BusinessDay 13 Dec 2019

Mr President, this is not 1985

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ince coming to power in 2015, President Buhari has walked back on virtually all the promises he made to Nigerians and even the international community.

In his beautiful address at the Chatham House on February 25, 2015, President Buhari promised that if elected Nigeria’s

FRONT PAGE EDITORIAL president, he would lead Nigeria to “trigger a wave of democratic consolidation in Africa” where regular elections are not only a constant feature, but where the quality and integrity of the elections are recognised and

news you can trust I ** friDAY 13 DECEMBER 2019 I vol. 19, no 456

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respected globally.

He also honestly accepted his past as a military dictator but promised to make amends.

“So before you is a former military ruler and a converted democrat who is ready to operate under democratic norms and is subjecting himself to the r igours of democratic

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elections for the fourth time,” Buhari had said.

The world was impressed with these assurances, sceptical Nigerians were simply captivated and voted him into office.

However, no sooner had he taken over in the first democratic Continues on page 12

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In Nigeria’s largest city, SMEs choke as touts levy multiple taxes

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Stuttering economy is biggest threat to CBN’s lending push ...Kenyan example urges caution LOLADE AKINMURELE

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here will be more lending opportunities coming the way of businesses and individuals next year after the Central Bank of Nigeria (CBN) Continues on page 34

ODINAKA ANUDU

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Inside sponsored by

usiness experts often say that one in three small businesses in Nigeria dies within the first three years of life.

You only need to set up a business in Lagos, Nigeria’s commercial nerve centre and largest city, to understand why this phenomenon persists.

In many of the local council development areas (LCDAs) in Lagos, touts, popularly called ‘agberos’ in the local parlance, force small businesses to part with N300 to N4,000 every day for ridiculous charges ranging from radio and television taxes to the land and parking permits, Continues on page 34

Foreign Reserve - $39.4bn

L-R: Abdurrazaq Balogun, executive secretary/CEO, Lagos State Security Trust Fund (LSSTF); Obafemi Hamzat, Lagos State deputy governor; Babajide Sanwo-Olu, Lagos State governor; Segun Ogunsanya, MD/ CEO, Airtel Nigeria, and Tunji Disu, commander, Rapid Response Squad (RSS), at the donation of mobile gadgets to LSSTF by Airtel Nigeria, at the Lagos House, Alausa, Ikeja.

Coming on Tuesday BD INVESTIGATIVE SERIES N-Power ghost teachers exposed: Over N23.4m paid to 65 nonexistent teachers of the N-Power programme

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news 88 days after, effectiveness of economic council comes into question …as optimism wanes ENDURANCE OKAFOR

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lmost three months after President Muhammadu Buhari inaugurated the Economic Advisory Council (EAC) to help lift the Nigerian economy from its sluggish growth, economic analysts are questioning the effectiveness of the council.

This is coming as the economy has been stuck on a slow growth path and the hope and optimism that came with the inauguration of the EAC are fast waning.

The Economic Advisory Council was constituted by President Muhammadu Buhari on September 16, 2019 to replace the Vice President Yemi Osinbajoled Economic Management Team (EMT).

The EAC, chaired by Doyin Salami, with Mohammed Sagagi as vicechairman, Mohammed Adaya Salisu as secretary, and Chukwuma Soludo, Bismark Rewane, Ode Ojowu, Shehu Yahaya and Iyabo Masha as members, was set up to help give advisory to the president that would help rescue the troubled economy.

The council, according to a statement from the presidency, would advise the president on economic

policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.

The council would have monthly technical sessions as well as scheduled quarterly meetings with the president, although the chairman may request for unscheduled meetings if the need arises.

But analysts are doubtful that the EAC is effectively performing this role, and for some, this is no surprise.

“Recall the committee that was replaced, the Economic Management Team, was almost nonfunctional throughout the years of existence. It’s no surprise to see the EAC following suit,” said Ayorinde Akinloye, research analyst at Lagos-based CSL Stockbrokers.

“Furthermore, it’s important to recall it’s an advisory committee and does not have the power to influence decisions, they can only suggest, but right now, it’s tough to believe this committee would even be allowed to convene,” Akinloye said.

•Continues online at www.businessday.ng

Electricity gradually being restored after workers suspend strike OLUSOLA BELLO, JOSHUA BASSEY & STEPHEN ONYEKWELU

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lectricity across Nigeria is being restored after the nation-wide strike by the National Union Electricity Employees (NUEE) that lasted for 24 hours was called off. The generating plants are gradually ramping up capacity.

Organised labour under the auspices of NUEE on Thursday met with government officials to resolve the crisis that could have left the nation in darkness during the festive period.

Parties at the meeting resolved the non-payment of over 2,000 disengaged Power Holding Company of Nigeria (PHCN) staff.

Alex Okoh, director-general, Bureau of Public Enterprises (BPE), confirmed that over N36 billion has been paid and the verificationof600staffprocessed and forwarded to Office of the Account General of the Federation (OAGF) for payment, while 2,000 could not be verified.

Onthe16-monthunderpayment of severance benefit as well as the 7.5 percent pension

component, Okoh acknowledged that this was pending and promised to obtain the condition of service from the electricity generating companies (GenCos) and distribution companies (DisCos) within a week and hand them over to the minister of state for power.

People familiar with the matter told BusinessDay that power supply could normalise within the next 24 hours.

However, a source said electricity restoration has to be gradual, if not, the systems may be destroyed. This is because the plants were completely shut down by the union members, unlike what happens when there is system collapse; it has to be one step after the other in order to save the system.

“There could be voltage upsurge if there is a sudden restoration of electricity,” the source said. This same principle applies to the transmission and distribution sub-sectors of the electricity value chain. “It will take time for the turbines to pick up fully and for the transmission and distribution networks to stabilise.”

•Continues online at www.businessday.ng www.businessday.ng

L-R: Professor Chokor, the husband of Ogun State head of service; Dapo Abiodun, governor of Ogun State; Amope Ajibola Chokor, new head of service, Ogun State, and Noimot Salako-Oyedele, deputy governor of Ogun, at the swearing-in ceremony of TPL Chokor as 18th head of service.

Here’s how cash-strapped FG can unlock global capital for growth OLUFIKAYO OWOEYE & SEGUN ADAMS

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slow-growingNigerian economy will continue to limit growth to a few of sectors and delay the realisation of its true potential, unless focus is placed on the root of the country’s problem – external illiquidity.

Nigeria is falling behind some of its emerging market peers and would likely end 2019 below pre-recession growth levels. Recent warnings from the World Bank and a downgrade from Moody’s Ratings have further heightened concerns.

“Nigeria has struggled with growth because of domestic illiquidity and struggled with exchange rate stability because of external illiquidity,” said Ayo Teriba, CEO of Lagos-based Economic Associates. “To restore growth and

stability, Nigeria must reorder economic policy priorities to external liquidity which leads to exchange rate stability then to domestic liquidity and consequently growth.”

External liquidity refers to a country’s holdings of foreign currencies. Measured as a percentage of external reserves to GDP, Nigeria in 2018 had an external liquidity of 10.8 percent, underperforming South Africa (14.1 percent), Angola and India (14.6 percent), Indonesia (11.6 percent), Egypt (16.7 percent), Brazil (20.1 percent), China (23.3 percent), Algeria (48.4 percent), Saudi Arabia (65.1 percent), among others. Most of the comparable countries are growing faster than Nigeria and some have bigger economies.

In Nigeria where there is low external liquidity, exchange rate is not stable and this crunches domestic liquid-

ity because Nigerians would rather hold dollars or invest in real estate than keep money in the bank where it would erode value, Teriba said.

He explained that without adequatedomesticcapital,there is no fuel for growing businesses and this limits growth in the domestic economy where only six sectors accounted for 66 percent of GDP in 2018 with similar trend seen in the Q3 2019.

However, Nigeria can learn from the Asian Tigers which in the aftermath of the 1997 crisis started building their external reserves to create buffer for their economies.

The Asian Tigers borrowed to build their reserves and were even criticised by the IMF for paying interest on the idle capital. The Asian countries, however, viewed the interests as ‘insurance premium’ to ensure stability in events of external shocks to their economy.

While the move paid off for the Asian Tigers, Nigeria cannot borrow without a certain revenue source, Teriba warned.

Missing revenue target is a fiscal risk Nigeria faces next year and the country needs to raise foreign exchange supply and domestic financing thresholds to levels required to underpin faster and sectorally inclusive growth on the monetary side, he said.

This means Nigeria, which is in a post-boom era with low revenue that leaves little room for debt, should unlock value in its national assets to tap into a record-high global liquidity.

To come out of this conundrum, government must develop a national plan to join the global liquidity race, regain and grow Foreign Direct Investment (FDI) and remittances market share.

•Continues online at www.businessday.ng

Celebrating 20 years of Democracy with Daniel Ogoloma and Oxford University Fellows ENDURANCE OKAFOR

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aniel Ogoloma the 24 Year Old Pastor and political activist joined the Governor of Ekiti State, Kayode Fayemi, and the Governor of Sokoto State, Aminu Tambuwal, Dele Momodu and many others at an International Conference celebrating ‘20 Years of Democracy in Nigeria : 1999-2019’ at Oxford University, which took place on Friday, December 6, 2019.

The one-day Conference was hosted by Wale Adebanwi at the African Studies

Centre, University of Oxford.

The Oxford Africa Conference is the leading interdisciplinary conference covering issues and topics on Africa.

The event is held yearly at Oxford to exhort knowledge from leaders across Nigeria.

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Ogoloma also featured as a speaker at the Financial Times Africa Summit featuring The Luxury Network in London, October 2019.

The theme of the event was focused on the future of Nigeria’s economy.

In his submission, Ogoloma began to paint a picture of the role played by the youth of today. He emphasised that whilst in theory they are not too young to run, in practice, the Nigerian youths are far too financially unstable for this and are unable to mobilise funds without failing in the hands of political @Businessdayng

Godfathers.

He carried on by drawing the attention to their mandate to create ideas and be innovative in generating opportunities across Nigeria.

“Nigeria’s population is estimated to be over 230 million people. We must be intentional in raising awareness for the next generation, my generation to know that their talent is a currency and it can be spent globally with the right platform and support,” Ogoloma stated.

•Continues online at www.businessday.ng

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Dangote Tunga plant to produce 450,000mt of sugar, 90mw of power ANTHONY ADGIDZI

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angote Sugar plant in Tunga, Awe Local Government Area of Nasarawa State, will produce 450,000 metric tons of sweetner and 90 megawatts of power when completed, the state governor has disclosed.

Governor Abdullahi Sule disclosed this while delivering a speech at the Northern region sugar sensitization workshop organised by the National Sugar Development Council, in Lafia on Wednesday.

Sule added the Tunga plant would not require more than 45 megawatts, with the excess 45 megawatts more than enough to power Lafia, Obi, Keana and Awe local government areas.

He explained that the concept was for Dangote to acquire 68, 000 hectares of land in Tunga for setting up two 12, 000 tons of cane/day plants.

The governor used the opportunity to dismiss insinuations that the Tunga sugar factory was taking a long time to be completed, stressing that the sugar industry has its inherent challenges for which many people fail to understand.

Sule pointed out that the Tunga sugar plant was being stalled as a result of the numerous challenges confronting the sugar industry in Nigeria, adding that unless some of these challenges

were addressed, the sugar industry would continue to suffer.

The governor stated further that a fundamental value chain in the industry is lost due to the constraints on agricultural financing in the country.

“The master plan for Tunga sugar plantation started 7 years ago, but we have not gone more than 7 percent. We are supposed to be at 70 percent by now. And the reason is simple. The challenges are enormous; we are used to refineries in Nigeria.

“But with the refineries, you lose all the opportunities of the value chain. You lose the opportunity of the greatest of all, employment opportunities,” he said.

The governor equally spoke on the challenges posed by the land tenure system, which he said, was making it difficult for investors to acquire land.

“Sugar industry has an excellent formula of what we call out growers. They can take land from a farmer, and give it back to the farmer and also guarantee buying this product so that at the end of the day, it’s the same sugar industry that is growing,” Sule said.

He commended the organisers of the workshop for choosing Nasarawa State as host, as it would afford the people the opportunity to understand more about the sugar industry.

According to Sule, sugar has gone beyond politics and eco-

nomics, noting that the issues bordered on the society and global changes, with emphasize on the control of pollution in terms of the use of ethanol derived from sugar rather than energy from oil.

“The economy of sugarcane today in the world has gone just beyond the sugar you consume; it’s also your source of energy becauseoftheethanolthatyouhave.

Today, in Brazil, you have sugar plantations that are built not to produce sugar but to produce only ethanol. You have sugar plantations that are there not to produce ethanol, not to produce sugar, but to produce power.

“Today, you produce over 4000 megawatts of power in Brazil only because of sugarcane. In Nigeria, we are battling with 3000 to 4000 megawatts of power,” he stated.

Executive Secretary, National Sugar Development Council, Latif Demola Busari, said with the completion of the Dangote Sugar project in Tunga, Nasarawa State would be one of the major contributors to the national sugar output.

“I’m more delighted that all these positive developments are happening during the administration of the current Executive Governor, Engineer Abdullahi Sule, who was and is still very passionate about the fortune of the Nigerian sugar industry,” Busari said.

Federal Government launches 5-year health plan Godsgift Onyedinefu, Abuja

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he Federal Government of Nigeria has launched a national One Health strategic plan to improve health security by integrating human, animal and environmental health management, which will be implemented over a five-year period, 2019 - 2023.

The plan, launched in Abuja on Wednesday by the Minister of State for Health, Olurunnimbe Mamora, outlines the country’s plan to strengthen the prevention, detection and response to infectious diseases that originate from animals, affect humans, animals and the environment.

According to a statement from the Nigeria Centre for Disease Control (NCDC), Mamora said the strategic plan which was

jointly developed by the Federal Ministries of Health, Agriculture and Rural Development (FMARD), and Environment as well as their agencies, will result in improved communication, evidence-based solutions, improved surveillance, decreased lag time in response to outbreaks, and overall an improved economy.

“Nigeria has developed a One Health strategic plan to meet its human, animal and environmental health challenges. This approach drives innovations that are important to manage the outbreaks we experience and offers synergy across our various Ministries. We hope that the implementation of this plan in Nigeria can serve as a model for other African countries”, Mamora was quoted

saying.

He noted that Nigeria is the first country in Africa to launch a One Health plan signed by the Ministers of Health Agriculture and Environment.

The minister however said it was important to recognise that there may be barriers to implementing the strategy, but said it is the duty of the ministries to dedicate the required resources for Nigeria’s One Health strategy implementation.

The director-general, NCDC, Chikwe Ihekweazu, noted that the health of humans and animals was interlinked with the environment and Majority of infectious diseases that affect human health are originate from animals, and occur at the human-animal-environment interface.

Obaseki’s investment drive: JARA Shopping Mall takes shape in Benin, sets to open before year end

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s part of initiatives to boost commerce and drive investment to the retail sector of the state, JARA Shopping Mall, a newcomer in the retail space in Edo State, is taking shape at the Sokponba Road axis of Benin City, with commercial operations set to begin before the end of the year.

In a statement, special adviser to the Edo State Governor on Media and Communication Strategy, Crusoe Osagie, said the mall was the product of a memorandum of understanding (MoU) between the company and the Edo Development and Property Agency (EDPA) on

behalf of the Edo State Government to expand the retail space in the state.

He said construction work was complete with interior fittings being installed at the shopping mall, which promises to revolutionalise leisure and the shopping experience in the bubbling Sokponba axis of Benin City.

According to Osagie, “The state government in the last three years has pioneered projects that would redefine Edo State as an investors’ delight and we have closed a number of projects in this regard. The JARA Shopping Mall is the latest in the bag. The construction work www.businessday.ng

involved local labour and we are very sure that when the mall kicks off in earnest, more youths in the state would be employed at the facility.

“We are indeed happy that the mall will change the landscape at the Sokponba axis of Benin City and will bring a new lease of life to the ever-busy, densely populated area.”

He added that the mall was another proof of the ease of doing business reforms of the Governor Obaseki-led administration, as the facility would be up and running barely few months after the MoU for its operation was signed with the state government. https://www.facebook.com/businessdayng

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NNPC, NUPENG collaborate to ensure steady supply of energy - Kyari Joshua Bassey & Seyi John Salau

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roupmanagingdirector of the Nigerian National Petroleum Corporation (NNPC),MeleKyari,has assured Nigerians of steady supply of petroleum products during the yuletide on the back of the recent collaboration with the National Union of Petroleum and Natural Gas Workers (NUPENG), stating that the union’s support will help the corporation achieve energy security in the country.

According to Kyari, NUPENG support has resulted in helping the corporation achieve its primary objective of ensuring the availability of petroleum products in every part of Nigeria.

“Through the collaboration of NNPC and NUPENG we will do the impossible. Without the

support of NUPENG it would have been totally impossible for NNPC to be able to deliver energy to every nook and cronies of this country,” said Kyari at the foundation laying ceremony of NUPENG tower in Lagos on Thursday, represented by Bala Winti, the MD petroleum products marketing company (PPMC) of the NNPC. Kyari opined that the NNPC do not only see NUPENG as a partner in progress but consider it a viable brand in the oil industry, signposting the good practice of industrial relations in the country.

Williams Akporeha, national president of NUPENG at the foundation laying ceremony for NUPENG Tower said, “Indeed, our great NUPENG have come a long way in our collective

struggles for effective and efficient service delivery to our members and positive social change to our dear nation.

“A major part of these struggles is this journey to compliment the efforts of our founding fathers that started operation at the national secretariat immediately after the formation of NUPENG,” said Akporeha.

The NUPENG tower is a multi-billion naira project that is likely to cost the union about N5.5billion, being a mix structure of residential, recreational and office building of eight floors, and is expected to be completed within a period of two years. “We have no doubt in our minds that we can collectively achieve it within the timeline if we put our minds to it,” he stated.

FG reiterates support for private sector-led growth, commends NB OLUFIKAYO OWOEYE

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inister of industry, trade, and investment, Niyi Adebayo, has commended Nigerian Breweries for its contributions to the Nigerian economy in its over 70 years of operations in Nigeria, and reiterated government support for industry and the private sector as the engine of growth for the economy.

The minister, who spoke when he received the management team of Nigerian Breweries on a courtesy visit to his office in Abuja, said that as a foremost investor in the country, Nigerian Breweries’ sustained fiscal and corporate social responsibility contributions to the country is an example worth emulating.

The minister, who received the team from Nigerian Brewer-

ies in the company of senior officials of the Ministry of Industry, Trade, and Investment assured that “the government is committed to supporting industry and the private sector as they constitute the engine of growth for an economy that is driving a diversification from Oil to open up growth frontiers for her people.”

He further informed of the readiness of the ministry to intervene where necessary on behalf of industry on issues of concern to it.

In his remarks, Jordi Borrut Bel, managing director, and chief executive of Nigerian Breweries Plc, commended the Honourable Minister for his commitment to supporting the growth of the private sector, especially manufacturing. He thanked him for his open disposition to the

views of industry and businesses while also extolling the government for its efforts at improving the ease of doing business in Nigeria and for the stability in the exchange rates.

Borrut Bel expressed concern about the slow growth in the manufacturing sector, especially in the beer sector and the increasing fiscal burdens impacting the sector. He called on the minister to further weigh in on the side of industry to prevent impediments to the growth of the sector.

He further appealed to the Minister to consider special incentives for companies that utilize local content as a form of encouragement, noting that the beer industry does not enjoy any form of incentives as even the tax holiday under the Pioneer Status scheme excludes investments in alcohol.

FG to establish community museums to boost tourism, local economy Godsgift Onyedinefu, Abuja

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he Federal Government has announced plans to establish community museums as part of efforts to ensure that local communities benefit from tourism, which will improve local economy.

Minister of Information and Culture, Lai Mohammed, announced the plan on Thursday at the ongoing fourth World UNW TO/UNESCO World Conference on Tourism and Culture in Kyoto, Japan.

According to a statement by Segun Adeyemi, special assistant to the minister on media, the minister said establishing community museums would attract tourists to such communities and the money spent by the tourists would quickly reflect in the local economy. ‘’In Nigeria, we observed that tourists stay in the big cities when they visit. They visit the museums in the cities where objects gotten from different parts, including the rural areas, are displayed but they hardly go to the rural ar-

eas”, the minister was quoted as saying. ‘’To encourage tourists to visit the rural areas where money spent is quickly reflected in the local economy, we are trying to establish community museums,’’ said the Minister, who served as one of the panellists at the Ministerial Segment of the conference, dedicated to discussing and exchanging policies and government models impacting the future of cultural tourism.

Mohammed said the government would, in particular, encourage the establishment of palace museums. ‘’Parts of ancient residencies of traditional rulers and important chiefs are being turned to museums. Thus, we are not limiting museums to the big cities. Money spent by tourists while visiting these rustic places stay longer in these areas. Lamido Adamawa now has the Fombina Palace museum, just like the Emir of Potiskum has a palace museum,’’ he said.

Binatone launches air-purifier in Nigeria BUNMI BAILEY

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lectronic manufacturer, Binatone Industries, has launched a high-tech Air Purifier with a potent filter popularly known as High Efficiency Particulate Air (HEPA) which traps 99.9 percent particles into the Nigerian market.

The new Air Purifier with HEPA filter according to the company have the capacity to capture various sizes of particles within a multi-layered netting usually made out of very fine fiberglass threads much thinner than the size of a human hair strand.

The managing director of Global Appliances Nigeria Limited, the sole distributor of Binatone in Nigeria, Prasun Banerjee, explained that HEPA filter removes or reduces indoor contaminants from the air and also improves indoor air quality to reduce or eradicate allergies and its adverse health effects.

“Air purifiers are a device that suck the air, travel through

multiple layers of Filters, capturing pollutants and particles and pushing out the clean air into the living space. The most important and most effective of these filters is the HEPA filter that traps 99.9% particulates.

“It captures variously sized particles within a multi-layered netting usually made out of very fine fiberglass threads (much thinner than the size of a human hair strand!). HEPA filters removes or reduces indoor contaminants from the air and also improves indoor air quality to reduce allergies and adverse health effects,” he stated.

According to him, the new Air-filters with touch screen control and large LED display are absolutely essential for people spending a lot of time in the air-conditioned rooms and bedrooms in particular, stuffy rooms, offices, banks, meeting rooms, closed rooms where people smoke, gymnasiums, clinics and for people with asthma and allergies. www.businessday.ng

L-R: Jeevan Basal, national sales operations manager, Flour Mills of Nigeria (FMN); Paul Udochi, head of sales, business to business, FMN; Idris Saleh, chairman, Idris Saleh Nigeria Limited; Devlin Hainsworth, MD, Foods, FMN, and Ademola Adeoye, head of sales, business to consumer, FNM, at the 2018/2019 year end of distribution truck gift to FNM dealers in Lagos.

LIRS eTax solution to usher in new tech driven tax administration …calls for adoption among stakeholders in 2020 DAVID IBIDAPO

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ollowing the drive of the government to generate revenue and achieve a seamless and compliant tax system, the Lagos State Internal Revenue Service (LIRS) has called on stakeholders and tax payers to adopt its Enterprise Tax Administration System (eTax), a digital end-to-end, multichannel solution for tax filing and payments. The system has capabilities for tax registration, tax calculation, filing of returns, payment and processing of treasury receipts.

The challenge of revenue generation is not new in Nigeria. It is one that is faced at the federal level with its over dependence on proceeds from the volatile crude oil market and sub-optimal tax administration. Also, most states within the federation

have been reported as cash trapped, hence the need to boost the efficiency of its tax administration.

In a comment by Wole Obayomi, partner/head of Tax, Regulatory & People Service (TRPS) Practice of KPMG in Nigeria, “the introduction of eTax is a step in the right direction, as it would reduce tax compliance costs, increase the efficiency of revenue collection and improve the ease of paying taxes in Lagos State.

Taxpayers would, therefore, do well to take advantage of the digital platform.”

As a strategy of making the public know more about and take advantage of the newly introduced Electronic Tax (eTax) system, the LIRS organised a workshop where key stakeholders which consisted of consultants, account and tax experts, large business organisations representatives, small and medium scale en-

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terprises etc. to rub minds with the public.

Hamzat Ayodele Subair, chairman of LIRS, during his welcome speech, said, “Our goal is to develop a tax system that is seamless, electronic and user friendly, where tax payers can interphase with tax authorities and perform their civic responsibilities from the comfort of their homes and offices.”

In his view, the new tax platform was built with the tax payers in mind and aimed to boost efficient tax payment and transparency in the Lagos state tax administration. A tax platform which was built in partnership with Alpha-Beta Consulting, sought to enhance tax payers engagement, promote transparency in tax filing, provide flexible technology architecture for easy integration and effective management of state/enterprise wide data and business rules. @Businessdayng

Among some features entailed in the eTax portal are tax payers registration, payroll upload, return filing, upload payment schedule, tax payment assessment, bill generation, payment processing and notifications.

According to LIRS, the new tax platform which all individuals and corporates are expected to engage with and adopt from the kick-off of 2020 upon registering on eTax. lirs.net either as a new user or existing user, is key to help the Lagos state government boost its revenue generation and carry out its obligations to the state and its people in providing infrastructures among other things.

Despite being accepted as a step in the right direction, many stakeholders present at the workshop raised a number of concerns on the workability and effectiveness of the new tax system proposed by the LIRS.

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Beware, the spirit of Unoka THE NEW WEALTH OF NATIONS

Obadiah Mailafia

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fortnight ago President Buhari submitted a request to the Senate to approve an external loan of $29.96 billion (N10.7 trillion). It’s the second time such a request would be presented, the first being in 2016, when the Senate rejected it. As a career banker, it would be rather rich of me to sit here and be sanctimonious about borrowing.

I am experienced enough to know one of the axioms of finance, which says it is smart to use other people’s money to get rich. But you must know what you are doing.

Nigeria’s infrastructural financing needs are humongous. The African Development Bank estimates about $100 billion as the amount needed annually to meet our financing gap in infrastructures. But I have my own ground rules. First, we must borrow strictly for infrastructures or other projects with a guaranteed return on investments. This obviously rules out borrowing for mere consumption. I am also opposed to the idea of borrowing for social or rehabilitation and reconstruction programmes.

Under the great sage Chief Obafemi Awolowo, Nigeria did not borrow a dollar to finance both the war and the post-bellum reconstruction. Either we are imbeciles or we are possessed of the spirit of Unoka the lazy failure in Chinua Achebe’s Things Fall Apart, who would always borrow to feed himself and his family.

I would insist that Senate shouldn’t approve $30 billion if not directly linked to specific, monitorable projects. Also, Nigerians demand to know what all the other borrowings have been used for.

In a matter of five years our national debt has ballooned from $10 billion to a whopping $84.4 billion. I would be very wary of taking on more debt without the iron cast guardrails of financial discipline. The current administration seems to have an uncontrolled appetite for foreign loans. But it is not particularly good at managing projects. Without fiscal discipline, it is dangerous to borrow!

There will always be a financing gap for the foreseeable years. We need more highways, more power, speed trains, harbours and housing. We need more investments in urban development and attendant facilities. Our population doubles every 30 years. Today it has reached the 200 million mark. It is forecast to be a staggering 410 million by 2050. We have never done enough planning for such quantum leaps in demographics.

Whilst we do not yet have a debt crisis, the IMF and the World Bank have warned that we are already reaching a dangerous threshold, given that we spend 50 percent of our revenues just to service our debt while only a meagre 23 percent goes into capital spending.

Incurring another $30 billion will take our total debt outlay to about $114 billion, which, under current pathdependencies, will mean we will be spending 70 percent of our revenues on debt-servicing.

Oil accounts for 50 percent of government revenues and 94 percent of foreign earnings. Most OECD countries have already given orders to their automobile manufacturers to phase out oil-fuelled cars in preference for electric vehicles. This will wipe out 70 percent of the global market for oil in the coming decades. If we continue to borrow in the expectation that we will continue to earn enough from oil to repay our debts we would be living in Unoka’s paradise.

Economics is the master science of alternatives – of scarcity and choice.

We need a comprehensive programme of cost-saving and control of waste and financial haemorrhage in all aspects of the public service. Some statutory bodies such as NNPC, LNG and FIRS have not been releasing funds – estimated at trillions of naira – into the federation

account as required by law. We must compel them to obey the law. We need to deepen macroeconomic and institutional reforms, including privatisation.

Through public-private-partnerships (PPPs) we can get foreign investors to invest in key sectors, for example in railways, power, ports and harbours.

Such financing arrangements will lessen pressure on the treasury, therefore obviating the need to incur further loans. We must also boost the extractive capacity of the state. Nigeria is among the lowest in terms of tax-to-GDP ratio. Ours stands at 5 percent compared to South Africa’s 25.9 percent. Political theory also establishes that taxation is good for democracy. Only when civic public pay their taxes can they demand accountability from their leaders.

We could also declare an amnesty of 3 years for all the stolen wealth from Nigeria. It is estimated that Nigerians have squirrelled abroad more than $200 billion of looted funds. Most of these will be lost forever unless we declare a moratorium to encourage their repatriation. If the culprits can bring back the funds and invest them in the country, no questions will be asked. However, after the moratorium has expired, we must pursue and hound them down until they cough out every dollar. It worked for Italy a few decades ago, and I don’t see why it wouldn’t work for us. As the Israeli Special Forces Sayeret Matkal would say, “He who dares, wins”!

Some of us were involved in the Paris Club debt negotiations during 2005/2006. At that time our external debt was about $36 billion. We were spending $5 billion annually on servicing interest alone. In the deal that we negotiated with the Paris Club, we paid back $20 billion in order for the rest to be written off. I was acting for the Central Bank Governor at the time and I recall signing the cheque for the first tranche of $7.5 billion. I caught fever immediately and had to have bed rest. I could not fathom coughing out such a staggering amount to pay off some greedy Shylocks in New York, London, Frankfurt, Paris and Tokyo. I felt the pain to the marrow of my bones.

‘

If we continue to borrow in the expectation that we will continue to earn enough from oil to repay our debts we would be living in Unoka’s paradise

Last week the international ratings agency Moody’s downgraded Nigeria’s status from stable to negative. It did so on account of our sluggish economic growth in the context of dwindling government revenue, increasing insecurity, geopolitical uncertainty and a worsening debt-to-GDP ratio and other macroeconomic fundamentals. The atmosphere looks truly bleak. It seems evident that Nigerians have little on which to anchor their rational expectations.

I know what debt peonage is. The Western powers regretted bitterly having let us off the hook more than a decade ago. The debt settlement was a gust of fresh air which allowed our economy to bloom in subsequent years. Giving a blanket approval for a whopping $30 billion fungible loan is the surest means of returning our country to economic serfdom. Those who love our country and cherish our economic freedom and sovereignty must not allow us to return to our vomit like the proverbial dog.

It reminds me of Unoka, the quintessential failure and lay about in Achebe’s immortal novel: “In his day he (Unoka) was lazy and improvident and was quite incapable of thinking about tomorrow. If any money came his way, and it seldom did, he immediately bought gourds of palm-wine, called round his neighbours and made merry. He always said that whenever he saw a dead man’s mouth, he saw the folly of not eating what one had in one’s lifetime.

Unoka was, of course, a debtor, and he owed every neighbour some money, from a few cowries to quite substantial amounts…. He was poor and his wife and children had barely enough to eat.

People laughed at him because he was a loafer, and they swore never to lend him any more money because he never paid back. But Unoka was such a man that he always succeeded in borrowing more, and piling up his debts.”

Dr. Mailafia is a former Deputy Governor of the Central Bank of Nigeria, a development economist and public finance expert with a DPhil from Oxford obmailafia@gmail.com; 08036590990 (text messages only)

The new workplace

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am happy to share today, how to manage your workforce with real and practical tips.

The traditional workforce has evolved today into a workforce concentrated with millennials and predicted that in next ten years, they will be the predominant group in the work place.

The millennials are the most educated and culturally diverse of any generation before them.

They are known for job hopping because they will not be tied down with wool pulled over their eyes.

They dislike bureaucracy and distrust traditional hierarchies. This was the best definition of the new workforce I came across.

The new work place environment must be flexible and creative. Continuous improvement is the order of the day. The young ones want the freedom to work at home more and have more of video conference meetings and less of face to face meetings. There will clearly be a great reliance on social networking that is social media even more than the traditional networking cocktails.

They will sacrifice pay for increased vacation time and the ability to work outside the office.

Offering flexible scheduling, occasional telecommuting or even unlimited vacation time providing performance remains consistent is very appealing.

