”, Libby Blanton, the screen diva (Dark Roads 79, Push), Francine Locke, and the sensational Robert Pralgo (Furious 7, Avengers: Infinity war).

The story unveils an assassin sent by his psychotic employer to kill his ex-wife. In his quest to accomplish the task, he becomes familiar with his target and this makes his mission difficult. His employer is impatient and senses that all is not well. Another hit man comes with an intimidating profile known for zero tolerance to mediocrity in the dark business. A series of events triggers a face off as the race to stay alive begins.

Speaking on the reason the movie is a must-watch, Ofu says, “My team and I paid attention to details to ensure we delivered nothing but the best production considering the fierce competition in the Industry. I knew from the onset that the story and the

screenplay were vital in attracting the right actors for the various roles, which I wrote. This paid off big time as Kevin Nash and other celebrity actors could not resist being part of it”.

However, Ofu remembers his days of little beginning and gives credit to his mentors.

“I also drew heavily from what I learnt in the Film Connection from my mentor, Kevin Christopher of Rite Media in Atlanta”, he says.

Also speaking on why movie lovers should visit cinemas across Nigeria from today to watch the film, Ofu says, “Nigerians will be awed by the top notch production and are assured of having a thrilling experience as they watch the movie on the Silver Screens”.

As Klippers opens in cinemas across Nigeria today, it is further breaking boundaries in the international market as the movie will also be watched by the teeming populace in Czech Republic, Japan, France, Russia, Poland, Brazil, Spain after its Nigerian run.

Seven and a Half Dates tops box office in Nigeria

S

even and a Half Dates, the movie released on August 3, 2018 in all cinemas nationwide is leading box office as the number one Nollywood movie in Nigeria, only second to Hollywood’s Mission Impossible. It has experienced multiple sold out shows in many cinemas across the country.

Opening to critical acclaims and applauses from fans and pundits alike, the movie has been described in some quarters as the movie that is making Nollywood look good. The movie appears to be clearing doubts as to the ability of Nollywood to make quality, highly entertaining and engaging movies.

Reports from cinemas confirmed that audiences at multiple locations give rousing applauses at the end of the movie. In one of the reviews, it was described as the only movie that has matched the credibility of The Wedding Party.

Mercy Johnson, Toyin Abraham, Jim Iyke, Sola Sobowale, Ken Erics, Frank Donga, Bayray Mcnwizu, MC Lively, Roxy Antak, Ali Nuhu and Faithia Williams are the stars whose light shine in the movie.

The movie was number one in many of the cinemas over the weekend but overall number two to Mission Impossible; a testament to the quality.

Mercy Johnson Okojie as Bisola Gomez in the movie

Reacting to the first week success, Samuel Olatunji, media entrepreneur and executive producer of the movie, was full of gratitude, but was quick to point out that it is only one week yet.

“We are looking at the numbers in comparison with any other movie. We are currently number one but this is just the beginning.

We have many weeks to go and our goal is to get as many people

as possible to see the movie while having as many sold out shows as possible. It would be great to topple the Hollywood movie we are second to, as well. We know that we have a great product. We just want to share this product with as many people as possible to establish what Nollywood is capable of”, he said.

The movie is still showing in all cinemas nationwide.

Friday 10 August 2018

C002D5556

BUSINESS DAY

27

Business Etiquette

Movie Review - Mission: Impossible 6 – Fallout (2018) The House of Oni Experience

H

ave you ever being to a silent cinema? I was privileged to witness the premier of Mission ImpossibleFallout at the Genesis cinema Palms mall hosted by house of Oni. The experience was totally mind blowing and it was awesome to walk into a cinema and see people watching the movie attentively with their headsets on and no single noise around.

It is absolutely perfect for those who love to watch movies with no distortion or noise from side conversations, especially from friends who want to discuss and disturb others.

This is for you, when you have loads of people around but yet in your own world of joy, no hindrances just you and the screen. I did enjoy this whole new experience that has being on for a while now, and just gaining grounds. If you do want to catch this experience, you have to follow us for more details, it does happen once a month when a new block buster movie premiers.

It was amazing to have Tom Cruise “Ethan Hunt” back again in this action packed movie, it was total fun from start to finish, I am certain I am going to see this movie over and over again, to get a full grasp of the movie. If you are familiar with Tom, you will know that Tom totally loves acting goes all out to add vigor and excitement to his movies.

He has being the same face for a while now and he is a face that is loved by all. The mission impossible series started 1996 and is a series of American action films that was extracted from the television series Mission Impossible. They have always featured Tom Cruise (Ethan Hunt) as agent of the frictional Impossible Mission Force (IMF). Then we had the others follow in 2000, 2006, 2011, 2015 and the latest edition in 2018. Although they have being loads of critics, this movie has received loads of positive reception around the world and turnout is always huge. They have got a huge marketing budget and the hype always makes it even more appealing to want to go and watch over and over again, this time was no exception at all as our expectations were surpassed, after all what do you expect from Tom? The movie presently is the 20th highest grossing film series of all time, with worldwide earnings of about $2.8b till date. This was released this July and is already soaring high at No 1 in the box office in the first week.

The Mission Impossible 6 was written and directed by Christopher McQuarrie and featured loads of “A” List actors like Rebecca Ferguso, Michelle Monoghan, Ethan Hunt and others, they did put out a very good job and we were all thrilled. We witnessed the comeback of Ethan at 56 with a perfect show of his strength and tenacity, although he did

with Janet Adetu

Becoming a Prized Package- Part 1

W

Cast: Ethan Hunt, Henry Cavill, Ving Rhames, Simon peg, Rebecca Ferguson, Sean HarrisAngeka Bassett, Vanessa Kirby, Wes Bently, Frederick Schmidt, Alec Baldwin etc Genre: Action & Adventure, Drama, Mystery & Suspense Director: Christopher McQuarrie Ratings: PG 13 (for violence and intense sequences of action, and for brief strong language) Written by: Christopher McQuarrie Runtime: 147 mins Studio: Paramount Pictures break one of his legs during the production of the movie, he still had to go on to finish it, I am sure this movie will bring him awards as he did put his very best into it, you could feel his passion and strength all though the movie. So far the movie has done fantastically well by grossing over $61.5 m dollars in the opening weekend, making it his 2nd biggest opening weekend, behind the $64m from Fridays launch of War of the worlds and ahead of Mission Impossible II with $58m This movie started with them showing Tom Crusie and his new partner Henry Cavill who was known as “Walker” in the movie about to jump off the plane in Paris, they were on a mission to find one Man, who would help them unravel the mystery behind some stolen explosives, if allowed to enter into the wrong hands could destroy a full country. Tom had to put up with Walkers arrogance and evil attitude. Little did he know that Walker was actually sent by the bad guys to come and set Tom up and set free the hardened prisoner that he put in jail some time ago?

Tom was absolutely strong and reliable and he fought so hard to make sure that Walker didn’t click on the explosive timers; it would have being a disaster that the whole world wouldn’t have forgotten in a while. They want to blow up a medical Centre with a deadly disease that needed to be contained, allow it spread by water to 3 big populous countries and watch millions of people die. Tom as usual was able to stop the bad guys and destroy the bomb.

He was then commended and

received recommendations for the work well done. What we are really not sure about is whether Tom will feature in one last episode of the Mission Impossible before signing out.

My best scene was at the end when he had to fight Walker tirelessly, push him down the cliff and stop the bomb, these got all the fans clapping and thrilled, they were happy and excited that Tom didn’t lose his life.

To my verdict I would score this movie a beautiful 10/10, because they totally deserved it. The movie was awesome and perfect; they were really few or no faults to hold them down for. We were extremely thrilled and expectations met and even surpassed, you know how you know a good movie?

It’s one that you are willing to watch more than once in the cinema, to get a full grasp of the entire movie. The actions scenes were long yet entertaining and no one got bored, the production was good, the cast and crew, I can go on and on, they just had everything in place and paid full details to the movie. For me all the boxes were ticked. For the action movie lovers and all the fans of Tom Cruise please do not miss this movie as this is a 100% recommendation from me to you, I am certain you would totally enjoy this movie.

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

hen you w a l k through the door in any gathering, instantly we can tell a number of things about you. Believe it or not up to 11 assumptions are made regarding your economic level, education level, social position, exposure level and many more.

It takes seconds to form a good first impression; it may take a life time to get rid of a bad one. Everybody is unique with their own style; the way you present yourself creates your image and that of your business.

People will do business with you based on what they see. Do you look authoritative, approachable or aloof? You are a brand how you package yourself makes a big difference. Attractive packaging will set you apart from competition. Essentially the way you look and carry yourself is your very own Personal Brand.

Believe it or not your self-brand is directly affected by your level of etiquette savvy. Identifying, recognizing and enhancing your personal brand is key today for career and professional success. Putting it all into perspective you can consider yourself as a package that is boxed, labelled and priced both consciously and unconsciously by all.

How do you set yourself apart for distinction, that package that stands tall among the rest.

You want to dawn with seven C’s including character, charisma, charm, class competence, credibility and clout. These will help you build and sustain both your elf and professional image.

Are you a prized package?

Let me leave you with 8 success strategies for becoming a prized package.

8 Success Strategies for a becoming prized package(Self- Branding) 1.Define who you are: How would you feel if you discovered that someone has the same name as you?

Almost like a case of stolen identity.

A friend of mine, a med-

ical doctor had her identity stolen from her by someone who had been using her name for 8 years before she found out. The medical board could not and would not change her name on her qualification by virtue of their strict policy. Her medical career was ruined because that person had a stream of criminal records.

Brand your unique name it should have clarity, consistency and constancy.

Be clear and know who you are and what you stand for. If you are a banker; act like a banker at all times in the business and social settings. Be consistent in the way you communicate your brand when writing or talking or even through emails, text messages or on social media. Ensure that to all who need to see you, you are constantly visible.

• What are your unique attributes • What makes you tick

Style and Dress Sense Be careful to pay attention to detail when it comes to good grooming as nothing goes unnoticed. If you cannot take care of yourself well; in the business world we look at that as one who will not pay attention to projects, assignments and duties. Simple things like wearing a signature fragrance, properly applied makeup (if a lady), wearing clothes that fit the body you have now and not the one you want or wish you had or praying to have. When you wear clothes ask yourself• Do they fit your profession, age and status • Have you considered color coordination • Do you look respectful, reliable and representative of your organization.

• What motivates you No matter how different we appear to be we all have unique characteristics.

Are you determined, dedicated, devoted, (what is most important to you?)

word. It makes all the difference when you do not carry yourself well. Our first impression of you is tied to what we see. 55% of the time, we look at your appearance, body language as well as attitude. Imagine being well dressed at a conference, slouching in your chair and picking your nose. It is about being conversant with the way you sit, stand and walk. Always sit upright, stand erect and walk with a purpose. if you are the boss the worst thing that could happen is if a client were to enter your office and walk right passed you looking for the boss.

Watch out for the remaining strategies in part 2 becoming a prized package.

2.Create and complete a SWOT Analysis: This is quite a familiar term so take time out to : - Identify your internal characteristics that accentuate your strengths - Know your internal weaknesses that you must improve upon - What does the environment offer you in terms of opportunities?

- Do not overlook the underlying threats that could also arise.

Take a moment to honestly assess yourself and find out your swot analysis.

3. Identify your Grooming

4. Watch your Posture Your posture shows signs of body language saying a lot without saying a single

Goodluck Janet.adetu@jsketiquetteconsortium.com

28

BUSINESS DAY

Friday 10 August 2018

C002D5556

Friday 10 August 2018

BUSINESS DAY

29

Sports

Ex-raying 2018/19 English Premier League Season •£1.24 billion spent on players as transfer window ends •Can Man City defend the EPL title?

•Can Liverpool claim their first Premier League title since 1992? •Will Arsenal break back into the top four?

Anthony Nlebem

T

he much-anticipated 2018-19 English Premier League season kicks off today Friday August 10th as Manchester United battle Leicester City. Defending champion Manchester City enters the season as favorite to win the Premier League title with Liverpool looking to be the dark horse.

A total of £1.24 billion have been spent so far and it could exceed the amount, as last minute deadline transfers are imminent and could exceed the record fee of £1.47 billion during the 2017 summer transfer window.

Some of the big questions seeking for answers as the most prestigious and entertaining football league gets underway: Will City defend their title? Can Liverpool claim their first premier league title since 1992? Can Arsenal break back into the top four?

And will Sari transform the fortunes of Chelsea?

Here, in no particular order, we look are the top five potential teams likely to win this seasons premier league.

Liverpool One big surprise could be in Liverpool, the Reds boast of the second-best Premier League side to win it the title.

Jurgen Klopp have made some huge signings in the transfer window and Loris Karius bad form has been addressed with Liverpool breaking the world transfer record for a goalkeeper to sign Brazil No. 1 Alisson for £67m. Naby Keita (£54m) and Fabinho (£40m) have also reinforced the midfield with Xherdan Shaqiri (£13m) adding to Jurgen Klopp’s attacking options.

Still, the main driving force of this

exceptional team is the trident of Sadio Mane, Roberto Firmino and Mohamed Salah. If they all stay fit then Liverpool might even manage to push City close.

Liverpool made it to the Champions League final last year behind an explosive offense that featured Mohamed Salah, who scored 43 goals in all competitions. The Reds has never won the Premier League title since its inception in 1992 and could break the jinx this season.

With the new arrivals at Anfield this season, the Reds could be on their way to claiming the first Premier League title since its inception in 1992.

Manchester City Looking at their historic performance last season and the scintillating results in pre-season, Pep Guardiola’s team could be the first side to retain the Premier League trophy since Manchester United in 2008/09, but will have to battle it

with an impressive and ambitious Liverpool side.

Guardiola inspired City to a record 100 points last season and while replicating that feat, and winning 32 of 38 games again, might be tricky, they showed in the Community Shield win over Chelsea that they will again be the team to beat.

Pep boosted the team with the arrival of Riyad Mahrez for £60m but City are level ahead of team and players like Bernardo Silva and Phil Foden will be looking to have more of an impact this time around. The major concern will be to get a backup for Fernandinho in the holding midfield role. But unless something huge happens, City should retain their title. They have too much class in all areas of the pitch.

Again, Guardiola might want to focus more on the Champions League title after losing to Liverpool in last year’s quarterfinal.

Arsenal The Gunners will be hoping to get back to top four with the arrival of Spanish tactician Unai Emery in charge of activities at the Emirates.

The 46-year-old coach could be the man to return Arsenal to Champions League football. Arsenal have been active in the summer transfer market with arrivals of ; Matteo Guendouzi from Lorient , Bernd Leno from Bayer Leverkusen, Stephan Lichtsteiner from Juventus, Sokratis Papastathopoulos from Borussia Dortmund, Lucas Torreira from Sampdoria.

The Gunners ended their 2017/2018 campaign on a bad note finishing 6th on the log with a disappointing Europa campaign.

Arsenal players have said that Emery is implementing a more rigorous approach on the training ground, with a renewed focus on pressing, tactics and off-the-ball work – all areas, which fell into disrepair under Arsene Wenger.

Returning Arsenal to the Champions League would be a significant achievement for the former PSG boss.

Chelsea The 2017/18 season saw sacked Antonio Conte prioritise Cup competitions over the Premier League. An FA Cup win, the EFL Cup semi-finals saw a reasonable campaign for Conte.

But horrifying heavy defeats against the likes of Watford, Bournemouth and Newcastle United ensured that Chelsea would have to settle for a UEFA Europa League spot.

With the arrival of Maurizio Sarri in the hot seat at Stamford coming with a back of two second-placed finishes in Serie A with Napoli, Chelsea fans are hopeful the Italian tactician return Chelsea to a title winning club, but will need time to adjust to the English brand of football.

The 59-year-old would be aim-

ing to revolutionise their front three, making use of the sheer speed of Eden Hazard and Willian with Alvaro Morata as a central striker.

Chelsea have not been active in the transfer market except for the arrival of Real Madrid midfielder, Mateo Kovacic on a season-long loan, Chelsea also sign Athletic Bilbao goalkeeper Kepa Arrizabalaga on a seven-year contract worth around £72 million making him the world’s most expensive goalkeeper.

Eden Hazard is also linked with an exit. Sarri’s appointment was bold but might face an uphill season, as the new manager will need a season to study and master the tactical and technical style of the English Premier League.

Manchester United Man United finished 19 points behind league winners and local rivals Manchester City last season, but will have to make change to improve the strength and depth of the team. After being knocked out in the Champions League in the Round of 16 against Sevilla, Mourinho’s men will be hoping for a better UCL campaign too.

