BusinessDay 14 Feb 2020

In boost to foreign inflows, CBN, FMDQ launch long-term naira contract … contracts now up to 5yrs LOLADE AKINMURELE he Central Bank (CBN) yesterday took a major step towards deepening Nigeria’s financial markets

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through a collaboration with FMDQ Holdings PLC to launch the much-awaited long-dated FX Futures that extends the maximum contract tenor to up

to five years.

This implies that 47 new monthly OTC FX Futures contracts, in addition to the existing 13 contracts, have been introduced from February 13, 2020, bringing the total number of open OTC FX Futures contracts

at any point to 60.

As the pioneer and sole seller of the naira-settled OTC FX Futures contracts, the CBN, having successfully sold a total value of circa $34.83 billion so far on FMDQ Securities Exchange Limited, made history with the

landmark achievement following the launch of the product in June 27, 2016.

The launch came as a relief to Nigerian corporates, foreign portfolio investors (FPIs), foreign Continues on page 34

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Gold $1,575.95

news you can trust I ** friDAY 14 february 2020 I vol. 19, no 499

Supreme Court sacks Bayelsa governorelect, deputy, gives PDP victory …less than 24hrs to swearing-in FELIX OMOHOMHION, SOLOMON AYADO (Abuja) & SAMUEL ESE (Yenagoa)

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FG goes after Petro Union Oil as directors remanded over £2.6bn fraud P&ID-type case sought to scam CBN/Union Bank SEGUN ADAMS & FIKAYO OWOEYE

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he Supreme Court on Thursday nullified the election of David Lyon of the All Progressives Congress (APC) and his deputy as governor-elect and deputy governorelect of Bayelsa State in the November 16, 2019 governorship election in the state.

ustice Mohammed Liman of a Federal High Court in Lagos on Thursday ordered the remand of four directors of Petro Union Oil and Gas Continues on page 34

Download e-copy of Women’s Hub magazine from www.businessday.ng

Continues on page 34

Inside

N132 bn AMCON Debt: Senator Ifeanyi Ubah for Arraignment April 2 P. 4 CULINARY DELIGHTS Valentine Edition

fgn bonds

Treasury bills

L-R: Sam Amuka, publisher, Vanguard Newspaper; Andrew Nevin, chief economist and partner, financial services sector, PwC West Africa/keynote speaker; Patrick Akinwuntan, MD/CEO, Ecobank Nigeria; Mustapha Baba Shehuri, minister of state for agriculture and rural development; John Aboh, chairman, Ecobank Nigeria, and Aliyu Abdulhameed, MD/CEO, NIRSAL plc, at the Ecobank-Vanguard agribusiness summit, with the theme ‘Unlocking Productivity and Investment Opportunities Across Nigeria’s Agribusiness Value Chain’ in Lagos, yesterday. Pic by Olawale Amoo

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news How 2020 budget, Finance Act can grow capital market – Experts IHEANYI NWACHUKWU

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takeholders in the Nigeria capital market were in Lagos, the nation’s largest city, on Thursday to discuss how they could leverage the 2020 budget and the Finance Act for the growth of the Nigerian capital market.

The budget seminar, themed “Leveraging the 2020 Budget and The Finance Act for the Growth of the Nigerian Capital Market”, is the fourth in its series organised by the Securities and Exchange Commission (SEC).

The SEC regulates the capital market and has a mandate to protect investors in the market.

Discussants included a group of market practitioners, academia, and policymakers who analysed this year’s budget and the Finance Act with the aim of increasing stakeholders’ knowledge and contributions, while identifying areas of benefit.

Over the years, the SEC Budget Seminar Series has served as a forum for evaluating the connection between the Nigerian capital market and the annual Federal Government budget, with the aim of identifying how the capital market can contribute to, and benefit from, the budget and its implementation.

President Muhammadu Buhari presented the 2020 bud-

get to the National Assembly on October 8, 2019 which was eventually signed on December 17, 2019, with an approved budget of N10.6 trillion.

Budgets play important roles in an economy, and by extension in the capital market. This importance is actually the basis on which the market stakeholders came together for the seminar and analysed the risks and opportunities presented by the government budget.

“The last 12 months has been a challenging and difficult period for our economy, the markets and by extension the SEC,” said Mary Uduk, acting director-general, SEC. “Despite revenue challenges and competing demands, SEC successfully implemented key programmes and projects, achieving milestones. The SEC is poised to build on the gains of 2019 with renewed focus on resource optimisation and execution of prioritised initiatives in the coming year,” she said.