There are predictions that in the not too distant future, office space will almost be completely eradicated. Of course, a manufacturing plant will always exist but many professional service firms may be opting out of office space.

The new workforce expects on-going col-

laborative training. Many in this group want to advance and have tied this to knowledge so they believe that good opportunities for growth and development are one of their top professional priorities. Assigning stretch projects, bringing in speakers or sending employees to leadership conferences is especially welcome in this new workforce dispensation.

They love peer collaboration and are not as competitive as the older workers. They believe in what they can achieve and believe together they can achieve more than enough to generate fantastic rewards.

They thrive on encouragement and regular feedback. Some things are not important but acknowledgement of work done is important. Not necessarily a ceremony. Just a quick pat on the back, a quick thank you a congratulatory message or even just supportive feedback. One of the products of my company is that we get companies to outsource their HR function to us. They recruited some on who was fairly senior and they put me in the loop when corresponding with the man.

The language was so toxic I had to write to the manager in utter shock that in 2019 anybody can berate their fellow worker like that. They eventually let him go just when he was also about to throw in the towel. Nobody needs to stay and listen to such toxic communication. The work places a few years may have stood for that but not the current workplace. If it happens there will be a high turnover and the organisation will be left

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with the dregs of the workforce.

Other criteria of the emerging workforce are the creation of in-between steps and titles. Gone are the days when the workforce is ready to wait in line five years before they are promoted. With this creation the workers can meet their desire for career progression. It provides incremental training and experience that will aid them later with larger career advancement opportunities.

Even though this new workforce are team players personalised rewards are much appreciated. So, you can reward the team but you should personalise the reward. They also appreciate prompt credit. We know that they are described as an entitled lot. They thrive on encouragement and regular feedback. Some things are not important but acknowledgement of work done is important.

Not necessarily a ceremony. Just a quick pat on the back a quick thank you a congratulatory message or even just supportive feedback. One of the products of my company is that we Get companies to outsource their HR function to us. They recruited some on who was fairly senior and they put me in the loop when corresponding with the man.

They expect to be listened to. It is a constantly changing environment where the organisation is constantly making changes to reflect feedback.

Very clearly technology that inspires use must be the order of the day.

The new workforce wants to understand the company vision. On boarding is of utmost importance. Jeremy Kingsley describes it well by saying

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Olamide Balogun “if you can explain the whole picture, it connects the meaning to the person.” They are apparently more likely to look for meaning and impact in their work and are not satisfied simply signing in and collecting a salary at the end of the day. Helping them understand their role in a larger plan gives them a clearer sense of purpose.” It makes them feel valued, which in turn boosts productivity.”

This may be difficult for a lot of traditional organisations that expect employees to be grateful they have been employed and can’t understand why they need the touchy-feely stuff.

They, more than the old workforce are very interested in charity because They have less of a poverty mentality. The organisations need to be respectful of the things the new workforce care about.

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

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

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Ekwegh is a private legal practitioner with over 15 years

Friday 13 December 2019

BUSINESS DAY

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Dateline 10th January 1852. The day Christianity arrived in Lagos HumanAngle

Femi olugbile (Dedicated to the Anglican Diocese of Lagos, which is celebrating its centenary this week) t was a hugely daunting assignment.

He could feel the burden of the work, like a heavy load on his shoulder.

He was a tall gangling man who walked with a loping, energetic step.

He had brought a letter from the CMS Mission in Badagry, addressed to Oba Akintoye. The Oba was attended by a number of his Chiefs, all clad in white.

What was this about a Christian Mission to Eko, he wanted to know?

James White cleared his throat and tried to pick his words carefully.

His birth name was Whenu, but he had renamed himself James at baptism, and taken the surname of one of the first missionaries who showed him kindness.

He always wore a white shirt and a black suit. Reverend Gollmer had recently given him a pair of heavy black shoes which completed his attire. He was a catechist, the first Badagry. He had joined he missionaries early, to learn from them and live with them. His father was a

I

fisherman who drank himself to stupor almost every night after bringing in his catch. He had eventually drunk himself to death. What he remembered of his mother was a slim woman with a longsuffering air about her. The fisherman had regularly beaten her, but she was distraught after his death, and she died soon afterwards. He could recollect his sense he had of being alone in the world.

He was the first person in the whole town to learn to speak English when the CMS Mission arrived in Badagry. He was already in his twenties, and he made himself useful as a translator and a general handyman. He taught himself to read even before the first mission school was up and running, and within a few years he had read the Bible from cover to cover.

He took avidly to the Christian message and the new life it promised him. It was a world of new beginnings.

Within a few years of being a member of the Reverend Gollmar’s household, he became a Catechist. It came with a certificate, and a stipend. He would be the first home-grown weapon to fight the cause Christ.

His reaction, when he was informed that Captain Glover, the conqueror of Lagos, had written to the CMS in Badagry to send a mission to Lagos Island, and that he, James, would be the “forerunner” for that great mission, was a mixture of fear and excitement. It was true that Lagos was still barely settled territory. The vicious culture that justified inhuman acts to fellow men would still be lurking under the surface. But he had also heard that they were a great mercantile people, full of energy.

Here he was now, bowing curtly before the Olowo Eko as he prepared to take his leave.

The Oba remarked genially that he had thought ‘James White’ would be a white man.

Yes, he could use the large expanse of land at Ebute Ero for his preaching. His sources told him he had already prepared the ground, anyway.

Obviously, the Oba did not miss much in his domain.

With a smile, he said ‘I may even show up myself to hear about this Jesus you people are talking about’ He departed on a friendly note and headed for his venue. He had given some children money to tidy up the space and make it ready for the evening. He noticed some of the traders and idlers who lolled by the lagoon in the vicinity were watching curiously, wondering what was about to happen.

He had employed other children to go about the narrow streets of the Island, shouting at the tops of their voices that people of all ages were invited to a meeting with Jesus Christ.

He sat down to take a quick nap.

As the sun began to set, he straightened his shirt, and stood to his feet, clutching his large and much-thumbed bible to his chest.

He was amazed at the huge size of the crowd that had rapidly gathered. Most of them were on their feet, though some sat on makeshift seats. He walked among the people, shaking hands, mouthing his ritual ‘God Bless You’. Some of them called him ‘Black White Man’.

He mounted the podium. There was

‘

He was the first person in the whole town to learn to speak English when the CMS Mission arrived in Badagry. He was already in his twenties, and he made himself useful as a translator and a general handyman

a hush.

He began to pray, lifting his voice high so it could carry to the back. He was speaking in his own version Eko-Yoruba laced with a smattering of English. The crowd had no difficulty following his drift.

He began to sing and dance “Olorun dada, l’Olorun awa Olorun dada l’Olorun awa…”

He was amazed how quickly they took it up. The children in front and the adults in the back – it was as if it was ‘egungun’ or one of their other local festivals.

They sang the songs he taught them and danced together to the music for a full hour.

He began to preach.

He realised he was preaching the first Christian sermon in Lagos.

In his mind’s eye, he saw insights that were akin to revelation. Lagos would be a great city, teeming with diverse peoples and tall buildings, throbbing with good and bad life. The headquarters of the CMS would inevitably be moved here from Badagry because of its greater reach.

His sermon was on the Trinity – three people that were really one, and Eternal Salvation that was on offer to all human beings no matter how lowly their stations.

“If I can be saved, so can you. So, can all of you…” he told the motley crowd.

And then the most powerful revelation of all came to him.

Near this spot where he was preaching would be built the first Church in Lagos. The name of the Church was already clear in his mind. “HOLY TRINITY”.

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

Succession – being successful versus the success-fool

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s a young graduate, I was taking a walk with my mentor on a garden. While at it, he decided to ask me some questions.

Mentor: if you saw a mosquito here, what will you do?

Me: I will kill it.

Mentor: if you saw a cockroach here, what will you do?

Me: I will kill it.

Boss: if you saw a butterfly out here, what will you do?

Me: I will let it be.

Then he said to me, “never be a pest, be a butterfly”. People will let you be, if only you add beauty & value to their world. Being a butterfly means being of value pleasantly to others and you ensure to preserve that beauty past you. It’s obvious that if you bring happiness and value to people, they’d let you be and will mirror you too.

They’d even nurture you and the dream you have because they have tied their own happiness and value to it too. We mustn’t always be the centre of things. The truth is, value comes from not thinking less of yourself but thinking of yourself less. As a leader and businessperson, you need that. In the words of Gerald Brooks, “When you become a leader, you lose the right to think about yourself”.

Anything less of this creates a joke on us.

The same law is applicable to governance, whether in a political or corporate level. In 1999, a new president emerged in Nigeria from a lot of unpreparedness; from the jail to the presidential sit came a president. For 8 years, he tried to reorganize the country and reposition it. We believe that he comparatively did well and tried his best.

He wanted to run for a third term, and when the objections became heated, he left hurriedly without very structured succession. He tried, but he never really built any sound and healthy succession intentionally in the whole 8 years in power. Amongst all his achievements, history would always count this against him. It felt like if he couldn’t win, we wouldn’t win. This mistake we still see in today’s government and our businesses.

We need to create and sustain heights that more

people can stand on with our full support. Newton once said, “If I have seen further, it is by standing on the shoulders of giants”.

Whether sports, politics or business, to have a winning team, you as a leader must first win not for you but for the team. That winning will bring forth joy, motivation and the trust that attracts the right people to multiply it. Winning teams are aligned around a shared vision of success. If you want to attract top performers to your team, you have to first of all be performing to get them excited. You also need to show the way.

Every day we see people fight their way into exhaustion. Even though they succeed, they are soon to realize that it wasn’t worth it (maybe it’s at the expense of relationships, reputation, spirituality, health or even its sustainability). That success even stops further chances of more success. In other words, that success is the greatest enemy of their overall success. Sometimes we don’t succeed more because we had succeeded initially. We let small success and the distractions that come with it stop further success.

At certain points, we need to ask, are you trying to be successful or a success fool? Foolish or defective success is when you succeed at a cost much higher than its benefit, or even doing what you were not sent to do. Defective success is climbing your career ladder to the top only to discover you’ve been climbing the wrong wall.

The easiest way to achieve this is to try succeeding at all expense and at the detriment of others.

Defective success is missing the big picture, the ultimate target. It is the worst of all sins. As a matter of fact, the term sin really is a Greek Word, (ἁμαρτία hamartia). The word “sin”, the original meaning is the failure, being in error, missing the mark, especially in spear throwing. The real sin of life doesn’t only converge for the purpose of making heaven and hell. The worst sin really is to miss your mark (purpose). Somebody once told me a non-religious definition of hell. He said “On your last day on earth, the person you became will meet the person you could have become.” There’s nothing more important than finding and becom-

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ing that person now.

In business, we spend our whole life trying to grow; we create platforms, initiate plans, invent concepts and brands and even ideas that surround us with too much of now and too much of us, then we leave, and then what next? The terms achievement, success, significance and legacy are all synonyms to greatness. However, they are ascending in comparison with clear-cut difference. In the words of John C Maxwell from one of his books, he says “achievement comes to someone when he is able to do great things for himself. Success comes when he empowers followers to do great things with him. Significance comes when he developed leaders to do great things for him. But legacy is created only when a person puts his organisation into the position to do great things without him.”

I lost a mentor a few years ago, he was a radio show host by the name of Chaz B. Chaz B at some point was a chauffeur in the US. He drove mostly celebrities. We once had a chat in his house, around the time of his death, he told me a story of his encounter with a customer in America, who happens to be Donald Trump. He explained why there is always a large imprint of Trump in the skyscrapers owned by Donald Trump in New York.

It was because he wanted anyone who flew into New York to see and always remember what he has built. He told me how easy it was for people to forget you, except you leave a mark that can always be remembered, a sign and a voice. As much as that inspired us all to brand boldly, I still feel that a mark doesn’t have to be physical. It can be mental, psychological and ultimately impact and contribution to the body of knowledge and succession.

The fortune 100 companies have consistently exhibited the concept of impact and succession in business. Coca Cola. For example, the year 1997 saw the death of one of the greatest business leaders of our time. It was the death of Roberto Goizueta, the then chairman and CEO of one the world’s most recognizable brand, Coca Cola.

Just a few months before his death, he gave a

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EIZU UWAOMA speech to the Executive Club of Chicago. In that speech, he made this statement: “A billion hours ago, human life came on Earth. A billion minutes ago, Christianity emerged. A billion seconds ago, the Beatles performed on The Ed Sulivan Show.

A billion Coca Colas ago was yesterday morning.

And the question we are asking ourselves now is what we must do to make a billion Coca Colas ago this morning”.

Those weren’t just words; he meant his vision except that in a few months’ time after that speech, he died. But he died as an exceptional leader.

Well, usually, companies that lose such leaders unexpectedly go into turmoil but with companies like Coca Cola, continuity and legacy are always a priority. Goizueta as CEO of Coca Cola was known for his leadership and business sense. Goizueta inherited a $4 billion brand in 1981. When Goizueta became CEO, the business grew from $4 billion into being worth $150 billion. That’s over 3,500 percent increase. Within this timeline of Goizueta’s growth, many shareholders became millionaires. High stock wasn’t the only thing he left, he left something more.

On the day his death was announced, there was shock but there was no panic in the organisation for they knew what he left – continuity. That was the Coca Cola legacy at work. His central ideology of Coca Cola, just like any great institution, recognises the need for leaders to duplicate themselves. Ralph Nader says, “I start with the premise that the function of leadership is to produce more leaders, not more followers.” Anything less than this is defective success Uwaoma is a start-up, corporate restructuring and strategy consultant. contacteizu@gmail.com

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12

Friday 13 December 2019

BUSINESS DAY

Editorial Publisher/CEO

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

Bashir Ibrahim Hassan

GM, BUSINESS DEVELOPMENT (South) Ignatius Chukwu

Mr President, this is not 1985 Continued from front page transition to power than he began to walk back his talk.

It started so innocuously by interfering so openly and blatantly with the monetary policy of the central bank.

Then he began using extra legal means to arrest and detain opposition politicians under the guise of fighting corruption.

Not long after that, his government began to flout and disobey court orders. Not done, the government began to make moves to outlaw free speech, criticisms and the free press through surreptitiously sponsored bills to criminalise social media, cage non-governmental organisations and outlaw any criticism of government.

Nigeria was saved only by the independence of the 9th National Assembly which has always resisted such moves since 2015. Now that the president has gotten his wish by having a rubber-stamp National Assembly, those bills have resurfaced and are certain to be passed into law.

However, the president’s most egregious move towards dictatorship was his efforts to surreptitiously undermine and subjugate other arms of government thus destroying the separation of powers – a necessary safeguard against dictatorship and abuse of power – enshrined in the Nigerian constitution. It started with the harassment and intimidation of some justices of the Supreme Court and judges that gave judgments the government didn’t like and culminated with the illegal removal of the chief justice of the federation just on the eve of the 2019 elections. Although the task could not be completed because of the independence of the 8th National Assembly, it has now resumed in earnest since the incumbent and his party, the All Progressives Congress, won the 2019 elections.

Alas, the promise to lead Nigeria to consolidate democracy in Africa now appears more far-fetched than when it was made. The integrity of virtually all elections conducted since 2015 have been suspect with voter intimidation, despic-

able violence and sometimes, open falsification of results at collation centres the major hallmark of these elections.

As attested to by numerous election monitoring teams, Nigeria has taken several steps backward in the conduct of credible elections.

Since Buhari began his second term on May 29 2019, his government has abandoned any pretences towards observance of democratic norms, stepped up its efforts to prevent free speech, intimidate the media into silence and roll back all the political rights and civil liberties Nigerians have been enjoying since the return to democracy in 1999. Currently, there are many journalists being tried for terrorism, treasonable felony and cyber-stalking for daring to criticise or hold governments to account. The government has also brought back a military era rule authorising it to detain just anyone indefinitely under the guise of “national security and national interest” even in open disregards of the courts.

Under the guise of national security, the president, with

the support of his his party, the legislature and Buhariphiles has tried to justify attempts to stifle free speech, disregard for the rule of law and the weakening of other arms of government as necessities. Laws and tools that enabled the transfer of power in a country where the previous boasted of ruling forever are now considered dangers to democracy. They ignore that technology is here to stay in an environment that thrives on information where the genie of social media is long unbottled. They forget as Thomas More reminded William Roper in the play A Man for all Seasons: “And when the last law was down, and the devil turned round on you, where would you hide?”

Clearly these are not actions of a government or president interested in consolidating democracy or governing according to democratic norms.

But like it happened during the worst military era, we will be around to hold the government to account until we see its end.

After all, no government lasts forever.

HEAD, HUMAN RESOURCES Adeola Obisesan

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

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Friday 13 December 2019

BUSINESS DAY

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UK election: Will the real Boris Johnson please stand up?

If he wins the election, will the prime minister lead as a One Nation Tory or a Trump-style populist?

George Parker

B

oris Johnson does not like losing. John Bercow, the former House of Commons Speaker, recalls how he once played tennis against the prime minister. Mr Bercow turned up with new balls that would bounce normally but Mr Johnson threw in some balls he had discovered in the undergrowth “without any fur on them that hadn’t been used for probably 100 years”.

“It was a sort of trick at my expense,” Mr Bercow says with heavy irony. “But he was a good sport. He took his 6-0, 6-0, 6-0 defeat with grace and equanimity.”

Mr Johnson is not contemplating any such defeat in Britain’s general election on December 12. He is deploying in the campaign the kind of cold-eyed focus that saw him purge 21 Tory MPs from his party this year after they tried to frustrate his Brexit policy.

“One thing you have seen since he became prime minister is how ruthless he is,” says one member of the Johnson campaign team. “It has surprised me.” Mr Johnson knows the election is his to lose and he has be-

come almost a campaign automaton, following instructions from his Australian adviser Isaac Levido to stick to a tight “get Brexit done” message, look serious and avoid jokes at all cost.

“It’s clear what the strategy is,” says one person close to Mr Johnson’s highly disciplined campaign. “Keep him out of tough debates, keep him away from the public, stick to the message, make him look prime ministerial.”

Carrie Symonds, the prime minister’s partner, is credited with smartening him up: his hair is less disheveled, his suits marginally less baggy, the shirts crisp, the ties expensive.

Mr Johnson, speaking on a visit to Salisbury, denies he has been dodging scrutiny and in the Tory-voting cathedral city he engages in a rare public walkabout. He argues he has appeared on numerous debates and phone-ins, although he has ducked out of an interview with the BBC’s most feared interrogator, Andrew Neil.

Mr Johnson insists: “As Socrates said: ‘The unscrutinised life is not the life of the man.”

The prime minister has stopped drinking “until Brexit is done”, cutting back on his previous habit of enjoying red wine and eating cheese after a day’s campaigning. “I’m like a steel spring; I’m as fit as a butcher’s dog,” he boasts. To relax in the evening he claims that he “does a few quadratic equations and reads Pre-Socratic philosophy”.

Katie Perrior, who worked with Mr Johnson on his first 2008 London mayoral campaign, recognises the changes in the candidate: “His patience, control and performance

have improved considerably. He shows more sympathy and doesn’t get frustrated.” Jo Tanner, who also worked on the successful 2008 campaign, notes that Mr Johnson has cut out the “eye roll” that used to denote his annoyance or boredom with a line of questioning. “He has a poker face now,” she says.

In short, Mr Johnson is running a tight — some would say tepid — campaign. But so far it seems to be working. The Conservatives have enjoyed a 10-point lead over the Labour opposition for most of the campaign and the prime minister’s YouGov approval rating of minus 12, while not exactly stellar, is considerably better than the hard-left Labour leader Jeremy Corbyn’s rating of minus 40.

Mr Johnson is lucky with his enemies. Mr Corbyn’s 1970s-style socialism is not just repellent to many voters browsing for gifts in wealthy Salisbury’s Christmas market, it is also turning away Brexit-supporting Labour voters in the north.

Watching Mr Johnson on the campaign trail, weaving amid the stalls selling gingerbread and candles, it is easy to see that he wants power and senses it is within his grasp. The question is: what does he want to do with it?

There is a void at the heart of Mr Johnson’s campaign where one might have expected to find policy. After Theresa May’s ambitious 2017 manifesto blew up in spectacular style, Mr Johnson’s team deliberately scaled back policy commitments. Lynton Crosby, the Australian campaign guru who has long advised Mr Johnson and

‘

Keep him out of tough debates, keep him away from the public, stick to the message, make him look prime ministerial

is still in regular contact, regards policies as a big distraction — “Barnacles on the boat.”

Jo Johnson, the prime minister’s younger brother, noted that if a manifesto was still being discussed 48 hours after its publication, you were in trouble. The Conservative manifesto at the heart of the 2019 campaign was so lifeless it was barely being discussed on the train home from the launch event in Telford, a Tory-held marginal seat in the West Midlands.

But Mr Johnson is vulnerable to the charge that people do not know what they are getting with him. He has been sacked twice in his career for lying: once as a journalist for making up a quote, and once as a Tory shadow minister for lying to his leader over an extramarital affair. “It is a question of trust,” said the BBC’s Mr Neil, challenging Mr Johnson to face his questions.

While the manifesto contained “retail offers” including a big increase in NHS funding, 20,000 additional police officers, a £20bn increase in infrastructure funding and a paltry £2-a-week tax cut for workers, it failed to provide any overarching vision of the country that Mr Johnson wanted to build.

On some of the biggest issues, there was a blank. Mr Johnson failed to honour his promise to set out detailed plans to tackle the country’s social care crisis, he refuses to say whether he would go ahead with the controversial High Speed 2 rail route from London to the north of England, and also dodged issues such as higher education funding.

FT

Serious traffic disaster in Lagos

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agos roads have been bedevilled with traffic gridlocks as a result of dilapidated roads and impassable routes and exits especially the ones linking the two major ports in Nigeria, the Tin-Can Island port and the Apapa Quays. No doubt the ApapaOshodi Expressway is a bottleneck to and from the aforementioned seaports in Lagos. The Ojuelegba-Ijora-Apapa axis is the proverbial needle’s eye which the head of a camel cannot sail through given the deplorable state of the damaged roads and the bridges linking Apapa and its environs.

Now talking “traffic disaster” in Lagos is like one passing a herculean task on a daily basis where one cannot effectively, efficiently and in a suitable process use the roads. Commuters, okada riders, commercial buses, and of course private motorists are involved in this because of the presence of articulated vehicles, such as heavy carrier trucks, flat-bodied trailers, and lorries which are used in conveying noncontainerised and containerised consignments from the seaports.

The flat-bodied truck or trailer as it were is commonly used for transporting both the 20ft and 40ft containers laden with heavy iron-rods, iron plates, and non-containerised consignments for industrial constructions.

These articulated vehicles have become most significant on our major roads, expressways, domestic and access roads just en-route the seaports, thereby making road transportation cumbersome for motorists of all other categories in Lagos and other vehicles seeking entry into Lagos from upcountry. However, “ignorance” has made it for traffic managers in

the state to see that these articulated vehicles have become the most viable means of logistics for taking delivery of these concealed consignments and personal effects to their various destinations in Lagos nay Nigeria. These traffic managers do also not see the menace these articulated vehicles have constituted around Lagos and the dangers it poses to pedestrians and others alike.

Most haulage companies in Nigeria, especially in Lagos and its suburbs operate the way they do because the seaports location have demystified other suitable possible system of transportation which encourages the boom of the road transportation system which invariably had created death traps for all road users including the trucks operators, whose trucks have no good tyres, no side mirrors, dilapidated bodies, worn out engines and broken windscreens without wipers and signage; coupled with the bad conditions of the roads that have made free-flow of traffic form one kilometre to the other, a snail movement.

In most cases you find out the volume of trucks from “Second rainbow” or “Cele busstops” of the Oshodi-Apapa axis to the ports are very massive from one bus-stop to the other.

These vehicles are stuck without movement for weeks or months. Same applies from the Ojuelegba axis to the ports, trucks will be stuck in massive volume on top of the bridges posing so much danger to commuters and other road users. This situation on its own is an aberration of traffic laws and management.

It is also a common knowledge that these articulated vehicles don’t have strobe lights in case of transporting goods at night, inner mirwww.businessday.ng

rors, traffic indicator lights. Most of them emit carbon monoxide as a result of worn-out piston and rings, an indication of mechanical defect.

The emission of carbon into the atmosphere begs the question of climate degradation and health hazard to the populace.

In this light, it will be noteworthy to commend the Managing Director, Nigerian Ports Authority (NPA) Hajia Hadiza for initiating the mode of water ways transportation using barges and tugboats for the purpose of decongesting the ports of cargoes and containers. And as a result of this laudable initiative with on the stream action plan, all the actors of the sector will heave a sigh of relief with an improved economy as an alternative remedy and concrete solution towards ending the traffic disaster on our roads especially the routes linking the seaports.

In this regard therefore, “traffic disaster” is real in Lagos and until we approach it with a radical solution because it has failed all recommended approach by some experts of traffic management in various seminars and fora. Having said that, the President of “Khafnas Global” President MK Ahmed had said in this piece that there are five modes of transportation system; and until we acknowledge these facts and utilize them maximally the dragon eating up our ports handling system; foreign exchange; the inefficient and ineffective haulage mode will remain a phobia overloading the road mode which is just one amongst others; which in essence has compounded our haulage system.

MK Ahmed the president of Khafnas Global, is a chattered member of CILT, a seasoned investment analyst, risks, management expert and a renowned logistician stressed that service

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MK AHMED industry contributes 65% to the global economy and that when logistics suffer in a country like Nigeria; then, there is a serious challenge.

Ahmed however said that Khafnas Global in conjunction with stakeholders and regulators will adopt a scientific approach towards this plaguing traffic disaster; hence we are looking at the three modes of transportation comprising of road, waterways, and rail as the case may be.

Therefore, Khafnas Global will partner the Federal Government; Lagos State Government; the NPA; NIMASA; NIWA; terminal operators; and of course the Maritime Workers Union of Nigeria (MWUN); inspection agencies; Shippers Council; Freight Forwarders Associations; corporate importer/exporters; and captains of industries within the oil and gas sector towards achieving the targeted objectives (traffic disaster) in Lagos.

Ahmed, he emphasised on alternative transportation mode using the waterways through barge operations as the fastest solution to the said traffic disaster in Lagos. “The barge operations through the waterways are indeed the safest and fastest solution to exterminating the traffic disaster on Lagos roads”; Khafnas Global president re-assured.

Ahmed is president of Khafnas Global, Lagos.

@Businessdayng

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Friday 13 December 2019

BUSINESS DAY

cityfile 31 offenders jailed 186 months in Oyo REMI FEYISIPO, Ibadan

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Effect of the 2019 flood on Elebele Road in Ogbia Local Government Area Bayelsa on Wednesday. NAN

Erosion: Agency identifies 279 sites in Abia …explains slow interventions GODFREY OFURUM with agency report

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bia State coordinator of Nigerian Erosion and Watershed Management Project (NEWMAP), Izuchukwu Onwughara says over 279 erosion sites in the state are currently receiving attention, spurring hope of regaining lost vegetation and lands in many communities across the state.

Onwughara spoke with journalists in Aba, the commercial hub of Abia State, against the backdrop of a litany of reports received from erosion-ravaged communities, highlighting their plight.

According to the coordinator, the mandate of the agency is to reach out to many of the affected communities, but in

doing this, there are operational procedures to follow.

He explained that the process of initiating projects, which determined where priorities were placed, gave the wrong impression that NEWMAP was slow regarding people’s complaints.

“The process through which we operate determines how fast we react or respond.

From Ogbor Hill in Aba to Ebem Ohafia to Isuikwuato and so on, as a government agency, we have done a detailed study to map out those sites in Abia for intervention.

“To be very conservative, there are about 279 identified sites and we’ve seen those sites and a good number of them have received attention up to certain levels.

“Isuikwuato, Ogudu-Asa, Uturu and those ones on the

road between Akara and the Abia State University, Uturu, the design we’ve made has been approved by the World Bank.

“Any moment from now, we shall be placing adverts to engage contractors that will execute the work.”

Onwughara noted that erosion sites at Ogudu Asaa, Igbere, Ebem Ohafia, Uduma Awoke, Elu Ohafia, and others between Abiriba and Ohafia were receiving attention under what he called the “Ohafia Complex”.

According to him, the agency gets reports, verifies and then presents them to the governor who chooses 10 sites needing urgent attention each year and then instructs the agency to act.

“It is after the governor had made choices that the agency engages experts and work on

the site begins.

“The preparation of detailed designs that meet world standard and the transparent process of engaging contractors result in delays we would have loved to avoid.

“So, when we are aware and prioritise, we do our work gradually. We are not a sudden intervention agency.

“We do not run to site the moment any community cries. When communities don’t see us, it doesn’t mean we’re idle,’’ Onwughara said.

He said that the agency was receiving funding from the World Bank and not the Ecological Fund.

NEWMAP is a World Bankassisted initiative, collaborating with the Federal Government to address gully erosion in the South-East and land degradation in the North.

Ebonyi: NDLEA seizes illicit drugs in mop-up operation

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he National Drug Law Enforcement Agency (NDLEA) has seized several kilogrammes (kg) of psychotropic substances during its mop-up in different parts of Ebonyi, an official has said.

The state commandant of the agency, Isa Adoro, disclosed this while displaying the substances at the command’s headquarters at Ntezi.

He said that the mop-up was part of the efforts to rid the state of illegal drugs.

Adoro said that during the operation at the drug

section of the Meat Market, Abakaliki, the agency recovered drugs, weighing 12.3 kg.

“These drugs include tramadol (6.1kg) and it is not the 100 milligrammes form of tramadol which is allowed in Nigeria.

“The seized drugs contain 200mg of the product, which the National Agency for Food Drug Administration and Control (NAFDAC) does not approve.

“We also have 41 bottles of cough syrup with codeine, weighing 5.5kg, which is totally banned in Nigeria and 890 tablets flunitrazepam, weighing 0.7 kg. www.businessday.ng

“The suspect, Sunday Nwamini, is in our custody and after investigations, he will be charged to court,” Adoro said.

The NDLEA boss further revealed that the command also intercepted an articulated vehicle conveying drugs from Onitsha to Cameroon through Cross River.

“During a search on the vehicle, we recovered 2,400 ampoules of diazepharm injection, weighing 24kg and 120,000 tablets of salbutamol tablets, weighing 40kg – totaling 64kg,” he said.

He noted, however, that

the rate of psychotropic substances and cannabis sativa consumption in the state was on the decline, but expressed worry over the suspected influx of class ‘A’ illegal drugs – cocaine and heroin.

“The arrest and seizure of class ‘A’ drugs takes time.

It is classified and requires a lot of efforts.

“This increase could be linked to the influx of more people to the state, especially labourers, in the wake of the increased provision of infrastructure by the state government,” Adoro explained.

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n Ibadan Magistrate Court, We dnes day, sentenced 31 persons to six months imprisonment each for violating the Oyo State environmental law.

The state commissioner for environment and natural resources, Kehinde Ayoola, said that the violators were, however, given options of N12,500 bail each by the magistrate, Patricia Adetuyibi.

The environmental law violators were arrested during the monitoring of the environmental sanitation exercise by government officials, led by Governor Seyi Makinde, at Ojoo interchange.

They were arrested by officers of the ministry at different locations for indiscriminate dumping of refuse at unauthorised places within Ibadan me-

tropolis.

“Thereafter, they were arraigned before a magistrate, Patricia Adetuyibi, for contravening environmental laws.

“The magistrate ruled that the offenders be imprisoned for six months or pay a fine of N12,500 each.

“Twenty-one of the offenders fulfilled their bail terms, while 10 others, who failed to meet the terms, were slammed with community services,’’ said Ayoola, adding that the arraignment was a further proof of government’s determination to reduce the menace of unlawful disposal of refuse in Oyo State.

“This is why the state government, under the leadership of Governor Seyi Makinde deployed its whole apparatus to enforce the law on environmental sanitation in the state.

Police arrest, parade 56 suspects in Borno

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he police in Borno have arrested 56 suspects in connection with various offences in continuation of the Operation PUFF ADER in the past one month in the state.

Commissioner of Police in charge of the state command, Mohammed Aliyu paraded the suspects in Maiduguri, the state capital.

The suspects, Aliyu said, were arrested at different times and locations, over alleged robbery; act of terrorism, cattle rustling and criminal intimidation.

Other offences are cheating, attempted kidnapping, rape, murder, adultery, public nuisance and possession of narcotic substances. He said that a truck driver (name withheld), was arrested in Maiduguri, on December 9, while transporting large

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quantity of Indian hemp.