The arrival of Fred from Shakhtar Donetsk could be a boost to the Red Devils’ cause as the midfield area now looks more composed and solid with Pogba, Herrera and Matic already there.

United already have a great attacking threat up-front with likes of Sanchez, Lukaku, Martial and Rashford, all of whom can score at any point in the game and change the complexion of the match. However, United still need defensive reinforcements to round-up their squad strength.

Jose Mourinho looks to have missed out on a new centre back with no positive transfer news coming from Manchester United today.

Tottenham have also missed out on bringing any additional players to White Hart Lane this summer.

Firms battle for trophy at 2018 Remita Corporate Champions Cup

C

ompanies drawn from various sectors of the Nigerian economy are set to slug it out at the fourth edition of the Remita Corporate Champions Cup (RC3), an annual corporate football tournament, set to commence on Sunday 12 August 2018 at the Sports Pavilion of Yaba College of Technology (YabaTech).

This announcement was made during a press conference on Wednesday, 8 August 2018 in Lagos at the head office of the sponsors, leading Nigerian Fintech firm and owners of Remita, SystemSpecs. In attendance were John Obaro, Managing Director of SystemSpecs; Peter Rufai, brand ambassador of RC3 and former Super Eagles goalkeeper; representatives from the participating organizations ; the organizing partner, Mediavision and reporters from major media outlets.

RC3 is a prestigious football event designed to promote team building,

inter-company networking and wellness among employees from different corporate firms in Nigeria, in a fun and competitive way.

The tourney brings together eight winners and runners-up of various industry games including Banking, FMCG, Insurance and Telecommu-

L-R: Jimi Shogbesan, Chief Operating Officer, Media Vision Limited; John Obaro, Managing Director, SystemSpecs Limited and Peter Rufai, Tournament Ambassador at the 2018 Remita Corporate Champions Cup (RC3) press conference and trophy unveiling.

nications Games, namely: Friesland Campina, Unilever, FCMB, 9Mobile, First Bank, Leadway Assurance, last year’s winner HIS, and wildcard Credit Direct.

In his opening remarks, the Managing Director of SystemSpecs, John Obaro extolled the benefits of the RC3, which is aimed at creating a work-life balance for employees of corporate organizations. “With RC3, Nigerian corporates are mixing business with leisure. It is that one time when professionals, their friends and family take work matters off their minds.

“We hope to engender greater collaborations across Corporate Nigeria and by that very token achieve more successes that would engender greater innovations for the overall advancement of our beloved country,” Obaro said.

The tournament ambassador, Peter Rufai, popularly known as Dodo Mayana also appreciated all stakeholders who have been part

of the tournament. “I appreciate all your support to me and RC3. This is a platform where we look forward to projecting to the rest of the world what is ours. Life is all about relationships and this platform provides the opportunity for relationships to be built even more,” Rufai said.

Unveiling the Trophy and the Draws The new trophy for the RC3 tournament was unveiled at the event.

The silver-plated cup with gold embellishments is called the ‘Koenig Trophy’, meaning ‘A Trophy for Kings’.

The trophy will be retrieved each season and exchanged for a permanent replica. To retain the real trophy, a team will need to win the RC3 for three consecutive times.

In the fixtures for the first four matches, FrieslandCampina would trade tackles with 9Mobile while First Bank would take on the team of Unilever. Leadway Assurance would play against Credit Direct while IHS Towers would face FCMB.

30

BUSINESS DAY

C002D5556

Live @ The Stock Exchange GTBank reports N109.6bn pre-tax profit in H1’18 Stories by Iheanyi Nwachukwu

G

uaranty Trust Bank plc has released its audited financial results for the period ended June 30, 2018 to the Nigerian and London Stock Exchanges.

A review of the results shows positive performance across all financial indices, reaffirming the Bank’s position as one of the most profitable and well managed financial institutions in Nigeria.

Gross earnings for the period grew by 5.9percent to N226.6billion from N214.1billion reported in June 2017.

Profit before tax stood at N109.6billion, representing a growth of 8.4percent over N101.1billion recorded in the corresponding period of June 2017.

The bank’s Loan Book dipped by 10.8percent from N1.449trillion recorded as at December 2017 to N1.293trillion in June 2018, while customers’ deposit grew by 10percent to N2.269trillion from N2.062trillion in December 2017.

The Bank’s balance sheet remained strong with a 5.9percent growth in Total assets as the Bank closed the period ended June 2018 with Total Assets of N3.549trillion

and Shareholders’ Funds of N497.1billion.

In terms of Assets quality, non-performing loans (NPL) ratio improved to 5.8percent in June 2018 from 7.7percent in December 2017.

Overall, Asset quality improved with Cost of Risk of 0.1percent and adequate coverage of 167.5percent for Lifetime Credit Impaired Loans –that is NPLs. Capital remains strong with CAR of 22.04percent in spite of the implementation of IFRS 9.

On the backdrop of this result, Post- Tax Return on Equity (ROAE) and Return on Assets (ROAA) closed at 34.1percent and 5.5percent respectively.

Commenting on the financial results, the Managing Director/CEO of Guaranty Trust Bank plc, Segun Agbaje, said; “In spite of declining yields and the challenges in the operating environment, we have delivered a decent half year result. The quality of this result is built on the strength of our businesses as well as the success of our digital-first customercentric strategy in delivering financial services that are simpler, cheaper and more valuable to our customers’ everyday lives.”

He further stated that “We will continue to focus on consolidating our leading position in all the economies in which we operate by staying committed to build-

ing a business that is both nimble and efficient whilst strengthening relationships with our customers and creating business platforms that provide them with additional benefits beyond banking.”

GTBank continues to be best in class in terms of all financial ratios posted

by Financial Institutions in the Industry as indicated by its Post-Tax Return on equity (ROE) of 34.1percent, Post-Tax Return on Assets (ROAA) of 5.5percent, Cost to Income ratio of 38.8percent, NIM of 9.6percent and PBT margin of 48.4percent.

These ratios are testament to competent and experienced Management and work-force, efficient Balance sheet structure complemented with Operational efficiency of the Bank. In recognition of the Bank’s bias for world class corporate governance standards, excellent service delivery and innovation, GTBank has been a recipient of numerous awards over the years.

These include Africa’s Best Bank for SMEs and Best Bank in Nigeria from Euromoney Magazine, African Bank of the Year from African Banker Magazine, Best Banking Group and Best Retail Bank from World Finance Magazine, Best Bank in Africa for Corporate Governance from Ethical Boardroom Magazine.

Conoil predicts bumper harvest for shareholders as half year profit soars

T

he nation’s total energy provider, Conoil Plc has lived up to its pledge to maintain a growth momentum as the company’s recorded impressive performance in the first half of this year with profit soaring by 29 percent to N809.78 million.

The unaudited half year report of the company released by the Nigerian Stock Exchange (NSE) showed that notwithstanding the tough economic environment, Conoil turnover rose to N54.48 billion in the first six months of this year, 21.3 percent better than the N44.93 billion recorded during the same period in 2017.

Profit after tax rose by 29 percent to N550.6 million from N427.3 million, a performance the company’s management attributed to effective cost management

and aggressive marketing and improved sales.

“The Board of directors is optimistic that barring any unforeseen circumstances, this trend would be improved in the remaining period of the financial year,” the company stated. Earnings per share increased from 62 kobo to 79 kobo, raising the capacity of the company to increase dividend payment and placing it in a good stead to fulfilling its promise to build a stronger financial position and creating higher values for its shareholders.

At its last annual general meeting held in Uyo, Akwa Ibom State, Conoil had assured its shareholders that conscious efforts would be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer manage-

ment.

The company’s chairman, Mike Adenuga (Jr), at the occasion assured the shareholders that the company’s long-term future was guaranteed as it would continue to explore opportunities to deliver solid financial results and increase competitive returns on its shares.

“Our focus will be to further consolidate our competitiveness in the industry, remain committed to explore and develop emerging markets while holding our grounds in areas where we have competitive advantage,” Adenuga had stated.

“Greater attention will be devoted to cutting operational costs in the different segments of our business, while still maintaining and improving the quality of our products and services,” the chairman added.

SEC lauds ASEN launch

T

he Acting DirectorGeneral of the Securities and Exchange Commission (SEC), Mary Uduk has applauded the Nigerian Stock Exchange (NSE) for its doggedness and tenacity that culminated in the formal launch of Association of Securities

Exchanges of Nigeria (ASEN) on Wednesday in Lagos.

ASEN is a non-profit industry association established to accelerate the development of domestic securities exchanges and support the Nigerian capital market to achieve greater global competitiveness.

Membership of the association currently includes AFEX Commodities Exchange (AFEX), FMDQ OTC Securities Exchange (FMDQ), NASD OTC Securities Exchange (NASD), Nigeria Commodity Exchange (NCX) and The Nigerian Stock Exchange (NSE).

Friday 10 August 2018

Friday 10 August 2018

BUSINESS DAY

31

32

BUSINESS DAY

Friday 10 August 2018

C002D5556

BUSINESS SOUTH-SOUTH

COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

PHCCIMA calls for new business direction to hospital practice EFEGADIRIM MADU, Port Harcourt

P

resident of Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA) Emi MembereOtaji has made a case to encourage hospitals to evolve in a different direction that will see them become far more involved as business hubs, orchestrating a wide range of medical and non-medical social services.

According to him, a new innovation in hospital business that will combine the ‘Patient-Hotel’ concept with caregiving to promote medical tourism in the state, has become necessary to promote business, and stimulate the local economy to attract medical tourism among others.

The PHCCIMA helmsman was speaking as chairman of occasion at the 58th annual general meeting and Scientific Conference (AGM-SC) of the Rivers State branch of the Nigerian Medical Association (NMA) held at the NMA Secretariat in Port Harcourt.

Membere-Otaji commended the Rivers NMA for their discipline and professional conduct; saying the theme of the conference; “Healthcare Delivery in Rivers State, a Situation Analysis” was apt, as it would provide an avenue to address critical issues in the health sector.

A former commissioner of Health in Rivers State, Membere-Otaji called

NMA chairman Rivers State, Datonye Alasia; Commissioner for Health with PHCCIMA president, Emi Membere-Otaji and a resource person at the event for proper funding, better security and improved welfare packages for medical practitioners to carry out their duties effectively.

Meanwhile, the Rivers State commissioner for Health, Princewill Chike, in his remark as special guest of honour at the AGM-SC, noted that the huge investment of the State Government in the health sector, which is targeted at providing quality healthcare delivery and making Rivers, Nigeria’s medical hub.

The commissioner stated that the establishment of a Medical School at the Rivers State University, upgrading of the Braithwaite Memorial Hospital to a Teaching Hospital, building of the Mother and Child Hospital and the construction of modern general hospitals

Enugu government builds courts in senatorial zones REGIS ANUKWUOJI, Enugu

E

nugu State Government has embarked on construction of 14 new court buildings and Open Registries for Judicial Divisions and Magisterial Districts across the three senatorial zones of the state.

The governor, Ifeanyi Ugwuanyi, while flagging off the construction of two new court buildings of eight courtrooms each and an open registry for magisterial districts in Awgu Local Government Area, noted that other local governments that would benefit from the new facilities include: Enugu North, Enugu South, Enugu East, Nsukka, Nkanu East, Nkanu West, Oji River, Igboeze North, Igboeze South, Uzo-Uwani and Isi-Uzo. The governor, who was represented by the state commissioner for Information, Ogbuagu Anikwe, said, the infrastructure revolution in the judiciary, the first time in 11 years was to create conducive environment for effective administration and dispensation of justice in the state through provision of suitable infrastructure and essential tools.

“We recall also that, in collaboration with our development partners, we have previously carried out construc-

tion and rehabilitation of court buildings and the provision of essential equipment to some units of the courts across the state,” he said.

He further expressed hope that the measures would help to enhance the dignity of the state judiciary and promote efficiency.

He reiterated the government’s resolve to do all that would be necessary to ensure that judiciar y in Enugu was not just suitably empowered to deliver its mandate as an independent arm, but also ranked among the best in the country.

Earlier the Chief Judge of Enugu, Justice N.P Emehelu commended the Governor Ugwuanyi; saying that the groundbreaking for construction of court buildings was part of a series of projects conceived by the governor towards massive infrastructure developments in the judiciary.

According to the Chief Judge, who was represented by Justice Ruben Onuorah, the present government had constructed new model high courts and magistrates’ court buildings in various judicial divisions and magisterial districts in the state, to reposition the judiciary and place it on a very high pedestal.

in the local government areas would enhance health care in the state.

He commended the Nigerian Medical Association for their contributions to the development of the health sector in the state; and assured the partnership of the state government with the body in effective healthcare delivery.

Earlier in his welcome address, the outgoing chairman of the Rivers branch of NMA, Datonye D. Alasia, restated the commitment of medical practitioners in the state towards quality service delivery. He lauded the state government over its investments in the health sector, and called for the implementation of the health insurance policy in the state.

The NMA chairman also decried the growing spate of insecurity which

medical doctors were exposed to, and advocated for a conducive practicing environment for doctors in Rivers State.

The NMA AGM & Scientific Conference also featured a panel discussion on “The Environment and Health: Confronting Challenges in a Sustainable Way,” where resource persons from diverse organizations advocated on the need to stop the soot ravaging the state.

According to one of the panelists, Eugene Abels, the initiator of “End the Soot Campaign,” a social environmental advocacy group, described as criminal the continuous silence of the Nigerian Medical Association who should ordinarily lead the campaign by highlighting the dangers and effects to the public.

He said the mass of ‘impure’ carbon particles resulting from the incomplete combustion of hydrocarbons in our atmosphere is a menace we will live to regret after. Soot, according to him do not just cause human damage, but also ecological damage leading to least of all, financial loss and most of all hunger and health deficiency. He said infants and children who are still very tender and sick adults with weak immune system stand the greatest risk of being killed by complications from soot. He called for a declaration of state of emergency; even as his group has petitioned the World Health Organization (WHO) over the menace.

Port Harcourt hosts NACCIMA Q3 council meeting EFEGADIRIM MADU, Port Harcourt

P

ort Harcourt, the garden city and Nigeria’s oil hub was in a business mood, since Wednesday when the city’s chamber of commerce, PHCCIMA began hosting for the 3rd quarterly council meeting of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the umbrella organization for all affiliate member-chambers in the country.

The two-day event 8-9 August, took place at the prestigious L.A King Hotels in the state capital, attracting key chambers from the 36 states of the federation and Abuja, the Federal Capital Territory.

Principal officers and members of the organization were also in attendance.

The 3rd quarterly council meeting had deliberated on critical issues affecting the organized private sector in the country, and intensified its advocacies for changes in policies and decisions of government responsible for stifling businesses. A communiqué is being expected from the quarterly meeting.

According to a note Emi Membere-Otaji, president of host PHCCIMA, the NACCIMA national president, Alaba Lawson led a delegation on a courtesy visit to the Governor of Rivers state, Nyesom Wike at the Government House, Port Harcourt.

The NACCIMA team were also at the multi-million naira brewing plant of Pabod Breweries Limited, which has seen northward performances since the erstwhile brewery was bought over by South African brewer, SABMiller.

The national chamber leaders were at the headquarters of Nigeria’s first independent power company, the Port Harcourt Electricity Distribution Company (PHED), which is overseeing the South-South electricity distribution company.

Membere-Otaji informed that the NACCIMA national president and her delegation concluded their visits to notable privately operated business concerns with the Princess Medical Hospital, a five-star multi-specialty signature hospital in Trans Amadi, the high octane industrial layout.

Lottery is legal, real business in Nigeria – NLRC …as Give ‘N’ Take takes off in Port Harcourt EFEGADIRIM MADU, Port Harcourt

T

h e Nat i o na l L o tt e r y Regulator y Commission (NLRC) has reiterated that the game of lottery has been recognized as a credible and legal business in Nigeria; for which it (NLRC) was set up to regulate the operation in the country.

Kate Ibekwe, head, Port Harcourt liaison office of NLRC said proceeds from taxes paid by lotter y operators were being used to finance certain charity projects, especially in the education sector of the country.

She spoke in Ikwerre Road, during the opening of a Port Harcourt office of Give ‘N’ Take, a user-friendly lottery company, which began operations in 2015.

According to the Acting Managing Director of Give ‘N’ Take, Kate Onuoha, they are a world class lottery company based in Abuja, the Federal Capital Territory, with spread across the country.

“We are a fully capitalized Grade A lottery company, with operations based on r i g o ro u s l y t e s t e d l o t t e r y system with proven technology.”

