BusinessDay 13 Sep 2019 by BusinessDay

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news you can trust I **FRIDAY 13 SEPTEMBER 2019 I vol. 19, no 393

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Broken, with uncertain outlook, 187 Nigerian returnees from South Africa say no going back FRANK ELEANYA

s the Air Peace flight P47806 touched the ground at the cargo wing of the Murtala Muhammed International Airport in Lagos and raced towards the tarmac, all of the 187 Nigerians on

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How lifestyle, poverty compound health challenges for Nigerians

oor lifestyles patterns, poverty and urbanisation are contributing to a massive rise in health challenges for Nigerians as many grapple with what are commonly known as lifestyle diseases. As deadly and debilitating as these diseases are, BusinessDay found that not only are the poorest Nigerians at risk, but

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L-R: Ademola Adeyemi-Bero, MD/CEO, FIRST Exploration and Petroleum Development Company Limited/ member, board of trustees, Nigerian University of Technology and Management (NUTM); Omobola Johnson, former minister of communication technology/ member, board of trustees, NUTM; Vice President Yemi Osinbajo, keynote speaker; Okechukwu Enelamah, former minister of industry, trade and investment/ member, board of trustees, NUTM, and Pramath Raj Sinha, co-founder/ trustee, Ashoka University/ member, board of trustees, NUTM, at the formal launch of NUTM in Lagos. Pic by David Apara

ANTHONIA OBOKOH& TEMITAYO AYETOTO

fgn bonds

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even the middle-income class faces jeopardy. Two weeks ago, an accountant was referred to Eugene Nwosu, an interventional cardiologist. The patient could not walk short distance without losing strength. He had suffered episodes of dizziness, fatigue, breathlessness and somehow was close to collapsing. Nwosu’s investigations confirmed the patient had a complete heart block and heart

rate at 33. The patient’s trouble began a year earlier. He had been diagnosed at an Ikoyi-Lagos cardiology hospital where his medical report recommended he needed a pacemaker. The small device placed in the chest or abdomen to help control abnormal heart rhythms costs about N1.5 million and the whole procedure costs an average of N2 million. The patient left Ikoyi and head-

ed for Lagos State University Teaching Hospital (LASUTH). There, he repeated some tests at cheaper rate but again, the submission was that he needed a pacemaker. He left, hinging his health on fate. Nwosu thought he could make a difference in the management of cardiovascular diseases when he returned to Nigeria two years ago, after 33 years of postgradu-

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Inside

Zenith Bank records 79% subscription rate in Eurobond tender offer P. 2 Download e-copy of Women’s Hub from www.businessday.ng

Friday 13 September 2019

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news More headaches for Nigerian airlines as countries ‘blacklist’ carriers from leasing aircraft

L-R: Ijeoma Ude, advert manager, BusinessDay; Ademola Tayo, president/vice chancellor, Babcock University; Oghenewvoke Ighure, executive director, strategy innovation and partnerships, BusinessDay, and Iheanyichukwu Okoro, senior vice president/deputy vice chancellor, academics, Babcock University, during a courtesy visit by BusinessDay management team to Babcock University in Ogun State, yesterday. Pic by Olawale Amoo

IFEOMA OKEKE

Manufacturers hit by consumer shrinking wallets as growth slumps ODINAKA ANUDU & GBEMI FAMINU

…AfCFTA seen as a game changer

n September 4, the Flour Mills of Nigeria had its annual general meeting in Lagos. Its group financial statement showed that revenue fell 3 percent to N527.4 billion in March 2019, as against N542.7 billion in March 2018. Profit from continuing operations slumped by 71 percent to N4 billion, from N13.61 billion in the previous year. The flour miller is not the only one that faced tough times. From McNicols to Okomu, firms were hit by shrinking consumer wallets made worse by rising poverty levels and smuggling. Poverty rate in Africa’s most populous country is almost 50 percent, with 23.1 percent of the population without jobs. “Upper middle-class earnings in Nigeria are falling in real terms and there is downward pressure on pri-

vate sector wages generally,” said Coronation Merchant Bank in its Consumer Report. It admonished firms to understand that price is the key battle ground and companies with the lowest price points win. After picking up in the first two quarters of 2017, the manufacturing sector somersaulted back into a negative trajectory. It recorded -2.85 percent growth, reflecting dilapidated infrastructure, policy flip flops and energy woes. Smuggling was also a major issue faced by manufacturers, with competition becoming intense in many sub-sectors. McNichols, a producer of consumer goods, was hit by the economic headwinds as its revenue dropped by 17 percent to N355 million, from N430 million in the 2018 financial (full) year. The company’s profit before tax

was N20.9 million in 2018 but it dropped to N15.4 million in 2019. Okomu Oil Palm had its turnover fall by 22 percent to N4.34 billion in 2019, from N5.59 billion in 2018. The company’s gross profit also dropped to N3.49 billion, from N4.45 billion in 2018, representing a 21.6 percent decline. Its total comprehensive income dropped significantly by 38 percent from N2.46 billion in 2018 to N1.52 billion in 2019. Guinness Nigeria recorded N131.5 billion in turnover in the year ended June 30, 2019, which was a decline of 8 percent when compared with N143 billion in the corresponding period of 2018. The decline cut across both the domestic and export sales. In the domestic market, Guinness realised N124.9 billion, a decline of 7.9 percent when compared with N135.7

billion it made in the same market during a corresponding period of 2018. Nigerian Breweries’ sales fell by 5.9 percent. Local sales in the financial year stood at N324.20 billion, representing 5.9 percent decline. Dangote Sugar, a division of the Dangote conglomerate, experienced a decline in its revenue by 2.24 percent, from N80.4 billion recorded in half year 2018 to N78.6 billion in the half year of 2019. Its gross profit dropped by 8.19 percent to N21.3 billion from N23.2 billion, though profit after tax grew marginally to N12.8 billion in 2019 from N12.7 billion in 2018. PZ Cussons is also facing tough times with series of losses caused by smuggling and low purchasing power made worse by intense competition in the soap and detergent sub-sectors.

•Continues online at www.businessday.ng

UK’s new visa rule creates study, work opportunity for Nigerian students …research highlights universities with cheaper tuitions ENDURANCE OKAFOR & OLUWASEGUN OLAKOYENIKAN

igerian students and their counterparts of other nationalities who have chosen the United Kingdom (UK) as their preferred study destination are in for better times following the current visa rule review by the UK. The British Home Office Wednesday announced a two-year post-study work visa for international students, reversing a 2012 decision made by the then Home Secretary Theresa May that barred overseas students from staying beyond four months after completing a degree. Consequently, international students studying in UK universities will

now be allowed to stay for two years after graduation to find jobs, a move that could be the game changer for Nigerian students seeking long-term overseas employment after study. The new visa rule, which is expected to come into force new year, will apply to international students in the UK who start courses at undergraduate level or above, and to trusted institutions with a track record of upholding immigration checks, the Home Office said in a statement. While this is a good development for potential Nigerian students willing to make informed overseas study decisions, a look at the cheapest universities in the country based on data from the Reddin Survey of University Tuition Fees 2018/19 conducted by The Complete University Guide gave a deeper insight www.businessday.ng

into UK universities for those with a budget and looking for more affordable options. According to the data, Coventry University led the pack of UK universities with relatively cheap tuition fees. The university has fees as low as £9,000 and as high as £12,600 for international undergraduates. This is in contrast with UK’s highestranked university, the University of Oxford, which has international undergraduate fees starting at £24,750 a year. S ome other UK universities considered to be relatively affordable include Royal Agricultural University with annual international tuition fees of £10,000; University of Suffolk, £10,080; University of Cumbria and University of Sunderland, £10,500; University of the West of Scotland, £10,600; Ravens-

bourne University London, £10,800-13,500; and Buckinghamshire New University, Plymouth Marjon University, and University of Wales Trinity Saint David with international tuition fees of £11,000 each year. These fees are apparently high especially for many in a country like Nigeria which is now the poverty capital of the world, also coupled with the high exchange rate which puts naira equivalence of the tuition fees between N4.2 million and N5.2 million per year. However, there are some scholarships and similar funding opportunities available for potential international UK students from emerging countries like Nigeria.

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omestic airlines in Nigeria are currently finding it difficult to lease aircraft from Europe, America and other continents as a result of an alleged unofficial ‘blacklist’ over funding issues, low capital and infrastructure challenges, BusinessDay’s findings show. While lessors from other countries have not officially announced the blacklist of Nigerian carriers, findings show that stringent requirements and conditions imposed on the Nigerian carriers before they obtain aircraft make it difficult for an average domestic carrier to obtain an aircraft through lease. This challenge is in addition to carriers’ numerous challenges ranging from inability to access adequate foreign exchange to run their operations efficiently to high cost of aviation fuel, absence of Maintenance Repair Overhaul (MRO) and poor infrastructure across the nation’s airports. BusinessDay’s checks show that Nigeria’s largest carrier, Air Peace, was recently unable to acquire 10 aircraft through lease as a result of the unofficial ‘blacklist’. “There is an unofficial

blacklist of Nigerian airlines. I can tell you for sure, it exists. We lost about 10 aircraft we wanted to acquire through leasing,” Allen Onyema, chairman/CEO of Air Peace, said. “You cannot survive in this business without leasing; even all these big airlines we know in the world, majority of their planes are leased or financed,” he said. Onyema said Nigerian airlines need aircraft leasing to survive and it was imperative for the government to start polishing its acts and laundering the country’s image so other countries can build confidence in Nigeria. “Any government official tomorrow that goes out to say our airlines in Nigeria are bad, talking about us in the negative, will not help our image. It will affect not only the airlines but other sectors of the economy,” he said. Onyema explained that in countries like China, for instance, before an airline is granted permit to operate, it must show the registration of three aircraft, either by way of dry lease or outright purchase. In the case of outright purchase, it is preferred the airline owns the aircraft before it can get such permit, he said.

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Zenith Bank records 79% subscription rate in Eurobond tender offer Segun Adams

e n i t h B a n k , Ni g e r i a’s s e c o n d largest lender by total assets, has announced a relatively successful outcome of its Eu ro b o nd tender o f f er which closed Wednesday. The bank, which was looking to redeem its $500 million 7.375 percent fiveyear Eurobond ahead of maturity in 2022, said it received valid tenders for the purchase of $392.596 million in the offer. This represents a subscription rate of 79 percent. In a note published by the Niger ian Stock E xchange on Thursday, the lender said subject to the minimum denomination, it would pay for the notes it accepted for purchase pursuant to the tender offer, a price in cash equal to $1,085 per $1,000 in principal amount of the notes plus accrued interest amount. The purchase price and accrued interest amount will be paid on the payment date expected to be on or about 16 September 2019, the bank said. “The part Zenith Bank was unable to sell would still be a liability in its balance sheet but the result is still a largely successful @Businessdayng

tender offer,” said Omotola Abimbola, fixed income analyst at Lagos-based Chapel Hill Denham. “Interest rate environment is very low at the moment but high yield bonds issued by strong corporates like zenith remain attractive to many foreign portfolio investors.” A Eurobond is a debt instrument that is denominated in a currency other than the home currency of its issuer. In Nigeria, these debts are less costly than local debts. Zenith Bank had earlier announced plans to recall the dollar-denominated debt ahead of maturity on the back of strong dollar liquidity in its buffers. The bank’s move to deleverage comes in a period some Nigerian lenders are recalling their Eurobonds as dollar-denominate d lending opportunities thin. Gbolahan Ologunro, a research analyst at Lagosbased CSL Stockbrokers, said private sector players are refraining from borrowing in dollars because the macroeconomic environment looks fragile and this has prompted banks to recall their dollar-denominated debt.

•Continues online at www.businessday.ng

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Friday 13 September 2019

BUSINESS DAY

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Zenith Bank’s ‘Aspire Music Festival’ debuts in Lagos, features Nigeria’s top artistes

enith Bank plc is set to light up the social and entertainment scene this month with the announcement of its ‘Aspire Music Festival’. Dubbed the most anticipated entertainment event of the year, the music festival holds on Saturday, September 21, 2019 by 8.00pm at the Harbour Point Event Centre, Victoria Island, Lagos. The breathtaking festival promises to be a night to remember, as it will feature captivating and thrilling musical performances by some of Nigeria’s biggest artistes including Olamide, Flavour, Phyno, Niniola, Mayorkun and Rema. The Aspire Musical Festival, which is a must-attend event

for music lovers, tourists and fun-seekers, is one of a series of events lined up by Zenith Bank to usher in “Style by Zenith 2.0”, the bank’s annual lifestyle fair which will take place towards the end of the year. Attendance at the music festival is exclusively reserved for Zenith Bank customers. However, non-Zenith customers can still participate by simply opening a Zenith Bank account and registering to attend at www. zenithbank.com/style. Zenith Bank plc recognised as one of the most innovative financial institutions in Nigeria and was voted the most customer-focused bank in Nigeria for the retail and SME segments in the 2018 KPMG Annual Banking Industry Customer Satisfaction Survey (BICSS).

L-R: Lola Cardoso, chief digital and innovation officer, Union Bank; Kemi Ogunleye, head, strategic communications, Union Bank; Francesca Uriri, founder, Leading Ladies Africa, and Nnenna Jacob-Ogogo, head, alpher, Union Bank, during a press conference on the Enterprise and Leadership Programme of Leading Ladies Africa, supported by Union Bank, in Lagos, yesterday. Pic by Olawale Amoo

Ooni endorses Obaseki’s administration, urges him to stay focused

Q2 FAAC allocation decline mirrors Nigeria’s output slump MICHAEL ANI

he recent decline in the amount of money shared by the three tiers of government in Nigeria is not surprising as it reflects the fall in the level of output in Africa’s largest economy. The monthly allocation made to the federal, states and local governments by the Federal Account Allocation Committee (FAAC), fell in the second quarter of 2019, following the partner of the whole economy. FAAC allocations in Q2 declined 4.17 percent to N1.913, from the N2.008 trillion in the second quarter of 2018, although this was 38.89 percent higher than total disbursements of N1.377 trillion in the second quarter of 2017, according to data obtained from the National Bureau of Statistics and compiled by the Nigeria Extractive Industries Transparency Initiative (NEITI). Correspondingly, output of goods and services in the country, as measured by the gross domestic product, slowed down. GDP growth in the quarter slowed to 1.94 percent from a revised figure of 2.1 percent recorded in the previous quarter. The slowdown of domestic activities in the quarter was largely due to the decline seen in the non-oil sector as it grew 1.64 percent compared with the 2.47 percent growth posted in the first quarter. The oil sector grew by 5.15 percent from a contraction of a negative 1.46 percent in the previous quarter. This decline in the Q2 figure culminated in slowing the positive momentum attained in the first quarter and dragged down the total amount of revenue shared in the period January through June (H1), 2019. FACC allocation in H1 2019 fell by 2.61 percent to N3.842 trillion from N3.946 trillion disbursed in the same period the previous year. Nigeria’s earnings from crude oil took a beating as the price of Brent crude—the international benchmark for oil prices—within the period

traded at an average of $58 per barrel, a shortfall from the $60 that Nigeria pegged its 2019 budget at. A falling FAAC means that the federal government would find it hard to meet its budget projection, and therefore would face difficulties in achieving its entire planned expenditure target, according to Philip Anegbe, Head of Research at Cardinal Stone, a Lagos-based investment firm. “For us, we expect the government to miss its non-oil revenue target by about 11 percent while the oil revenue target should be lower than 30 percent,” Anegbe told BusinessDay. Africa’s largest economy relies on oil for virtually about 70 percent of its revenue and almost 85 percent of its foreign export earnings, hence when there is a negative shock in oil prices, revenue to the government suffers while economic activities slows. To reduce the country’s dependence on oil revenue, the government has embarked on a programme of diversification, with key emphasis on agriculture. To achieve this, the Central Bank of Nigeria has initiated several support programmes for the agricultural sector to boost production and raise non-oil revenue. In the 2019 budget, oil was projected to sell at an average price of $60 and national production was projected to grow to 2.3 million barrels. However, the last time Africa’s largest economy met a 2.3 million barrel in oil production since 2019 was in March this year, based on data obtained from state owned oil firm, NNPC. Oil production in the second quarter stood at 1.98 million barrel, a slide from the revised 1.99 million barrel per day in Q1 2019.

…hails gov as one of the greatest financial engineers Nigeria has produced

he Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, has endorsed the people-focused administration of Governor Godwin Obaseki, urging the governor to remain focused on his quest to engender sustainable development in Edo State. The Ooni, who gave the commendations on Wednesday during a courtesy visit at Government House, in Benin City, the Edo State capital, said the governor deserved all the support he needs to continue in his transformative work as governor of Edo State. Applauding the governor’s seamless transition from the boardroom to politics, he said, “I am here to associate myself with you for all the good things you are doing and to let you know that we are watching all the good things you are doing for the state. You have brought in your capacity as a player in the private sector, combining your wealth of experiences

from the private sector with that of the public sector to take the state to greater heights. You are one of the greatest financial engineers the country has ever produced as your success is there for all to see in the private sector.” He continued, “I am sure you are applying the same principles in the public sector because the people of Edo State need you to put up a good legacy that posterity will always remember you for.” He noted that Edo State “is fortunate to have you as governor. You are forthright, disciplined and articulate in all you do. I am very positive that you are going to change the narrative in governance. We in the traditional institution should be very supportive of you. For your laudable achievements in the state, encouragements like this visit should come once in a while. You are not alone; that much I can assure you from the throne of Oduduwa.” The traditional ruler described Edo State as strategic,

adding: “Edo State is consistent and has continued to play strategic roles in this country since we became a republic. You are a very prepared and bold leader. What is critical is that you are one of the greatest financial engineers in Nigeria and I urge you to create more employment opportunities for the youths in the state as they are the future of this country. Please remain focused; complete all the good things you are doing and I assure you, history will never forget you.” Governor Obaseki thanked the Ooni and his entourage for the historic visit, saying the revered ruler remained one of the progressive traditional leaders in the country. He said there was a symbiotic relationship between the political and traditional institutions, noting that when governments fail, the traditional rulers suffer the burden. He thanked the Ooni for his role in peacekeeping in the country, saying “You have been a bridge-builder and trans-

verse the length and breadth of this country, getting people to believe in this country.” Earlier, Obaseki and the Ooni joined other dignitaries from within and outside the state, in celebrating the prominent Edo son and business mogul, Chief Gabriel Osawaru Igbinedion, the Esama of Benin Kingdom, who is marking his 85th birthday anniversary. The governor graced the morning interdenominational church service held as part of activities to mark Chief Igbinedion’s birthday in Okada Avenue, GRA, Benin City. Other dignitaries at the service were Edo Deputy Governor, Philip Shaibu; Speaker of the Edo State House of Assembly, Frank Okiye; Secretary to the State Government, Osarodion Ogie; former Edo State Governor and son of the celebrant, Lucky Igbinedion; former Inspector-General of Police, Solomon Arase; President, Pentecostal Fellowship of Nigeria (PFN); Felix Omobude, among others.

CBN pegs limit of banks acceptance, CPs at 150% of shareholders’ funds ... 30% for single obligor Hope Moses-Ashike

he Central Bank of Nigeria (CBN) on Wednesday pegged the aggregate off-balance sheet for Bankers Acceptance (BAs) and Guaranteed Commercial Papers (CPs) at 150 percent of shareholders funds unimpaired by losses for a bank and 300 percent for the discount Houses (Merchant Banks). The CBN on Wednesday released the guidelines on the issuance and treatment of BAs and CPs. Consequently, Off-balance sheet BAs and guaranteed CPs extended to a single obligor shall not exceed 30 percent of a bank’s or discount house’s shareholders’ funds unimpaired by losses said the regulator. A BA according to and CBN

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is a draft drawn on and accepted by a bank, unconditionally ordering payment of a certain sum of money at a specified time in the future to the order of a designated party. Since the instrument is negotiable, title to it is transferred by endorsement. It is a marketable instrument and allows a bank to finance its customers without necessarily utilising its loanable funds. Instead, funds are provided by investors who are willing to purchase these obligations on a discounted basis. A CP is an unconditional promise by a person to pay to the order of another person a certain sum at a future date. Such an instrument may or may not carry the bank’s guarantee. Where the bank guarantees the CP to make it more marketable in the money market, the

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instrument acquires the force of a BA and the bank incurs a contingent liability. Where the CP is not secured or guaranteed by the bank (clean CP), it needs not be reported as a contingent liability. BAs and CPs may be issued to and held by individuals, deposit money banks, other corporate bodies registered or incorporated in Nigeria and unincorporated bodies, NonResident Nigerians and Foreign Institutional Investors. The guidelines stated that the tenor of the BA, including rollover, shall not exceed: in the case of financing purchases, 365 days after execution of documents and acceptance by the bank. In the case of financing sales, the shortest remaining credit period extended by the drawer @Businessdayng

(seller) to the purchaser(s) of the goods. In the case of importation of capital goods, 365 days and a final rollover of additional 180 days, subject to CBN approval. The CP are be issued for maturities of between 15 days and 270 days, including rollover, from the date of issue. (b) Every issue of a CP is therefore, a separate CP. (c) The capitalization of upfront interest and discount on maturing Commercial papers into a rollover is not allowed. Issuers and investors in BAs and CPs may do so in dematerialized or physical form. Issuers and investors are encouraged to issue and hold BAs and CPs in a dematerialized form. The CBN said the underwriting of any issue shall be decided by the issuer.

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CBN urges fintechs, payment service providers to stick to standards Seyi John Salau

T L-R: Adebayo Sodade, special adviser, economic planning and budget, Lagos State ministry of economic planning and budget; Samuel Egube, commissioner for economic planning and budget, Lagos State, and Liadi Adetutu, permanent secretary of the ministry, at the 2020 budget consultative forum in Lagos yesterday. Pic by Pius Okeosisi

Challenge of housing deficit in Lagos is real, Sanwo-Olu admits CHUKA UROKO

he Lagos State governor, Babajide SanwoOlu, has said that the challenge housing deficit in the state is not a figment of the imagination after all, but a stark reality that is visibly on ground. Lagos with an estimated population of 20 million, has a housing deficit that a report on The State of the Lagos Housing Market compiled by Pison Housing Company estimates at 3 million units. This deficit, which the report says is both quantitative and qualitative, is reason for the high number of renters in the state. “About 80 percent of Lagos residents lives in rented accommodation, spending over 50 percent of their income on

house rent payment,” Roland Igbinoba, President/CEO of Pison Housing Company, noted in the report. Besides other approaches to the challenges posed by this deficit, the governor noted that there was a compelling need for the state government to develop and adopt a housing delivery initiative that takes into account the population of the state. “We should adopt a global housing policy that will tie the needs of home seekers to their income. There should be a financing system that is consistent and reasonable. This policy should be one that will favour a larger number of our people,” the governor assured. Lagos has numerous housing development projects at various stages of completion in

Polaris Bank conducts risk management training for business partners Israel Odubola

igerian lender, Polaris Bank, over the weekend trained its service providers and vendors on ways to manage risk whilst improving on their business operation and expanding to explore market opportunities. The bank at the training which held in Lagos focused on “Risk Management in business”, suggesting how its partners can improve the efficiency of their operations in line with best practices for a mutually sustainable growth. Polaris Bank said Environmental & Social Risks and other potential impacts associated with engaging third parties informed the session. “As an organization driven by principles of sustainability, Polaris Bank has a responsibility to ensure that as we meet our own needs; we do not compromise the ability of future generations to meet their own needs,” said Bola Adesanoye, Head, Sustainability of Polaris Bank. Adesanoye situated the conference within the framework of the Nigerian Sustainable Banking Principles

(NSBP) as spelt out by the regulatory Central Bank of Nigeria (CBN) to which Polaris is a signatory. The NSBP in one of its nine principles talked about Environmental and Social Footprints of businesses in the community where aligned businesses have a presence. According to Akeem Adekoya, the Bank’s Head, Operational Risk, vendors risk management (VRM) as a process, deals with the management and planning of third-party products and services, ensures that the use of third-party products, IT suppliers and service providers does not result in a potential business disruption or any negative impact on business performance. “If left unmanaged, these risks can lead to a decline in the financial institution’s reputational image, costly litigation, or loss of revenue,” he said. To mitigate against potential risks, Adekoya advised Vendors to always seek “Permit to work”; a process by which organisations “ensure that permit to work system is implemented for all high-risk activities such as; work at height, hot works, working on electricity and confined space etc.” www.businessday.ng

different parts of the state. It is expected that when completed, over 20,000 families would be taken off the housing market. At an average of six persons per family, about 120,000 persons will have roofs over their heads. The governor, who spoke at a recent estate inauguration event, said it was the desire of his administration to ensure that every single family with an income below a certain level, provided they met basic programme requirements, benefitted from the mass housing projects in the state. Part of the vision of the Sanwo-Olu administration in the state is to build a 21st Century economy and the governor reasons that there is need for government to address the issue of housing in the state which is why, he disclosed,

there is significant investments in housing projects in the state. Over the years, Lagos has been scurrying private sector involvement in the provision of housing and infrastructure in the state through public private partnership (PPP) arrangement. Consistent with that, the governor is assuring interested private sector operators that the state government has started implementing policies that will make the environment more conducive for private sector participation and joint venture investments in the provision of mass housing, especially in urban areas where housing deficit is quite acute. “We hereby invite interested investors to come forward to collaborate with government in this regard”, he stressed.

London Business School grooms Sahara Group’s future leaders SEGUN ADAMS

xcellence meets opportunity as a brilliant quartet of Sahara Group employees commence a four-week London Business School development course under the framework of the Sahara Leadership Program (SLP), the energy conglomerate’s initiative for empowering its future business leaders. The SLP is a bespoke programmedesigned to identify, develop and empower select employees for senior leadership roles within Sahara Group as the organisation continues to expand across Africa, Asia, Europe and the Middle East. Sahara Group’s delegation to the LBS Accelerated Development Progamme include: Adetowun Adekoya, Joke Olatunji, Chineze Nnama and Jessica Akintade. The modules will cover: A journey of selfawareness, The financial Equation, Strategy and Innovation, Delivering Customer Value, Effective Decision-Making and Leading Organizational Change. Ac c o rd i ng t o Sa ha ra Group’s Head of Human Resources, Ivie Imasogie-Adi-

gun, the Sahara Leadership Programme, in addition to other learning platforms, is an expression of Sahara’s commitment to capacity building and fostering an environment that promotes learning, innovation and excellence. “For us at Sahara, learning is a vital talent development strategy as we continue to expand our operations globally. We are deliberate about creating sustainable learning opportunities that equip our employees for global competitiveness in all our businesses,” she said. Adetowun, Industrial Chemist and Head, Energy Audit at Ikeja Electric, an affiliate of the Sahara Power Group, said he was delighted at his selection and was looking forward to applying knowledge gained from the training to his current and future roles in the business. “The Sahara Leadership Programme presents an opportunity for developing leadership capacity that can help sustain the growth of the business and even chart new frontiers for the Sahara Group. I am soaking in the mindset change and more importantly, realising that there are great opportunities ahead in my exciting journey at Sahara.”

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he Central Bank of Nigeria has urged financial technology companies, payment service providers and Deposit Money Banks engaged in offering payment solutions to customers to ensure they adhere to policy framework and standards that guide their respective operations in the ecosystem in which they operate. The Deputy Director, Payments System Policy and Oversight, Central Bank of Nigeria, Musa Itopa Jimoh, stated this in Lagos in the week during the corporate launch of Xpress Payment Solutions Limited. He explained that the CBN was trying to build an ecosystem that allows everyone to have equal opportunity to present and run his own system, adding that fintech was introduced into the payment system with the aim of deepening financial inclusion in Nigeria. The event was witnessed by representatives of some state governments, Deposit Money Banks, fintech organisations,

e-payment industries who commented on the quality and reliable services provided by Xpress Solutions. The deputy director represented the Director, Payment Systems Management Department, CBN, Samuel Okojere, who said the CBN made a commitment in 2011 to bring those that were outside the banking sector closer, hence the introduction of fintech companies into payment space. Okojere said, “What does CBN expect from the operators in the financial payment services? Number one is compliance with set standards. This is the only thing that can make you integrate to global best practices. If you are not complying with regulation, you cannot connect with the local one. There are rules that guide this service that we provide in Nigeria and also in the world,” he said. “It is our joy today that our cards can go anywhere in the world and is being used. This is because we comply with the best practices, and I’m happy to hear that Xpress Payments has also competed in certification on PCIDSS.

Why FG shouldn’t increase VAT now, says NECA JOSHUA BASSEY

he Nigeria Employers’ Consultative Association (NECA) has raised an objection to the planned increase in Value Added Tax (VAT) by the Federal Government, cautioning against the timing. The Federal Executive Council (FEC) which met for the first time on Wednesday, since President Muhammadu Buhari secured a second term in office, hinted of increase in VAT from the current 5 percent to 7.2 percent from 2020. Minister of finance, budget and national planning, Zainab Ahmed, who briefed journalists after the meeting, said that the government would commence consultations on the increase as well as amend the VAT Act to reflect the percentage increase. But speaking on the issue on Thursday, Timothy Olawale, the Director-General of NECA, argued that it was wrongly timed given the state of the economy and low purchasing power of the citizens.

According to Olawale, recently release data of the country’s gross domestic product (GDP) growth indicated a contraction in the past two quarters: (Q4, 2018 (2.38 percent), Q1, 2019 (2.10 percent), Q2, 2019 (1.94 percent) while the International Monetary Fund (IMF) also revised downward its global economic growth forecast to 3.2 percent due to sluggish in global economy. This, he said, suggested that at such period of time, economies should be formulating fiscal measures/policies to stimulate their economies. Olawale further observed that “the benefits of the recently signed National Minimum Wage of N30,000 would be neutralised by the proposed increase in the VAT and the purchasing power of the citizens further weakened. He argued that increase in VAT would further lead to increase in prices of goods and services, resulting in upward movement of the inflation rate and further contraction of the economy.

First set of MultiChoice Talent Factory Academy class graduates

total of 20 students first set of MultiChoice Talent Factory (MTF) West Africa Academy have graduated after a full-year, tuition free training in film and television production. The graduation ceremony was held at the Pan-Atlantic University, Lagos, where the graduates received their certificates, with some of them rewarded with scholarships. The MTF Academy is a 12-month fully funded training launched in May 2018 to create a pipeline of skilled and talented movie professionals that produce high quality content that resonates with African viewers. Speaking at the event, Chief Executive Officer, MultiChoice Nigeria, John Ugbe, noted that @Businessdayng

the 20 graduates from both Nigeria and Ghana were chosen from over 3,000 entries in 2018. He commended the students, saying that their passion, dedication and willingness to learn helped them create magical moments throughout the course of the training and successfully complete the programme. “From the first meeting with them at the welcome breakfast till now, I have watched them grow into confident and promising film and TV professionals; soaking up knowledge and skill from our esteemed Academy Director – Femi Odugbemi - and other leading industry experts who have tutored them. Their story that of growth,” Ugbe said.

Friday 13 September 2019

BUSINESS DAY

news Zambian music stars relive inspirational stories on African Voices Changemakers sponsored by Glo TEMITAYO AYETOTO

wo Zambians who have contributed positively to the growth and development of music and dance in their country will this weekend take center stage on Glo-sponsored African Voices Changemakers series currently running on Cable News Network (CNN). The guests include Taonga Tembo and Mwila Musonda. The programme comes up on DSTV on Friday at 8.30 a.m. and on Saturday at 11.30 p.m., 4.30 p.m. and 7.30 p.m. The repeat broadcasts come up on Sunday at 4.00 a.m., 8.30 a.m. and 7.30 p.m., with more repeats on Monday and Tuesday at 4.30 a.m. and 5.30 p.m. respectively.

Taonga Tembo founded Barefeet Theatre where she teaches kids the art of dancing, a platform she is using to give back to her society. The theatre is equipped with a studio where the kids are taught dance techniques and rudiments of body movements, thus giving them opportunity to develop their talents. A cinematographer, director and producer, Tembo’s ambition is to reach and develop more Zambian kids with her chosen passion. The second guest is 32-yearold Mwila Musonda, popularly known as Slapdee. He grew up under the guidance of his auntie; having lost his parents at infancy. Generally regarded as one of the pioneers of Zambian hip-hop, Musonda debuted

in 2006 and has won multiple awards thereafter. He started with “Asembe Isebenza” and its success led to the release of other albums - So Che, albums including Black na White, True Story and The Business. The Albums were released under the platform of XYZ Entertainment label which he founded as a platform to promote up and coming artistes in Zambia. Starting with the 2009 Ngoma Music Award for best hip-hop artist and the AFRIMM Award nomination(s) for Best Male (artiste) Southern Africa, slapdeee has received several other awards including unprecedented nine Zambian Music awards for best male and hip-hop artist, in addition to six Sun FM Kwacha Music Awards.

JSAID to empower interior designers, MSMEs, others in Blueprint Conference BUNMI BAILEY

enniez School of African Interior Design (JSAID), the first and only approved educator of interior decoration in Africa and endorsed by the Interior Designers Association of Nigeria, is set to hold its annual Blueprint Conference on Saturday 5, October, 2019 in Lagos. JSAID is the official host of the annual Blueprint Conference which empowers interior designers, skilled workers, creatives, manufacturers and small to medium enterprises in the interior design industry. The conference in its second edition seeks to empower attendees with practical tools, guidance and motivation as well as the professional networks to take their interior design businesses to the next level. The conference has been successful in leveraging the knowledge of renowned design professionals and experts from all over the world.