Hundred of parcels of cannabis were concealed under firewood, household and electrical appliances in the truck, adding that the arrest was sequel to series of intelligence gathering by the command.

One suspect was arrested at Dikwa Low cost Estate in Maiduguri, on November 22; and another on alleged robbery of a mobile phone in Maiduguri on December 3.

Another suspect was arrested over alleged attempt to kidnap a resident on December 7; while one other was arrested on December 4, in possession of a stolen car.

Aliyu said that 36 other suspects were arrested over public nuisance and possession of Indian hemp at Galadima area of Maiduguri.

Friday 13 December 2019

BUSINESS DAY

COMPANIES & MARKETS

15

COMPANY NEWS ANALYSIS INSIGHT

OIL & GAS

Aramco shares surge 10% on debut S OLUFIKAYO OWOEYE

a u d i ’s A r a m co shares rose 10percent, as it makes a deb u t o n Sau d i Arabia’s Tadawul stock exchange in Riyadh on Wednesday.

T h e w o r l d ’s m o s t profitable company’s shares opened at 35.2 riyals ($9.39) on Wednesday, 10percent above their IPO price of 32 riyals, this has brought the valuation to $1.88 trillion, closing in on the $2 trillion price tag long coveted by Saudi Crown Prince Mohammed bin Salman.

At that price, Aramco is the world’s most valuable listed company, more than the top five oil companies – Exxon Mobil, Total, Royal Dutch Shell, Chevron and BP – combined.

The 10percent increase is the maximum daily

increase allowed on the exchange.

The oil-giant had last week pulled-off the biggest Initial Public Offer in history after raising $26. bn by selling 1.5percent of the company, beating Chinese tech-giant Alibaba’s $25billion in 2014.

An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance.

According to Samba Capital, the IPO local adviser, 97percent of retail investors who received shares were from the country and more than 75percent of shares sold to institutional investors went to Saudi companies, funds and government institutions.

Aramco’s IPO was first mulled in 2016 aimed at shifting the Saudi’s economy away from oil.

The Saudi government

initially discussed floating 5percent of the company in 2018 in a deal that would raise as much as $100 billion. It was looking at international markets such as New York or London, as well as Riyadh, signaling that the country was open to global investment.

Yet the project was shelved amid concerns about legal complications in the United States, doubts about the $2 trillion valuation, and international outrage triggered by the murder of journalist Jamal Khashoggi in a Saudi consulate in Turkey.

Funds from the 1.5% stake sale will go to the Public Investment Fund (PIF), the sovereign wealth fund tasked with delivering Prince Mohammed’s ambitious economic transformation drive to wean the world’s top oil exporter off crude revenues.

Mohammed alJadaan, Saudi’s Finance Minister said proceeds will be used largely, may-

be not totally, in the local economy, in projects where the PIF will be the first mover which then ba-

sically pulls more private sector participation-so the money will remain in the system mostly.

L-R: Hector Okposo, vice president, China Europe International School (CEIBS) Alumni, Nigeria chapter; Omoyemi Chukwurah, council member; Sam Ocloo Dzaba, CEIBS Alumni manager/head of marketing and communication, and Sunday Agboola, president, CEIBS Alumni Nigeria chapter, at the association’s induction, annual general meeting/charity dinner in Lagos.

Markets

Stocks halt seven-day decline as MTN, UBA gain SEGUN ADAMS

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he stock market improved marginally Wednesday after MTN and banking stocks moved the market from its lowest index point in a month, breaking a sevenday losing streak which is the longest since November.

Stocks gained 0.19 percent in the day’s trade as MTN gained 1.7 percent, UBA gained 3.8 percent, Access Bank gained 1.1 percent although the three biggest advancers were C&I Leasing (9.3%), Courtville Business solutions (8.7%), and Oando (4.2%).

The market gain “is just a case of investors taking advantage of attractive entry points in certain stocks which have fallen to attractive levels,” said Gbolahan Ologunro, equity analyst at Lagos-based CSL Stockbrokers.

Nigeria suffered a downgrade from inter-

national ratings agency Moody’s which sent stocks on a downward spiral.

Moody’s changed Nigeria’s sovereign outlook from stable to negative and this rubbed off on big firms as their ratings fell too.

Moody’s said the down-

ward review was informed by the belief that “Already weak government finances will likely weaken further given an extremely narrow revenue base and persistently sluggish growth that hinders fiscal consolidation.”

The global ratings agency said as pressures mount, there is a risk that the government would resort to increasingly opaque and costly options to finance a moderate but rising debt burden.

It also warned about

L-R: Paula Campbell, committee members of British Women’s Group; Titi Ashamu of Ethnikologie; Heather Martyn Fisher of British Women’s Group, and Annabel Scott of British Women’s Group, at the British Women’s Group Christmas Charity Ball, in Lagos

Nigeria’s weak external position which is worsening given an increasing reliance on foreign investors to fund the foreign exchange reserves.

Moody’s expects Nigeria’s real growth to remain weak, at just over 2 percent over the next few years.

National income in the third quarter of 2019 grew by 2.28 percent but remained below population growth rate of 2.6 percent meaning Nigerians are not any better off.

The World Bank warns Nigeria could house a quarter of the world’s poorest by the end of the next decade if it doesn’t embark on much-needed reforms.

While President Muhammadu Buhari has recently taken steps to increase its revenue next year, Moody’s expects general government revenues to remain very low at around 8 percent of GDP until 2022.

“Consequently, debt affordability will remain weak, with general government interest payments at around 25 percent of revenues in the next few years,” Moody’s said.

The grim outlook has severe implications for the market is down 15.9 percent this year and unlikely to improve to a single-digit loss.

Already cautious about the Nigerian capital market, Foreign investors are acting on Moody’s outlook which also means the government would face higher borrowing cost in the bonds market in the light of increasing risks that foreign investors now face in their committing funds in the economy.

Ologunro says portfolio rebalancing by fund managers ahead of next year would result in some appreciation of stocks in the market which is set to extend a bearish run that began last year.

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Friday 13 December 2019

BUSINESS DAY

COMPANIES&MARKETS

Business Event

ICT

SAP unveils second ICT hub to train children on digital skills MICHAEL ANI

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s part of its corporate social responsibility, global software provider, System Application and Products (SAP), recently, commissioned an information, communication and technology hub, to train children on digital skills.

The hub which was donated by the firm to the All Saint Anglican Primary School, Yaba, Lagos, will among other things teach children on the growing use of technological skills including, coding, data analytics, so as to enable them learn at an early age and prepare them to fit into global standards.

Speaking at the commissioning of the project, Juliet Omorodion, West Africa’s marketing manager for SAP, said the project was essential as it commemorates the government’s plan in empowering children

with soft digital skills within the educational system.

The ICT hub is the second project of the non-governmental since its inception, after it built a centre, three years back, in one of the districts in Lagos to champion the same cause.

The newly launched ICT project is an 18-seater computer hub, with a 5.8 KVA standby generator donated by SAP to ensure smooth learning process for the school.

According to SAP, the ICT centre will service six different schools around the axis, with students of these schools, expected to use the hub at different intervals, to get trained.

Omorodion said SAP plans to cover four other districts in Lagos and beyond where it hopes to impact and reach out to more schools.

“These are part of our global SAP month of service initiative that encourages employees to volunteer their time and their service to actually get into com-

munity works so as to impact in the community where they are in. As such, we are targeting schools so we can catch them young. We just want to create an impact,” she said.

The organisation is partnering with two other bodies: Ayeci Africa, a not for profit organisation that facilitates intervention in education for indigent students; and Coderina, an education and technology foundation that teaches children coding and robotics.

Coderina will take on the sustainability task of training the children for a period of one year. It will also be training teachers of the school so as to enable them take on the mantle of teaching the children when the one-year period elapses.

Ifeoma Adibe-Chukwuka, founder Ayeci Africa, says the partnership was important to instil into the children, the problem solving skills that will prepare them to take on next generation of jobs.

ICT

Microsoft, Sidmach deepen IT skills with fresh AppFactory graduates ENDURANCE OKAFOR

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fter nine months of intensive training, Microsoft and Sidmach Technologies have graduated nearly 20 software developers and Information Technology (IT) professionals who have completed the App Factory programme.

AppFactory is one of many Microsoft programmes geared towards equipping Africans with the right tools, knowledge and resources to foster solutions development through technology.

The programme which commenced in February and ended in October this year had selected participants trained in various software development tools to equip them with tech skills so that they can be employable in the tech space.

The graduates were selected after a prequalification programme was conducted through a portal where they were taught

the basic Microsoft tools such as Word, Excel and the rest.

Playing the executor’s role in the partnership, Sidmach Technologies and Microsoft jointly invest and enrol some of the brightest graduates from Universities across Nigeria and take them on a nine-month intensive training to develop and sharpen their skills in various aspects of software development.

“Weare proud of our investments in them as well as what they have become,” Chijioke Eke, managing director, Sidmach Technologies Nigeria Limited said.

Speaking at the graduation ceremony held recently in Lagos, Eke said Sidmach was “buoyed” by the projects they have accomplished in the course of the training, adding that some of them would be hitting the “market soon.”

“It gives me great pleasure to be part of this journey of grooming this select group of software

developers and information technology experts to be part of Nigeria’s sure-footed steps on the digital transformation journey. I see the future in them,” the MD said.

He explained to BusinessDay that given the deficit of skilled professionals in the ICT clime, there was a need to build an ecosystem of young professionals who are bright and visionary to help solve Nigeria’s problems with technology.

“I think that from a skills perspective, while there is a huge gap, there are quite a few people and young people who have world-class digital and technology skills, and I think those are the people who are driving new paradigms –whether we’re looking at the Fintech space, the logistics space or whether we’re looking at people providing global services from their local environment, that potential is there,” Soromfe Uzomah, Head, Strategic Partnerships, Microsoft said.

L-R: Segun Akerele, chairman, board of directors, EFInA; Aishah Ahmad, deputy governor, financial systems stability directorate, Central Bank Of Nigeria; Kyari Bukar, co-founder, Trans-Sahara Investment Corporation; Tayo Aduloju, chief operating officer/senior fellow, public policy & strategy management, Nigerian Economic Summit Group (NESG); Ernest Ihedigbo, head agricultural value chain, NIRSAL; Kola Masha, MD, Babban Gona, and Ladi Balogun, group chief executive director, FCMB Bank Plc, at the EFInA 2019 Financial Inclusion Conference.

L-R: Adebimpe Toriola, commercial assurance manager; John-Eze, national retail manager, Itune Brown; Simon Maxwell, winner of Motorcycle; Thompson Ukpebor, channel relationship manager, Lagos Island & Ogun, and Ginika Frank-Durugbor, business engagement manager, at the prize presentation to winners in the ongoing Lafarge Africa Buy & Win Reward Promo in Lagos

Olusina Adegoke, Lagos regional operations director, Airtel Nigeria; Idris Bolaji Muse–Ariyoh, chairman Oshodi/Islolo Local Government Area; Segun Ogunsanya, CEO/MD, Airtel Nigeria; Vanessa Holmes, brand strategist/marketing director, Food Concepts Plc (Chicken Republic), at the Lagos flag-off of Airtel Five Days of Love in Oshodi / Islolo Local Government Secretariat,

COMPANY RELEASE

14 real estate developers emerge winners at Prestigious REDA Awards

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ot less than 14 real estate developers and an Architect, Tosin Oshinowo, have emerged winners at the second edition of the Real Estate Developers Award, (REDA) organised by the Publishers of the Real World Magazine- Giant Edge Global Business Limited.

The 2nd Edition which held on Sunday 8th December 2019 at the Civic Center, Ozumba mbadiwe, Victoria Island brought together industry stakeholders.

The REDA award highlights the people and companies who have made a difference in the industry, and celebrates real estate management by emphasizing

innovative business practices and sharing successful initiative to foster further advancement, locally, nationally.

The s e awa rd e e s have been carefully selected by the Award Panel and nominated for the different award categories based on their commitments to leadership, job creation, sustainability, innovation, transparency in business transactions, customer service and technology advancing the real estate management industry among others.

Among the companies that were awarded includes, First Home Africa, Redbrick Homes of Amen Estate, Topaz Gardens, Afriland Properties,

Gracias Group, Trenchards Homes and Villas Apartment, Pazino Engineering and Construction, Haven Homes, the developers of the popular celebrity estate Richmond Gate, Crovation.

Other companies represented includes, Otunba Oyewole Osinaike, the Chairman of Edge Breakers, Mathew Kasim, Managing Director, Edge Breakers Manager at Xhome, MD Trabajilos Integrated Services, Manager, Hedmee Constructions, Abolade Olatunde, Director of International Business, Ols and Ned Group, and Toke Benson- Awoyinka, Special Adviser to the Governor on Housing.

L-R: Ibraheem Olugbade, executive director, Ports & Cargo Handling Services Limited; Ezekiel Ajewole, executive director/senior special assistant to Taiwo Afolabi, group executive vice chairman, SIFAX Group; Babayo Shehu, executive director, finance & administration, Niger Delta Power Holding Company Limited, and Rahman Alarape, head, expediting and logistics, Niger Delta Power Holding Company Limited, at their business visit to SIFAX Group’s head office located at Apapa

Friday 13 December 2019

BUSINESS DAY

17

MONEYINSIGHT Here are some tips for your Christmas shopping Mainstreet MFB marks 10 years of deepening access to credit in Nigeria STEPHEN ONYEKWELU

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ourteen days to Christmas, families and individuals are making some last-minute prudential tweaks to their budget aligning it to prevailing economic conditions.

Most people want to plan their Christmas shopping ahead of time in order to avoid the last-minute rush.

By some unforeseen twists and turns, this often does not happen.

Should you find yourself in a similar situation, shopping the last week before Christmas, here are a few tips for you, synthesised from talking to both consumers and experts.

So, before you go into a desperate shopping frenzy, check out these tips for last-minute shoppers.

Make a list and check it twice One of the biggest traps of lastminute shopping is going over budget. Before you brave any store, make a list of how much you would like to spend on each person you are buying for, and stick to it. Resist the urge to keep shopping for the perfect gift, and leave the store as soon as you’ve crossed everyone off your list.

Set a time limit Retailers have a few tricks up their sleeves to get you to linger in their stores, such as playing catchy holiday music and scenting the air with pleasant holiday smells, making it more likely you will buy something on impulse.

To avoid this trap, make plans immediately following your shopping trip to limit the amount of time you spend in the mall. The less time you spend shopping means less temptation to overspend or

FRANK ELEANYA

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impulse buy.

Get online Most online retailers guarantee delivery up to a few days before Christmas, so skip the mall and shop online for your gifts instead.

You can avoid the hustle and bustle of the holiday crowds and you can either ship your gifts right to the recipient, or have them sent to you.

Get creative Do you have a special talent, such as painting, pottery-making, or photography? Or maybe you are an expert on car repair, childcare services, or dog-walking? Create a coupon offering your service to be used in the weeks to come. It will take some of the pressure of having to have a gift in time for the holidays, and the recipient will love the thoughtfulness of your gesture.

Skip the clothes Clothes can be tough to get right even when you are not shopping in a last-minute frenzy. Do yourself a favour and skip the clothing department altogether.

Shop on Christmas Eve We know — waiting until the day before Christmas to shop sounds like a terrible idea. But think of it this way — most people are finished by Christmas Eve, meaning the malls will be less crowded, allowing you to shop without having to fight hoards of other panicky procrastinators.

Know when to stop Once you’ve bought for everyone on your list, stop shopping. It sounds simple enough, but oftentimes, the urge to find the perfect gift compels anxious shoppers to keep going. Just because your gift is last-minute does not mean it’s inadequate.

Re-gift If it’s come down to the wire and you are really in a bind, considering re-gifting as a last resort. Just make sure your gift doesn’t fall into the hands of someone who might find out your secret — or worse — into the hands of the person who originally gave it to you!

ainstreet Microfinance Bank said it remains committed to enabling small and medium scale enterprises (SMEs) gain access to credit that will help them build profitable businesses in Nigeria.

This is as the MFB, an offshoot of the defunct Afribank, marks ten years of doing business in Nigeria. As part of the anniversary celebration, the bank organised an anniversary dinner which brought together old and new customers of the bank as well as shareholders, to celebrate.

Adegbami Adegoke, managing director, Mainstreet Microfinance Bank commended the board of directors and members of staff of the bank for their dedication to the growth of the bank over the years. Apart of the bank’s achievement is receiving a “Bbb” rating in 2018 from Agusto, a renowned banking sector rating agency.

Mainstreet microfinance bank, with its headquarters located on Broad Street Victoria Island has expanded its business to several parts of Lagos including branches at Yaba, Mushin, Bariga, Idumota, Kosofe, Lekki, Ikorodu, Epe and Ikotun.

In a statement sent to BusinessDay, the bank attributed its success to its superior banking product offerings. These include retail banking products which

are corporate and individual accounts, target savings accounts and accounts that help entrepreneurs and parents save toward big business and family goals.

The bank also gives loans to help small and medium scale their businesses, personal loans and education financing loans among others. Other innovative products and service offerings offered by the bank include Card services, instant money transfer, USSD services, mobile banking solutions and internet banking.

One of the week’s highlights of the one-week celebration was a high energy walk from Onikan to the bank’s headquarters located on the popular broad street in Lagos Island. It was tagged ‘Walk for Improving Loves and businesses.

Showing their appreciation, the bank’s customers showered praises on the bank and its management for their support and reliability over the years.

Speaking in an interview, the Chairman of the National Union of Teacher (NUT) Lagos chapter Comrade Adeshina Adedoyin, commended the bank for being a pillar of support for its members over the years.

“The quality of lives of our members has improved a lot as a result of our partnership with Mainstreet microfinance bank.

We now have access to loans to execute personal projects and access other business opportunities” he said.

Creating shared value with visible impact: Savannah Petroleum’s example MUTIU YEKEEN

I

n the modern business environment, successful strategy incorporates programmes that cater to the needs of all stakeholders, including host communities.

This is what has been referred to as Creating Shared Value. The concept of Shared Value was first introduced in a Harvard Business Review article which had the title: “Strategy & Society: The Link between Competitive Advantage and Corporate Social Responsibility.”

Between 2011 and 2012, Michael E. Porter and Mark R. Kramer introduced the concept of shared value into the corporate management lexicon. They reasoned that the central premise behind Creating Shared Value is that the competitiveness of an organization and the wellbeing of the communities around it are mutually dependent. Therefore, organizations should conduct business in such a way that all stakeholders receive value from the operations of the organization.

Through its activities, Accugas, a company majority owned by the UK-listed entity Savannah Petroleum plc, has demonstrated that it understands the concept of shared value. Within its operational areas, which are largely located in Akwa Ibom State, Accugas has shown that strategic intervention in host communities is

key to sustainable development, peaceful coexistence and growth.

The company’s wide ethos has ensured that it is able to develop and add value, not only to customers, but also to its employees, host communities and contractors, thereby creating a wide web of shared value.

Essentially, Accugas recognizes the important role that all stakeholders play in its success story and places responsibility and transparency at the heart of its business, operating in a unique environment amongst its peers in all areas of sustainability as a holistic strategy for its business.

The company aims to be the industry leader in its sector, known for the quality of its disclosures on sustainability performance and programmes.

True to its commitment, Accugas continues to align its Sustainability Report with the Global Reporting Initiative’s G4 Reporting Standard with references to the International Finance Corporation (IFC) Performance Standards.

The company announced its membership of the Initiative of the Voluntary Principles on Security and Human Rights Association a few years ago. As the first indigenous oil and gas company in Nigeria to achieve this feat, it continues to strive to demonstrate through its policies and practices, the determination to maintain the safety and security of

its operations within an operating framework that ensures respect for human rights and fundamental freedoms.

Strategic community interventions Accugas Limited is a subsidiary of Savannah Petroleum plc with a focus on sales, marketing, processing and distribution of gas to the domestic Nigerian market.

With over $1 billion invested in gas development, processing and transportation infrastructure including 260km pipeline network, Accugas currently supplies natural gas to some power generating plants which deliver about 10% of national power output. In addition to this, Accugas has undertaken a number of important interventions in its host communities. The list includes strategic interventions in education, healthcare, human capital development, and direct empowerment of otherwise unemployed youths across several communities, in Akwa Ibom state.

For instance, the company has executed rural electrification projects and provided solar-powered water boreholes in some communities which lack access to potable water. Some of these communities that have benefitted from electrification and water borehole projects include (but are not limited to) Ikot Nsung, Ikot Enyiene and Minya Ikono in Uyo LGA, Edem Idem Ibesit in Oruk Anam LGA and Nung Oku in Uruan local gov-

ernment area of Akwa Ibom State.

Others are Eyotai, Udung Adatang, Eniongo and Usung communities in Udung Uko local government area of Akwa Ibom State.

Beyond this, the company is being proactive in its effort to improve living conditions in its footprint communities. Accugas rehabilitated, equipped and furnished the community health centre at Ikot Ekpo, in Calabar Municipal Council, Cross River State. The centre provides general healthcare such as immunization, treatment of minor ailments and maternity services to an area currently without a nearby general hospital.

Education is another area in which Accugas has made impressive strides. This is because the company considers education as key to tackling poverty, unemployment and social unrest. In this regard, the company renovated a number of classroom blocks, teacher’s quarters and offices, donated laboratory equipment, dual pupil desks, other teaching materials, tables and chairs for teachers to over 22 public schools spread across Akwa Ibom and Cross River State. This gesture has helped improve access to quality educational materials to aid learning and improve performance of pupils in the selected schools.

Another novel initiative which was conceptualized by the company is the Green Team Initiative, an innovative stakeholder

engagement programme which is aimed at asset protection through maintenance of Accugas’ pipeline network rights of way (“RoW”).

The initiative has helped create a sense of ownership among people across communities traversed by the company’s assets.

“In a bid to ensure that our gas pipelines and associated RoW are safe, accessible and kept clear, clean, and fully operational, the Green Team Initiative was launched in June 2015 and is currently running smoothly across over 100 communities and pipelines RoW,” the company says on its website.

Over 200 youths across 17 LGAs have been engaged on a ‘call off’ basis via work orders, ensuring that the pipeline’s RoWs are periodically and regularly kept safe.

This approach has helped promote harmonious interface between the company and the host communities.

A major lesson to be gleaned from the shared value model is that when different stakeholder interests are accommodated within the business plan, there is progress, delivery of targets and achievement of organizational objectives. Both Michael E. Porter and Mark R. Kramer shared this conclusion.

Mutiu Yekeen is a Senior Media and Communications Executive at Caritas Communications Lagos.

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Friday 13 December 2019

BUSINESS DAY

Friday 13 December 2019

BUSINESS DAY

INTERVIEW

19

INTERVIEW

Nigeria has a long way to go in achieving self-sufficiency - Ade Adefeko ADE ADEFEKO is the Vice President, Corporate & Government Relations, also in charge of External Communication and Stakeholder Management at OLAM Nigeria, the largest agribusiness and Food Company in Nigeria, a subsidiary of OLAM International of Singapore, the parent company with presence in 70 countries. He is also the current Chairman of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) Export Advocacy Group (NEXAG). Ade, the eclectic polyglot who recently turned 50, shared his life experiences and lessons learnt with KEMI AJUMOBI, including matters on his forte agriculture, among others. Excerpts

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Career trajectory or me, my career trajectory was a bit planned, but again, you know man proposes, God disposes but if God helps you plan it as well, it helps. I always told myself (and people who know me) that I’ve always wanted to be an ambassador at some point in my life, to represent Nigeria, outside the country positively.

I started first of all by being a lecturer at Alliance Française because I have a degree in languages, French and Portuguese to be precise. After a while, I said to myself, ‘Do I want to continue lecturing?’ I lectured diplomats and people who wanted to have French as a second language.

In my trajectory, I’ve been fairly successful, but I’ve never allowed the success that I have achieved affect me because I’ve always been a grounded person and my parents always told me one thing ‘remember the son of who you are’.

I left Alliance Francaise and went to an oil service company so I have a bit of an understanding of oil and gas. From there, I went to British American Tobacco (BAT) in 1992 and also as a graduate trainee at Eco International Bank, which has metamorphosed into Prudent and then Skye Bank. After a while, I said to myself ‘six, seven years in one place, not much is happening, I need to explore other vistas’. So, I worked with a few more Banks here and there and found out that it was the same thing.

Then, Societe General Bank (SGBN) came and Laolu Saraki said ‘Ade, come and be our head of corporate communications’.

So I moved from managing branches, credit balance sheets and all that to doing what I think came natural to me, managing image, PR reputational management and all that.

That’s where I started with SGBN. And since then, I’ve been director of public affairs and communication for Multichoice which is DSTV and in between that, I was a pundit for Super Sports, analysing English football. In between then, I started writing for Complete Sports in ThisDay. So I started with sports, that was my passion. People who know me, know that I’m an Arsenal supporter, I’ve been supporting Arsenal for almost 30 years.

Moving to BAT, I worked there

It was an honour to be promoted. I’m a VP of Olam International. Olam International happens to be the holding company, so I’m an international staff, so I can work anywhere. Being present in 25 African countries, my roles include, but not limited to communication and lobbying.

as Area Head of Communication for Nigeria, Benin, and Togo.

I worked there for a couple of years and I said to myself, ‘Okay, I’ve had it’. I wanted to go to a place where I’ll have high impact and I felt that would be agriculture.

Agriculture, to a large extent, contributes so much to our GDP and food security is very important. But Nigeria is a country of

‘anything goes’. The budget for agriculture is less than three or four percent. The Maputo Declaration says that nothing less than 10 percent of your budget should be allotted to Agriculture. Nigeria allots under three percent to agriculture and they want to be taken seriously?

Transition to Olam I was headhunted for the job. I

found myself in Olam eight years ago and after the interview, I was employed to head communications and government relations.

I’ve often prided myself as a very good lobbyist. It’s important to give credit to my CEO who allows me to shine.

Olam makes sure that everything that I do, I do with responsibility, through corporate governance and following ethics.

I just recently got appointed onto a board of Mobihealth. So you see, for Olam to allow me to go into that kind of board which is medical and which touches lives, I can tell I made the right choice to be working with them.

Olam has been good to me and I think to a large extent we have been both good to ourselves if I must say so. They allow me thrive.

Being Vice President

How is Olam keying into being a major contributor to the development of the Nigerian economy?

Olam has been in Nigeria for 30 years. We play midstream, upstream and downstream. We’re into exports. We’re the largest exporter out of Nigeria after oil and gas. And we’re the second largest exporter out of Nigeria. What do we export?

Cocoa, cashews, cotton, ginger, and the likes. Our export is in the tune of millions of dollars.

We have a huge farm in Nasarawa, but in spite of that, we still supply only 10 percent of Nigeria’s rice needs. You can see how much of a gap. Nigeria consumes 7milllion tons of rice per annum, and we reproduce roundabout maybe 3.5 4million. 2.5 million gets smuggled, so you see that we still have a deficit because as a country, we like to plan based on electoral cycle –four years and eight years.

Right now, the borders have been closed, a very good thing. The 2.5 million tons that are coming in don’t come in anymore. But they still find a way to come in somewhere but you know, nothing is full proof.

As the president of NACCIMA, for me, it’s very important that we help secure our future, particularly in the food security sector. Food security is very important. People always talk about health. Yes, health and food go hand-in-hand.

A wealthy nation is a healthy nation but a nation that feeds well as well, with the right nutrients will be a wealthy nation. Nigeria is the largest producer of cassava, Nigeria is the largest producer of cocoyam and yam, but you see the derivatives of it, though you produce a lot of it, a lot gets rotten at the source because it doesn’t come to market, access to markets and processing facilities for it is a problem.

And again, the yields we have on agricultural products are very low, and that’s because of our agricultural practices. Our agricultural practices are still very hoe and cutlass, instead of making AgriBusiness mechanized.

We need to stop having only rain-fed agriculture. We need to have irrigation. Nigeria’s land mass for agriculture is 4million hectares,

of which less than one-third is cultivated. We have 14 to 15 million farming families. But again, in spite of all that, we even forget the fact that Nigeria is not self-sufficient in rice, because rice is a political crop.

Talking about self-sufficiency, Nigeria has a long way to go in some areas. What we need to do is to have what you call strategic grain reserves. Nigeria doesn’t have strategic reserves for anything. You remember in the 70s we used to have groundnut pyramids, where are they today? Trust me, as a nation; we can do a lot better.

The daunting challenges of the border closure The border issue is two pronged.

It was a decision that had to be taken. Beef is smuggled, poultry products are smuggled, everything is smuggled through that border. Look at Benin Republic, palm oil and rice gets imported from Benin Republic through Thailand and gets into our borders, 2.5million tons of

it comes in at night. They go and start selling it and before you know it, no tax is paid. And you ask yourself why?

So for me, it’s something that is right. Something that should be done, something that the political will worked for. I’m one of those people who believe that you don’t put the cart before the horse.

Nigeria always talks about having rice mills, why do you want to have a rice mill when you don’t have a rice farm? The rice departing from the farms is what goes into the mill. So tell me why you should be putting the cart before the horse?

Nevertheless, we do our own bit. Olam rice has a rice farm which is almost 14,000 hectares; we have a rice mill which has capacity in Kano and in Lagos. So, we do our own bit.

Thanks to our use of latest technologies, we are able to do well.

The challenges are also there. It takes seven days for my container to leave my office in Iganmu to the port.

That same seven days, it takes a ship to leave the port and get to its destination meanwhile, my own export has not even started because leaving Iganmu to Nigerian port is a never ending journey. I mean, if you say you’re supposed to deliver something to us in 30 days, and it’s taking 90days and sometimes even more, and you’re still telling us that you’re not sure it will arrive, there is a problem. These are the kinds of problems we face every day.

Those borders are closed again, not only because of food, there was a proliferation of small arms coming in that was endangering our security.

That is in addition. The national security adviser alluded to that, so people should listen to what he said. Actually, it was the national security adviser that advised that the borders should be closed because for them, security is very important.

I’m not one of those who believe that we should subsidize consumption. I believe we should subsidize production but Nigerians seem to always like to subsidize consumption.

So the rich always get richer, what happens to the poor? For me, I’m for the border closure.

Ascending to the ‘5th floor’ Being on the fifth floor is ascension to thinking about life from a different perspective. When I was 20 or 30, we were saying life begins at 40 and all those things. Life is evolutionary.

I’m on the fifth floor now, I’m 50. I don’t really physically feel too different because you know what? I don’t suffer any major ailment but at the same time, I’m not too much of a deliberate person either, I just live and let live. So I enjoy myself.

But I do everything within the limits and confines of decorum.

What is the greatest lesson life has taught you?

Life has taught me to be humble, and not to take anything for granted. For me, I just say to myself, ‘I’m lucky’. But again, luck comes with a bit of a dint of hard work and I’m very lucky to have goodwill. My goodwillbank is immeasurable. I’m very selfless. Being selfless doesn’t take me anything.

How do you relax or have time for family despite the busy schedules?

I’ve been married for 17 years and still counting. I’ve been blessed with three kids –two boys, and a girl. My wife and I, (religiously), we go and watch movies on Fridays. I love to go to watch movies with my wife, then we go disco dancing. My wife likes to dance; she’s very eclectic like me.

What has 17 years of marriage taught you?

17 years of marriage has taught me patience, benevolence, selflessness, sacrifice. It has also taught me to be mature, to be calm, and to be very understanding. I’m one of those people who believe that you must listen to understand, and I don’t react to everything the opposite sex says. There is something that I have and I thank God for it. On an angerregister scale, I’d probably have 2/10. I’m hardly angry. I smile every day. If you look at all my pictures, I’m constantly smiling.

So I’m sure that probably when I die, I’ll be smiling. So, whether God will take me in that manner, I don’t know, because for me, life is just easy. I don’t take life too seriously.

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Friday 13 December 2019

BUSINESS DAY

HEALTH BUSINESS&LIFE Citizen seeks to eradicate How Nigeria can make significant Global poverty through innovation impact on TB notification rates ... Collaborate Teneo to launch ‘Global Goal Live’ to attain SDGs ANTHONIA OBOKOH

ANTHONIA OBOKOH

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n recent time, Southern Ethiopians have doubled the Tuberculosis (TB) notification rate, along with awareness-raising, stigma reduction, and treatment support activities to help reduce the prevalence of the disease and trace the missing cases.

Nigeria is currently in search of a workable approach. However, further analysis of Southern Ethiopia plan reveals lesson that can plug gaps in Nigeria to help address the over 300,000 undetected/missing TB cases, which implies thereby, representing a large number of continuous transmission of the disease in the country.