She said they pride as the lottery firm with the highest jackpot of N20 million at the end of 2017 jackpot year.

The Give ‘N’ Take boss informed Port Harcourt residents, many of whom were gathered for the lotter y’s unveiling, that they stand strong chances of winning it big with as little as N5, N20 and N100 or more.

According to her, the lottery company has clearly set itself for the highest ethical standards in operating lottery business in Nigeria, in accordance with the ena b l i n g Ni g e r i a n l aw s, a s well as international best practices in lottery business.

She also assured that they would sponsor some societal projects and activities that would help to further the bond of friendship and good neighborliness among people of different tribes, race, religion and gender.

O nuoha infor me d that Give ‘N’ Take’s games were “ u s e r- f r i e n d l y , d e s i g n e d with our stakers in mind. It is about simplicity, ease to play and winning for everyone,” she said; adding that many winners had emerged in the lofty game of ‘giving back to the society through lottery business.’

Friday 10 August 2018

C002D5556

33 NEWS

BUSINESS DAY

Why kerosene importation, consumption reduced 19% in H1 2018

H

ousehold kerosene i mp o r ts a n d c o n sumption reduced by 19 percent to 110.7 million litres in the first half of 2018 from 136.7 million litres in the same period of 2017, according to the National Bureau of Statistics (NBS) petroleum importation report.

From BusinessDay’s finding, the reason for the decline could be as a result of government’s gas policy to shift to liquefied petroleum gas (LPG) and the gas driven industrialisation policy, according to analysts in the oil and gas industry.

Ayodele Oni, an energy partner at Bloomfield Law Practice, said, “Government is pushing its gas agenda very far. They are using new projects like the 614km AjaokutaKaduna-Kano Gas Pipeline Project to open up or extent the pipelines so that more people will have more access to gas and there is also a lot of investments going into the gas industry so that people can use it to carry out their projects.

“Kerosene is one of the by-products of gas and also expensive. We have a lot of gas in abundance, which is cheaper for us to use. So, why are you looking for a more expensive alternative source?

CHANGE OF NAME

I, formerly known and addressed as William Onoriode Obi now wish to be known and addressed as Williams Onoriode Olori. All former documents remain valid.

General Public please take note.

Gas is cheaper in the long run, more environmental friendly and more competitive for the economy.”

The present administration has been systematically reducing the importation of Household Kerosene in a bid to increase domestic consumption of LPG by various homes across the country.

Vice President Yemi Osinbajo stated in 2016, that Nigeria spent $1 billion as subsidy on kerosene in 2015, and stressed that this was because of the massive dependence on kerosene and firewood by millions of households in the country.

“The government had decided to unlock the domestic LPG value chain as this was one policy that the current administration was passionate about since Nigeria had one of the largest gas reserves in the world,” Osinbajo said at a Domestic Liquefied Petroleum Gas Stakeholders’ Forum in Abuja.

The dependence and importation may further decline as the oil and gas industry is creating an enabling environment that will enable investors contribute their quota towards making Nigeria’s abundant natural gas resources serve as launching pad for the nation’s industrialisation take off.

CHANGE OF NAME

I, formerly known and addressed as Williams Onoriode Obi now wish to be known and addressed as Williams Onoriode Olori. All former documents remain valid.

General Public please take note.

The age of trade wars Continued from back page

some US$12 billion in subsidies to U.S. farmers, which remain an important electoral base for the administration.

The impact on China has been devastating. In the month of July, the Chinese manufacturing sector underwent a significant slowdown.

The stock exchange lost as much as US$2 trillion in a new wave of fear, mania and panic. The Chinese have not taken it lying down. According to the state-owned Xinhua newspaper, ”The United States has repeatedly resorted to threatening and deceitful routines, trying to force China to compromise, both overestimating its own bargaining power and underestimating China’s determination and ability to defend its national dignity and the interests of its people.”

In response, Secretary of State Mike Pompeo remained steadfast on Washington’s push for what they believe would be a fairer trading relationship with Beijing. He was quoted as saying: “President Trump inherited an unfair trade regime where American workers and American companies were not treated reciprocally or fairly by the Chinese, and the efforts of the Trump administration are to right that, to correct that.”

There is no doubt everybody stands to lose in this sordid affair. The IMF warns that if things deteriorate to a full-scale global trade war, it might shave off some 0.5 of total global GDP by 2020.

Investment bankers Morgan Stanley place that figure as high as 0.8 percent. Given that the Chinese growth rate is 6 – 7 % average per annum as contrasted with a low U.S. average of 2.3%, it’s evident that America is more likely to feel the pinch in terms of deceleration than Beijing would.

The ancient Chinese board game of Go provides important clues of what China could do. It is a two-actor game in which the goal is not only to capture territory but also to surround the pieces of your opponent until they are captured. There is a unique situation known as seki (or mutual life) that can arise in the game, whereby two pieces face each other and neither side would consider it advisable to move, as doing so would spell mutual destruction. Chinese generals and sages from Sun Tzu to LaoTzu have played the game of Go as a form of intellectual recreation. But it has crucially important lessons for military strategy as well as economic rivalry and strategic competition.

China appears to be the weaker partner in this game

L-R: Ashok Acharya, chief technical officer,BEDC Electricity plc. (BEDC); Rotimi Adebari, human resources project coordinator, Association of Nigerian Electricity Distributors (ANED); Funke Osibodu, chief executive officer, BEDC, and Abu Ejoor, executive director, commercial, at the media parley with on-air- personalities, online influencers and newspaper journalists across franchise states, held at the corporate head office, Benin City, yesterday

BoI launches N500m Aba finished leather goods cluster financing programme ank of Industry (BoI), has officially launched the N500 million Aba finished leather goods (FLG) cluster financing programme, geared towards supporting shoe, bag and belt makers in Aba, to produce seamless products that can compete favourably in the international market.

The Aba FLG Cluster Financing programme provides affordable working capital credit to qualified members of the Leather Products Manufacturers Association of Abia State (LEPMAAS) with the aim of affording the artians the opportunity to reduce the level of manually completed tasks, by

purchasing small scale production tools.

It will also help improve quality of finished leather products and promote job creation within the cluster.

BOI is executing the programme, which was launched, this week in Aba, in collaboration with the Ford Foundation West Africa and Fidelity Bank plc, its strategic partners.

Ford Foundation as a strategic partner on the programme, would ensure the provision of capacity development activities to the artisans to align with the organisation’s focus, to promote equality, ensure inclusive economic and free expression for citizens.

While Fidelity Bank plc, is the partner deposit money

bank on the programme. The bank will provide bank account opening and management services to the beneficiaries.

About 1,000 artisans in the cluster, comprising shoe, belt, bag and trunk box makers and 10 service providers are expected to benefit in the first phase of the programme.

Successful artisans in the FLG cluster will each get a minimum of N300,000 loan, for working capital, while 10 service providers, would get N10 million loan, each, for procurement of equipment.

BUSINESSDAY checks revealed that not less than 600 entrepreneurs, have already applied for the loan, which is geared towards enhancing their operations

of wits. But it has some crucial options. For one thing, they can devalue the Yuan as a means of offsetting the high prices of Chinese goods resulting from the new American tariff imposition. They can also impose travel restrictions on Chinese citizens going to the United States. For example in 2017, some 130 million Chinese travelled round the world, spending a whopping US$260 billion. The Chinese can also make a call on their US$1 trillion treasury bills which have helped to shore up the US dollar. This latter option must be weighed against the fact that they also stand to lose the value of their investments should the dollar fall precipitately as a consequence of their action.

The Chinese can also cultivate a more insular political economy by concentrating investing in their humongous domestic market. After all, insularity has been more in tune with the Chinese character than their current quest for internationalism.

On the other hand, they may find it more expedient to appease Trump by patronising more US products and opening up their domestic market. This could lead to trade diversion, as countries such as Brazil, Australia and others suffer market share for their own products.

A little-known fact is that

Africa has also been at the receiving end of the new mercantilism. A few weeks ago the East African Community took a decision to ban the imports of secondhand clothing that comes mostly from the United States. They cited sanitary factors as well as the need to develop their own textile and garment industry. Washington replied by flexing its muscles. Kenya and the others capitulated.

Small Rwanda decided they would go ahead with the ban. It is extraordinary that Washington responded by removing Rwanda from the list of beneficiaries of the American Growth and Opportunities Act (AGOA).

Ours is a rather difficult juncture in international economic relations. Anyone who has closely studied the Western system of power as it evolved since the Treaty of Westphalia 1648 knows that no new power is ever accepted into the exclusive club of the greats without a fight. The Chinese, with all their 3 millenniums of civilisation should have understood this better than anyone.

America has exhausted its moral capital and is threatened by fiscal bankruptcy and the prospects of diminished power and influence.

China naively believes it can camouflage its world-historic ambitions even as it invests

US$2 trillion in its multinational New Silk Road, rolls out its Made in China 2025 project and consolidates its commercial hegemony over the developing world while sabre-rattling in the South China Sea. There is no disputing that America is within its rights to redress trade imbalances that it has with China or any other country. But it needs to do so within the framework of diplomacy, reciprocity and mutual obligations through existing international institutions such as the WTO, imperfect though they are. Lest we forget: the Smoot-Hawley tariffs unilaterally imposed by the United States in the 1930s led to trades war and beggar-thy-neighbour policies that plunged the world into depression; culminating in the rise of extremist ideologies such as Nazism, and, ultimately, World War II. Our best hope is that the leaders of Europe and the rest of the civilised world will work with China and the new economic powers to bolster a rules-based international trade system that guarantees a more stable and prosperous global order. The world is in dire need of leaders who understand the imperatives of securing a more orderly system of international economic relations within the framework of a more just and more peaceful global order.

GODFREY OFURUM, Aba

B

The World Cup winning ...

Continued from back page

mitted a crime, he was an immigrant. When he won the World Cup, he was a ‘Frenchman’. He called up a ready example of the absurdity. A young Malian immigrant who climbed ‘like Spiderman’ up five storeys of a building to rescue a baby was instantly made a ‘Frenchman’ by President Macron. If he had dropped the baby, he would have been – yes, an immigrant, according to Trevor.

Of course, for any honest discussant, there was another side to the story. If those African footballers had not somehow found themselves in France, their chances of winning the World Cup would have been virtually zero, realistically. Africa, let’s not forget, and no matter how hurtful it may be to have to acknowledge it, is still a land of poor governance, failed leaders, and rampant corruption. From Nigeria with a Sports Minister who appears not to know anything about anything, and an coach of the Super Eagles who was recently caught on video collecting a bribe in a sting operation, to the Cameroons, where the father of Kylian Mbappe, the young ‘French’ man who emerged as the superstar of the whole World Cup, told the story of how he wanted his son to play in the Cameroonian team, but could not afford the bribe he was asked to pay for the ‘favour’, which was why he ended up playing for France! There is an undoubted opportunity to being French, and there is an undoubted ‘opportunity cost’ to being African.

In the end, it is not just about the colour of the skin.

The truth is that Africa has to get beyond the cheap theatrics of claiming heroes nurtured by others to providing a climate suitable for the grooming and nurturing of its own talents and heroes at home.

34 BUSINESS DAY NEWS

C002D5556

Politics weigh on stocks as index drops to 10-month...

Continued from page 1

cent to close at 36,232 points, its lowest point since October 2017.

The NSE Index has now shed 2,010 points this year losing almost N600 billion in market capitalization since the start of the year.

Banks who populated the chart for top performing stocks last year have struggled to lift the market again this year.

Nigeria’s largest listed lender, Guaranty Trust Bank (GTB) released half-year results on 8 August with profit after tax coming at N96 billion which was 14.2 percent higher than the N84 billion reported in the comparable period of 2017.

The bank also proposed an interim dividend of 30 kobo per share with dividend indicated yield of 0.8 percent.

Similarly, Zenith Bank on 6 August released half year interim results showing profit after tax of N82 billion, which was 8.5 percent higher than the comparable profit of N75 billion as of June 2017. The bank had also proposed a dividend of 30 kobo per share resulting in a dividend yield of 1.3 percent. Both financial institutions are known to be the most profitable banks in the country.

However, the release of their interim results has failed to lift the market as concerns over the rising level of political uncertainty in the country overwhelm positive investor sentiments.

Stocks have fallen 5.3 percent so far this year, after climbing 42.3 percent last year.

“The increasing uncertainty in the Nigerian political environment has a huge effect on investment as investors are pulling out,” Christain Orajekwe, a Research Analyst at Cordros Capital, told BusinessDay. “Also offshore participation in the local market has dropped significantly.”

Topping stocks that declined yesterday was Mobil Plc which dropped 5.56 percent to close at N170 per share. FBN Holdings fell 4.52 percent to N9.50 while Zenith Bank dropped 0.63 percent to close at N23.6.

Other top decliners were Fidelity Bank, Transcorp, Diamond Bank and FCMB, all down more than 4 percent. Nigerian Breweries, the local unit of Dutch brewer Heineken, shed 2.9 percent.

Abdulrauf Bello, investment research analyst at WSTC Financial Services told BusinessDay that the bearish performance of the market is not affected by investors’ earnings but by macro-economic issues.

“They include, political tensions and capital outflow although, political tensions is the major factor that affects the market as investors do not like to be locked-in to equities in a period close to elections as they are unsure of who will win,” Bello said. Second-quarter earnings have been mixed, with most lenders posting declines in loan growth, citing a weak economy, while several consumer goods companies have recorded lower profits.

Newly-listed fertiliser firm Notore reported a wider loss before taxes for the nine-months to June.

Its shares have remained flat at N62.50 with low trading activity since listing on NSE last week.

Political developments ahead of an election next year, in which President Muhammadu Buhari is seeking re-election, have also dented investor sentiment, analysts say.

With the political upheaval dominating conversations on the trading floor, the index may continue to be more responsive to political noise than company fundamentals at least until the election next February.

Meanwhile Lasun Yusuf, Deputy Speaker of the House of Representatives, has announced that the National Assembly will reconvene on Tuesday, August 14.

He disclosed that the agenda will primarily be the presidential request for virement of funds for the operations of the Independent National Electoral Commission (INEC) for the 2019 polls.

Yesterday a group of political parties raised alarm over attempts to freeze the bank accounts of Senate President Bukola Saraki.

The parties numbering about 45, also revealed fresh plots to impeach the Senate President. They stated this on Thursday in Abuja when they paid a solidarity visit to the Senate leadership.

Speaking on behalf of the political parties, National Chairman, National Unity Party (NUP), Perry Opara, condemned Tuesday’s siege on the National Assembly by operatives of the Department of State Services (DSS).

Continues on wwwbusinessday online.com

Friday 10 August 2018

Ambode shifts Blue line rail completion...

Continued from page 1

Government is now considering 2022 as the new completion date and flag off of commercial operations of the rail system, from Mile 2 to Marina (CMS) (just the first phase of the project) , BusinessDay can authoritatively report.

It was learnt that the state government is at the verge of signing a deal with a foreign firm to co-fund the completion of technical and electrical aspects components of the light rail system after which the first phase operations would begin in 2022.

“That is the plan; that is the way it will go and I don’t see anything upsetting it this time around,” a source who craved anonymity, told BusinessDay, on Thursday, adding that the state governor, Akinwunmi Ambode is already studying documents relating to the expected agreement to be signed any moment from now. “Once the governor gives his approval, that’s it,” the source added.

If Governor Akinwunmi Ambode wins his second term bid, it means that the rail system will start rolling one year to his exiting power in 2023.

The Blue Line rail system whose cost was put at $1.2 billion and currently undergoing construction on the Lagos-Badagry corridor is one of the six rail lines and one mono rail captured under the Lagos strategic public transportation master plan developed by the Lagos Metropolitan Area Transport Authority

(LAMATA), a World Bank-assisted agency of the state government, established by the former governor, Bola Ahmed Tinubu.

Other rail lines captured in the transportation master plan and identified by colours are Red, Yellow, Brown, Green and a mono rail.

Other modes also incorporated in the master plan to cater to the growing population of the mega city are 14 Bus Rapid Transit (BRT) routes, 21 waterways, and three cable car lines which forms the Lagos intermodal transpiration system. However, implementation has been and remains a challenge, as private investors are yet to fully key in and finance the projects.

The $1.2 billion 27.5km Blue Line rail project for example has been delayed as government complains of paucity of funds, and difficulty associated with the terrain which slows down construction work.