According to Jennifer Chukwujekwe, Founder, JSAID this year’s Blueprint Conference which is themed “Collaboration within the interior design industry” seeks to represent and promote the built industry through advocacy, outreach, high standards, integrity, education and investment in the community in which we live and work in. “It is one of the few programs that bring together interior design industry partners annually, to build partnerships and collaborations, and to foster peer learning and knowledge sharing around design,”Chukwujekwe said. “This conference provides an innovative platform for the public to hear from great thinkers and doers from a myriad of design related fields, and debate and discuss the most significant ideas, trends and issues of the day,” She further said. This year’s conference will bring together more than 150

attendees to experience a one day interactive dialogue and exchange of ideas from the leaders shaping the interior design industry and beyond, and will feature moguls like Titi Ogufere, President Elect, International Federation of Interior Architects, Omon Anenih Mordi, President, Interior Designers Association of Nigeria, Hassan Anifowose , Co Founder, Chronos Studeos, and amongst other experts in the built industry. The official sponsors are Interstyle Ceramics and Dulux Nigeria. The interior design industry is one of the fastest growing communities in the creative sector. Although emerging talents have learned and developed creative skills, many have limited knowledge and experience on how to run a successful design business. The Blueprint Conference is an opportunity to empower them with the necessary business skills. The school proudly holds

Edo Assembly: Court upholds Obaseki’s proclamation ...says N’Assembly lacks jurisdiction to take over Edo State assembly IniObong Iwok

Federal High Court sitting in Port Harcourt, Rivers State Thursday, upheld the proclamation of the seventh Edo State House of Assembly made by Governor Godswin Obaseki in a Suit No. FHC/PH/CS/159/2019: Hon Yekini Idiaye & Anor V. Clerk of The NASS & 5 Ors:* In the final judgment delivered by Justice J.K. Omotosho, the court ruled that a governor does not have the powers to issue a second proclamation after a first proclamation has been made. According to Justice Omotosho, the governor of a state does not take directive from National Assembly, adding that the proclamation issued by Governor Obaseki is valid; to do otherwise is null and void. The learned Justice Omotosho made following pronouncements to assert the decision of the court:

(e) That the word proclamation has been defined by Black’s law Dictionary. That from the definition, Proclamation must be in writing and published by printing out and duly signed under the hand of an identified person issuing same. That as far as law is concerned, the 6th Defendant has duly issued the required proclamation as provided for under the Constitution of Federal Republic of Nigeria 1999. (f) That NASS cannot under the Constitution of Federal Republic of Nigeria 1999 issue directive to a Governor of a state in the performance of his constitutional duties. (g) That the Supreme Court’s decision in Balonwu’s case with respect to Anambra State Gov’s proclamation under Ngige is to the effect that proclamation can only be issued once as done by the 6th Defendant in this Edo State case. (h) That d directive of NASS to the 6th Defendant has the www.businessday.ng

effect of creating a constitutional crisis by elongating the life of Edo State House of Assembly beyond the constitutionally recognized 4 years, the house haven been duly inaugurated on 17/6/19. (i) That the proclamation issued by the 6th Defendant on 14/6/19 for the inauguration of ESHA on 17/6/19 is valid and subsisting in law and the directive of National Assembly to the 6th Defendant to issue another proclamation is unconstitutional, null and void, just as the directive for the premises of the Edo State House of Assembly to be sealed off. (j) That State Governments under the Nigerian Constitution are autonomous and not appendage of the National Assembly. He noted that the National Assembly lacks the jurisdiction to take over the Edo State House of Assembly, as doing so will amount to infringing on its right to function. https://www.facebook.com/businessdayng

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The Anglo-Irish $9.6bn judicial swindle against Nigeria (2) THE NEW WEALTH OF NATIONS

OBADIAH MAILAFIA

loomberg, the financial information giant, has described the $9.6 billion award against Nigeria as a judicial scam. Oil mogul Theophilus Yakubu Danjuma (Rtd.), recently revealed that it was, in fact, his company that initiated first the proposal for a gas processing plant. The Irish crooks working in his office stole the idea and ran away with it. They also allegedly made away with $40 million which he had set aside for the project, the same amount they are claiming to have sunk into the project. Process Industrial & Development (P&ID) was registered in the British Virgin Islands in May 2006. They subsequently registered in Nigeria as a limited company in July of the same year. They put their company address as No. 12 Vaal Street (off Rhine Street), Ministers’ Hill, Maitama, Abuja. The company claims to have successfully executed several projects for NNPC and Shell, among them are: construction of a bulk storage facility for liquid petroleum gas (LPG) at the cost of $106 million; $57 million contract for the building, installation and commissioning of Bonny Export Terminal for Port Harcourt refinery; and the design and installation of submarine power and fibre optic cable for Shell, at the cost of $53 million. Before then the two Irish claimed to have refurbishing abandoned armoured tanks for the Nigerian army. But curiously, we have never seen their financial statements. What they have as a website is rubbish and nobody

knows if they’ve ever paid a tax in our jurisdiction. Having hustled in our country for 30 years, they well understood our weak points and they capitalised on them to the maximum. They could not have gone that far without colluding with some Nigerians. I, therefore, welcome the forensic investigation that the EFCC is launching. In his testimony before the British Admiralty court, Brian Cahill mentioned as respondents the Department of Petroleum Resources (DPR) and National Petroleum Investments Management Services (NAPIMS), an NNPC subsidiary that oversees all government equity interests in the petroleum industry. He also mentioned Addax Petroleum, a Swiss oil company that was supposed to provide the gas for the project but had allegedly pulled out. The contract was allegedly signed by late oil minister Rilwan Lukman. When Goodluck Jonathan, who was the vice president then, was acting for the bedridden Yar’Adua, Lukman treated him with unbelievable arrogance. Jonathan had to get rid of him when he reshuffled the cabinet in March 2010. It has recently been reported that a hedge fund subsidiary of the V.R. group – a vulture fund that has reaped iniquitous profits by shorting debtdistressed countries such as Russia, Ukraine, Argentina, and Greece – has taken a 25 percent stake in P&ID. The vultures are lining up to reap where they did not sow! The whole world agrees that awarding a staggering $9.6 billion (N3.2 trillion) for no work done is not only extortionate, but odious in the extreme. The award is anchored on the implausible assumption that such a project is riskfree, in total disregard of the volatility of global oil prices and the difficult and fraught geopolitical terrain of the Niger Delta. The calculation of interest rates at 7 percent, when British and the European rates have been at historic lows of 0.5 percent for more than a decade, smacks of Shylockism, if not financial illiteracy. There is no evidence P&ID had

ever made any practical move towards building the gas processing plant. Their claim to have sunk $40 million on the project is patently fraudulent. If they had used it to bribe high officials, it would amount to a crime. Godwin Emefiele, CBN governor testified that there has been no evidence of capital importation whatsoever by the shadowy entity. Their claim that they were waiting for the government to lay down the pipelines is guilty of non sequitur: How could the government have begun laying pipelines for a facility that did not exist in the first place? Michael Aaondoaka, former Attorney-General reveals that the standing rule was that contracts worth more than $20 million had to be approved by the National Executive Council. Federal procurement rules also require a Certificate of No-Objection from the Bureau of Public Procurement (BPP). None of such were followed. The entire saga exposes some of the defects in our national system. Our civil service is characterised by incompetence, corruption, and sloth. The government is never run on professional principles. There is no central strategic coordinating framework that pools all government policies and strategies together to ensure coherence, effective and monitorable implementation. We also have no central mechanism for documentation and monitoring of all international contracts. This is obviously the kind of confusion that P&ID exploited to put us in the mess that we are in today. It is rather disappointing that a country like ours, with its galaxy of star-studded, loquacious legal luminaries, does not really have world-class international lawyers, unlike a small country such as Cameroon. This is why they made us look like sophomores during the infamous 2009 Bakassi trial at The Hague. In defending our corner, we must prove that the contract itself was fraudulent in origin and intent, was entered into in bad faith and was patently unenforceable. We also need to show that P&ID had not invested a dime, contrary

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It is rather disappointing that a country like ours, with its galaxy of star-studded, loquacious legal luminaries, does not really have world-class international lawyers, unlike a small country such as Cameroon

to their fraudulent claims. At the same time, we should pursue quiet diplomacy with the British and Irish governments, while making a detailed inventory of all their businesses operating in our jurisdiction. Politics, after all, is the art of the possible! The biggest lesson in this entire fiasco is the need for far-reaching reforms in the oil and gas sector. We have it on authority that before his sudden death on April 1998, Sani Abacha was planning to indigenise the entire sector by calling the bluff of the oil majors. He had planned on sending thousands of our brightest youths to Iran to be trained for that purpose. The Iranians are reviled in the West because they were the first to wean themselves from the stranglehold of the oil majors. In 1951 Mohammed Mossadegh, prime minister of Iran took bold steps to nationalise the oil industry which since 1913 had been a monopoly of Anglo-Persian Oil (renamed British Petroleum). Britain took the matter to The Hague. The judgement on the Anglo-Iranian Co. Case was a landmark in international law. In dismissing the case, the ICJ reaffirmed the right of sovereign nations to exercise full control over their own natural resources. The losers orchestrated a military coup that overthrew Mossadegh in August 1953. But there is a rainbow on the horizon. This legal tsunami offers us an opportunity to rethink our oil sector while reviewing all subsisting contracts with foreign firms. We should explore alternative partnerships with emerging economic powers. We must call the bluff of those who continue to treat us and our natural riches as though we were mere tenants on our ancestral homeland. It is said that a fool and his money are soon parted. May such a fate never overtake us! 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)

Nigeria is still an oil state but could become an oil economy

usinessDay’s columnist and chief economist Nonso Obikili’s recent article titled “Are we a post-oil state?” is very insightful. He detailed Nigeria’s government revenue history, the introduction of crude oil income into the revenue mix and the relationship with Nigeria’s gross domestic product (GDP) over the decades. Obikili cited a recent paper by Sarah Burns and Olly Owen of the University of Oxford. The researchers were motivated by, “frustration at the paucity of data available on critical issues centring on Nigeria’s real level of focal reliance on oil, usually assumed to be overwhelming.” In their paper, “Nigeria: no longer an oil state?” they declared that, “While there is much speculation about Nigeria’s probably post-oil future, it is, in fact, a present reality. In 2015, for the first time since 1971, Nigeria’s public finances had already earned more from non-oil sources than from oil revenues.” They concluded that Nigeria is a post-oil state “in the narrow sense that public finances have transitioned from oil-dominant to nonoil dominant…so Nigeria is not just becoming, but has become a post-oil economy.” These are valued insights, salient points that would help stimulate fresh thinking about the relationship between oil, the economy, and the Nigerian state. Unfortunately,

the language used in the Oxford paper could prevent readers from fully appreciating the important points they make. For purposes here, I will separate the “state” from the “economy” and conclude that Nigeria is still very much an “oil state” but not yet an “oil economy”. In fact, I believe that reforms in the oil sector over the past 10 years will yield its fruit soon and the oil sector will help industrialise the country. It is true that oil contributes significantly to GDP contributing more than 70 percent. This is mostly due to GDP rebasing carried out in 2014. The Nigeria state could be described as a rent-seeking state, dependent on oil exports. This is ironically confirmed by the authors when they stated that “core institutions and policies lag behind as they remain structured around assumptions that oil in central. Most of the government institutions bear the marks of turn-of-the-century oil-fuelled distributive and developmental thinking.” This is actually a description of an oil state! They further stated that, “capital formation and wealth accumulation across both the private and public sectors assumes the offstage presence of a huge and commercially attractive resource endowment which covers up underperformance, forgives a range of

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policy and implementation sins and allows “non-earned” income streams to displace more methodical means of development.” To become an oil economy, the oil sector has to contribute more to GDP and catalyse industrialisation. One link from oil to GDP is refining. The Nigerian Petroleum Policy (2017) emphasises the importance of oil refining: Nigeria is the only member of the Organisation of Petroleum Exporting Countries (OPEC) without effective oil refining capacity. Capacity utilisation of Nigeria’s refineries dropped to 14 percent in 2014 against a global average of capacity utilisation of 90 percent. One of the objectives of the NPP is to create value for the Nigerian economy by processing oil into important products for other industries. Research carried out at the London School of Economics (LSE) estimated the impact of refining capacities on economic growth and institutional quality. The empirical results showed that increased economic growth is statistically significant and positively correlated with an expansion of oil refining. The Nigerian Oil and Gas Industry Content Development Act (2010) was passed into law to help transition the country from an oil state to an oil economy. It was estimated

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UYIOSA OMOREGIE that approximately $300 billion was spent by the petroleum industry on imported goods and services with little contribution to GDP between1980-2010. The oil and gas industry is characterised by capital flight and virtually/non-existent local industry input/patronage. So “Nigerian content” is defined in the Act as “…the quantum of composite value added to or created in the Nigerian economy by a systematic development of capacity and capabilities through the deliberate utilisation of Nigerian human, material resources and services in the Nigerian Oil and Gas industry.” The NOGICD Act is thus a federal government policy intervention, aimed at (1) the internalisation of inputs into the industry (2) transforming the petroleum sector from an “enclave” sector, to a sector with backward and forward linkages to the rest of the Nigerian economy. To create an oil economy from an oil state.

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Friday 13 September 2019

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As the rainbow nation loses its head

any years ago, as a medical student in Ibadan, the caption of a photograph published in the Newsweek caught your eye. It has stayed with you ever since. Newsweek and Time, American weekly news magazines, were must-reads, even if it meant you might be left with not enough money to go to the cafeteria at mealtime. The photograph was of a black policeman training his gun on a group of black protesters during one of the deadly street riots that characterised the apartheid era. “Those people there” he said to the reporter, “they have lost their head”. The black policeman was a symbol of apartheid, deliberately chosen by Newsweek to show it was not about Race. Of course, it was all about Race. Newsweek was a right-of-centre publication that subtly favoured the apartheid state. Time magazine was more middle ground. Neither magazines, in those days, believed black Africans would ever rule South Africa. The events of the past few days in SA have burst the bubble of anyone who might have taken a cue from Mandela and believed that the repressed energy of a “born again” SA – the Rainbow

Nation – would soon help to galvanise Africa to a place of prominence in the modern world. Everyone understood there would be problems. Virtually all the land and all the wealth in the land were in the hands of the erstwhile white oppressor, now transformed into fellow citizens. The entire black race had grown up in overcrowded townships and settlements where the very fabric of society was worn thin by poverty and a lack of hope. Girls had children by three different men by the time they were eighteen. Violence was rife, and life was cheap. Death could come anytime, from the police or the casual street criminal. The change would take time, everyone said. Madiba occupied himself with setting the tone. Purpose. Education. Hard work. Collaboration. Perhaps even – dare one say the word, love! Black empowerment. Black faces began to show up in board rooms. Black behemoths, rich as Croesus, emerged in Finance and Mining. Tokyo Sexwale. Cyril Ramaphosa. The low-hanging fruit of a common love for sport was plucked. World championship here and there. Heady moments on sweaty afternoons when the national flag fluttered in the wind and celebration erupted from Soweto to Pietermaritzburg. The myth has been unravelling in bits and pieces since. The new message on the Facebook wall of Dennis, for you, carries a sad symbolism. Dennis is a Boer friend of yours, a short, crusty man you got to know when you ran a busy public hospital and he headed the team contracted to manage the facility. An extremely efficient man who has fallen in love with Lagos – his family is in SA, and he is old enough to retire to a life of

barbecues and outdoor macho activities that are the staple of his race, but he is always finding his way back to Lagos. You have a nagging suspicion that there is a Lagos babe tucked away in Ikeja somewhere who has his heart on a leash, and you always tease him about this. He is the most versatile technician you have ever known, and a jolly good fellow besides. His Facebook page has a picture of Cyril Ramaphosa, with his hands up in the air. The message across the picture reads, “I’m f***ing things up as fast as I can.” It is sad that in 2019 what might otherwise have been dismissed as Afrikaner sour-grapes is becoming emblematic of the state as the Rainbow Nation. South Africa is letting itself down. It is a sad spectacle and pathetic that Mandela’s golden boy, the one with the brains and street-cred, unlike his predecessors – Cyril Ramaphosa – is carrying the can and superintending over the meltdown. On Cyril’s watch, the economy has tanked, corruption is still rife, and rampart xenophobia has become virtually the official party slogan of the once noble, multi-cultural ANC. The ugly truth is that not only taxi drivers, not only uneducated Zulu tenants of single-sex miners’ hostels, not only jealous township dwellers, but also government ministers and city officials are projecting the blame for the failures of their society and their government’s ineptitude on other Africans living in their land – Nigerians, Ethiopians, Zimbabweans, Mozambicans. They are taking their jobs and taking their women. They are running thriving commercial ventures in neighbourhoods where the indigenes are wallow-

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It is a sad spectacle. And it is and pathetic that Mandela’s golden boy, the one with the brains and street-cred, unlike his predecessors – Cyril Ramaphosa – is holding carrying the can and superintending over the meltdown

ing in poverty. They are responsible for drugs and prostitution. Yes, it is true that there are Nigerian criminal gangs. But it is the duty of the government to govern. Where the government has failed and a country becomes famous as the murder and rape capital of the world, it cannot be foreigners – it is the government. The government controls the borders, the police and all organs of law enforcement. The government reserves the right to turn back or let in any persons at its borders and to detect, punish and deport anyone who violates its law. Failure cannot be explained away by the psychological defence mechanism of “projection”, tarring “everyone else” with the same brush. Everyone had thought Cyril would come to power with a masterplan and a new vision for his country, and that by now he would be building liveable cities, educating, disarming and rehumanising the townships, eliminating single-sex hostels and insisting that families live together, and dismantling the hostile war mentality that got his people through Apartheid but is crippling their ability to survive in a normal world. But so far it has been more of the same. Beyond the inter-governmental platitudes that will douse the present tensions and restore “normalcy”, Cyril Ramaphosa will have to dig deep, do the vision thing and raise his game. Can he? It is an indication of how quickly he has plummeted in the eyes of those who once admired him that the answer is not a resounding “YES”. Femi Olugbile is a Writer and Psychiatrist. Comments to synthesiz@gmail.com’

Organisational change management: How to effectively drive change

f we are not getting better, then we are getting worse. Change is constant, but intentional and planned change isn’t. Unlike a mathematical constant, planned change has variables. People resist it most times, even if it’s for a common good and in their best interest. As a leader, desired change is one of the things we must drive. This can be stressful but even more if nothing is done. When the stress of where we are is greater than the stress to change, we move. At that point, planned change will happen. Change management is an approach to transitioning individuals, teams, and organisations to a desired future state. This can be done through a set of identified and conceptualised frameworks, by painting the right picture, engaging stakeholders at different levels. While ensuring you create emotional and mental triggers. Connect with your subjects first, reach for their hearts before their hands. Absence of a connection with your subjects, lack of a sense of urgency, inability to handle resistance, no buy-in from key people, unmotivated employees and vested interests are factors that make change a drag. Still, some powerful models can be employed to get planned change management right. Kurt Lewin provided one of the earliest models of planned change. He conceived change as modification of those forces keeping a system’s behaviour stable. Specifically, a particular set of behaviours at any moment in time is the result of two groups of forces: those striving to maintain the status quo and those pushing for change. When both sets of forces are about equal, current behaviours are maintained in what Lewin termed a state of “quasi-stationary equilibrium.” To change that state, one can increase those forces pushing for change, decrease those forces maintaining the current state, or apply some combination of both. As Lewin puts it, “motivation for change must be

generated before change can occur.” According to Lewin, the most effective way to engineer change is to see the system in need of change like an iced block you want to reshape. It must go through the stages: unfreezing, making the change and refreezing. Let’s attempt to break this down. First you must melt the ice to make it amendable to change (unfreeze). Then you must mould it into the shape you want (change). Finally, you must solidify the new shape (refreeze). So, in other words, there are three stages of change management. To unfreeze is to open the up the minds of the subject (team) to the need for change and accept it. You have to break them out of the old order. Unfreezing means getting people to gain perspective on their day-to-day activities, unlearn their old ways, limiting beliefs and open up to new ways of reaching their objectives. Change involves taking up new tasks and responsibilities. It’s the implementing phase. This refers to the to-dos and actually doing it. Refreeze is making the change permanent. Creating compliance mechanism and making the new order stick. Beyond methodologies, there is a human factor to getting change management done effectively. It requires making it aspirational through change agents and quality champion people in the organisation or host community. These people are called influencers and champions and come in three categories: mavens, sneezers and connectors. Mavens are the knowledgeable ones, the thought leaders in the industry or firm. People already respect their minds and knowledge base on the subject matter at hand. (For this, sometimes they have ego and positions.) Sneezers are the ones that can make the message go viral, even the change. They are the “notice boards’’ and town criers of the firm. Better put, they are like blogs and re-tweets in the organisation.

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Connectors know everyone. They have great relationships with others. When they talk people connect. They get around and are nice with it. Mavens, sneezers and connectors are the people you need to have on your side when pioneering change. In change management, building trust is also paramount. An organisation is change-ready when three conditions prevail: leaders and the champions of the change are respected; people feel personally motivated to change and there is collaboration and collective ownership of the need and journey to that change. It’s important start at the top. The leaders must embrace the new approaches first, both to challenge and to motivate the rest of the institution. They must speak with one voice and model the desired behaviours through the quality champions and influencers of each unit of the organisation where the change is to be implemented. From there, we can push decision-making down to the lowest level. Firms should share information freely. They should make communication a two-way street; talk but also listen. Engagements on a personal level are important. To drive change, reach for the heart of your subjects first, carrying along key people as a focus group, winning them over first. Great leaders may not always be right with the change they desire but they deliver it regardless. Their trick is simple, they go on a voyage with their cause, engaging and connecting first with the people. In the words of John Maxwell, “reach for their hearts before you reach for their hands.” Another key concept is crafting a compelling message that summarises the desired change. A few years ago, I touched down the island of NLNG Bonny to play golf. On arrival, I noticed that all over the island, the boats, lounges, and offices had this slogan, “Do you know what time it is?” It made me curious. I thought it was the golf game; maybe it was sponsored by a watch

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production company like is usually the case. But it wasn’t. During dinner, I asked the chef why they had the slogan written all over their walls and he said, “It means you should always watch the time, be conscious of it.” Now that’s an effective campaign for time management. That day, we went ahead to have an interesting conversation around managing time. I left the island realising that successful people first learn to manage time, even before money. I learnt how not just be a time manager, but a priority manager. I learnt the difference between urgent and important. Urgent doesn’t mean important, important doesn’t mean urgent. I aligned with that campaign because it was an enjoyable ride. People spoke about it and almost everyone I met at Bonny seemed to be a champion of the cause. They volunteered to have people waste less time at every touch point on the island. Change management and organisational transformation begins as an inside job. Like I always love to illustrate: when an egg is broken from the outside, life ends. But when it is broken from the inside, life begins. Begin the breakthrough to your change management process from the inside out. I look forward to being a part of your success story. Uwaoma is a start-up, corporate restructuring and strategy consultant. He writes via contacteizu@gmail.com

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Friday 13 September 2019

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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

Nigeria’s best and brightest are leaving

t ’s e stimate d that more than 4,000 Nigerian doctors’ practice in the US, over 5,000 in the UK and 568 in Canada (a 200 percent increase in 10 years). Poor pay and lack of opportunities are the primary reasons doctors are leaving the country. Who benefits or loses when Nigerian doctors emigrate? A lot is lost: the skills and knowledge, the cost of training (it costs $5,000 to $10,000 a year to train doctors in Africa, according to one estimate), lives (2,300 children and the 145 women die every day from preventable diseases and causes), savings and taxes? There are benefits too. A 2011 survey of 1,759 African doctors based in the US and Canada found that half were trained in their country of origin, had worked for at least five years before emigrating and sent home on average more than $6,500 a year. These African doctors had been in the US or Canada

for an average of 21 years. In summary, the survey found that African doctors born and trained in their country of origin had each sent home roughly $130,000 (N47 million). Do the benefits outshine the costs? According to data on remittances i.e. money Nigerians living abroad send home, money sent home from Nigerians abroad via money transfer has outstripped what the country earned from oil for the past four years. According to PwC, a consultancy, the $25 billion Nigerians living overseas sent home in 2018 is represents 6 percent of all the goods and services Nigeria produced that year. PwC further notes that the figure is equivalent to 83 percent of the 2018 budget and 11 times the amount foreign companies invested in the same period. Nigeria exports human capital not oil. For the President, his advisers and the heads of ministries, departments and agencies, this is an afterthought.

Nothing is done to harness this immense gift. On the contrary, their comments, attitudes, and actions come across as a deliberate effort to frustrate Nigerians out of the country. You’re free to go, they say. And so, they leave. Either legally, Nigerians are among the fastest-growing immigrants in the UK and do well at school. In the US, they are among the best-educated; or illegally, every year, thousands risk their lives (knowingly and unknowingly) across the Mediterranean in order to work as prostitutes or at manual jobs in Europe. In 2016 and 2017, the most common nationality of people that arrived Italy by sea from Libya were Nigerians, 37,550 of them in 2016. They send money home too. If the conditions that are causing Nigerians to emigrate continue, Nigeria will run out of talent to export. The state of our public schools and hospitals and roads does not suggest we intend to be the talent factory of the world, ex-

porting brainpower wherever it is needed. Ironically, the money sent home pays for things the government is meant to provide. Retirees battling with hypertension or cancer but without any hope of receiving their pensions rely on money sent from abroad to buy their drugs. Younger relatives only chance of getting a decent education depend on the euros an aunt sends from Italy. Over four years ago, bright young Nigerians returned either to work for multinationals or to found start-ups in the flourishing technology sector. Their alumni network from some of the best schools in the world opened doors to foreign investors. The influx has reversed. We ask, rewording the Pauline rhetoric: What then? Is the government to make things more difficult in order to force more bright young Nigerians abroad? By no means. At home or abroad, Nigeria’s true asset is human capital, her population.

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

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Friday 13 September 2019

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Kindness as a currency TALES FROM THE MAIN ROAD

EUGENIA ABU

lost my dad years back, after a prolonged illness that took its toll on all of us. I needed fresh flowers to place on his coffin and decorate the church so I reached out to a church member who was in the business. She came over to my office, willing to help. She consoled me as I was still broken and we began talking. Alfred Amodu, with the megawatt smile, charming and soft-spoken, who carried me on his knees when I was five and helped me with all my homework was lying in a morgue and I was discussing fresh flowers with a florist. It was all I could do to hold back the tears. She claimed to be sorry for my loss but tripled her flower bills. I was devastated by the fact that she was taking advantage of my loss to make a quick buck. I was deeply hurt and let her out of my office without concluding the business. “I will call you,” I said,

but never did. It beats my imagination each time how little opportunities to show kindness are thrown out of the window due to greed, meanness and complete disinterest in humanity. Two years later when I began recovering from my period of sadness, I was visited, you would never guess, the flower lady. She needed my help with her Master’s programme in Mass Communication. She wanted me to fill a questionnaire and lend her my experience in a discussion. One of my pet peeves in life is people who pretend they do not understand how much they had hurt you in the past. I was older now and less emotional, so I looked her straight in the eye and reminded her of her act of unkindness at a time I needed kindness the most. I also made her realise that I knew how much the flowers cost as I had bought them elsewhere and I understood that she was taking advantage of my loss. She looked momentarily embarrassed and as you already guessed, pressed on with what had brought her to see me. Another act of selfishness. Unkind people need the grace of God to change and they live everywhere among us. Sometimes, it may be a person you consider a friend, a relative and in some instances a child of yours. The pain of unkindness can last for a long time if you do not choose to be kind in spite of all the unkind persons around you. Another tale will show you how unkind people are often faced with the “law of karma” and God’s eternal humour catches up with them. Another florist tale should lock it up for you. I was preparing for my first ever book presentation with my first published book, “In the Blink of an Eye”

and I was super excited. I had the books delivered from my publishers in Ibadan and all was set but I had no idea how expensive a book presentation was going to be. I had the venue, the drinks, small chops and partnered with a number of people to deliver a great event. I got vendors to give percentages off to be featured in the brochure and I was grateful for the responses. I was preparing to create a great ambiance for attendees so I reached out to a florist in Lagos whose work had been appearing in many lifestyle magazines. Abuja didn’t have so many florists at this time and I was hoping this florist in Lagos will be happy to partner with us and an opportunity to break into the Abuja market. I had seen her at a wedding in Abuja although I had not spoken to her. I was even prepared to fly her staff into Abuja and advertise her works at a discount. When I called her, you could feel the iciness in her voice. She was dismissive and self-entitled reminding me what a superstar florist she was and could not waste her time on small clients like me. Two years down the road., she had opened a small outlet in Abuja. Occasionally when I had a need for flowers, I will pick some up at her shop. I was paying cash so she had no idea I was even shopping at her outlet. I tried not to allow her unkindness get in the way of my happiness. However, God was not done with the little matter of my book presentation it would seem. Oh, by the way, an event planner took the event over at no cost and her kindness has remained ingrained in my memory forever. I recommended her to potential clients whenever it’s within my powers. Back to the florist who was too big for me. I was sitting in front of my church one cool evening two years

‘

You know what goes around comes around and permit me to let you know that kindness is a currency, and you can spend it in the most unlikely of places

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

Amazon rainforest fire and effective use of social media

he entire social media space has been awash with cry for help, sensitisation, donations, condolence messages etc. ever since news of the aflame Amazon rainforest in Brazil got mainstream. The root cause of the fire which affected four Brazilian states and neighbouring countries, is yet to be identified. However, some critics blame Jair Bolsonaro, president of Brazil who has allegedly emboldened farmers with his stance on deforestation. The president, in turn, heaped the blame on the environmental focused nongovernmental organisations (NGOs), who he claims have lost funding and are now bent on embarrassing his administration. The Amazon rainforest was surprisingly aflame for two weeks before gaining widespread prominence through social media platforms and gained the attention of renowned celebrities such as Cristiano Ronaldo, Leonardo Di Caprio, Madonna and Lil Nas X, who have donated millions of dollars to relief organisations in a bid to quench the flames and ameliorate the effect on affected communities. Hashtags such as #PrayForTheAmazonas, #ActForTheAmazon, and #AmazonRainfores trended for days on both Instagram and Twitter thereby jolting the consciousness of the common man to the

sad reality of earth’s biggest rainforest. The conversations in the social media sphere culminated in world leaders at the G7 pledging a 20-million-dollar aid to Brazil, but the offer as we have come to know was swiftly turned down by Bolsonaro for reasons beyond the scope of this conversation. Regardless of the outcome of the G7 meeting pertaining to the rainforest, it is irrefutable that social media has empowered millions of people over the past few years. News stories are often gleaned daily by users through social media channels, Twitter especially, which makes it imperative for individuals and organisations to tap into the efficacy of the network. Awareness and reputation management are just a few of the potentials of social media when used profoundly. We watched in March this year how a young outspoken girl from Sapele, Delta State inadvertently turned herself into a sensation when she lamented the unfortunate circumstances that led to her being sent home for her parent’s inability to pay up her school fees. The video which went viral grabbed the attention of not only the Delta state government that meted out strict punishment on the headmistress of the school but also some prominent Nigerians made donations to both the girl and the person www.businessday.ng

WALE ADETONA

that filmed the video. More importantly, the pervasive nature of the social media has necessitated deliberate usage by both businesses and individuals. Just as the medium is replete with success stories so also does it embody damaging and dream-crushing stories. Human Resource (HR) managers are increasingly gravitating towards assessing the social media pages of potential and current employees. The essence of the routine checks on them is to ensure that the values of the brand are exhibited within and outside the workplace. As employees assume the new role of brand ambassador, it has become imperative for them to act accordingly on the “streets” of social media. A couple of years ago, I saw a post informing the public about a man who lost his job at a first-rate commercial bank for publishing an “I hate my job” tweet. This act which might have been borne out of frustration and not necessarily for a deleterious reason but ultimately cost the man his source of livelihood at the time, and the trend has not abated since. Furthermore, in 2018, a young American lady announced her internship acceptance at the National Aeronautics and Space Administration (NASA) on Twitter using expletive language and was subsequently

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after a massively successful book presentation when a former student of mine walked by. Ah! Aunty, she said, “you are just the person I am looking for. I am told you are very influential in this parish.” “Not really,” I responded while I laughed, “I just try to be a good parishioner.” Do you know the parish priest? Oh yes, I said. I know him quite well. I am sure you can help me she said. I was wondering if it was a marriage issue or even a faith-based matter. Then she let it out, “You see I am helping my aunt who is a florist.” I had goose bumps. “Not possible Lord,” I whispered under my breath. So, she said as her voice trailed off, “I know the church needs flowers every week and she just opened an outlet in Abuja.” The same big florist who did not need my miserly clientele. God is oftentimes like this. A great sense of humour when he steps into your matter. You know what goes around comes around and permit me to let you know that kindness is a currency, and you can spend it in the most unlikely of places. Every time you show an act of kindness, you are storing up a reward you never counted on and it comes up when you really need it. You must never go out to be kind because you are seeking a reward. When it comes right back, you will not remember it as a result of that kindness. So be deliberate about being kind, it is truly a currency for tomorrow. And I really love a corporate organisation in the money sector that just made kindness a mantra. God bless you for showing the way.

cautioned by another user to be mindful of her words. The lady went on to reply to the user with more profanity, prompting him to identify himself as a member of the space council overseeing NASA. The conduct of the lady on Twitter led to NASA’s rescission of the internship offer. These examples reiterate the aptitude of social media to make or mar users. In summary, social media is a vast world with innumerable potentials that only open up to those who position themselves for it. Young Nigerians today seem preoccupied with the need to gossip, excessively banter, defame and exchange frisky messages with one another rather than evaluate their purpose on social media and tailor content to achieve their goals. The interconnectivity social media affords users are unprecedented in the entire history of mankind and it will be self-damaging not to extract optimum value therein. Popularly known as Slim fit, Wale has been able to leverage the power of social media to build relevance in the area of brand marketing and strategy. He is also the convener of the Lagos digital Summit @iSlimfit

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Friday 13 September 2019

BUSINESS DAY

MONEYINSIGHT

Five sources of funding for young entrepreneurs STEPHEN ONYEKWELU

ntrepreneurs often come across as a rare breed of human beings. This is often due to the fact that it takes a certain bent of mind to become one. It takes among other factors, integrity, discipline, courage, the right choice of spouse and hard work to be successful as an entrepreneur and these qualities take both time and persistence to develop. In addition to developing these qualities, at some point in their quest to grow and develop their businesses, entrepreneurs need life lines in the form of reliable and cost effective seed money. Below are five sources of funding for start-ups. 1. Seedstars Africa Seedstars Africa is a member of Seedstars Group, a Swiss-based venture builder that is active and invests in 35+ countries around the world especially in emerging markets in Asia, South America, The Middle East and Africa. Through Seedstars World, its popular, highly competitive and exclusive start-up competition for start-ups in emerging markets, the company is able to identify promising companies to support with capital and technical help. In2014,Seedstarsinvested$330,000 in SimplePay, a young Nigerian thirdparty payment processing company that created a solution to disrupt payment services in Nigeria and Africa. 2. African Women’s Development

Fund (AWDF) The AWDF is the first pan-African women’s grant maker in Africa. Since the start of its operations in 2001, AWDF has provided $17 million in grants to 800 women’s organizations in 42 African countries. The AWDF is an institutional capacity-building and programme development fund, which aims to help build a culture of learning and partnerships within the African women’s movement. In addition to raising money and awarding grants, the AWDF will attempt to strengthen the organisational capacities of its grantees. The AWDF only awards grants

to organisations, not individuals. It awards grants ranging from $8,000 up to $50,000. 3. Tony Elumelu Foundation Entrepreneurship Program Now in its second year, the $100 million Tony Elumelu Foundation Entrepreneurship Programme (TEEP) is an annual programme of training, funding and mentoring, designed to empower the next generation of African entrepreneurs. Founded by Mr. Tony Elumelu, the successful Nigerian entrepreneur and philanthropist, the fund seeks to identify and support 1,000 entrepreneurs from across the continent each year over the next decade.