Discussants also looked at critical aspects of the new Finance Act that affect the capital market. These include the provisions on Securities Lending, Real Estate Investment Schemes, minimum tax, increased Value Added Tax, amongst others.

•Continues online at www.businessday.ng

Here are 4 areas agric sector requires investment

… as Ecobank seeks to maximise gains of boosting agribusiness HOPE MOSES-ASHIKE

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n order to maximise its potential, the Nigerian agriculture sector requires business investments in four major areas, according to Aliyu Abdulhameed, managing director/ CEO, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

These four areas are finance capital, technology capital, equipment capital and human capital, Abdulhameed said.

Agriculture contributes 25 percent of the Gross Domestic Product (GDP). Current local and global trends such as $22 billion imports substitution and $5 trillion global food industry, among others, are expected to drive productivity and future investments in agriculture.

Speaking at Ecobank-Vanguard agribusiness summit in Lagos, Abdulhameed urged actors to take advantage of the inherent opportunities in the Nigerian agriculture sector and NIRSAL’s agriculture/agribusiness de-risking value offerings.

Mohammed Nanono, minister of agriculture and rural development, said Nigeria’s potential and prospects make the sector a pilot for economic stabilisation, diversification and growth in the country. The sector is a major

contributor to the national GDP and the biggest in job creation in the non-oil sector.

Nanono, who was represented by Mustapha Baba Shehuri, minister of state for agriculture and rural development, said President Muhammadu Buhari is committed to finding a lasting solution to addressing the issues of food security in the country, as well as encouraging local farmers to produce more and better quality food for all.

Ade Ayeyemi, group chief executive officer, Ecobank Transnational Incorporated, in his remarks said agriculture is at the centre of Nigeria’s real sector and its growth will no doubt contribute to a sustainable vibrant economy.

“This is why this summit is an important occasion for us to put our heads together and find ways to maximise the significant potential gains of boosting agribusiness in Nigeria,” Ayeyemi said.

Success in Nigeria’s agricultural sector means feeding almost 200 million individuals and, amongst others, the reduction in the demand for foreign exchange to import food items into the country.

This is coupled with the development of the agribusiness value-chain and its resultant creation of a new breed of entrepreneurs as well as jobs. www.businessday.ng

L-R: Pulak Sen, managing director, Powergas Nigeria; Nosike Akogie, guest speaker; Cheta Nwabuike, group Environmental, Social and Governance (ESG) director; Daniele Sechi, CEO, Cummins Power Generation Nigeria Limited, and Sumeet Singh, commercial director, Powergas Nigeria, at the first ESG leadership commitment summit in Lagos. Pic by Pius Okeosisi

Airlines, Lagos airport lose N170m over 24 flight diversions to neighbouring countries

... Accra too congested to accommodate more flights ... Sirika grants approval to Qatar to divert flights to Abuja IFEOMA OKEKE

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irlines and the Murtala Muhammed International Airport (MMIA) in Lagos have lost over N170 million as a result of continued flight diversions to Accra (Ghana) and Cotonou (Benin Republic) as a result of low visibility.

For the past four days, British Airways, Air France, Emirates, Qatar Airways, Ethiopian Airlines, Delta Airlines and several others have been diverting their Lagos-bound flights to neighbouring countries because of the inability of pilots to view clearly to land.

Experts say the absence of functional Instrument Landing Aids (ILS) at the Lagos airport has made it impossible for pilots to land and take off from the airport.

A source at the Air Traffic Controllers Unit of the airport told BusinessDay that since the low visibility issue started

arising from bad weather, international airlines have diverted 18 aircraft and local airlines have diverted six aircraft. This implies that nothing less than 24 aircraft have been diverted to neigbouring countries and states within Nigeria.

Data gathered from the Federal Airports Authority of Nigeria (FAAN) show that for an average aircraft, international airlines pay N82,190 for maximum takeoff weight. For night landing, international airlines pay N386,074.64 and for day landing, they pay N257,288.74.

This implies that Lagos airport has lost about N7,031,522 for the 18 diverted flights by international airlines.

On the other hand, airlines operating domestic flights pay N55,455 as maximum take-off weight.Fornightlanding,domestic airlines pay N260,491 and for day landing they pay N173,597.

For the six diverted local flights, therefore, the airport has lost N1,097,037.