The 27.5 Blue Line rail (Okokomaiko to Marina on Lagos Island) was awarded in August 2009 and was meant to be delivered in 36 months (by August 2012). It has, however, suffered setbacks and undue delays due to what concerned authorities attribute to funding challenge, difficult terrains slowing down construction work, and sourcing for a credible concessioner who will run the system for a period of 30 years.

The first phase of the construction covering seven kilometres Continues on wwwbusinessday online.com

N72bn Apapa-Oshodi road rebuilding project...

Continued from page 1

by the Dangote group according to authoritative sources from the Federal Government.

Recall that the Federal Executive Council (FEC) signed off on the

contract award two weeks ago amidst growing outcry for government to take a decisive step towards resolving the traffic gridlock in the port city of Apapa which has grossly affected return on investment and other businesses.

Against this backdrop, the Federal Government is also assuring that the reconstruction of the vital artery, the L-R: Emeka Ngwakwe, inspector of police, representing police public relations officer Lagos command; Francis first in almost 40 years will be comNelson, executive director finance and admin, NPF Microfinance Bank plc; Akin Lawal, MD/CEO, and China Wosu, head of credit operations, both of NPF Microfinance Bank, during the 25th years anniversary of NPF Microfinance pleted in two years.

“As you know, the project and the Bank press briefing in Lagos, yesterday. cost was not provided for in the 2018 budget and what we have done is to get the Federal Executive Council approval for the funding to come from Continued from page 1 their own players going the other charge. future taxes to be paid by Dangote The arrivals of Naby Keita, Fa- way until the end of August. group”, Babatunde Fashola, Power, more cash before the deadline binho, and most recently Xherdan Premier League clubs spent passes. But while big fees have Shaqiri, have seen the Reds spend a record £1.47billion during the Works and Housing minister told Businessday in an interview. been paid out, many clubs have over £100m already.

2017 summer transfer window as According to him, “I am in touch recouped large fees for their stars, There are one or two surprises the total expenditure surpassed making their overall net spend ap- in the list, with West Ham the 2016 record, when the £1billion with the president of the group Aliko Dangote and we are confident that the pear very healthy.

Premier League’s second-highest threshold was smashed for the first job will be completed in 24 months.

Liverpool and Chelsea are spenders so far and Tottenham yet time, by almost £300m.

It is a very important breakthrough among the biggest net spenders, to do any business at all.

Manchester City splashed the because as you know, there has been while West Ham and Fulham have Chelsea on Wednesday, August most cash in 2017 summer, with shelled out hefty fees on big state- 8th signed Kepa for a record fee of an outlay of £217.3m - primar- no meaningful work done on that road since it was built decades ago.” ment signings this summer. ily on defensive signings Kyle £71.6m for a goalkeeper.

The contract was awarded to Meanwhile, Manchester UnitTottenham have become the Walker (£50m), Benjamin Mendy ed boss Jose Mourinho is frus- first Premier League side in history (£49.2m), Danilo (£26.9m) and Dangote Construction company trated with a lack of signings, as to make no signings in a summer goalkeeper Ederson (£34.7m) - in which is the same firm rebuilding the board has refused to splash transfer window since it was intro- addition to midfielders Bernardo the dilapidated Wharf road in Apapa and there is also the chance that the money to reinforce the squad.

Silva (£43m) and Douglas Luiz duced in 2003. company will seek to speed up the Rafael Benitez has bemoaned Managers have to work with (£10m). work by bringing in sub-contractors Newcastle’s profit-making busi- the players until January 2019, but Below are list of top ten Pre- to handle sections of the road. ness. having the window close so early mier League teams ranked by net Up until the time of filing this Liverpool have splashed the compared to previous seasons spend during the 2018/19 sum- report, the traffic situation caused most cash in this season summer means European clubs now have by the proliferation of tankers and transfer window after spending the opportunity to court Premier mer transfer window. trailers on the ever busy and very £167.9m on four top quality sign- League talent without the threat of Continues on wwwbusinessday online.com strategic Oshodi-Apapa Expressway ings to reinforce the Reds’ title

Premier League clubs spend £1.24bn on players as transfer...

has remained chaotic.

Almost on daily basis, the situation continues to grow both in size and scale as articulated trucks going into Apapa have laid claim to the highway by converting every inch of space as their parking lot.

Speaking with our reporter on Thursday, Daniel Japheth, a civil engineer who relocated his Apapa office to Ikeja in 2016 as a result of the perennial gridlock regretted that, the current challenge on the Apapa road has its roots in the past.

He stated that top on the list of major causes of the gridlock is the location of tank farms in areas along the road with facilities storing imported petroleum products. Apart from losses incurred by businesses as a result of the gridlock, security issues remains of paramount concern as commuters and other motorists are being robbed of their valuables by criminal elements while in traffic.

Between Tin-Can Island port and extending to Sunrise Bus Stop, there are a number of them as hundreds of tankers arrive at these facilities daily to lift petrol and diesel.

On daily basis, there are also containers terminals that allow in a high number of obsolete and nonroadworthy trailers, coming to pick up or drop containers and in the process compounding the situation and inflicting misery on other road users.

Bothered by the gory tale of traffic logjam along the ApapaOshodi corridor, Vice President Yomi Osinbajo was in Lagos about

three weeks ago during which time he gave marching orders to the relevant authorities for the trucks to be cleared out of Apapa roads.

Continues on wwwbusinessday online.com

Politics & Policy Friday 10 August 2018

C002D5556

BUSINESS DAY

35

We may consider e-voting for future elections, says INEC INIOBONG IWOK

T

he Independent National Electoral Commission (INEC) has disclosed that it may consider adopting electronic voting in future elections in the country if it was the only option that could sanitise the electoral system and guaranteed free and fair elections.

Michael Igini, INEC resident electoral commissioner in Cross Rivers State, stated this while fielding questions at the third annual symposium/public lecture organised by the United Action for Change (UAC) with the theme: ‘Democracy without internal party democracy, a myth’, which was held at the Lagos Airport Hotels, Ikeja yester-

day, noting that the commission would study the system and also consider strategies for its effective utilisation.

He stressed that the commission was aware of agitations by Nigerians for the introduction of electronic voting, but added that it was being hampered by logistics and infrastructure.

“We are aware of agitations for electronic voting by some Nigerians, but it is something we are looking into for future elections.

Right now we are making progress with the card reader, we can now transfer result with this current system and we can give result in the poling units,” Igini said.

According to him, “Evoting would happen in future; it is what we would consider, but we are being

Yakubu

Osun 2018: Parties panic over vote-buying, demand ban on mobile phones at polling booths BOLADALE BAMIGBOLA, Osogbo

R

epresentatives of nearly all the political parties participating in the September 22, Osun governorship election have demanded that mobile phones be barred within voting areas to put an end to the menace of votingbuying.

Niyi Owolade, representing People’s Democratic Party (PDP) governorship candidate; Alfred Adegoke, governorship candidate of Socialist Party of Nigeria (SPN) and Sunday Babawale, running mate to the governorship candidate of Providence People’s Congress (PPC), all demanded outright ban on mobile phones within voting point.

Adegoke, while speaking accused INEC of usually

conniving with the security agencies and major political parties to aid vote-buying at polling centres.

He said in the last governorship election in Ekiti state, voting-buying could have been prevented by the electoral body and security agencies, if they actually wanted to.

He added that many voters during Ekiti governorship election, photographed their ballot papers, which they showed to agents of some big political parties, to collect money after voting.

He advised that for the outcome of Osun election to reflect the true wish of the people, mobile phones should not be allowed.

Speaking in the same vein, Niyi Owolade and Sunday Babawale also said some parties

hampered by infrastructure and logistics.”

The INEC commissioner said that there had been significant improvement in the electoral system since the introduction of card reader, adding that rigging and manipulation of the election result had significantly been checked.

On the increasing trend of vote-buying in the country, the commissioner stated that politicians in the country had adopted other forms of rigging because the card reader had been able to check rigging in recent elections, while charging Nigerians not to allow themselves to be used.

“Vote buying has been there over the years but it is now pronounced because we have checked rigging with introduction of card

were planning to station their agents near ballot boxes, who would be monitoring voters that have already been contacted, to ensure that after voting such voters would, without drawing attention of security agents, reveal his or her allot papers for confirmation.

Responding, INEC Resident Electoral Commissioner for Osun, Segun Agbaje, said before Osun election, the Commission would make definite pronouncement on the use of phone around voting area.

He promised to inform INEC headquarters about the resolution of parties that use of mobile phones should not be allowed around voting area and that more security personnel should be deployed to voting area to frustrate any attempt to buy or sell votes.

Kogi Assembly playing script of Executive arm - SDP alleges VICTORIA NNAKAIKE, Lokoja

T

he Social Democratic Party (SDP), Kogi State chapter, has accused the state House of Assembly of playing the script of the Executive arm of government by declaring vacant the seat of the immediate past speaker, Umar Ahmed Imam.

This was contained in a press statement issued to newsmen in Lokoja on Thursday, describing the action of the legislators as illegal and a rape on democracy.

The SDP called on all lovers of democracy to condemn the action which was equally described as a vindication of opinion of many Kogites that the state Assem-

Kwara APC reads riot act to Bolarinwa over caretaker seat SIKIRAT SHEHU, Ilorin

T

he All Progressives Co ng re ss ( A P C ) in Kwara State has read riot act to Bashiru Bolarinwa, who is parading himself as caretaker chairman of the party and his accomplices.

The party in a statement signed by its state publicity secretary, Sulyman Buhari said by their unlawful actions, they are walking the road to jail.

It made reference to a recent court order which asked Bolarinwa and others or their agents to stop parading themselves as chairman

or executive members of APC caretaker committee in the state.

The statement reads: “It is a matter of public record that the issue of the leadership of All Progressives Congress is settled with the affirmation of the Kwara State High Court that the Ishola Balogun-Fulani-led State Executive Committee (SEC) has a constitutional mandate of four years that will elapse by 2022.

“The public is also aware that in the suit number KWS /292/218, filed before the court of Justice T. S. Umar, the judge granted an express order that restrained Mr Bashi-

ru Bolarinwa and his agents from parading themselves or performing any function or duty specified for members of the executive committee of the APC either individually or collectively as members of the executive committee of members of purported caretaker committee of the APC in Kwara State.”

The statement further read, “In spite of the above stated court order, the attention of the leadership of APC in Kwara State has been drawn to reports indicating that Bashiru Bolarinwa is still parading himself as chairman of a caretaker committee the court of law

reader, they are now inducing Nigerians from the polling units, but Nigerians must not be selling their conscience” Speaking further on recent controversial local government elections in some states, he said that the commission lacked the power to supervise state’s electoral commissions, while describing recent local government elections as a rape on democracy.

“INEC lack the power to check the states’ electoral commissions; they only come to us to collect voters register, and refuse to use card reader for their elections, except Sokoto State. Some of the elections conducted by the state’s electoral commissions are riddled with fraud; it is a rape on democracy,” Igini added.

has dismissed as unlawful and non-existent.

“As a matter of fact, Kwara APC has a chronicle of unlawful actions of Bolarinwa and his agents. Such unlawful actions constitute contempt of court. By their unlawful actions, they are walking the road to jail.

“Meanwhile, Kwara APC wishes to declare and reiterate that Mr Bolarinwa has neither legitimacy nor authority to act on behalf of the All Progressives Congress in Kwara State. We invite the media, the general public and particularly all members of APC in Kwara state to note this fact.”

bly was a rubber stamp of the Executive.

Indah Abdulrahman vowed that SDP would join hands with its candidate for Lokoja/Kogi National Assembly bye-election, Umar Ahmed Imam, in seeking redress in court.

The SDP has attributed

Ahmed Imam

the alleged kangaroo action of the state House of Assembly to a popular African saying “pot calling kettle black”, wondering why the incumbent Speaker, Prince Mathew Kolawole who decamped from the People’s Democratic Party (PDP) to All Progressives Congress (APC) could have the moral authority to preside over a matter he is personally guilty of.

The state chairman then called on the electorates in the state to prepare to vote out the All Progressives Congress (APC) come 2019, while assuring the people of Kogi that SDP candidate for the National Assembly bye-election scheduled for Saturday 11th August will emerge victorious.

Atiku condoles Dickson over mother’s death

A

tiku Abubakar, a former vice president and presidential aspirant for the ticket of the People’s Democratic Party (PDP), has condoled with the Governor of Bayelsa State, Seriake Henry Dickson over the death of his mother, Gold Coast Dickson.

Atiku said in a press statement on Thursday that the news of the loss of the Bayelsa State governor’s mother came to him

with shock.

“The loss of a dear one not least a mother can be very emotional. We must accept that Mama died as a fulfilled heart, having gifted our great country with a great a son like you,” he said.

The former Vice President prays for the repose of soul of the deceased and for God to grant the bereaved family the fortitude to bear the loss of its matriarch.

Friday 10 August 2018

FT

C002D5556

BUSINESS DAY

A1

FINANCIAL TIMES Turkey’s lira hits new low despite pledge of ‘new economic model’

Children among dozens killed in Saudi-led air strike in Yemen

Page A3

Page A2

World Business Newspaper

Pakistan lines up $4bn loan from Saudi-backed bank Islamabad moves to restore currency reserves when Imran Khan takes over as PM Farhan Bokhari & Kiran Stacey

P

akistan plans to borrow more than $4bn from the Saudibacked Islamic Development Bank as part of its attempts to restore dangerously low stocks of foreign currency.

Two officials have told the Financial Times that the Jeddahbased bank has agreed to make a formal offer to lend Islamabad the money when Imran Khan takes over as prime minister.

They added that they expect Asad Umar, Mr Khan’s proposed finance minister, to accept.

“The paperwork is all in place,” said one senior adviser in Islamabad. “The IDB is waiting for the elected government to take charge before giving their approval.”

The person added that the loan would not cover Pakistan’s expected financing gap of at least $25bn during this financial year but was “an important contribution”.

Mr Khan, Pakistan’s former cricket captain, is expected to take over as prime minister in the coming days after his Pakistan Tehreek-e-Insaf party won the most seats in last month’s election — though it fell short of an outright majority.

One of his first jobs will be to repair the country’s balance of payments problem, with high imports and stagnant exports having bled the country of much of its foreign exchange reserves.

Speaking to reporters in Islamabad this week, Mr Umar, who served as the PTI’s shadow finance minister while in opposition, warned: “The situation is dire. We’ve got $10bn dollars of central bank reserves, we’ve got somewhere between $8bn and

$9bn in short-term liabilities, and therefore your net reserves are close to nothing.”

Officials have already drawn up plans to borrow up to $12bn from the International Monetary Fund — though such a bailout is likely to come with strings attached, such as a demand to see the details behind billions of dollars’ worth of Chinese loans.

Mr Umar is therefore exploring what other options remain open to him, of which the IDB loan is one. Officials said the loan would be used mainly to pay for oil imports, with higher crude prices having contributed to Pakistan’s problems.

One official at the Pakistani central bank who has been involved in negotiations with the IDB said the loan had the backing of the Saudi government, “which wants to play a part in rescuing Pakistan from its present crisis”.

Islamabad and Riyadh have moved closer in recent months after Pakistan agreed to send an undeclared number of troops to “train and advise” security forces there. The Pakistan government insists that the soldiers will not be used to fight in Yemen however, something the Saudis had previously requested.

Despite the promise of money from the IDB, economists warn that Mr Khan’s new government will still have to enact potentially unpopular spending cuts and tax rises to help repair the government’s balance sheet.

“The budget deficit shot up to about 7 per cent of gross domestic product during the last financial year,” said Waqar Masood Khan, a former finance ministry official. “Bringing that down to the target of 4 per cent is not going to be easy.”

Tesla short-sellers remain steadfast on stock slide Investors with negative positions say they do not believe Musk can pull off buyout Lindsay Fortado

I

nvestors betting that Tesla shares are poised for a drop remain undeterred by a jump in its stock price following a claim by co-founder Elon Musk that he has “secured funding” to take the electric carmaker private.

Shares in Tesla rose nearly 11 per cent to roughly $380 on Tuesday after Mr Musk tweeted he was considering a buyout, but reports that the US Securities and

Exchange Commission was probing whether his announcement violated securities law tempered the run. Shares closed down 2.4 per cent on Wednesday at $370.34.

The amount of Tesla stock that was in short positions— negative bets on the price — has been mostly steady since the company reported earnings last week, according to data from IHS Markit.