Visa launches initiative to support female entrepreneurs in Africa CALEB OJEWALE

isa has announced the Africa launch of “She’s Next”, an initiative providing support for the advancement of women-owned micro and small businesses in Africa and around the world. The global expansion of this program, announced at the 28th World Economic Forum on Africa in Cape Town, is part of Visa’s ongoing commitment to support female entrepreneurs. Visa and the International Trade Centre (ITC) announced the signing of a Memorandum of Understanding launching a new partnership to increase the financial inclusion of small businesses and womenowned small businesses globally by helping empower them to participate in international digital trade economy. It was noted by Visa in a statement that the number of women entrepreneurs is growing around the world, with 163 million starting businesses since 2014 alone. Additionally, the highest percentage of these women are in Africa, where 26 percent of women start or manage a business. She’s Next in Africa will harness the power of Visa’s global brand and network to build awareness of these women entrepreneurs and invest in them to provide them with tools to build their businesses.

“Women entrepreneurs are the backbone of local economies, and the need for support is real. Closing the gender gap requires persistent hard work and support,” said Aida Diarra, senior vice president and group country manager, Visa Sub Saharan Africa. “That is why Visa is using its voice to shine a light on the contributions and economic potential of female-owned microand small-businesses around the world.” Women typically reinvest up to 90 percent of their income in the education, health and nutrition of their families and communities compared to up to 40 percent for men–which makes investing in women’s businesses one way that Visa can help transform societies, according to the company’s press statement. She’s Next, which is now empowered by Visa in Africa, according to the company, continues the success of Visa-supported programs focusing on small businesses, as well as female entrepreneurship. Other recent examples include: • Encouraging Solutions to Big Challenges. In March 2019, Visa launched the first global Visa Everywhere Initiative: Women’s Global Edition, inviting women entrepreneurs to tackle FinTech and Social Impact challenges. Two overall winners received $100,000 each, mentorship and access to Visa’s network of partwww.businessday.ng

ners and clients. • Closing the Gender Gap for Women Entrepreneurs. In addition to Visa’s efforts, the Visa Foundation made its first financial commitment of up to $20 million to Women’s World Banking with the aim of enabling 1.5 million women entrepreneurs to grow their incomes and household assets. As part of the program in Nigeria, Women’s World Banking is working to increase income-generating opportunities for women in rural areas. • Creating a Platform to Support Athletes. Visa’s expanded commitment to women’s football leverages the brand’s sponsorship platform to inspire women athletes on and off the field amidst the global gender equality and women’s empowerment movements. • Celebrating Every Woman’s Success. Visa’s Money is Changing marketing campaign in the U.S. features a diverse spectrum of women and highlights the practical steps they have taken to challenge existing money taboos, helping to create a more inclusive and equal future. • Spotlighting Local Merchants. In the United Kingdom, Visa’s Great British High Street Awards, run by the Ministry of Housing, Communities & Local Government, recognize and celebrate achievements on the UK’s high streets and support local communities.

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Each successful participant in the program gets an initial seed investment of $5,000 after a 12 –week mentoring program. Another $5,000, structured as equity or an affordable loan, is also given to participants who meet certain milestones. Over the next 10 years, the fund expects to support 10,000 start-ups and young businesses selected from across Africa who will ultimately create one million new jobs and add $10 billion in annual revenues to Africa’s economy. The TEEP Fund focuses on citizens and legal residents of all 54 African countries. Applications can be made by any for-profit business based in Africa in existence for less than three

years, including new business ideas. 4. CDC Founded in 1948, CDC is the UK’s Development Finance Institution (DFI) wholly owned by the UK Government’s Department for International Development (DFID). It is the world’s oldest DFI with a history of making successful investments in businesses which have become industry leaders. CDC actively supports businesses throughout Africa and South Asia, and its portfolio of investments is valued at over £2.5bn (year end 2013). In November 2013, CDC announced a US$18.1m investment into Feronia, an agricultural production and processing business focused on palm oil plantations and arable farming in the Democratic Republic of Congo (DRC). 5 African Development Foundation (ADF) The African Development Foundation (ADF) is an independent Federal agency of the United States government that was established to support African-led development that grows community enterprises by providing seed capital and technical support. USADF connects community enterprises with capital and technical support. It helps organizations and businesses in Africa to create and sustain jobs, improve income levels, achieve greater food security, and address human development needs. In 2014 alone, the USADF gave out 336 grants worth over $50 million and impacted over 1.3 million people in Africa.

What you need to know about financial risk-takers STEPHEN ONYEKWELU

rowing up, nine year old Bimbo always heard his enterprising father say ‘qui ne risque rien, n’a rien et qui n’a rien n’est rien (this could be translated as, ‘to take no risks is to have nothing, and to have nothing is to be nothing’). Bimbo did not quite get the point at the time, because he was still dependent on the weekly allowances his dutiful father gave to him. Yes, Bimbo was quite aware that his father, a serial entrepreneur often got very pensive, especially when he needs to take a major decision destined to change the trajectory of his business. For instance, each time his father wanted to introduce a new product into an already existing market or when he perceives the possibility of creating a new market altogether he became quiet and thought creatively. Financial risks come in different shapes, sizes and shades and seasoned risk-takers seem to do things differently from the rest of the pack. Financial risks induce fears and worries, making a great majority to avoid them. It is probably time to have a look at what risk-takers do differently from risk-avoiders, which in turn makes the former category of individuals much more economically productive and successful. Thomas J. Stanley, Ph.D., in his fact-based book ‘The Millionaire Mind’ analysed the responses from a sample 1, 001 respondent, of which @Businessdayng

733 were millionaires. The balance was high-income-producing people who were not millionaires. These high-income, lower net worth respondents were the most risk averse – in general terms, they were spenders, not investors. They believed that having a high income earned them the title of ‘economically successful.’ These people were more likely to state that it was their superior IQ and intellect that accounts for their economic success, rather than financial risk taking and the courage that accompanies it. Stanley’s studies found that “overall, there is an inverse relationship between taking financial risks and various measures of analytical intelligence such as SAT scores” he wrote. While others talked about their superior intellect, the typical financial risk taker has significant amounts of practical and creative intellect. This corroborates Robert Sternberg’s study on the mix of wisdom, intelligence and creativity. Stenberg is IBM Professor of Psychology and Education and Director of the Centre for the Psychology of Abilities, Competencies, and Expertise at Yale University. What risk takers lack on the analytical side, they compensate for by hiring high-grade advisers, by studying and analysing a great deal of financial literature, and by recognising opportunities that others ignore. These skills are the product of creative intellect, coupled with a practical mind-set and common sense. Some of the techniques used by seasoned risk-takers are described below.

Friday 13 September 2019

BUSINESS DAY

COMPANIES & MARKETS

COMPANY NEWS ANALYSIS INSIGHT

TELECOMS

Airtel in free-fall in London despite imminent FTSE 250 index inclusion ISRAEL ODUBOLA

hares of Airtel Africa, subsidiary of Indianbased Bharti Airtel, extended losses to the seventh trading session Wednesday on the London Stock Exchange (LSE) despite an imminent inclusion to the league of mid-capitalized stocks on LSE. FTSE Rusell, a global indexes provider and trading name of London Stock Exchange Group, announced Monday that the telco along eight other companies will join the FTSE 250 index effective Monday, September 23. The FTSE 250 index is a capitalization-weighted index consisting of the 101st to 350th largest companies on LSE. Promotion and demotion to and from the index are conducted every quarter- March, June, September and December. Airtel Africa shares declined about 3 percent to 55.80 pence in London on Wednesday. The telco has plunged 30 percent since it got listed on LSE, grossly underperforming the London equity gauge and FTSE 250 index that has gained 33 percent and 15 percent respectively within the period. FTSE Rusell disclosed that UK-based Hikma Phar-

maceuticals, Meggit, Polymental and six others will be upgraded to FTSE 100 index due to the September quarterly review, while Direct Line Insurance Group, Marks & Spencer as well as Micro Focus International are among those downgraded to FTSE 250 index. The quarterly review is to ensure the indexes reflects the true state of the London equity market and forms an essential component to the management of the indexes. A ir tel Afr ica earlier

raised £595 million through an initial public offer (IPO) that was oversubscribed and saw interests from global investors, after which its shares plunged 15 percent on debut trading in London. Analysts say Airtel Africa’s poor debut on LSE is due to the unfavourable market conditions in UK and more so European IPOs have been lacklustre this year. The listing of Airtel Africa added over N1 trillion to the market value of the

Nigerian Stock Exchange (NSE), making the telco the third-most capitalized stock on Lagos bourse behind MTN Nigeria and Dangote Cement. It gained the maximum allowable 10 percent on debut trading session in Lagos, but saw gains reverse by same 10 percent the next trading day. Since then, it remains flat at N323.50/ share. Airtel Africa is the second-biggest mobile operator in Africa with presence in 14 nations including

Nigeria, which contributes over 35 percent to group revenue. A dive into its earnings report for the quarter ended June 30, 2019 showed revenue grew 10.2 percent (constant change) to $795.9 million from $744.5 million a year, earlier making it the sixth consecutive quarter of double-digit constant currency growth. Sales proceeds in Nigeria rose 22 percent to $312.9 million and that of East Africa up 4 percent, helped offset the impact of

an eight percent decline in Rest of Africa’s top-line on group revenue. Ragthunath Mandava believed that the telco will continue to sustain revenue and profit growth across voice, data and mobile money segments in the medium term. Its subsidiary, Airtel Nigeria, with 26.81 percent market share dethroned Globacom (26.7%) as Nigeria’s secondbiggest mobile operator according to latest figures by Nigerian Communication Commission (NCC).

ENVIRONMENT

Lagos asserts credit quality after timely payment to Visionscape bond investors LOLADE AKINMURELE

he Lagos state government, in a show of its credit quality, has honoured its repayment obligation to creditors of waste management company, Visionscape. Holders of the Municipality Waste Management Contractors Limited (Visionscape) Notes received their coupon and principal payments, September 5, as

stipulated in the transaction documents, according to sources familiar with the deal. This payment confirms the resolve of the Lagos State Government (LASG) to meet all its financial obligations as at when due. On March 5, 2019, administrative glitches caused a slight delay in interest and principal payments of these notes causing fears in the market that the instrument was in default and raising ques-

tions about the standing of any instrument issued with LASG financial support. Mu n i c i p a l i t y Wa s t e Management Contractors Limited (‘MWMCL’) is a special purpose vehicle set up to serve as a funding structure to finance the acquisition and development of waste management infrastructure in Lagos State. The Notes issued by MWMCL are guaranteed by a 10-year Irrevocable Standing Payment Order (‘ISPO’) issued

by the Lagos State Government to cover both coupon and principal payments. A prior report issued by Global Credit Ratings Co, downgrading the Bond’s Credit rating noted that ‘the LASG confirmed that the payment standstill was not a result of its inability to pay, given the strength of LASG treasury, but rather the inability to secure requisite approval of the State House of Assembly to service obligations’.

The State Government elections held in Lagos in March 2019 were a contributing factor. Lagos is by far the largest state bond issuer in Nigeria with over N250bn in outstanding bonds held by banks, PFAs and other institutional investors. The State has issued N145bn in bonds since 2015, a period when no other Nigerian state has issued a bond. With a AArating, LASG is more highly

rated than most large corporates in Nigeria. Lagos is the only state in Nigeria whose local ISPO (as opposed to one from the FGN deducted as a first line charge from FAAC monthly allocations) is acceptable to institutional investors. With on time payment of the MWMCL note principal and interest on Sep 5, Lagos has proven that it is a top quality credit that investors can always rely on, according to analysts.

Editor: LOLADE AKINMURELE (lolade.akinmurele@businessdayonline.com) Graphics: Samuel Iduh

Friday 13 September 2019

BUSINESS DAY

COMPANIES&MARKETS

Business Event

FINANCIAL SERVICES

Focus shifts to credit bureaus as banks boost lending ISRAEL ODUBOLA

s banks rave to expand loan books to meet the Central Bank of Nigeria’s minimum 60 percent loan-to-deposit target, focus is returning to credit bureaus and the role they can play. The directive given by the apex bank has seen lenders partner credit bureaus to map out how credit facility can be best disbursed, and also to prevent asset quality from worsening as banks have not fully recovered from the surge in bad loans caused by 2016’s economic recession. But credit bureau service in Nigeria is still at infancy, and has a long way to go to match the efficiency of those in advanced climes, according to financial analysts. The CBN’s guideline is expected to create an avenue for credit bureaus to to supply information about the creditworthiness of many small businesses, which banks may not have. However, some analysts believe that banks’ collaboration with credit bureaus will be more meaningful only if lenders are cautious to give credit. “There are two ways to this. The credit bureau can either continue their job of ensuring creditworthiness of individuals are accurate as possible, implying it calls for lot of work on the part of the bankers to search high creditworthy customers to take these loans,” said Gabriel Ilori, a Lagosbased banker. “But if it comes to a situation where they want to push for loans, they will not care if

borrowers are creditworthy or not, but this might raise nonperforming loans,” Ilori stated. Fitch ratings, a leading global credit rating agency, recently said that the directive is credit negative for banks, and it’s unlikely that there will be sufficient demand from good-quality borrowers for banks to meet the target without relaxing their underwriting or pricing standards. Credit bureaus came to the fore in Nigeria about a decade ago, to promote responsible lending and borrowing. The CBN supports their operations by compelling banks and other financial institutions to use at least two credit agencies. Their job is to facilitate the ease of doing business by significantly improving access to credit particularly for disadvantaged sectors of the economy. According to the World Bank, with the introduction of credit bureaus, small businesses reporting high financing constraints reduced from 49 percent to 27 percent, also the probability for small businesses to get bank credit rose from 28 percent to 40 percent. Nigeria ranks fifth in Africa on the Getting Credit Indicator largely as a result of the efforts made by the Presidential Enabling Business Environment Council (PEBEC) initiatives of which the credit bureaus played an integral role. Experts say chances are low for new credit bureaus to come on board even as banks might need services more. “The outlook is not promising enough to see emergence of new credit bureaus because the fundamental challenges

remain that banks in as much as they still want to create credit to those sector, they are still wary about the high risk of individuals and SMEs,” said Gbolahan Ologunro, research analyst at Lagos-based CSL Stockbrokers. Banks are now coming up with cheap loan products for micro-traders and small retailers, bearing in mind that most of them rate below the credit requirement for conventional credit facility. This is also one of their strategies to deepen financial inclusion in Nigeria by enabling the unbanked and underserved population have access to diverse banking services. As banks race to boost lending, the economy might not see emergence of new credit bureaus as banks are investing heavily in digital infrastructure to have borrowers’ information at the tip of their finger. Efforts of banks to bringing the underserved and unbanked people into the formal financial system put them in possession of needed information for credit requirement than relying on credit bureaus. Another dent for potential credit bureaus is whether banks can trust their services as much as they are confident about the operations of the well-recognized players like CRC Credit Bureau Limited and CR Services Credit Bureau. “They might have to sit on a round table to discuss with their processes. It’s just like property valuers, you don’t just pick any, because some do shady business,” Ilori posited.

L-R: Adnane Alaoui, program director, Impulse; Caleb Usoh, country manager (Nigeria), OCP Africa; Eniola Akinsete, principal manager, Micro Enterprises, Bank of Industry; Uma Obasi, Head Supply Chain, OCP Africa, and Onar Chraibi, digital lead, OCP Africa, at the Impulse UM6P Start-Up Accelerator Information Session in Lagos.

L-R: Wole Oyeniran, Deloitte West Africa, enterprise platforms and systems integration; Sumeet Sangawar, UiPath customer success director MEA; Isabela Odagiu, UiPath sales consultant MEA; George Stan, UiPath, partner success manager; Yemi Saka, Deloitte West Africa consulting leader, during The Think Automation First C-Suit Breakfast session in Lagos.

APPOINTMENT

IBM’s Takreem El Tohamy reappointed on US’s key Africa Advisory Council SEGUN ADAMS

he US Secretary of Commerce Wilbur Ross has announced that the Department of Commerce, on behalf of the President, has reappointed Takreem El Tohamy, IBM’s General Manager for the Middle East and Africa, to the U.S. President’s Advisory Council on Doing Business in Africa (PAC-DBIA). El Tohamy would be serving a second term on Washington’s key Africa Advisory Council which was established in 2014 to provide analysis and recommendations to the US President, through the Secretary of Commerce, on strengthening commercial engagement between the United States and Africa. In its third term, 2019-2021, the PAC-DBIA will continue to play a critical role informing U.S. government policies and activities across the continent, particularly in advancing the economic pillar of the Trump Administration’s Africa Strategy through Prosper Africa, the

Commerce Department said on its website. The department says it would be “a whole-of-government, economic initiative to substantially increase two-way trade and investment as well as support increased jobs in the United States and Africa.” Following the announcement, El Tohamy representing IBM on the council expressed delight at the opportunity to contribute to promoting initiatives that would help spur economic growth and prosperity across Africa. “For almost a century in Africa, IBM has been collaborating with local governments, partners and organizations across all industries to help businesses get smarter and transform how people live and work.” He said. With a direct presence in 24 African countries, including two research facilities and 17 technical and client delivery centres, IBM continues to put in place the systems, infrastructures and processes to underpin the continent’s economic and social transformation.

Working closely with its clients and partners, IBM is bringing large scale transformation to Africa with its innovative technologies and new approaches across industries. For example, IBM is helping bank the unbanked, empowering entrepreneurship, contributing to sustainable farming and protecting African wildlife. IBM has been leading initiatives to tackle the continent’s pressing healthcare and education challenges, and even access to safe water. IBM has long realized its responsibility to focus on skills development in Africa. IBM has designed “IBM Digital – Nation Africa (D-NA)”, a skills development program aimed at accelerating Africa’s digital literacy. In collaboration with the Ministries of Egypt and Morocco, IBM rolled out its PTECH schools to empower African youth with new skills for today’s sought-after jobs. That includes “new collar” jobs, where having the right skills matters more than having a specific degree.

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L-R: Dele Phillips, associate partner, pcl.; Polly Alakija, founder, Five Cowries Initiative, and Rob Taiwo, (MD, pcl.) at “My Story of Water” Exhibition, a part of Totally Thames Festival, London 2019. A project which aims to raise awareness of the water crisis affecting the environment and uses arts education to enable the Nigerian child to understand water rights and responsibilities.

L-R: Dare Okuntilu, client service director, Culture Communications Ltd; Yomi Benson, managing director, and Nathaniel Ogbu, group account director, at the media launch of For FeedTonight Entrepreneurship Program in Lagos.

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With Customs’ reputation for aiding rice smuggling, how logical is border closure? Stories by CALEB OJEWALE Twiiter: @calebtinolu

hen rice is smuggled into Nigeria, it is not all brought in bits that are hidden in weird vehicle compartments or as single bags. Many of these would have to be loaded into big trucks or barges. These large consignments of rice require proper roads and hence can be intercepted easily, if some Customs officers were not complicit in those smuggling operations. For some years now, rice importation through the land borders has been banned in Nigeria but still permitted through the seaports at a rather high 70 percent tariff that is meant to discourage importation. However, ‘foreign rice’, as it is called has continued to flood markets across the country, as local capacity is yet to catch up with demand. Some officers of the Nigerian Customs Service have for years been known to collect a bribe of N1000 for every bag of rice being smuggled into Nigeria, particularly across the Seme border area, where several eye witness accounts in Lagos have recalled this happening. This was confirmed two years ago (in 2017) during an undercover trip across the border by a BusinessDay reporter, who witnessed firsthand the reckless abandon with which smuggling was done, right under the watch of Customs officers paid with taxpayers’ funds to secure the same borders. Rather than address the operational inefficiencies and monumental corruption tendencies of the Niger ian Customs Service, the Federal Government decided to shut some of the country’s borders in what was described as an effort to curb smuggling. “The government is in denial, everybody on the streets knows that the Customs (service) is synonymous with corruption,” said Emmanuel Ijewere, vice president, Nigeria Agribusiness Group (NABG)

in a phone interview with this reporter. According to him, “We do know that the smuggling along the borders take place with a cabal, and there is allegation that it is the Customs that makes it happen. If there was genuine effort to clean up the customs, this shutting of the borders would not have been necessary.” Analysis of the volume of rice exported to Nigeria’s neighbouring countries, gives a picture of the quantity of rice that is in turn smuggled to local markets in Nigeria. Those countries are not known to consume parboiled rice, and even if they could, their entire populations are a fraction of Nigeria, and cannot consume such rice volumes. Pleading anonymity, a top official, in one of the biggest agricultural conglomerates in Nigeria, had in a document shared with BusinessDay, stated: Rice consumption in Nigeria is almost entirely o f p a r b o i l e d r i c e . I n We s t Africa only Nigeria consumes p a r b o i l e d r i c e. O t h e r We s t African countries including all the neighbouring countries t o N i g e r i a ( N i g e r, B e n i n ,

Cameroon, Chad) are not consumers of parboiled rice. In Africa only South Africa is the other major country that consumes parboiled rice. The shipments of parboiled rice from India and Thailand into Lome, Cotonou and Douala ports is a very fair estimate of smuggled rice into Nigeria as none of these countries have internal consumption of parboiled rice. All the imports of parboiled rice into these countries finally find their way into Nigeria, this official asserted. Using Thailand as an example, as it was the largest rice exporter to Nigeria and her neighbouring countries, data from the Thailand Rice Exporters Association showed that rice exports to Benin republic in 2014 was 1,112,602 metric tonnes, declining sharply to 805,765 metric tonnes in 2015 when Nigeria stiffened rice importation in favour of local production. However, a year later in 2016 Thai rice exports to Benin picked up again, recording 1,421,050 metr ic tonnes, and fur ther increased in 2017 to 1,814,014 metric tonnes. Last year, Thai rice exports to Benin was 1,697,930 metric tonnes. As at July this year

(2019), Thai rice exports to Benin stood at 943,162 metric tonnes, a slight increase from 932,890 metric tonnes within the same period in 2018. Th e sa m e p att e r n s w e re recorded by Cameroon, another neighbouring country sharing borders with Nigeria. In 2014, Thai rice exports to Cameroon was 517,526 metric tonnes, and just as seen in Benin, equally dipped in 2015 when Nigeria st i f f e n e d r i c e i mp o r t at i o n , recording 449,297 metric tonnes. The countr y’s exports from Thailand also picked up by 2016 with 502,254 metric tonnes of rice, increasing the volume to 749,000 metric tonnes in 2017, but a sharp decline to 415,341 metric tonnes in 2018. However, 2019 exports to Cameroon were already showing signs of performing better than 2018, with 290,679 MT of rice already exported there from Thailand, against 221,171 MT in 2018. Nigeria on the other hand recorded 6,537 MT of Thai rice exports in 2018, a staggering drop from 1,239,810 MT in 2014, 644,131 MT in 2015, 58,260 MT in 2016, and 23,192 MT in 2017. As rice exports to Nigeria

decline, those of the neighbouring countries have steadily increased, even though there is little evidence to suggest they are able to consume the volume of rice they are importing. “Let the customs do its job and not just paying lip service,” said Rotimi Fashola, general manager, Elephant Group Plc a company with investments in local rice production, but hesitant to indict the Customs ser vice directly for being complicit in rice smuggling. Fashola, reiterating the existing ban on rice importation through the borders, said “if indeed the Customs service polices the land borders as it should, no rice would come in.” “What we can advocate is for customs to do its job,” he said. The foreign rice found in Nigerian markets are not brought in through underground tunnels synonymous with drug cartels in Latin America as they desperately work to distribute their illegal merchandise. In Nigeria, every single bag of foreign rice (or at least 97 percent) that is found in the market was smuggled into the country, many of this with the active connivance of some Customs officers as reiterated by reliable sources do this in exchange for financial rewards, in short, bribes. Whether or not Nigeria is sufficient in rice production is not the subject of contention, rather; the smuggling of rice, which in the estimation of government is ‘killing local production’. If the borders are reopened and the corruption tendencies in the Nigerian Customs Service remain, nothing will change in smuggling of not only rice but other agricultural products and goods crossing Nigeria’s notoriously porous borders. As Ijewere suggested, if Nigeria really wanted to fight corruption and protect the economy, the first requirement is “to first of all clean out the entire customs.” “As at now,” Ijewere described the Nigerian Customs Service as “destructive to our economic future.”

Poor seeds keep farmers poor – SSG report

n places like Ghana, Rw a n d a, Ta n z a n i a a n d Ethiopia, increasing productivity on smallholder farms is contributing to historical reductions in poverty, along with higher levels of food security and improved nutrition. This was contained in a recent report by the Seed Systems Group (SSG), an Africa-based nonprofit led by experts said to have played a pivotal role in breeding better crop varieties and launching more than 100 local seed companies in some 15 countries. They include places such as

Ghana and Ethiopia, where the availability of improved seed has helped place them at the vanguard of Africa’s Green Revolution. Contrasting the progress in the countries earlier identified, it stated that other countries such as Benin and Togo in West Africa, to Chad and the Democratic Republic of Congo in Central Africa, to Eritrea and Madagascar in the East, the situation is starkly different in terms of agricultural productivity. In these places, it was noted that most farmers continue www.businessday.ng

to struggle with poor harvests — t h e i r y i e l d s p e r a c re o r hectare are among the lowest in the world. As a result, those countries are seeing no improvements in hunger, poverty and malnutrition. Now, SSG says it is embracing a more audacious goal. Just like the goal of bringing clean water, immunization and electricity to every Africa household, it believes that every farmer in every village should have access to high-quality seed for a wide range of crop varieties. According to SSG, if African

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farmers are to feed a hungry continent, the least that can be done is ensure they have access to the best seed available — and that it is also the right mix of seeds for providing Africans with a healthy, sustainable diet. SS G has started its work by focusing on a group of 15 countries including DRC, Angola, Cote D’Ivoire, Cameroon, and Niger, cumulatively estimated to be home to 315 million people who have yet to experience the benefits of better seed. This absence is a significant barrier to reducing high levels of hunger, @Businessdayng

malnutrition and poverty in a context of climate change. And as the populations of these countries are growing rapidly, serious questions loom over how they will cope. As the report notes, seeds set the limit of what farmers can achieve. If African farmers c o nt i nu e t o p l a nt s e e d f o r aging crop varieties, no amount of additional production improvements will get them the harvests they need to overcome the region’s struggle with hunger and poverty or the means to adapt to climate change.

Friday 13 September 2019

BUSINESS DAY

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Friday 13 September 2019

BUSINESS DAY

FINTECH News

Products Review

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The non-dollar road to Africa’s cross-border payment challenge FRANK ELEANYA

he payment space in Africa has become one of the busiest in the emerging world driven by demand from growing mobile subscribers. Out of the $510 million startups in Africa have raised from 113 investors between January and August 2019, fintech companies including payment firms have accounted for 32 percent of it. The proliferation of payment innovations have created viable alternatives to traditional banks and made it easy for Africans living and trading outside the continent to send money back to their dependents, buy and sell things back home and in so doing sustain the economies of many of these countries. Nigeria for instance have seen diaspora remittances move from $22.3 billion in 2017 to $24.3 billion in 2018, according to data from the World Bank’s “Migration and Development Brief.” Immigrants from sub-Saharan Africa sent $46 billion to their home countries in 2017. PricewaterhouseCoopers (PwC) estimates that remittances to Nigeria could grow to $25.5 billion, $29.8 billion and $34.8 billion in 2019, 2021 and 2023 respectively. It is important to note that while the overseas payment scene may be booming, Africans living and trading within the continent find it very difficult to facilitate payment within Africa using the existing platforms. Many merchants traversing between African coun-

tries have different sad tales to tell in trying to facilitate card payments in their host African nations. Toyosi Gregory-Jonah, a content creator and entrepreneur recalls traveling to Ghana recently and attempting to use seven of her Nigerian bank cards to pay for a Yellow Fever card but was unable to carry out the transaction successfully. “I didn’t know when I started tearing up,” she tweeted from her handle @ TgJonah. “I had to approach another lady who I saw paying with cash to allow me transfer naira to her in exchange for dollars and she agree. She saved me.” Moe Odele, founder of Scale My Hustle and an investor, also shared her experiences in receiving payments from within Africa. “Such a shame that in 2019 there’s no reliable payment platform to collect

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money from across Africa,” she tweeted from her handle @Moechivous, “It’s been a hassle today trying to receive payments from Zambia, Ghana, Sierra Leone, South Africa and Gambia.” As a result of the frustration her company is making the decision to sell their products in dollars. Her decision is actually the prevailing practice; many merchants currently prefer to sell their products to clients across Africa in dollars rather than do so in local currencies. This is mostly for the universality of the currency. Dollar being a universally acceptable currency, makes the process of funds transfer less tedious. Dollar card payments especially means money transfer operators and banks get to collect high fees for every transaction. Ultimately, since facilitating payments within Africa does not guarantee big re-

wards for providers there is a huge disincentive to address the problem. Sub-Saharan Africa has the most expensive remittance structure with an 8.97 percent average cost. Problems around currency conversion and monetary policies of most African nations also contribute to its being unattractive to facilitate payment in local currencies. Additionally, Crossborder payment in Africa faces stiff competition from a pervasive cash culture. In sub-Saharan Africa, more than 80 percent of all transactions are still carried out with cash, thus while mobile money and digital banking, consumers still prefer paying for goods with cash. Hence, rather than invest in digital banking tools, banks prefer to build physical branches to enable their customers have access to more cash. Unlike developed mar-

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kets where card acceptance is ubiquitous, card penetration in Africa is less than 5 percent. Even at that, the payment landscape on the continent is fragmented largely riding on more than 277 mobile wallets, more than 500 banks, and several card networks in 55 networks. As a result of the fragmentation, merchants are compelled to work with multiple payment platforms to carry out their business. Apart from merchants not being able to facilitate smooth transactions with clients in other African countries, traditional business to business cross-border payments also tend to be slow and opaque. This affects the business and cost structure of remittance service providers, including Money Transfer Operators (MTOs) which handle most personal remittances transactions. A World Bank report observed that moving funds through the current corridors requires transferal through the relevant domestic payment systems, which often have different operating hours and are located in different time zones. For certain corridors, the funds must be routed through several banks and intermediaries before they reach their destination, leading to higher fees and slower payment settlement. “Ecobank already has a platform for all of Africa to trade,” Victor Asemota tweeted from his handle @ asemota. “I can send money to 33 countries using Ecobank’s banking app. For some weird reason, nobody is building on this.” Ecobank’s Rapid Transfer

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is a mobile application built by the pan-African bank to enhance remittances within Africa and in so doing reduce the cost of payment. The platform also claims to be addressing the long, burdensome and inefficient processes people face in sending money across the continent. A l t h ou g h t h e Rap i d Transfer is touted as a game changer, it will need many collaborators including banks, fintech firms, merchants and regulators work efficiently. This however has not been the case as Asemota also alluded to in his tweets. In a statement on their website, Cellulant a fintech firm with operations across Africa, said there is a “Need to make it easier for merchants to digitally pay and get paid. This means providing a one-stop shop where merchants can integrate securely and access checkout options across Africa. Consumers can then pay for goods and services in their local currency using mobile wallets, credit and debit cards, and bank accounts.” Finding that “one-stop shop” has proven to be more difficult as many African banks have unilaterally launched massive African expansion campaigns with promises of disrupting payments across the continent. Many experts now hope that the coming of the African Continental Free Trade Agreement (AfCFTA) and its full implementation will address the problem. What could help, they say, is African leaders facilitating a single currency system across the continent.

Friday 13 September 2019

BUSINESS DAY

HEALTH BUSINESS&LIFE How Nigerian health providers can tap into huge opportunity in medical device market ANTHONIA OBOKOH

pportunities will exist for Nigerian health providers on importation medical equipment (particularly new and innovative equipment), as the government considers extensive upgrades and development of hospital infrastructure. Nigeria’s fast growing demand for use medical equipments amid a low domestic capacity to match the country’s need opens opportunity for savvy investors to plug the gap. According to reports by Fitch Solutions, the Nigerian medical device market will record doubledigit growth in local currency and will grow at a 2017-2022 CAGR of 9.0% to reach US$ 184.4 million by 2022. Technology is transforming how health care is delivered in Nigeria, giving more people in access to better care. As well, easier access to data helps both doctors and policymakers make better-informed decisions about how to continue to improve the system. As the types of illnesses change and prevalence are increasing, millions of the population still lacks adequate health services and access is still the greatest challenge to health care delivery in Nigeria. “Nigeria is about 20 percent of the entire Africa population, so it is a big market. We must work with the whole world and this why we are seeing these innovations of new technology of medical device by private individuals and

starts up.” said Francis Faduyile, the president Nigerian Medical Association (NMA). However, China is the leading and dominates supplier of medical device to Nigeria which most private clinics can afford, with a 47% share of the import total in 2016. Despite considerable restraints in funding issues, poor infrastructure, and staff shortages particularly in the public sector. Nigeria’s growing medical devices market will offers potential for growth and create huge opportunity for investor. The private healthcare sec-

‘No radiotherapy cancer treatment machine in South-South centres’ GODSGIFT ONYEDINEFU, Abuja

cancer fighting centre, Project PINK BLUE has lamented that the entire South-South geopolitical Zone of Nigeria has no single working radiotherapy cancer treatment machine for effective treatment. Runcie Chidebe the executive director of the centre, in a statement said the total lack of a radiotherapy machine has brought untold hardship for the cancer patients in the region and is stalling the fight against cancer in Nigeria. “There is no single working radiotherapy cancer treatment machine in the whole of South-South of Nigeria. If a woman who lives in Yenegoa gets a breast cancer diagnosis, she may need to travel to Sokoto to get radiotherapy treatment. If a man is diagnosed with prostate cancer in Okirika, he may need to travel to Ibadan or Enugu for radiotherapy treatment and a young boy diagnosed of childhood cancer will have to travel to Abuja or Zaria for radiotherapy treatment”, Chidebe stated.