For each aircraft diverted, internationalairlineshavehadto payanaverageof$100(N36,000) in hotel accommodation for the stranded passengers. With an average of 250 passengers on each flight, these airlines have had to pay N162 million for the 18 diverted flights.

This means that the airlines and the Lagos airport have lost about N170,128,559 as a result of four days of flight diversions.

Meanwhile, Accra airport is currently congested and can no longer take diverted flights, BusinessDay gathered.

“The situation is getting worse now. British Airways has a 747 aircraft stuck in Abuja. We have another aircraft stuck in Ghana for two days now. Accra is so full that they say they can no longer take diversion anymore. Even AirPeace could not land this morning (Thursday).

We just hope things get better,” Kola Olayinka, BA’s country general manager, Nigeria, said.

Emirates, which comes in at 8.45am, had to cancel its

flight on Thursday.

“Due to poor weather and low visibility – Emirates flight EK783 and EK781 from Dubai to Lagos on 11th and 12th February, respectively diverted to Accra; Emirates flight EK783 from Dubai to Lagos on 12th February diverted to Abuja.

The return flights scheduled for 11th and 12th February will be delayed indefinitely.

Affected passengers have been provided with hotel accommodation,” Emirates said.

“Emirates flights EK 781/ EK782 and EK783/EK784 (Dubai-Lagos-Dubai) on 13th February have been cancelled.

We’re monitoring the situation closely and will update our customers as the situation develops. Passengers are requested to contact their booking agent or Emirates reservations to rebook their flights or make alternative travel arrangements,” the airline said.

•Continues online at www.businessday.ng

N132bn AMCON debt: Ifeanyi Ubah for arraignment April 2 ENDURANCE OKAFOR

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his is not the best time for the Anambra State-born Ifeanyi Ubah and his Capital Oil and Gas Limited. Following what transpired in court on Thursday, Ubah will now be arraigned on April 2, 2020 over fraudulent value of assets tendered to offset a whopping N132 billion owed Asset Management Corporation of Nigeria (AMCON).

The government debt recovery agency led by Ahmed Kuru, an experienced banker and strategist, has been in a protracted legal battle with the serving senator who is

one of those recalcitrant top obligors of AMCON. The embattled senator is also in court with the Federal Government of Nigeria. Ubah and his team of lawyers have been hiding under the technicalities of the law to frustrate the efforts of AMCON to recover the huge debt.

But with the amendment of the AMCON Act, which was signed into law by President Muhammadu Buhari last year, it does appear that the noose is seriously tightening around the neck of the senator, whose seat in the 9th Senate is in serious contention over certificate forgery.

Justice Nicholas Oweibo of the Federal High Court sitting

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in Lagos has given a new date after Ubah again disrespected the court by failing to show up.

It is the second time he is refusing to appear before the court.

But even in his absence when the case was mentioned, the prosecutor, Kunle Adegoke, asked the court to grant an order for the service of the charge on Ifeanyi Ubah through the bailiff of the court on Ubah’s legal representative, Olisa Agbakoba.

In an affidavit sworn to by para-legal staff of Kunle Adegoke law firm, Haleemah Adegoke declared that the bailiff of the court told her that he took steps to effect service of the charge dated October 30, 2019 on Ubah personally @Businessdayng

in December 2019 at the registered office of Capital Oil and Gas Industries Limited, but he was unable to serve him personally. Since then he has been evading service of same.

Again, on December 4, when the defendant was absent to take his plea in court, Olisa Agbakoba (SAN) announced his appearance for him and also informed the court that his client was yet to be served. In a short ruling, however, Justice Oweibo acceded to the request of the prosecutor. The counsel representing Capital Oil and Gas Limited, Ajibola Oluyede, told the court that there was an ongoing process for amicable settlement of the matter.

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Experts point way to mitigate vulnerability in occurrence of cyber warfare Jumoke Akiyode-Lawanson

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ation-states have begun incorporate cyber warfare against opponents’ cyber space attacks into their national security strategy. Some governments have even made it an integral part of their overall military strategy, with some having invested heavily in cyber warfare capability.

Countries like Russia, China and United States engage in cyber warfare and analysts say this virtual form of conflict will see increase in the fourth industrial revolution, when the internet inevitably takes over everything.

However, worry continues to build on the vulnerability in Nigeria’s cyberspace as experts say Nigeria may not be adequately equipped in case of the occurrence of a cyber-war.