“We saw a small net increase in new Tesla borrows intraday today, Continues on page A2

Imran Khan is expected to take over as Pakistan’s prime minister in the coming days © AP

Russian shares and rouble hit by US sanctions

Washington steps up action against Kremlin over Skripal poisoning in UK Henry Foy & Kathrin Hille

T

he Russian stock market fell on Thursday and the rouble hit a two-year low after the Trump administration prepared sweeping new sanctions against Russia in response to the poisoning of a former Russian agent on British soil.

Moscow Exchange’s benchmark dollar-denominated RTS index shed 3.5 per cent in early trading on Thursday to its lowest level since April, while the roubledenominated MOEX index fell as much as 1.5 per cent. The rouble weakened to 66.7 to the dollar, the lowest since August 2016, before easing slightly to trade at 66.2 at 11.15 Moscow time.

The slide in Russian assets came after the US government said late on Wednesday that new sanctions would be applied

against Russia from August 22.

The measures, which would block Russian state imports worth hundreds of millions of dollars, were a response to the poisoning of the British citizen and former Russian agent Sergei Skripal and his daughter Yulia with a military-grade nerve agent in the UK in April.

The UK has called the attack on the Skripals the first offensive use of chemical weapons in Europe since the end of the second world war and blamed the Russian government. The incident has already severely strained Russia’s ties with western countries, triggering tit-for-tat expulsions of large numbers of diplomats.

Following Britain’s argument that the attack was a state-sponsored chemical weapons attack, the Trump administration said the sanctions would be enacted

under the Chemical and Biological Weapons Control and Warfare Elimination Act (CBW Act).

Washington demands that Russia provide “reliable” evidence that it is no longer using chemical or biological weapons and allow inspections by the UN-backed chemical weapons watchdog.

The US said that if Moscow failed to comply with those demands, another set of “more draconian” sanctions would follow.

Among the Russian entities that could then be targeted is Aeroflot, the airline, which US officials said could find itself with a ban on flights to the US if the new sanctions failed to elicit a response from Moscow. Shares in the airline fell as much as 12.3 per cent to touch the lowest price since August 2016, before recovering some of those losses to trade 6.4 per cent lower at 11.15.

US tariffs risk hitting highest levels for 50 years, says ECB Europe’s central bank signals concern about impact of Trump policy on global trade Claire Jones

T

he European Central Bank has warned that US tariffs are in danger of reaching their highest levels for half a century as its concerns mount about the impact of Donald Trump’s trade policy on eurozone growth.

The ECB said in its latest monthly bulletin on Thursday that “downside risks to the global economy have intensified” after the introduction of protectionist measures by the US and China last month and the threat of further retaliation.

“If all the threatened measures were to be implemented, the average US tariff rate would rise to levels not seen in the last 50 years,” the central bank said. “These developments constitute a serious risk to

the outlook for global trade and activity in the short to medium term.”

The US introduced the first round of tariffs on imports from China on July 6. Since then, the world’s two largest economies have unveiled titfor-tat measures that cover $100bn in bilateral trade. This includes the two countries’ announcement this week that they would impose 25 per cent tariffs on $16bn of each other’s goods from August 23.

The central bank indicated it was especially worried that a US investigation into whether it should impose tariffs on imports of cars and car parts would lead to new barriers to trade.

Mr Trump has threatened EU car manufacturers with such tariffs, although they are now on hold after he held a conciliatory meeting with

Jean-Claude Juncker, European Commission president, last month.

“Should it result in protectionist measures, [it] could particularly affect Canada, Japan, Mexico and South Korea as well as key economies in the European Union,” the ECB said of the US investigation into the auto sector.

“Complex supply chains could further amplify the adverse effects of protectionism on the world economy.”

The ECB maintains that the risks to the outlook for growth remain balanced, despite the trade war. Mario Draghi, the bank’s president, has said the main risk is that the trade tensions dent confidence, pushing companies to delay investment and the hiring of new workers.

A2

BUSINESS DAY

C002D5556

NATIONAL NEWS

FT Tesla short-sellers remain steadfast on...

Who could fund Elon Musk’s Tesla buyout?

Continued from page A1 suggesting a minimal change in shares short,” Samuel Pierson, director of securities finance at IHS Markit, said on Wednesday.

Hedge fund manager and longtime Tesla bear Mark Spiegel, at Stanphyl Capital, said no one believed Mr Musk could secure funding to take the company private.

“Clearly we all believe there’s an extremely low probability he can get that deal done,” he said. “He can’t do it with debt, the financials are too horrible. So it’d have to be equity, and there’s not enough stupid money to buy this company at an $80bn valuation.”

He added: “The only reason to cover it was if we thought there was a high probability he can get a deal done, and I don’t. This morning, it was trading at $380, so the upside risk is $40. The downside is $380 if he goes bankrupt, which I think he will.”

European luxury carmakers including Audi and Mercedes are all set to debut electric sport utility vehicles, which will create unprecedented competition for Tesla, he said.

“The best quarter you’ll ever see from Tesla is the one we’re in now,” Mr Spiegel said.

The spat between the shortsellers and Mr Musk has grown increasingly public as the Tesla chief has repeatedly fought back.

Last week, he took a dig at David Einhorn, the Greenlight Capital boss, whose short position in Tesla was his second-biggest loser in the second quarter.

“Tragic. Will send Einhorn a box of short shorts to comfort him through this difficult time,” Mr Musk tweeted.

Jim Chanos, the founder of Kynikos Associates and one of the most renowned Tesla bears, said the short positions “are actually one of the stock’s best valuation drivers, in my opinion”.

“One of my theories is that [Musk] will use this circus (of his own design) to suspend his second-half 2018 guidance, which many found suspect, anyways,” Mr Chanos said in a note on Wednesday morning. “The clue is in his letter, where he discusses ‘making difficult decisions’ that might affect quarterly results. Yet, according to Musk, profits are about to skyrocket! Which is it?”

“There’s one million reasons” to short Tesla shares, said Christopher Irons, the founder of Quoth the Raven Research. “You can start with the fact that the company just posted its largest net loss in history and that, if the CEO is serious about going private at $420 per share, the upside is now tapped and the risk is all on the downside.”

“Put simply, I still don’t believe in the company’s ability to be consistently profitable and I still believe that its valuation is way too high,” he added. “If I lose by the company being bought out or taken private by somebody willing to pay this valuation for it, I can make peace with that.”

He, for one, has skin in the game: in a tweet, Mr Irons said: “If $TSLA finishes the week under 300 I’ll get a ‘funding secured’ tattoo”.

Friday 10 August 2018

Wide range of heavyweights populates picture of plan to take carmaker Arash Massoudi, Peter Smith & Eric Platt

A

Children injured in the air strike are treated by a doctor in Saada © Reuters

Children among dozens killed in Saudi-led air strike in Yemen Red Cross says 29 children died in attack that will deepen scrutiny of Riyadh’s tactics Andrew England

C

hildren travelling on a bus were among dozens of people killed on Thursday by Saudi-led coalition air strikes in northern Yemen.

The vehicle was hit as it transported the children in Dahyan market in Saada province, according to the International Committee of the Red Cross. The ICRC said on Twitter that the hospital it supports in the area had received the bodies of 29 children, all aged under 15, and a further 48 wounded, most of them children.

Abdul-Ghani Nayeb, head of a health department in Saada, had earlier told Reuters that 43 people had been killed and 61 wounded in the strikes.

The attack will increase scrutiny on the tactics used by the Saudi-led coalition, which backs Yemen’s exiled government and is fighting Houthi rebels that control northern parts of the country.

The war has triggered what aid workers describe as the world’s worst man-made humanitarian disaster. The Saudi-led coalition has been widely criticised for the high civilian death toll as markets, hospitals and weddings

have been hit by air strikes since it intervened in Yemen’s civil war in 2015.

More than 3,200 civilians were reportedly killed by coalition forces between March 2015 and August 2017, according to a UN human rights report.

The conflict has morphed into a proxy war, with Saudi Arabia and its allies accusing Iran of supporting the Houthis and supplying the rebels with sophisticated missiles that are fired at Saudi cities and oil infrastructure.

The coalition said its air strikes in Saada targeted “the militants” who were responsible for a missile attack on Jizan, a Saudi industrial city near the kingdom’s border with Yemen. The rebel movement said it fired a missile at Jizan on Wednesday. The missile was intercepted by Saudi Arabia’s defence systems, but fragments from the missile killed one man and wounded 11 others, the coalition said.

Colonel Turki al-Malki, a coalition spokesman, said Thursday’s air strikes in Saada “conformed to international and humanitarian laws”, according to a statement on the Saudi state news agency. The statement accused the Houthis of using children as human shields.

The Houthis have fired dozens of missiles at Riyadh and other Saudi cities since the coalition intervened in the conflict, most of which have been intercepted.

The rebels have vowed to step up their attacks and target Saudi oil facilities. An attack on a Saudi oil tanker last month caused Saudi Aramco, the state oil company, to suspend oil shipments through the Red Sea for about a week.

Fighting in the war escalated after the coalition launched a large offensive in June to retake the Hodeidah port. Almost 70 per cent of Yemen’s imports, including humanitarian aid, are shipped through Hodeidah and a nearby Red Sea port. The offensive stalled amid warnings from aid groups that the fighting would worsen the humanitarian catastrophe in a country where the conflict has already pushed more than 8m people to the brink of famine.

The coalition says Iranian missiles are smuggled through Hodeidah. Tehran denies that it arms the Houthis.

The UN has been struggling to find a diplomatic solution to end the fighting around the Red Sea port.

Oscars to add popular film category, cap telecast at 3 hours Mamta Badkar

T

he Academy is updating the format of its ritzy annual awards show to introduce a new category for popular films and make it more globally accessible, it said on Wednesday, as it seeks to lure viewers back to the Oscars telecast.

The Academy tweeted that changes will include a new category around achievement in popular film and cap the duration of the telecast at just three hours. It has also set an earlier airdate of February 9 for the 2020 ceremony, having delayed it to March this year.

A glut of awards and long acceptance speeches have often seen the Academy Awards broadcasts near the four-hour

mark, leaving viewers bored.

A memo to Academy members showed that some categories will be presented live in the Dolby Theatre during commercial breaks, with footage edited and broadcast later in the evening. The memo stated, “We have heard from many of you about improvements needed to keep the Oscars and our Academy relevant in a changing world.

The Board of Governors took this charge seriously”.

The move comes after the 2018 Academy Awards brought in the smallest television audience in its history, with viewership of ABC’s broadcast falling 19 per cent from a year ago to 26.5m. Those figures do not reflect viewing through digital or mobile services.

Debate has intensified over

the movies that get nominated by the Academy compared to the ones that generate the most box office success and are popular with American and global movie-goers. Hollywood had a dismal 2017, and much of the momentum this year has been driven by popcorn superhero movies like Black Panther, Avengers: Infinity War, and Ant-Man and the Wasp, along with other big action hits like Mission Impossible: Fallout.

The decline in viewership has also come as the Academy faces criticism for its attitude towards race, with social media protests under the hashtag #OscarsSoWhite going viral following the omission of notable work by African-Americans in recent years.

s pressure mounts on Tesla founder Elon Musk to detail his plan to take the company private, the Financial Times looks at the potential sources of funding.

Japan’s SoftBank Pros: History of daring tech investments Cons: Sense that Tesla is overvalued; regulatory obstacles Thanks to its near-$100bn Vision Fund, Masayoshi Son’s SoftBank is linked to most tech deals. SoftBank has made aggressive moves in ride-hailing where it owns stakes in Uber, China’s Didi Chuxing, Brazil’s 99, India’s Ola and south-east Asian group Grab.

In May, it also unveiled a plan to invest up to $2.25bn in General Motors’ self-driving car unit.

However, people close to SoftBank tell the FT that the fund considers Tesla to be overvalued and there are no indications it wants to invest. Even if it did want to add Tesla to its stable, SoftBank might face an obstacle in the form of the Committee on Foreign Investment in the US (Cfius), given its close links to China and record of previous hold-ups on other deals.

China’s Tencent Pros: Strong appetite for big dealmaking Cons: High level of regulatory scrutiny under Cfius climate Tencent, the giant internet group behind the WeChat messaging service, has been undeterred by a crackdown on Chinese dealmaking into the US. Last year, it acquired a 5 per cent stake in Tesla, paying about $1.7bn. Other high-profile stakes include a position in Snap, the US social media company, and Sweden’s Spotify.

This ravenous dealmaking has dented its financial firepower — it swung from net cash to net debt of Rmb14.5bn ($2.1bn) in March — and its shares have suffered this year, but it retains a market value of more than $440bn. It is unclear, however, whether a further stake acquisition would require Cfius approval and a fuller participation in a take-private is likely to trigger opposition.

Sovereign wealth funds Pros: Largely unrivalled war chests; taste for tech investments Cons: Cfius concerns and other regulatory limitations Saudi Arabia’s sovereign wealth fund has quietly built a near 5 per cent position in Tesla in recent months, the FT revealed this week. That makes the Public Investment Fund, the vehicle being used by Saudi’s powerful crown prince Mohammed bin Salman to diversify his country’s economy, a logical investor. The PIF has $250bn of assets under management and a goal of reaching $400bn by 2020. The fact that the PIF has already expressed interest in buying primary shares in Tesla before it acquired the shares in the secondary market suggests there may be willingness to do more.

However, the Cfius concern also applies here.

Friday 10 August 2018

C002D5556

BUSINESS DAY

FINANCIAL TIMES

A3

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Turkey’s lira hits new low despite pledge of ‘new economic model’ Currency falls after meeting in Washington fails to show progress on US rift Ayla Jean Yackley, Roger Blitz & Adam Samson

T

h e Tu rk i s h l i ra dropped to a new low against the dollar, losing 4 per cent on Thursday, despite government promises of a new economic plan, as pressure mounted on Ankara to reassure investors and resolve an escalating dispute with the US. After a Turkish delegation to Washington failed to show progress towards the lifting of US sanctions, the lira fell to an all-time low of TL5.488 against the dollar. The currency has now lost more than 30 per cent since the start of the year, including a decline of 7.6 per cent in the past six trading days.

Ankara said Berat Albayrak, finance minister, would announce a “new economic model” on Friday and suggested that the government would seek to cool the economy to address investors’ concerns about unbalanced growth and excessive dependency on short-term funds from abroad.

The statement fell short of reassuring the markets, with the sell-off resuming after the finance ministry made its announcement.

In an interview with Reuters, Paul Gamble, a senior analyst at Fitch, the credit rating agency, said Turkey needed to halt the lira’s slide quickly. “The key pressure point is the weak currency,” he said.

Turbulent times for the Turkish lira Investors have signalled deep concern about the consequences of the rift with the Trump ad-

ministration and Washington’s imposition of sanctions on its Nato ally, and about the stewardship of the economy under President Recep Tayyip Erdogan and Mr Albayrak, his son-in-law.

But there was no indication on Thursday morning that talks at the US state department had made progress on settling Turkey’s dispute with Washington, which centres on Ankara’s detention of a US pastor. Turkish media reported that the delegation, headed by a deputy foreign minister, had returned to the country on Thursday.

The US sanctions, against Turkey’s justice and interior ministers, remain in place — a highly unusual step by Washington against a Nato ally.

In an emailed statement, the finance ministry said it planned to hold the budget deficit this year to less than 2 per cent of gross domestic product and that it expected growth next year to be between 3 per cent and 4 per cent, less than its previous forecast of 5.5 per cent growth for both this year and the next.

The ministry said it expected the current account deficit, which was 5.6 per cent of GDP last year, to be less than 4 per cent next year and that inflation, currently about 15 per cent, would return to single digits in “a short period of time”.

It also said it did not believe Turkey’s banks or companies faced foreign exchange or dollar risks, despite market concerns about Turkish corporates’ level of debt. “The Turkish banking system is in a position to effectively manage, as it has in the past, financial volatility with its robust capital structure and balance sheets,” it said.

BT switches from copper upgrades to full-fibre broadband Decision comes as government changes internet strategy for UK Nic Fildes

B

T has cut back its plans to upgrade 10m copper broadband lines after the government abandoned its previous view that adequate internet speeds can be achieved by improving the current network.

Openreach, the BT division that owns the national network, will now upgrade 5.7m copper lines to its G.fast technology in the next two years, compared with 10m previously, according to a letter to its customers. G.fast claims to double the speed of a copper line.

Meanwhile, Openreach will also install 3m full fibre lines, where fibre-optic cables run directly to households, in the same timeframe, an increase of 1m over its original target.

The government launched its Future Telecoms Infrastructure Review at the end of July, which

pivoted away from an upgrade of the copper line network and committed to rolling out 15m full fibre-optic connections by 2025, with the rest of the country following by 2033.