“This is a shame that a region that produces the greatest resources for the country does not have one single radiotherapy machine for effective cancer treatment”, he lamented. Chidebe noted that cancer has become a critical public health problem in Nigeria with 115,950 new cases of cancer and 70,327 cancer deaths in 2018. He also explained that prostate cancer is the third leading cause of cancer death in Nigeria, while breast is the first and cervical cancer the second. According to him, Prostate cancer is the leading cause of cancer deaths in Nigerian men with 13,078 new cases which is 29.1 per cent and 5,806 deaths in 2018. The Executive Director therefore called on the Ministry of Niger Delta and all stakeholders to address the problem and give cancer patients in South-South Nigeria a second chance at life. He said if the issue of cancer is not immediately placed in the front burner of national, regional and state health plan, Nigeria will continue to lose human resources. www.businessday.ng

tor is very sophisticated and boasts world class facilities with several centers of excellence. Recently, the Federal Government has said it will upgrade the 22 teaching hospitals in the country and construct a new 500-bed state-ofthe-art Specialist Hospital in Abuja through Public Private Partnership (PPP), according to the Infrastructure Concession Regulatory Commission (ICRC). Patrick Ederaro, acting head, Media and Publicity, ICRC made this known in a statement on recently in Abuja.” the concession

model for the existing teaching hospitals’ equipment that would be supplied would be world class standard and life cycle maintenance.” To take advantage, the private sector is emerging as the indispensable player to improve Nigeria’s healthcare fortunes they can invest in medical devices in high demand such as diagnostic imaging, Magnetic Resonance Imaging (MRI), Computed Tomography scan (CT), Digital X-Ray, Ultrasound, Mammography and Ultrasound Scans, patient’s aids, and orthopaedics. Also Medical disposables espe-

cially those for testing for malaria parasites, drug abuse, and infectious diseases such as HIV/AIDS and tuberculosis will also do well in Nigeria as are related articles designed by the manufacturer for diagnosis, prevention, monitoring, treatment or alleviation of disease burden. Private sectors as well have investment opportunities exist for Nigeria healthcare firms to establish hospitals and clinics with treatment capabilities and cuttingedge medical technologies. Meanwhile, Nigeria can learn from South Africa been one of the largest medical devices’ markets in the MEA region. South Africa spending on medical devices as a proportion of wealth is lower than average for this region, at around 0.3% of GDP and 4.0% of health expenditure (2015). Projections for 2019 show that that the market will grow at around 6.7 percent in US dollar terms, amounting to USD1.8 billion by 2023. The South Africa market growth will likely be influenced by national legislation related to the government’s NHI program, increased government spending on healthcare and priority programs, as well as the Competition Commission’s investigation into private healthcare costs. Analyst see Foreign Direct Investment (FDI) in Nigeria as a necessary medium for deals in hospitals and clinics to enhance treatment abilities, improve in medical technologies advancement are a booming development and boost the healthcare services in Nigeria.

HEWAN sets agenda for new health minister ANTHONIA OBOKOH

he Health Writers Association of Nigeria (HEWAN) wants the new health minister to focus on increasing and improving the healthcare sector in the country. HEWAN describe the new ministers’ appointment as putting the right peg in the right hole; believing that the newly appointed ministers understand the system, the challenges and bottlenecks, according to a statement signed by Chioma Obinna president Lucy Osuizigbo, secretary both of HEWAN. However, the association harps on the need for the new ministers to address the implementation of Primary Health Care policies and the inadequate funding of PHCs, noting that disease burden will reduce drastically if the challenges affecting healthcare at the primary levels are addressed properly. “It is in the interest of the nation for the ministers to rejig our PHCs to make them viable. It is also pertinent for the ministers to

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continue with the 10,000 primary health centres project across the country,” the statement states. The association recommended that subsidised treatment to address the healthcare needs of the elderly and retirees in the country, as old age comes with some unavoidable associated ailments of which they cannot afford to manage on their own. The Association noted the growing cases of medical negligence and misdiagnosis in the country, saying Nigeria is in dire need of effective medical laboratory services as many of the national laboratory facilities are moribund. “For instance the Vaccine Laboratory in Lagos. There is a need to revitalise these facilities for better treatment outcomes as medical laboratory is bedrock of medical treatment,“ they added while calling for reduction of maternal and child mortality and morbidity. “There is a need to investigate and prosecute cases of negligence in the hospitals to serve as a deterrent and build confidence in the health system,” the statement says. @Businessdayng

The association also advocated that there should be zero tolerance for discord in the sector, stating that as a matter of necessity without prejudice, the age-long interand intra-professional rivalries, discord, acrimony, and crisis that have always thrown the Nigerian Health Sector into unending and perennial discord should be tackled. What this has brought to the health sector is retrogression and stagnation. “It has eroded patient-centred practices, especially openly demonstrated in public health Institutions. “This has gone unabated for years. Patients have suffered the consequences in no small way. This has greatly led to the loss of confidence in our Health Sector too.” They called for increase in the budgetary allocation to the health sector to end brain drain. Quoting a 2017 poll by the Nigerian Polling Organisation, NOI, HEWAN said over 90 per cent of medical doctors in the country intend to seek employment abroad because of low job satisfaction, poor remuneration.

Friday 13 September 2019

BUSINESS DAY

HEALTH BUSINESS&LIFE ‘We are committed to prioritize quality health care service for our people’ SIKIRAT SHEHU, Ilorin

he Kwara State government has vowed not to relent in effort and ensure that the health of the people is given priority through quality health services. Kayode Alabi, the State deputy governor, stated this recently in Ilorin while declaring open the 33rd annual National Conference of Nigeria Ophthalmic Nurses Association. Alabi explains that it is clearly evident that the state is on the path to greatness under the leadership of Governor Abdulrahman Abdulrazaq in view of the various interventions and payment of counterpart funds in the health sector among others. In a release by his chief press secretary, Bunmi Adedoyin, Alabi says: “You will all agree with me that the theme of the Conference is germane: “VISION 2020: The Right to Sight, Countdown to the Final Lap”. The eyes small as they are very important components of our bodies and cannot be separated from our daily life. “The Holy Books also states that “The eye is the light of the body; if your eyes are good, your whole body will be full of light.” It is therefore not surprising that a discussion on these apparently small parts of our bodies is the reason behind this big gathering of dignitaries, intellectuals and stakeholders alike”. Alabi calls on the participants to do an appraisal of vision 2020, seeing that it is barely a year to the supposed accomplishment of the lofty ideal. Adding that,”The programme was launched in the year 1999 and

now twenty years down the line, how have we fared as a nation in the accomplishment of this vision? For this cause, and to this end, we have all gathered; and for the rest of this week, we have lined up programmes aimed at finding viable answers to this question.” The Deputy Governor revealed that the state has made giant strides in achieving its objective as evidenced by several programmes that have held over the years. In his submission, Kayode Olubiyi, a medical doctor disclosed that over 1.3m Nigerians are blind, calling for increased awareness and proffer solutions to avoidable blindness. According to Olubiyi, only few states including Kwara, Lagos, Sokoto, Katsina have organised Primary Health care services. He calls on the professionals to be involved in serious research to reduce blindness. The National Chairman of the Association, Stephen Lamiya noted that the citizens has a right to enjoy good sight and access care that would promote and provide good eye sight and eye health. The Chairperson of the Association in Kwara State, Oluwatoyin Opawoye says the Right to Sight is the global initiative for the elimination of avoidable blindness, a joint programme of the World Health Organization (WHO) and the International Agency for the Prevention of Avoidable Blindness (IAPB). Opawoye appreciates the Kwara State government for encouraging training of Nurses as Ophthalmic personnel as it has further enhanced accessibility of the citizens to eye health services.

How Nigeria can reduce healthcare cost with Telemedicine ANTHONIA OBOKOH

igeria’s healthcare system has continued to suffer major set-back especially in the area of public healthcare which has purportedly results in high mortality rate and other health challenges owing to high medical costs for patients. However, telemedicine - the remote diagnosis and treatment of patients by means of telecommunications technology will help reduce medical costs for patients, experts say. Telemedicine is a developing system to better help medical institutions to better use information and technology to treat patients in an efficient and cost effective manner. “Telemedicine if well adopted

by Nigerians will help to drastically reduce the cost of healthcare while simultaneously improving prompt access to healthcare,” said Adeyinka Adeniran, chief executive officer (CEO) Medflit in a recent interview. “Telemedicine will reduce the cost of hospitalization, minimize patients patronage of quacks, reduce long-distance travel to access good healthcare, long queues at healthcare facilities and make healthcare attractive to people,” Adeniran said . He stated that with N30, 000 minimum wages, most Nigerians are unable to afford quality healthcare as the minimum cost of medical care ranges between N30,000 and N70,000 per patient. Medflit, Africa’s first integrated telemedicine platform allows patients to speak with doctors at lower cost and get medications from their

nearest pharmacies. According to Adeniran, running Medflit has been a challenging but a very rewarding journey as many Nigerians are now embracing its services. “Telemedicine is still new to Nigerians. We have had over 1,000 patient consultations within Africa including Nigeria, Cameroon, Gabon, Gambia and overseas - United Kingdom and United State of America early in the year,” he further said. “The rapidly growing integrated telemedicine platform, Medflit is set to reach 1million Nigerians and expand to more rural communities by 2022,” he added. Experts called on the government to drive more investments in telemedicine to help low and middle income Nigerians have access to good healthcare services in the country.

Prime Atlantic trains drivers, conductors on first Aid DIPO OLADEHINDE

igeria based Oil servicing firm Prime Atlantic, a subsidiary of Prime Atlantic Limited has organised a capacity building training for commercial bus drivers and conductors in basic First Aid and Cardiopulmonary Resuscitation (CPR). CPR is a life-saving technique that is useful in many emergencies including a heart attack or near drowning during which someone’s breathing or heart has stopped. While many countries of the world have incorporated the teaching of cardiopulmonary resuscitation (CPR) into their

schools curricula, there has been little or no effort made towards this in Nigeria, which is why Falck Prime Atlantic is trying to fill the knowledge gap by offering professional training services. Falck Prime Atlantic said it was evident that most Nigerians lacked the necessary skills required to respond to medical emergencies, adding that it had resulted in many preventable deaths. Micheal Adebayo, executive committee representatives of the Marina commercial bus park said the initiative is a good idea in order to enlighten people because some of the drivers might have basic knowledge of First Aid or CPR however it might not be of international standard.

“It’s an advantage for us because it will allow our drivers and conductors understand the importance of First Aid and CPR,” Adebayo said. The Executive committee representatives of the Marina commercial bus park thanked Prime Atlantic for taking the initiative to come inside the motor park and train drivers about the various challenges and process needed in applying First Aid and CPR. Aderonke Adebanjo, the marketing and communications manager at Falck Prime Atlantic, said the company had set out to change the narrative, adding that many Nigerians would be equipped with live-saving skills to save lives at any time.

THE TRAVEL CLINIC

Traveling tips for breastfeeding mothers

Dr Ade Alakija Medical director, Q-life Family Clinic & Member: Nigerian Society of Travel Medicine (NSTM)

he medical preparation of a traveler who is breastfeeding depends on whether the mother and child will be separated or together during travel. Breastfeeding mothers should be encouraged to continue breastfeeding during travel. For the first 6 months of life, exclusive breastfeeding is rec-

HBL TEAM

ommended. This is especially important during travel because exclusive breastfeeding means feeding only breast milk, no other foods or drinks, which potentially protects infants from exposure to contamination and pathogens via foods or liquids. Frequent, unrestricted breastfeeding ensure the mother’s milk supply remains enough and the child’s nutrition and hydration are ideal. Traveling without a breastfeeding child Before departure, a breastfeeding mother traveling without her breastfeeding infant or child may wish to express and store a supply of milk to be fed to the infant or child during her absence. Building a supply to be fed in her absence takes time and patience and is most successful when begun gradually, many weeks in advance of the mother’s departure. A mother’s milk supply can diminish if she does not express

milk while away from her nursing child. It is advised that the mother visits her clinicians who would help her determine the best course for breastfeeding based on a variety of factors, including the amount of time she has to prepare for her trip, the flexibility of her time while traveling, her options for expressing and storing milk while traveling, the duration of her travel, and her destination. A mother who returns to her nursing infant or child can continue breastfeeding and, if necessary, supplement as needed until her milk supply returns to its prior level. Often, after a mother returns from travel, her nursing infant or child will help bring her milk supply to its prior level. However, nursing infants or children who are separated from their mother for an extended time may have difficulty transitioning back to breastfeeding. Mother might therefore needsupport in reunit-

ing with her infant or child. Breast pump safety Mothers using a breast pump should be sure to follow proper breast pump cleaning guidance (www.cdc.gov/healthywater/ hygiene/healthychildcare/infantfeeding/breastpump.html) to minimize potential contamination. Related guidance for cleaning infant feeding items such as bottles and the nipples, rings, and caps that go with them is available at www.cdc.gov/healthywater/ hygiene/healthychildcare/infantfeeding/cleansanitize.html. Hand washing with soap and water prior to pumping and handling expressed milk is best, but if safe water is not immediately available, an alcohol-based hand sanitizer that contains at least 60% alcohol may be used. If cleaning the pump parts between uses will not be possible, mothers should bring extra sets of pump parts (for example, flanges, membranes, valves,

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

connectors) to use until thorough cleaning of used parts is possible. Mothers may also consider packing a cleaning kit for breast pump parts, including a cleaning brush, dish soap, and portable drying rack or mesh bag to hang items in to air dry. Air travel X-rays used in airport screenings have no effect on breastfeeding, breast milk, or the process of lactation. Airlines typically consider breast pumps as personal items to be carried onboard, like laptop computers, handbags, and diaper bags. Before departure, people who will be traveling by air and expect to have expressed milk with them during travel need to carefully plan how they will transport the expressed milk. Airport security regulations for passengers carrying expressed milk vary internationally and are subject to change.

Continue next week

I Samuel Iduh, Graphics

Friday 13 September 2019

BUSINESS DAY

LEADINGWOMAN IVIE TEMITAYO-IBITOYE, the business development consultant, strategising for the growth of your organistaion has to show professionalism in relating with people and managing situations like this. Deliberately making a candidate wait extra hours to “test their patience” puts the company and its reputation in a bad light and does not show professionalism. A better solution would have been to ask clarification on why the candidate was late and gauge the candidate’s response and body language.

KEMI AJUMOBI

vie is a Human Resource and Business Development Consultant. She serves as the Lead Consultant at Elite Hunters, responsible for strategies to attract, develop, and retain talent for corporate organisations and SMEs in diverse industries across Nigeria. In the course of her HR career, she has successfully managed the overall provision of Human Resources services, policies, and programs and has helped various organizations boost overall performance through effective HR, strategy building, fair and coherent compensation & benefits, and employee engagement. With a plethora of experience across oil and energy, automobile, consulting, media and communications sectors, Ivie is known for ensuring top notch organization culture through the constant presence of high-performing motivated staff, talent management & personal development. Ivie has been instrumental in the recruitment of talents from junior to senior management level positions through Elite Hunters and she has been able to prepare Nigeria’s talents for the labour market through effective career advisory initiatives bordering on CV writing, interview coaching and mentorship scheme. Ivie is passionate about people development and humanitarian endeavors and she spends her spare time volunteering with various initiatives. Ivie’s educational background includes an LLB in Law from the University of Benin and a B.L from the Nigerian Law School.” Growing up My parents brought my siblings and I up to be very independent individuals who can think for themselves and make decisions on their own and this has influenced my approach to life, career and my business as I am able to chase my dreams and make decisions about my life without any interference.

How has being a Lawyer helped in your line of work? Being a Lawyer has helped me to understand the legal implications of employment and service contracts and the acceptable policies and practices that must be put in place where drafting same. It has also helped me to understand the importance of documentation. What are your personal and professional challenges? How are you surmounting them? My personality is one of the areas where I am working at getting better. I am what you will refer to as a choleric person and while this personality trait has helped me to push through difficult situations head on to achieve my desired goals, on the flip side, I may be perceived as brash or cold in my relationship with people; this is ironic considering that I am a Human Resource Management professional. I am becoming more intentional about practicing emotional intelligence skills and taking personal development trainings to improve myself.

tions required by our clientele. The company was founded in 2012.

What are the duties of a human resource and business development consultant? As a human resource and business development consultant, I am generally responsible for helping companies to identify the challenges in their organisational structure, talent management and staffing strategies and business profitability to determine relevant solutions.

Observation in selection process for clients Some clients do not have specified job roles for their employees and this may hamper the productivity of such employee who doesn’t know what is expected of him/her. The salary budget is also another challenge as some employees want a candidate with extensive experience but with not enough remuneration. Some candidates are great at interviews but not on the job while some other candidates apply for job roles without fully understanding the job requirements

When did you set up Elite Hunters? What is the rationale behind the name? The word “Elite” means a select group that is superior in terms of ability or qualities to the rest of a group or society. “Hunters” was gotten from the word ‘Hunt”. This means at Elite Hunters, we make it our priority to identify and source for the best talents to fill the posi-

Qualified but not employable. What is responsible for this? There are different factors that may be responsible for this. The first is that the candidate’s resume does not fully capture the experience and skills that they have acquired which will be relevant to the role they are applying for. Another reason may be that the www.businessday.ng

candidate is not able to verbally express their strengths and experience during the interview because they are nervous or did not prepare for the interview. How important is employee/ employer engagement? What can the lack of it cause? It is important that there is constant communication and feedback between the employer and employee so that they are in sync with the duties, tasks and goals of the organisation. Lack of employee/employer engagement will result to poor communication which can lead to lack of team cohesion, unclear messaging and expectations, wasted time and resources, low employee morale. How do you rate/describe the working environment in Nigeria? How can it be better improved? Well, with my experience, the improvement of the work environment in Nigeria rests majorly on the employer; this is because, whatever policies and culture you put in place and tolerate in your

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work space is what will be passed down to the employees. It is important to clearly define goals and expectations for the organisation and its department and implement policies to drive such goals. With that in place, the workplace will be a safer and more productive place to be for employees. Other initiatives you are passionate about and why? I am passionate about creating events and programs that will prepare people for the workplace and help them to develop employability skills, have clearer career visions and be armed with the tools to bring their dreams to life. A post went viral recently on how someone lost his job because he was deliberately made to wait for longer than usual hours to ‘test’ his patience level. What is your honest opinion on this? In as much as it is the candidate’s responsibility to present him/herself in the best possible light by arriving early for an interview session, the employer also @Businessdayng

What are you looking forward to? I am looking forward to building and creating an employability training platform where we can assist individuals in developing the right employability skills and competencies required in the work place. What advice do you have for any unemployed person reading your interview? First, get your resume in order; it is a recruiter or potential employer’s first impression of you so be sure to extensively highlight your relevant experience, skills and training before applying for a role. Also, before getting your dream job, consider internship opportunities, personal development trainings and workshops to constantly learn new things. Finally, don’t give up! Advice to every single lady out there Chase your dreams and focus on adding value to yourself and your community. Do not allow your relationship status be a barrier to whatever you want to achieve as a person. Read the concluding story of Ivie Temitayo’s inspiring story on our website www.businessday.ng as she graces our Women’s Hub cover for this week. You are just a click away!

Friday 13 September 2019

BUSINESS DAY

INTERVIEW

‘We need legal backing, effective pricing to harness gas potential’ Chichi Emenike is the head of gas venture, Neconde Energy Limited. In this interview with journalists, Emenike spoke about the potentials in the gas industry and the gaps limiting the country from fully harnessing the opportunities in the gas sector. JOSEPHINE OKOJIE was there. Experts. Despite the huge gas reserves that we have, just last week, ENI told us that they have made a significant discovery in the Niger Delta region, but there are still gas shortages in the domestic market. What do you think is responsible for this? e do not have sufficient gas infrastructure. For the gas master plan which is the nation’s dream, this is something we started running with some years ago and we have not fully optimized it. In fact, I do not even think we have gone about 10 to 20 percent. What we should have now for all our gas reserves is a crisscross of gas pipelines all over the country. We have got the PIB yet to be passed into law, an environment that is not clear to investors yet whether local or international and policies that is completely clear to give you a clear line to sight your investments as well as other myriad of issues. We cannot develop the gas space without addressing these issues. The country’s power sector is also caught up in the gas issue because it is one of the biggest sectors that use gas. We need to unbundle up the power sector. These are some of the things that have held the gas industry hostage for some years now.

to get an FID. Gas is still in need worldwide but we need to take into the economics of even transportation. Those are the things that will come into play. We have seen that the indigenous oil firms Like Neconde have started developing capacity to match that of the IOC’s especially exploration and production. What gaps still exists? I want to answer this first as a Nigerian. It is not really in our culture to do Research and Development (R&D) and that is the gaps that still exists. It is only imperative for any serious company to focus on our own innovative technology. The indigenous oil firms have to focus on that and as a nation, we need to focus on that as well. Go to China, go to India, go to Japan, they are constantly rolling out solutions even in the gas industry.

If you were to advise the new Minister of State - Petroleum on how to unbundle the gas sector what would that be? The first one for me would be the legal vacuum. As a country that that runs on people, we do not have procedures and processes. This changes every four years once there is a new government. If you do not have legal documents that is bills that backs up whatever you are running with, anyone can come in and change it whenever they feel like and that does not give confidence to any investor. Also, if we do not have legal documents to back this, you also have contracts that can be scuttled at any time. We have to also look at the pricing. These two are the key, then of course maybe advocacy. Currently, the government is talking of the Economic Recovery Growth Plan (ERGP). The plans in the ERGP are hinged on moving the economy forward and what would move the economy forward is adequate power supply. What is power hinge on? It is hinged on gas. So, we need to put a cost reflective tariff that

Chichi Emenike

will make sense to people investing in the sector. If you talk to the stakeholders in the power sector, they would tell you that if it is not making sense they will not invest. So, we need to unbundle some of these things if we are serious to move the country forward. As we do know that the conversation globally is about the energy space and how to move more and more towards a cleaner environment. We are currently not doing gas and our crude is not exactly at its best right now. So, if we are serious as a country, what we need to do is take a focus on gas. But the situation is not all bad news. We have done some of the first steps which is the gas policy. The gas policy has a leg in the PIGB and other bills too. We have got the fiscal policies hanging there. We’ve got the policies on communities and the impact on communities as well. There’s no country that is serious with their oil and gas industry that does not have a governing document because that is the document that is very clear. That is a document that serves as the framework on which you can spend money and invest money. If we do not consciously make this environment what we want, the money, capital goes to the place of higher returns. What role is Neconde playing to ensure that we have adequate www.businessday.ng

‘‘

ness is.

Gas is still in need worldwide but we need to take into the economics of even transportation supply of gas for domestic use? One of the first things that we started doing is what I have come here to do, which is the company has taken a focus on its reserves. What we are working towards now is a complete zero flare situation. We have taken some of our associated gas for now, currently we have already commercialized it and we currently have buyers. Our short term plan is to also maximize on that associated gas. So, we are putting in place more gas infrastructure and we currently have a central processing facility. We are adding of course the associated infrastructure that is required for that; pipelines and so on and so forth. This requires investment. We are looking at the economic models that support us in boosting our gas production. In addition, we are also looking at the non-associated gas because that is where the main focus is, that is where the big busi-

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Now you will be tapping into the gas reserves at OML 42. How does your kind of structure work? Are you doing it alone or with your JV partners? Neconde is developing OML42 currently with her JV partners. So you know in 2011, we went through a proper bid process and then the bid was awarded on $585 million. So, ever since then we have been developing this asset jointly. We have what is called an Asset Management Team (AMT) so jointly we look at the issues and jointly use our technologies. You do not seem to have painted a very bright picture for Nigeria in the LNG space. You said Mozambique and others are coming out big. If eventually, they get it right, will Nigeria still have a place in the market place? Well, globally it is business. Competition remains. Competition is not a bad picture. Currently, I serve on the Nigeria Gas Association as a financial secretary and even before getting into the council, I had work with the association in smaller subcommittees. It’s not a gloomy picture but what we are trying to say is that we need to tidy up our act. Business is business. If we do not get our act together, if you are aware, it took us 10 years

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The Federal Government announced plans to divest some percentage of its equity from the joint ventures partners to fund the 2019 budget. What do you think about this proposal? Neconde is a product of such bids in the past. So yes, it is okay for a nation at a place where we are to do it. It would be encouraging if we can get more participation from private investors who can take those assets and run with them. Some of these assets as we realize are assets I referred to as marginal fields. So for some of the IOC’s, those are assets that’s really in their big picture, what their visions were, they were too small for them. But a lot of individuals firms have rather made successes, success stories out of those assets they have maximized. And by extension they have contributed to the GDP and in creating employment as well as technology development. So, if the government is looking towards doing another bid licensing round, it is good. You have got Angola and Ghana doing licensing bid rounds and these countries are putting in place transactional models, clear cut timelines, clear cut dates and running with those schedules and then meeting those schedules. For us here unfortunately sometimes we start, we stop, we stall. Those are not very good clear cut signals to investors. So yes is it’s encouraging. If the government can work with this and then just run and give these assets to Nigerians or any other investors who are willing to work with it.

Friday 13 September 2019

BUSINESS DAY

INTERVIEW

How utilising mobile phone data will increase financial access to unbanked population JAMEELAH SHARRIEFF-AYEDUN, Managing Director and CEO of CreditRegistry, in this interview with BusinessDay’s FRANK ELEANYA, shares insights on the opportunities Nigeria has in using mobile phone data to deepen financial access to unbanked population in the country.

ell us about CreditRegistry and the impact you have made so far in the financial services sector? CreditRegistry is the pioneer and leading credit bureau operator in the country duly licensed by the Central Bank of Nigeria (CBN). Our bureau is the world’s first and only modern credit reporting system with integrated biometric technology for consumer identification. Operating since 2003, we are trusted with Nigeria’s largest credit information database covering banks, manufacturers, retailers, telcos, and other service providers. At CreditRegistry, we are focused on contributing to the growth of the Nigerian economy by deploying innovative software, data and analytics to financial service providers and businesses. We do this in order to promote trust between businesses and their customers, drive financial inclusion and credit availability, and stimulate economic activity and expansion. Our solutions include marketing solutions, customer acquisition, risk management and collections services. What advantage has being a public company (Plc), since 2007, brought to your services in terms of creating more access to credit? Our goal is to create mutually advantageous connections for consumers, businesses, and entrepreneurs. Our organization is fortunate to have supportive stakeholders. For example, some alliances (locally and internationally) we have is as a result of being an organization with solid corporate governance structure. CreditRegistry has an elected board of directors, nearly 150 shareholders, and it is licensed by the CBN with additional regulatory oversight from SEC, NOTAP, FRC and NASD. Furthermore, we have annual independent audits conducted by reputable auditors Ernst & Young and previously KPMG. With the guidance of our directors, we have established world-class best practices designed to deliver value and achieve our vision to be a connection for working class citizens and entrepreneurs to establish trust with businesses and lenders for all to benefit economically. Recently the CBN mandated banks to lend to retail, do you think this will help deepen financial inclusion and what role do you see your company playing in it? With the recent mandate from the CBN, this can certainly help deepen financial inclusion especially with the introduction of our marketing and credit scoring models. More lenders are introducing digital lending platforms which has the potential to reach the unbanked. This year, CreditRegistry released the third version of our credit score branded “SMARTScore” which allows lenders to make quick, efficient and reliable decisions in their lending efforts. With SMARTScore, lenders can quickly and efficiently assess the risk of lending to millions of customers, make better informed credit decisions, price risk appropriately and increase revenues. We have deployed this statistical tool to organizations doing high-volume automated lending online and via mobile applications, and we are currently working with many

Jameelah Sharrieff-Ayedun

more organizations to accelerate financial inclusion. What is your view about the lack of uniformity in public documentation or biometrics and does it impact your services? While banks and data furnishers continue to improve the quality of customer and credit data, the introduction of the BVN, which the credit bureaus helped introduce, has greatly helped to address identity challenges. Improvements on data quality and biometric enrollment is an on-going effort and with the support of CBN and NIBSS, we have seen progress. There are other data elements in consumer data that are used to identify individuals without BVN. In 2012 you achieved 100% coverage of commercial banks in excess of 12 million records and later in 2014, 40 million records. Yet banks still insist on collateral before disbursing loans? What do you think is the real challenge here? As of today, CreditRegistry has millions of customer and credit records. What we have done is to consistently provide up-to-date information with as much depth as possible on each customer to ensure that creditors make informed decisions that enable them disburse credit with reduced risk. Ten years ago, digital lending was not common in Nigeria. Now with the market shift to aggressively grow retail lending through digital platforms the reliance on physical collateral is gradually being replaced with reliable reputational collateral, especially on small loans. SMARTScore, our statistical credit scoring model, analyzes customer behavior within our large dataset to come up with reliable and much faster ways for businesses and lenders to identify and target the best customers for their products and services, thereby enabling large-scale consumer lending. How are you addressing the evolving digital banking landscape and customer expectations? Traditional banks are rising to the challenge that digital and online lenders have provided by launching their own digital

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banking and engagement platforms. Our statistical models help both traditional and digital lenders during the various customer engagement cycles to be more efficient and to reduce customer acquisition expenditure. There are certainly gaps that need to be addressed within the industry with the provision of relevant consumer credit training and consulting in order to deepen knowledge and to ensure that lenders successfully leapfrog to reliance on analytical solutions to lend profitability to millions of consumers. We have significantly invested to play an integral role in addressing these gaps in order to help our clients succeed. We also plan to empower consumers to take charge of their information and to connect them with useful opportunities. Digital banking implicitly relies on less physical contact with customers so the challenge for lenders is to focus on an effective customer experience while retaining robust lending operations. This is where CreditRegistry excels. Trevor Ryan, our Customer Experience Officer (CXO), has a wealth of knowledge and experience delivering digital banking strategies that are profitable. He is championing these transformative initiatives with our lenders to create seamless customer experiences regardless of the channels they use. What policies does the country need to grow credit access to include millions of Nigerians living in remote areas? The Central Bank of Nigeria (CBN), in collaboration with the Credit Bureau Association of Nigeria (CBAN), is taking active steps to work with other regulatory agencies (e.g. NCC) to increase data coverage of individuals whose risk behavior can be modeled in order to enable them to participate in the formal financial system. For example, by using mobile phone data, more unbanked individuals will be empowered to access financial services. We know that the traditional brick and mortar infrastructure is an expensive strategy to serve the rural population; hence, utilizing mobile phone data will increase penetration to that population. As in other economies the challenge is to combine financial services with mobile telephony

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to meet the need and demand for financial services irrespective of location. This ultimately gives more people access to credit while reducing the risk and cost in the process. These savings are passed on to the borrowers. Lenders need access to low-cost longterm funds in order to make credit affordable and attractive for businesses and consumers. The federal government can play a major role here and should, as a matter of policy, establish institutions to buy back low-risk debts, such as mortgages, in order to free up capital for lenders. Certainly, mortgage credit, which is very underdeveloped in Nigeria, is one of the biggest catalysts for economic expansion and wealth creation. State governments could strive to make registration of properties quick, easy and affordable so that tens of trillions of Naira in Nigerian real estate can be unleashed as collateral. This mere act can infuse significant cash into the Nigerian economy. The economic activities derived from affordable credit and large-scale lending will expand businesses, boost employment for the people and increase tax revenue to benefit the government. It’s a win-win-win. What are some of the trends you are seeing in credit scoring and how are you planning for them? Some of the trends with credit scoring include the use of alternative data such as telecom, savings, utility, rental and other non-financial data sources. Incorporating alternative data into scoring models enables wider coverage of the unbanked. CreditRegistry SMARTScore ranks how responsible a borrower is with credit. Credit applicants with higher credit scores are less risky and should enjoy more favorable credit offers, and vice versa. Individuals can access their credit scores via our CreditConnection portal. The portal also provides consumer credit education. Artificial Intelligence (AI) and Machine Learning are current hot topics in the market also. Jes Freemantle, our Chief Data Scientist, and his team are constantly reviewing approaches to credit scoring but are mindful to ensure the right solutions and services are delivered to meet the needs of lenders, consumers and businesses. Tell us how you approach data protection for the millions of customer records that you keep? The data privacy laws enshrined within the Credit Reporting Act 2017 ensures that customer credit data is accessed for permissible purposes with their consent during the credit application process. The law permits the exchange of this information with licensed credit bureaus for the protection of the consumers and the health of the Nigerian financial system. Our formalized dispute processes also empower consumers (“data subjects”) to challenge and correct inaccuracies in their credit reports. As a credit bureau, data protection and security are critical requirements of our operations. CreditRegistry employs encryption, security authorization, multiple data backups and other data center processes to secure and protect data for operational continuity.