Cyber war involves the actions by a nation-state or international organisation to attack and attempt to damage another nation’s computers, digital data or information networks through, for example, computer viruses or denial-of-service attacks.

Information Technology (IT) experts tell BusinessDay that the Federal Government of Nigeria seems not to have concrete plans in place to prevent cyber-attacks against critical infrastructure, reduce national vulnerability to cyber-attacks and minimise damage and recovery time from cyber-attacks should in case

they occur.

They say although the number of hackers, programmers and geeks in Nigeria increases daily, and a small community of ethical hackers have developed, they are not being engaged and encouraged by the government to secure the nation’s cyber space.

Vincent Asor, former president of Computer Professionals Registration Council of Nigeria (CPN), told BsuinessDay in a telephone interview, “There is actually a hackers association in Nigeria. However, the ethical hacking community is only there to stop things like phishing, fraud and let people know that these things happen. Government has not done anything particularly and the CPN also has not done anything in that regard.

“Any footprint on the internet can be traced, and we can sight danger online and close our cyber space from being disrupted but the only thing is that it involves a lot of financing and those funds are not made available by the government. The cyber laws exist but in all honesty, I don’t think our cyberspace is totally safe from international sabotage.

If someone breaks into Nigeria’s security systems, steals sensitive information and breaches the law, Nigeria cannot handle it alone; we would have to call for help from countries like the United States or China for them to help us find out where the problem is from.”

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Experts say the reality is that the internet is taking over the world, and at a time where almost everything is connected and most activities are done online, it is imperative that whatever happens in the physical world will happen in the virtual world. So, the same way countries see each other as threats and there is war between nations, so also should we prepare for war in the cyber space and engage hackers in Nigeria’s military strategy to beef up the cyber defensive strategy in preparation for significant threats to the nation’s security.

Chidinma Iwe, system architect, Cisco, told BusinessDay, “Because almost everything is now done online, people pay their bills, plan their holidays, shop, conduct business transactions, keep in touch with friends, organise social events and do almost everything online now, attacks are bound to happen.

“As the internet grows bigger, vulnerability increases. The internet is commonly referred to as ‘public domain’ and the more corporate and private information we put on the public domain, the more vulnerable we become so as security is important in the physical world and we have all sorts of security agents, so it should be as important in the virtual world,” Iwe told BusinessDay a while ago, when he was chief information security officer of MainOne.

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China already winning war against Government shuts critical roads for Lagos-Ibadan railway project coronavirus - Envoy MIKE OCHONMA

... as world’s largest mobile event cancelled over coronavirus fears Godsgift Onyedinefu, Abuja, & CALEB OJEWALE, Lagos

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mbassador of People’s Republic to China to Nigeria, Zhou Pingjian, says against reports, China is winning the war against the coronavirus, officially renamed Covid-19, and its effective response has averted further spread of the virus across the world.

According to Pingjian, China will soon emerge stronger and more prosperous, explaining that the number of deaths and confirmed cases have declined consecutively and the vaccine to confront the virus is already underway.

The epidemic control efforts have seen hard-won results with positive development in the contagion situation, Pingjian noted.

He said this at a dialogue held by the Centre for China Studies in Nigeria on the theme “Nigeria-China Cooperation in the context of Health Emergency: Imperative of Joint efforts and Collaboration” in Abuja on Thursday.

Since February 1, cured cases began to outnumber deaths and as at February 12, a

total of 5,998 persons had been discharged from the hospital after recovery. He added that since February 3, confirmed cases were declining day by day outside Hubei, the province with Wuhan as its capital.

“There were 731 confirmed cases in February 4, 707 cases on February 5, 696 cases on February 6, 558 cases on February 7, 509 cases on February 8, 444 cases on February 9, 381 cases on February 10, 377 cases on February 11, and 312 cases on February 12,” he said.

He however clarified that the sudden surge of 14,840 confirmed cases on Wednesday compared to 1,638 new cases on Tuesday in Hubei was as a result of a revision in the diagnosis criteria for the Covid-19.

Meanwhile, the Mobile World Congress (MWC), an annual event that had in 14 years brought the biggest players in the mobile technology industry together in Barcelona, Spain, has been cancelled over public health concerns surrounding the coronavirus.

MWC, scheduled for February24 – 27, said to have a huge economic impact, would have contributed €460 million, and generate over 13,000 part-time

jobs in the host location. Many companies had also planned to unveil their latest devices for the year, but these plans now have to be shelved and other arrangements made.