The Southern Ethiopians implemented a community-base case finding by training health extension workers to identify people with presumptive TB, collect sputum and fix sides, as well as setting up transportation system. Several recent implementations have shown substantial numbers of additional people treated. However, the notification rates increased from 64 to 127 per 100,000 populations in the first year of intervention.

“Developing and implementing activities is a huge challenge in the science of delivery. Nigeria can learn and apply these strategic approaches by finding missing people with TB in Communities, Finding Missing Peo-

ple with TB by engaging the Private Sector, Intensified TB Case Finding at Facility Level and Chest X-Ray Screening,” said Stephen John, executive director Janna Health Foundation.

John said the four (4) Field guides are meant to help TB programs and partners plan, design and monitor these different interventions. He made this known in a one day workshop on disseminating field guide organised by Interactive Research & Development (IRD) that was called to discuss possible solutions to reduce the disease prevalence.

Explaining some of the field guides John said community-based TB case finding is needed to address the poor access to TB services (distance & Costs), the high stigma (little or no motivation to access care), high-risk factors for TB transmission and delays in TB diagnosis which leads to high morbidity and mortality.

“Addressing these gaps will help high potential to increase TB case notification, give the opportunity to link with other disease

program areas and increase awareness in addressing Stigma, also an opportunity to improve treatment outcome and effective contact examination,” said, John.

Me a n w h i l e, a l a r g e cluster randomised trial in Zambia and South Africa showed no impact of an enhanced community- based approach on TB prevalence.

However, implementing community- based case finding is not simple, as it involves identifying the right target population/area; setting priorities; designing the intervention, finding the right implementing partners; engaging and involving the community; ensuring sustained community dialogue; keeping staff motivated; ensuring that people follow the complete pathway of care; and ensuring continuous follow-up and supervision.

Nigeria is classified among countries with a high burden for TB, TB/HIV and MDR-TB and currently ranked 6th globally and 1st in Africa. The country contributes 9% to the global 3.6 million missing TB cases af-

ter India and Indonesia with 26% and 11% respectively.

“An estimated 418,000 new TB uses cases in Nigeria in 2018 and the country notified l04,904 (25%) and l06,533 cases of TB in 2017 and 2018 respectively giving a gap of 314,712 and 3l9,599 cases yet to be notified respectively.

“There are a lot of barriers in finding missing cases of TB in Nigeria and one of it is unavailability of resources.

We find out that in Nigeria only about 5 percent of all health facilities are covered with TB service, so there is a lot of a gap,” said Chijoke Osakwe, executive director, Initiator for Prevention and Control of Disease (IPCD).

Osakwe said that in Nigeria there are more adult males affected with TB with about 50 percent, 44 percent at females and children is still, about 12 percent has been diagnosed with TB stating that the country really needs a lot of resources to create awareness in other to enable people to access diagnosis and also to be treated for TB. Osakwe pointed out that the issue of domestic contribution for TB is still very low noting that the donors can only fund the ones they think is necessary.

Speaking on the workshop, Lepa Onalaja Programme manager said this is something that is new and has not been done in Nigeria stating that there is a bridge for everyone in the field guide which is the focus of the workshop.

APHPN donates food items, drugs to motherless homes in Kwara

Rotary to vaccinate 10,000 girls against cervical cancer ...aims at reducing incidences in Nigeria ANTHONIA OBOKOH

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oncern by the high rate of cervical cancer in the country, the Rotary International, District 9110 is set to support states across Nigeria to vaccinate approximately ten thousand girls with human papillomavirus (HPV) vaccines through pilot projects.

The demonstration programmes will give each girl the opportunity to be vaccinated.

HPV vaccines are given to girls aged nine to 13 to protect them against cervical cancer.

“Cervical cancer is the second commonest cancer in women after breast cancer, but it kills more than breast cancer,” said Jide Akeredolu, district governor, Rotary International District of 9110. “We know that from the World Health Organisation (WHO) statistics it kills 26 women in Nigeria every day and that is a troubling statistic, meaning that a woman dies of cervical cancer in Nigeria every 5 minutes.”

Akeredolu explained that

cervical cancer is a unique cancer in the sense that a proper vaccination with the right vaccines against the virus will prevent the girls from having cancer in their lifetime, unlike other cancers that do not have vaccines.

“Rotary is passionate about cervical cancer just as we take on polio in 1995, we have taken on cervical cancer. It is a much bigger project but whatever it takes, we are taking that first step today.

“We have decided to take it head-on, is going to be a huge project and we plan to vaccinate at least 10,000 girls this rotary year against the scourge of cervical cancer,” he said The district governor said that these pilot projects have not be done anywhere in Nigeria even in Africa apart from Rwanda stating that probably because the vaccines are expensive. So the government shies away from it.

Akeredolu further explained that each vaccine cost N11, 000 and to protect a girl completely, they need at least 2 dosages; www.businessday.ng

meaning to protect a girl will cost N22, 000.

“This is small if the compared cost to treat someone with cervical cancer. We are focusing on the primary prevention and that is actually immunising the girls against HPV, so this will actually prevent it even before it occurs at all,” he said.

Also speaking Adetoun Agbe- Davies Chairman, Cervical Cancer Prevention Project Committee said we are launching this today and the centre is domiciled at the Estate Junior Secondary School, Town Planning Way, Ilupeju, Lagos and we have lined up schools and we have a very good corporation with the Lagos and Ogun state government and they have given us all the permission.

“What rotary is focusing on is the primary prevention where you do not even let them get it at all. Over 114 girl students were vaccinated against the Human Papilloma Virus (HPV), the virus that causes cervical cancer in women, was

T

o have an impact in Nigeria, the private sector’s value chain and its innovative ways have become ever more necessary with regards to achieving the sustainable development goals (SDGs).

Ahead of 2020 Global Citizen Festival scheduled to hold in Lagos on September 26, 2020, government at all levels have been urged to show commitment.

The Global Goal Live: The Possible Dream was launched

by Global Citizen, in partnership with Teneo, during the United Nations’ General Assembly in New York on September 26, 2019.

The campaign in Nigeria aims to exceed this, by mobilising billions in commitments for Nigeria. Specifically, $2 billion of the money allocated to Nigeria will be used to impact the lives of millions of impoverished women and girls.

To be on target to achieve the United Nations Global Goals by 2030, 120 million people should have been lifted out of extreme poverty between 2016 and now. The 2019 Bill & Melinda Gates Foundation Goalkeepers report estimates that 83 million people have escaped poverty during that period, demonstrating progress, but falling short of the required rate. For every year we remain behind the target, the work needed to achieve the Global Goals increases.

“Achieving Nigeria’s pledge to lift 100 million people out of poverty in the next decade will only be possible if the public sector, private sector, and civil

society collaborate closely.

A coordinated, multi-stakeholder approach is essential,” said Tunde Folawiyo, Global Citizen Nigeria Chairman while speaking at the launch recently. ” We cannot ignore it because it will be to everybody’s detriment,” he said.

Despite the positive global trend, poverty rates in Africa have increased. Today, two-thirds of those living in extreme poverty globally live in Africa and at current rates, by 2030 the continent will account for 90 percent of all individuals living in extreme poverty.

Nigeria tops the list of the African countries where rates of poverty are increasing, with 6 people falling into extreme poverty every minute. Current estimates put the number of people living in extreme poverty in Nigeria at 89 million; the highest anywhere in the world, and more than 40 percent of the population.

Address these rather stark realities. The Federal Government of Nigeria has pledged to lift 100 million people out of extreme poverty over the next 10 years, an average of 10 million per annum.

Also speaking, Aigboje AigImoukhuede, vice chairman, Global Citizen Nigeria said that the government alone cannot deliver the resources we need to win the fight against extreme poverty.

“We must create multiple entry points to allow local and global influencers to come together and make a difference. Innovative financing models, creative partnerships and new technology are what this movement to end poverty must deliver”.

the first of its kind.

“The 2 dosages have to be 6 months’ space apart, about 117 students were given consent forms for the vaccination but only three declined because they are going to sign that they allow us to give the vaccines,” she said.

According to Ajayi Adunni Opeyemi, principal Estate Junior Secondary School, who appreciated the Rotarians “This is a laudable project that will save the lives of many girls in the country and I advise all schools that will be approached to imbibe and associate with this kind of laudable programme.

However, an estimated 266,000 women die every year from cervical cancer, of which more than 85 percent live in low-income countries, according to the latest statistics published by the International Agency for Research on Cancer (IARC). Without changes in prevention and control, cervical cancer deaths are expected to rise to 416,000 by 2035, with over 95% expected to be women living in poor countries.

https://www.facebook.com/businessdayng

SIKIRAT SHEHU, Ilorin

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he Association of Public Health Physician of Nigeria (APHPN) on Wednesday donated food items, clothes, drugs and vaccinations to motherless babies in Idofian, Ifelodun Local Government Area of Kwara State.

Speaking at the sidelines of the donation, Michael Oguntoye, medical Doctor and Chairman of APHPN, Kwara Chapter, says the donation was part of their responsibility to reach out to the vulnerable in the society.

Adding that, it is also part of their outreach program to assess the health condition of children and staffs of motherless homes in the state and to prevent diseases.

The state government according to him is trying in terms of assisting the vulnerable children, still, there are relevant policies document that needed implementation.

Welcoming the medical practitioners, Christie Omolehin, Doctor and the Proprietress of Hope Orphanage Idofian ex-

@Businessdayng

pressed gratitude for the donations to the orphanage.

Omolehin pointed out that the 12 years old orphanage has 64 children, including abandoned, motherless babies, and those from mothers with mental problems.

The Proprietress disclosed that the orphanage has trained children who are now in secondary schools and aspiring to be in the Universities, while others are engaged in vocational trainings.

She therefore appealed to the government at all levels as well as well to do Nigerians to assist the children of the orphanage with a school bus, as well as other necessities to cater for the well-being and health of the children.

Also speaking, Adua Usman, assistant Head of the Children Reception Centre Ilorin, also commended the donations from the APHPN. Usman, had while appealing to the medical team to assist the children in area of health interventions,commendedthem for prompt attention giving the children whenever they bring sick ones.

Friday 13 December 2019

BUSINESS DAY

21

HEALTH BUSINESS&LIFE ‘We have recorded significant achievements in fight against spread of Hiv/Aids’ REMI FEYISIPO, Ibadan.

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yoStategovernment says it has recorded great achievements in the fight against the spread of HIV/ AIDS within the state.

Bashir Bello,ommissioner for Health, who disclosed this, said “most of our hospi­ tals are equipped to take care of victims. Show them love, encourage them that it is not the end of life and take pre­ cautions to prevent spread.

The commissioner who spoke in Ibadan at a sensiti­ zation programme for local birth attendants in the state

on prevention of HIV/AIDS in commemoration of the 2019 World AIDS day held at Ele­ kuro High school, in Ona Ara local government area said despite this, there was still the need for more to be done by stakeholders towards putting an end to the spread of the disease through enlighten­ ment and collaboration “This is why we are appeal­ ing to us not to put stigma on infected people; local birth attendants need to get ad­ equate information on care of victims to prevent spread of infection. You need to treat them well, educate them and not isolate them. We now live

with deadly diseases and we can manage it better now with enlightenment,” he said.

The programme was put together by the Oyo State Ministry of Health in conjunc­ tion with APIN Public Health Initiatives to teach local birth attendants how to prevent the spread of HIV/AIDs in their patients with the theme ‘Com­ munities make the difference – Rock the ribbon together. ” HIV/AIDS is called a global health issue because it is not limited to a par­ ticular location and once an individual is infected, people around such person is not safe, reiterating the need to

What to do when travelling with disabilities Executive Travel Health

Dr Ade Alakija Q-life Family Clinic

lifeadvisoryservices@outlook.com

A

person has a disability if he or she has a physical or mental impairment that substantially limits at least one major life activity. With proper preparation, many trav­ ellers with disabilities can travel internationally. Some travellers with disabilities, such as those with mobility limitations, vision or hearing loss, or cognitive disabilities may require special attention and adaptation of transportation services.

Before Travel: Travel­ lers are advised to consult with travel agents, hotels, airlines or cruise ship companies to learn about services for people with disabilities during the trip and at the destination. It is strongly recommended they purchase medical insurance with medi­ cal evacuation plans.

Travellers should carry medical alert information and a letter from their health care provider describing medical conditions, medications, po­ tential complications, and other pertinent medical information.

Enough prescription medica­ tion to last the entire trip, in­ cluding extra medicine in case of delay should be carried. Pre­ scriptions must all be carried in their labelled containers, not in a pill pack.

Assistive Equipment: Travellers are advised to find out if there are specific policies for devices such as wheelchairs, portable machines, batter­ ies, respirators, and oxygen.

Consider renting wheelchairs and medical equipment at the destination. Research the availability of wheelchair and medical equipment providers.

Websites such as Mobility In­ ternational USA (www.miusa.

HBL TEAM

org) or the European Network for Accessible Tourism (www. accessibletourism.org) will have links to overseas medical equipment providers. Consider the use of manual versus power wheelchairs. The country volt­ age, type of electrical plug, and reliability of the electrical infrastructure at the destination country may make one type of wheelchair preferable over another.

Service Animals: It is im­ portant to contact the embassy of the destination country for information on possible restric­ tions and cultural norms about service animal. Find out about any quarantine, vaccination, and documentation require­ ments. Consult veterinarians about tips for travelling with service animals. Contact des­ tination hotels to make sure they will accommodate service animals.

Air Travel: Travellers planning to fly between foreign countries or within a foreign country while abroad should check with the overseas airlines to ensure that the carriers ad­ here to accessibility standards adequate for their needs.

Security: There is an es­ tablished a program for screen­ ing travellers with disabilities and their equipment, mobil­ ity aids, and devices. There are permissions for prescriptions, liquid medications, and other liq­ uids needed by people with dis­ abilities and medical conditions.

Travellers who have disabilities or medical conditions that may affect screening may use notifica­ tion cards to communicate.

Travellers can learn more about the guidelines for travel­ lers with disabilities at www.tsa. gov/travel/special-procedures.

As with other people with dis­ abilities or medical conditions, travellers who are deaf or hardof-hearing can provide officers with a notification card or other medical documentation that describes their condition and informs the officer about the need for assistance with the screening process. Travellers are not required to remove any hearing aids or external cochlear implant devices. Ad­ ditional screening, including a pat-down or device inspection,

may be required if assistance devices alarm security tech­ nology.

Boarding and Deplaning: There may be no jet way with smaller airplanes, and travellers who use wheelchairs may need to be manually lifted or carried down the stairs.

Some airports have adapted hoists or lifts. An aisle chair is usually required to board and deplane.

Travellers should be sure to mention they need an aisle chair, both when reserving tickets and when check­ing in at the airport (http://wheel­ chairtraveling.com/travelingwith-medical-equipment-ora-wheelchair-handicap-limit­ ed-mobility-or-senior-at-air­ ports-airplanes-and-all-about­ flying-faa-tsa-air-carriers-act).

Airlines may not require advance notice of a passenger with a disability. They may, however, require up to 48 hours advance notice and 1-hour advance check-in for certain accommodations that require preparation time, such as medi­ cal oxygen, incubator, Hook-up for a respirator to the aircraft electrical power supply, ac­ commodation for a passenger who must travel in a stretcher, transportation of an electric wheelchair on an aircraft with <60 seats, provision of an on­ board wheelchair (aisle chair) for use on an aircraft that does not have an accessible lavatory Cruise Ships: All travel­ lers with disabilities should check with individual cruise lines regarding availability of requested or needed items before booking. Cruise opera­ tors and travel agents that cater to travellers with special needs also exist.

Visit the web page “Your Health Abroad” for more in­ formation about international travel (https://travel.state.gov/ content/travel/en/interna­ tional-travel/before-you-go/ your-health-abroad.html).

This website (www.tsa.gov/ travel/special-procedures), pro­ vide answers to questions about screening policies, procedures, and the security checkpoints.

Travel Healthy, stay healthy and return healthy

stop putting a stigma on vic­ tims” he added.

He however thanked devel­ opment partners who not only give drugs but help maintain hospitals adding “I also want to emphasise the need for col­ laborative efforts to succeed in eradicating this endemic.”

Speaking at the event, Olukorede Ikunne, health officer for Ona Ara Local Government and a medical doctor stated that groups and associations are important in the fight against the spread of HIV, not only in the local government area but in the state as a whole, adding that local birth attendants have an

important role to play in order to put an end to the spread of HIV/AIDs. A l s o s p e a k i n g L a n re Abass, executive Secretary of the State Action Commit­ tee on AIDS (SACA), noted that local birth attendants are important partners in the fight against the spread of HIV/AIDs, adding that when a pregnant woman is adequately taken care of till delivery, it will minimise the risk of getting infected or spreading the virus.

“You know we have to be careful in order to prevent the spread of HIV because you deal with blood. Like we

always say, a child can be in­ fected at pregnancy or during delivery. As you take care of pregnant women, you need to know your status too so as to know how you will care for them,” he said.

Bola Thompson, represen­ tative of APIN Public Health Initiatives, stated that her organisation will continue to be partner with the local birth attendants to ensure that the virus is not being spread and urged them to always tell pregnant women and their families to go for test and they shouldn’t commence care until status of patients are ascertained.

WASCO intensifies AJI-NO-MOTO safety awareness sensitises health writers

I

n its renewed awareness drive, West African Sea­ soning Company Limited (WASCO), makers of AJI-NOMOTO food seasoning prod­ uct, has taken its safety cam­ paign on the food seasoning to Health Writers Association of Nigeria (HEWAN).

WASCO has continued to use various platforms includ­ ing engagement with key stakeholders in the medical profession, food science and technology, women groups, traditional rulers among oth­ ers, to raise awareness about the safety of the Japanese Monosodium Glutamate (MSG) food seasoning.

According to the com­ pany, based on its safety, AJI-NO-MOTO which has been in existence for over 100 years is consumed in over 130 countries by enhancing taste and increasing deliciousness of food.

Speaking at the 10th Annual Symposium/AwardCeremonyof the association held in Lagos re­ cently, Isah Hassan Shallangwa, WASCO’s head of marketing in his presentation, provided more safety facts about umami seasoning and gave reasons why Nigerians should not entertain any fear consuming it.

“The benefits of the season­ ing include enhancing and pro­ moting the deliciousness of our meals; it is economical; it reduces salt intake and it is rich in gluta­ mate one of the free amino acids.

Almost all seasoning contains MSG,” Shallangwa said.

He told the health writers drawn from the print, broadcast and online media that contrary to negative rumours, AJI-NOMOTO is 100 per cent safe for human consumption.

Shallangwa at the sympo­ sium themed “Curbing the High Rate of Brain Drain in the Ni­

gerian Health Sector”, assured the journalists that the safety of the product had long been sci­ entifically proven and its safety approved by authorized agencies of the United Nations.

He said WASCO was com­ mitted to bringing out the natural taste in cooking through safe and cost-effective seasonings, urging them to dispel any myth or mis­ conception about aji-no-moto through their write-ups.

“Umami substance is pres­ ent in most natural foods such as meat, seafood, vegetables, cheese and milk. Glutamate is also abundant in breast milk.

Umami seasoning enhances the taste of dishes and is a universal taste. It is one of the five basic tastes along with sweet, sour, salty and bitter. We have a lot of glutamate in our local foods. Iru, for instance, is umami. When you take Iru, you take a lot of glutamates”he explained.

Chris Ngige, (2nd left) minister of Labour and Employment; Boss Mustapha, secretary to the government of the federation, and Pawan Sharma, CEO, Tolaram Group West Africa, receiving the National Productivity Order of Merit (NPOM) Award on behalf of Dufil Prima Foods Plc at the 18th National Productivity Day and Award of Merit held in Abuja recently.

L-R: Ijezie M. Emedosi, head, Legal; Temitayo O. Nelson, executive director, Finance, Pharm; Mathew Azoji, MD/CEO and Pharm; Chovwe M. Emaniru, head of marketing, all of Neimeth International Pharmaceuticals Plc, displaying the Pearl Capital Market Award for Sectoral Leadership of the Healthcare (Pharmaceuticals) sector in the Nigerian Stock Exchange received by the company recently.

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

I David Ogar, Graphics

22

Friday 13 December 2019

BUSINESS DAY

FINTECH News

Products Review

In association with

Technology Review

Personality Review

Company Review

Further downsizing could hurt JumiaPay’s prospects in Africa’s payment space FRANK ELEANYA

A

liPay, the world’s largest mobile payment platform with 870 million users needed over 50 countries to overtake PayPal in 2013.

Today, AliPay is one of the platforms vying for a share of Africa’s mobile payment market.

This is an indication that while the mobile payment space may be evolving the level of competitiveness has come to mean that players must prioritize scale to nurture hopes of profit.

Jumia, the largest e-commerce company operating from Africa recently said during the presentation of its second-quarter results that it is turning its attention to the mobile payment market on the continent gave the impressive performance of its fintech platform, JumiaPay. The platform which houses Jumia Group’s financial services such as payment processing for items purchased on the platform was easily the company’s fastestgrowing category in the third quarter of 2019.

The company, in the period, processed 2.1 million transactions, with total transaction volume at $35.3 compared to $18.1 million it recorded in the third quarter of 2018. JumiaPay processed an equivalent of 11.6% ($35.2 million) of Jumia’s entire Gross Merchandise Volume (GMV) during this period.

Jumia’s customer base also went up by 700,000 to reach

5.5 million.

The growth nonetheless, Jumia’s operating losses are widening. The African ecommerce giant has accumulated over $1 billion in losses mostly due to its warehouse operations model ensuring that its presence in more than ten African countries is more than what it can handle at the moment. Observers also say Jumia faces competition from companies that ship to Africa from overseas, such as Amazon, and local small businesses that are increasingly offering online shopping. The one-time unicorn has also seen its share price dropped nearly 90 percent from its high after listing.

By the time it was listed on

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the New York Stock Exchange (NYSE) in April, Jumia was in 14 African countries. As at the time of publishing this article, the company has shut operations in 3 countries and has offloaded its Jumia Travel unit to a competitor, Travelstart.

Jumia closed its business in Cameroon and Tanzania, and set a January 2020 clock to exit Rwanda. Meanwhile, a statement from the company confirmed it has suspended food and drinks delivery service Jumia Foods in Rwanda effective December 9. The company is also reported to have laid off 6 percent of its workforce in the Kenyan market as part of efforts to cut costs.

“This means that some of our colleagues will no longer have a role at Jumia from 5th January 2020. We are making this decision to support our path to success and help put our focus and resources where they can bring the best value and help Jumia thrive,” said Sam Chappatte, CEO of Jumia Kenya in a statement.

The company is hoping that the downsizing would enable it put its focus and resources where it can bring the best value and help the company return to profitability.

The exits could in the short term help Jumia rechannel its energy in areas where it has the most competence.

“It’s a continuity of recent changes and the strategy is

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very much for us, it’s very simple, we are engaged in taking Jumia to profitability and drive the penetration of JumiaPay,” Sacha Poignonnec, co-chief executive said in an interview with the Financial Times.

But if Jumia plans to see profitability through JumiaPay, diminishing its presence in countries where its potential competitions are vying for would not help it.

OPay, the Chinese mobile payment platform that raised $200 million and taken the Nigerian payment market by storm plans to expand countries like Kenya where it originally launched in 2017.

PalmPay, a payment platform owned by Transsion Group

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manufacturers of popular mobile phone brands Tecno, Infinix, and iTel is also looking to add more African countries to its market share beginning starting from Nigeria and Ghana.

JumiaPay would also need to worry about AliPay and its sister platform Wechat Pay regional encroachment strategy. In 2018 partnered with Equity Bank in Kenya to be connected to the latter’s payment gateway. That partnership also gives the payment platforms access to the bank’s reach in Uganda, Tanzania, Democratic Republic of Congo, South Sudan, and Rwanda. The regional bank also controls about 60 percent of e-commerce transactions in the East African region.

According to Poignonnec, JumiaPay is live in six African countries and has similar features like a PayPal wallet, which can be linked by the consumer to many different payment methods. Like OPay, Carbon and AliPay, the JumiaPay offers loans and insurance services. While JumiaPay may hold a lot of potential given the rising adoption of the mobile payment systems on the continent, the continued cut-backs from existing markets could also force existing customers in those markets to panic and leave the payment platform.

In other words, the more markets Jumia plays in the more adoption it drives to its payment platform. On the flipside, the more it continues to downsize, the more panic it creates for potential adopters of JumiaPay.

Friday 13 December 2019

BUSINESS DAY

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24

Friday 13 December 2019

BUSINESS DAY

Hotels It’s Blu Rhythm at Radisson Blu Ikeja this Christmas Stories by OBINNA EMELIKE

W

ith the many exciting activities to c e l e b ra t e the festive season amid discounts on rooms and other offerings, Radisson Blu Ikeja is worth visiting this blissful festive season.

For a memorable Christmas Day outing, the GRA Ikeja-based hotel is offering discerning guests unique unwinding opportunity with its Christmas brunch, dinner among other exciting experiences.

Amid special Christmas discount on its Superior Room category, the hotel is offering guests, especially music lovers among them, an enthralling relaxation opportunity with its ‘Christmas Rhythm’, specially curated

to make the Christmas Day a memorable experience for the guests.

Expected at the music fiesta tagged, ‘A Night of Music and Comedy’ are popular artistes including; BeeJay Sax, Small Doctor, 9ice, Kenny Blaq, K1 De Ultimate and DJ May. The music event, which

starts with a red carpet on Christmas Day by 5 pm, is expected to last till 10 pm.

However, guests are entitled to special room discount on presenting proof of ticket purchase, which ranges from N60,000, N100,000, and N1 million.

Of course, the tickets offer holders access to open buffet

and bar on Christmas Day. Others activities in the hotel this festive season run from December 16, 2019 to January 12, 2020. Some of the activities include; exciting Santa Grotto for children from December 12th to 25th, Sylverscreen Art Club at the Cascade area from December 16-20, 2019, and Frozen rolls ice-cream pop-up at the lobby, beside Chocolatte ground floor.

Others are; White Christmas Party With DJ Consequence on December 20th at the Cascade area from 7pm, special Movie Night where it would screen old Christmas classic movies from December 23-25 at CUT Dining 3, Boxing Day Brunch on December 26th and New Year Brunch on January 1, 2020.

Also, the hotel’s world-class Amani Spa is offering 25 percent discount on all massage treatments from December 20, 2019 to January 12, 2020.

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

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

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

Tel: 01 277 3560

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

Tel: +234 9 4603900, +234 805 7522500

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

Beyond a night rest…safety matters this Christmas

W

hile travelling for both business and leisure purposes this festive season, one should be mindful of security, especially in the hotels and resorts, which are temporary abodes of visitors.

Access to your hotel room by strangers, and protection of your belongings are the basic issues of hotel security.

This is where the question of electronic door locks and key control comes into play.

It is a virtual certainty that people unknown to you such as the cleaning staff will enter your room when you are not present, and the door will be left open for a period of time each day. Well-managed hotels have elaborate security procedures in place to control

who is issued a key.

Some hotels can monitor when and with which key a room is entered, and there are usually regulations about staff room cleaning procedures to thwart intruders. Out of the way hotels in foreign countries, and hotels in less developed countries, often do not have secure door locks. In some cases, the hotel staff may actually target you and your belongings. Your level of security awareness and the precautions you take must be adjusted for each city and area you visit, but there are standard minimal precautions that apply almost anywhere. Here are some tips to protect yourself and your belongings while on holiday this festive season: Do not leave valuables in your room

when you are absent. Use the hotel safe, and get a receipt for what you leave there.

Professional thieves and hotel staffs are usually aware of every possible hiding place for valuables. Some hotels provide a safe in each guest room for storing valuables. Be aware that there could be an insurance liability coverage issue if you use a guest room safe rather than using the main hotel safe (your credit card loss/theft policy may not apply if you use the room safe). When you are in your room, lock the door, use the chain lock, and use your door peephole to identify people who knock at your door. In hotels where there are no chain lock and peephole, it is advisable to carry a good quality traveler’s door lock, a

L-R: Ubong Nseobot, sales & marketing manager, Southern Sun Ikoyi; chef Souhail Sarieddine of Imo Concorde Hotel; Ibiyemi Odusi, executive, Lagos Business School, and Hakeem Ogunniran, CEO, Eximia Realty Co. Ltd, during Southern Sun Ikoyi’s Year-End VIP Cocktail in Lagos recently.

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doorstop alarm that wedges against the base of the door, or a motion detector. Do not open the door for unexpected visitors. Call the front desk to verify that someone claiming to be making a service call is from the hotel. In destinations where language barrier may complicate such a call, you should definitely carry your own interior door lock so that even someone with a key may be barred from entering when you are in the room. Some hotels and motels that do not have their own dining facilities allow food to be delivered to your room from outside the hotel. It is best to have such deliveries made to the lobby.

Delivery to your room allows an outsider to meet you, know your room number and determine whether you are alone. It is especially perilous for women traveling alone to have such details known by an outsider. Also, be careful about the leftovers you leave on a tray outside your door. A single drinking cup with lipstick marks and/or remnants of a single meal can alert passersby to the fact that you are alone in the room and can help them to determine your level of vulnerability.

When you are sleeping, make sure that your deadbolt lock and chain locks are in place and that no window or sliding door will provide access by an intruder. When you are not in your room, you may want passersby to believe that it is occupied.

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

206 Exclusive Hotel Plot 206 Oladipo Diya Road Opposite Olympia Estate

By Games Village Second Gate Durumi2 Abuja

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

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

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

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

@Businessdayng

Friday 13 December 2019

Harvard Business Review

BUSINESS DAY

25

MANAGEMENTDIGEST

Case Study: Did we expand too quickly? the global strategy they’d approved the previous year needed to be completely revamped. Neither was a good option.

HERMINIA AND ANNE SCOULAR THE CEO OF A CLIMBING-GYM CHAIN RETHINKS ITS INTERNATIONAL GROWTH PLAN.

R

icardo Ruiz couldn’t fall asleep. It was his third trip to Singapore — he’d initially come to scout locations for the first Asian outpost of his climbinggym chain, Ascendancy; had returned for the grand opening a year ago; and was there now to check on operations. But the 23-hour flight from Raleigh, North Carolina, via San Francisco hadn’t gotten any easier, and the founder and CEO still found the jet lag brutal.

He had just given up and gotten dressed when his phone rang.

It was Margo Little, Ascendancy’s chief operating officer.

“You remember I’m in Singapore, right? And it’s the middle of the night here?” Ricardo said in a teasing tone. The two were not only colleagues but old friends and climbing partners.

“I wouldn’t have called if it weren’t serious.”

Ricardo snapped out of his fog.

“What’s wrong?” he asked, his heart racing. Had something happened to his family? Was there a company crisis?

“It’s Ascendancy Liverpool,” Margo said, referring to the company’s second U.K. location, which had opened three months earlier.

“A novice climber didn’t tie in correctly, fell from 15 feet, hurt his back, and is suing us for £4 million.”

“Didn’t he sign the waiver?”

“Of course he did. Our lawyers say it’s a ridiculous claim and will be thrown out. But it’s all over the press. He says we didn’t adequately warn him of the danger or give him enough instruction.”

“But we follow the exact same procedures in every gym” — after 10 years, Ascendancy had 35 thriving ones in the United States, plus three international locations — “and we’ve never had a problem before.”

“I know. We’re highlighting that fact with reporters and on social media. I called to get you to sign off on a statement. But I’m worried that Liverpool will take a big hit. Maybe Cardiff too. Given how slow out of the gate those gyms have been, we can’t afford a PR crisis.” She hesitated, and then spoke again. “Honestly, Ric, I’m starting to think maybe we came at the U.K. too fast.”

“What do you mean?” the CEO asked. “This is one incident.”

“Yes. But it’s another warning sign. Why haven’t our U.K. marketing campaigns worked as well as the U.S. ones? Why aren’t sales doubling month to month like they’re doing in Singapore? Why aren’t we getting the same influencer traction we have everywhere else? And why on earth would any reporter think that a guy who fell

because of his own carelessness deserves a story? I don’t understand this market.”

Ricardo ran a callused hand through his hair. He’d been worried about the U.K. gyms too. That’s why he hadn’t slept on the plane: P&L review.

“Let’s focus on the problem at hand — damage control,” he said.

“Send me the statement, and I’ll review it ASAP. I’ll also book a flight to Liverpool. It sounds like I should be on the ground there. You too.

We’ll discuss the bigger picture then.”

Ricardo ended the call. He felt sick, and it had nothing to do with jet lag. After all of Ascendancy’s domestic success and the recent win in Singapore, had the team grown overconfident about its ability to conquer new markets?