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Friday 13 September 2019

Harvard Business Review

BUSINESS DAY

MANAGEMENTDIGEST

Experience doesn’t predict a new hire’s success ALISON BEARD

had H. Van Iddekinge of Florida State University and his colleagues reviewed 81 studies to investigate the link between an employee’s prior work experience and his or her performance in a new organization. They found no significant correlation between the two. Even when people had completed tasks, held roles or worked in functions or industries relevant to their current ones, it did not translate into better performance. The conclusion: Experience doesn’t predict a new hire’s success. Professor Van Iddekinge, defend your research. A: We were surprised. It seems so intuitive that applicants who have general work experience or have already done the job that they’re applying for would be at an advantage. But when we looked at all these studies — and we sifted through thousands to find the 81 with pertinent data — we discovered a very weak relationship between prehire experience and performance, both in training and on the job. We also found zero correlation between work experience with earlier employers and retention, or the likelihood that a person would stick with his or her new organization. Q: But isn’t experience the first thing companies look for when screening candidates? A: Absolutely. We sampled 115 Monster.com job ads and found that 82% either required or stated a strong preference for experience. Most organizations think that it’s important, even for entry-level jobs. Unfortunately, the evidence doesn’t support the idea that applicants with more experience will be better or longer-tenured employees than those with less. Q: How did the studies measure performance? A: It varied, but typically in two ways: either supervisor evaluations — such as annual reviews — or more-objective, quantifiable metrics, such as sales or, in one paper on sewing-machine operators, parts produced. Q: What types of jobs and industries are we talking about here? A: The ones most represented were protective services (police, firefighters) and then sales and customer service jobs. Study participants mainly worked in front-line

positions, though some were managers. None were at the senior executive level. But we captured 15 of the 23 job families listed by the U.S. Labor Department’s Occupational Information Network, so we felt it was a pretty good representation of the U.S. economy. Q: Why on earth wouldn’t people with experience — especially directly relevant experience — outperform those without it? A: My co-authors and I have speculated about that. One possibility is that many measures of experience are pretty basic: the number of jobs you’ve held, tenure at your previous employers, years of total work, whether or not you’ve previously worked in a similar role. Those metrics tell us whether a candidate possesses experience but not about the quality or significance of that experience, which would probably have more bearing on performance. One of the basic premises in our area of research is that past behavior predicts future behavior. But prehire experience isn’t a measure of behavior. The person might have failed or stagnated in previous jobs. So we should take experience into account but maybe do a better job of delving into prehire performance. We also want to know whether candidates have learned from their prior experiences. People aren’t always good at that; they might forget things that have gone wrong or explain them away. And,

last, we need to consider that experience in one organization might not help — and might even hurt — performance in another if they don’t operate the same way or have similar cultures. Q: Don’t interviews and reference checks help employers figure all that out? A: Yes, especially when you ask behavioral questions like “How have you previously handled difficult clients? Tell me about a specific situation, what you did, and what the outcome was.” But not all employers evaluate candidates that way. And it’s possible that applicants who could answer well have already been screened out due to their lack of traditional work experience. Q: What factors beyond experience should we consider? A: Well, another reason employers look for hires with experience is that they think previous jobs have helped those people build up knowledge and skills. They might even think that candidates who have done certain types of work have particularly desirable personality traits. But we’d recommend focusing on the knowledge, skills and traits directly rather than using experience or even education as a proxy. Q: Are there any scenarios in which experience matters? A: We did identify a couple of situations in which it does seem

to have more of a benefit. First, we found a smaller set of studies within our data set that looked at prehire experience and performance on the job after three months, two years and five years. Although the relationship was weak at the two- and five-year marks, it was stronger at three months, so experience appears to have helped some people as they were getting started. Maybe it’s because they were accustomed to employment and organizational life and could hit the ground running. Or perhaps managers gave the employees who came in with experience better ratings at first. But over time employees’ prehire experience became less and less important to performing their current job. Second, again in a smaller number of studies, we saw measures of experience more at the task level. So, for example, instead of asking pilots or truck drivers how many years they’d worked in those jobs, employers would ask how many hours they’d logged flying or driving. Those metrics were better predictors of future performance. Q: Is it realistic to think that human resources departments and hiring managers will stop screening for experience? A: You can understand why so many organizations do it: Experience is easy to assess. Have you worked in sales for three years? Have you managed people before? It’s either a yes or a no. Past perfor-

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

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mance and existing knowledge and skills are more difficult to figure out, especially if all you have is an application or a résumé. But today, when everyone is complaining about the skills shortage and the war for talent, companies can’t afford to knock out candidates who would do really well but don’t have the experience that someone has chosen to put in the job description. You want to expand the pool of people you’re considering. Q: Are there any other simple screens we could use instead? A: Probably, but they would vary by organization and job. The key thing is evidence of correlation with job performance. Let’s say there’s a role you need to fill in the sales department and you see over time that people who majored in marketing tend to stay longer and get better customer reviews than those who studied other subjects. That could be a viable screen. For another job it could be having some certification; the data might show that employees who have it outperform their peers, so you look for it when hiring. Companies could consider using other screening tools, too, like jobrelevant tests. The problem is that most organizations don’t take those steps. They use data to make decisions about products, marketing and finance, but they don’t use it to make decisions about people — at least not effectively. Q: Does experience within an organization matter? A: We didn’t look at posthire experience, but other research suggests that there is a link between how long someone has been in the job or working at a company and how well they perform. It’s not a superstrong relationship, but it’s something companies might consider when deciding on promotions and transfers. Is experience more important for managers? That’s something we’re looking at now. If, say, a sales rep wants to be a sales manager, how much does his or her experience in that lower-level job predict success in the more senior one? Q: I’ve been a senior editor at HBR for nine years and a professional journalist for two decades. Do you think I’ll do a good job on this piece? A: I have no idea.

• Alison Beard is a senior editor at Harvard Business Review.

Friday 13 September 2019

BUSINESS DAY

ENTERTAINMENT

Femi Odugbemi: Using documentary movies to change African narratives OBINNA EMELIKE

hile the Nigerian film industry is constantly pushing the envelope, there are a few stakeholders who are on their toes to ensure improvements on the quality of production, storyline, technical areas, cast among other aspects of the film business. Femi Odugbemi, ace filmmaker, copywriter, director, and producer, is one of such truly concerned stakeholders. He has displayed his ingenuity in the television space where he was a founding producer of Tinsel, one of the longest running TV series in Africa and ‘Battleground’, one of the most watched TV series on Africa Magic channel, attracting millions of viewers to its compelling narrative of love, betrayal and revenge. But Odugbemi seems to express his creative ingenuity most through documentaries. While studying Film and Television Production at Montana State University in the United States of America in the early 80s, he discovered that there was a prevailing derogatory depiction of Africa and its culture in the US press, films, and media. Then, he became determined to counter the ugly development, and when he returned home, he resolved to produce documentaries that would change the narratives. Since then, he has written, directed and produced awardwinning documentaries all focused on changing the negative perception of Africa across the world. Odugbemi established his pedigree as a documentarist of international repute with documentary titles like ‘Bariga Boy’, the AMAA-Best Documentary film and many others. The general focus of his documentary work has been to preserve African culture, as well as, use film as an advocacy tool to bring to fore burning issues in the society, as a way of keeping the leaders in check. His most celebrated documentary is the award-winning ‘Makoko’, a story on poor primary school education in Makoko, a slum nestled in the Yaba area of Lagos. Makoko brought to light the impoverished state of the community, which attracted well meaning Nigerians to come to the aid of the residents. Oui Voodoo, a short documentary, highlights Odugbemi’s enduring interest in a wide range of African cultures and communities. In the documentary,

Femi Odugbemi

a non-spiritual Beninese man is told he must appease the gods of his ancestors, embodying the spiritual dilemma faced by many Africans. In ‘Gidi Blues’, his most recent feature; a buoyant romantic comedy set against the diverse metropolis of Lagos, he deftly weaves class difference into the film, fulfilling his mission to entertain within a context. What really stands Odugbemi out among his peers is his quest for excellence, and yet not forgetting to pass on the message to his audience; Africa is rising. Speaking on the rationale for his love for documentary, he says, “It is good to show all the glitz and glamour but if the essence of your story is lost, then you have not done a job. We need to find that untold story that reflects our history and the magic of the African culture more, not cloning stories informed only by pecuniary gains. Our stories should not only entertain but also inform and inspire. Filmmaking is a powerful tool, which most of us are yet to fully grasp. Nollywood can and should www.businessday.ng

be the most powerful voice of the black race”. Beyond writing, directing and producing documentaries, Odugbemi also mentors aspiring and young documentary producers across Africa using iREP (International Documentary Film Festival), a veritable platform, which has gathered filmmakers from across the globe to Lagos in the last eight years. iREP has provided training and workshop opportunities free of charge to many emerging filmmakers, especially those focused on the less glamorous documentary film genre. Odugbemi, a cofounder and executive director of iREP, has through the platform convened academics, intellectuals, historians and filmmakers under one umbrella to integrate their artistic vision, with thematic explorations of archiving, post-colonial narratives, cultural renaissance, impact of new media and technology on storytelling and many other salient interdisciplinary approaches to film engagement. iREP’s conceptual theme of “Af-

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rica in self-conversation” drives its mission to use documentary film as a tool to foster socio-cultural education and encourage participatory democracy in Nigeria and other African societies, he explains. Again, Odugbemi, who is also the West Africa director, MultiChoice Talent Factory Academy, a digital hub conceived as the premier destination for connecting Africa’s creative industries, is already latching onto the portal to discover, groom and connect creative minds across Africa for more productive engagement and business. According to him, African creatives and filmmakers are fighting instead of collaborating with each other. The fighting for him is because in Africa, most filmmakers are focused on escaping poverty, hence equating someone’s rising with their diminishing, whereas the sky is so big that they can all rise, create and offer the audience value. “So, the Multichoice Talent Factory platform is a place where collaboration offers itself as a @Businessdayng

prime alternative to our individual successes. I also hope that it does something for Africa. It projects us as a people who are able to create our own economy and who are able to see and recognize our own opportunities”, he says. However, the biggest challenge of making documentary movies is lack of funding, as well, Nigeria does not have any coproduction treaty and bank interest rates are not favourable to movie entrepreneurs. Odugbemi suggests that documentary filmmakers should collaborate to raise funds. “Filmmaker to filmmaker collaborations do not need an Act of Parliament. If you are in Rwanda and I am in Nigeria, we like same story and decide to work together, nothing stops us”, he says. He also suggests that filmmakers should engage in more commercial oriented activities such as TV commercials to raise money to fund their documentaries, take advantage of platforms such as MultiChoice Talent Factory Academy, movie residences, among others.

Friday 13 September 2019

BUSINESS ETIQUETTE

JANET ADETU

Do you prefer to text or task? here are many times I receive text messages either through WhatsApp or SMS, a simple convenient means of communicating. When the message is clear, concise and direct communicating by text is effective, efficient, fast and impactful. My challenge is when messages sent are so long and still expect to be responded to. At this point the chances of completely reading that text are marred. Time is of essence, there is a dear need to be respectful of other peoples time meaning get down to the real context of your message at all times. It is not all communications by text that are conversational, a lot we see today are simply chain messages re-forwarded. Unfortunately it can become quite annoying when messages on a group chat are not read, spontaneously the same message repeats two or three more times. A text message conversation can be short or drag unnecessarily, some people just have a knack for wanting to be the last to communicate. Personally I do not mind corresponding to text messages that have a question included once it is a genuine request or call to action. I will normally respond by text then leave the conversation appropri-

BUSINESS DAY

ENTERTAINMENT Communicating by text or textchat ately. It becomes more complicated when the conversation continues with more questions also expecting responses. Depending on what I am doing at the time, I find it easier to pick the phone and talk to complete the conversation once and for all. I guess if you are fast at typing this is not a challenge or you may have mastered the keyboard on your phone. I also found out that some have a technique for typing the easy way out by settling for the abbreviated texting style otherwise known as the short hand version. Well the first thing that concerns me hear is who are you texting to. Is the communication for business or social? Discovery: What are you communicating? How are you saying it? I also discovered that what you say verbally is understood quite differently from what you say in writing. I remember an incidence that happened in one of the groups I belong to while deliberating on a project. An initial verbal conversation had ensued, we decided to continue using text messaging through the WhatsApp Chat channel. A question was asked and requested immediate response from all group members. Surprisingly a couple of members who were absent for the initial discussions responded negatively to the request. It was later discovered that the message was misunderstood, read entirely wrong leaving negative vibes. It took a follow up verbal conversation to identify the problem and resolve it. This set the motion for my emphasis on how to communicate by texting. It is one thing to send a message, it is another to ensure that the

message is received correctly. Texting is a savvy skill that also should be learnt and not taken for granted. Texting Protocol Needed to be Addressed: Identify Your Audience Texting to an extent has been accepted in the business world but with caution. I still maintain that all business communication must remain formal regardless of the rank or level. I would rather an email communication that has a paper trail be used more often. Be careful how you use text messaging with clients and or colleagues so that you do not dilute its importance. Text messaging in business can be used for quick brief urgent messaging not ideal for a conversation. Speaking to your boss through texting also requires appropriate choice of words. Texting to a group is best used as a call to action. Technology has clearly taken over speed and accuracy is of importance but not at the detriment of your corporate brand,

‘

You need to make that extra effort to stay connected and respond when convenient without dragging for too long

Note Your Tone of Language Unlike one on one conversations where you can express yourself with actions, emotions and feelings your text message language will speak for itself. Your tone of language will be seen in your choice of words that may should come across unbiased, polite and clear. Regardless of who you are talking to there is only so much your text can communicate. What are you saying and how you saying it? If written does not do the job resolve to speak on phone or face to face.

rolling on the floor laughing out loud (RLOL). Does any of this mean anything to you in the context with which you are writing? Many have fallen into the text craze of writing little, spelling little and saying little. It may be faster and to an extent get the job done but there is a perception that all who read it understand it. Once again do not get hooked onto the so called millennial trend as it may have consequences. It becomes a habit and may just be applied where least expected. Many young graduates have been marked down for usage of the abbreviated texting in business as this is a sabotage of personal and business image without knowing it. Respond Now or Later Etiquette is slightly breached when your response time to text messages is heavily delayed from two days and over. It calls for staying in tune on all your channels of communication. You need to make that extra effort to stay connected and respond when convenient without dragging for too long. It is worse when all indications point to the fact that the message has been read yet still no response. This can be easily considered as rude especially if deliberate. Try to respond with an apology if need be you will regain your trust. Emoji’s & Smileys Smileys and Emoji’s are great add ons but keep it only to social communications by text. Share your experience with me, follow me on social media @Janet Adetu Janet.adetu@jsketiquetteconsortium. com Janet.adetu@gmail.com

Is it Short or Long Hand L.O.L: Laugh out loud, lots of love,

‘The Wives’ thrills audience at premiere Infinix Mobility hosts Davido, afro pop superstar

T ‘

he Wives’, a stage play produced and directed by Kemi ‘Lala’ Akindoju, opened on September 5, 2019 at the Agip Hall, Muson Centre, Lagos. The comedy, which was written by Professor Ahmed Yerima, tells the story of four women who have to deal with consequences of lies by their billionaire benefactor, including an uncomfortable family secret that emerges after his death. Produced by The Make It Happen Productions in partnership with YNaija, the play features phenomenal actors such as Kate Henshaw, Shaffy Bello, Binta Ayo Mogaji, Kemi ‘Lala’ Akindoju, Jide Kosoko and Toyin Oshinnaike. “The Wives remains an incredible stage play, and we cannot wait to have everyone join us tomorrow. Asides exploring comedy, the play highlights various family issues

in the country, which can be very interesting. We have all put in efforts in the past few months to make this a reality, and the play promises to be intriguing and amazing,” Akindoju said. Akindoju, the producer and director of the movie, is an award winning Nigerian actress and producer. She won the Africa Magic ‘Trailblazer award’ for her role in the film adaptation of Dazzling Mirage in 2016, ‘Actor of the year’ in 2010 at The Future Awards and also ‘Most Promising Actor’ at the 11th Africa Movie Academy Awards. She is also known for brilliant plays such as ’The V Monologues’ and her critically acclaimed one-woman show ‘Naked’. She also has credits as associate producer on Ndani TV’s ‘Gidi Up’, co-producer on Akin Omotoso’s ‘The Ghost and the House of Truth’ and Ishaya Bako’s new film, ‘4th Republic’.

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embers of staff at Infinix Nigeria witnessed a brightly colored ambience as Infinix Mobility, Africa’s premium smartphone brand hosted afropop superstar Davido on September 4, 2019 at their Lagos office. The visit was centered on discussions about how the partnership can further empower more Nigerians – Davido being a highly influential personality in the music industry and Infinix mobility being a trend-setting smartphone brand, maintaining an undisputable profile for empowering its youthful and tech-savvy target audience. The cohesive partnership has since inception, served to inspire and empower young adults within their scope of influence, both locally and globally. A typical example of an initiative from both entities geared towards empowering youths and supporting creativity among young adults is the recently concluded #Infinixblowmymindchallenge that rewarded winners with a cash prize of N500,000 and other amazing branded gifts. It would be recalled that Infinix mobility unveiled Davido as its brand ambassador on May 8, 2018, an event, which was a remarkable feat for both parties as Davido signed the contract. As well, customers of the brands and fans of Davido were excited about the new partnership and convinced of the greatness that the power-combination would birth. The Afro-pop star and brand ambassador after the visit took time to take pic-

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tures and converse with members of staff before leaving the premises. Asides from the courtesy visit being pleasant, it is also perceived to hold great promises as conversations struck between the brand and its ambassador, and as a result, series of great events are most likely to unfold in the nearest future.

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Friday 13 September 2019

BUSINESS DAY

Hotels

The ‘signature’ offering

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

OBINNA EMELIKE

ince the opening of the 171-room luxury hotel, Eko Signature Hotel has become the address for deserving guests who will stop at nothing to get the best of pamper and personalised treats. The hotel is truly a signature of fineness, class and luxury. From the entrance, the elegant sophistication that lies in simple details is evident. While in the lobby and later to the rooms, the smile, sound, scent, service and scenery greet you. The magnificent Atlantic Ocean view, Victoria Island city view and the Eko Atlantic City are not negotiable from the comfort of your rooms. Yet the vibrant colours of the furnishing, parquet floorings and finest European linens, the bathtubs by Pascal Morabito, among others tell more of the signature offering. Each room has an elegant yet modern setting, with a contemporary European touch. It is tastefully designed and furnished with professional executives and guests in mind. At the opening few years ago, Eko Hotel Limited, owners of Eko Signature, insisted that beyond the bold con-

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

temporary style, Eko Signature is a five-star offering with every detail designed and created to relax and indulge guests’ senses. Besides the 171 exquisite rooms that come in Club Suites, Premium Suites, Signature Suites and one Presidential Suite, other offerings in the hotel include fine dining at the Italian Restaurant, exquisite bar and lounge for the discerning connoisseur of fine wines and spirits, room service spa, butler service on request, six meeting rooms and one boardroom with state-of-the-art presentation technology for conference and banqueting. Going by what is on ground, the hotel is signature

of perfection and unhindered luxury; hence guests testify to the friendly calm of unpretentious luxury. The suites embody elegance that expresses the art of simple luxury, one whose soft warm embrace cannot wait to relax you. The best thing about the new offering is the lasting memories it helps to create. As unique as the Eko Signature is, the management has trained staff well enough with the skills to deliver best of hospitality services that will meet the sophistications of the high-end guests it targets. However, with the ushering of the additional 171 rooms, the number of rooms

available at the premises of Eko Hotels Limited sums up to 825, a number the management says gives the hotel a controlling share of hotel business on Lagos Island. Besides closing the gap in quality accommodation offerings for global visitors, corporates and locals alike, another good thing about the hotel is that it is a huge investment that is aiding job creation, infrastructure development, enhancement of the environment, and development of skilled professionals. Of course, the hotel means more revenue to the Lagos State government through the payment of Consumption Tax and other levies.

Be cautious of hotel room safety

ccess to your 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 some 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 when you travel: 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 (for instance, your credit

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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 situations where there may be no chain lock and no peephole, you should carry a good quality traveler’s door lock, a 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. Overseas, where a 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 to an intruder. When you are not in your room, you may want passersby to believe that it is occupied. If possible, find out the hours for maid service, so that you may place the ‘Do Not Disturb’ sign on your door and leave the TV or radio on at an audible level. At out-ofthe-way foreign destinations, this may be difficult because room cleanings may not be at appointed hours, and maids may have instructions to take down ‘Do Not Disturb’ signs in your absence. Most security specialists advise you to keep your room key with you at all times in and out of the hotel so that no one (including hotel staff ) can see by checking the front desk that you are not in your room.

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Hawthorn Suites by Wyndham Abuja 1 Uke St, Garki, Abuja. Tel: +234 9 4603900, +234 805 7522500

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

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

206 Exclusive Hotel Plot 206 Oladipo Diya Road Opposite Olympia Estate By Games Village Second Gate Durumi2 Abuja

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

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

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

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

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Friday 13 September 2019

BUSINESS DAY

Sports Man City assemble first billion-euro squad in football history Anthony Nlebem

ep Guardiola’s tutored Manchester City side have become the first club in the history of football to invest over €1,014 billion on the transfers of players that make up its current squad, according to research carried by CIES Football Observatory. Manchester City won the domestic treble last season, broke its transfer record earlier this year spending €168 million in the summer, which included a club-record €70 million fee for Rodri and €65 million on Joao Cancelo. Second on the list are Paris SaintGermain, who spent €104 million.

Their biggest arrivals in the transfer window were Abdou Diallo and Idrissa Gueye, at a cost of €32 million and €30 million, respectively. Real Madrid are third on the list after a squad overhaul that included the arrivals of Eden Hazard, Luka Jovic, Ferland Mendy, Eder Militao and Rodrygo, with their spending totalling €308 million. The Premier League champion has spent 32 times more than Norwich City on its squad of players. Man City, which is owned by Sheikh Mansour bin Zayed al-Nahyan’s investment company Abu Dhabi United Group, was also found to be the biggest spender on player transfers in the past decade. City has spent €1,368 billion on transfers, with Barcelona just behind

on €1,525 billion. Chelsea, PSG, Juventus, Manchester United, Real Madrid, Atletico Madrid and Liverpool are all recorded to have all spent over €1 billion on transfers over the past 10 years. Man City also had the largest net spend deficit between 2010-2019 (-€1,091billion) , ahead of PSG, Manchester United and Barcelona. English Premier League clubs alone have a total net negative balance of €6.5 billion. French club Lille had the most positive net balance for transfers followed by Monaco, Genoa, Lyon and Udinese. Monaco raked in €1,029 billion from player sales over the past decade which included offloading Kylian Mbappe to PSG for a reported €180 million. Manchester United have the second most expensive English squad (€751m). Top 10 most expensive football squad: Manchester City, €1,014 million PSG, €913 million Real Madrid, €902 million Manchester United, €751 million Juventus, €719 million Barcelona, €697 million Liverpool, €639 million Chelsea, €561 million Atletico Madrid, €550 million Arsenal, €498 million

Bluckbuster weekend as Premier League, LaLiga Serie A games resume Anthony Nlebem

ootball fans will need to gear up for a thrilling weekend of an unbeatble football actions from the English Premier League, Spanish La Liga and Italian Serie A. This weekend’s Premier League action opens at Anfield, the home of log leaders Liverpool, as they welcome Newcastle United for an early afternoon kick-off on Saturday. The meeting of the Reds and the Magpies is one of the great fixtures of the English top flight in the past 25 years. Both teams played out a 3-2 thriller in their last meeting in May – with Divock Origi scoring a late winner for Jurgen Klopp’s men at St. James Park as they kept up their bid for the title – while their most famous clashes were a pair of 4-3 thrillers (both at Anfield) back in 1996 and 1997. The resumption of La Liga after the international break starts on Friday night with a clash between Mallorca and Athletic Bilbao. The latter have enjoyed a wonderful start to the campaign – capped by a 2-0 home win over Real Sociedad in the Basque derby at the end of last month – and they will be determined to maintain their momentum with a strong result at the Iberostar Stadium. Real Madrid will be at home to Levante in the early afternoon kick-off.

Patience for manager Zinedine Zidane is wearing thin and Los Blanocs need a convincing win at Estadio Santiago Bernabeu to keep the critics at bay. The next round of Serie A opens with a potential thriller on Saturday afternoon, as champions Juventus head to the Stadio Artemio Franchi to take on Fiorentina. Given that Juve’s last match was an incredible 4-3 win over Napoli, and the Florence team’s two games have produced 10 goals, this clash between the Viola and Bianconeri could one to savour for viewers. Napoli, who are no doubt still hurting from that heartbreaking defeat to Juve at the end of last month, must get back on track when they host Sampdoria at Stadio San Paolo on Saturday evening. Samp are rock bottom of the standings after defeats to Lazio and Sassuolo, but the Neapolitans are unlikely to have any mercy.

COGP promotes bonding and healthy living through sports Anthony Nlebem

n a bid to encourage Christian youths to be engaged in sports, promote Christianity, showcase hiding talents and also propagate the gospel, the youth ministry of Church Of God of Prophesy recently held is annual ‘JEANS’, a sporting event aimed at equipping youths on sporting activities. The event saw over forty participants compete for honors in Table

Tennis, Chess, Ludo, Video Game, Worth and Scramble. Speaking on the motive behind the event, James Ernest kolawole, presiding bishop, Church of God of prophesy, Nigeria and Ghana noted that the essence of the program is to educate the youths on better ways to live through sports and preach Christ to them. “To teach the youths now, one has to find a better way and one of the best ways is through sports and it will help them and at the same time bring them

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together and after which we minister Christ to them. He added that the church have plans to increase the number of sports in subsequent editions. In the able tennis, Omotayo Lawal retained his trophy and took home N50, 000 prize money for winning the trophy. “My aim to defend the champion, I have been playing table tennis from my secondary school days where I represented my school in Nasarawa state.” In the other games, Okarie Prosper came first in Whot, Erica J Ukolono won in Ludo, Oreoluwa Olasunkami emerged winner in Skipping and Orji Precious in Scramble. There were money rewards for the winners in all the six games competed for. In his remarks, Praise Owonibi, the resident pastor of Church of God of Prophesy freedom gate tabernacle revealed that in the sprit of love members from other churches were invited to participate in the games. “Preaching of the gospel has now taken a different form, we have Mountain of Fire, RCCG and we also empowering those who are talented in one way or the other. ” “We give room to every other person and the world is still also being preached, the church is not a place people run away from, we accommodate, ”he added.

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Ronaldo earns 3 times more than any Serie A player Anthony Nlebem

uventus forward Cristiano Ronaldo earns nearly three times more than any other player in Serie A as he retains his position as Italian football’s top earner. But there were some new faces in the top three while Ronaldo’s club Juventus were prominent in the figures. Romelu Lukaku and Matthijs De Ligt make up the top three, according to Gazette dello Sport. The figures reveal that Ronaldo takes home £28m (€31m) a year while his team-mate De Ligt is second, earning £7.2m (€8m) plus an extra €4m in bonuses. Inter Milan’s summer signing Lukaku follows the former Ajax star, receiving £6.7m (€7.5m) per annum. Gonzalo Higuain has fallen down to fourth from second while another Juve star Paulo Dybala has come fifth. Juventus claim the next five players in the list, with new arrivals Adrien Rabiot and Aaron Ramsey featuring. It means that Lukaku is the only non-Juve star to feature in the top ten earners in Serie A. The Old Lady are the dominant @Businessdayng

force of Italy in recent years and are gunning for a ninth consecutive title. The likes of Inter and AC Milan have bolstered their ranks in a bid to challenge while Napoli have been closest to toppling the monopoly. As well as Lukaku, Inter have also forked out for Alexis Sanchez - who joins from Manchester United as well. Theo Hernandez, Ante Rebic and Rafael Leao have all joined AC Milan are some of the prominent arrivals for Marco Giampaolo - who replaced Gennaro Gattuso in the summer. Despite Ronaldo’s high wages, former Inter Milan star Andy van der Meyde reckons Lukaku will outscore the ex-Real Madrid star. “We have met one another and talk very often,” he said. “Lukaku is a big fan of Italian football and I think he is made for this league. “He is strong and can score many goals. His strength will put every Italian defence in trouble. “He has always shown that he can score goals wherever he has played. In my opinion he will score more goals than Cristiano Ronaldo will this year.”

Friday 13 September 2019

BUSINESS DAY

cityfile Igbo community to seek release of imprisoned compatriots

Ojediran Fatiah Kanyinsola (Phatiah), a young artiste giving back to the society by donating food items to the disable on her birthday in Lagos.

We’ll tackle incessant road failures with technology- Lagos official JOSHUA BASSEY

agos State government says it will be deploying new technology to address incessant failures of newly constructed and rehabilitated roads before their expected lifespan. Collapse of newly constructed roads before their expected lifespan is a major challenge in Lagos. Experts have attributed this to a number of factors, including corruption arising from poor quality of materials used, unprofessionalism on the part of contractors, pressure from

heavy-duty vehicles, inadequate drainage system, water and poor finishing. But the special adviser to the state governor on works and infrastructure, Aramide Adeyoye says the current administration is poised to address to this menace scientifically. Adeyoye spoke at a stakeholders meeting to brainstorm on ways of reducing wastage of resources occasioned by having to rework projects already completed. According to him, such practice is impacting negatively on the purse of the state government and must therefore be addressed.

She agreed that the road failures are largely the effect of materials which fell short of standard thereby resulting in speedy disintegration. The quality of materials especially those procured from third parties can only be determined through laboratory test and calibration. Adeyoye stated that going forward; standard Operating Procedure (SOP) will be spelt out in all construction projects in the state whether undertaken by an agency of government like the Lagos State Public Works Corporation (LSPWC) or contractors.

The standard operating procedure, she noted, would ensure that necessary test and calibration of materials to be deployed at every stage of construction such as soil-cement, concrete mixtures, interlocking pavement blocks and asphalt were conducted in world class laboratories and properly signed off as having satisfied the international best practices bench mark. “We want to go out and fix failed roads but we must ensure that we get it right, so that funds hitherto channeled at reworking roads can be deployed to other projects,” she said.

‘Yahoo boys’ arrested in Ibadan for scamming foreign nationals REMI FEYISIPO, Ibadan

he Ibadan zonal office of the Economic and Financial Crimes Commission, (EFCC) has arrested two suspected internet fraudsters who specialise in stealing people’s identities online to defraud foreign nationals. The suspects, 31-yearold Akeju Crown Babatunde, and Agbanah Toba, 35, were arrested at different locations in Ibadan following intelligence gathered on their alleged involvement in internet frauds. After diligent examination of data and documents retrieved from them, the

EFCC said it has establish enough ground to prosecute the suspects for acts contrary to the provisions of Cybercrime (Prohibition, Prevention, Etc) Act, 2015, and they would be accordingly charged to court soon. Akeju, for instance, was found of mining information from online sites, and was in possession of personal information and addresses of several Americans who have fallen victim to his fraudulent acts at different times. The suspect usually operated with two email accounts – one personal and one other supposedly official – to penetrate his victims and dispossess them of their hard-earned money. www.businessday.ng

EFCC’s investigations also established Akeju’s deployment of fake identity to engage foreigners in romantic affairs with the intention to defraud them. Findings, according to the ant-graft agency, revealed various lodgments from his foreign victims into his Nigerian bank accounts. Agbanah’s case is not too different. He had admitted in his confessional statement with the commission to be falsely representing himself as one Chris Dan, a 40-year-old Briton, working with the United Nations. He confessed to have used the white man’s picture to lure his victims into romantic relationships and thereafter solicit for money from them

allegedly to enable him to pay for his flight ticket to pay them scheduled visits. After much familiarisation, he would then device other tricks to swindle them the more. The two suspects are still helping the EFCC with relevant information for further investigations into activities of their other partners. At the point of his arrest, the EFCC recovered one iPhone and one Toyota Venza from Akeju, while Agbanah was in possession of one Toyota Venza, one Toyota Camry, two Macbook, one Apple ipad, one iPhone Xmax, one iPhone 5, one Infinix phone, two hard drives, and one HP printer.

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resident of the Igb o-sp eaking community in Lagos, Sunday Ude, says he will collaborate with relevant agencies to secure the release of Igbo people languishing in Lagos prisons for various offences. Speaking after being declared winner of an election to oversee the affairs of Igbos in Ikeja on Wednesday, Ude said he was aware that many Igbos are languishing in Lagos prisons for sundry offences. He said that he would also focus on improving the welfare of Igbo people in Lagos, including providing health care services at monthly meeting of Igbo community associations. The president, elected

for a four-year tenure, said that he would also work to unite Igbos in every local government area in the state. Ude, who was swornin by Vitalis Chukwueke, the legal adviser of the body, scored 112 votes to defeat Chief Patrick Mba, who scored 54 votes and Sunday Eze, who garnered 28 votes. No fewer than 200 delegates from 20 local government areas in the state participated in the election. The secretary of the body, Chuks Odimegwu, said that the new executive would attend to the needs of Igbos resident in Lagos. Other elected members are Eche Nwaude, Deputy President, Odimegwu as secretary and Kate Igbokwe, women leader. NAN

‘We’re lighting up Oyo to fight crime’ REMI FEYISIPO, Ibadan

overnor Seyi Makinde says his administration is lighting Oyo State in order to reduce crime level and encourage night life. The governor recently flagged off the light up Ibadan project, deploying smart LED street lighting technology. He said that the project would improve the security of lives and position the state for socio-

economic drive. Ac c o rd i n g t o Ma kinde, the project will light up the Challenge interchange near the old Ibadan tollgate on the Lagos- Ibadan Expressway. “The benefits accruable from the provision of standard and adequate infrastructure, particularly smart street lights, cannot be overemphasised. It is indeed an essential component of our face-lifting and industrialisation programme,” Makinde said.

Eko Disco donates overall kits to LAWMA

ko Electricity Distribut i o n C o mp a ny (EKEDC) has donate d hundre ds of ov e ra l l k i t s t o L a g o s St ate Wa ste Ma nag e ment Agency (LAWMA) at their Ijora-Olopa office. The donation is part of the electricity distribution company’s corporate social responsibility activities. A d e o y e Fa d e y i b i , managing director/CEO of the company, represented by Aik Alenkhe, human resources officer, handed over the kits to Mu y i w a G b a d e g e s i n , managing director of LAWMA, on Wednesday. Fa d e y i b i s a i d t h e @Businessdayng

Disco was dedicated to corporate social responsibility initiatives because they align with the vision and values of the company. According to him, the host community must always benefit and feel the presence of the company. He restated the company’s commitment to the safety of lives and p ro p e r t i e s w i t h i n i t s operational network and encourage all to be safety conscious as it is ver y important to the company. Gbadegesin commended the distribution company for donating the kits to LAWMA and prioritising safety of its staff.