“With due regard to the safe and healthy environment in Barcelona and the host country today, the GSMA has cancelled MWC Barcelona 2020 because the global concern regarding the coronavirus outbreak, travel concern and other circumstances, make it impossible for the GSMA to hold the event,” read a statement by the organisers.

The event was to have a large Chinese participation, which could no longer be guaranteed with restrictions on flights from the country that has battled the disease outbreak since December 2019. Death tolls are currently put around 1,300 people, with 60,000 cases already recorded.

BusinessDay was informed that HMD Global, the company currently producing Nokia brand of phones had cancelled a pre-WMC briefing earlier scheduled for next Tuesday, following the company’s decision to pull out of this year’s congress in Barcelona.

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agos State Ministry of Transportation has announced the closure of critical road corridors in order to carry out work on ongoing standard gauge rail corridor.

The move, which is in line with the Nigerian railway modernisation project of the Lagos-Ibadan section with extension to the Apapa seaport, will result to the closure of the down Brewery Level Crossing/ Gaskiya Road for construction works from February 14 to 20, 2020.

A statement from the Ministry of Transportation says that the ongoing con-

struction on the aforementioned routes would be done in two parts to ease traffic movement. It notes that the closure has been slated at this time to ensure there is smooth and uninterrupted flow of work on the rail tracks.

With this development, prospective road users will be allowed to ply available sides of the roads while the road is being worked on to ease traffic movement and allow motorists reach their various destinations with less difficulty.

“Road users are therefore advised to comply with the Traffic directions and road signals to minimize inconveniences that may

be experienced while the construction works lasts,” the government states.

According to the statement, “Lagos State government is hereby appealing to residents of the state, especially motorists that ply these corridors to bear the pains, as the project is aimed at achieving a seamless Multi Modal Transport System that will meet the transportation needs of a larger population.”

It says the construction work would commence on the first half of the affected routes and last for the first three days, after which the second half route would commence and equally last for the last three days.

Stakeholders, innovators, others converge on Lagos for ‘Food Revolution’ CALEB OJEWALE

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xperts, innovators, trainers and other critical stakeholders in the food and agriculture sector across the West Africa sub-region will converge on Lagos from Tuesday, February 18 to Thursday, February 20 for the maiden edition of the West Africa Agric Show (WASS).

The WASS, according to its convener, Idowu Asenuga, is aimed at accelerating food revolution in the African continent and offers a platform through

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which critical stakeholders in the industry, within the region and globally, will meet to share ideas and interface on innovation to reshape the agric sector.

Asenuga, who is also the managing director of AGRI SUPPLIES Limited, explained that the WASS idea came on the heels of his passion to provide solution to food scarcity and to enhance food productivity and quality in Nigeria and in the West Africa sub-region.

He added that the three day event will draw experts

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from across the globe who are “knowledgeable in the deployment of technology required for enhanced food production and processing, and they will be on ground to provide information and know-how to participants”.

He specifically identified Abdullahi Adamu, chairman, Senate Committee on Agriculture and Rural Development, who will be a special guest at the event, and participating to get feedback on what industry stakeholders expect from government and policymakers.

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Emeka’s haunting elegy of childhood in Biafra THE NEW WEALTH OF NATIONS

Obadiah Mailafia

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n response to a piece I did on the war drums that seem to be engulfing our collective psyche today, one of my gentle readers, Nnaemeka Nnolim, businessman and media executive, sent me the manuscript of a book he is writing on recollections of childhood in Biafra.

With his full permission, I extracted some excerpts from the manuscript to present a story that is deeply haunting.

Gradually our stock of food went down and I was initiated into eating cassava leaves. This meant that we children had to go on hunts for lizards, grasshoppers, cricket and termites.

How to catch termites? It starts with a serious hunt for elephant grass, collected in palm sized bundles. The expedition leads to an anthill and the elephant grass is pushed into holes for the ants to bite. It is gradually pulled out onto a plate, cup or any receptacle.

This process is repeated until enough is collected to make soup.

Rats were a delicacy and usually celebrated when caught. The same with lizards. When caught, they are roasted with the head cut off; gutted; red oil rubbed in and voila…meat. But rat head was a delicacy, the same with akpa nkwu, the snout beetle, red palm weevil or sago palm weevil. To catch these delicacies one must know how to climb a palm tree with or without support. And bear the pain of stinging ants. Akpa nkwu hides in crevices only the initiated can find. But when roasted, and sizzling, we know it is well worth the effort.