A HEATED DISAGREEMENT Ricardo was still in Liverpool a week later. The climber had withdrawn his lawsuit following reports that he had previously injured his back in a nightclub brawl and had tried to sue on that occasion, too.

But the gym still wasn’t attracting the crowds the team had counted on.

Ricardo had called a meeting at the gym with Margo, who was also still on-site; Charlie Saperstein, the head of business development, who was Skyping in between visits to potential locations in Amsterdam; and Kian Chambers, whom they’d hired to oversee Ascendancy Liverpool.

Ricardo turned to the local manager first. “Kian, you know this market best. What do you think is going on?” He sensed the young man’s hesitation and gave him an encouraging nod. “Please speak frankly.”

“Well, like I said when we started, climbing is just catching on here. My mates and I have been doing it for years, but most lads my age do footie or rugby or cricket for sport, and the fitness people are used to just treadmills and machines. We’ve got to educate them, right? Plus, it’s winter; when it’s dark by afternoon, people don’t get out as much. Even the athletic ones settle down for a pint at home or at the pub. And I know the lawsuit is

over, but I think it created a bit of a scare and maybe some worries that this big American company was more interested in making a few quid than providing a quality experience. We get lots more questions about safety now, especially from mums. It’s gotten even harder to fill the youth classes.”

Ricardo grimaced. Young adults, teenagers, kids — they were Ascendancy’s bread and butter.

Charlie jumped in. “We knew there would be challenges. But we picked Liverpool precisely because climbing gyms are new there, because it’s not saturated with competitors, because we could start and lead the trend just like we did in our U.S. cities.”

When the executive team had begun its international push, the criteria for site selection had been simple: The company looked for markets with English as the primary or the dominant secondary language and with city-plus-suburb populations of more than 2 million and two or fewer existing climbing gyms; populations of more than 1 million and just one existing gym; or more than 400,000 people and no gyms. Liverpool, with more than 2 million residents in the metropolitan area and only two small climbing centers, had fit the bill.

“That strategy is working in Singapore,” Charlie continued. “We can’t open another gym there soon enough. I’ve also found two amazing sites in Amsterdam.

There’s a huge advantage to being a first mover — making sure people get to know climbing through our walls and equipment and classes. We just need to give Liverpool more time.”

“Cardiff too?” Margo chimed in. “The numbers there are just as bad.”

“They’re not bad — they’re just not quite as good as we typically see,” Charlie replied.

Ricardo frowned. “Not quite as good” was unlikely to satisfy the chain’s private equity investors.

“With the growth we’re seeing in Singapore, and with the success of the new Providence and Nashville gyms — and maybe Amsterdam, Manchester and Dublin next year — we can make up for the slow start in Liverpool and Car-

diff,” Charlie said, his enthusiasm undimmed.

“That’s not how we operate,” Margo said, bristling. “Each gym needs to recoup 20% of its initial capital investment within a year and cover its operating costs within two. We’re not on pace to do that here.” She gestured at the three-story expanse of undulating gray across from the table where the group sat. Only two climbers were on it, gripping Ascendancy’s signature neon holds.

“That’s how we’ve done it in the past,” Charlie answered. “But we’ve gotten some bad press here.

When you’re working in new countries, different issues crop up.

Maybe we need to be more flexible with our overseas operations — shift the goals and the model to a portfolio approach.”

“Or maybe we should hit pause on our international expansion — take a little more time to understand the markets we’re entering,” Margo retorted. “Perhaps consider more factors than language, population and competitors, and start way earlier on the education and outreach that Kian talked about. This is a $50 million company now. Why would we change the model that’s gotten us to this point? It’s the aggressive growth plan we should be rethinking.”

“And let rivals like Kilimanjaro and Triple Peaks pass us? They’re looking at Europe too.”

“I get the urgency, Charlie,” Margo said. “But I don’t think we need to move quite as fast as you’re suggesting.”

Ricardo had never minded having his team engage in heated debates, but he saw that Kian was starting to look uncomfortable.

“OK, you two,” he said. “It’s clear where you stand. Charlie, go ahead to your next meeting. Margo, we have a plane to catch. And Kian, let’s get you back out on the floor.”

As Margo took calls from various local managers on the way to the airport, Ricardo replayed the earlier discussion. He couldn’t imagine telling the board that he wanted to change the company’s accounting practices to allow for more-modest single-gym targets, nor could he see suggesting that

KIDS ON THE WALL What Ricardo loved most about climbing was that it required so much focus you couldn’t think about anything else. Toe on this foothold, hand on that jug, find another hold, stretch for the next grip. He was on one of the toughest routes at Ascendancy Raleigh and was almost to the top. If it was a choice between climbing and lunch, he always chose the former and ate a few energy bars at his desk.

Suddenly he heard cheering from below. It was the first day of his kids’ December school break, and his wife, Emily — who was also Ascendancy’s head of programming — had brought them in for an afternoon of climbing.

“Just in time!” he shouted as he grasped the final hold and slapped the top of the wall. The kids continued cheering as he rappelled down and high-fived him on the ground.

“Can you stay and watch for a bit?” Emily asked.

“Sure.” Ricardo smiled; his enthusiasm for the sport had rubbed off on the family long ago.

“Fifteen minutes here, a quick shower, then on to my next call.”

Once the kids were tied in and climbing, Emily turned to business. She had taken the day off, but the company’s U.K. challenges were worrying her, too.

“What’s the latest on Liverpool? The last I heard from Kian, classes were still at 50% capacity.”

“It’s slow,” Ricardo answered.

“Is it fallout from the lawsuit?

Or are the English less into climbing than we thought?”

Ricardo hesitated. “I’m really not sure. We’ve upped the marketing. Kian is working his connections. But it’s just not picking up.”

“And Cardiff?”

“Slightly stronger. But not like here or Singapore.”

“What’s going on with Amsterdam?”

“Charlie just emailed. He’s negotiated two potential contracts.

He wants me to visit this week, sign one this month, prep the site this winter and start construction in the spring.”

“Are you comfortable moving that quickly?”

Ricardo looked at his 7-year-old son, who was already high up on the wall. Mateo was a risk-taker, trusting his gut and usually ascending in record time. Maya, 10, was more cautious. She climbed at about half Mateo’s pace but never slipped or fell.

In climbing and in business, Ricardo had always been like Mateo. But he was starting to wonder if under Ascendancy’s current circumstances, Maya’s strategy made more sense.

26

Friday 13 December 2019

BUSINESS DAY

entertainment

Omoniyun turns back the clock to 80s OBINNA EMELIKE

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n November 29, 2019, Ozone Cine m a s i n Ya b a , Lagos, witnessed something spectacular. That day, residents around the cinema vicinity were stunned as cinema goers turned the clock back to the 1980s, and threw back some glorious scenes of those days.

From the celebrities to normal customers, the cinema goers, who came for the premiere of Omoniyun, a psychological thriller by Dayo Amusa, dressed in the 1980s costumes to capture the setting of the movie.

It was truly 1980 scene played back in 2019, and turning the clock back for those not born then to get a glimpse of fashion and life then.

The premiere started at exactly 7:00pm, three hours after a musical performance from Dayo Amusa, the producer. A section of the red carpet looked like a picturesque scene ripped from a 1978 album of a sitting room; a land phone sits comfortably beside a gramophone and a well-cushioned loveseat. On the reason the producer had to go this far in premiering a movie on girl-child advocacy, she explained, “Because every child is as precious as coral beads and must always be treated so.”

Explaining further, she said ‘Omoniyun’ is an advocacy film that reveals the destruction and defilement of a young girl, who was raped by her step-father.

But the producer hopes to draw

Omoniyun

further attention to the evil act, justice to victims and curb the rate of recurrence.

Set in 1987, Omoniyun is the story of a community nurse with unrivalled love for children and Fijabi, her radical fiancé, who wrestles Sodeke, a protected tyrannical prince, and Elemide and Romiluyi, his desperate loyalists, who threaten blood and death over the fate of Fiyinfolu, a violated minor, in a war that piques human rights against tradition.

The new movie is directed

by Muyiwa Ademola and fea-

tures movie stars such as; Segun Arinze, Toyin Alausa, Dayo Amusa, Bimbo Thomas, Nkechi Blessing, Olaiya Igwe, and Seilat Adebowale, with Segun Arinze and Seilat Adebowale as the main cast.

Speaking on the film, Amusa said, “I draw inspiration from things that happen around me; things I see and hear. I did not write the script, it was written

by Dayo Farore but when I got the synopsis of the story, I read through it and I fell in love with it. Before then, I have had the op-

Maltina celebrates optimistic Nigerian spirit, unveils 1,000 smiles across the country

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igeria’s leading malt drink, Maltina has released 1,000 smiles captured during its tour across the country with the Maltina ‘1000 Smiles’ campaign.

Launched in partnership with media entrepreneur and blogger, Noble Igwe, the campaign was relaunched in August 2019 with the ‘Happiness Team’ – which includes the Maltina brand team and celebrity blogger; Nobe Igwe - visiting several Nigerian cities including Wadata, Nnewi, Keffi, Abuja, and others to share happiness with consumers.

According to the Portfolio Manager, Nigerian Breweries Plc, Ngozi Ngonadi-Nkwoji, “A smile has the potential to change moments in people’s lives, can improve the moods of those that we meet daily, and can inspire communities – thereby changing

the world one person at a time.

We believe that smiles can inspire the world, which influenced our mission to share happiness, while also emphasizing Maltina’s

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position as the No.1 nourishing malt drink, specially made from natural ingredients to give the complete richness of malt to Nigerians”.

“Regardless age, gender, or background, the ‘Maltina 1000 Smiles’ campaign was an opportunity to share exciting experiences with many consumers that we met, giving us a chance to create happy moments and share happiness,” she said.

The tour details unique stories, photos, videos, including other fun activities with participants in several cities, while sharing cans of Maltina drinks.

The Maltina ‘Happiness Team’ will be unveiling the 1000 smiles captured across different media platforms, telling engaging stories of Nigerians from diverse backgrounds to inspire people and share happiness and joy.

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portunity to hear and see stories of child molestation in Sagamu, so when the story came in, it resonated and because I like dealing with stories that have social issues or themes, it came naturally for me to shoot the movie. I seem to have strength in shooting advocacy movies.”

In a pre-premiere chat with Segun Arinze, who plays the role of a molester known as ‘Prince Sodeke,’ he explained that when he got the script, he read and liked it “I got a script, I read it, I liked

it and went ahead to do it straight up. Dayo has been discussing the project with me and when I read the script, I decided to shoot it and when we started shooting, got the makeup and everything, we got the hang of it. The story is simple but unique,” Arinze said.

“So, it tells that story that it is high time we stopped paying lip services to the issue of sexual harassment because we have been paying lip services to it.

“The character that I play thinks because he is the crown prince, and so power belongs to him and he can do and undo and sleep with anybody and he goes around messing with all females until he finally gets caught and met his waterloo with two people who feel he should be held accountable for his actions,”, Arinze disclosed.

Impressed with Arinze’s performance, Amusa, the producer, said she never doubted his ability in interpreting the molester role perfectly. “I saw no other person than Segun Arinze for that role. I have seen his works and I was convinced he will play the role to the letter, which he did”, she said.

Commenting on the movie, Ife Akintunde, a movie goer, said that the cast delivered on their respective roles perfectly, but was particular about Segun Arinze, who she said earned her praise for a excellent performance of the molester role.

Omoniyun is showing in cinemas across the country this festive season. It is coming a year after the actress released, ‘That which binds us’, her 2018 film, in the cinema.

Cool Fm hosts Cardi B in first ever live radio interview in Nigeria

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ecently, Cardi B, the queen of hip hop, sat with Cool FM 96.9 duo of N6 (@n6oflife) and Taymi B (@taymib) for a lengthy conversation during her short stay in Lagos ahead of her first headline concert in Africa since her inspiring breakout in 2017 with “Bodak Yellow.”

“She really has changed me,” she says of Kulture, her year-old daughter. “I gotta think twice when I got my daughter. I cannot mess up because I will mess up a lot of things for her and I will go to jail”, Cardi narrates, pointing out the pivotal decisions her daughter has made her make. “So I am like you know what? I gotta change for my kid.”

Just after OAP @taymib named Cardi and husband Offset’s child Kulture“Ayo” (meaning Joy), Cardi B went on to confirm speculations about the current viral video that revealed a surprise verse of @Businessdayng

Cardi on Davido’s hit song “Fall”.

According to her, the song had been recorded as far back as nine months ago and her label did have something to do with the delay in release.

Over the weekend, she headlined the Livespot X Festival at Eko Atlantic in Victoria Island Lagos, alongside Burna Boy, Do2dtun, Niniola, Reekado Banks, Seyi Shay, Tiwa Savage, Fireboy DML and a host of other amazing talents.

Friday 13 December 2019

BUSINESS DAY

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entertainment Business etiquette

Janet Adetu

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Major mistakes to avoid or some of us this is the best part of the year in the office, when we get to unwind, relax, socialize, eat drink and make merry. It is the time when companies appreciate their staff, clients as well as half or full year achievements. It is also the time of reflection on what can be collectively and individually done better as the new year approaches.

Festive Corporate parties can be as simple as an office get together, a client cocktail, family day out, end of year party or a formal corporate dinner and even more. As much as this is a great opportunity to get to know your colleagues and clients much better in a more relaxed setting, be careful as it is also the best time to jeopardize your career. Important decision makers concerning your career progress or advancement will likely be in attendance and even where they are not they will surely hear everything that has been going on. The real reason why you are there in the first place is to use this event to integrate with one another with a refreshed,relaxed and revitalized attitude and behaviour, all walls break down here.

In the same light at a Corporate Party especially when it is the festive period it is very easy to forget yourself and take a lot for granted read on to avoid major corporate party mistakes.

Mistakes to avoid Lateness Though it is the festive season it is in your best interest to be on time. Here there is no genuine excuse to be late as your character and professionalism is put to the test. Most important announcements are made early on in the day which you must be available to hear. Some like the idea of being ‘’fashionably late’ ensuring they make a grand entrance knowing that most people would have arrived, this does not work in a Corporate function. It is essential that once you have decided to attend you should arrive within the first thirty minutes at the latest.

Schedule your time to be there for at

Festive corporate party etiquette least a couple of hours avoid sneaking in to be noticed and then sneaking out.

Remember if you do not attend it will be noticed.

Dress inappropriateness The season speaks merriment, fun and excitement your style of dress is a detail you should not fail to take into deep consideration, it is still an office event and not purely social. Your dress sense should be smart and respectful especially if you are representing your organization. It is not a time for caps, bulky rings or jewellery. Even when it is a family day out event avoid very tight jeans or T -Shirts, low shorts or hot pants, transparent tops or short summer dresses. Also avoid grooming oversights hair, nails and body fragrance must compliment your overall look. How you dress outside the office should also speak of your personality and professional character.

Over eating and drinking At a time like this you may fall victim of letting your guard down a little too much. You will need to pace yourself with the food. If possible try to eat at home before attending, so that you are not solely reliant on the food served. You are not there to just eat and enjoy the handy work of the chef, your primary objective is to network, you are constantly being watched.

Self discipline is highly required where alcohol is being served. One too many drinks will set you off on a rollercoaster, your loose lips can land you into trouble. A glass or two is a safer option for that event or at times it is recommended to avoid alcohol entirely.

Gossiping Corporate social events provide a perfect avenue for gossiping and a good way to reveal others true inner feelings and thoughts. Take note the ‘’walls have ears’’. A lot of rivalry and back biting occurs between staff just because they heard from a third party about what was being said about them.

As you are not in a position to authenticate what you are hearing avoid gatherings where it is apparent they are gossiping. Most importantly never join in rumour mongering or add your input to such discussions as you may find that you are being falsely quoted.

Be on your guard at all times watching your attitude, actions, behaviour and character.

Over flattering and making passes It is not impossible that a colleagueof yours has some time been secretly admiring you. Events that allow you to unwind are usually targeted for making a first move. Even when you have

no intention of making a pass at a colleague, avoid trying to over flatter others. By this I mean over praising their attire or looks, over praising their performance on the job or sticking to them like glue all evening long. Especially if you are the superior, making a pass be it casual or serious must be completely avoided on any member of staff. This is a serious corporate breach and can be tantamount to sexual harassment or legal implications even where you meant no harm. You stand the chance of being disrespected and will lose all your credibility. Among colleagues it is corporate practice to totally discourage situations like this.

Name dropping and pride You may find yourself in an event that has very important dignitaries present with a lot of media coverage.

In such gatherings try not to outshine yourself but rather comport yourself in the best professional way you can.

Even where some of your clients have or still are high profile this is not the place to show off. If you continually drop names in the cause of a conversation you undermine your person and people will begin to mistrust you.

Acting proud or exhibiting pride is a bad judge of character. Your bosses present will likely use this to decide whether you can handle strategic positions that involve major confidential information.

Mis - representing your organisation The biggest mistake you can make in at festive corporate functions is giving yourself a title that is not. I have seen a number of times where people represent themselves as a senior personnel misleading a client. at times people give false promises or give an impression that the company can provide certain services. Be truthful to a client at all times, you do not know who they have affiliations with or where you may likely meet again. With one wrong and untruthful statement your organization may have lost a very big potential client. Do not misrepresent your organization in anyway. You may redirect them to meet your boss if you are a junior member of staff. As a senior personnel integrity is your most important value, do not compromise it.

Jumping ship You may have a long desire to work for a certain organisation or aspire to attain a certain position within or outside your organisation, at a corporate event you discover that important decision makers of that organization are present. An attempt to solicit audience

‘ Festive

Corporate parties can be as simple as an office get together, a client cocktail, family day out, end of year party or a formal corporate dinner and even more

for this purpose though tempting must be avoided. Your desire to want to change jobs there and then will discredit your loyalty to your present employers. If I were the decision maker and I was approached in such a manner automatically I would feel that your act of unprofessionalism speaks of your person, discontent and disloyalty as such you will not be deemed fit to represent my organisation, chances are you will do the same again.

Becoming wallpaper Not everybody likes to party or socialize, they may be an introvert by nature.Even when in the office you like to be by yourself most times may because you are shy, timid or just very reserved you run the risk of keeping up a barrier against future promotion.

Festive Corporate events are organized for this very reason to break that barrier and make you feel at ease.

Avoid sticking to a corner and becoming wall paper at events. By this all you do is hold a drink in one corner of the room and stare or observe everyone else without talking to anybody. This is poor team spirit and the lack of your want to be part of the gang. When it comes to career advancement these are clear signs that can mark you down. Start slowly and find those you share common interests with, develop a rapport. It is a must you socialize do not just attend for the sake of it there is a reason behind all gatherings.

Showing anxiety Finally this may be the first time you are meeting the Chief Executive Officer of your organisation, you have heard so much about the person that you become overwhelmed with fear and anxiety. Alternatively you were told that over 500 staff will be in attendance at an upcoming event and are not sure how to comport yourself on the day. Pocket all forms of anxiety when attending festive Corporate events, it does not help you when you deduce yourself so low. These are the little detail that bosses remember when you are being spoken about.

You must show composure, charisma, good personality and above all great manners. Remember Corporate events are the best place to exhibit all your leadership traits and position your best self. It is all about you and how you want to be perceived by others. Your success in life depends on YOU. Janet.adetu@gmail.com @janetadetu @jsketiquette

Standard Chartered Bank unveils Burna Boy as Digital Bank Ambassador

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et to further disrupt the traditional banking sector in the nation, Burna Boy will be promoting Standard Chartered Digital Bank in Nigeria by lending his voice and image rights through a series of marketing and other engagement activities over the next 12 months.

Commenting on the new collaboration, Lamin Manjang, CEO, Nigeria, said: “We are thrilled to be working with the multitalented Burna Boy to launch our Digital Bank. Burna Boy is an inspiration, not only due to his musical excellence,

but also because of passion and commitment towards youth empowerment and placing Nigeria on the global scene. His passion for empowering the youths and positively amplifying the Nigerian brand are very much in line with the Bank, making him an ideal partner for this momentous new offering. Going digital also means progression, not just for our business, but also for our clients, and we look forward to this new journey in banking”.

Dayo Aderugbo, head, corporate affairs, brand and marketing, Nigeria said: “Burna www.businessday.ng

Boy is the natural choice for us to partner with as we launch this exciting Digital Bank. This partnership opens up a great opportunity to contribute to the social and economic wellbeing of the country where we have been operating since 1999. The campaign which Burna Boy will spearhead aims at not only raising awareness for our innovative digital offering but also at further enhancing financial literacy and inclusion initiatives across the country, and this is an exceptionally important undertaking for the future of banking.’

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Commenting on the partnership, Burna Boy said “I am excited to be working with Standard Chartered Bank and privileged to be chosen to support their efforts to enhance accessibility to banking services for Nigerians.

As a millennial, digitization is part of my daily life and I am glad a bank has taken this initiative to be an end to end digital bank in Nigeria. I am also looking forward to engaging my fans on social media to spread the word.”

Through the launch of the digital bank, Standard Chartered Bank and Burna Boy hope to @Businessdayng

bridge the gap between the traditional banking model and the new, digital savvy generation in Nigeria, aiming to make banking services simple, more accessible and convenient.

Launched to the public on December 9, 2019, Standard Chartered’s fully Digital Bank marks an important milestone in the bank’s path towards innovation and productivity transformation in Nigeria. Designed with continuous feedback from its clients, the digital bank empowers clients to bank on their terms, whenever and wherever

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Friday 13 December 2019

BUSINESS DAY

LEADINGWOMAN

Mo Abudu teaches us again that you can, if you dare KEMI AJUMOBI

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ver and over again, Mo Abudu keeps raising the bar and shattering the ceilings. You think you have seen it all and voila, she surprises us again.

From the look of things, it is only going to get better and better as she is certainly going higher and higher.

Trust me; it wasn’t an error when Forbes Magazine named her ‘Africa’s most successful woman’ because with her latest feat, questioning this reality is a waste of time...don’t bother.

I mean, how do you explain it? How? That in the space of 4 years, EbonyLife Films has released films grossing recordbreaking highs of 1.4 Billion Naira at the Box-office.

Little wonder she was awarded the Medailles d’Honneur at Cannes (and she is the first Nigerian and African recipient of this award), neither am I surprised she was recently selected to chair the 47th International Emmy Awards Gala in New York.

I have always attended premieres by EbonyLife since they started making films and when I realised the premiere of her latest production, directed by the dynamic Funke Akindele, Your Excellency, was going to be at her new luxury lifestyle and entertainment resort, EbonlyLife Place, I said to myself “She has done it again…we can’t catch up?”.

The stunning structure boasts of quality eateries, a totally indulgent 5 screen cinema experience, delightful boutique hotel with butler service, fine dining to quick bites, from poolside to rooftop, elegant event spaces for the most memorable occasions…name it, it is all in this venue.

Guests at the premiere did not run out of locations in the spectacular edifice to

capture their moments. I have been looking through several pictures taken at the venue and I keep saying “oh whao... same place?” for God knows how many times.

From 50 the movie to Wedding party (1&2), to The Royal Hibiscus Hotel, to Chief Daddy, to Òlòturé and Your Excellency, Mo keeps letting the world know that indeed, if you can think it, you can do it.

Talking about Òlòturé, now, this is one everyone should see once it hits the cinemas in 2020. It was screened at the world-famous Carthage Film Festival.

The festival was created in 1966, to bring African and Arab filmmakers together and to recognise their work. The premiere

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screening of Òlòturé took place at Le 4ème Art Cinema, Avenue de Paris, Tunis on Thursday 31st October.

It takes place annually in the historic city of Tunis in Tunisia and from listening to her share about the process of making the film, watching her cry while sharing her narrative on the story to her audience; you can tell it is going to be everything outstanding as Mo is known for. Òlòturé tells the story of a young, naïve Nigerian journalist who goes undercover to expose the shady underworld of human trafficking. Unused to this brutal environment, crawling with ruthless traders and pimps, Òlòturé finds warmth and friend-

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ship with Blessing, Linda and Beauty, the prostitutes she lives with. However, she gets drawn into their lifestyle and finds it difficult to cope. In her quest to uncover the truth, she pays the ultimate price – one that takes her to the verge of no return.

It really is encouraging to know, that despite varied opinions on Nigerians across the globe, one industry that keeps putting us out there and projecting our gifts positively is Nollywood. It is heartening to know that people like Mo Abudu are consistently telling our stories.

Back at the ranch, still on Ebonylife Place and Your Excellency, it is out in the cinemas already. Your Excellency tells the story of Chief Olalekan Ajadi, a bumbling, billionaire businessman and failed presidential candidate, who is obsessed with Donald Trump. Just when his campaign looks set to be another disaster, Ajadi is anointed by a major party and becomes a credible contender – all through the power of social media.

As the political drama unfolds, it seems possible that even the most inept candidate, with little to offer voters except viral soundbites, dance moves and amusing antics, can mount a serious challenge for the presidency.

It features Kemi ‘Lala’ Akindoju, Shaffy Bello, Kunle Coker, Eku Edewor, Emmanuel ‘EmmaOMG’ Edunjobi, Alexx Ekubo, Oreka Godis, Osas Ighodaro, Mike Iheuwa, Aletile ‘Seyi Law’ Lawrence, Bimbo Manuel, Deyemi Okanlawon, Ini Dima-Okojie, Chioma ‘Chigul’ Omeruah, Ikechukwu Onunaku, Helen Paul and Toni Tones.

Let’s support our own, go get your tickets at the cinemas and enjoy! Congrats once again Mo Abudu for this outstanding feat and double celebration of the opening of EbonyLife Place and the premiere of Your Excellency the movie. Higher heights we pray…soar on!

@Businessdayng

Friday 13 December 2019

BUSINESS DAY

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INTERVIEW Nigeria needs national strategy to leverage ICT to drive economic growth, create jobs In this interview with BusinessDay’s Technology Analyst, FRANK ELEANYA, Main One CEO, FUNKE OPEKE, talks about why the new national ICT strategy is vital for Nigeria’s economy to continue to grow and Main One’s role in actualising it. Excerpts:

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ou gave the keynote address last week at the E-Nigeria conference during which the new Minister of Communications and Digital Economy (HMCoDE), Isa Ali Ibrahim Pantami unveiled the new National ICT strategy. Why is that important at this time?

Nigeria’s Information and Communications Technology sector is now contributing 11.34 percent of real GDP, as reported by the Nigerian Bureau of Statistics (NBS) for Q3 2019. With growing ICT activity in our economy and global acceleration of the 4th Industrial revolution juxtaposed with Nigeria’s macro-economic challenges of slow economic growth and high unemployment, it has become evident that we need a National strategy to leverage ICT to drive economic growth and create jobs.

So, there is no better opportunity as we seek to diversify the economy from our dependence on oil, but to adopt strategies that will enable us leverage ICT to create jobs and economic growth in Nigeria and the recent charge to the Minister to specifically address issues of the Digital Economy is responsive to the challenges we face as a Nation.

In your keynote speech one of the requirements you highlighted was the need for Digital Infrastructure.

What are the constraints in this area?

When you review the statistics, even though mobile teledensity in Nigeria is close to 95 percent, broadband penetration still hovers around 35 percent. Critical analysis shows that majority of the infrastructure we have is concentrated in our urban areas with a glut of submarine cable infrastructure on our shores, and overlapping terrestrial fiber networks in our largest cities and interconnecting them while secondary cities, towns and rural areas are poorly connected.

So, while over the past 20 years, we have benefited from investments in telecoms which resulted in the teledensity we have today, those investments have slowed over the past 10 years and we have not made the kind of comparative progress that we could achieve relative to other countries as broadband adoption has exploded

appointment and immediately the diagnostic was released to the public. All of the five pillars highlighted in the diagnostic are included in the National 8-pillar strategy which goes further to address issues of digital literacy, indigenous content promotion and Digital society issues which are critical for our National Development. The strategy addresses all aspects of the ecosystem such as innovation hubs/incubators, Startups, Micro Small and Medium Enterprises (MSMES), Government and Society at large.

globally. In order to achieve better broadband penetration, we need infrastructure coverage that does not leave out our most vulnerable citizens. The economics therefore dictates that such infrastructure be deployed as shared infrastructure and that the fees and taxes to deploy the infrastructure cannot be prohibitive for financial viability. It has become increasingly difficult to deploy infrastructure because there is a belief that every telecoms company is a cash cow and companies must pay various Government agencies and even communities numerous fees for Rights of Way and Base Station installation to play.

These developments deprive our citizens, especially our Youth and less privileged access to services which could help them achieve better financial outcomes.

Advanced economies with much higher GDP per capita impose regulation to ensure telecoms infrastructure is shared, and we need to do the same in Nigeria. Shared infrastructure will reduce costs to the operators and translate to price reductions to the consumer. Given the current economic environment, it is not for government to fund the infrastructure, but it is for government to reduce the barriers… ensure permits are granted quickly and at low cost, and ensure policies and incentives are in place for companies to adopt shared infrastructure and penalties put in place for not sharing.

You refer to the recently released World Bank report titled ‘Nigeria Digital Economy Diagnostic’. , What does this report tell us and why should we care?

The report indicates Nigeria is capturing only a fraction of its digital economic potential and will need to make strategic investments to develop a dynamic, transformative digital economy.

It says that with improvements in digital connectivity, digital skills, digital financial services and other core areas of digital development, Nigeria can fully unleash new economic opportunities, create jobs and transform people’s lives.

The report provides an assessment of the state of the country’s digital economy around the five pillars of the Digital Economy for Africa initiative (DE4A); improving digital infrastructure, digital platforms, digital financial services, improving the policy environment for digital entrepreneurship and closing the digital skills knowledge gap—key foundational elements of a digital economy.

Would you say that the HMCoDE’s s 8 Pillar strategy addresses the issues raised in the diagnostic?

The Minister acknowledged the diagnostic in presenting the strategy and it is commendable to see a response from Government within six months of the Minister’s

You also mentioned the impact of technology on job creation and economic development. How can we increase the number of jobs available through ICT for young Nigerians? Is there any way we can fast-track job creation using ICT? We know technology creates jobs.

In 2013, MainOne built some fiber in Lagos championed by ccHub and connected some of our startup companies. Today, we see companies such as ccHUB, Andela, Iroko, Jumia, Paga, Lifebank raising hundreds of millions of Dollars in foreign direct investment, creating jobs, and attracting global players like Mark Zuckerberg and Jack Ma to invest in Nigeria.

But technology can also be extractive because a lot can be done across virtual borders with no physical presence in Nigeria. So, as we build our National Digital Economy plan, we need to put in place a proper framework to ensure our companies grow to pan-African and global scale. Many countries do not allow foreign businesses play in certain areas because the indigenous companies need to create local jobs. Such protections are also critical for National security and economic stability in an increasing cyber enabled world.

In this virtual world where almost any service in Nigeria can be delivered from offshore, we need to be deliberate about our strategy so as not to remain simply consumers of technology. We need to encourage global players to domesticate technology platforms and create jobs here. We need these players to collaborate and invest in our economy. Too much of the profits from the 11 percent GDP generated

by ICT goes to foreign companies rather than grow our economy. If our citizens do not have jobs, we will remain largely unable to afford to consume these technologies

over time. So, it is in all our enlightened self-interest to ensure we are creating jobs in Nigeria.

The Minister’s directive to reduce the cost of data was not as positively received by your industry. What is your assessment on the FGs directive?

As a Nigerian consumer, I can identify with the Minister’s directive. In addition, these services are utility services, so we need to be careful about affordability and service to our citizens to achieve goals such as financial inclusion. That is the reason why the services are regulated and telcos are issued licenses with conditions. Of course, profit making businesses do not like to be told to reduce their prices.

But the Minister stands on global best practices in taking this position. In the United States, price caps have been used by regulators in the telecoms industry to meet social goals. In South Africa, the regulator ICASA is currently also requesting that Mobile operators reduce data prices or face prosecution. Our regulator is guided by policies set by the Minister, so it is not out of place for him to make a policy statement requesting cost reduction.

Obviously, to achieve the reduction, if the operators do not act voluntarily, the telecoms regulator has to enforce the policy position, unless the operators can provide evidence as to why not.

In a similar line, the Minister just signed a letter of intent with the UK Government to develop a broadband strategy that sees an increase broadband penetration level in the country to between 65 – 66 per cent in the next six years. Do you think this is a realistic increase considering we’re currently at 32% and what kind of plans would you like to see the strategy address?

We need ambitious goals and we need all the support we can get.

There is a lot we can learn from partners who have travelled down this road before, albeit under different circumstances.

With a focus on implementation which will only come from our Government, we can indeed achieve 66 percent target by 2025 and hopefully that will enable a digital economy contributing much more to our National wellbeing.