Friday 13 September 2019

BUSINESS DAY

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PRICES FOR MAIN BOARD SECURITIES (Equities) BANKING ACCESS BANK PLC. 250,593.84 7.05 0.71 289 17,006,443 UNITED BANK FOR AFRICA PLC 215,456.35 6.30 1.61 155 6,537,108 ZENITH BANK PLC 587,114.43 18.70 2.47 252 5,627,803 696 29,171,354 OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC 184,860.76 5.15 3.00 305 9,959,233 305 9,959,233 1,001 39,130,587 TELECOMMUNICATIONS SERVICES MTN NIGERIA COMMUNICATIONS PLC 2,819,100.06 138.50 - 44 381,407 44 381,407 44 381,407 BUILDING MATERIALS DANGOTE CEMENT PLC 2,641,278.65 155.00 - 74 85,199 LAFARGE AFRICA PLC. 239,200.76 14.85 3.13 36 1,391,690 110 1,476,889 110 1,476,889 EXPLORATION AND PRODUCTION SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC 264,800.05 450.00 - 19 7,031 19 7,031 19 7,031 1,174 40,995,914 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 13,074.52 4.90 - 1 3,000 1 3,000 1 3,000 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 1 3,000 CROP PRODUCTION FTN COCOA PROCESSORS PLC 440.00 0.20 - 0 0 OKOMU OIL PALM PLC. 42,115.13 44.15 - 24 19,002 PRESCO PLC 44,800.00 44.80 - 1 5 25 19,007 FISHING/HUNTING/TRAPPING ELLAH LAKES PLC. 8,520.00 4.26 - 0 0 0 0 LIVESTOCK/ANIMAL SPECIALTIES LIVESTOCK FEEDS PLC. 1,080.00 0.36 - 3 95,950 3 95,950 28 114,957 DIVERSIFIED INDUSTRIES A.G. LEVENTIS NIGERIA PLC. 688.30 0.26 - 2 2,020 JOHN HOLT PLC. 237.38 0.61 - 3 32,700 S C O A NIG. PLC. 1,903.99 2.93 - 0 0 TRANSNATIONAL CORPORATION OF NIGERIA PLC 41,460.95 1.02 0.99 52 14,683,654 U A C N PLC. 17,864.04 6.20 2.48 81 1,215,863 138 15,934,237 138 15,934,237 BUILDING CONSTRUCTION ARBICO PLC. 711.32 4.79 - 0 0 0 0 INFRASTRUCTURE/HEAVY CONSTRUCTION JULIUS BERGER NIG. PLC. 24,486.00 18.55 - 9 4,529 ROADS NIG PLC. 165.00 6.60 - 0 0 9 4,529 REAL ESTATE DEVELOPMENT UACN PROPERTY DEVELOPMENT COMPANY PLC 3,559.80 1.37 9.60 58 1,297,683 58 1,297,683 67 1,302,212 AUTOMOBILES/AUTO PARTS DN TYRE & RUBBER PLC 954.53 0.20 - 0 0 0 0 BEVERAGES--BREWERS/DISTILLERS CHAMPION BREW. PLC. 10,804.71 1.38 - 1 106 GOLDEN GUINEA BREW. PLC. 242.22 0.89 - 0 0 GUINNESS NIG PLC 81,044.16 37.00 - 16 24,485 INTERNATIONAL BREWERIES PLC. 103,150.34 12.00 - 6 15,815 NIGERIAN BREW. PLC. 405,842.78 50.75 - 40 319,802 63 360,208 FOOD PRODUCTS DANGOTE FLOUR MILLS PLC 110,000.00 22.00 -0.45 57 554,569 DANGOTE SUGAR REFINERY PLC 111,600.00 9.30 9.41 93 1,207,931 FLOUR MILLS NIG. PLC. 54,125.01 13.20 -0.38 48 1,111,273 HONEYWELL FLOUR MILL PLC 7,692.29 0.97 - 18 337,476 MULTI-TREX INTEGRATED FOODS PLC 1,340.10 0.36 - 0 0 N NIG. FLOUR MILLS PLC. 766.26 4.30 - 2 1,300 NASCON ALLIED INDUSTRIES PLC 33,647.87 12.70 -2.31 29 146,778 UNION DICON SALT PLC. 3,321.07 12.15 - 1 10 248 3,359,337 FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. 18,594.20 9.90 - 20 160,847 NESTLE NIGERIA PLC. 951,187.50 1,200.00 7.14 52 23,732 72 184,579 HOUSEHOLD DURABLES NIGERIAN ENAMELWARE PLC. 1,680.31 22.10 - 0 0 VITAFOAM NIG PLC. 5,366.12 4.29 - 7 117,389 7 117,389 PERSONAL/HOUSEHOLD PRODUCTS P Z CUSSONS NIGERIA PLC. 23,425.81 5.90 - 19 44,498 UNILEVER NIGERIA PLC. 168,328.66 29.30 - 11 43,713 30 88,211 420 4,109,724 BANKING ECOBANK TRANSNATIONAL INCORPORATED 133,951.72 7.30 - 14 13,820 FIDELITY BANK PLC 48,387.91 1.67 6.37 50 1,829,900 GUARANTY TRUST BANK PLC. 809,357.43 27.50 2.23 133 7,287,934 JAIZ BANK PLC 11,196.41 0.38 -5.00 19 1,530,893 STERLING BANK PLC. 67,657.48 2.35 -4.26 89 6,369,305 UNION BANK NIG.PLC. 203,845.27 7.00 - 13 10,055,295 UNITY BANK PLC 7,831.86 0.67 -4.29 11 135,266 WEMA BANK PLC. 22,758.93 0.59 -5.08 17 1,545,966 346 28,768,379 INSURANCE CARRIERS, BROKERS AND SERVICES AFRICAN ALLIANCE INSURANCE PLC 4,117.00 0.20 - 0 0 AIICO INSURANCE PLC. 4,643.24 0.67 9.84 39 2,398,139 AXAMANSARD INSURANCE PLC 18,375.00 1.75 - 6 14,090 CONSOLIDATED HALLMARK INSURANCE PLC 2,439.00 0.30 - 0 0 CONTINENTAL REINSURANCE PLC 15,559.12 1.50 - 7 159,714 CORNERSTONE INSURANCE PLC 4,418.85 0.30 7.14 6 310,405 GOLDLINK INSURANCE PLC 909.99 0.20 - 0 0 GUINEA INSURANCE PLC. 1,228.00 0.20 - 0 0 INTERNATIONAL ENERGY INSURANCE PLC 487.95 0.38 - 0 0 LASACO ASSURANCE PLC. 2,050.56 0.28 -3.45 8 1,240,600 LAW UNION AND ROCK INS. PLC. 1,675.57 0.39 - 0 0 LINKAGE ASSURANCE PLC 4,000.00 0.50 2.04 3 110,000 MUTUAL BENEFITS ASSURANCE PLC. 2,234.55 0.20 - 15 5,255,737 NEM INSURANCE PLC 9,399.30 1.78 - 22 445,550 NIGER INSURANCE PLC 1,547.90 0.20 - 0 0 PRESTIGE ASSURANCE PLC 2,637.45 0.49 - 0 0 REGENCY ASSURANCE PLC 1,333.75 0.20 - 0 0 SOVEREIGN TRUST INSURANCE PLC 1,668.16 0.20 - 1 50 STACO INSURANCE PLC 4,483.72 0.48 - 0 0 2,582.21 0.20 - 0 0 STANDARD ALLIANCE INSURANCE PLC. SUNU ASSURANCES NIGERIA PLC. 2,800.00 0.20 - 1 50 UNIC DIVERSIFIED HOLDINGS PLC. 516.46 0.20 - 0 0 UNIVERSAL INSURANCE PLC 3,200.00 0.20 - 1 10,100 VERITAS KAPITAL ASSURANCE PLC 2,773.33 0.20 - 1 1,000 WAPIC INSURANCE PLC 5,219.27 0.39 - 36 1,238,617 146 11,184,052

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MICRO-FINANCE BANKS NPF MICROFINANCE BANK PLC 2,538.17 1.11 -4.31 7 1,349,000 7 1,349,000 MORTGAGE CARRIERS, BROKERS AND SERVICES ABBEY MORTGAGE BANK PLC 4,158.00 0.99 - 2 2,010 7,370.87 0.50 - 0 0 ASO SAVINGS AND LOANS PLC INFINITY TRUST MORTGAGE BANK PLC 5,796.93 1.39 - 0 0 2,265.95 0.20 - 0 0 RESORT SAVINGS & LOANS PLC UNION HOMES SAVINGS AND LOANS PLC. 2,949.22 3.02 - 0 0 2 2,010 OTHER FINANCIAL INSTITUTIONS AFRICA PRUDENTIAL PLC 8,000.00 4.00 3.09 31 1,179,606 37,055.74 6.30 - 5 35,559 CUSTODIAN INVESTMENT PLC DEAP CAPITAL MANAGEMENT & TRUST PLC 660.00 0.44 - 0 0 FCMB GROUP PLC. 33,268.55 1.68 2.44 53 3,345,343 1,029.07 0.20 - 3 3,176 ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC 374,425.91 35.75 - 15 4,807 12,420.00 2.07 0.98 54 2,366,961 UNITED CAPITAL PLC 161 6,935,452 662 48,238,893 HEALTHCARE PROVIDERS EKOCORP PLC. 1,680.29 3.37 - 0 0 888.28 0.25 - 0 0 UNION DIAGNOSTIC & CLINICAL SERVICES PLC 0 0 MEDICAL SUPPLIES MORISON INDUSTRIES PLC. 494.58 0.50 - 1 3,750 1 3,750 PHARMACEUTICALS EVANS MEDICAL PLC. 366.17 0.50 - 0 0 FIDSON HEALTHCARE PLC 9,388.62 4.50 - 4 6,200 8,550.52 7.15 - 20 167,846 GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. 3,605.74 2.09 - 10 163,000 NEIMETH INTERNATIONAL PHARMACEUTICALS PLC 854.62 0.45 - 10 103,866 NIGERIA-GERMAN CHEMICALS PLC. 556.71 3.62 - 0 0 PHARMA-DEKO PLC. 325.23 1.50 - 0 0 44 440,912 45 444,662 COMPUTER BASED SYSTEMS COURTEVILLE BUSINESS SOLUTIONS PLC 781.44 0.22 - 3 52,000 3 52,000 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. 534.60 4.95 - 2 4,230 TRIPPLE GEE AND COMPANY PLC. 282.12 0.57 - 1 105 3 4,335 PROCESSING SYSTEMS CHAMS PLC 1,220.98 0.26 8.33 12 847,515 E-TRANZACT INTERNATIONAL PLC 9,996.00 2.38 - 2 10,020 14 857,535 TELECOMMUNICATIONS SERVICES AIRTEL AFRICA PLC 1,215,762.01 323.50 - 2 242 2 242 22 914,112 BUILDING MATERIALS BERGER PAINTS PLC 2,173.68 7.50 - 6 30,000 CAP PLC 17,325.00 24.75 - 5 4,508 221,467.99 16.85 2.12 15 165,051 CEMENT CO. OF NORTH.NIG. PLC MEYER PLC. 313.43 0.59 - 0 0 PORTLAND PAINTS & PRODUCTS NIGERIA PLC 1,959.74 2.47 - 1 200 PREMIER PAINTS PLC. 1,156.20 9.40 - 1 20 28 199,779 ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC 2,256.91 2.09 - 0 0 CUTIX PLC. 2,465.85 1.40 - 11 309,401 11 309,401 PACKAGING/CONTAINERS BETA GLASS PLC. 29,873.33 59.75 - 1 2,000 GREIF NIGERIA PLC 388.02 9.10 - 0 0 1 2,000 AGRO-ALLIED & CHEMICALS NOTORE CHEMICAL IND PLC 100,754.14 62.50 - 0 0 0 0 40 511,180 CHEMICALS B.O.C. GASES PLC. 2,547.42 6.12 - 6 125,100 6 125,100 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 - 1 122,500 1 122,500 PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC. 83.60 0.38 - 1 1,518 1 1,518 8 249,118 ENERGY EQUIPMENT AND SERVICES JAPAUL OIL & MARITIME SERVICES PLC 1,252.54 0.20 - 4 75,100 4 75,100 INTEGRATED OIL AND GAS SERVICES OANDO PLC 48,606.82 3.91 - 26 378,058 26 378,058 PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 11 PLC 56,974.05 158.00 - 10 13,434 CONOIL PLC 11,658.40 16.80 - 4 3,000 ETERNA PLC. 3,521.19 2.70 - 8 83,018 FORTE OIL PLC. 19,993.08 15.35 9.64 36 217,152 MRS OIL NIGERIA PLC. 5,729.98 18.80 - 2 293 TOTAL NIGERIA PLC. 33,952.18 100.00 - 44 94,094 104 410,991 134 864,149 ADVERTISING AFROMEDIA PLC 1,820.01 0.41 - 0 0 0 0 AIRLINES MEDVIEW AIRLINE PLC 17,551.17 1.80 - 0 0 0 0 AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC. 341.14 0.29 - 0 0 0 0 COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC 2,387.46 4.05 - 9 65,500 TRANS-NATIONWIDE EXPRESS PLC. 328.19 0.70 - 0 0 9 65,500 HOSPITALITY TANTALIZERS PLC 642.33 0.20 - 1 105 1 105 HOTELS/LODGING CAPITAL HOTEL PLC 4,723.78 3.05 - 0 0 IKEJA HOTEL PLC 2,432.19 1.17 - 1 10 TOURIST COMPANY OF NIGERIA PLC. 7,862.53 3.50 - 1 50 TRANSCORP HOTELS PLC 41,042.18 5.40 - 0 0 2 60 MEDIA/ENTERTAINMENT DAAR COMMUNICATIONS PLC 4,800.00 0.40 - 0 0 0 0 PRINTING/PUBLISHING ACADEMY PRESS PLC. 211.68 0.35 - 2 5,020 LEARN AFRICA PLC 1,072.32 1.39 - 10 121,708 1,183.82 1.99 - 2 110 STUDIO PRESS (NIG) PLC. UNIVERSITY PRESS PLC. 452.98 1.05 - 24 483,187 38 610,025

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BUSINESS DAY

Friday 13 September 2019

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Friday 13 September 2019

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news Broken, with uncertain outlook, 187 Nigerian... Continued from page 1

board who have been living in South Africa and were now running for their lives started clapping in unison. “Praise the Lord!” one of them screamed to the chorus of “Hallelujah!” Another person raised a chorus, “Glory be to God in the highest…” “Hallelujah!” the rest repeated again. The song went on for three minutes before the in-flight announcement came on. About five of them later went down on their knees, their hands raised high, eyes shut as their lips started muttering prayers of thanksgiving to whichever god they owe allegiance to. There were a few dry eyes too. “Are we in Nigeria now?” A five-year-old boy asked his teenage sister, Ijeoma Nwangwu. Ijeoma, 18 years old, was born in Pretoria, South Africa, alongside her two siblings who are five and seven years old. Despite having Nigerian parents, this was their first time in Nigeria. “It’s a really good country for hustle,” she said when asked about life in South Africa. She was a college student before leaving for Nigeria. Their parents couldn’t make the first leg of the evacuation, hence will be joining them in Lagos later. “We also teach South Africans how to do business. Being racist is not part of life, it is breaking our heart totally. They kidnap children and they kill girls, it is not safe for us. Students are protesting too. My dad is a pastor. We have to be united. I don’t wish going back there,” she said to BusinessDay on the flight. The Nigerian Consulate in South Africa had planned the entire evacuation in a week, announcing on its website that those who wished to leave the country should register online and come physically to the Consulate with any documentary evidence they were Nigerians. Five days after the announcement, over 900 people have registered interest to leave, said Godwin Adama, Nigerian Consul-General to South Africa, when he met with the Air Peace evacuation team at the O.R. Tambo International Airport in Johannesburg prior to departure to Lagos. The Air Peace crew had expected to evacuate 319 passengers on the first flight on Wednesday but instead, only 187 people showed up. One of the two pilots of the 364-capacity airplane, Captain Bamidele, announced over the speaker that everyone could disembark while wishing them “best of luck” as they faced their relatively new lives in

Nigeria – their motherland. The cabin crew in their Nigerian-themed uniform had been excellent during the entire trip back to Nigeria. One of the crew members, Precious Okonkwo, would often walk around the noisy cabin asking some of the children if they were alright. As everyone started towards the door, the man behind this reporter asked his friend standing close by if he had someone picking him from the airport. The friend said he hadn’t reached out to anyone because the family he left behind 15 years ago in Nigeria lives somewhere southeast of the country. “I was told we would be given N20,000 each to start with by the government,” one of the returnees told another in front of him. “That one won’t be bad, at least it is something.” There was a welcome party at the airport. Allen Onyema, chairman of Air Peace and the man who put together a rescue mission that could cost the airline about N300 million, had come to receive the returnees with a number of immigration officers and journalists. From the government side there was Abike DabriErewa, chairman of Nigeria’s Diaspora Commission; Ebienfa Kimiebi, first secretary, Crisis Monitoring and Public Communication Division, Ministry of Foreign Affairs, and his colleague Paul who were the only Nigerian government delegation on the flight from Nigeria to Johannesburg and back to Lagos. Geoffrey Onyema, Minister of Foreign Affairs, who Kimiebi hinted was likely to be the senior government official to receive the returnees, had a more important function to attend in Botswana. “We have nothing for them yet,” Kimiebi told BusinessDay on the flight to Johannesburg. “We may eventually be announcing something, but I am not aware of any plans to reintegrate them into society as at now. We are just happy they are back home safe.” Dabri-Erewa, however, said the government plans to give the returnees N40,000 in recharge cards to enable them keep in contact with their loved ones at their final destination. Additionally, the Bank of Industry is willing to issue soft loans to those willing to start business. Following renewed xenophobic attacks that targeted mostly Nigerians and other African nationals in South Africa, the Nigerian government expressed dismay and asked the government of President Cyril Ramaphosa to do something immediately.

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

L-R: Hadiza Sabuwa Balarabe, deputy governor, Kaduna State; Yemi Odubiyi, executive director, corporate and investment banking, Sterling Bank plc, and Lola Shoneyin, director, Book Buzz Foundation, at the opening ceremony of Kaduna Book and Arts Festival (KABAFEST) sponsored by Sterling Bank.

How lifestyle, poverty compound health challenges... Continued from page 1

ate medical training and cardiology practice in the United States. His pride in his dexterity was hurt in the face of multidimensional poverty that leaves an accountant, who earns much above the minimum wage, unable to foot his bill. Nwosu’s shock was worsened by the fact that his patient is not the regular Nigerian lowincome earner trading in the informal sector. “He was in search of a pill for a cure. I told him there is no cure for this,” Nwosu explained. “If this was in the United States, that same day or next day, he would have had a pacemaker but here he has been like that for one year. The healthcare in this country is a failure.” BusinessDay found out that death tolls may be on the rise, chiefly as a result of poverty, low awareness, fear of stigmatisation and perhaps, religious belief. O v e r t h e l a s t t h re e years Damilola Awoshina, a 46-year-old female petty trader with high blood pressure and diabetes, has been treating the diseases. Without any health insurance to access care, Awoshina battles with an unhealed sore on her right leg and yet, struggles to provide for her family at the same time. Unknown to her, the health challenges started with poor diet and were compounded by her ignorance. Lifestyle and poverty are a combination that worsens the health challenges of many Nigerians, paving way for several avoidable untimely deaths. Conditioned by unemployment and lean wallets, many neither live

nor feed right. People consume poor diets in a bid to simply fill their bellies, contributing to shortened life expectancy. “Lifestyle and poverty contribute significantly to poor health indices. For many patients we see, their pocket determines the kind of test they can get,” said Oluwasanmi Ogunkilede, principal medical officer of Randle General Hospital, Surulere, Lagos. Ogunkilede explained that majority of patients don’t approach good hospitals, rather they go to quacks that compound the problems before they go for proper check-up. Currently, Nigeria is the poverty capital of the world, with 98 million living in multidimensional or extreme poverty, according to the World Poverty Index. Extreme poverty occurs when a person lives below $1.90 (N684) daily. Unemployment is 23.1 percent. These numbers are indications that over half of the Nigerian population cannot pay their medical bills. “Healthcare in Nigeria is not largely publicly funded, and there are outof-pocket costs associated with diagnosis, treatment, and survival,” said Lanre Yusuf, a Lagos-based medical practitioner. ‘This has worsened the level of poverty because too many Nigerians have died due to lack of funds for medical treatment,” Yusuf said. Similarily, Adesimbo Ukiri, chief executive officer, Avon HMO, said when the economy suffers, people’s health gets worse because there is almost no aliment that stress and worrying do not contribute to.

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“When the body is under stress and people are not sleeping well, their immunity system does not work as well and they fall ill more frequently and much more easily,” Ukiri said. “I keep on saying that you cannot separate economic growth from health. When you have a healthy workforce, then they are more productive, are able to think creatively, are more innovative and able to come up with solutions to problems plaguing the society,” she said. Exper ts raise concerns on lifestyle Experts say unhealthy diet has caused millions of Nigerians diseases such as high blood pressure, obesity, respiratory diseases, and high cholesterol level. It is a huge burden where malaria, HIV/AIDS, tuberculosis and other communicable disease are present. Lifestyle change involves changing long-term habits, typically of eating or physical activity, and maintaining the new behaviour for months or years. “Whether rich or poor, lifestyle pattern matters a lot and regular health ch e ck s a re i mp o r t a nt. Nigerians in the bid to make money to live well don’t have time for rest, recreation or vacation,” Ogunkilede cautioned. O j o Si k i r u , a m e d i cal practitioner based in Lagos, said significantly increasing awareness of health issues will reduce stigmatising conversations around diseases, while empowering families with important information about lifestyle modification which research has shown can play a role in reducing the risk of health issues or improving out@Businessdayng

comes for wellbeing. “Awareness is key to survival; we have to be in this together, as we do not know where the prevalence of diseases without cure is going to come from,” said Sikiru. R i c ha rd Ad eb ayo, a consultant psychiatrist/ clinical psychologist at Federal Neuropsychiatric Hospital Yaba, Lagos, said the frustration from the economy could lead to the consumption of alcohol and smoking that also trigger some lifestyle disease. “ You do not have to wait until you present with diseases like diabetes and hypertension before adjusting your lifestyle. Avoid junk foods and key into natural fruits and food items with high fibres, vegetables, dieting, meditation, regular exercise, nutrition and especially finding time to rest,” Adebayo said. The expert, however, explained that an individual who is sleeping poorly may also lose appetite because those who are stressed up find it difficult to eat. “Some people use wrong coping strategy. When they are stressed up, they think the best is to smoke cigarettes or take alcohol,” he said. Experts say investing in Nigeria’s health system is an opportunity to accelerate economic development and growth, contribute to saving millions of lives and moving the country closer to achieving objectives of national poverty reduction strategies. “Providing health services without guaranteeing a minimum level of quality is ineffective, wasteful and unethical,” said Muhammad Pate, chief executive, Big Win Philanthropy and Nigeria’s former minister of state for health.

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NCC calls on global community to look towards Africa for 5G investments Jumoke Akiyode-Lawanson

ith a large number of 3.7 billion global unconnected population out of which 1.2 billion reside in Africa, Umar Garba Danbatta, the executive vice chairman of the Nigerian Communications Commission (NCC), has called on the global community to invest in 5G for Africa, which is the continent that holds the ace for technology investments. Danbatta spoke Thursday as a panelist on the topic, 5G Centre Play at the ongoing Intentional Telecommunications Union (ITU) Telecom World 2019 in Budapest, Hungary. With the representatives of global ICT giants, including Nokia, Orange, and AT&T among other panelists, Danbatta said 5G will provide a very veritable and convincing investment for investors. He, however, said that government alone cannot do it hence he beckoned on the private sector to take advantage of the opportunities provided by 5G and invest in Africa which guarantees adequate returns on investment. “We need to look at 5G usage scenarios, and there are 3 of them: The enhanced mobile broadband applications, the ultra-reliable low latency applications and the Machine to Machine applications. In our own part of the world, we are looking closely at these key areas of usage scenarios. The one that African countries will subscribe to quickly is the enhanced mobile broadband applications. The reason is for this is that, African countries are trying to roll out broadband infrastructure for

broadband applications. So this will spurs us on to ensure we put in place the necessary infrastructure,” he explained. According to Danbatta, African nations are trying to reserve the spectrum for the roll out of broadband services. “Specifically in Nigeria we are talking about three, 26, 38 and 42 GHz. These frequencies exist and we are not licensing it for other applications. We are waiting in anticipation for the standardization process to be completed at the World Radio Communication (WRC) in Egypt and then we can see how we can go forward with the licensing processes in the 3 frequencies, Prof Danbatta added. Addressing the audience further, the NCC boss said the other important step that African countries are taking is to address new forms of anxiety that is occasioned by this emerging technology, 5G. “There’s also the regulatory anxiety. And therefore to do that successfully like we had done in the past with every service we deployed, we start with a proof of concept trial. And preparations are underway for this important trial to take place.” “The whole idea behind the trial is to be able to see what these challenges are. Security challenges, levels of radiation power density, whether this is within the acceptable limits provided for by the international non-ionization radio regulatory agencies as well as to ensure whatever factors that we need to come to terms with in preparatory to commercial deployment of services are identified in readiness for commercial roll out of services using 5G.”

L-R: Charles Anyanwu, head, SME, Lagos State Employment Trust Fund; Peter Bamkole, director, and Nnenna Ugwu, Alumni director, both of Enterprise Development Centre, (EDC) Pan-Atlantic University, at a press briefing to announce the official launch of(EDC) Pan-Atlantic University and the center forth-coming SME conference in Lagos.

Apapa: FG sets January 2020 as timeline for completion of Lagos-Ibadan rail line ...Approves $5.3bn Ibadan-Kano rail project … To begin cargo evaluation by March 2020 AMAKA ANAGOR-EWUZIE

orried by the reoccurring gridlock in the Apapa area, caused by the activities of container-carrying trucks and tankers, the Federal Government has given a timeline for the commencement of cargo evacuation by rail from the nation’s seaport in Apapa. This comes as the government is perfecting arrangements to conclude the ongoing LagosIbadan rail project by December 2019 or January 2020. To ensure the completion of the project, the Federal Government has also approved $5.3 billion for the funding of the Ibadan-Kano rail project, all geared towards decongesting Apapa. Once movement of cargo by rail begins, the problem of Apapa gridlock would be resolved, as a reasonable percentage of the cargoes coming to the port would now be evacuated by

QuickCheck launches new app to improve financial inclusion in Nigeria SEGUN ADAMS

uickCheck, an online banking and micro-lending platform that provides collateral-free loans, has launched a new app to improve financial inclusion among Nigerians, while also educating users about financial instruments and managing risky debts. About 60 percent of the country’s adult population remains financially excluded, lack credit history and cannot access financial services such as quick and easy loans. In a research conducted by the Enhancing Financial Innovation and Access (EFInA), while only 4 percent of the adult population has access to credit through formal financial institutions, a larger number have their loan requests rejected due to bank policies and requirements. According to Luis Rodrigues, CTO, QuickCheck, this was addressed in 2017 as the company developed a solution to give Nigerians access to such loans anywhere and anytime, with no collateral necessary. The startup

already helps individuals with access to loans up to 200,000 naira in minutes, thereby supporting entrepreneurs start and sustain micro-businesses. “With the new app, we want Nigerians to reach us and access loans quickly and conveniently. So if you live in Nigeria, own an android phone, and you need quick cash to settle emergencies, just download the QuickCheck loan app for free, sign up to create an account and apply for a loan instantly without collateral. QuickCheck will simply run a credit scoring, and if you’re eligible, the cash loan will be disbursed to your account within minutes. All the necessary information to access loans is also available on our website www.quickcheck. ng,” he said. Having built its own credit scoring algorithm based on artificial intelligence and applied to non-traditional data, the internal data science team actively works on the improvement of the assessment technology to make the procedure of getting a loan even faster, more streamlined, and tailored to the needs of different groups.

rail rather than depending 100 percent on road. Speaking during the third maritime stakeholders’ interactive forum held in Lagos on Thursday, Rotimi Chibuike Amaechi, minister of transportation, said that the ministry through the Nigerian Railway Corporation (NRC) had imported about 200 wagons to move cargo by rail from Apapa port to Ibadan in the first instance. “We will ensure that cargo is moved from Apapa to Ibadan by March 2020, even if we cannot take the cargo to Kano for now. We will complete the rail track to Kano to resolve the problem of Apapa gridlock,” he said. Amaechi further assured the port industry stakeholders that the $1.5 billion Lekki Deep Seaport would also be connected by rail to ease cargo movement from the port to the hinterland and to avoid the repetition of the Apapa problem in Lekki axis. To boost efficiency in port

business, Amaechi said that the government was also perfecting plans to ensure that port processes were automated through the installation of Single Window Platform by the end of 2020. According to him, the Federal Government gave the approval for the installation of Single Window Platform in 2016, but noted that Nigeria was the only country in the West African sub-region that was yet to use Single Window in its port operations. Hassan Bello, executive secretary of the Nigerian Shippers Council (NSC), who said that shippers were beginning to consign their cargoes to Kaduna Inland Dry Port, stated that the port was facing serious challenges due to the poor state of rail tracks, which he said was limiting cargo movement from Apapa to Kaduna Port. He said that about 250 containers were being consigned to Kaduna on a weekly basis, adding that the volume could

be increased through the growing number of export consignments that leave Kaduna Port to Lagos. Bello advised the transport ministry to concentrate on opening up of the nation’s economy through the completion of the outstanding rail projects. In addition to having Apapa and Lekki Ports being connected by rail, he advised the government to endeavour to link Jos and Funta Inland Ports by rail to decongest Lagos. “The beauty of Dry Port is bringing shipping business close to the people and opening up of the economy. In Kaduna today, the Inland Port had brought several job opportunities for the people of Kaduna,” he said. Also speaking, Hadiza Bala Usman, managing director of the Nigerian Ports Authority (NPA) said that cargoes like vehicles and rice are being diverted to ports in neigbouring countries in West Africa due to high tariff placed on them by the Federal Government.

Promosalons Nigeria leads Nigerian firms to SPACE trade show in France OSA VICTOR OBAYAGBONA

romosalons Nigeria, the exclusive official representative of Promosalons France in Nigeria, is organising a business tour to open up Nigerian businesses for animal, feeds production trade show in Rennes France. The SPACE 2019 also referred to as Planet Livestock is the international business forum ranked the second-largest Livestock Expo, as participants will be given opportunity to build relationships and contacts with a view to increasing their international trade productivity. SPACE 2019 is also an excellent avenue through which developmental strides in the agricultural sector can be achieved. According to Akin Akinbola, Managing Director and CEO of

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Promosalons Nigeria the trade show will provide a wide array of avenues for Nigerian business to explore and experience new technologies, new breeds of livestock, new products, new equipment and new ideas being used. “The Tradeshow also provides Nigerian business with the ideal environment to interact, exchange ideas and contacts with other professionals in the livestock industry from around the world,” Akinbola said. Akinbola noted that with latest technological innovations and discoveries in animal genetics and production, visitors and participants at the business tour will be given access to VIP reception for international visitors and also engage in B-to-B meetings. The following sectors of the

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livestock industry which will be covered at the business tour include Fish, Poultry, Rabbit, Cattle, Sheep, / Goat, and as well as full a range of services for: Animal feed/Nutrition, Livestock equipment, Livestock materials for ranches, Genetics, Energy, Livestock effluent/ waste treatment, Animal health and Milking). This Animal Production Tradeshow is the perfect avenue for Nigeria business delegation to see new technologies, new breeds of livestock, new products, new equipment and new ideas being used. Promosalons Nigeria Ltd would be leading the Nigeria delegation which are: Tamtek global business, Doxakhane company, H&F allied farms limited, Obasanjo Farms Nig Ltd, Impextraco west Africa, Glister success, Rosewell in@Businessdayng

dustries ltd, Agri-supply Nigeria Ltd ect. Promosalons Nigeria had earlier in the year, between February 24 and March 3, led a Nigerian delegation to the International Agricultural Trade Shows in Paris to explore global opportunities, interact, and exchange ideas and contacts with other professionals in the agricultural industry from around the world. The Federal Ministry of Agriculture and Rural Development, Boslan Agro Services, Scoa Nigeria plc, Agro Nigeria Magazine, Gorine Energy Limited, Tamtek Global Business, Premier Seed Nigeria Limited, Fortune Agricultural Services were among the experts in agribusiness Promosalons Nigeria led to SIMA Paris 2019 and the Salon International De L’Agriculture (SIA).