One day, I woke up to the announcement that all zinc roofed houses must be covered in palm fronds. This prevents enemy planes seeing the shining zinc roof of people’s homes. I did not know the meaning of this until the first enemy plane flew past. We all ran to the nearest tree as directed by civil defense. The noise was frightening and I later heard my mother and others wailing about the havoc caused by the plane. It killed many people at a market in Okigwe. This was my introduction to the Biafran grapevine popularly referred to as “radio without battery”. It is basically rumours spread to uplift morale of civilians or to stave off hunger or plain lies concocted to cause mischief.

But convincing. Another is radio Biafra.

To the sound of heavy shelling and machine gun fire on radio, an announcer will coolly proclaim that it is Biafran forces decimating the enemy.

It was also at this time I saw my uncle dipping expired batteries into salt solution, connected with wires into a radio set for power. I did not understand what the radio was saying but was particularly intrigued by the number of people clustered around it. Of course, children were not allowed to come close, but I do recall that when the battery goes out, it is again dipped in salt solution to recharge. Only then will we children be informed of the progress of the war.

It was around this period I heard the word “sabo”, meaning saboteur.

Anyone suspected of the slightest infraction, real or imagined, was labelled a saboteur. In essence, fraternising with the enemy. Thus, a man coveting a neighbours land, wife or out of sheer jealousy or envy, will accuse another of being a saboteur and is promptly drafted for army service as the land or wife exchange hands. As I look back today, I shudder at the injustice meted out to innocent and under privileged in Umuchu.

We left our home village, Umuchu, in good stead and came back to a catastrophe. The primary school, churches

and every available space was occupied by refugees. Lizards had disappeared.

The same with rats and grasshoppers.

Twenty persons instead of three or four now chase after a squirrel sized animal.

Palm kernel replaced fufu for lunch.

Cassava was non-existent. Everyone trooped to the relief points for succour.

There were no cooking fires anywhere.

Not even in our compound. There was no smell of cooking stew anywhere. No fried onions. We were now all refugees.

This lack of food introduced a new disease – kwashiorkor. Children, adults walked about with oversized heads and or stomach on spindly legs with owlish eyes. Their hair is dirt brown and all are accompanied by flies.

Hovering above are vultures. It was not uncommon to see corpses at the primary school, church, along the road or on the way to the stream. They were quickly buried. No one wailed or mourned anymore. I lost count of bodies quickly wrapped in cloth, mat or palm fronds before burial. Babies, toddlers, children, adults, male or female. Parents abandoned children who could be seen opening their mouths full of flies without a sound coming out, dropping dead along the road. Adults moped about and everyone waited for relief.

On the home front, my grandmother was our tower of strength. She manufactured all sorts of food to feed us and made lots of native candles and black soap from palm waste to light up our home at night.

For food, anything that could get through one’s mouth was food. Maybe due to the scarcity of food or plain social anomie, there were lots of family wrangling. This time, people were dressed in rags. There were no new clothes on anybody. Second hand clothes from relief agencies have dried up. It was fashionable to wear torn clothes. Men grew hairs (afro) and beards.

And then suddenly, on a sunny January day, everyone appeared sub-

‘

Fifty three years after; the drums of war are sounding again in Nigeria!

dued. The war is over! Biafra is defeated.

There was panic as we did not know what to expect from the enemy. How will the Godogodo treat us? Do they really eat people? Is it really true that they capture women, including reverend sisters? Women were hiding themselves and their children. We heard that the Nigerian soldiers capture women never to be seen again and the men shot. I do not know how it came about but myself and other children were ordered to get palm fronds and wave whenever we see Nigerian soldiers…. and smile. So it was the day an army truck rolled along our village road. We were all waving palm fronds vigorously with shouts of one Nigeria.

I came back to Enugu surprised to find my father’s house in one piece albeit pock marked with bullet holes and his prized books scattered on the floor.

Winston Churchill advised that we never, never, never believe any war will be smooth and easy, or that anyone who embarks on that strange voyage can measure the tides and hurricanes he will encounter. “The statesman who yields to war fever must realize that once the signal is given, he is no longer the master of policy but the slave of unforeseeable and uncontrollable events. Antiquated war offices, weak, incompetent or arrogant commanders, untrustworthy allies, hostile neutrals, malignant fortune, ugly surprises, awful miscalculations – all take their seat at the council board on the morrow of a declaration of war. Always remember, however sure you are that you can easily win, that there would not be a war if the other man did not think he also has a chance”.