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Friday 13 December 2019

BUSINESS DAY

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Friday 13 December 2019

BUSINESS DAY

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POLITICS & POLICY PDP kicks as Akpabio withdraws from senatorial rerun ANIEFIOK UDONQUAK, Uyo

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h e P e o p l e ’s Democratic Party (PDP) has kicked against a request

by Goodwill Akpabio, minister of Niger Delta Affairs, that he should be replaced in the rescheduled senatorial district rerun.

Akpabio, a former Senate minority leader, in a letter to the chairman of the All Progressives Congress (APC), Adams Oshiomhole said a huge responsibility has been placed on him as Minister of Niger Delta Affairs and that he won’t abandon a critical national assignment placed on him by President Muhammadu Buhari in pursuit of a rerun election.

He therefore, urged the party to write the Independent National Electoral Commission (INEC), in line with Sections 33 and 35 of the

Electoral Act, 2010, and submit a replacement to run in his place.

But speaking with reporters, Emmanuel Enoidem, national legal adviser of PDP, said it is only Godswill Akpabio that is eligible for the January 2020 rerun elections in Akwa Ibom North West Senatorial District.

According to Enoidem, no other person can be substituted.

He said the law clearly does not allow provisions for any candidate to benefit from votes in an election he did not fully participate.

“Section 141 of the Electoral Acts (as amended) stipulates that someone who did not take part in all the processes in an election could not be a beneficiary of that election.”

Enoidem maintained that the Supreme Court judgments had since overruled its previous rulings on who

between political parties and candidates should actually stand in elections,

adding that Rotimi Amaechi (Amaechi Vs Omehia 2007) was the last beneficiary of an

Babajide Sanwo-Olu, Lagos State governor (4th r) flanked by Olamilekan Adegbite, minister for Mines and Steel Development (4th l); Uchechukwu Ogah, minister of state for Mines and Steel Development (3rd r); Lere Odusote, Lagos commissioner for Energy and Mineral Resources (2nd r) and others, during a courtesy visit by the ministers and their team at Lagos House, Marina.

2020 Edo guber: Primary school retirees drum support for Obaseki IDRIS UMAR MOMOH & CHURCHILL OKORO, Benin

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s the 2020 governorship election in Edo State gathers momentum, the Association of Primary School Pensioners has declared support for the re-election bid of the state Governor, Godwin Obaseki.

The pensioners, who were in ‘solidarity and thank you’ rally to the Edo State council of the Nigeria Union of Jour-

nalists as well as Government House, said they retired on the June 16th, 2019.

The chairman of the association, Idemudia Wilfred, who spoke to newsmen, said that they have resolved to give the governor the needed support to secure a second term in office.

Wilfred said the decision to drum support for the governor was as a result of the governor’s style of governance.

According to him, “This unique visit by members of

the above named association is to wholeheartedly appreciate our amiable governor, Godwin Obaseki for his allembracing style of governance which has entrenched human face in the administration of Edo State.

“Your Excellency Sir, your leadership has engendered unquantifiable growth and development in all spheres of the state’s economy particularly in the education which is our immediate constituency.

“The primary purpose of the solidarity rally is to express our profound gratitude for your prompt payment of our pension.

“It would be recalled that we retired from the state public service on the 6th June, 2019 and to our greatest surprise, the payment of our pension commenced immediately which is a clear

departure from the age-long tradition,” he said.

He listed some of the laudable achievements recorded by the state government in the last three years in the education sector to include: transformation in the primary school system through the EDO-BEST programme, the revival of technical and vocation education, reconstruction of Government Science and Technical College, Benin-City, provision of modern learning infrastructure.

Other achievements listed are the training and re-training of teachers, prompt and regular payment of pensions.

Wilfred, who noted the achievements and other initiatives are being emulated by other states in the country, said that they have helped to create a formidable human capital for the state.

Youths protest defection of Ize-Iyamu, others to APC IDRIS UMAR MOMOH & CHURCHILL OKORO, Benin

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ension heightens in Benin, the Edo State capital, yesterday as supporters suspected to be loyal to one of the factions of the All Progressives Congress (APC) staged a protest against the planned defection of Osagie Ize-Iyamu and supporters to the party.

The defection scheduled for Friday (today) is billed to take place at the Garrick Memorial Group of School, Benin City.

The supporters of the faction set bonfire to disrupt human and vehicular movements

along the busy Airport road and its adjourning streets.

The development, however, resulted led to heavy gridlock on the busy Airport and stretched to the adjourning streets and the ever-busy Ring road for hours.

It was observed that motorists had to make u-turn to avoid the gridlock while others drove against traffic.

It was learnt that dignitaries and top leaders of the All Progressives Congress, including the Vice President, Yemi Osinbajo, party national leader, Ahmed Tinubu, the national chairman, Adams Oshiomole, among others will grace the rally.

The protesting youths alwww.businessday.ng

election he never contested.

He explained that the failure of Akpabio to strengthen

leged that the defection of Osagie Ize-Iyamu, the former, People’s Democratic Party governorship candidate would create more problem for the party.

They also alleged that he is being sponsored by the national chairman of the party, Adams Oshiomhole and others to deny the incumbent governor the party ticket in the 2020 governorship election.

Recall, that the state government had in a statement issued by Osarodio Ogie, secretary to the State Government and the embattled chairman of the party in the state, Anselm Ojezua insisted that they were not aware of any APC political rally in the state.

According to one of the statements, checks with the state secretariat of the party indicated that there was no rally holding in Edo State.

The statement however, warned troublemakers not to breach the peace enjoyed in the state.

“We want to reiterate that we are not aware of any rally being organised in the state by the APC. As the leader of the party, it is only proper that the governor is made aware of any such rally. But as at today, we are not aware of any rally, as there has not been communication between the Governor’s Office and the party chairman to that effect,” it said.

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himself and march into the arena smacks fear and insisted PDP is waiting for him on the rerun election day.

On whether it would not be preferable for the PDP to slug it out with a less popular candidate of the APC, Enoidem stated that the party had won the election already and was ready to seal the victory against Akpabio.

The former governor of Akwa Ibom State contested the election on the ticket of the APC while Chris Ekpenyong ran on the platform of the PDP. Ekpenyong was returned as winner by the INEC, a decision Akpabio rejected and he headed to the Court of Appeal which ordered a repeat poll in Essien Udim, one of the 10 LGAs of the zone to determine the winner.

Currently, Ekpenyong has 114,973 votes from the remaining nine LGAs while Akpabio has 76,917 votes.

Appeal Court disposes 805 cases on 2019 elections - Bulkachuwa Felix Omohomhion, Abuja

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he President of the Court of Appeal, Justice Zainab Adamu Bulkachuwa, has said that a total of 805 cases that emanated from the 2019 general election have been successfully disposed off by the Appeal Court.

Justice Bulkachuwa said the 805 appeals arose from the various petitions filed by aggrieved contestants against the results declared in the general elections.

Speaking at the 2019 annual conference of the Appeal Court justices held in Abuja, Justice Bulkachuwa showered encomiums on his colleagues on the Appeal Court bench for their hard work and resilient during adjudications of the election cases.

The Appeal Court president at the conference attended by Chief Justice of Nigeria, Muhammad Tanko Ibrahim, admitted that handling of the election cases was so hectic, adding that it took collective efforts for the cases to be disposed off to make the country’s democracy stronger.

Reviewing the performance of the court in the outgoing year, a the Appeal Court president announced that a total of 4,007 judgments were deliverer while 7911 motions were disposed @Businessdayng

off during the period.

She attributed the performance of the court to the reforms carried out on its rules and the practice direction which are now giving speedy hearing to cases before the court.

As a result of hard work of Justices of the court, Justice Bulkachuwa disclosed that four justices of the court have been elevated to the Supreme Court bench.

On the yearly conference, she said it was put together for the justices to brainstorm and sharpened their skills having discovered training as vital part of man development.

To enable the court successfully cleared the backlog of pending cases, Justice Bulkachuwa, announced that four new divisions of the court will soon be opened.

She appealed to the Appeal Court justices participating in the conference to take maximum advantages to be provided, adding that experts from various Fields of the legal profession have been carefully selected to present papers on different topics.

The CJN in his brief remarks at the conference, urged the appellate court justices to corporate with each other, be truthful and hard-working, shun egoism in the discharge of their judicial functions.

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Friday 13 December 2019

news

Reps to pass N232.875bn FCTA budget on December 19 … as Appropriation Bill scales second reading James Kwen, Abuja

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igeria’s House of Representatives has indicated its interest to pass the N232.875 billion Federal Capital Territory Administration (FCTA) budget for the 2020 financial year next week Thursday.

Speaker, House of Representatives, Femi Gbajabiamila who gave this indication Thursday while ruling after debate for the 2020 FCTA Appropriation Bill to be read for the second time, charged the Committee on the

FCT and Members of the House to work hard so as pass Bill (budget) before proceeding on Christmas and New Year break next week.

Peter Akpatason, acting majority leader of the House, while moving for the Bill to be read for the second time, said it was “a Bill For an Act to Authorise the Issue from the Federal Capital Territory Administration Statutory Revenue Fund of the Federal Capital Territory Administration Account, the total sum of N232,875,365,947.00 only,” he said.

Sowore: Senate flays court invasion by DSS operatives, orders investigation Solomon Ayado, Abuja

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enate on Thursday expressed dismay over an alleged invasion of a federal high court in Abuja by operatives of the Department of State Services (DSS), recently, and ordered an investigation into the incident.

The security agents were alleged to have invaded the court to arrest the convener of the #RevolutionNow, Omoyele Sowore, who is standing trial for treason.

On Thursday during plenary, the Upper Chamber frowned at the unlawful act by the men of DSS and detailed its committee on judiciary and legal matters to immediately investigate the incident to get more facts.

The Senate’s decision came as reports Thursday said the Federal Government had also ordered an investigation into the incident. A video of the commando-like attack on Sowore in a courtroom went viral week, eliciting severe criticism on the security department.

The Senate said it was peeved that the court is a sanctuary of judiciary and should not in any way be invaded in the manner that the security operatives reportedly did.

The motion on the matter was moved by Bamidele Opeyemi (Ekiti Central) who is chairman, Senate committee on judiciary and legal matters.

Opeyemi, who came under order 43 of the Senate rules, said the issue had raised a lot of concerns from Nigerians and that there was no way the Senate as a law-making institution would look the other way.

“They reported the alleged invasion by officials of the DSS and the issue has raised a lot of concern in Nigeria. The members of the judiciary believe that the courtroom should be the sanctuary.

“Yet, much as Senate cannot jump into conclusion, we should be aware that Nigerians are concerned about it. We still need to have incontrovertible facts.

Air Peace debunks report of seized aircraft in US IFEOMA OKEKE

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ir Peace has denied reports stating that its aircraft was seized in Atlanta, in the United States of America. According to Stanley Olisa, Air Peace media executive, the company does not currently have any aircraft in the US.

“Linking Air peace to the aircraft that was ceased in the US is the act of mischief makers locally who are bent on tarnishing the image of the airline and its owner.

“We have since learnt that the actual owner of the aircraft appeared in court on Tuesday in the US but unfortunately, some people are still linking the aircraft to Air Peace,” Olisa said.

Cormart strengthens product portfolio with Cargill GBEMI FAMINU

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ormart Nigeria Limited, a chemical and food raw materials firm in Nigeria and a member of TGI Group, has strengthened its product portfolio with the addition of starches and sweeteners from Cargill.

For more than 20 years, Cormart and Cargill have developed a business relationship that provides essential raw materials to Nigerian food manufacturers. With the new product portfolio, customers are offered starches and sweeteners from Cargill, which are not being currently produced in

Nigeria. This new addition will help to enhance local production in Nigeria.

Johannes Flosbach, Cormart’s general manager, says Cormart has plans to increase its portfolio as market demands rise, noting, “Pharmaceutical grade liquid glucose, sorbitol for tooth paste and other personal and home care products are some of the ingredients we trade in.”

While Onoriode Egedi, Cormart’s product manager, draws attention to the increase in their growth by over 300% in the last two years and underlines his eagerness for the continuous growth. www.businessday.ng

L-R: Tony Fadaka, registar/chief executive, Nigerian Institute of Management (Chartered) (NIM); Patience Anabor, president/chairman of council, NIM; Olukunle Iyanda, immediate past president, and Fedrick Ogunlana, past president, at the investiture of Patience as the 22nd president of the institute in Lagos, yesterday. Pic by Olawale Amoo

Why Nigerian youths need climate change education Josephine Okojie, Madrid

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espite devastating effects of climate change on the ecosystem, a large number of Nigerian youth population still does not have a clear understanding of issues of climate science and global warming.

Introducing climate change literacy in Nigeria’s school will not only create a fundamental role in helping youths understand climate change and its science, it will help in triggering innovations that will proffer solutions to climate risks.

“Without adequate understanding of climate change Nigerian youths cannot create innovative businesses that are climate resilience,” said Innocent Azih, chief operating officer of Carbon Exchange, during an interview with BusinessDay at a side event at the ongoing COP25 in Madrid.

“We need to introduce climate change education especially for the young people and small businesses to understand the sustainability concept as

well as ensuring we key into the carbon market,” Azih said.

Climate literacy, which should by now be universal, lags in Nigeria’s schools despite it promises large returns for a relatively small investment.

Nigeria has a population of 200 million people, with youths accounting for more than half of the total population, according to a UN report.

Nigeria, Africa’s most populous nation has a youth unemployment problem. Nigeria’s unemployment rate stood at 23.1 percent in the third quarter of 2018, with youth unemployment at 55.4 percent, a report from the country’s National Bureau of Statistics (NBS) states.

Experts say with adequate climate change understanding, the youths can tap opportunities in the green space to create jobs.

Antonio Guterres, secretarygeneral, United Nations, during his remarks at the ongoing COP25 event on Climate Action for Jobs, said the low-carbon economy represented a $26 trillion growth opportunity that could create 65 million new jobs

by 2030.

“Today, the fastest-growing job creators in several economies are those related to solar, wind and geothermal energy and related businesses,” Guterres said.

“The green economy is the economy of the future and we need to make way for it right now,” he said.

Climate change experts say the Nigerian youths can tap for the $26trillion growth economy by leverage the opportunity to create solutions and wealth.

Africa’s biggest economy currently has an estimated power gap of $200billion, an agricultural waste of 40 percent and 200 million people creating waste that is not recycled.

With the youths providing solutions to address these issues, Nigeria will be able to create new jobs and scale opportunities in the green economy.

Currently, the country has two Universities and three secondary schools that have climate change accredited teachers that have been trained under the United Nations Institute for Training and Research

(UNITAR) and eduCCate Global programme.

But to see tremendous impact, the country has to scale its numbers of accredited teachers and introduce climate change to its schools’ curriculum.

“There are most definitely plans to scale up in Africa, we’re working hard to push the program out and with various governments and countries in Africa too,” said Tim Collins eduCCate Team.

Globally, youth climate activist like 16 years old Greta Thunberg is changing the global discourse of climate change when she burst onto the scene two years ago.

The shift from climate change talk to action caught everyone by surprise and now local and national governments are declaring a climate emergency.

Greata and other climate activists can make demands from global leaders owing to their indebt knowledge of climate change, but this is not the case of the Nigerian youths as many of them lack climate change knowledge.

Financial markets stimulate economic growth – FMDA president SEGUN ADAMS

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inancial markets have huge impacts on the lives of individuals and government and should be developed to promote desired economic growth and development, Adetoun Dosunmu, president, Financial Markets Dealers Association (FMDA), says.

Speaking during the financial markets conference organised by theFMDA inLagos,sheexplained that though it was not everyone that played in the financial markets, the result of trading in these markets could be seen and felt by every participant in economic life - individuals, businesses, and government.

The conference held in Lagos focused on the theme: “The Nigerian Financial Market – An Agent for Growth and Development’.

Speaking further, Dosunmu said those trading in financial markets influence economic and social life in one way or another.

Shesaidthatcountrieswithbetterdevelopedfinancialsystemsenjoy faster and more stable long-run growth and development.

“Evidence from recent empirical studies suggests that deeper, broader, and better functioning financial markets can stimulate higher economic growth and development.Theevent,attended by government officials and private sector operators, was meant to promote the development of the Nigerian financial markets and drive economic growth.

It was attended by experts from the private and public sectors including regulators who provided insights into how the Nigerian financial markets as well as the SME sector can help achieve and drive growth of the Nigerian economy.

According to Dosunmu, FMDA is committed to ensuring the growth of a safe and efficient market in Nigeria, while remaining a strong and reliable partner to Nigerian market participants

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and institutions now and in the years ahead.

Also speaking, acting chief risk officer, Stanbic IBTC Bank, Ladi Oyefuga, who spoke on the theme: ‘Risk Management as a Development Tool,’ said identifying, assessing and controlling threats to an organisation’s capital and earnings is important for every company that wants to thrive.

These threats or risks, he added, could stem from a wide variety of sources including financial uncertainty, legal liabilities, strategic management errors, accidents and natural disasters.

Oyefuga said there cannot be proper development without sound risk management processes to drive organizational goals.

He said that with the evolving digital landscape, the attendant cyber risks are ever evolving and dynamic.

Presentation by Deputy Director, Policy Advocacy, Nigerian @Businessdayng

Investment Promotion Commission (NIPC), Abayomi Salami, focusedon‘GrowingSME’sthrough Government Policies and Incentives’. He listed key complaints from investors as unpredictability and inconsistent of policies, overlapping responsibilities by Ministries Departments and Agencies (MDAs),bureaucraticbottleneck, delays adding to business costs, high entry and operational costs and multiplicity of taxes by tiers of government.

He said there is a strong correlation between economic prosperity and ease of doing business.

According to him, reforms in the past 12 months showed that starting a business has witnessed 26 percent reduction in cost of registering a business with time to register a business dropping from 14 to two days. Also, obtaining certified true copies of title documents of a property has dropped from five days to half a day and conducting a search from seven days to one day.

Friday 13 December 2019

BUSINESS DAY

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news

Minimum wage: NLC sets for showdown with states over December 31 deadline Innocent Odoh, Abuja

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he Nigerian Labour Congress (NLC) has warned state governors in Nigeria that Organised Labour will not guarantee industrial harmony if the states fail to commence the payment of the new minimum wage of N30,000 by December 31 deadline.

This was contained in a communiqué issued by the NLC at the end of a day stakeholders’ meeting on the Implementation of the New National Minimum Wage in Abuja on December 11, 2019.

The communiqué signed by the NLC President Ayuba Wabba, NLC General Secretary Emmanuel Ugboaja, Abdulrafiu A. Adeniji National Chairperson Joint National Public Service Negotiating Council (Trade

Union Side), appreciated and applauded directives by the Federal Government to all Ministries, Departments and Agencies to pay minimum wage arrears by 31st December, 2019.

According to the communiqué, organised labour in the states comprising the NLC, Trade Union Congress, and the Joint National Public Service Negotiating Council (Trade Union Side) would work in harmony to ensure that all workers enjoy the full benefit of the new National Minimum Wage; “Each State should immediately convoke an emergency State Executive Council meeting and State Congress of all workers to brief them of the outcome of the stakeholders’ meeting on the new national minimum wage implementation; “States that are still on the discussion table (Category 2) should

UBA’s REDTV shuts down Lagos as over 25,000 youths attend annual Rave

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EDTV, the online lifestyle network powered by the United Bank for Africa Group, held its annual Rave on Saturday, November 30, to officially kick-off the ‘Dirty December’ season.

Over 25,000 guests attended this year’s event which was held in Lagos and true to its theme, ‘The shutdown’; the rave was the talk of the entire town this past Saturday.

REDTV hosted the creative industry and other guests to an unforgettable night with top business executives, entrepreneurs, celebrities and A- Listers, entertainers, fashionistas and many young people just wanting to have a fun evening.

UBA group chairman, Tony Elumelu, and the CEO, Kennedy Uzoka, were seen mingling with guests and having a relaxed night away from the rigours of work.

The REDTV rave, which has become the annual Christmas season opener to rival, started with a hot performance by Aje-

butter 22, BOJ, SDC and TEMS. Upcoming artist, Fireboy, came in and brought guests to their feet with his hot and fresh releases.

The crowd was not disappointed and remained energised when Olamide jumped on stage to shake the venue with his famous songs that had everyone screaming and jumping for joy. International act, Jidenna thrilled the rave fans, just as Burna Boy sauntered in and brought the audience to a standstill at a party that lasted till the early hours of the following day.

UBA ambassador, the star boy, Wizkid had come into the party to the absolute delight of guests who saw him walking in. He mingled with guests for hours and then gave a surprise performance on stage that took the rave to another level.

DJ Consequence, Sparrow and hypemen Shody and Tosan also took turns to entertain the excited youths throughout the night of thrills.

WISCAR speaks out against gender based violence

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s part of activities marking the 16 days of activism against Gender Based Violence (GBV) that commenced November 25, 2019, on the International Day for the Elimination of Violence Against Women, WISCAR (Women in Successful Careers), an NGO based in Lagos, Nigeria, has unequivocally condemned the killing of Acheju Abuh, the women leader of the People’s Democratic Party (PDP), Wada Aro Campaign Council Ochadamu Ward in Oju LGA, Kogi State.

Founder and chairperson of WISCAR, Amina Oyagbola, following the recently concluded WISCAR 2019 Annual Leadership and Mentoring Conference held in Lagos, said, “WISCAR condemns all forms of sexual harassment and violence against women. Such acts have no place in our democracy and neither should they ever be condoned in governance, in our

homes or in our workplaces.”

WISCAR, an NGO with a focus on strategic mentoring of young women for leadership and, indeed, for the overall development of our nation, firmly believes that respect for the dignity of human life must be a fundamental value at the core of our society. Every citizen, man or woman, must have the right to express his/her political views and preferences without risk to life or limb.

Unconditionally condemning the killing, Oyagbola stated her strong hope “that justice will be served on all the perpetrators of this inhumane act and that the family of the unfortunate victim will be able to take solace in the fact that her life and death will germinate useful fruits by ensuring the condemnation of such acts and ensuring the punishment of the perpetrators to the full extent of the law. Her deeply regrettable death must not have been in vain.”

expedite discussions to conclude the negotiations on or before the 31st of December 2019.

“States which have not commenced discussion should quickly constitute a Negotiating Committee and expeditiously conclude discussions on salary adjustment consequent on the new national minimum wage on or before 31st December, 2019.

“In the event that any state fails to comply with these resolutions on or before 31st December, 2019, organized labour would not guarantee industrial harmony in such states,” the communiqué said.

The stakeholders took note of the report from all the states and from the report distilled three categories of scenarios on the implementation of the new national minimum wage and consequential adjustment of salaries which all the states fell.

IMF advises countries to adopt PPP to achieve digital currency Hope Moses-Ashike

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nternational Monetary Fund (IMF) on Thursday recommended the option of p u b l i c-p r i vat e p a r t n e rship (PPP) to achieving the benefits of Central Bank Digital Currenc y (CBDC), while potentially reducing central bank involvement and operational risks.

In a report titled, “Central Bank Digital Currencies : 4 Questions and Answers” by Tobias A d r i a n a n d To m m a s o Mancini-Griffoli, IMF staff have coined this solution “synthetic CBDC.” “ We g e n e r a l l y t h i n k that central banks should r e m a i n e n g a g e d i n e xamining the full range

of issues associated with CBDC, including the potential to offer synthetic CBDC, and deepen their familiarity with new technologies,” the Fund said.

The Central Bank of Nigeria (CBN) had in February 2018 cautioned Nigerians to be war y of investments in cryptocurrency, stressing that virtual currencies were not legal tender in Nigeria.

Responding to the q u e s t i o n s o n t h e I M F ’s role around CBDCs now and in the future, the report said the IMF could help in three ways : by informing the policy debate, by c o nve n i ng re l evant parties to discuss polic y options, and by helping countries develop p olicies. B e caus e

CBDC is a novel topic, the IMF has mostly been active in the first two areas, but it is gradually moving into the third area as member countr ies consider CBDC options and seek advice.

Central banks highlight a number of potential benefits of CBDC. These include: cost of cash, financial inclusion, Stability of the payment system; Market contestability and discipline; countering new digital currencies; Support Distributed Ledger Technology (DLT); and monetary policy.

Despite these potential benefits, various challenges could emerge and some of these can be attenuated by the approp r i at e d e s ig n o f C BD C , the report said.

NDIC to pay N500,000 insurance coverage to PSBs depositors Hope Moses-Ashike & Onyinye Nwachukwu, Adamawa

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he Nigeria Deposit Insurance Corporation (NDIC) on T hu r s d ay s a i d i t would protect the depositors of Payment Service Banks (PSBs) and guarantee to pay them N500,000 as insured sum in the event of their closure.

The CBN in September 2019 granted Approval-InPrinciple (AIP) to Hope, Money Master and nine PSBs to operate as Payment Service Banks.

Umaru Ibrahim, managing director/CEO, NDIC, disclosed this at a workshop for finance correspondents and business editors in Adamawa, Yola State.

The NDIC extended Deposit Insurance Scheme (DIS) coverage to Micro Finance Banks (MFBs) and Primary Mortgage Banks (PMBs). In a swift response to public yearnings, and to bolster public confidence in the financial system; in 2010, the maximum Deposit Insurance coverage was increased from N200,000 and N100,000 to N500,000 and N200,000 for deposit money banks (DMBs) and microfinance banks (MFBs)/Primary Mortgage Banks (PMBs), respectively. The coverage level for the PMBs was later reviewed upward to N500, 000.

The Corporation also provides deposit insurance coverage to subscribers of Mobile Money Operators (MMOs) to the maximum limit of N500,000.00 through the Pass-Through Deposit Insurance Framework. As it stands, the number of licensed MMOs by the CBN is 23, with eight being “BankLed’’ and the remaining 15 “Non-Bank Led”. As at 30th June, 2019, the number of subscribers to MMOs stood at 9,249,265.

In the first decade of its existence, the primary focus of the NDIC was the manage-

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ment of cases of distress in the banking system. When it commenced operations in 1989, a number of banks were already in varying degrees of insolvency. The Corporation rose to the occasion in its

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adoption of multiple distress resolution options in line with its mandate and functions to deal with the situation at the time.

These included the provision of some assistance in the form of direct loans, acceptance of accommodation

@Businessdayng

bills; changes in the management of the affected banks, assisted mergers with other viable institutions, imposition of holding actions, and; in some instances, the outright take-over of the management and control of the banks involved.

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Friday 13 December 2019

BUSINESS DAY

news Stuttering economy is biggest threat...

Continued from page 1

disclosed plans to direct banks to lend a minimum of 70 percent of their deposits by 2020, but a stuttering economy is threatening to scupper broader long-term gains.

A sleepy economy that is stuck in a low growth cycle, susceptible to inconsistent government policies and still has to contend with rising poverty and a gaping infrastructural deficit, looms large as a deterrent for borrowers and increases the chances of bad loans for the banks on a lending splurge.

The Nigerian central bank is not the only one in Africa that has tinkered with interest rates which surged along with inflation rate after the global commodity crash in 2016 that exposed resource-reliant African countries.

The Central Bank of Kenya did tinker with lending policies in 2016 when it capped interest rates chargeable by banks at no more than 4 percent of the base interest rate.

The cap was intended to address poor affordability and availability of credit to working Kenyans, and was popular politically.

But in October 2019, the Kenyan president bemoaned its unintended consequences of reducing credit to the private sector, damaging economic growth and weakening the effectiveness of monetary policy, and refused to assent its renewal.

On the evidence of Kenya, forcing banks to lend may create unintended consequences on the long run if economic fundamentals stay the same.

“Nigeria’s economic challenges are why the banks were not willing to lend in the first place. If there were quality opportunities to grow their loan books, they won’t need the CBN to force them to grow their assets and make more money,” a senior banking source told BusinessDay. “The CBN’s aggressive lending push will surely create an initial bounce, but the question is, how sustainable is that in the long run?” the source said.

Some bank CEOs interviewed by BusinessDay did admit to the risk of higher non-performing loans as they scramble, under the threat of steep punishments by the CBN, to lend in a risky economy.

The risks facing the economy no longer matter as much, as banks must now open the taps on lending or face backlash from a central bank desperate to boost lending to revive an ailing economy.

While three successive months of double-digit increases in credit to the private sector shows the CBN’s Loan to Deposit (LDR) policy has created an initial bounce, it will take robust economic growth to change Nigeria’s fortunes. Achieving robust economic growth will require the implementation of badlyneeded fiscal reforms.

“The economy must offer the promise of growth for a firm to consider taking a loan to invest in expanding its business because that’s why firms take loans,” said a banking source who did not want to be named to speak freely.

“If the economy is not expanding, where is the incentive to borrow? It doesn’t matter whether the loan is cheap or not, if you have no use for it, then you can’t accept it,” one of the bank CEOs said on condition of anonymity so as not to be perceived as challenging the CBN. A former deputy governor at the Central Bank said, “If the CBN is forcing the banks to lend while ignoring the economic fundamentals, then there is a risk of accumulating bad loans in the future.

“It’s true that some firms are doing well despite the economic challenges and might need money for expansion, particularly in the tech space, but how many of such firms can absorb and afford the sheer amount of cash the CBN is forcing the banks to push out in loans? Badlyneeded economic reforms have stalled and there’s a limit to what the CBN can do without those reforms. I think it’s the missing puzzle in the push to revive the economy.”

The International Monetary Fund (IMF) said last week that the balance sheets of banks would be weak due to the CBN’s aggressive lending push by raising the bar on Loan to Deposit ratios.

Days after the IMF warning, global credit rating agency, Moody’s, downgraded Nigeria’s credit rating along with that of the banks, slapping a negative outlook on both.

Raising the LDR of banks to 70 percent will make it the third such increase since July. The CBN had previously directed banks to lend at least 60 percent of their deposits before the end of September or face sanctions, before returning yet again in October to disclose it wanted banks to achieve a 65 percent LDR by the end of December.

The impact has been telling, with businesses and individuals benefitting from a scramble by the banks to lend.

The Monetary Policy Committee (MPC) in November noted an increase of N1.17 trillion in absolute gross credit between end-May and endOctober, which it attributed to the adjusted LDR for the deposit money banks.

Manufacturing was the largest beneficiary, accounting for N460 billion of the increase. Consumer loans provided another N360 billion of the total.

While the impact of the CBN’s push for aggressive lending has boosted credit to the private sector, it has not stopped eliciting worries over the possibility of rising bad loans.

•Continues online at www.businessday.ng www.businessday.ng

L-R: Dele Aikhionbare, head, business development, Eroton; Bob Ogunga, chairman, Degema one cluster, and Lanre Akinremi, head of enterprise, South South, Globacom, at the lunch of communication networks in Degema One Cluster, in Rivers State.

In Nigeria’s largest city, SMEs choke...

Continued from page 1

even when many have no cars or trucks to park. In the nine LCDAs investigated by this reporter, small businesses pay at least 10 different taxes without evidence of payment.

Small businesses in this context refer to micro, small and medium businesses, including tricycle and motorcycle operators.

In Mushin, each tricycle operator pays N3,300 every day to four different groups, which include the National Union of Road Transport Workers, the local government, the state government and the Tricycle Owners Association of Nigeria (TOAN).

This does not include N200 each day for the police and another N200 for the Lagos State Traffic Management Agency (LATSMA), the tricycle operators told BusinessDay. Only two tickets of N100 and N50 are issued by the payees.

Motorcycles pay N600 each day, and roving micro businesses pay N500 to N650 each day without any ticket issued or shown to them.

Generally in Lagos, shops are expensive, with annual rent ranging from N300,000 to N1 million. In places like Oshodi, rents go as high as N1.2 million to N1.8 million annually. As a result, more micro and small traders often make do with make-shift shops and open places rather than standard shops. Consequently, touts have seized the moment to unleash mayhem on the helpless traders.

According to Sam Umaru, one of the traders at Oshodi, touts forced them to pay N550 each day from Monday to Wednesday, N850 on Thursday, N950 on Friday and N1,050 on Saturday.

“You dare not ask them

for a receipt or ticket, and they do not care if you have made sales for the day or not.” he said. “Some people here have shut down, left Oshodi, and dismissed those they once employed to market for them. Some of them are now gatekeepers and security personnel elsewhere because they could not cope.”

On December 2, officials of Kick Against Indiscipline (KAI) chased traders from pillar to post between 10.35 and 11.06 am. This BusinessDay reporter was there and was told by the traders that the agency often collected N1,500 to N10,000 from any trader whose wares were seized. The traders alleged that they usually gave KAI officials N200 each day to prevent them from ‘disturbing their business’.