Openreach under pressure on fibre BT has been under significant political and regulatory pressure to focus on full fibre cables, with critics pointing out that only 4 per cent of buildings in the UK are connected to such lines, compared with nearly 90 per cent in Portugal and more than 70 per cent in Spain.

BT has been accused by its rivals of spending billions of pounds on sports rights to bolster its pay-TV business while underinvesting in the country’s broadband network.

A spokesman for Openreach said it was already connecting 10,000 premises each week to fullfibre lines, but that it would continue to upgrade copper because it was quicker and less disruptive.

Turkey expects growth next year to be between 3 per cent and 4 per cent; its previous forecast was 5.5 per cent growth © Getty

Japan begins to embrace the 100-year life Tokyo is waking up to the huge implications — as well as opportunities — in healthcare, finance, housing and technology of an ageing society Leo Lewis

W

hen The 100-Year Life first appeared in mid2016, the book about longevity and societal change sold only modestly in the west. Some took it as an inspiring road map, some as a warning, some as a niche-interest read for human resource departments or pension specialists.

But when the translated version was published in Japan a few months later, it hit the world’s most aged nation like a jolt of electricity.

To Japan, the book’s central thesis — that individuals, institutions, government, finances and infrastructure need urgent preparation for a time when millions can reasonably expect to live for a century — touched the rawest of nerves. It became a huge bestseller, transforming the public debate and crystallising what had been a murky discussion of demographythemed hopes and fears.

That clarity has spurred the country, where 27 per cent of the population is over 65, half is over 50 and deaths have exceeded births for more than a decade, into a grand show of action.

Sceptics maintain that it is no

more than that — a show. But like a grandfather finally admitting that he needs bifocals, Japan has embraced the idea of the 100-year life as an overarching policy directive. It has long seen the more terrifying implications of that in surging healthcare costs and the emergence of “dementia towns”, where a fifth of residents are suffering from cognitive decay. But the potential upsides are also now receiving attention. In 2017, consumption expenditure rose most strongly in the over-59 age group.

Young Japanese may husband their yen carefully; seniors are spending more on meat, cars, smartphones and package tours.

Brokers have identified three related “buy” calls: companies that run nursing homes or dispatch caregivers, manufacturers of robots to help or replace Japan’s greying workforce, and fitness centres that focus on gym fanatics in their latter decades. Japan’s decision to embrace the 100-year life, joke brokers, is the call of the century: it remains to be seen whether it can ever pay off.

Florian Kohlbacher, an author of extensive research on Japanese demographics, is one of many experts struck by how late this burst has come. Japan is very clearly at

the global forefront of ageing, he says, and should be a clear leader in developing the policies and products that demands.

“Most of the future we don’t know, except for demographics . . . so [if] we know what is going to happen, why don’t we act?

[Japan’s] population has peaked out, it’s shrinking— you’d assume this is the number one topic that you address. But why do we not see more action taken? One reason is, we still, today, look at ageing as a problem, rather than an opportunity,” says Mr Kohlbacher.

The negative take is compelling. A 2017 book called Future Chronology also sold extremely well and paints Japan’s future as a yawning chasm between “the coming reality and the current state of public and private-sector planning”. Masashi Kawai’s grim vision of millions of crumbling, vacant homes and tower blocks becoming “nursing homes in the sky” suggests the number of annual births falling below 1m in 2016 should have rallied people sooner. He guesses that technology cannot address the shortfall and predicts a time when Japan is not only short of crematorium space, but lacks the monks to administer the last rites.

London’s economy shrugs off effects of Brexit vote Employment in the capital is growing faster than elsewhere but the housing market is a concern Gavin Jackson

L

ondon’s economy has largely shrugged off the effects of the Brexit vote as activity and employment are growing faster in the capital than elsewhere, according to a report by the Centre for London, a think-tank.

The capital, which had an economy of £408bn in 2016, recorded the second highest proportion voting that year to remain in the EU after Scotland. Its professional service companies, banks and asset managers are thought to be some of the most

at risk to any change in trading arrangements. London also attracts some of the highest levels of EU migration of anywhere in the country.

Resentment at London’s dominance of the UK economy and politics is also thought to have been one of the driving forces behind the vote to leave; some Brexit advocates predict it could reorient growth away from the capital.

These five charts show how the fallout from the vote is affecting London’s economy.

London’s economy is growing slightly faster than the rest of the

country Recent purchasing managers’ index surveys point to slightly faster growth in the capital than the rest of the country in the second quarter of 2018 after a sluggish 2017 and weak start to the year.

PMI surveys ask businesses about output, new orders, employment and prices; they do not directly measure growth. A score above 50 is said to indicate growth while anything below indicates contraction.

International migration has fallen while internal migration out of London has accelerated.

A4

BUSINESS DAY

C002D5556

Thursday 09 August 2018

Friday 10 August2018

C002D5556

BUSINESS DAY

A5

A6

BUSINESS DAY

C002D5556

Thursday 09 August 2018

Friday 10 August2018

C002D5556

BUSINESS DAY

A7

A8

BUSINESS DAY

C002D5556

Thursday 09 August 2018

BUSINESS DAY

C002D5556

NEWS YOU CAN TRUST I FRIDAY 10 AUGUST 2018

Opinion The age of trade wars

T

he United States, with a GDP of US$20.1 trillion and China with US$14 trillion, constitute the world’s two dominant economies. Judged by purchasing power parity (PPP), some analysts would put the two economies at par, although significant differences remain in terms of per capita incomes and level of technological development.

The mandarins in Beijing are always wary of such comparisons, preferring to pursue their national goal of quiet and “peaceful development�.

America and China control not only a third of the world’s total wealth; they also account for the bulk of its international trade and investments.

According to the Office of the U.S. Trade Representative, by year’s end 2016, US-China trade stood at US$648.5 billion. The balance was overwhelmingly in favour of Beijing which exported US$478.8 billion into the American market while taking in only US$169.8 billion worth of goods and services from the United States. Chinese exports to the U.S. comprise mainly of goods and manufactures (US$462.6 billion) as against US$115.6 billion of goods from the United States. The goods trade deficit has been in favour of China to the tune of US$347

billion. The overall volume of services trade between the two countries amounted to US$70.3 billion, of which Chinese exports to the U.S. stood at a mere US$16.1 billion while exports from the U.S. into China amounted to US$54.2 billion, giving the U.S. a surplus of US$38 billion. While China enjoys a goods trade surplus against the United States, the latter enjoys a services surplus against Beijing, albeit at a much lower scale.

With its open liberal macroeconomy and spendthrift habits, the United States has become the world’s largest debtor, with an external trade deficit exceeding US$600 billion and a national debt that currently stands at a staggering US$21 trillion. China, on the other hand, has a trade surplus with all its trading partners of the order of magnitude of US$509.71 billion.

With its strong exports drive, combined with a conservative exchange rate policy, China has managed to accumulate a war chest in terms of external reserves that stand at a staggering US$3.112 trillion as of June this year.

During the electoral campaigns in the race for the White House and during his swearing-in as President in January last year, Donald J.

Trump did not mince words in warning that he would take every measure to redress what he regards as an iniquitous trade imbalance between the United States and China.

Among the first decisions he took was withdrawal from the Trans-Pacific Partnership (TPP). Although he is yet to do it, he also warned that he would revise the North American Free Trade Area (NAFTA) to ensure a more balanced trade partnership in favour of the United States.

True to his word, this year opened with a round of new tariffs against America’s major trading partners, particularly China, the EU, Canada and Mexico. It all began in March with Trump slamming tariffs worth US$3 billion on Chinese exports. Almost immediately, Beijing retaliated in an equivalent amount of punitive tariffs on American exports into China. In the following month of April, Washington announced another round of tariffs on Chinese exports, this time to the tune of US$50 billion. Beijing reciprocated to the same order of magnitude. By July, Trump again slammed another round of tariffs against China, amounting to US$34 billion. Ditto from China.

What is particularly worrisome is that the administra-

HumanAngle FEMI OLUGBILE 3K\VLFLDQ SV\FKR SURÂżOHU DQG HVVD\LVW

T

he other day, the comedian and Talk Show host Trevor Noah got into a bit of a tiff with the French Ambassador to the USA. At issue was a joke about the French team that had just won the football World Cup in Russia. The world’s news media were awash with images of celebrating French citizens thronging the Champs Elysees.

Trevor had remarked, tongue in cheek, that the French team was really an African team.

Of course, on one level, the large number of black players in the French team might be held to be reflective of contemporary reality in France, and to a lesser extent of other European nations, especially the United Kingdom. The countries which had a tradition of colonizing other countries and races, have ended up being ‘colonised back’ by

THE NEW WEALTH OF NATIONS tion in Washington has not made explicit what it would consider a fair trade balance between the two countries.

Nobody is even sure what they precisely want. According to some sources, President Trump wants to see reduction by more than US$200 billion of the trade deficit between the two countries. Others speculate that he wants nothing less than imposition of tariffs on Chinese exports worth US$500 billion.

Similar tariffs have been slammed against the EU, Canada, and Mexico, with different levels of retaliatory responses by those countries.

The EU has imposed retaliatory tariffs on US jeans, Bourbon Whiskey and other goods worth 2.8 billion. Canada has imposed countermeasures worth US$12.5 billion on US steel and on products such as yoghurt, whiskey and coffee. Mexico on its part has imposed 25% more tariffs on American steel and on products such as cheese and pork. Last week, EU Commission President Jean-Claude Juncker, visited Washington to do some damage control.

He has promised to buy more US soybeans as well as LNG, in exchange for which Trump has agreed to hold back on additional tariffs while they continue to explore the way

forward.

So far, China has borne the brunt of this new trade war. Some 25% of tariffs have been imposed on semiconductors coming from China; chips that are crucial inputs in the manufacture of television, computers, smart phones and cars. Tariffs have also been imposed on a wide variety of Chinese products ranging from nuclear reactors to plastics and dairy making equipment. About 90% of all the goods on the U.S. tariff list are principally intermediate goods that are crucial in U.S. manufacturing and the capital goods sector. The Chinese have given as much as they have received by way of countermeasures. Matching tariff level by tariff level, China has targeted 545 products in agriculture, automobiles, medical products, coal and petroleum.

As these things go, the impact is being felt on both sides.

Automobile giant Daimler has warned that their earnings forecast for this year will be “slightly below the previous year� because new taxes will reduce sales in the Chinese market. Ford, General Motors, Fiat Chrysler and Tesla are all reeling under the impact of this new trade war. Jaguar Land Rover, Britain’s biggest automobile manufacturer,

of dilution of their national stock and culture, a sense that the immigrants might take away jobs and housing that are not even enough for ‘indigenes’, and a sense that the threat of terrorism, already present in their countries – especially from

sentiment appears to have become more popular with the masses, and the fringe has taken on a mainstream presence. In some countries, they have won elections outright, or become major coalition partners. Other issues have helped to bring matters to a head, such as the referendum in the United Kingdom which committed the country to ‘Brexit’ – an exit from the European Union, and the emergence of Donald Trump as President of America. Another truth was that even the most liberal of citizens recognized that there could not be totally unlimited and unregulated immigration, and people seeking to become citizens of any country at a minimum would need to empathize and identify with the core values of that society.

It has not been the most ‘innocent’ of public discussions, of course. At the heart of the whole ‘nationalism’ movement in the USA, as in the countries of Europe, is a hard core of racialist sentiment that resents the presence of non-white peoples, period. They disdain their humanity, and are opposed to their further presence in the public space. Such sentiments are probably not newly minted, but expres-

The World Cup winning French (African?) Team the races whose countries they invaded. In everything but name, these European countries were already multiracial, multi-cultural entities, even if they originally started from supposedly pure Aryan stock.

The dislocations caused by recent wars and challenging conditions in Africa and parts of the Middle East have led to a huge wave of emigration. In addition, there were hundreds of thousands of people fleeing war and suffering in Syria and Afghanistan, heading for Europe. They were predominantly Muslim, while their presumptive hosts on the European mainland were predominantly Christian.

This latter-day wave of immigration, more than any other issue, has influenced politics in Europe and America in the recent

At the heart of the whole ‘nationalism’ movement in the USA, as in the countries of Europe, is a hard core of racialist sentiment that resents the presence of non-white peoples, period decade. While many liberalminded people take a compassionate view of the issue and are willing to welcome refugees and be their brothers’ keepers, an increasing minority are worried about welcoming large numbers of ‘strangers’ onto their shores.

The dimensions of the problem, for the people who are opposed to immigration, include a perceived threat

Islamic extremists – such as ISIS, would be multiplied if hordes of immigrants were allowed in. An ideological hard edge has always existed on the subject in these societies, advocated and represented by ‘far-right’ parties, such as Jean Marie Le Pen’s party in France, and UKIP in the UK. In the past few years what was previously regarded as ‘right wing’

OBADIAH MAILAFIA 'U 0DLOD¿D LV D IRUPHU 'HSXW\ *RYHUQRU RI WKH &HQWUDO %DQN RI 1LJHULD D GHYHORSPHQW HFRQRPLVW DQG SXEOLF ¿QDQFH H[SHUW ZLWK D '3KLO IURP 2[IRUG REPDLOD¿D#JPDLO FRP WH[W PHV-­ VDJHV RQO\

has reported a loss for the first time in 3 years, citing the fact that customers are delaying purchases to see how things will pan out. Coca Cola has announced that it would have to increase prices in the North American market to compensate for higher freight and metal prices. Chinese countermeasures in the farm sector have forced the Trump administration to provide Continues on page 33

sions of long-suppressed racism which has now been rendered safe to express in the backlash to the first black presidency in the USA, and the ascendancy of the obnoxious Mr. Donald Trump.

This was the context in which Trevor made his joke about the French team.

The French ambassador might have been better advised to see the joke and leave well enough alone.

Instead he felt compelled to ‘stand up for the Republic’.

The world champion team, he said, in an official letter to the comedian, was a French team, not an African team. If there were members who were of African origin, or even Arab origin, they had been assimilated into ‘French-ness’ and were effectively as ‘French’ as – well, even President De Gaulle (these were not his words!).

His well-meant riposte merely provided fresh grist to the young comedian’s mill. ‘French-ness’ – he remarked, was a gift the French felt free to dispense when it suited them. Most black Frenchmen lived in high crime, low income ghettoes in Paris and its suburbs.

When a black man comContinues on page 33

Published  by  BusinessDAY  Media  Ltd.,  The  Brook,  6  Point  Road,  GRA,  Apapa,  Lagos.   Ghana OIÀFH Business  Day  Ghana  Ltd;͞  ABC  Junction,  near  Guinness  Ghana  Limited,  Achimota  –  Accra,  Ghana.  Tel:  +233243226596:  email:  PDLO#EXVLQHVVGD\RQOLQH FRP   Advert  Hotline:  08034743892.  Subscriptions   01-­2950687,  07045792677.  Newsroom:  08169609331 (GLWRU $QWKRQ\ 2VDH %URZQ.   All  correspondence  to  BusinessDAY  Media  Ltd.,  Box  1002,  Festac  Lagos.  ,661

Women’s Hub Friday 10 August 2018

BUSINESS DAY

Floral wears for this season Vox pop:

Is public breastfeeding appropriate?

ADaORa MBELU-DaNIa a compendium of creativity

Before dating someone, shouldn’t you do some findings?

Editor’s note

W

elcome to another educative and enlightening edition.

Our cover personality and Leading Woman for this week is the phenomenal Adaora whose sense of creativity has taken her far and wide.

We share with you on floral designs and how you can match it to suit your style.

What is your view on public breastfeeding? find out what different people said as gathered by Desmond.

For Chinyere Okeke, you must find out enough information about who you intend to date.

We share on how to make Red Velvet cake among other informative stories.

Enjoy!

BUSINESS DAY

Friday 10 August 2018

Leading Woman is achieved. All our programs were created because we know how tough it is for businesses to figure out how to position their brand to really get results from their marketing efforts. After working with businesses collectively for over 15 years, we developed SoDA so that business owners could access effective training that gets them the results they need - Brand Equity, Sales, Awareness, Lead Generation, and much more. We teach a principle that we call “Decisive Advantage” it allows people and brands to Stand Forward, and be picked before people get to the market.

Kemi Ajumobi Biography daora Mbelu-Dania is currently a Director at Trellis Group (@trellisgroupco). Trellis group is a group of companies in the brand development and experiential marketing space that has worked on several projects across various industries, with brands such as Microsoft, Google, Sterling Bank, Union Bank, Techno Oil, Lagos State Government, Nokia, Diageo, Absolut. Trellis is also home to Nigeria’s Foremost Graffiti Artist, Osa Seven, Professional Violinist, GodwinStrings, Media Personalities, Denola Grey, and Tobi Bakre.