Monday 16 September 2019

BUSINESS DAY

INTERVIEW

We want to help start-ups make impact on the Nigerian and African agricultural sectors – Caleb Usoh In June, Moroccan-based Mohammed VI Polytechnic University announced the launch of “IMPULSE”, a world-class start-up acceleration program with the support of OCP Group (formerly the Office chérifien des phosphates); and its subsidiary OCP Africa. The programme designed with MassChallenge, a global start-up acceleration network, opens the door for talented entrepreneurs to revolutionise the African social and economic scene while fostering innovation and entrepreneurship. In this interview, Caleb Usoh, Country Manager, OCP Africa speaks with BusinessDay’s Segun Adams on the drive, focus and opportunities for Nigerian talents.

an you shed more light on the rationale for Mohammed VI Polytechnic University, OCP and OCP Africa’s support of the Impulse startup acceleration programme? OCP Group, UM6P and OCP Africa are sponsoring the Impulse accelerator program for a variety of reasons. Impulse has been created to contribute to the development of solutions to the challenges faced by the African smallholder farmer and to reinforce the innovation system of OCP Group through the creation of long term and mutually beneficial relationships with the start-up world. The program is also supposed to contribute to the development of innovation hubs in Morocco and the rest of the African continent. As you may already know, Impulse is the first step towards the creation of a much bigger sector-agnostic accelerator called, MassChallenge Africa, that will accelerate each year between 50 to 100 start-ups working on African challenges. How involved are OCP and OCP Africa in the Impulse startup accelerator? OCP Group and its subsidiary OCP Africa are fully involved in the Impulse Accelerator program. Start-ups that be will be selected for our program will benefit from the mentorship of senior managers and business experts from OCP Group, one of the world’s leaders in the fields of phosphate and phosphatebased fertilizers. Start-ups will also have access to potential business opportunities through OCP Group, UM6P and their ecosystems. Last but not least, OCP Group is also playing a leading role in the creation of the consortium of Moroccan and international companies that will sponsor the creation of MassChallenge Africa. How beneficial is the Impulse program for start-ups and entrepreneurs in Nigeria? Mohammed VI Polytechnic University is proud to have developed together with MassChallenge Impulse, a best-in-class start-up acceleration program for entrepreneurs in the fields of agritech, agricultural biotech, mining tech and materials science and nanotech. Our program offers selected start-ups mentorship from UM6P professors, OCP Group’s business experts and mentors belonging to the international network of MassChallenge. In addition to access to potential business opportunities, retained start-ups will also benefit from a

Caleb Usoh

series of boot camps in Morocco, the USA and Switzerland. They will also be offered an equity-free cash prize of USD 250K that will be shared between winning start-ups on the Demo day. Nigeria is one of the leading African countries in the fields of entrepreneurship and innovation. It is also home to some of the most promising agritech start-ups. We hope that our program will help accelerate the growth of some of these start-ups so that they can have more impact on the Nigerian and African agricultural sectors. How much potential does the African agriculture sector have and how is OCP leveraging this in Nigeria? According to the World Bank’s projections, Africa’s agriculture is expected to grow to a 1 trillion dollar industry by 2030. However, the African agricultural sector is facing numerous challenges despite the continent’s young population and vast amounts of unused arable lands. There are a number of programs, investments and policies that need to be put in place to unlock Africa’s immense agricultural potential. OCP Group and Mohammed VI Polytechnic University are fully engaged to help our continent develop an inclusive and sustainwww.businessday.ng

able agricultural transformation. As an example, our group is currently working on the establishment of three fertilizers blending facilities in Nigeria valued at $30 million , and an industrial platform worth $1.3 billion that will utilize the abundant natural gas available in Nigeria for the production of ammonia and diammonium phosphate to complement the government’s effort to boost the local fertilizer production, thereby saving on Foreign exchange utilization for importation bills. Our Agribooster Program has been in effect in the country since 2017, benefiting around 63,000 maize, rice and sorghum farmers. The Nigerian activities of our mobile soil test laboratory, OCP School Lab, are also the most important in the continent. Thanks to its five mobile units, OCP School Lab, has been able to provide ongoing training to around 200,000 Nigerian farmers in the states of Kaduna, Katsina, Kano, Bauchi and Plateau. How important are sustainability issues to the Impulse start-up acceleration program? Sustainability is at the heart of the Impulse accelerator project. The rapid growth of the world’s population poses a significant challenge to the agricultural sector. More than nine billion people will need to be

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fed by 2050. Farmers will need to grow more food while preserving the earth’s precious natural resources. Agritech is key in overcoming this challenge. By sponsoring the Impulse startup accelerator, Mohammed VI Polytechnic University and OCP Group wish to contribute to the development of innovative agritech and agricultural biotechnologies that will allow us to meet the needs of the present without compromising the ability of future generations to meet the needs of the future. How committed is OCP Africa to supporting the government’s effort towards the development of the agricultural sector? OCP Africa is committed to supporting the Nigerian government’s effort towards the development of the agriculture sector. In 2016, OCP Africa entered into a partnership with The Fertilizer Producers and Suppliers Association of Nigeria (FESPAN) under the “Presidential Fertilizer Initiative”, with the support of Nigeria Investment Sovereign Authority (NSIA). The partnership activities encompass the entire agricultural chain: creating fertilizer solutions, making fertilizers available on the local market at competitive prices, and fostering mentorship for Nigerian farmers. Thanks to the partnership with FESPAN, local investments in new Fertilizer blending plants have grown from nine factories in 2016 to 25 factories within a span of three years creating a number of direct and indirect employment opportunities for Nigeria’s youths and reducing the prices of fertilizers for farmers. How extensive has OCP Group been in developing agriculture and entrepreneurship on the African continent? OCP Group, through its subsidiary OCP Africa, is fully committed to the sustainable development of African agriculture. OCP Africa develops fertilizer solutions that are customized to the local conditions and crop needs. The company is present in 18 different African countries through direct subsidiaries or representation offices. It works with partners in many different African countries, governments, non-profits and private enterprises to connect farmers to the agricultural services, knowledge, markets and resources they need in order to prosper. OCP Group and Mohammed VI Polytechnic University are also involved in the development of entre@Businessdayng

preneurship and innovation in the African continent. As an example, Mohammed VI Polytechnic University has created an Innovation & Entrepreneurship platform, which endeavours to promote and support a global community of researchers and visionary entrepreneurs committed to the development of the African continent. This platform federates several actors of the entrepreneurial ecosystem, working together to provide start-ups with access to various resources to develop their business: training, workshops, fablabs, living labs, incubation and accelerator programs etc. The Impulse accelerator program is a notable example of the programs developed within this platform. What is the selection process for the Impulse acceleration program? Impulse is open to innovative start-ups that have a prototype or a marketable product in the fields of agrictech, biotech, mining tech and materials science & nanotech. Our call for applications will close on October 1, 2019. The selection of start-ups is based on merit. The quality of the management team, the value proposition of the product or service and the growth potential of the start-up are all part of the criteria used to evaluate the quality of start-ups that will apply to the program. At the end of the selection process, only ten start-ups will be retained to benefit from a best-in acceleration program offering training, mentorship, access to potential business opportunities and an equity free cash prize of USD 250K. Apart from the start-up program, will OCP Group be providing other kinds of financial and infrastructure support for the participating start-ups? In addition to all the advantages that have been mentioned above, the Impulse accelerator offers participating start-ups access to the prototyping spaces and living labs of Mohammed VI Polytechnic University. The university has an experimental farm, an experimental mine, a green energy park and a chemical platform in Safi. The entire infrastructure will be made available to the participating start-ups so that they can work on their existing products and services and develop new ones. The demo day is also a great opportunity for the selected start-ups to meet business angels and venture capital funds to discuss potential investment

Friday 13 September 2019

BUSINESS DAY

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Friday 13 September 2019

BUSINESS DAY

CULINARY DELIGHTS

Breakfast at Orchid Bistro in Ikoyi

“

reakfast is the most important meal of the day” a saying that has been said many times over, but did you know that the word breakfast is a combination of two words word ‘break’ and ‘fast’? which essentially is intended to mean to break one’s fast from the dinner the night before. I learn this as a child an was fascinated by the clever use of the two words. Breakfast has always been my favorite meal of the day. For this edition of Culinary Delights’, I went to Orchid Bistro located on 40 B Raymond Njoku Street in Ikoyi for a breakfast meeting.

go with a traditional English breakfast which comprised of 2 sunny side up eggs, sausage, tomatoes, hash browns, baked beans, and brown toast. English breakfast is one of my favorite breakfast meals because not only can you find it anywhere in the world, but it is also very filling and can often keep me full until dinner time. The English breakfast at Orchid Bistro comes with tea, coffee or orange juice and I had tea because, in my opinion, nothing goes better with English breakfast than tea. The origins of the traditional English breakfast dates back to the 13th century. It was the gentry who initially introduced the idea of

the full English breakfast in the 14th century. They considered themselves the guardians of the English countryside and heirs to the Anglo Saxons and saw fit to implement the social qualities of great country houses, where large, lavish meals for important people were often hosted. The gentry also considered breakfast the most important meal, a message which is still prevalent to this day. While there are many places that serve English breakfast in Lagos I would argue that Orchid Bistro is one of the places that left me completely satisfied. Breakfast at Orchid Bistro in Ikoyi

I have been there a few times before, but never early enough for breakfast so I was particularly excited to be having a work meeting there, even if It was a 7 am. Orchid Bistro in Ikoyi is a really beautiful and clean space that as you may have guessed by the name is filled with orchid flowers. Plants have the ability to brighten and open up any space and I find that space is even more pleasant with the amount of greenery and bright flowers they have in and around the restaurant. The restaurant itself is a mixture of a café, restaurant and bar all in one which surprisingly works perfectly. The food at the Orchid Bistro is tasty and carefully made. On previous occasions, I have had the oxtail before and I remember being very satisfied. There is nothing better than eating food and feeling that the food was carefully prepared I decided to Breakfast is said to be the most important meal of the day. The word breakfast is a combination of two words word break and fast which essentially is intended to break one’s fast from the dinner the night before. On this occasion, I went to Orchid Bistro located on Raymond Njoku Street in Ikoyi for a breakfast meeting. I have been there a few times before, but never early enough for breakfast so I was particularly excited to be having a meeting there, even if It was a 7 am. Orchid Bistro in Ikoyi is a really beautiful and clean space that as you may have guessed by the name is filled with orchid flowers. Plants have the ability to brighten and open up any space and I find that the space is even more pleasant with the amount of greenery and bright flowers they have in and around the restaurant. The restaurant itself is a mixture of a café, restaurant and bar all in one which surprisingly works perfectly. The food at the Orchid Bistro is tasty and carefully made. On previous occasions, I have had the oxtail before and I remember being very satisfied. There is nothing better than eating food and

Lehle (@lehlelalumiere) works at BusinessDay in Strategy Innovation and Partnerships, she is also a financial inclusion advocate and radio anchor. Originally from Senegal Lehle has a passion for culinary experiences and enjoys discovering new restaurants in Lagos. Follow @ bdculinarydelights on Instagram

feeling that the food was carefully prepared I decided to go with a traditional English breakfast which comprised of 2 sunny side up eggs, sausage, tomatoes, hash browns, baked beans and brown toast. English breakfast is one of my favourite breakfast meals because not only can you find it anywhere in the world, but it is also very filling and can often keep me full till dinner time. The English breakfast at Orchid Bistro comes with tea, coffee or orange juice and I had tea because nothing goes better with English breakfast than tea. It was the gentry who initially introduced the idea of the full English breakfast in the 14th century. They considered themselves the guardians of the English countryside and heirs to the Anglo Saxons and saw fit to implement the social qualities of great country houses, where large, lavish meals for important people were often hosted. The gentry also considered breakfast the most important meal, a message which is still prevalent to this day. The Orchid Bistro experience is a pleasant one overall. This café with its orchid garden is definitely a breath of fresh air. A gourmet cafe and restaurant that caters to those with a sophisticated pallet. It is perfect for coffee and cake with a friend, lunch or dinner or a business meeting. You can stop by for a full meal, pastries, desserts, and or drinks and you are guaranteed to find something you like.

RATING 4.5

Food

- 4.5

Service

-4

Ambiance - 4 Price

CONTACT Instagram: @VanillaMoonLagos

To make recommendations or for collaborations please send an email to lehle.balde@businessday.ng www.businessday.ng

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- N4500

Friday 13 September 2019

BUSINESS DAY

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Friday 13 September 2019

BUSINESS DAY

FINANCIAL TIMES

World Business Newspaper DAVID KEOHANE IN PARIS

ichard Ferrand, president of the French National Assembly and a close ally of President Emmanuel Macron, has been placed “under formal investigation” - one step short of being indicted - over accusations that he illegally benefited from a property deal. Mr Ferrand, who had been at the heart of Mr Macron’s successful election campaign, has denied any wrongdoing, and says he will stay in his job, fight the case and prove his innocence. “The president of the National Assembly is determined to continue with the task entrusted to him by his peers and his voters,” his office said in a statement on Wednesday night. The statement added that Mr Ferrand remained “calm about the outcome of the procedure” especially “as no new elements have been brought forward in this case where there is neither damage nor victims”. The allegations against Mr Ferrand first came to light in 2017, embarrassing Mr Macron who had just won the presidency while pledging to clean up French politics and forcing Mr Ferrand to step down as regional cohesion minister in his first cabinet. The 2017 probe, which was eventually dropped but has now been revived by anti-corruption body Anticor, began after French satirical newspaper Le Canard

President of French National Assembly investigated over property deal Richard Ferrand, close ally of Emmanuel Macron, says he will stay in office during probe

enchaîné reported a series of claims relating to Mr Ferrand’s role as head of the Mutuelles de Bretagne, a non-profit health insurance fund in the Brittany region, from 1998 to 2012. One claim was that Mr Fer-

How does British Airways compare with rivals on pilot pay? UK airline offers less than some European competitors but more than certain budget carriers TANYA POWLEY, ARCHIE HALL, BETHAN STATON AND DAVID KEOHANE

ilots who are striking at British Airways are better paid than peers at their budget rivals but appear to be less well remunerated than their main European competitors, according to a Financial Times analysis. A starting basic salary for a BA captain is about £75,000, according to Balpa, the pilots’ union. BA said the average salary for a captain was £167,000, with £16,000 of flight allowances on top of this. The airline has claimed the pay rise it has offered would take average captain salaries to more than £200,000. In comparison, the starting salary for captains at German rival Lufthansa is €144,000, which rises to €170,000 with additional flight hours and profit sharing. Toplevel captains earn a fixed salary of about €240,000, rising to €285,000 with the additional pay benefits. At Air France, the average salary for long-haul captains is €230,000, which does not include benefits, bonuses or profit shares. UK budget carrier easyJet said its UK captains earned an aver-

age of £120,000 and a maximum of £145,000. Ryanair’s pilots can receive up to £170,000, according to the low-cost airline. Industr y commentators stressed that pilot pay was very difficult to compare across airlines. Pay varies depending on the seniority of the pilot, but airlines also offer different bonuses on top of fixed salaries, such as flight allowances, food, housing and profit-share schemes. “The devil is in the detail and there’s really a lot of detail because pilot contract structures are a science in themselves, plus there’s the exchange rate to factor in,” said Andrew Lobbenberg, aviation analyst at HSBC. At the centre of the BA dispute is the demand for a profit-share scheme. BA’s pilots are disgruntled that comparable national carriers such as Lufthansa, Air France and KLM give a proportion of their profits to pilots. A BA captain, who has been with the airline for more than a decade, said pilots were frustrated that they had taken cuts to help the business “rebuild” after the economic downturn, but were not sharing in its recovery. www.businessday.ng

rand’s partner, Sandrine Doucen, won contracts from the fund and also benefited from a real estate deal that saw her renting commercial space to the organisation while Mr Ferrand was in charge. Opposition politicians were

quick to call for his resignation. Olivier Faure, the leader of the Socialist party in a tweet on Thursday wrote: “A formal investigation is not itself a sign of guilt but the serenity of public debate assumes that those who exercise public

functions to resign while awaiting the decision of the justice system.” However, Mr Macron’s government has said it continues to support the National Assembly president. “Richard Ferrand is innocent until it is proven otherwise,” the French government’s spokesperson told Europe 1 radio on Thursday morning. “It is logical that the president maintains his confidence in Ferrand because he is a loyal, upstanding man, who has had, I believe, an exemplary political career,” she added. The investigation comes on the heels of July resignation of François de Rugy, France’s environment minister, following allegations he entertained friends and guests lavishly at the expense of French taxpayers when he was president of the National Assembly. He was succeeded by Mr Ferrand. The accusations surrounding Mr de Rugy and Mr Ferrand come at a time when Mr Macron is trying to reconnect with the electorate after anti-government gilets jaunes protests that have dwindled ahead of their one-year anniversary in November.

Drop in hot stocks stirs memories of ‘quant quake’

Post-summer market rally masks momentum stocks’ worst day for a decade ROBIN WIGGLESWORTH

he stock market may appear tranquil again after a rollercoaster summer, but many analysts and investors are unnerved by violent moves beneath the surface, reviving memories of the 2007 “quant quake” that shook the computerdriven investment industry. The FTSE All-World equity index has rallied almost 3 per cent already this month, clawing back some of August’s losses. However, many highly popular stocks suffered a sudden and brutal sell-off this week, a reversal that analysts have already dubbed the “momentum crash”. The blow was particularly strong in the US, where strong-momentum stocks — those with the best recent record — tumbled 4 per cent on Monday, in the worst one-day performance since 2009, according to Wolfe Research. Only once before, in 1999, has such a rout afflicted momentum-fuelled smaller company stocks, according to investment bank JPMorgan. “This is massive,” said Yin Luo,

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head of quantitative strategy at Wolfe Research. “This is something that we haven’t seen for a long time. The question is why it’s happening, and what it means.” The flipside has been a dramatic renaissance for so-called “value” stocks — out-of-favour, often unglamorous companies in more economically sensitive industries. The S&P value index has climbed about 4 per cent this week and, compared with momentum stocks, enjoyed one of its biggest daily gains in a decade on Monday. In essence, almost all of 2019’s hottest stocks have taken a hit, while the year’s most unloved dogs have enjoyed a roaring rally. Pravit Chintawongvanich, a strategist at US bank Wells Fargo, points out that the worst 12-month performers in the Russell 1000 equity index were up by the most on Monday, while the best 12-month performers were down the most. This hurt many investors. The median long-short equity hedge fund — a strategy that strives to beat the market by picking winners — had lost 1.8 per cent in the month @Businessdayng

by the end of Wednesday, while computer-powered quantitative hedge funds have declined 2.3 per cent, and trend-following funds have shed 3.1 per cent, according to investment bank Credit Suisse. Such a seismic rotation in investment “factors”, essentially the different groupings of stock market characteristics identified by financial academics, is rare, and reminiscent of a violent bout of turmoil that struck in the summer of 2007. On August 6 2007, the quantitative investing industry, whose computer scientists used trading algorithms to systematically mine markets for money, suddenly and mysteriously saw their models go haywire, racking up huge losses for many “quant” powerhouses from Goldman Sachs Asset Management to Renaissance Technologies. A graphic with no description The turbulence lasted only a week and was later overshadowed by the financial crisis. But the event quickly became known as the quant quake, and remains etched in the memory of many hedge fund managers.

Friday 13 September 2019

BUSINESS DAY

NATIONAL NEWS

She Said — a moving account of how the Weinstein story broke The investigation that sparked #MeToo and the debate about gender politics GILLIAN TETT

lmost exactly two years ago, I bumped into Harvey Weinstein and his student-age daughter at a conference in Aspen. I barely knew the movie mogul, but Weinstein was keen to chat — and I liked his daughter enormously. So we huddled in a bar and ordered Weinstein a burger. Then, after an hour of seeming jollity, Weinstein suddenly dismissed the food order and exploded at the waiter in extreme rage — prompting me to depart in horror (as his poor daughter looked stricken). “What the heck just happened?” I wondered. Now the answer is clear: as a new book recounts — She Said — in the week that I met Weinstein, he knew that his world was about to crumble and was fighting to prevent that. On October 5 2017, two New York Times reporters — Jodi Kantor and Megan Twohey — wrote a story that painstakingly recounted allegations from a string of women that they had suffered sexual abuse by Weinstein while he was running the movie company that carried his name. (He maintains any sexual contact was consensual, and the next criminal court hearing takes place next year.) B efore thes e revelations emerged, Weinstein went to extraordinary lengths to intimidate people to keep the saga secret, displaying the volatile and abusive rage that I witnessed — and which was a hallmark of his career. Unsurprisingly, She Said has created intense media buzz in America, since it not only covers Weinstein’s downfall, but features Hollywood celebrities such as Gwyneth Paltrow, Ashley Judd, Brad Pitt and Rose McGowan. And since Kantor and Twohey’s account was one factor that sparked the #MeToo movement, the book has unleashed fresh debate about gender politics, and the list of powerful men who have lost power in the past two years due to this social media uprising. “After we broke the story,” the authors write, “we watched with astonishment as a dam wall broke.” This soul-searching is likely to get even more emotive in the weeks ahead since She Said reveals that some well-known feminist celebrity lawyers — such as Lisa Bloom — have at times protected clients, including Weinstein, from their accusers, while also helping other women advance claims against other men. Yet if you read She Said seeking a full account of the sordid Weinstein tale, you will be disappointed. The book focuses more narrowly on how the authors broke the abuse tale and handled the victims. It is an account of investigative journalism — or the story behind the story — as much as gender politics, or a corporate exposé. Irrespective of this, it is often moving. At the end of the book there is a particularly powerful chapter where the authors as-

semble the female victims in one place, for the first time, to reflect on what they learnt. They do so recognising that the #MeToo movement remains mired in complexity: some observers think that too many guilty men have escaped justice; others fear that the campaign has judged people without due process. “The old rules on sex and power had been partly swept away, but it was not clear what the new ones would or should be,” they write. The story also reveals the difficult, sometimes dispiriting, nature of investigative journalism and highlights the difficult moral choices produced by investigations. Should journalists put pressure on an abused woman to speak out in the public interest, say? And the book demonstrates the pernicious use of non-disclosure agreements to silence victims. “The US [has] had a system for muting sexual harassment claims, which often enabled the harassers instead of stopping them,” they note. The book has one weakness: it underplays the degree to which America’s legal system prevented the Weinstein company board from acting earlier to stop his abuse. Notably, some board members wanted to remove Weinstein at an early stage — reportedly suffering threats from him as a result — but it was difficult to kick Weinstein out of the company that carried his name (and he largely owned) before the NYT revelations broke, due to legal restrictions. This point about corporate governance might not excite much passion among the wider public, and nor does it seem to interest the authors; their coverage of Weinstein’s corporate structure feels sloppy and incomplete. But it matters. A crucial lesson from this saga is that public and private company boards need mechanisms to remove powerful executives who spin out of control — even, or especially, if they own a large part of the company, are protected by powerful lawyers and willing to use dirty tricks against directors (as Weinstein allegedly did). Thankfully, many companies, and business schools, are now debating these issues. Better still, the #MeToo movement has empowered a generation of women to fight back against abuse, to change the climate of gender politics. The wider challenge is to maintain this momentum in a fair and balanced way, at companies and other institutions. She Said helps to start this process; but there is still much further to go. She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement, by Jodi Kantor and Megan Twohey, Penguin, RRP$28/Bloomsbury, RRP£20, 320 pages Join our online book group on Facebook at FTBooksCafe. Listen and subscribe to Culture Call, a transatlantic conversation from the FT, at ft.com/culture-call or on Apple Podcasts www.businessday.ng

Facebook disables Netanyahu chatbot over hate speech

Israeli prime minister disowns post that claims Arabs are seeking to ‘destroy us all’

MEHUL SRIVASTAVA IN TEL AVIV

acebook has penalised Benjamin Netanyahu’s election campaign team over hate speech in a post that warned Arab voters were seeking to “destroy” every Israeli man, woman and child. The message, which the Israeili prime minister’s page automatically shared to voters engaging with his election campaign through Facebook’s Messenger, came as Mr Netanyahu has repeatedly warned, without evidence, that Arab-Israeli voters plan to commit large-scale voter fraud in the September 17 polls. Mr Netanyahu has disavowed the post, which his Likud party said was made in error by a staffer. Facebook’s sanction, in which it suspended the chatbot on his page for 24 hours, was symbolic. Voters needed to stop the cre-

ation of “a secular leftwing weak government that relies on Arabs who want to destroy us all — women, children and men, and will enable a nuclear Iran that will eliminate us”, said the message, first reported by Ha’aretz, the liberal Israeli broadsheet. “After careful review of the Likud campaign’s bot activities, we found a violation of our hate speech policy,” Facebook said in a statement. “We also found that the bot was misusing the platform in the time period allowed to contact people.” Mr Netanyahu disowned the message in an interview with an Israeli radio station on Thursday morning. “Think rationally. I am a serious person,” he said. “I have friends in Arab countries. What is this nonsense?” The page has more than 2.4m followers and is a crucial part of the long-serving prime minister’s

campaign to win a fifth term. Polls show that he would struggle to form a governing coalition for the second time this year. In 2015, he rallied rightwing voters with a similar message, warning that Arabs were heading to the poll in “droves”, and this time round has made the unlikely possibility of Arab-Israeli lawmakers joining a possible coalition a central issue in rallying turnout. He has also appealed to his base with a pledge to extend Israeli sovereignty to parts of the occupied West Bank. Facebook’s decision came after Ayman Odeh, an Arab-Israeli leader who heads the Joint List, an electoral alliance of parties that represents Israelis of Palestinian heritage, complained to the social media company about the campaign’s “racist and dangerous incitement against the Arab population”.

Mexico raids the piggy bank to prop up Pemex Analysts fear $5bn injection into state oil company could erode state accounts JUDE WEBBER IN MEXICO CITY AND COLBY SMITH IN NEW YORK

y raiding its coffers and making a bold bid to sweep away upcoming debt payments, Mexico’s government has bought precious time for its struggling state oil company, Pemex. But analysts warn that a new bailout — using a $5bn payment from federal treasury funds — is not enough to fix the enormous cash flow and production problems that Pemex faces as it fights to avoid a catastrophic second downgrade to junk status, and will just end up eroding state accounts. “I fear they shot a silver bullet into the ground, maybe into their foot,” said one former senior official, who called the move “too little, too late” and said it should have been accompanied by a shift to market-

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friendly energy sector policies. “It doesn’t strengthen Pemex’s capacity to do stuff, it unburdens it of the need to refinance itself. It just shifts the debt load back to federal government,” he added. The government found a way to do that without increasing government debt — something leftist president Andrés Manuel López Obrador has banned. “It’s a step in the right direction and we are overall pleasantly surprised,” said Jens Nystedt, a senior portfolio manager at Emso Asset Management. Pemex is seeking to avert a repayment crunch on about $44bn due in the next four years by swapping some $15bn in bonds into longer maturities. But investors widely believe the government will still need to stump up more cash for Pemex. With state accounts already stretched by its commitment to run a primary surplus to demon@Businessdayng

strate its fiscal prudence, and the economy teetering on the brink of recession, the government’s options are shrinking. “They’re going to run out of [available] funds,” cautioned another senior official, who feared that tapping buffers in state coffers could leave Mexico exposed as the world economy slows. “This is weakening the fundamentals of the economy, and it’s not free.” One of the biggest risks is of a sovereign ratings downgrade, something that would signal a lack of confidence as Mexico struggles to spur investment and growth. Rating agencies, which Mr López Obrador has castigated for souring on Pemex just as the government is trying to turn it round, already have Mexico’s investment-grade sovereign debt on negative outlook, with the risk of a downgrade next year. Pemex is a big factor in that.

Friday 13 September 2019

BUSINESS DAY

FINANCIAL TIMES

COMPANIES & MARKETS

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US targets companies with Chinese military ties Pentagon compiles list of army-linked businesses to protect sensitive technologies DEMETRI SEVASTOPULO IN WASHINGTON

he Pentagon is compiling a list of companies with ties to the Chinese military as part of a stepped-up Trump administration effort to stop Beijing from obtaining sensitive technologies and protect US defence supply chains. The US defence department is trying to identify Chinese companies and organisations with direct and indirect relationships with the People’s Liberation Army to help reduce the chances of US weapons supply chains being compromised, according to seven people familiar with the effort, which has strong support from the White House. The Pentagon has become increasingly concerned about supply chains, seeking ways to tackle critical gaps in the US industrial base and prevent infiltration by adversaries. The focus has intensified under the Trump administration, which in 2017 named China a “revisionist” power in its first national security strategy. The review aims to detect supplychain vulnerabilities to help ensure US companies do not help the Chinese military through sales or procurement. In much the same way the US has clamped down on Huawei, the Chinese telecoms company, the list will help the government to reduce potential threats from China by utilising export-control rules and federal acquisition regulations that can be used to bar government agencies from buying technology from designated companies. “The Pentagon is going whole hog,” said one person familiar with the project. “When it comes to changing trade and supply chain patterns, the federal acquisition regulations are the most powerful weapon in the Pentagon arsenal, even more potent than our nuclear weapons, and are a formidable wedge for forcing decoupling.” General Paul Selva, the recently departed vice-chairman of the joint chiefs, focused the review on semiconductors and integrated circuits since both are critical for weapons, according to the person. The Pentagon declined to com-

ment on any aspect of the supply chain review, saying it was unable to do so “for classification reasons”. The commerce department, which is also involved in the project, also declined to comment. Paul Triolo, head of the geotechnology practice at Eurasia Group, said the Pentagon had become increasingly concerned about critical areas such as semiconductors because of the potential for Beijing to insert sophisticated implants that could be used to compromise weapons during a time of conflict between the US and China. “These types of supply chain operations are extremely difficult to detect, and the Pentagon’s preferred approach seems to be evolving around attempting to identify trusted suppliers, much like in the case of next generation 5G [mobile] systems, and blacklisting those suppliers that are deemed potentially subject to Chinese intelligence services influence,” Mr Triolo said. The effort to secure supply chains for weapons ranging from cruise missiles to fighter jets comes as China pushes ahead with a “militarycivilian fusion” programme that experts say further underscores the need for the US government and private sector to be vigilant about companies that may have hard-todetect connections to the PLA. Christopher Ford, a top state department official, has urged the US to “wake up” to the implications of the programme for areas such as artificial intelligence, cloud computing and semiconductors. “This is not a call for anything like a complete high-technology ‘boycott’ of China, but there is a need for serious risk mitigation,” he said in July. The push to be more vigilant about PLA connections comes 20 years after Congress passed a law requiring the Pentagon to publish a list of Chinese military companies and groups operating in the US. The Clinton administration did not act on the law, which has remained dormant until it was resurrected by the Trump administration. The issue is receiving more attention from Congress as lawmakers become increasingly concerned about China.

ECB launches fresh stimulus with rate cut and more bond-buying Trump hits out at announcement as Draghi calls on politicians to loosen purse-strings MARTIN ARNOLD IN FRANKFURT

he European Central Bank has announced an ambitious new stimulus package in a bid to tackle sluggish growth and persistently low inflation in the eurozone, triggering a furious response from US president Donald Trump. Although he unveiled a broad range of easing policies, ECB president Mario Draghi warned eurozone governments that the central bank could not remedy the bloc’s darkening economic outlook on its own. He urged them to loosen the purse strings, saying: “Now is the time for fiscal policy to take charge.” At a meeting of its governing council in Frankfurt on Thursday, the ECB cut its deposit rate from minus 0.4 per cent to a new record low of minus 0.5 per cent. The bank will also restart its quantitative easing (QE) programme, buying €20bn of bonds

every month from November. It eased lending terms for eurozone banks and offered them tiered interest rates in a bid to ease the pressure on their lending margins. It is the first time the ECB has cut rates since March 2016; the resumption of QE revives a bond-buying programme that the ECB paused last December after buying €2.6tn of bonds. Mr Trump responded by reiterating his complaint that the ECB was attempting to devalue the euro. “European Central Bank acting quickly,” Mr Trump tweeted. “They are trying, and succeeding, in depreciating the euro against the VERY strong dollar, hurting US exports . . . And the Fed sits, and sits, and sits. They get paid to borrow money, while we are paying interest!”. Mr Draghi, who will finish his eight-year term as ECB president and hand over to Christine Lagarde at the end of October,

responded by saying: “We have a mandate. We pursue price stability. And we don’t target exchange rates. Period.” The eurozone faced “more protracted weakness” than previously thought, resulting mainly from the global trade slowdown, he said. The ECB cut its forecast for growth in the 19-member single currency zone this year by 10 basis points to 1.1 per cent, and by 20 bps to 1.2 per cent for 2020. It also lowered its forecast for inflation by 10 bps to 1.2 per cent this year, and by 40 bps 1.0 per cent next year. In response, the ECB signalled that interest rates would stay lower for longer than it previously expected, changing its forward guidance. It had previously said that interest rates would not rise before mid-2020. The decision by the ECB initially pushed the euro lower, but that was shortlived. Within hours, the currency was sitting 0.3 per cent higher on the day against the dollar, at $1.104.

Uber to raise $750m from debt markets to fund Careem deal Hong Kong stock market operator shares slide after £32bn LSE bid Company’s independent contractor model at threat from new California bill PATRICK MCGEE IN SAN FRANCISCO

ber said it will raise $750m of debt, just one day after California passed a bill threatening to upend its business model by making it difficult to call its drivers “independent contractors” rather than employees. The ride-hailing giant described the private debt placement as unrelated to the California legislation. Rather, it is raising money for its pending $3.1bn acquisition of Careem, a rival ride-hailing company in the

Middle East whose purchase was announced in March. Uber said in a press release early Thursday the notes, marketed in a 144a private placement, would be due in 2027 How the placement is priced could be seen as a test of Uber’s credibility with bond investors, as its shares have tumbled since its high-profile IPO in May. The pending law in California, called AB5 — which still needs to be signed by the Governor — could threaten Uber’s asset-light business model if other states and countries opt to follow suit. www.businessday.ng

Investors wipe off more than $1bn in value with London bourse poised to reject offer DANIEL SHANE AND HUDSON LOCKETT IN HONG KONG

hares in the operator of the Hong Kong stock market dropped a day after it made a £32bn takeover bid for the London Stock Exchange, in a transaction that is expected to be rejected in the face of pushback from investors and regulators. By early afternoon in Hong Kong, stock in Hong Kong Exchanges and Clearing fell 3.4 per cent, wiping more than $1bn in value from the company. HKEX stunned investors when it made the unsolicited bid for the LSE,

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one of London’s highest-profile financial institutions, on Wednesday. The HKEX proposal values LSE shares at £83.61 each, or a 23 per cent premium to their closing price on September 10. HKEX has said that the deal would combine “the largest and most significant financial centres in Asia and Europe”, but investors expect that it will face significant political hurdles and questioned the structure of the deal. The LSE is in the process of its own blockbuster deal, as it moves to acquire data and trading group Refinitiv in a $27bn purchase that is awaiting shareholder approval. The HKEX bid comes amid a deepening political crisis in Hong @Businessdayng

Kong, where the government — the biggest shareholder in the bourse — is grappling with months of protests that have turned increasingly violent. Millions of pro-democracy protesters have taken to the streets since June, raising questions about the viability of the “one country, two systems” model under which Hong Kong has operated since the handover of the territory from British to Chinese rule in 1997. “Through the Hong Kong government, Beijing controls the exchange here and lists vasts amounts of stateowned enterprises on it,” said David Webb, a Hong Kong-based activist investor who was an independent director on the HKEX board until 2008.