At Charity bus-stop, this reporter saw a seller of sweet confectionery being harassed by an agbero, who demanded N200. In an interview, the sweet seller said he paid N500 every Tuesday, N300 every Thursday and N150 any other day.

I tried to find out how much his goods were worth and he said, “Less than N2,500.”

At Isolo, traders pay N5,000 as trade licence fee/ lock-up shops rate, and N250 for radio/television licence annually, including the Lagos State Signage and Advertising Agency (LASAA) rate of N14,000 to N200,000 if they have signposts. At Isolo or Oshodi, tricycle operators pay between N1,800 and N2,100 each day. At a popular Aswani Market, which is busiest on Tuesdays, micro traders pay between N400 and N500.

“Alhaja collects N200; Alhaji collects N100, and local government council takes N100,” a female trader told this reporter.

At O t i g b a C l u s t e r,

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popularly known as Computer Village, located at Ikeja Council Area, traders without standard shops at Ogunbiyi Community Development Authority pay as much as N1,800 every day.

The money is collected by three sets of touts who do not issue receipts or tickets for the payments. Some of them claim to be ‘land owners’ while others pretend to be working for the local government.

“Some of us have decided to stay outside of that place. Yet we pay N25,000 every year to the area boys,” a trader, who preferred anonymity because of her safety, told me.

At Ketu and Mile 12, which are in Kosofe LCDA, traders pay N400 to N600 each day, while tricycle operators register their business with N5,000 to N15,000, and pay N1,500 to N2,000 each day. If you are a tricycle rider operating between Ikeja and Ogba, you will crisscross four LCDAs and pay N600, apart from the regular N1,200 to N2,000 given to four groups of revenue collectors.

“Life in Lagos is hard.

No jobs, but when you take up anything, the agberos, police, and others will stifle you,” one tricycle operator, who said he is a graduate of Banking, told BusinessDay. The website of the Lagos Internal Revenue Service lists approved state taxes as personal income tax (imposed on individuals in employment or running businesses), Pay As You Earn (deducted from salaries), capital gains tax (paid on profit made from sale of capital assets like land), stamp duties (imposed on legal documents/instruments), business premises (tax on property), land use charge (imposed on land used for business) and withholding taxes. Local governments have various charges ranging from shop @Businessdayng

permits to park rates. However, BusinessDay found that businesses merely pay money to touts without knowing what they are paying for. Only one out of over 30 small business owners knew what they paid for each day.

Muda Yusuf, director-general of the Lagos Chamber of Commerce and Industry, told BusinessDay that one business was served with a paper containing a radio and television charge of N200,000.

“What is troubling is a set of things coming from the local governments,” he said. “Sometimes the rates are not standardised. The taxes are listed, but there is a lot of arbitrariness.”

He called for harmonisation of these taxes as well as the use of automation/ technology to plug revenue loopholes in the state.

Lagos is Nigeria’s biggest economy and Africa’s 5th largest in terms of GDP. The state generated internal revenue of N382 billion in 2018, an average of N31.8 billion each month. Apart from leakages in the revenue collection, Lagos’ aggressive tax drive has often been to the detriment of its small businesses.

In the 2019 second quarter survey carried out by the Manufacturers Association of Nigeria (MAN), which houses many small businesses, 95 percent of CEOs said multiple taxation was their biggest impediment.

“There is the need to streamline these taxes and ensure that only approved taxes/levies/fees are charged,” MAN suggested.

Emeka Amadi, group head of tax at United Bank of Africa, suggested the need to clarify the number of taxes to be paid by businesses while also educating them on why they must pay into designated bank accounts.

Friday 13 December 2019

BUSINESS DAY

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Sports FIFA names venue for 2022 World Cup qualifier draws The draw for South America’s round-robin league will take place at the Hotel Bourbon, located next to CONMEBOL headquarters in Luque on 17 December at 10:00 local time. The action on the pitch is set to start in March 2020 as each of the ten national teams face each other home and away until November 2021, with the top four teams qualifying for Qatar 2022. The fifth-placed team will advance to the intercontinental play-offs.

The FIFA World Cup 2022

Anthony Nlebem

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ith 136 out of 900 FIFA World Cup 2022™ qualifying matches having already been played, the national teams in South America and Africa can now look forward to learning their fate as both CONMEBOL and CAF get set to stage their draws on the road to Qatar.

OTT platform to boost LaLiga revenue by 50% Anthony Nlebem

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n the next ten years, more than 50% of audiovisual revenue will arrive through over-the-top (OTT) streaming services.

That’s the opinion of Jose Carlos Franco, managing director of LaLiga’s business intelligence and analytics department, who was presenting the competition’s international data strategy at the SportsPro OTT Summit in Madrid.

With such a dramatic shift in the broadcast landscape, rights holders will have to become experts in this new technology, which is why LaLiga became the first major football competition to develop its own OTT service, LaLigaSportsTV. But doing so does not just represent a new platform to show live sport. As Franco explained, the world of OTT offers an enormous opportunity for data analysis, helping competitions to understand

their fans better and build new followings across the world.

“We ask two questions in our department. Who are our fans and how do they behave?” Franco said. “With our OTT platform, we are perfectly positioned to develop better knowledge of our users and how they consume sport, which can then be used to grow our audience.”

LaLigaSportsTV is a multichannel platform that was created to provide coverage of less-mainstream Spanish sports, rather than broadcast LaLiga matches. In its first year, the service has streamed 1,145 live events and provided on-demand coverage from 35 different sports across smartphone, tablet, PC and Smart TV environments. In this time, it has accumulated 410,000 registered users.

To Franco, each of these users provides a unique data footprint that can help LaLiga to improve its offering. “We have designed dashboards

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that show the location of every user, how many times they use the app per week, which sports they follow, how long they watch and which device they use,” he explained, adding that all information is strictly anonymised.

“By sharing this insight with our marketing teams, we can then send notifications or recommendations for a specific match, TV service or event. This has been very effective.”

Part of a larger ecosystem Crucially, data from the OTT platform is combined with data from LaLiga’s many other digital platforms, including its website, mobile applications or games, in a single data lake.

This allows for the team to analyse a much broader range of fan behaviours and use data-driven marketing to make a wider variety of relevant offers.

“Analysing all of our data sources together gives us a 360-degree view of the fan,”

Franco added. “The sports you choose on the OTT service, the games you play on your mobile, the team you follow in LaLiga, all form a picture of what kind of content you want to receive. This multiplies the amount of relevant and timely offers we can make, which creates much more room for growth.”

One of the new methods for making these offers is programmatic advertising.

Using the fan data that has been accumulated, LaLiga produces new online articles, in partnership with a range of top media outlets, about topics that fans are showing an interest in. Analysing all of our data sources together gives us a 360-degree view of the fan,” Franco added.

“The sports you choose on the OTT service, the games you play on your mobile, the team you follow in LaLiga, all form a picture of what kind of content you want to receive.

This multiplies the amount of relevant and timely offers we can make, which creates much more room for growth.”

One of the new methods for making these offers is programmatic advertising. Using the fan data that has been accumulated, LaLiga produces new online articles, in partnership with a range of top media outlets, about topics that fans are showing an interest in.

By pushing these articles to specific groups of users, with relevant advertisements included (for example, downloading the LaLigaSportsTV app), LaLiga is significantly increasing conversion rates and growing its registered user base organically.

“Technology and data are fundamental to business growth,” Franco concluded.

“But the depth of analysis is all important. The more personalised you can be, the more receptive people will be to the offer you are making and the better your chances for long-term success.”

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will also take centre stage in Africa on 21 January, 19:00 local time, at the Ritz Carlton hotel in Cairo with the CAF draw for the second round of the preliminary competition. The ceremony will see the 14 winners of Round 1 join the 26 topseeded African teams to form ten groups of four (based on the December 2019 edition of the FIFA/ Coca-Cola World Ranking), with the ten group winners then advancing to Round 3. The second round

of Africa’s qualifiers will kick off in March 2020 and will conclude in October 2021.

In Round 3, which is scheduled for November 2021, the ten group winners from Round 2 will be paired up for knockout matches, with the five winners securing a berth at Qatar 2022.

The FIFA World Cup 2022 will be played in Qatar between 21 November and 18 December 2022. Additional information on the FIFA World Cup 2022 qualifiers is available here.

MatchCentreNg Big Match Preview:

Arsenal vs Manchester City head to head stats rsenal have lost their last four Premier League meetings with Manchester City. The last time they lost five consecutive top-flight matches against a side was against Manchester United between September 1983 and August 1985.

Manchester City have won their last two Premier League away games against Arsenal – more than they

• Following their 3-1 win at West Ham on Monday, Arsenal are looking to secure back-to-back Premier League victories for the first time since August.

• City have lost 4 Premier League games this season, as many as they did in the whole of 2018-19. However, the Citizens have won 10 of their last 11 top-flight games in London (L1).

• In all competitions, Arsenal have conceded at least 2 goals in each of their last three home.

• Arsenal have conced-

had in their previous 32 top-flight visits to Highbury/ Emirates Stadium (W1 D11 L20).

Here, MatchCentreNg preview the head to head stats as struggling Arsenal host Premier League Champions Manchester City this Sunday at the Emirates Stadium.

• City could become the first team to win 3 consecutive top-flight away games against Arsenal since West Ham between 1991 and 1995.

ed the first goal in each of their last 5 Premier League games – they’ve never conceded first in six consecutive matches in the competition.

• Man City’s Sergio Agüero has scored eight goals in his last eight appearances against Arsenal in all competitions.

• Since Agüero joined Man City in 2011, he’s scored more goals against the Gunners in all competitions than any other player (11).

Anthony Nlebem

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@Businessdayng

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FT

Friday 13 December 2019

BUSINESS DAY

FINANCIAL TIMES

World Business Newspaper EDWARD LUCE

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ich Americans have spent vast sums running for office before.

Michael Bloomberg has already put them into the shade. Having spent $100m on television ads, Mr Bloomberg has tapped more of his own wealth than any White House contender in history. That is all within his first five weeks. At this rate he could exceed records by 20 or 30 times. They say money cannot buy elections (or love). Mr Bloomberg is putting that to the test. Can the White House be bought?

The history of wealthy Americans running for office is mixed.

Meg Whitman, the former head of Hewlett-Packard, spent $140m on California’s gubernatorial race in 2010 and lost. Steve Forbes, the publishing executive, spent $69m on two quixotic presidential bids.

Mr Bloomberg’s political career tells a different story. He spent a total of $261m on three winning races to be New York’s mayor — the last of which, in 2009, amounted to $174 per vote. His spending kept rising as his margin of victory shrank.

No one has spent more personal wealth on campaigns than Mr Bloomberg. The record for a single race came last year when J.B. Pritzker, the heir to the Hyatt franchise, spent $161.5m to win the Illinois governorship. Mr Bloomberg, in other words, has already spent more than twice as much of his own money as any figure in US political history. His record is three for three. A fourth would make him

Bloomberg’s huge plutocratic gamble

New York billionaire’s Democratic campaign is a long shot but not an impossible one

No one has spent more personal wealth on campaigns than Michael Bloomberg © AP

America’s 46th president. A rough estimate is it would cost him from $3bn to $5bn, which is less than a tenth of his wealth.

The question is whether that is enough to do the trick. Mr Bloomberg has two things going against him. First the plutocratic nature of his campaign reinforces the world view of Bernie Sanders and Elizabeth Warren. Both would impose a wealth tax on people like Mr Bloomberg. Both have also restricted their campaigns to small donors. Mr Bloomberg is competing with other moderates like Joe Biden, Amy Klobuchar and Pete

S&P 500 hits record after US president hints at progress ahead of Sunday tariff deadline

Oil group’s share price trims early gains but still adds 10% on IPO level

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audi Aramco’s shares rose 10 per cent during its second day of trading on Thursday, pushing the state oil group’s valuation above $2tn.

Shares climbed by the maximum daily limit to SR38.7 before profittaking pushed the price down, according to the website of Riyadh’s Tadawul stock exchange. The shares closed at SR36.8, or 4.5 per cent up on Wednesday’s close, valuing Saudi Aramco at $1.96tn.

A $2tn valuation for the company has long been sought by Saudi Arabia’s ambitious Crown Prince Mohammed bin Salman, and Riyadh has worked to backstop the flotation to ensure its success.

The kingdom issued bonus shares and made bank loans available for retail investors, pressured wealthy families to buy in and encouraged state funds to keep some money aside to prop up the flotation in the after-market.

Foreign institutions had previously balked at the $2tn valuation expectations, amid fears over governance and geopolitical risk. The tepid response forced Saudi Aramco to abandon plans to market the offering globally and scale back the size of the stake to 1.5 per cent.

“They made this investment proposition attractive in a domestic setting but not in an international

one,” said Rémy Marcel, a fund manager covering emerging markets for Amundi.

On its Wednesday debut, the stock also rose 10 per cent to SR35.2 as heavy local and regional demand, including from funds in Abu Dhabi, led to the IPO being nearly 4.7 times oversubscribed.

The company raised $25.6bn, making it the world’s largest initial public offering, surpassing the $25bn raised by China’s Alibaba when it debuted on Wall Street in 2014.

However, bankers said that only a fraction of Saudi Aramco shares changed hands on Wednesday, roughly 1 per cent of the company’s free float, which is far below the average amount of trading expected in a newly listed company.

With much of the shares held by retail investors who have been incentivised not to sell, even a small amount of buying can push Saudi Aramco’s price up quickly.

The resulting higher valuation also means the dividend yield for Saudi Aramco is far lower than other listed international oil companies — which has been another concern for global fund managers who invest in energy stocks.

“Aramco should trade at a discount rather than premium to international oil majors,” said analysts at Bernstein, citing corporate governance concerns. “We rate Saudi Aramco as underperform.” www.businessday.ng

have hinted that they would prefer Donald Trump to Ms Warren or Mr Sanders. A Bloomberg nomination would let them align their conscience with their wallets. The same is not true of the rank-andfile. Mr Bloomberg comes across as a technocrat happier talking to Chinese billionaires than the type of voter who likes the highly sugary drinks he once tried to ban.

Money can plug some of his charisma deficit. It is hard to watch YouTube without coming across an unskippable two-minute Bloomberg commercial. But these cannot turn his candidacy

Trump says US-China trade deal ‘very close’

Saudi Aramco touches $2tn valuation on second day of trading SIMEON KERR AND ANJLI RAVAL

Buttigieg. He risks further Balkanising the Democratic middle. At between 3 and 5 per cent in the polls, his numbers are bound to rise with his spending. There is almost nothing any rival can do to knock him out. His presence is a windfall to the party’s populist wing.

Mr Bloomberg’s second weakness is that he is bad at retail politics. Were the first caucus to be held in Aspen rather than Iowa, Mr Bloomberg would surely sweep the field. Many of America’s wealthy elites, such as Lloyd Blankfein, the former Goldman Sachs chief, and Bill Gates, the Microsoft founder,

viral. Mr Trump was estimated to have received more than $3bn in “earned media” during the 2016 primaries — exposure for which he did not pay a cent. It is a safe bet that Mr Bloomberg will have to keep paying for airtime. There are two inflection points, however, where Mr Bloomberg’s cash could be decisive.

The first is on “Super Tuesday” and early March when almost two-thirds of states have their primaries. Iowa and New Hampshire, which Mr Bloomberg is skipping, are about face-to-face politics. But none of the other candidates can begin to match Mr Bloomberg’s national buying power. All he needs to do is fragment the vote — say pick up 15 per cent of the delegates, with three or four others dividing the rest — to secure a brokered Democratic convention in July.

At that point, Mr Bloomberg’s money would come into its own. If no candidate won on the first ballot, delegates would be released to vote for whom they like on the second and third. That includes superdelegates. These are the legislators, governors and other elected figures who are always hungry for cash. This week Mr Bloomberg donated $10m to congressional Democrats. Last year he spent $100m on them. Such scale buys loyalty. There is plenty more where that came from.

JAMES POLITI AND DEMETRI SEVASTOPULO

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resident Donald Trump said a deal with China to pause the trade war between the world’s two largest economies was “very close”, propelling the US equity market to a record high.

The optimistic comment came as Mr Trump was due to meet his trade advisers to decide whether to delay tariffs on $156bn of Chinese imports scheduled to hit a vast swath of consumer goods on Sunday.

For more than two months, officials in Beijing and Washington have been attempting to strike a limited truce in their trade conflict, with a deal mainly involving large-scale Chinese purchases of US farm goods and some additional measures on currency and intellectual property.

“Getting VERY close to a BIG DEAL with China. They want it, and so do we!” Mr Trump tweeted.

While Mr Trump frequently says that China wants to reach a deal on trade, he does not typically acknowledge that the US

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is also aiming for an agreement.

Shortly after the tweet the S&P 500 climbed 0.9 per cent to an all-time high of 3,170.

As part of any agreement, the US has been considering rolling back some of the existing tariffs it has imposed on $360bn of Chinese goods since the trade war began in March 2018. It is unclear to what extent these would be scaled back.

China has been resisting firm commitments on agriculture, pushing for them to be based on market forces, in compliance with WTO rules, rather than the fixed $40bn-$50bn annual amount sought by Washington, according to people familiar with the matter.

The US has been pushing China to agree that if it fails to meet the targets for farm purchases or otherwise backs away from its commitments in the deal, it can reimpose — or “snap back” — the levies on Chinese imports.

While China is making some limited concessions, it is still not willing to overhaul its economic policies in key areas, such as its use of industrial subsidies and practices ranging from cybertheft to the forced transfer of technology from US companies to do@Businessdayng

mestic competitors. US officials have suggested these would be tackled at a later stage, but it is unclear whether this might happen before the 2020 presidential election in the US. The apparent momentum towards what Mr Trump has described as a “phase one” deal with China comes just days after the US president notched up a big milestone by reaching an agreement with Democrats to allow congressional approval of USMCA, the revision of the Nafta trade deal with Canada and Mexico, which had been stalled on Capitol Hill.

Even as US trade advisers were preparing to make key decisions on the China trade war, Robert Lighthizer, the US trade representative, was due to brief Senate Republicans about the terms of the new USMCA agreement with Democratic Speaker of the House Nancy Pelosi. The tweaks have already been agreed by the governments of Canada and Mexico.

Some Republican lawmakers, including Senator Pat Toomey of Pennsylvania, have criticised the administration for making too many accommodations to Ms Pelosi, and pushing it too far to the left in a way that will hinder trade.

Friday 13 December 2019

BUSINESS DAY

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NATIONAL NEWS

FT

Investors grit their teeth for a ‘low return decade’ Loose monetary policy has benefited today’s asset owners at the expense of tomorrow’s ROBIN WIGGLESWORTH

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all Street’s forecasts for the coming year make for fairly glum reading. But the real horror-show lies in the smattering of long-term forecasts, which indicate that the coming decade could be as terrible for investors as this one has been terrific.

After the pain of 2018, this year has been a welcome healing process for investors. Pretty much everything has notched up robust gains, helped by the dovish tilt of central banks, and, more recently, hopes that the global economic slowdown has been halted.

However, that means more demanding valuations for new investors. The price-to-earnings ratio for US stocks constructed by Nobel prize-winning economist Robert Shiller, which adjusts for economic cycles, has climbed back to 30 times — roughly twice its long-term average. Meanwhile, $11.6tn of bonds are trading at negative yields.

“I think this will be an abnormally low-return decade,” warned Andrew Sheets, chief cross-asset strategist at Morgan Stanley. “For bonds it’s just arithmetic, but for equities there are also valuation challenges.”

Morgan Stanley estimates that a classic investor portfolio — made up of 60 per cent US equities and 40 per cent bonds — will return just 4.1 per cent per year over the next decade, a performance so muted it has rarely been worse in the past seven decades. A European 60-40 portfolio is expected to return a mere 3.9 per cent a year.

That is even worse than the estimates AQR Capital Management published earlier this year, when it forecast that the same portfolio would return as little as 2.9 per cent a year after inflation. Assuming that inflation stays around the central bank target of 2 per cent, that is slightly higher than Morgan Stanley’s nominal estimates, but still does not quite reach the average of 5 per cent

since 1900.

Mr Sheets pointed out that expected returns have looked low before, only to be “bailed out” by central banks’ easing policy and pushed prices up ever higher. But that practice just pulls future returns into the present, some analysts say.

While this may have ensured that the past decade was wonderful for investors, prospective returns now look far skinnier.

While such dour forecasts are sometimes dismissed as Cassandralike — a reference to the soothsayer of Greek mythology — Mr Sheets noted that Cassandra’s prophesies were actually accurate. Her curse was never to be believed.

The long-term estimates of GMO, the asset manager founded by Jeremy Grantham, are even more pessimistic. GMO forecasts US equities will on average lose 3.9 per cent a year in real, inflation-adjusted terms over the next seven years, US bonds will shed 2.2 per cent, international equities will move sideways, and international fixed income — when the currency exposure is hedged — will drop 3.9 per cent, because the elevated cost of insuring against FX movements will erode the scant returns available.

Luca Paolini, chief strategist at Pictet Asset Management, said he thinks the challenges go far beyond the arithmetic of high current valuations. He pointed out there have been several secular trends that have helped buoy financial markets in recent decades, which are now turning and could make the next decade particularly challenging for investors.

Global demographics are worsening, with the baby boomers retiring in increasing numbers and sapping economies of their vim. Open trade and globalisation are also in retreat, corporate taxes are likely to rise, and minimum wage increases are rising on the political agenda. This may be good for many people, but is likely to hurt market returns.

Heavy rain, design and poor drainage factors in Vale dam breach

Independent report also said dam showed ‘no signs of distress’ on day it burst NEIL HUME

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everal factors including design, poor drainage and heavy rainfall caused the deadly dam breach at Vale’s Córrego do Feijão mine in January, according to an independent report commissioned by the company.

More than 250 people — mainly Vale employees and contractors — died in January when almost 12m cubic metres of mining waste burst from Dam 1 close to the town of Brumadinho, in the south-east state of Minas Gerais in Brazil.

This unleashed a tidal wave of mud that destroyed everything in its path, including a staff canteen and administrative buildings, and polluted a local river system.

“The Panel concluded that the sudden strength loss and resulting failure of the marginally stable dam was due to a critical combination of ongoing internal strains due to creep, and a strength reduction due to loss of suction in the unsaturated zone caused by the cumulative rainfall since the end of tailings deposition, including the intense rainfall towards the end of 2018,” the report said.

“This followed a number of years of increasing rainfall after tailings

deposition ceased in July 2016. The internal strains and strength reduction in the unsaturated zone reached a critical level that resulted in the observed failure on January 25, 2019.”

Dam 1 was built in 1976 by Ferteco Mineração — a company acquired by Vale in 2001 — using an “upstream design”, whereby waste slurry is pumped into a storage pond behind a starter mud wall. As more material is added, solidified waste, or tailings, are used to raise the height of the dam.

It received tailings from Córrego do Feijão and another mine until 2016, when it became inactive. At the time it burst, it was holding 11.7m cubic metres of iron ore tailings, or almost 5,000 Olympic-sized swimming pools, and stood 86m high.

Upstream dams, in use for more than 100 years, are seen as less stable than other designs and are best suited to arid climates such as Chile’s Atacama Desert — home to some of the world’s biggest copper mines — and aseismic regions.

The report also found that Dam 1 showed “no signs of distress, such as large deformations in cracking and bulging prior to failure” and there were no earthquakes or any blasting activity in the area on the day of the breach. www.businessday.ng

© Frank Rumpenhorst/dpa

ECB holds rates at record low at Christine Lagarde’s first meeting New ECB president faces press for first time as investors watch for policy changes MARTIN ARNOLD

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he European Central Bank has kept its policy rates unchanged and stuck to its bond-buying programme at the first monetary policymaking meeting under its new president Christine Lagarde.

Economists had expected the ECB to leave policy unchanged while it assesses the impact of its September cut in interest rates to a record low of minus 0.5 per cent and the recent restart of its programme of bond purchases at a pace of €20bn per month.

The ECB repeated its main message from its last two monetary policy meetings, saying that rates would not rise “until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2 per cent within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics”.

Even after years of negative interest rates and more than €2.6tn of ECB bond purchases, European economic growth remains sluggish and inflation is well below its objective. Furthermore, doubts are growing about whether the central bank can loosen monetary policy further — or if it is running out of ammunition.

But there have been signs recently that the eurozone economy is stabilising as risks of a full-blown trade war or deeply disruptive Brexit recede. Speaking at her first press conference since replacing Mario Draghi at the start

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of November, Ms Lagarde indicated there was some scope for hope.

She said: “Risks remain tilted to the downside, but have become somewhat less pronounced . . . Incoming data point to continued muted inflation pressures and weak growth dynamics, although there are some signs of stabilisation in the growth slowdown.”

Services and construction remain resilient, she added.

Ms Lagarde also set out the ECB’s latest growth forecasts. It expects an expansion in GDP of 1.2 per cent this year, 1.1 per cent next year — slightly lower than its forecast in September — and 1.4 per cent in both 2021 and 2022.

Inflation is set to rise from its current level of 1 per cent to 1.6 per cent by 2022.

The eurozone is nowhere near the kind of stagnant economic environment which has prevailed in Japan in recent decades, she said, pointing out that “enterprise finance” was completely different in Europe where it has been growing, compared to the shrinkage in Japan.

But Ms Lagarde called on all policymakers, including national and EU governments, to introduce more “growth friendly” policies. She added: “It takes many to dance the economic ballet that delivers price stability and economic growth.”

The debut rate decision under Ms Lagarde’s presidency mirrors the unchanged policy rates announced on Wednesday by the US Federal Reserve, indicating that after loosening monetary policy in recent months in a bid @Businessdayng

to stimulate the economy, major central banks are now pausing while they assess which way global growth is heading.

Ms Lagarde used the press conference to set out her plans for a strategic review of the ECB’s approach to policy. It will examine the effectiveness of all the ECB’s monetary policy tools and would not rule out considering new ones such as buying equities as well as bonds or even distributing cash direct to households via “helicopter money”, she added.

It will also look at the ways the ECB can tackle climate change and its impact on inequality.

She aims to start the review in January and complete it before the end of next year.

“I see the strategy as a house that will be built stone by stone,” she said.

Lacking central banking experience or training as an economist, Ms Lagarde is expected to focus during her term in office on communicating ECB policy better and building consensus on its governing council, which was deeply divided in Mr Draghi’s final months. She has resisted being labelled as a hawk or a dove, saying she preferred to be considered an owl — “a very wise animal”.

She took the opportunity at the press conference to set out her approach to policy communication, warning reporters not to “overinterpret” or compare her to her predecessors. She would communicate in her own way, Ms Lagarde said, including using different language when communicating with different audiences.

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Friday 13 December 2019

BUSINESS DAY

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED

Germany hits back at US pipeline sanction threat Nord Stream 2 project should not face ‘intervention from abroad’ TOBIAS BUCK, GUY CHAZAN AND NASTASSIA ASTRASHEUSKAYA

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ermany and Russia have hit back at the US Congress over its decision to impose sanctions on the Nord Stream 2 gas pipeline, in the latest diplomatic escalation over the $9.5bn project.

“European energy policy is decided in Europe, not the US. We are opposed in principle to interventions from abroad, and to extraterritorial sanctions,” Heiko Maas, the German foreign minister, said on Thursday.

Nord Stream 2 is an underwater gas pipeline from Russia to Germany that has been under construction since last year. It will have the potential to double Russian gas imports into Europe’s largest economy, allowing Kremlin-controlled Gazprom largely to circumvent a pipeline network through Ukraine.

The project enjoys political support in Russia and Germany, but has been fiercely resisted elsewhere — the US and Ukraine but also in Poland and other EU countries. The European Commission has also made clear its opposition to the pipeline.

US leaders have threatened repeatedly to impose sanctions on Nord Stream 2, arguing that the project will weaken Ukraine in its long-running political and military struggle with Moscow.

On Monday, US legislators took a decisive step towards making that threat a reality, when the US House and Senate armed services committees voted to approve a defence bill that would force the Trump administration to sanction companies if they help Gazprom, the Russian state-owned gas company, complete the pipeline.

The bill — which went on to win backing from the House of Representatives on Wednesday — takes aim in particular at companies that provide the vessels used to lay underwater pipelines.

Allseas, the Switzerland-based contractor whose ships have been involved in the construction of Nord Stream 2, said it was still engaged on the project. Jeroen Hagelstein, a spokesman for the company, said: “We won’t speculate on the potential impact of the sanctions. But we are still busy installing the pipeline. So far, nothing has happened.”

Mr Maas’s remarks were echoed across the Berlin government coalition and drew support from German business.

Joachim Pfeiffer, a member of parliament for Angela Merkel’s Christian Democratic Union, called on Germany and Europe to prepare countermeasures should the US move ahead with the planned sanctions. “This is no longer just an unfriendly act by the US but a hostile act towards its allies and all of Europe,” he said.

Big investors turn screw over climate pollution disclosure

Asset managers including TCI, BNP Paribas and Legal & General lead charge on emissions reporting porate governance at BNP Paribas ATTRACTA MOONEY, LAURENCE FLETCHER AM, said that more asset managers AND LESLIE HOOK should use their vote when it came to carbon emissions. any of the world’s biggest “Voting is a key component of our investors have long sup- ongoing dialogue with companies, ported calls for companies and our policy of opposing manto spell out their carbon emissions. agement proposals where we have But a growing number of large asset concerns around carbon disclosure managers are going a step further, is designed to push directors to inwarning they will actively punish corporate climate change considerboard executives at companies that ations into their business strategy.” do not improve their pollution disLGIM, the UK’s largest asset closure. manager, has also advocated a This month Christopher Hohn, tougher approach. It voted against the activist hedge fund investor, said 17 company chairs or boards in the he would vote against the re-election first half of this year over environof directors at companies held by his mental concerns. $28bn TCI fund that fail to provide Sacha Sadan, director of cordetails of carbon emissions to CDP, porate governance at the £1.1tn a climate non-profit. group, said investors played a “sigSeveral traditional asset man- nificant role in pushing companies agers, such as the UK’s Legal and to ensure they address the risks of General Investment Management climate change”. and France’s BNP Paribas Asset Sarasin & Partners, a LondonManagement, have taken similar based fund house with £14bn in steps in recent years as investors be- assets, said it voted against at least come increasingly concerned about one director at 86 per cent of comhow climate change will affect their panies where it identified a material portfolios. climate risk and against the auditor BNP Paribas was one of the first to at 91 per cent of these companies change its voting policy to consider this year. carbon emissions, updating it in 2016 Natasha Landell-Mills, head of to align with the goals of the Paris stewardship at Sarasin, pointed out climate accord. The €436bn asset that none of the world’s biggest asset manager abstains or votes against managers — such as BlackRock and resolutions such as approving a com- Vanguard — were fully using their pany’s financial statements when votes to get companies to disclose companies do not report properly on climate risks, and argued that this their carbon footprint. needed to change.

Michael Herskovich, head of cor-

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Mike Lynch said the claims of impropriety affecting Autonomy’s transactions and its accounting were ‘exaggerated and wrong’ © Reuters

Mike Lynch and Hewlett-Packard trade blows as $5bn trial nears end

Founder of software group Autonomy faces extradition to US after civil case in UK JANE CROFT

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i ke Ly n c h, t h e founder of softw a re c o m p a n y Autonomy, and Hewlett-Packard (HPE) traded blows as a $5bn civil fraud trial neared its end in the High Court on Thursday, with HPE accusing Mr Lynch of telling “lie after lie” and Mr Lynch describing the case as a “manufactured claim”.

HPE, which bought Autonomy for $11bn in 2011, is suing Mr Lynch and his former colleague Sushovan Hussain for allegedly manipulating Autonomy’s accounts, leading the computing group to pay an extra $5bn for the company. Mr Lynch and Mr Hussain have denied any wrongdoing.

Mr Lynch is also facing extradition to the US over the Autonomy sale, where he faces a criminal trial of allegations including 14 counts of conspiracy and fraud. Last month the US submitted an extradition request to the UK government.

The civil case in the High Court began in March and Mr Lynch testified for a month in July. Both sides are delivering closing submissions that start this week.

On Thursday, Laurence Rabinowitz QC, representing HPE, told the High Court that Mike Lynch was an “unreliable” witness and told “lie after lie” in the witness box and was “willing to lie whenever it was necessary to suit him”.

Mr Rabinowitz highlighted an alleged inconsistency in Mr Lynch’s testimony when he claimed that Brent Hogenson, a former Autonomy finance director, had named two senior Autonomy employees — including Mr Hussain — in connection with alleged accounting fraud.