Adaora has a passion for innovation and a belief in the power of creativity to achieve extraordinary business results. She moved to Nigeria in 2008, and found that there were so many young Nigerians in the creative sector that were unable to harness their creativity and build sustainable brand/business structures - Trellis group bridges this gap. Prior to forming Trellis Group, she has worked as a content director on the following projects - United Nations World Tourism Conference, Nigeria Centenary Awards, International Conference On Peace & Security. She has also worked as the project manager for Freemantle Licensed TV Shows, Nigerian Idol and Nigeria’s Got Talent, where she was responsible for managing various aspects of the show – business, brand, and production. Adaora was also the Corporate Communications Manager for OSMI during the 2010 World Cup where she managed all communications on the broadcast rights for Nigeria.

Prior to moving to Nigeria, Adaora was a Credit Analyst at Citigroup, where she received an award for outstanding sales, and team spirit. In 2017, Adaora was mentioned in Entrepreneur Magazine’s “11 Africans that are changing the business landscape in Africa.” She was also Nominated in the “Entrepreneur Of The Year” and “Prize For Media Enterprise” Categories of the Future Awards Africa.

She has been featured among Nigeria’s Under 40 CEO’s, and Top 30 Under 30.

A

What do you consider before the decision to work with a client?

With the projects we work on, we choose our clients as much as they choose us. Many times we focus on the people behind the projects. We have been through the start-up phase where we’ve worked with people and projects that we didn’t necessarily have a heart for, because it was profitable. However, we are now at a stage where we measure value very differently. These days, we choose peace of mind over financial gain. I know it’s a bold statement to make, but it’s factual. I’m not as concerned about quantity, as I am about quality. Hence, a lot of our business is either return business, or by referral.

How important is branding and how detrimental can the lack of it be?

I believe that branding is a very important part of every business. It’s important to understand that people buy into extensions of themselves and their life’s story. As a business, you want to be consistently chosen by the people you exist for. You want them to buy you over and over again and make you a part of their beautiful story. For this reason, you must develop a brand strategy that positions you in such a way that when they consider their journey and what elements perfectly fit in, they think about you. Branding isn’t solely about logo design, or visuals, as much as it is about making a promise, and keeping to that promise.

Aside her academic and professional accomplishments, Adaora has a passion for community development. She is the founder of Socially Africa (@sociallyafrica), a foundation that gives back to the community through several initiatives.

What is your definition of the Nigerian brand in comparison to what it is now?

The Nigerian brand in my opinion is Resilience and Opportunity. The promise Nigeria makes is that it will teach you how to pursue success against all odds. If nothing else, this is something Nigeria has truly shown me. I’d also say that our brand is centred around opportunity- contrary to popular opinion, I truly believe that Nigeria is a land of opportunity. The lack of structures and processes is what makes it difficult to truly harness the opportunities that exist.

However, we are flowing with opportunities across various sectors and industries.

She believes in sharing her knowledge, and also helping teams operate at optimal capacity. She currently conducts brand and productivity trainings through Trellis School Of Decisive Advantage.

One of Adaora’s philosophies is the importance of living a purpose driven life, and using as many of her gifts as possible. As a result, she finds several mediums to express to her creativity. She is an Actor, Poet and Rapper who expresses herself through a part of her that she calls LUMINA. Where it all began Growing up was interesting for me. My family background provided diversity of thought. My parents are from different racial and cultural backgrounds, and this provided an opportunity for me to understand diversity very early in life. Hence, I keep a very open mind, and this allows me to forge relationships with people without bias

Adaora Mbelu-Dania, a compendium of creativity for their backgrounds. I consider myself more open minded than many people. I’m also the last child, and only girl in my family, hence, I built confidence and strength really early in life.

What is it about the creatives that endears you?

I try to stay away from the tag of “Creative” vs “Non creative”. I believe that everyone is born with some level of creativity. Some people are just more. I focus primarily on teaching people how to harness this creativity to solve problems, and produce great work. The understanding that creativity can be used to solve problems is what truly endears me.

Hence, I am super passionate about the results, and not so much the idea.

Kemi Ajumobi kemi@businessdayonline.com

Graphics by Samuel Iduh

Friday 10 August 2018

Share more on Socially Africa and your involvement In 2015, my co-founders and I had a discussion around the importance of giving back to the community, and the concern that many young people are waiting till they have millions and consider themselves financially successful, before they start to engage in community development. We de-

cided not to sit and complain, but to take actionable steps to rallying people together to solve some of the problems we had identified in our communities. We want to serve as inspiration to the next generation watching what we do, and how we impact our world, beyond chasing the next job, or working to feed our families. We started investing funds from our businesses into community development projects.

In 3 years, we have executed one of our projects “Art For A Cause” in 15 schools across Nigeria, impacting over 8,000 kids. We’ve also run our code classes for teenagers, teaching basic programming to 80 teens. We have given out 1,000 Love Boxes, Hosted 2 food drives, and launched our volunteer platform, The Amber Circle. Socially Africa is more than an NGO, we are a movement teaching young people how to give back.

Trellis School Of Decisive Advantage With SoDA we have taken the art of brand development and turned it into a Science, a methodology that ensures when we bring certain elements together, the desired result

From your understanding through consistent interaction and influence with the Nigerian youth, do you agree that they are lazy?

I don’t agree that the Nigerian youths are lazy. The Nigerian youth epitomizes the phrase, “The rose that grew from concrete”. We have been able to build and grow regardless of the various challenges that exist in the Nation. The Nigerian youths are continuously thinking up solutions and new ways to drive development. I agree that many Nigerian youths have challenges with discipline, dedication, and taking initiative sometimes. I think this stems from our educational system, where students have to cram their way through school, rather than actually learn through practicals. However, despite these challenges, I would never agree that Nigerian youth are lazy.

Are the Nigerian youths often misunderstood?

Absolutely! I think Nigerian youths are very misunderstood. The older generation takes the resilience and independent attitude of young Nigerians to mean that they are stubborn.

What is your take on the Not Too Young To Run Bill? Implementable? What do you advice?

I think the Bill is brilliant. It has set us in the right direction as a Nation. If nothing else, it certainly shows that a group of people who come together for a common cause can truly influence decision making within the country. It would be great to see more credible young people show interest for government and politics. I would like to see more transparency of objectives, and willingness to serve the people rather than serve personal pockets and godfathers. We have an opportunity as youth, and we need to use it well.

Increase in drug abuse and depression leading to suicide especially among the youths. What do you have to say about this?

I’m not sure there’s an increase, as much as there’s more attention on these matters, thanks to social media. I think it’s incredibly important that we discuss mental health challenges more openly, and eradicate the stigma associated with being depressed. Too many young people are caught up

Women’s Hub

in the comparison game, and that is causing them to spiral into confusion, and anxiety.

As far as drug abuse goes, I think we need to keep educating people about the detriments to their health, and also create more avenues for people to be rehabilitated properly. Furthermore, our leaders, celebrities, influencers, all need to pay more attention to these issues and work together to create awareness for them.

What are your personal and professional challenges?

Everything in life comes with various challenges, even the superheroes in the movies have to fight people, and even their own emotional struggles. I have my fair share of challenges, especially as I work on the client side, but also manage operations. I am continuously dealing with solving people’s problems, and that sometimes means fully immersing myself in understanding the problem first, before I try to solve. I have learned to focus on the objectives, and not worry about the fluff, there is so much fluff in the consultancy world. The most important thing to me is generating results, everything else is secondary.

Define your brand My brand promise is that I help creative people take decisive actions so that they can get their greatest work into the world, and solve problems. I also show people how to live a purpose driven life.

Final words My final words are for every young person reading this. Be Patient. Time is a great storyteller. This is my mantra. I believe that we can beat many variables in life, but cannot beat time. The understanding and acceptance of this fact, brings focus, peace of mind, and ultimately Joy. I know you want to “hammer” overnight, but I suggest that you keep working hard and let all things work together for your good. Your future self will thank you for putting in the work now.

Trust your journey, but more importantly trust the process.

BUSINESS DAY

Friday 10 August 2018

3

Women’s Hub

Vox pop: Is public breastfeeding appropriate?

Stories by Desmond Okon

W

orld Health Organisation, WHO, during the World Breastfeeding Week, WBW, marked recently, brought the importance of breastfeeding a child within the first hour of birth to the attention of women, and mothers around the globe. It noted that newborns who breastfeed in the first hour of life are significantly more likely to survive, and warned that even a delay of a few hours after birth could pose lifethreatening consequences.

It is common practice in Nigeria for a mother to be yelled at to feed her child in public once a baby starts to cry irrespective of the place, most times, in a commercial bus. In this vox pop, Women’s Hub questions if public breastfeeding is appropriate.

Women shouldn’t shy away from breastfeeding their children anywhere.

I can breastfeed my kids anywhere. Just try to package properly so you don’t harass people with your breasts. It’s a thing of pride to be able to breastfeed a child. People feed their children outside with plastic bottles. Breastfeeding is just feeding a child. As simple as that.

-BeeCee Ugbor, Relationship Expert, song writer, and radio and TV host Well, it depends on the kind of ‘public’ I can feed my baby anywhere as long I’m away from prying eyes. If I’m at a public place, I will find secluded place to feed to my child because I can’t starve the child. But it’s kind of awkward breastfeeding in front of non-relatives.

-Uche Ukaegbu Kama, writer and blogger

For me, I can’t breastfeed my child anywhere in public. I don’t see it as appropriate. I won’t feel comfortable.

-Williams Elizabeth Talatu, National Deputy Coordinator, AFriYAN, Nigeria There is nothing bad in that. If you fail to breastfeed your baby in public, you’re depriving your baby of his own child right. Because as soon you put to birth, the baby has his own rights, and if the baby needs food and you deny him, even our law enforcement should be able to sue that person. People who fail to breastfeed their babies in public do so because of the kind of dresses they wear. You cannot be a breastfeeding mother and you wear gown, tightfitting clothes and think that you can conveniently bring out breast in public.

-Abigail Adeyemi, Lawyer Choosing a closed corner of the pub-

lic domain to breastfeed our baby is really not a problem. But if there’s no secluded area, why not, my baby has to be breastfed anyway, anytime. The fact is I will choose she feeds our baby anyway. Commercial bus, malls, churches and all. I believe in taking care of choices about baby first before any other. No mother reserves the right to deny food for the baby. Come to think of it we cannot be saying we wish to achieve total wellbeing of our babies (children) if we keep taking care of our issues before theirs. They are humans too and should be accorded that respect, rights and freedom.

-Ekene Odigwe, on-air personality Public breastfeeding is somewhat subjective, the general perception is more of a no do! Personally, I don’t encourage my wife breastfeeding in public, not because of her exposing her nakedness (breast), but because of hygiene.

But it is ideal that if circumstances warrant for such, it is only proper for the lady to excuse herself and attend to the baby

immediately. I am not an advocate for commercial bus breast-feeding.

-Akin Obakeye, journalist Well nothing really wrong with it but a public bus isn’t the best place to breast feed - there are exceptions when it comes to how cranky the child gets you have no option but to feed anywhere it’s completely normal.

- Dennis Okpokpor: CEO Dxtraordinaire It’s actually a two way thing. Personally I don’t like it. But looking at it from the point of view of the new born baby who is craving to be breast fed by the mother I will say it’s not really bad. But exposing your breast in public isn’t so cool.

- Ugwu Somto: Lawyer, and Head of the Gender and Child Department, Society for Improvement of Rural People, SIRP

Organisations decry sexual abuse, exploitation in aid sector

T

wo international organisations working towards eliminating sexual violence and promoting the needs and rights of women and girls, Rape Crisis, and Equality Now, have jointly decried the reported existence of sexual abuse and exploitation in the aid sector.

The International Development Committee report into Sexual Abuse and Exploitation in the Aid Sector published re-

cently (31st July 2018) makes it clear that sexual abuse and exploitation within the aid sector is endemic and rooted in a power imbalance that is predominantly, although not exclusively, gendered.

It was stated in the report that sexual abuse and exploitation in the aid sectors is an issue that has been known about for a considerable length of time but has been systematically ignored.

Following this, Equality

Now (based in Kenya), and Rape Crisis (London, United Kingdom) said that impunity for sexual exploitation and abuse is utterly unacceptable and, as identified in the report, ‘the lack of accountability entirely undermines the notion of zero tolerance and undercuts efforts to strengthen reporting mechanisms, by reinforcing the notion that there is no value in bringing forward allegations’.

They also endorsed the pro-

posal that the victim-centred approach needs to be fully integrated across all aspects of the sector’s response to sexual abuse and exploitation.

“We are pleased our recommendation that anyone who speaks out about sexual abuse or exploitation should be afforded independent advocacy and support from a specialist in sexual violence and its impacts is cited (in the report)” it said.

The European office director, Equality Now, Jacqui Hunt said the tremendous work achieved by the aid and development sector should not mean we turn a blind eye to sexual exploitation and other abuses of power perpetrated predominantly against women and girls by men employed in the industry, and whose agencies are largely failing to hold to account.

“Aid and development agencies need to put in place effective zero tolerance policies regarding transactional sexual exploitation, including a total and enforced ban on prostitution.

This involves having a comprehensive understanding about the various crosscutting forms of discrimination and

oppression that women and girls may face, and which are exacerbated in situations of conflict and natural disasters.

Hunt said.

He further added that “It is crucial that the sector and all those working within it take account of the superior position of power that someone from an aid organisation may have and can easily exert over those who are vulnerable.

Sexual exploitation must end and the exploiters held properly accountable.”

According to Rape Crisis England and Wales, the report identifies that even where initiatives have been created these have been underfunded and so ill-equipped to tackle such a pervasive issue.

“This is a reflection of what we see at Rape Crisis Centres on a national scale, consistent and chronic under-funding which does not allow effective responses to wide-scale sexual abuse and exploitation.

“While this report gives clear directives to the vast improvements that are required, we are all too aware this is not enough to transform into real effective change; as the report itself states, the real test is what happens next” it said.

4

Friday 10 August 2018

BUSINESS DAY

Floral W wears in this season

Friday 10 August 2018

Women’s Power

Max Dashu

hat does that mean?

Women who openly display their power, knowledge, and skill, receiving public recognition and honor. But also females who manage to wield power in societies that try to limit it or decree female submission; where their leadership is stigmatized and their creativity disdained. And women who resist and overthrow oppressive traditions and regimes. Who break The Rules in defiance of unjust legal and religious “authorities.” Who pursue their vision in spite of the personal cost.

Women have determined the course of events and the forms of human culture. We originated, founded, governed, prophesied, created great art, fought for our rights, and for our peoples. These are the women

edited out of history, their stories omitted, distorted, and replaced with an endless litany of men (and the occasional queen or meddling concubine). Our ignorance of these women is greatly compounded by the omission of information on societies which accorded females power in public life, diplomacy, religion, medicine, the arts as well as family structure and inheritance. Both racism and sexism are implicated in these silences and gaps.

So we need a remedial history that reconstructs the female dimensions of human experience and achievement, and recovers the distorted and obliterated past of Africa, the Americas, and all other regions neglected by the standard textbooks and mass media. This will be a provisional history, because all the facts are not in yet, and previous interpretations are

being re-evaluated for gender, race, and colonial bias. More importantly, the indigenous oral histories have only barely begun to be integrated into mainstream narratives.

Women have often been relegated to the footnotes of history, and even those are highly selective. As Sandra Cisneros wrote of her search for Latina sheroes, “We are the footnotes of the footnotes.” Yet the heritages of women of colour, especially the indigenous cultures, supply the most dramatic examples in recent history of open embrace of female power.

But even Europe looks different when we look at the common women and encompass places like Bulgaria, Estonia, Corsica, or Iberian Galicia.

Women’s history demands a global perspective. There’s far more to it than Queen Elizabeth I or Susan B. Anthony. We need to refocus historical attention from the school of “famous women” (often royal females) to encompass broader groupings of women with power: clan mothers and female elders; priestesses, diviners, medicine women and healers; market women, weavers, and other female arts and professions.

These “female spheres of power,” as I call them, vary greatly from culture to culture. Some of them, particularly the spiritual callings, retain aspects of women’s selfdetermination even in societies that insist on formal subordination of female to male in private and public space.