Friday 13 September 2019

BUSINESS DAY

ANALYSIS

Wyoming’s Carbon Valley aims to turn ‘coal into gold’ America’s largest coal-producing region is focusing on advanced products to offset a decline in output GREGORY MEYER IN GILLETTE

alifornia has Silicon Valley. Wyoming’s Powder River Basin wants to be known for the element one row up the periodic table. “Carbon Valley” is a vision of the future for America’s largest coal-producing region. The basin’s officials dream of a high-tech place where thick seams of coal are turned into graphene, aircraft fuselages, wind turbine blades and the black granules in water filters. The move is an act of desperation as much as inspiration. Wyoming thermal coal, which is burnt to generate electricity, has now followed the rest of the US industry into irreversible decline. The basin’s annual output has dropped by more than a third in the past decade to estimated 300m short tons in 2019, as US utilities demolish coal-fired power plants in favour of natural gas, wind and solar energy (a short ton is equivalent to 2,000lb). In a state with no income tax, where coal was the fiscal bedrock of the budget, politicians are now having to make hard choices. “We need new economic engines,” says Mark Christensen, a commissioner in Campbell County who is helping lead the Carbon Valley initiative. “Does that mean we have to abandon the energy sector? No. We need to find new uses for the products we have.” Coal-dependent economies such as Wyoming would be crushed if the US took aggressive action against the greenhouse gases that cause global warming. A steadily escalating carbon dioxide tariff starting at $25 a ton would reduce

Powder River Basin production by 95 per cent by 2030 by rendering coal too costly, as it has the highest rate of carbon pollution among fossil fuels, according to government estimates analysed by Adele Morris of the Brookings Institution. This threat underscores why many lawmakers in coal precincts oppose policies to tackle climate change and why Wyoming voters gave President Donald Trump his greatest margin of victory of any state in 2016. Mr Trump made reviving the industry central to his campaign. He has since ended a moratorium for new coal leases on federal land and issued rules that would push coal-fired plants to run more often. Wyoming is suffering despite that support. The pain is especially acute for 578 local employees of Blackjewel, a mining company that filed for Chapter 11 bankruptcy on July 1. Workers on its Eagle Butte and Belle Ayr sites were ordered out. Gates were locked, and have not been reopened. A court-approved transfer of the open-pit mines back to their former owner, Contura Energy, has stalled as the federal government seeks $60m in unpaid royalties. Campbell County is claiming another $37m in back taxes. Blackjewel collapsed amid a darkening fiscal backdrop for the state. Annual receipts from Wyoming’s coal severance tax, paid when the mineral is removed from the ground, have shrunk by more than $100m from a peak of nearly $300m in 2011, with government forecasters eyeing further declines in the years to come. Coal royalties are also $100m lower.

Donald Trump races to seal Nafta revamp deal with Congress US president desperate for a win on trade, but many Democrats have doubts JAMES POLITI IN WASHINGTON

onald Trump is facing a high-stakes political showdown in Congress over the approval of the USMCA trade pact with Canada and Mexico, as senior administration officials and Republican lawmakers push for a quick vote on the deal in the face of scepticism from many Democrats. The stand-off over USMCA — which was struck last year as a replacement for the Clinton-era Nafta deal — has cast a pall over Mr Trump’s trade agenda this year amid the tariff war with China and threatens to deprive the US president of a key legislative victory heading into his re-election campaign. It has also added to uncertainty over the fate of trade in North America, where supply chains have become increasingly intertwined as billions of dollars worth of goods cross the northern and southern US border each year. In recent week, Trump officials and their allies on Capitol Hill have been clamouring for Democrats to embrace

the agreement quickly, acknowledging that there is a short window to secure passage before the 2020 presidential race kicks in and complicates the political dynamic. Some are optimistic. “I don’t know when it’s going to come up but I feel very positive about it,” Chuck Grassley, the veteran Republican senator from Iowa who chairs the finance committee in the upper chamber of Congress, told the Financial Times. “It ought to have broad bipartisan support.”. Many Democrats do not share that rosy assessment. They have been demandingchangestothedeal’sprovisions onlabourandenvironmentalstandards, drug prices and enforcement, in discussions with Robert Lighthizer, the US trade representative, over the summer. But they still have no certainty that their concerns will be addressed. “We all believe Nafta must be replaced, but USMCA is not there yet. We need trade deals that help hardworking men and women. Rushing a trade deal through will not level the playing field,” Debbie Dingell, a Democratic lawmaker from Michigan, warned on Twitter on Tuesday. www.businessday.ng

How urbanisation displaces Lagos’s fishing families The city’s response to population growth now informs how much of humanity will live in 2050 NEIL MUNSHI IN LAGOS

at, speckled catfish writhe in shallow buckets at Tinu Huntontor’s stand in Ajah market in Lagos. Occasionally one flops out on to the ground where it wriggles in a muddy puddle until she scoops it up. Customers come and go, they haggle, they smile and chat, 18 hours a day, almost every day, as they have for decades now. This work used to support Ms Huntontor’s small family in an informal fishing community on Lagos Lagoon. But for the past two years, Ms Huntontor, 42, has faced additional pressure to provide for her family, which has swelled from five to roughly two dozen. Urbanisation is often considered from a western perspective, with young professionals crammed into megacities, living in pods in ever-taller skyscrapers made from sustainable materials. But it is Africa that will drive global population growth over the next 30 years — and how urbanisation affects people there now informs how the greatest chunk of humanity will live in 2050. The story of Ms Huntontor’s family of Egun fishermen, like that of many of the urban poor in Lagos and megacities across the continent, is one of displacement. The population of Sub-Saharan Africa is set to double to more than 2bn by 2050. The continent is already 43 per cent urban, a figure that is set to soar as young jobseekers migrate to the cities that are the continent’s economic engines. In Nigeria, the average age is about 18 and more than 40 per cent of people are under 14. The UN predicts the country will add 189m urban dwellers by 2050. Estimates suggest that 10m more people will flood into Lagos between 2020 and 2035 — roughly 10 times the number of people who will become Londoners in the same period. Urbanisation is accompanied by real estate speculation, as booming populations crowd into limited land and developers force out often nonpaying informal tenants to chase bigger potential profits. For Ms Huntontor’s family, the effects of population growth and rapid

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urbanisation have been devastating: their children’s education has been disrupted, community ties severed, a home they spent years saving for destroyed, and small businesses crushed. Her mother, five of her 11 siblings and their children arrived at Ms Huntontor’s in 2017 after they were forcibly evicted from their ancestral home in Otodo Gbame, another informal waterfront community in Lagos. About 30,000 Lagosians were removed from the area, often violently, as police and paid thugs razed their homes. Like many others, they were forced into a sort of multigenerational living — a trend that is also gaining traction in the west as households pool resources. In Nigeria where the population is much younger — and more than half of people aged 15 to 35 are unemployed or underemployed — families that join together also share resources, but there are much fewer to go round. “Before, things were OK, but since they [the family] all joined up, it’s very difficult to feed everyone with the little that comes from the market,” says Ms Huntontor. Her brothers head out into the lagoon each day on rickety tosihuns (dugout canoes) to fish, or hustle for manual labour; their wives help Ms Huntontor smoke and clean the catch, which she sells along with other fish she buys at the wholesale market. The family shares everything, from childcare to food and drink. The courtyard is a gathering place, kitchen, fish processing plant and playground; the lean-to porch is a dining room and tailoring studio for the grandson who wants to train in the trade. “The biggest priority for all of us is the children,” Ms Huntontor says through an interpreter in the dusty yard between her home and the corrugated metal shack in which her family lives. The children range in age from her late brother’s newborn to teenaged graduates who are unable to find work. Two months ago, Ms Huntontor became the family’s primary — and often sole — breadwinner after her eldest brother was shot and killed in front of her home. Peter died in July during a weeks-long turf war between local gangs, known as “area @Businessdayng

boys”, who were fighting on behalf of the big men dredging sand from the lagoon for construction projects in the city. How to manage urbanisation Experts suggest that the way things are going at the moment does not bode well for family life in 2050. “Urbanisation, if poorly planned, almost certainly will result in additional forced evictions and disruptions,” says Judd Devermont, Africa director for the Washington-based Center for Strategic and International Studies, a non-profit research organisation. “Most African cities are not configured for such explosive growth,” he adds. “With more forethought about urban population and spatial growth, the region’s governments could reduce — or at least minimise — the negative consequences of forced evictions.” But in Lagos, there has thus far been little focus on urban planning, or easing the effects of the city’s incredible growth. “[Forced eviction] continues with impunity and the forces that are driving urbanisation and growing land values in the city and luxury real estate development continue to make this happen and suggest that it’s not likely to end,” says Megan Chapman, co-founder of Justice and Empowerment Initiatives, an organisation that fights forced evictions. Often that displacement results in little more than ruined lives, she says. Two years on from when Ms Huntontor’s family was evicted, cows sometimes graze on the razed remains of their old community, which is overgrown and floods in the rainy season. There’s a banner nearby advertising detached houses with a 20 per cent discount and a flexible payment plan. Now there are rumours that the community next door to Ms Huntontor’s home, a cluster of ramshackle huts on stilts over the water, is going to be destroyed to make way for another dredging operation. “You see what’s happening,” says Ms Huntontor, waving her hand dismissively toward the dump trucks trudging in and out. “We’ll probably be kicked out of here one day, too — and if the whole family weren’t here, I would leave right now.”

Friday 13 September 2019

BUSINESS DAY

POLITICS & POLICY PDP blames APC’s failure at polls, tribunal on Ill-preparedness ANIEFIOK UDONQUAK, Uyo

h e P e o p l e ’s Democratic Party (PDP) Akwa Ibom State Chapter has blamed the failure of the All Progressives Congress at the polls and at the tribunal on the party’s alleged ill-preparedness and buck-passing attitude. A three-man panel in a marathon judgment handed down by its chairman, W.O. Akanbi, through a majority decision, dismissed the petition filed by Godswill Akpabio of the All Progressives Congress (APC), challenging the declaration of Ekpenyong by the Independent National Electoral Commission (INEC) as winner of the said election. Reacting to the judgment in a press conference in Uyo, the state capital, PDP which spoke through its Publicity Secretary, Ini Ememobong said the APC, at the commencement of the tribunal, filed processes that were manifestly and incurably defective. “How else can you describe people who protested the location of the tribunal before the tribunal was even constituted? “Since then, they have been shouting to high heavens over non-existent issues. When the tribunal started, they filed processes

Uche Secondus, PDP National Chairman

that were manifestly and incurably defective. “Now that the natural consequences of their actions have manifested, instead of taking a sincere introspection, they have decided to apply their stock in trade- passing the buck,” he said Taking specific instances, Ememobong said in the case against Patrick Ifon, the APC and its candidate filed the petition with a wrong heading of the court, and wrong name of the Federal Constituency. “In Victor Antai’s case, the entire petition was fraught with unimaginable mistakes, which the petitioners and their counsel conceded, for example the petitioner

intermittently used Uyo and Oron federal Constituencies in his petition; used grounds alien to the Electoral Act in seeking redress and sought contradictory reliefs. “Additionally, they filed an affidavit where 23 paragraphs therein, contained vague, imprecise and nebulous claims of alleged errors occurring at polling units, without stating the exact polling units where these alleged errors happened. “The petitioners in their characteristic untidy manner, brought witnesses who were either totally confused or were certified liars. Their PW3 stated that he did not vote and did not see when results were entered, but insisted that he knows there

was manipulation- nothing more witless has ever been said since the creation of man,” he said. According to him, “This is a clear case of non-compliance with Electoral Act and inability to prove allegations of corrupt practices in line with Section 135 of the Evidence Act. How is the PDP or the Tribunal responsible for fatal mistakes made by the lawyers of the APC? “In Godswill Akpabio’s case, the majority judgment of the tribunal is a soothing balm to the people of Ikot Ekpene senatorial district (North West) who massively rejected him at the polls. They ensured that he lost convincingly in eight LGAs, had a slim victory in one. He supervised a reign of terror and harassment against his people in Essien Udim but still could not get a result to fertilise his ill-fated return to the Senate. The PDP further accused the APC of bringing to court witnesses who were either totally confused or certified liars. The party therefore, urged the general public to ignore the illogical, baseless, senseless and slow-witted utterances made by the All Progressives Congress Akwa Ibom State and treat them as their usual strawclutching antics and the last kicks of a dying horse.”

Lagos adopts new strategies to tackle poverty, unemployment among women INIOBONG IWOK

ecilia Bolaji Dada, Lagos State commissioner for Women Affairs and Poverty Alleviation, has stated that the state would now concentrate effort on setting up businesses for women in the state who had received adequate training in various skills and vocations but unable to set up businesses because of paucity of funds. The Commissioner stated this Thursday, during the courtesy visit to her Office by Executive members

Cecilia Bolaji Dada

of supervisors for Women Affairs and Poverty in the Local Government Areas in the state. Dada said that poverty alleviation and empowerment had gone beyond buying sewing machines,

grinding machine and popcorn-making machines. The Commissioner further said that there was tendency to give such items to the same set of people repeatedly, while such people may end up selling them. She, however, encouraged government to call on Chairmen/Women of various work groups, who will in turn forward names of persons who have adequately trained in various skills but unable to set up businesses. She then called for a data base of women who are in-

deed poor and desperately in need of help in each Local Government Area. She encouraged the representative of W.A.P.A in the Local Councils to look out for such women and help them out of poverty. In addition, she said that the Exco members of WAPA in local government areas should encourage women in their domain to take advantage of the loans provided by Lagos State Employment Trust Fund to start-up small scale business.

Tribunal verdict will spur me for good representation IDRIS UMAR MOMOH, Benin

he lawmaker representing Egor/Ikpoba Okha federal constituency in the National Assembly, Jude Ise-Idehen has dedicated his victory at the election petition tribunal to the people of the constituency. Idehen spoke to newsmen after Justice L.O. Ogundana-led three-man tribunal affirmed his election as

the winner of the February 23, 2019 national legislative election. The lawmaker’s victory was challenged at the tribunal by Ehiozuwa Johnson Agbonanyima of the All Progressives Congress (APC). While dedicating the victory to the people of the constituency, he assured that the victory would spur him to do more for the people who stood by him during the election and the trial at

the tribunal. He noted that there was never a time he nursed the fear that he was going to lose the case at the tribunal because he was the man of the people and that the people voted for him massively. He also commended the tribunal for ensuring that justice prevailed in the petition. The federal lawmaker also assured the constituency of quality representation. The APC candidate had

approached the tribunal challenging the declaration of the People’s Democratic Party (PDP) candidate by the Independent National Election as winner of the election. He prayed the tribunal to declare the elections of IseIdehen as invalid for noncompliance with the electoral Act 2010 as amended, corrupt practices, not duly elected by majority of lawful votes among others.

Ojikutu congratulates Buhari, urges him to deliver Nigerians from poverty INIOBONG IWOK

inatu Ojikutu, a former deputy governor in Lagos State, has congratulated President Muhammadu Buhari on his victory at the Presidential Election Petition Tribunal which affirmed his election on Wednesday. Ojikutu also urged President Buhari to work harder now towards ameliorating the suffering of the masses who gave him the mandate at the February poll. In a statement by her media office, Ojikutu maintained that the judgment was a victory for democracy which would take the country to the right direction. “This is a golden opportunity for PMB to bring out that quality which the people see in him that made us vote for him overwhelmingly,” She said. Ojikutu also advised that to revamp the economy the country needs to recover the funds inequitably distributed and looted through the convocation of the truth and

restitution committee so that those who want to restitute and return what they have unjustly appropriated that belonged to the masses can do so without any delay. “So, let’s have a truth, restitution and recovery commission. A time frame should be given for people to come out willingly and return what they have acquired illicitly or unjustifiably according to the norms of a decent society. There is no justification for the extreme poverty in Nigeria,” She added. She also called on those around the presidency who are perceived to be tainted to be in tune with PMB and clean up their acts and also not do the business as usual in this ‘Next Level’ dispensation. The former deputy governor also warned those who are in the habit of getting kickbacks from contractors through contract inflation and those who are ripping the country off through unwholesome practices to desist forthwith.

Northern governors hold emergency meeting, seek solution to Almajiri phenomenon ABDULWAHEED OLAYINKA ADUBI, Kaduna

he nineteen northern governors under the auspices of Northern Governors’ Forum has reiterated its commitment towards resolving the Almajiri phenomenon. The forum perceived the Almajiri phenomenon to be a social and security challenge that needed to be addressed urgently. The Chairman of the forum, who is also the Governor of Plateau, Simon Bako Lalong disclosed that the meeting was summoned to address some matters of urgent importance in the survival of the region and the well-being of our people. While speaking at the meeting held in Kaduna on Thursday, he recalled that at the last meeting, the forum deliberated extensively on many issues, particularly the nature of the insecurity currently bedeviling the region and how to deal with the situation. According to him, “We consequently set up a Committee under the Chairmanship of His Excellency, Governor Aminu Bello Masari of Katsina State, to inter-alia develop a comprehensive regional plan of action that could bring lasting solutions to the lingering crises. “At this meeting, we shall receive briefing from this committee and also deliberate on their findings and recommendations. Another

major issue we shall also deliberate on is the issue of livestock management in the country and in particular our region, which has continued to generate discourse, controversy, mis-information and even politicisation. “You are aware of the many attempts to find lasting solutions to the incessant farmerherder clashes, cattle rustling and associated criminalities such as banditry, kidnapping, among others.”. He also disclosed that the meeting shall deliberate on the National Livestock Transformation Plan (NLTP), which was commissioned by the National Economic Council chaired by Vice President, Yemi Osinbajo and seeks to support and strengthen the development of market-driven ranches in the livestock ecosystem for improved productivity through breed improvement, pasture production, efficient land and water utilisation. He further explained that with the region’s comparative advantage in livestock management as an economic and socio-cultural vocation, the region need to come up with a common front on how to synergise and draw from the funds available for the programme and ensure that the forum derive maximum benefits for our people. “We shall develop strategies on how best to deal with the misinformation about the NLTF, which is sometimes confused with the Rural Grazing Area (RUGA) project,” he said.

Friday 13 September 2019

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Breakfast at Orchid Bistro in Ikoyi

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Ambiance - 4 Price

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Nigeria’s total trade hits N8.6trn in Q2, 2019 Cynthia Egboboh, Abuja

igeria continues to record positive balance as total trade hit N8.6 trillion in second quarter 2019, according to data from the National Bureau of Statistics on Thursday. The N8.6 trillion total trade shows a 4.4 percent increase compared to N8.2 trillion recorded in previous quarter. At N588.8 billion, trade balance showed a surplus. The total value comprised of 46.6 percent imports (N4.0 trillion) and 53.4 percent exports (N4.6 trillion), the NBS said. The value of total exports in Q2 2019 increased by 1.34 percent against the level recorded in Q1, 2019 and 2.06 percent when compared with its value in Q2, 2018. But the value of exports for the first half of 2019 fell by 1 percent compared to the first half of 2018. A study of the report shows that the the value of imported agricultural products, raw materials, and solid minerals grew by 5.79 percent, 4.97 percent and 63.46 percent, respectively, while the value

of energy goods, manufactured goods imports declined by 74.65 percent and 10.86 percent. The value of other oil products imported rose by 162.59 percent compared to Q1 2019 and 21.87 percent when compared to Q2 2018. Similarly, the value of manufactured exports, solid minerals exports, energy goods, declined by 77.05 percent,15.53 percent, and 12.31 percent, respectively, when compared to the previous quarter. The value of crude oil exports in Q2 2019 was 16.52 percent higher than in Q1 2019. Crude oil remained the major export as it accounted for 85.6 percent (N3.93 trillion) of total exports while noncrude oil exports contributed 14.37 percent (N661.6 billion) in the period. The value of agricultural exports was 14.66 percent lower than in Q1 2019 while the value of raw material exports was 14.52 percent lower than the value in Q1 2019. “This performance was largely as a result of stronger growth in the value of imports far outpacing growth in the value of exports which rose only marginally,” NBS said.

For 9 straight years, Lagos ranks amongst worst cities to live in BUNMI BAILEY

agos, the commercial hub of Nigeria, has been ranking as one of the worst places to live in the world fornine straight years, a BusinessDay analysis shows. Data from the 2019 Global Liveability Index published by the Economist Intelligence Unit (EIU), the world’s leader in global business intelligence, shows the city has been within the range of 137th-139th position out of a total of 140 cities in the world from year 2011-2019. Last year, Nigeria overtook India as the country with the largest number of people living in extreme poverty, thereby becoming the world capital of poverty, according to the Brookings Institute. This year, the number has risen to 91.6 million from 87 million in June 2018. Every minute, six Nigerians enter the group of extremely poor people, according to the World Poverty Clock. Economic experts have blamed the rising population of Lagos putting more pressure on the available resources, low level of government reforms and rising poverty rate. Gbolahan Ologunro, an equity research analyst at Lagosbased CSL Stockbrokers said, “There is a high level of people living in Lagos and I don’t think the housing infrastructure is adequate to accommodate the large number of people in the city.” “For Lagos, being a commercial hub, there are lots of people from rural areas coming into the city on a daily basis.

However the improvement for supply for housing units does not keep in pace for the influx of people into the city .So the overall impact is that you have a large number of people living in areas or homes that will be considered as inadequate for human welfare,” Ologunro further said. According to the National Population Commission of Nigeria (NPC), Lagos has a population of over 21 million as at 2016 and by year 2050, its population is expected to double, which will make it the 3rd largest city in the world. The EIU examines the quality of health care, education, infrastructure, stability, and culture when assessing living conditions of each city. More than 30 factors are taken into account when calculating each rank, which are then complied into a weighted score between one and 100. From the indictors used for the ranking index which was stability, healthcare, culture & environment ,education and infrastructure , Lagos, fairly scored 20.0, 37.5, 53.5, 33.3 and 46.4 respectively which dragged its score to 38.5 from a total of 100.This score remains unchanged from the previous year but its ranking moved up by on position to 138th. Ayodeji Ebo, MD, Afrinvest Securities Limited said that based on the indicators that were used, there have not been any major improvement and that rural urban migration has increased significantly which has put more pressure on the available resources in terms of infrastructure, health, education and social amenities.

L-R: Olubukola Koyenikan, head, enterprise risk management, Anchor Insurance Company Limited; Nelson Egboboh, head, brand and corporate communications; Adebisi Ikuomola, executive director, technical; Augustine Ebose, managing director/chief executive officer, and Olajide Fasanmi, general manager, business development, during the media launch of Travel Insurance and Agriculture Insurance policies by Anchor Insurance Company Limited in Lagos. Pic by Pius Okeosisi

FG scales up housing interventions with loan to cooperatives HARRISON EDEH, Abuja

mid concerns of housing deficit estimated at 17 million units, the federal government has pledged to increase its housing interventions working closely with the cooperatives by scaling up access of housing loans to them. Babatunde Fashola, the Minister of Works and Housing, gave the information on Thursday in Abuja while he played host to the Leadership of Association of South South Chamber of Commerce and Industry, Mines and Agriculture. “As chambers of commerce, we want cooperatives that have land of their own, registered trustees, title to the land, and they want to develop. If you

have such cooperatives, help us to enumerate them, considering, where there land is, allocation. We would help them to get access to their own housing development loan. “They will build at their own pace, but we would help them with infrastructure. These are efforts of the federal government in lifting millions out of poverty,” Fashola said. Fashola noted that the federal government is determined to improve lives of Nigerians by lifting millions out of poverty through massive investment in infrastructure across the country. The Minister while admitting several fiscal challenges confronting the country, noted that the federal government is adopting measures to ensure that fiscal concerns do not affect government’s delivery of

Xenophobia: FG to support returneeNigerians with loans to set up businesses Innocent Odoh

ollowing the xenophobic attacks against Nigerians in South Africa, the Federal Government has announced that it will support Nigerians returning from the former Apartheid enclave with soft loans to enable them start small scale businesses. This was disclosed on Wednesday by the chairman and CEO of the Nigerians in the Diaspora Commission (NIDCOM), Abike Dabiri-Erewa, while receiving the 187 first batch of Nigerian returnees at the Murtala Mohammed International Airport in Lagos, a statement issued on Thursday by Gabriel Odu of the NIDCOM media unit, said. Dabiri-Erewa, led officials to receive the 187 Nigerian Returnees, who arrived at about 9.35 pm on Wednesday, September 11, on-board an Air Peace flight, even as she commended the Management of Air Peace for the kind gesture. She said that a total of 187 Nigerians were evacuated,

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amongst whom over 30 were children. Meanwhile, about 317 were initially billed to return on the flight which experienced over 15 hours delay by the South African authorities, the statement added. The development follows a directive from President Muhammadu Buhari to evacuate Nigerians in South Africa willing to return home due to renewed xenophobic uprisings. The president gave the order after receiving the report of the special envoy whom he dispatched to South Africa over xenophobic attacks. Dabiri-Erewa told the Returnees that apart from transport stipend to convey them to their various destinations, for ease of communication, they are to receive SIM cards with N40,000 Naira worth of air time, plus 9GB of data valid for 2 months as well as a soft loan from the Bank of Industry to support those interested in small trade and businesses. A program of reintegration will also be put in place subsequently. Meanwhile, Officials of the bank of industry were also on hand to brief them.

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the dividends of democracyespecially on closing the infrastructure gaps. “Yesterday, the medium term expenditure was passed with great concerns of fiscal challenges. Our greatest earner, oil, is facing global pressures and we are adjusting to enable the government meet up with its obligations .Government is also looking through Value Added Tax to enable it deliver on its services to the people.” He urged the association to always work closely with the states federal controllers of works,and Housing on any concern or complaints they want to lodge since the federal government has project in each 36 states across the country. He noted further that concerns of bridge and road failures are synonymous with wet season,while pledging the

federal government’s commitment on maintenance of roads and works infrastructure. “Consequences of nature atimes breaksdown our projects,but we are working hard to do more even with little resources. On some of the road infrastructure mentioned for support by the group,Fashola urged them to look towards the Federal Ministry of Niger Delta to deliver on the East West roads. “East West Road has been captured under the Presidential infrastructure fund,but it is the primary responsibility of the Ministry of Niger Dela. He noted that the federal government is intervening in bridge maintenance and building roads even inside the Universities to create a descent environment.

Lifemate holds immersion session with dealers, business partners

n a bid to achieve smooth, confident and reliable producer-consumer relationship, Lifemate furniture held recently a communication meeting with dealers, suppliers and business partners of the company from around Nigeria who converged at the head office showroom situated at Oregun, Ikeja in Lagos. The real motive of the meeting, according to the Lifemate management, was to further reintegrate and embalm new collaborators to services rendered by the Lifemate company, her journey so far, how Lifemate has been able to remain in business, delivering top notch and quality furniture products to the Nigerian populace. The event which took place at the Home Furniture section of the Lifemate Head Office showroom, was compered by ace Nollywood producer and actor, Christopher Iheuwa . It commenced with Chinese and Nigerian National Anthem after which a documentary video showing the journey of Lifemate Furniture since inception @Businessdayng

and how it has ventured into the African market, to become an integral practitioner in the furniture manufacturing industry. A presentation by Chinese Sales Representative, Christa proceeded afterwards as she, with interludes, took the audience through the various business frames and modus operandi of the company. Her presentation covered the conception and production Home Furniture products, Office Furniture, Outdoor Furniture, Kitchen Cabinets and Sanitary Wares. She put the dealers through the challenges of the company in delivering her mantra to “make life better” for her consumers and Nigerians, and counter-measures put in place by the company to ensure no stone is left unturned in delivering her mantra. There were raffle draws and quick quizzing question and answers sessions where dealers were rewarded with gift packs and throw pillows, with the ultimate giveaway prize being a hand massage equipment.

Friday 13 September 2019

BUSINESS DAY

POLITICS & POLICY PDP blames APC’s failure at polls, tribunal on Ill-preparedness ANIEFIOK UDONQUAK, Uyo

Uche Secondus, PDP National Chairman

Lagos adopts new strategies to tackle poverty, unemployment among women INIOBONG IWOK

Cecilia Bolaji Dada

of supervisors for Women Affairs and Poverty in the Local Government Areas in the state. Dada said that poverty alleviation and empowerment had gone beyond buying sewing machines,

Tribunal verdict will spur me for good representation IDRIS UMAR MOMOH, Benin

Ojikutu congratulates Buhari, urges him to deliver Nigerians from poverty INIOBONG IWOK

Northern governors hold emergency meeting, seek solution to Almajiri phenomenon ABDULWAHEED OLAYINKA ADUBI, Kaduna

Women in Business

Founder, Bellafricana

Friday 13 September 2019 www.businessday.ng

By Kemi Ajumobi

Adedamola Ladejobi

Bukky Asehinde ukky Asehinde popularly known as an “Afrocentric Marketer” is a passionate young female Nigerian entrepreneur and founder of Bellafricana, a business focused in promoting creative (Made-in-Nigeria) business development through a platform that bridges the gap between producers of quality creative/indigenous products in Nigeria (Africa) and their consumers globally. She is very committed, highly motivated and self-driven in her effort to make an impact in job creation and building-up of local talents for economic drive and growth through the use of digital marketing. She started her business in the hope of creating more jobs and to help develop talents in her area of creative expertise. This is underscored by the fact that she observed a vast increase in the number of unique products made in Nigeria (Africa) but noticed a huge gap between local producers and consumers. Hence, she has created an online platform to bridge that gap. What better way than through online, which gives it a global opportunity. Bukky is of the opinion that if as many products and services which are made by local people can be showcased to a wider audience both local and global, then we stand a chance of creating more jobs and developing more talents which are things that impact directly on the country’s economic growth. Bukky has always very much believed that a support group/community for creative MSMEs will enhance the Non-oil export in the Nigerian economy and make them thrive. So she wondered, “Why should we wait on financial backing from the government and big institutions to help this industry, when we can create a platform to connect these Afrocentric businesses?” hence the birth of Bellafricana. She has directly impacted into over 1000 local producers and working towards promoting more. Bukky also founded an inititative called African Creative Exhibition and Awards (termed ACE Awards) to celebrate creativity and innovation in Nigeria and the whole of Africa. Through this, she aims to encourage more

BUSINESS DAY

Founder/CEO, ASKDAMZ

local talents in Africa, to look inwards and create more globally acceptable brands. Bukky studied Biochemistry at the University of Westminster, United Kingdom. She has acquired skilled training in the United Kingdom from some of the top companies like Wembley Arena, Mcdonalds and is poised to commit her expertise to delivering that right standard of excellence. Bukky returned to Nigeria to start this upwardly mobile business. She is a member of Lagos Chamber of Commerce and Industry, Nigerian American Chamber of Commerce, Nigeria Britain Association and associated with the UK Trade and Investment. She is also a co-founder to a non-profit organisation called PUSH Relief Project that serves as a back-bone for smaller charities within Africa. With the current Rise of Made-in-Nigeria (Africa) products, which is making more Nigerians look inwards to recover from the Recession, Bellafricana.com is playing a key role in the Nigerian economy by helping as many quality creative small businesses be at the forefront of the market and creating richer platforms to enable them grow. “We are not in the business of waiting for the government to fix every hole in the economy. We believe in creating and innovating ideas to make our economy a better place”. She says. There has been a rise in the number of Afrocentric (made in Nigeria, Africa) brands that have great quality with little or no financing from both the government and bigger institutions. Bellafricana strives to connect Afrocentric businesses (African crafts) to the consumers. They are assisting these small businesses with marketing which would increase sales, help hire and train more local talents joining the companies which in turn will contribute to the growth of the Nigerian economy and also help decrease the unemployment rate. In her quest to bring as many quality Madein-Nigeria (Africa) brands to the forefront of the market, Bukky has put together an initiative to Celebrate Small Creative Businesses with the aim of encouraging more talents in Nigeria (Africa) to look inwards, be original and create more globally acceptable brands.

dedamola Ladejobi is a certified personal nutritionist, weight loss expert and an award winning ENTREPRENEUR OF THE YEAR (Eloy awards). She is the Founder/CEO of ASKDAMZ, a weight management, health, and wellness company. She has used her successful lifestyle change and platform (both physical and social media) to touch the lives of thousands of people around the world. She works full time as a wellness Coach ensuring that she explores her client’s greatest health concerns, weaknesses and goals. She is a Barrister and Solicitor of the Nigerian Supreme Court with an LLB Law degree from the University of Exeter, a BL from the Nigerian Law School and a Diploma certificate in Nutrition. She is also a Health and Wellness Speaker and who has been invited to speak at reputable events such as WIMBIZ, All Ladies League and Women Economic Forum, The Evolving Woman 2.0, Flourish Conference and many others. Damola Ladejobi has built her platform from her passion to help people achieve their desired weight loss goals and has touched the lives of so many men, women and children by helping them live a healthier lifestyle. She’s a strong believer in women empowerment and she uses her platform to promote and encourage small start – ups businesses. Damola is the CEO/Founder of Smile Express Empowerment Foundation, a platform built to help small businesses and the less privileged in the society. Askdamz Wellness Institute (ADWI) is set to train and certify people on how to live the healthy lifestyle, not only so they can train others on how to achieve general wholeness and wellness but also for personal use. A place where wholeness is achieved and skills are enhanced. This has been one of the goals at AskDamz, hence the birth of this E-learning platform. “The highlight of ADWI is the fact that we ‘brought it home’. The ADWI App is as good as your healthy on-the-go companion.” Damola states. With the app, you get to track daily meal

intake and calorie requirements, monitor sleep, track steps, even water intake...you can even do a quick check of the caloric value of your favourite “naija” delicacy. According to Damola, “Certainly, a lot of us can attest to the fact that most foreign wellness apps don’t capture our own meals; ADWI has come to change the narrative. Asides from ADWI being a free wellness app where we share health and wellness tips beyond food and fitness, our members get to enjoy mentorship from our contributors and coaches anywhere in the world. Presently, we have fifteen (15) courses available at ADWI.” She reveals. The courses offered on their learning management system range from basic courses such as how to count calories to as advanced as skin care nutrition. Their courses are broken into modules, assignments and/or practice questions, and exam questions and upon successful completion of courses, certificates are awarded. “These certificates can be included in work resumes, to advance careers or for career change. Our courses have been scholarly packaged to educate, to fuel passions and to fulfil purpose. What we are offering at ADWI is a comprehensive package, yet extremely pocket friendly. In the long run, ADWI is more than an app, even beyond an institute.” Damola says. ADWI is empowering the average person to be better aware about their wellbeing, to be more knowledgeable about living wholly. They are producing quality experts, experts who would further educate and train the populace. ADWI is propagating that wellness goes beyond eating better and keeping fit, they are telling you that skin care is wellness, and so is first aid, and so is having an extra source income from learning from them to train others. The user friendly app, which is available for both Android and IOS users, also has a blog section where people get to learn on healthy living and keep up to date with AskDamz. In summary, let’s just say ADWI is growing skills and achieving wholeness.

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