This contradicted an email sent

by Mr Lynch at the time to a member of Autonomy’s audit committee, claimed Mr Rabinowitz, which stated that Mr Hogenson “refuses to name” the wrongdoers.

“Dr Lynch could not offer any sensible explanation for this apparent contradiction. This is simply

a case of Dr Lynch being caught out in a blatant lie,” Mr Rabinowitz claimed in his written arguments.

The closing submissions from Mr Lynch’s legal team called the HP lawsuit “a manufactured claim” and said that HP’s board experienced “buyer’s remorse” on its decision to buy Autonomy. HP’s chief executive at the time, Meg Whitman, saw Autonomy as a “headache” because the company was “floundering and she was firefighting on many fronts”, he claimed.

Mr Lynch said the claims of impropriety affecting Autonomy’s transactions and its accounting were “exaggerated and wrong”.

His closing argument added: “The claims of dishonest participation on the part of Dr Lynch have no basis.”

He claimed that HPE had been “engaged in a witch hunt” and had pored over Autonomy’s transactions in the hope of finding items they could criticise, which had resulted in a “mishmash” of allegations that “lack merit and realism”.

Foreign investors cast shadow over bumper Brazilian markets

Runaway rallies and XP’s flotation success belie hint of nerves JONATHAN WHEATLEY

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his has been a banner year for Brazilian equities, crowned this week by the initial public offering in New York of XP, a financial services group that promises to revolutionise the way ordinary Brazilians buy stocks and bonds.

The company’s shares launched above their target price range and leapt almost 30 per cent on their first day of trading. You have to wonder whether investors are getting ahead of themselves.

XP itself may not be a worry, in spite of its rich valuation. It is delivering on a promise to disrupt Brazil’s financial sector, where retail investors have traditionally been shut out or stung by inflated fees. It is doing so at a time when the novelty of real-world interest rates is pushing anyone with savings into investments that are spicier than a savings account. The fact that XP is meeting demand partly by selling

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corporate bonds from first-time issuers to novice retail investors may end up putting some rocks in its path, but it looks unlikely to derail it altogether.

What may prove more concerning is that XP is only part of a much bigger drive into riskier assets. Brazilian companies raised R$346bn ($84bn) on local markets in the 11 months to November, mostly in corporate bonds and including R$78bn in equities.

The total easily beats last year’s total of R$249bn and is more than double the average for the previous five years, according to Anbima, a capital markets association.

The São Paulo stock exchange has been on a tear. Its benchmark Bovespa index is up more than 25 per cent this year. Domestic investors — retail and institutional — have ploughed record amounts into the exchange.

But it is wise to watch foreign investors. Aside from the crisis year of 2008, they have been strong net buyers of stocks on the exchange every year since @Businessdayng

figures were first collected in 2004. That net inflow stopped, however, last year.

And this year, up to December 9, they withdrew a net R$13.6bn, easily the biggest retreat on record.

Part of the reason is that Brazil is a large, liquid market in an uncertain world. Troubles in other big emerging markets may have prompted some investors to sell assets in Brazil.

But it is also likely that foreign investors have been less willing to buy into Brazil’s recovery story than locals have.

Reform momentum appears to have stalled after the passage of a landmark pension reform this year. Despite signs of nascent economic growth after a deep recession in 2015-16, unemployment is persistent at almost 12 per cent.

Household debt is rising and its quality is deteriorating.

Brazil has yet to escape from its “chicken flight” trajectory of old, in which the economy takes off briefly before dropping back to earth. Cautious investors will wait this one out.

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Friday 13 December 2019

BUSINESS DAY

FT

ANALYSIS

Fed to keep rates steady until inflation picks up Central bank no longer sees easier policy as just insurance against trade tensions BRENDAN GREELEY AND COLBY SMITH

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t his news conference on Wednesday, Jay Powell was asked what he learnt in 2019.

Almost smiling, the Federal Reserve chairman, said: “You know, it’s too long of a question. I don’t know how to get after that. There’s a lot of learning that comes in from the economy every year.”

In October, the Fed described its three interest rate cuts since July as an insurance policy, protection for US growth against trade frictions, low inflation and a global downturn. That would suggest that, once tensions eased, it would raise rates again.

But now, with those cuts in place, the US central bank made it clear at its meeting on Wednesday that the current policy rate of 1.5-1.75 per cent is no longer a temporary accommodation. It is a new strategy.

Having watched inflation fail to rise this year despite easier policy and a strong labour market, the Fed is going to keep rates where they are until inflation picks up. As Mr Powell put it, he would prefer to wait until he sees “a significant move up in inflation that’s also persistent”.

2 per cent.

Consumer inflation expectations have not changed. A popular market-based measure of expectations dropped overall this year, and still predicts inflation below the Fed’s target — five years from now.

“The Fed does not have a very firm level of confidence that the risks to the downside [on inflation] have really been removed,” said Kathy Bostjancic, chief US financial economist at Oxford Economics.

Brett Lewthwaite, global head of fixed income at Macquarie Investment Management, warned that it could prove challenging for the Fed to hit its target. “Even now with deglobalisation, creating inflation looks like it will be very hard,” he said.

Asked why he was confident that holding rates low would generate inflation closer to target, Mr Powell hinted that he was not completely confident.

“I would say there’s more humility than there is confidence at this point,” he said. “It’s been very challenging to get inflation to the target.

If you look at the world, the United States of all major economies has come closest, but it still hasn’t quite been able to achieve it.”

Half a century ago, Mr Powell

Jay Powell: ‘I would say there’s more humility than there is confidence at this point [over generating inflation closer to target]’ © Bloomberg

“They’re very comfortable with the current stance of policy,” said Michelle Meyer, chief US economist at Bank of America Merrill Lynch.

“Until they see signs of price pressures, and they think they could have an inflation problem on the upside, they have no intention of moving.”

Mr Powell’s view is widely shared at the central bank. In September, when the Fed last released its Summary of Economic Projections, its “dot plot” of anonymous policy recommendations, seven people at the meeting wanted to push rates above 2 per cent next year. On Wednesday, the dots showed a mass conversion had taken place, with everyone below 2 per cent for 2020, and a vast majority at the current rate.

“What’s interesting is that we’re used to Fed officials not always seeing eye to eye on monetary policy,” said Mike Loewengart, vicepresident for investment strategy at E*Trade, “but today is decidedly unanimous”.

Mr Powell and the Fed seem to be aware that, after a year that should have in theory generated higher price levels, inflation is, if anything, slightly lower. Core PCE, a measure of price increases in personal consumption that strips out food and energy, dropped to 1.6 per cent this year, from 1.8 per cent.

The Fed’s target for that measure is

explained, there was a stronger connection between a solid labour market and higher inflation. “As the Fed got control of inflation, the connection got weaker and weaker and weaker to the point where there is still a connection, but it is a very faint one,” he said.

The Fed is proposing to hold policy where it is now until that connection gets stronger. The proposal rests on an assumption that there are more people waiting to re-join the labour force — what economists call “slack” — and when they do, the traditional relationship between unemployment and inflation will begin to reassert itself.

Mr Powell’s optimism on this point comes from the time Fed policymakers have spent this year studying and visiting lower-income communities. “The fact that [lowand moderate-income] communities have such high levels of unemployment and low levels of labour force participation tells you that there is slack out there,” he said.

Markets appear to be even more confident that the Fed will keep looking for slack. Traders are now pricing in a one quarter-point reduction in the Fed’s benchmark policy rate by December of next year, according to futures prices compiled by CME Group’s FedWatch tool. www.businessday.ng

Fintech: the rise of the Asian ‘super app’ Demand for digital services poses a threat to traditional banks in the region but many start-ups are bleeding cash MERCEDES RUEHL AND JAMES KYNGE

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ice Basket Queen is the name of a stall run by Ruri Ruhyaty in a bustling suburb of Jakarta.

A year ago it was typical of thousands of others. Ms Ruri would place her fish and vegetable dishes on banana leaves on the front counter and wait for customers to walk by.

Then she signed up with Grab, a food delivery and digital payments start-up that is one of the leaders of south-east Asia’s fintech revolution.

Now her food is delivered to diners on the back of motorbikes through miles of traffic-snarled streets in the Indonesian capital. Her accounting system has evolved from a pen and scraps of paper to an automaticallyupdated digital log. Clients who used to hand over cash now pay with a smartphone app.

And as revenues soared, Grab’s partner Ovo offered the company a loan of Rp50m ($3,562) — enough to open a new stall. “I will take the loan when I expand my business next year,” says Ms Ruri, 34, as she cooks a spicy sambal vegetarian dish, one of her top sellers.

Rice Basket Queen’s story captures in microcosm the transformative effects that financial technology is having across Asia. The disruptive forces that were first unleashed in China, as tens of millions of consumers embraced digital payment platforms, online lenders and other forms of fintech, are now being felt in south-east Asia, a region of 655m people in 11 countries. The same trends are also visible in the Indian subcontinent, with its population of 1.7bn.

At the level of a single market stall the changes can seem insignificant, but they are being repeated by millions of businesses across thousands of cities. While the impact from such start-ups has been restrained in most western countries, that is not the case in Asia. Fintechs such as Ant Financial, Paytm and Go-Jek are among the region’s biggest business disrupters, posing a threat to traditional banks and other financial institutions — and forging business models that could yet be used in other parts of the world.

“What people in London, New

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York and Silicon Valley don’t understand is that Asia is now setting the pace in financial services innovation,” says James Lloyd, a partner at EY Asia-Pacific focusing on fintech and payments.

“Benefiting from powerful network effects, big tech firms have been venturing ever further into financial services; initially in China but increasingly across the region,” he says, adding the threat to incumbent banks is “greater in Asia than anywhere else in the world”.

Jan Metzger, Asia Pacific head of banking, capital markets and advisory at Citi, points to huge regional demand. “This is a revolution for the whole world. Asia is 12 years ahead of the rest of the world. It is a time machine to the world,” he says. “The key point is not because they are better at tech. It’s because the demand for digital and mobile services is so much higher. They are leapfrogging generations of paying by plastic and cheque books to paying online through e-wallets.”

The sheer scale of the fintech groundswell is captured by the number of start-ups across Asia.

Almost 800 companies have received financing from venture capital and private equity houses since December 2016, according to data compiled by the Asian Venture Capital Journal.

China leads the way, with 266 fintech start-ups. India is second with 190 while south-east Asia ranks third with 183. Some 44 are in Indonesia and 86 in Singapore, according to AVCJ numbers.

Many of the start-ups will be little more than a flash in the pan. But some are already proving to be formidable competitors to traditional banks, offering electronic payments, online loans, credit cards, digital insurance and other services.

Indeed, some of the emerging fintech groups display more financial muscle than long-established banks. Grab, for instance, is valued at $14bn, following investments from backers such as SoftBank, the Japanese fund, Temasek, Singapore’s state-owned holding company, CIC, a Chinese sovereign wealth fund, and other blue-chip investors.

This means that after just seven years of doing business, the market puts a higher value on Grab than it @Businessdayng

does on 15 of south-east Asia’s top 25 established banks, ranked by market capitalisation.

The challenge to incumbent banks is made all the more serious when the regional ambitions of China’s tech giants are factored in.

Having built vast businesses in their home market, several are now looking to back similar firms in other Asian countries. Ant Financial — which is valued at $150bn or three times the market capitalisation of DBS, south-east Asia’s biggest bank — announced in November a $1bn investment fund for the region. It has already invested in Paytm, India’s biggest fintech company with a valuation of $16bn.

One reason for the premium valuations of fintech start-ups such as Grab and its Indonesia-based competitor Go-Jek, which is valued at $10bn, is that these companies do much more than financial services. As well as GrabPay, its payment platform and Ovo, its lending partner, Grab also runs the GrabCar and GrabTaxi ride-hailing businesses and other operations including GrabBike for on-demand motorcycle services, GrabFresh for grocery shopping and GrabFood for food delivery.

This “super app” approach gives the Singapore-based company a large and highly-engaged customer base. Since its launch in Malaysia in 2012, Grab has expanded to 339 cities across eight countries in south-east Asia. Its app has had 163m downloads.

GoPay, the financial arm of Go-Jek, is used in 370 cities across Indonesia. In a challenge to another strand of banks’ traditional business, Go-Jek has launched a service called Paylater, which Andre Soelistyo, Go-Jek’s co-chief executive, says works like an “Amex charge card” and provides a gateway towards offering wealth management services to its clients.

“It was a raving success,” Mr Soelistyo says. The service works

by Go-Jek, which has backing from China’s Tencent, providing credit up to a certain level for customers, which they pay off by the end of the month. “When we have the opportunity to start on the monthly planning, then you can start getting into investment,” he says.

Friday 13 December 2019

BUSINESS DAY

41

Live @ The STOCK Exchanges Prices for Securities Traded as of Thursday 12 December 2019 Company

Market cap(nm)

Price (N)

Change

Trades

Volume

Company

Market cap(nm)

Price (N)

Change

Trades

Volume

PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 328,793.34 9.25 -0.54 235 8,180,810 UNITED BANK FOR AFRICA PLC 234,266.04 6.85 1.48 143 8,374,915 ZENITH BANK PLC 582,404.96 18.55 0.27 223 10,849,587 601 27,405,312 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 233,319.40 6.50 4.84 163 7,822,412 163 7,822,412 764 35,227,724 TELECOMMUNICATIONS SERVICES MTN NIGERIA COMMUNICATIONS PLC 2,401,832.54 118.00 - 52 804,288 52 804,288 52 804,288 BUILDING MATERIALS DANGOTE CEMENT PLC 2,385,671.04 140.00 - 59 12,323,293 LAFARGE AFRICA PLC. 217,455.24 13.50 -0.74 45 1,610,913 104 13,934,206 104 13,934,206 EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 323,467.98 549.70 - 13 39,760 13 39,760 13 39,760 933 50,005,978 REAL ESTATE INVESTMENT TRUSTS (REITS) SKYE SHELTER FUND PLC 1,710.00 85.50 - 0 0 UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) 10,175.81 40.70 - 0 0 UPDC REAL ESTATE INVESTMENT TRUST 11,873.80 4.45 - 4 48,500 4 48,500 4 48,500 OTHER FINANCIAL INSTITUTIONS NIGERIA ENERYGY SECTOR FUND 411.91 552.20 - 0 0 VALUEALLIANCE VALUE FUND 3,312.39 103.20 - 0 0 0 0 0 0 4 48,500 CROP PRODUCTION FTN COCOA PROCESSORS PLC 440.00 0.20 - 0 0 OKOMU OIL PALM PLC. 51,988.10 54.50 - 8 5,513 PRESCO PLC 41,450.00 41.45 9.51 8 400,940 16 406,453 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 8,520.00 4.26 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 1,530.00 0.51 - 9 163,800 9 163,800 25 570,253 DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. 953.02 0.36 - 2 27,860 217.92 0.56 - 3 6,554 JOHN HOLT PLC. S C O A NIG. PLC. 1,903.99 2.93 - 0 0 TRANSNATIONAL CORPORATION OF NIGERIA PLC 40,241.51 0.99 -1.00 26 1,490,165 U A C N PLC. 25,355.41 8.80 6.02 125 8,355,369 156 9,879,948 156 9,879,948 BUILDING CONSTRUCTION ARBICO PLC. 577.67 3.89 - 0 0 0 0 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 25,080.00 19.00 - 43 484,066 ROADS NIG PLC. 165.00 6.60 - 0 0 43 484,066 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC 2,598.40 1.00 - 4 12,521 4 12,521 47 496,587 AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 7,281.43 0.93 - 5 65,000 GOLDEN GUINEA BREW. PLC. 242.22 0.89 - 0 0 GUINNESS NIG PLC 64,616.29 29.50 1.72 34 8,013,538 INTERNATIONAL BREWERIES PLC. 86,818.21 10.10 - 9 11,104 NIGERIAN BREW. PLC. 421,436.74 52.70 2.83 47 640,821 95 8,730,463 FOOD PRODUCTS DANGOTE SUGAR REFINERY PLC 192,000.00 16.00 5.96 81 1,850,939 FLOUR MILLS NIG. PLC. 79,137.33 19.30 - 39 159,889 HONEYWELL FLOUR MILL PLC 7,850.90 0.99 - 5 12,085 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 766.26 4.30 - 0 0 NASCON ALLIED INDUSTRIES PLC 37,092.14 14.00 - 21 108,544 UNION DICON SALT PLC. 3,321.07 12.15 - 0 0 146 2,131,457 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 18,594.20 9.90 9.39 32 1,656,105 NESTLE NIGERIA PLC. 1,030,453.13 1,300.00 - 34 35,584 66 1,691,689 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 2 9,504 VITAFOAM NIG PLC. 4,878.29 3.90 - 11 49,800 13 59,304 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 19,852.39 5.00 - 23 162,921 UNILEVER NIGERIA PLC. 105,708.10 18.40 -0.54 24 5,349,208 47 5,512,129 367 18,125,042 BANKING ECOBANK TRANSNATIONAL INCORPORATED 120,189.56 6.55 2.34 58 1,965,814 FIDELITY BANK PLC 59,398.33 2.05 2.50 67 19,751,726 GUARANTY TRUST BANK PLC. 853,504.20 29.00 3.57 132 2,861,683 JAIZ BANK PLC 18,562.48 0.63 3.17 15 837,603 STERLING BANK PLC. 56,141.32 1.95 -1.02 45 3,224,854 UNION BANK NIG.PLC. 183,460.74 6.30 -4.55 40 986,322 UNITY BANK PLC 8,182.54 0.70 - 5 53,000 WEMA BANK PLC. 25,073.40 0.65 -2.99 21 1,392,712 383 31,073,714 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 0 0 AIICO INSURANCE PLC. 4,989.75 0.72 - 12 451,982 AXAMANSARD INSURANCE PLC 18,900.00 1.80 - 4 73,000 CONSOLIDATED HALLMARK INSURANCE PLC 3,170.70 0.39 5.41 3 160,000 CONTINENTAL REINSURANCE PLC 22,820.04 2.20 - 0 0 CORNERSTONE INSURANCE PLC 9,132.29 0.62 - 0 0 GOLDLINK INSURANCE PLC 909.99 0.20 - 0 0 GUINEA INSURANCE PLC. 1,228.00 0.20 - 2 15,000 INTERNATIONAL ENERGY INSURANCE PLC 487.95 0.38 - 0 0 LASACO ASSURANCE PLC. 1,830.86 0.25 - 3 85,800 LAW UNION AND ROCK INS. PLC. 2,362.98 0.55 - 2 103,606 LINKAGE ASSURANCE PLC 3,840.00 0.48 - 1 14,115 2,234.55 0.20 - 0 0 MUTUAL BENEFITS ASSURANCE PLC. NEM INSURANCE PLC 10,561.01 2.00 2.56 10 889,952 NIGER INSURANCE PLC 1,547.90 0.20 - 0 0 PRESTIGE ASSURANCE PLC 2,745.10 0.51 - 0 0 REGENCY ASSURANCE PLC 1,333.75 0.20 - 1 145,000 SOVEREIGN TRUST INSURANCE PLC 1,668.16 0.20 - 1 50,000 STACO INSURANCE PLC 4,483.72 0.48 - 0 0 STANDARD ALLIANCE INSURANCE PLC. 2,582.21 0.20 - 0 0 SUNU ASSURANCES NIGERIA PLC. 2,800.00 0.20 - 0 0 UNIC DIVERSIFIED HOLDINGS PLC. 516.46 0.20 - 0 0 UNIVERSAL INSURANCE PLC 3,200.00 0.20 - 0 0 VERITAS KAPITAL ASSURANCE PLC 2,773.33 0.20 - 1 2,000 WAPIC INSURANCE PLC 4,550.13 0.34 -2.86 23 881,499 63 2,871,954 MICRO-FINANCE BANKS NPF MICROFINANCE BANK PLC 2,629.63 1.15 - 0 0 0 0

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MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 4,200.00 1.00 - 0 0 ASO SAVINGS AND LOANS PLC 7,370.87 0.50 - 0 0 5,796.93 1.39 - 0 0 INFINITY TRUST MORTGAGE BANK PLC RESORT SAVINGS & LOANS PLC 2,265.95 0.20 - 0 0 UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 0 0 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 8,200.00 4.10 - 24 204,205 CUSTODIAN INVESTMENT PLC 35,291.19 6.00 - 10 89,585 DEAP CAPITAL MANAGEMENT & TRUST PLC 600.00 0.40 - 0 0 FCMB GROUP PLC. 35,644.88 1.80 2.22 36 3,463,922 ROYAL EXCHANGE PLC. 1,389.25 0.27 -6.90 7 355,608 378,091.62 36.10 - 8 4,514 STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC 13,140.00 2.19 1.39 69 3,336,041 154 7,453,875 600 41,399,543 HEALTHCARE PROVIDERS EKOCORP PLC. 2,069.19 4.15 - 2 8,542 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 781.69 0.22 - 4 186,990,912 6 186,999,454 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 494.58 0.50 - 0 0 0 0 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 FIDSON HEALTHCARE PLC 6,467.72 3.10 - 8 97,928 GLAXO SMITHKLINE CONSUMER NIG. PLC. 6,936.08 5.80 - 51 674,965 MAY & BAKER NIGERIA PLC. 3,692.00 2.14 - 1 11,817 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 1,253.44 0.66 -9.59 5 500,000 NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 PHARMA-DEKO PLC. 325.23 1.50 - 0 0 65 1,284,710 71 188,284,164 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 852.48 0.24 -4.00 5 620,000 5 620,000 COMPUTERS AND PERIPHERALS OMATEK VENTURES PLC 1,470.89 0.50 - 0 0 0 0 IT SERVICES CWG PLC 6,413.06 2.54 - 0 0 NCR (NIGERIA) PLC. 486.00 4.50 - 0 0 TRIPPLE GEE AND COMPANY PLC. 316.77 0.64 - 0 0 0 0 PROCESSING SYSTEMS CHAMS PLC 1,455.78 0.31 -8.82 27 4,711,371 E-TRANZACT INTERNATIONAL PLC 10,962.00 2.61 - 1 200 28 4,711,571 TELECOMMUNICATIONS SERVICES AIRTEL AFRICA PLC 1,123,311.48 298.90 - 5 70,030 5 70,030 38 5,401,601 BUILDING MATERIALS BERGER PAINTS PLC 1,956.31 6.75 - 13 76,633 CAP PLC 16,800.00 24.00 - 17 39,758 CEMENT CO. OF NORTH.NIG. PLC 247,097.82 18.80 - 22 288,279 MEYER PLC. 286.87 0.54 - 0 0 PORTLAND PAINTS & PRODUCTS NIGERIA PLC 1,769.32 2.23 - 0 0 PREMIER PAINTS PLC. 1,156.20 9.40 - 0 0 52 404,670 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,256.91 2.09 - 0 0 CUTIX PLC. 2,377.78 1.35 -9.40 14 1,191,633 14 1,191,633 PACKAGING/CONTAINERS BETA GLASS PLC. 26,898.49 53.80 - 9 11,947 GREIF NIGERIA PLC 388.02 9.10 - 0 0 9 11,947 AGRO-ALLIED & CHEMICALS NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 0 0 0 0 75 1,608,250 CHEMICALS B.O.C. GASES PLC. 2,539.09 6.10 - 0 0 0 0 METALS ALUMINIUM EXTRUSION IND. PLC. 1,781.64 8.10 - 0 0 0 0 MINING SERVICES MULTIVERSE MINING AND EXPLORATION PLC 852.39 0.20 - 0 0 0 0 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 83.60 0.38 - 0 0 0 0 0 0 ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,252.54 0.20 - 8 739,008 8 739,008 INTEGRATED OIL AND GAS SERVICES OANDO PLC 47,239.37 3.80 1.33 33 867,321 33 867,321 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 53,332.04 147.90 - 10 20,121 CONOIL PLC 12,838.11 18.50 - 12 64,331 ETERNA PLC. 3,912.43 3.00 - 7 128,850 FORTE OIL PLC. 23,574.91 18.10 - 22 108,320 MRS OIL NIGERIA PLC. 4,663.23 15.30 - 10 20,244 TOTAL NIGERIA PLC. 37,652.97 110.90 - 17 16,997 78 358,863 119 1,965,192 ADVERTISING AFROMEDIA PLC 1,509.28 0.34 - 0 0 0 0 AIRLINES MEDVIEW AIRLINE PLC 15,796.05 1.62 - 0 0 0 0 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 247.03 0.21 - 10 48,707 10 48,707 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 2,623.26 4.45 - 6 82,778 TRANS-NATIONWIDE EXPRESS PLC. 464.16 0.99 - 0 0 6 82,778 HOSPITALITY TANTALIZERS PLC 642.33 0.20 - 0 0 0 0 HOTELS/LODGING CAPITAL HOTEL PLC 4,259.15 2.75 - 1 100 IKEJA HOTEL PLC 2,120.37 1.02 - 3 60,600 TOURIST COMPANY OF NIGERIA PLC. 7,862.53 3.50 - 0 0 TRANSCORP HOTELS PLC 41,042.18 5.40 - 1 250 5 60,950 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 4,320.00 0.36 - 2 20,000 2 20,000 PRINTING/PUBLISHING ACADEMY PRESS PLC. 223.78 0.37 - 0 0 LEARN AFRICA PLC 964.31 1.25 - 0 0 STUDIO PRESS (NIG) PLC. 1,183.82 1.99 - 2 12,000 UNIVERSITY PRESS PLC. 582.40 1.35 0.75 3 162,600 5 174,600 ROAD TRANSPORTATION ASSOCIATED BUS COMPANY PLC 729.39 0.44 - 4 67,600 4 67,600 SPECIALTY INTERLINKED TECHNOLOGIES PLC 757.44 3.20 - 0 0 SECURE ELECTRONIC TECHNOLOGY PLC 1,126.31 0.20 - 0 0

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Women in Business

BUSINESS DAY Friday 13 December 2019

By Kemi Ajumobi

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Ebere Ifendu

Bimbola Wright

President, Women in Politics Forum, WIPF

Head, Coverage & Corporate Banking at FBN Merchant Bank Limited

E

bere Ifendu is a Lawyer, Chartered Mediator and Conciliator and Gender Advocate. She is the Director at Centre for Gender Education and Rights, Gregory University, Uturu Abia State. She served as a member of the Presidential Constitution and Electoral Reform Committee. She was the National publicity secretary of labour party, Nigeria.

She is the first woman to be elected to the position in Nigeria. She was the National Women Leader of the Labour Party before she took the bold step to contest for the post of Publicity Secretary, a position reserved for men.

She is presently, the President, Women in Politics Forum, WIPF. A multi-party Organisation of Women in politics who are members of Parliament, Women Executive office holders, Women in civil Society and other Organizations that engage and develop strategies to achieve the mission of WIPF. She is a member of the African Women Leadership Network AWLN, a Special assistant to the Senate Minority Leader on Diaspora, Gender and Sustainable Development Goals (SDGs). Her dream for Nigerian and indeed African Women in general, is to see that they are appreciated and given their rightful place as strong, intelligent and hard working women, who have been key players in nation building.

She is a passionate advocate for gender equality and human rights. Her motivation is knowing that her little contribution towards Women Empowerment is yielding result and being able to support the less privileged in the society. The lawyer and chartered mediator and conciliator among other things, is also a dedicated and loving mother of two sons.

Ebere Ifendu was born in Abiriba, Ohafia LGA of Abia State to Agwu and Mercy Ifendu. She attended Library Avenue Primary School Umuahia Abia State, Holy Rosary Girls’ Secondary school Umuahia, Abia State, Federal School of Arts and Science Ondo, Ondo State before proceeding to M D University, Rohtak, India for her Bachelor Degree. She attended University of Lagos, Akoka for her LL. B and later to the Nigeria

Law School. Bwari, Abuja for her BL. Ebere is a member of several professional bodies and NGO’s, namely: Institute of Chartered Mediators and Conciliators, ICMC; Institute of Corporate Administration, International Bar Association, IBA; African Bar Association AFBA, International Federation of Women Lawyers, FIDA; Global Association of Female Lawyers, GAFA; and Nigeria Bar Association, NBA. She is a member of UN women Consultative Group and member Nigeria 100 Women Lobby group. She is the principal partner of E A IFENDU & Co. Executive Director, Imperial Finance and Securities Ltd, Lagos and Director, Wall Worth Nigeria Limited.

To further her desire to be a good leader, she embarked on the following courses to enhance her capacity: Women’s Academy for Political Party Leadership in Berlin Germany, Legislative Advocacy, Project Management, Networking and Strategic Alliance and Proposal and Report writing.

She is an IPAS trained program officer on reproductive health and rights of women.

Ebere has been at the fore of encouraging female participation in politics. She has often expressed her dissatisfaction at the poor representation of women and has consistently called for it to be addressed, noting that other nations of the world have embraced the idea and those who have lagged behind are fast changing, which she sees as very encouraging.

“The overall level of representation of women in politics in Nigeria is not encouraging, as the number of women elected into the National and state assemblies have experienced a downward trend. Nigeria is below the table in this regards”.

According to her, “67 out of 2,970 women that contested elections into various positions were elected, which amount to 4.17% of elected officials. This is a decline from 2015 general election in which elected women constituted 5.6%.”

Ebere is a recipient of many Awards for her work in supporting women’s participation in politics and her hobbies include traveling, reading and watching documentary films.

I

n 2014, FBN Holdings Plc acquired 100% equity in Kakawa Discount House Limited, and subsequently secured approval to commence merchant banking operations as FBN Merchant Bank (now FBNQuest Merchant Bank). The acquisition served as a strategic fit into the FBN Holdings portfolio and created an institution with a stronger balance sheet and access to a wider universe of funding sources.

Bimbola Wright heads the Corporate Banking Group at FBN Merchant Bank Limited, leading the team in charge of corporate relationships across the value chain. Most of her 26 years in banking were spent in NAL Bank (now part of Sterling Bank), with the last 8 years in Kakawa Discount House.

Her experience spans Treasury & Financial Institutions, Strategy & Research, Wealth Management and Corporate Banking.

When people move careers, it is obviously because they have found a place where their essence is understood and their goals achievable. Many people are in jobs they aren’t happy about and for financial stability or pressing needs, they succumb to working in a place that doesn’t guarantee their peace. This is not the case for Bimbola.

Wondering why Bimbola is with FBN Merchant Bank? Let me tell you why. FBN Merchant Bank’s commitment to finding innovative solutions for their client base of high net-worth individuals (HNIs), small and medium enterprises (SMEs), corporations, financial institutions and governments is one of the many reasons she works with them.

FBN Merchant Bank also caters to the diverse financial needs of their clients. Their distinctive heritage as an organisation allows them to leverage specialisation of the subsidiaries of their parent company to enhance delivery and provide world-class client solutions.

Bimbola’s key responsibilities in the course of her career have involved driving various initiatives including establishing the Private Banking Group and leading the TQM implementation both in NAL as well as managing diversity matters, anchoring CSR activities and co-coordinating the Balanced Scorecard project to implement a new performance management framework in Kakawa.

Bimbola was a member of the Board of Directors of Kakawa Asset Management from 2006 till 2012 and was Chairman of its Board Investment Committee from 2008 till 2012. As part of her contribution to the development of the Nigerian financial market, Bimbola served on various committees including the Advisory Committee of the Nigeria Interbank Settlement System and the Code of Conduct Committee of the Money Market Association.

In addition to serving as an Executive Council Member of Women in Management, Business and Public Service (WIMBIZ), Bimbola is also an Alternate Director on the Board of Junior Achievement Nigeria.

She obtained a BSc from University of Surrey, MA University of Kent at Canterbury, Honorary Member of the Chartered Institute of Bankers. She is also a member of the Institute of Management (Chartered).

She partook in Management programmes at Wharton (University of Pennsylvania), London Business School and Euromoney, UK. Recently, FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, approved by the Nigeria Customs Service as the first designated merchant bank in Nigeria authorised for the collection of customs duties and taxes.

Bimbola has this to say about the development. “In our continued effort to make our service offering more robust, seamless and convenient for our customers, we constantly innovate and introduce value adding solutions to facilitate the international trade activities and requirements of our clients.

Being the first merchant bank in Nigeria to be authorised for custom duties collection is a development we are very proud of, and we are excited to further expand the scope of support we provide our customers.

“The trade services business within FBNQuest Merchant Bank is responsible for delivering international trade and related solutions, by collaborating with the coverage and corporate banking arm of the institution. The bank is also set to fully implement its trade Information system early next year, which will serve as a hub for end to end execution of customers trade transactions,” Wright said.

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