Kemi Ajumobi

1. It Revivifies you: Florals are pleasant and colourful.

If you have quite a number of plain coloured outfits perhaps a burst of colours this season will spice up your wardrobe. As a gown, long or short, it can be worn for events including dinners, weddings, beach parties to mention a few.

2, Tone it down: Interestingly, same way you can use florals to spark up your wardrobe, you can also use it to tone down your outfit for instance, you can use your plain jacket on a long sleeveless floral gown and still look smashing!

3, Size: Depending on your size, the use of floral designs can be to your advantage or disadvantage. For instance, a large floral pattern can overpower a petite lady while a small pattern may not necessarily be okay for a lady with a bigger feature. It is important to find your balance. Observe the fabric for what area that is more projected. This can be done by placing the fabric on your body. You will find it easier to make your decision on the fabric whether to use or not to use after this.

4, Elegant Pants: Floral pants are beautiful, especially when you combine them with a plain version of any colour you choose from the fabric.

Rita Dominic Custom dress by LANRE DASILVA-AJAYI Photograph by Akhidenor Ernest

5, Sides: Be it floral shoes, bags, clutch bag, scarfs and so on, each one has a way of adding an edge to your outfit if matched perfectly.

Movie Teaser: Mums At War Stories by Desmond Okon

W

omen can be competitive when they want to, and they are quite good at it, especially when kids and academics are involved. “Moms at War” tells the story of two mothers who live in the same neighbourhood, but don’t relate well with each other due to class distinction.

One feels that the other was a local girl who just got into money and a misfit. But coincidentally, both their kids find themselves in the same school, where a competition was done for the kids, and both were the top of their class.

But when it came down to one of the kids winning the competition, that was when the mothers went agog, exhibiting all kinds of behaviour.

Written by Naz Onuzo, one could see friendship, and a kind of sisterhood that subtly lies in the heart of women. The casts include Funke Akindele, Michelle Dede, Yul Edochie, Abayomi Alvin and

Adebukola Oladipupo.

With the combination of two peculiar talents, Funke Akindele (Olaide) and Omoni Oboli, (Ebubechukwu) the movie is

expected to provoke laugher, but the degree is unknown.

So, fingers crossed as it premiers on the 17th of August, 2018.

BUSINESS DAY

5

Be Self-aware!

W

Omowunmi Martins

hether you can or can’t, you are right.” This has been my mantra throughout adulthood. Knowing yourself better than anyone knows you is a superpower. If you don’t know who you are, someone else will tell you who you are. Why give anyone else that power?

A common theme I noticed at a past place of employment was people in leadership coming in and changing the roles of employees without warning or consent. This was quite shocking.

One of those changes included a gentleman who was moved from information technology to human resources. He took on the role and, in my opinion, failed in the role. In the blink of an eye, he allowed someone else dictate his path. While there is nothing wrong with choosing to change careers, it is important it is done on your terms. Being self-aware gives an individual the opportunity to know their capabilities or lack thereof which in turn results in speaking out when placed in a role they have no interest in.

If you are in the process of switching careers, the first thing to consider is, ask yourself, is this my decision? No one should come to you and tell you to move from being an Engineer to being a Finance manager. You have to prepare yourself for this role by training yourself and asking yourself, do I have what it takes to take on this role? Do I have the capacity or capabilities? A good friend of

mine studied chemical engineering at a top university and ten years down the line, she decided to make a career change to investment banking. She didn’t wake up and start investment banking the next day. She knew she had to get the proper training and she also knew she wasn’t going to become a Vice President in the role overnight.

What she did was, she decided to go back to school and get an MBA; proper training and she was willing to come in at a lower level. Some years later, she is now the Managing Director of an investment bank. She realized she wanted a change and was willing to take the steps to make the change.

On the other hand, I had a friend who was in a similar position, she was approached by her organisation to switch from one technical role to another based on the success in the previous role. She soon found out she was in over her head. A year later, she was let go by the same organization that “believed” in her abilities. She became depressed and it took her a few years to bounce back.

My dear friend, you have to know what your strengths and capabilities are so that you can excel in life. Do you want to be like friend A who knew she wanted to make a change and went through the proper channels or do you want to be like friend B and get stuck in a place you are not comfortable?

The choice is yours. If you know yourself well, you will know how to get direction to where you are headed.

Never forget your ‘change’

“

H

old your change o! Hold your change o!” For those that drive and commute the terrains of Nigeria’s and one of Africa’s largest industrial cities, you may not be familiar with that cry, but your young relative might. While BRT addicts may have heard, they may not truly know that disobedience may spell ‘doom’.

However, I know for certain that yellow bus (Danfo) jumpers recognize the call, as players of this tale, they are the victims. They have learnt and are still learning in the hardest ways possible just so they can get to where they are needed. I know this because I am one of them.

Transportation in Lagos city doesn’t get any sweeter if you don’t own your car.

Before you leave home, you have to get mentally prepared, not because you are expecting a busy day at work, no. but you have to get ready mentally for the worst in your effort to get transportation. Whether BRT or not.

Will I get a bus from here to there? How long will it take before I find one going my way?

Ah! What if there is traffic?

These traumatizing questions must be answered at home or on-the-move.

Once a potential bus is sighted, one gets to battle with conductors. ‘I have a thousand Naira, will they have change?’

The conductors know this, so they are always prepared for trouble –either from them to passengers or vice versa. As a result, for instance, they announce it, “Ojuelegba 200, hold your change o”.

While some passengers

understand the gravity of none compliance, others pretend not to and so ‘violate’ the alpha law of boarding a Danfo. Then the following is like to occur: The passenger gets insulted and embarrassed.

Then sometimes, a fight ensues, and the passenger involved is disorganized, delayed for work. In the end, he is paired with another passenger who needs change too.

The bus drives off and the search continues between the two passengers.

Never forget your change!

6

BUSINESS DAY

Friday 10 August 2018

cuisine

Quotes On Women

Red Velvet Cake Ingredients

1 teaspoon salt

1 1/2 cups vegetable oil

1 teaspoon baking soda

2 eggs

2 1/2 cups all purpose flour 1 oz. red food coloring

1 cup buttermilk

Instructions

1 Tablespoon vinegar 1 teaspoon vanilla 2 cups granulated sugar 1

tablespoon

unsweetened

cocoa powder

Preheat oven to 350°F. Coat 3, 8-inch round pans with nonstick spray. Cut parchment rounds to fit in the bottom of the pans.

Place the parchment rounds in the pans and coat again with nonstick spray. Set aside.

In the bowl of your stand mixer fitted with the

whisk attachment add the oil, eggs, buttermilk, vinegar, and vanilla. Mix on medium speed until combined. Add in the sugar and mix until incorporated.

Next add the cocoa powder, salt and baking soda, mixing on medium speed for 30 seconds, or until no lumps remain in the cocoa powder.

Turn mixer to low and add in the flour and red food coloring. Mix until smooth, 30 seconds – 1 minute, scraping the sides of the bowl as necessary.

Divide the batter equally

into the 3 prepared pans.

Bake for 25-30 minutes or until a toothpick inserted in the center comes out clean.

Cool in pan for 10 minutes and then turn the cakes out onto a wire rack to cool completely.

For the cream cheese frosting: Let margarine and cream cheese soften to room temperature. Cream well. Add sugar and beat until mixed but not so much that the frosting becomes “loose”.

Add vanilla and nuts.

Spread between layers and on top and sides of cake.

A woman is the full circle. Within her is the power to create, nurture and transform.

-Diane Mariechild

Woman must not accept; she must challenge. She must not be awed by that which has been built up around her; she must reverence that woman in her which struggles for expression.

-Margaret Sanger

There is no tool for development more effective than the empowerment of women.

- Kofi Annan

Women’s empowerment is intertwined with respect for human rights -Mahnaz Afkhami

The empowered woman is powerful beyond measure and beautiful beyond description.

-Steve Maraboli

If women understood and exercised their power they could remake the world.

You determine who you will be

I

Osarennoma Ogbeide

was privileged to attend a conference a couple of weeks ago that centred around academics and leadership (LEAD Conference organized by The Galaxy) and I can’t help but share the great things I learnt. We had distinguished speakers like Oluyimide Ifeoluwa (leader, Pragma initiatives), Tolulope Ahmed (Managing director of Value Plus Inc) and Edem Ossai (Executive Director of MAYEIN).

Here are the points: • Leadership without implementing change is not leadership.

• Motivation is a push for success and discomfort births motivation.

• Every Goliath is big on the outside but every David is big on the inside. A Goliath will turn you to a champion.

• Your goal must be SMART-Specific, Measurable, Achievable, Realistic and Time bound.

• Determination + Gods Intervention = Distinction • Don’t be into jobs but into works, creating jobs for others.

• Know your temperaments and skills.

• Your vision might look impossible at first then it becomes attainable, achievable, possible and eventually inevitable.

• When you think positively, you release positive energy to the world and it reflects positive energy back to you. Same thing happens when you think negatively.

• You’re not in competition with others but in competition with your best which is 100%.

• Aim for nothing but the best.

• A leader knows the way, shows the way and goes the way.

• There’s no leader without a vision.

• A leader is one that is able to communicate a vision to others, make them believers and even willing to go to battle with you.

• As a leader, you must conquer doubt and be consistent.

• A leader never abandons cause.

Strategies may change but never retreat.

• You can’t build your joy on another person’s pain.

• In studying, don’t just read but answer questions too. Strength is built in answering questions. When a builder is building a building, the building is building the builder.

These are words from experienced professionals whose visions have stood the test of time. I believe everyone has the capacity to lead and excel. All you have to do is ignite the capacity and lead the way. They say that some are born leaders but what happens when such potential is dormant?

Fan it to flame and ignite that capacity! One day I hope to tell my story and I will!

-Emily Taft Douglas

When women participate in the economy, everyone benefits -Hillary Clinton

If you want something said, ask a man; if you want something done, ask a woman.

-Margaret Thatcher

A woman is like a tea bag - you never know how strong she is until she gets in hot water.

-Eleanor Roosevelt

8

BUSINESS DAY

Before dating someone, shouldn’t you do some findings?

Friday 10 August 2018

Women’s Hub

Chinyere Okeke

I

thought my days of worries over heart breaks were over. I thought, “Finally, I can breathe effortlessly.” A Pastor asked me out. “Me? A cute one for that matter, I must be really lucky.”

I said to myself. When we went out on the first date, I tried to put up a very good ‘wifely’ character.

I didn’t demand for much. I raised topics around the bible, centring my topics around investment and savings and the need to avoid frivolous spending.

I could see the look of approval in his eyes. “I was winning his heart” I thought. But then, just within few days of knowing him, he was already demanding for sex. That raised my suspicions. I never saw this coming. I was willing to date a Pastor because I wanted a sex free relationship. A relationship that will lead to the altar within months of dating. “I thought Pastors preached against fornication and adultery. So why was he asking for it?” So many thoughts ran through my head.

It got so bad that when I visited him, he offered to write me a cheque so that he could have his way.

“How much do you want? Just say it, I will write you a cheque, just let me.” Pastor Max said. Those words sent warning bolts to my head. This Pastor definitely must be crazy, obsessed or sex starved.

I didn’t want to be a victim of rape and this man sounded like one who was capable of rape. He went in to get the cheque, but by the time he was out, I was gone. That day I ran as fast as my legs could carry me. He called back to apologise. He said, “I’m sorry about those things I said. It will never come out of my mouth again. I want to marry you; in you I see all the virtues of a wife. You are my missing rib.

Thank God I found you and I’m not letting you go without a fight.” Well, trust us women. We are moved by words. My heart melted and we continued. But then, I tried as much as possible to avoid his place.

God being so kind, I met an old friend who happened to know this Pastor. He saw I and the Pastor together. Trust me; he had so much to say about him. He started, “that guy is asking you out?” I replied, “No, actually we are going out.” he couldn’t hide his displeasure at the news. “You both are what?” he asked as though he didn’t hear me the first time. “We are going out” I replied again. “You must be joking, or rather insensitive, too carried away or just plain stupid to see that that guy is fake.” I laughed, “That person you just called guy is a Pastor. He knows every area of the bible, he speaks in ton..” “Please hold it!” he said, cutting me short. “Can’t you discern a charade when you see one? That guy is a freaking womanizer. He is a sex monger. He can sleep on anything in a skirt.” I looked strangely at him and all I could mutter was, “But he is a Pastor, right?” he gave me a bewildering look, “who cares if he is a Pastor. Even If he is a Pope, it doesn’t change the fact that he is a womanizer. All set out to break another girl’s

heart. Not just you, I’m sure he is dating 5 more out there. You are not the only one.” So many thoughts began to run through my head. “How did you know all these?” I asked. “That’s not the right question.”

He said. “The question is, has he done anything with you?” “No, he hasn’t. I have been careful.” I could see the look of relief on his face. “That’s great news. I’m glad you haven’t. The answer to that your question, I know this guy right from my undergraduate days. This guy can’t let any light skinned girl out of his sight without asking them out. He has a tendency to get very arrogant when you refuse him or deny him what he wants. I’m sure that he has lost count of the number of girls he has been with. I know you might doubt these things that I say. But I want you to find out yourself. Why don’t you go over to his house tonight, wait till he falls asleep, then go through his phone. I bet you, you will see lots of things that will open your eyes.” I gave a curt laugh.

“Go to his house? After all these things you just said? Ordinarily, I was afraid to, how much more now, when you have revealed these things to me?”

I didn’t know where the courage came from. But somehow, I found myself in his house that night. I don’t know why I did it, probably because I wanted to find out the truth. I told myself that if it was the truth, I was going to take the evidences to his Head Pastor, enough is enough, deceit from someone so revered and believed to be a leader?. It was high time somebody stopped him from his callous activities and that person was me. I was equipped for the visit. I was very warm at his place, I cooked for him and he ate more than enough...then I went into the

Smoking and fertility W omen who smoke, or are exposed to other people’s smoke, have an increased risk of infertility and are more likely to take longer to get pregnant. In fact, passive smoking (inhaling someone else’s smoke) is only slightly less harmful to fertility than active smoking.

Pregnant women who smoke can find it more difficult to quit if they have a partner who smokes. Research shows it is much easier for people to stop smoking if they do it with their partner. Deciding to quit together is a great way to increase your fertility and

chances of having a healthy baby.

The facts about smoking and having a baby Smoking affects each stage of the reproductive process, including egg and sperm maturation, hormone

production, embryo transport, and the environment in the uterus. It can also damage the DNA in both eggs and sperm.

Smoking during pregnancy increases the risk of pregnancy complications,

toilet and locked myself in there. I’m sure he waited and waited for me to come out until he slept off. I could hear him snore so badly. The sound of his snore was enough to drive any sane person nuts. I tiptoed to his phone; it was an easy access, no password. The things in that phone were so dirty. The nude pictures were disgusting; the whatsapp conversations were the dirtiest I had ever read. I stared at him as he snored so loudly. I could feel a strong hatred crawl up my heart. I felt like tying him up and beating the crap out of him. I sent the messages to my phone as quickly as I could.

“He wasn’t getting away with this one. This will be the last game he will ever play with anyone.” I promised myself. I looked at the time.

It was 11pm. His house was 30mins away from mine. If I were to leave, it was now or never. I crept to the main door, with my sandals in my hands; I unbolted the door, and ran without looking back. I stayed at the bus top waving at bikes until one eventually stopped. I got into my room panting so badly. I had never taken such a risk in my life before. I was glad I got that evidence. The next day, I sent him some messages, threatening to end his ‘charade’ as a Pastor. The next thing I did was to go straight to his Pastor. All these rubbish has got to stop.

Maybe it hasn’t, but I’m sure it has been drastically curbed. He slept with almost all the girls in the choir I was later to find out. He almost added me to the list, what an escape...God must certainly love me.

low birth weight, and birth defects.

Exposure to cigarette smoking during pregnancy can impact on the development of a female foetus’ ovaries.

Smoking increases a woman’s chance of experiencing a miscarriage or ectopic pregnancy. The risk of miscarriage increases with the amount smoked (1% increase in risk per cigarette smoked per day).

Women who smoke reach menopause almost two years earlier than non-smokers and women who are exposed to second-hand smoke reach menopause more than a year

earlier.

The good news?

Stopping smoking can improve natural fertility and some of the effects of smoking can be reversed within a year of quitting.

Women who quit smoking before conception or within the first three months of pregnancy reduce their risks of their baby being born prematurely to be on par with non-smokers.

Women who stop smoking early in their pregnancy have babies with similar birthweights to those of nonsmokers. Women who stop before their third trimester can avoid much of the effect smoking has on birthweight.

-YourFertility