Fifty three years after; the drums of war are sounding again in Nigeria!

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)

Toxicity in the work place

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oday is valentine’s day. Some people ae excited because they have given and or received gifts. Definitely if you are in the business of retailing any of the gifts and the flowers etc, you are laughing all the way to the bank. If you are not laughing, don’t give up, there is Mother’s Day, Father’s Day and so many other opportunities coming up to sell gifts en-mass.

We are going to be talking about toxicity in the work environment today. Toxicity is simply described as the quality of being toxic or poisonous. Usually this is used for substances alone. I will however be using it today for both substances and human behaviour.

Why should we be concerned with this?

Remember human resources are a factor of production and just like our machines we need to be careful they don’t break down. So, I will start with human behaviour. Often, we recruit people and put them in teams based on their skills and experience without any recourse to their personality profiles and any sort of compatibility profiling.

This may result in a toxic working environment because there may be resultant personality clashes that make it almost impossible for the team to work together. The toxicity may actually go on to negatively affect the physical health of the workers. This believe it or not may result in auto-immune diseases that end up in their having to leave work either for while or forever in some cases.

Unreasonable goals can lead to a toxic work environment where unnecessary rivalry and

almost unattainable deadlines are the order of the day. The grapevine, office gossip and office politics can lead to a very toxic environment that can be very bad and lead to death. Besides death from shear exhaustion, there could be illness and murder.

Bullying in the office environment could also lead to a very toxic environment for the victims. This is usually quite subtle but can be a nightmare. There is also the sexual harassment which has become a staple in many office environments. Believe it or not women also sexually harass men not always as directly as the men though (even though sometimes it is very direct.

That woman with a heavy chest who insists on wearing very low cut tops or the woman whose clothes are always so tight you can see all her cellulite, is actually sexually harassing the men in her environment because they are forced to turn their heads whenever they see her or else their eyes are glued to her cleavage.

They are then accused of sexual harassment.

Toxicity can also be physical and material.

There are offices that have mould in them that the staff are breathing in. Mould is dangerous to health period; it does not depend on the type.

Breathing in the spurs means one is breathing in live organisms that take root in the lungs and start to multiply. I don’t know the intricacies but I know it is dangerous.

The air conditioning system can also be creating a toxic environment. Many offices don’t take the maintenance of their air conditioning system as seriously as they should. They think everything is fine once the unit is still work-

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ing. However bad air conditioning can lead to very bad respiratory tract infection leading to respiratory tract disease. Some of them don’t manifest until way after the employee has left the employ of the organisation.

The same thing can be said of generators.

Many people don’t know that there are cancers that come from being exposed to diesel engine generator emissions. Not servicing the generators is really unhealthy for both generator and people. Not attaching a proper exhaust pipe to the generator is definitely going to breed a toxic environment. Even the noise pollution can be terrible.

Many air freshers and diffusers are also very toxic because they are emitting heavy metal into the atmosphere which is then inhaled by the employees. This can cause very serious unwellness and un-wellness that is seemingly mild but is very uncomfortable.

Carpets that are not properly cleaned can be a nightmare to allergy sufferers. Offices that are not properly cleaned can wreak havoc with staff wellness. Canteen food that is not properly supervised or cooked is toxic to the human body.

Overweight staff will definitely have wellness challenges.

Why should the organisation care about the wellness of their employees? Above I said, so they don’t break down as they are a factor of production. The truth however is that the success of the organisation depends on the wellness of the employees. Wellness covers a multitude of things from mental wellness to physical, material and financial wellness. Some

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Olamide Balogun people can operate for a while even though they are unwell but it is almost to operate at optimum when unwell in any shape way or form.

Please be aware because mental wellness can be disguised unless noticed quickly.

Today is Valentine’s day? What did you do for your employees? We need to show each other lover everyday but this is an opportunity to splash out on your staff as much as the company can afford. It will boost employee morale no end.

All the above things when rectified will go a long way to increasing employee wellness all the way. A pat on the back for a job well done will also help to increase wellness and therefore, organisational profitability. Finally, education will also help because even though you are taking care in the office are, they taking enough care in their various homes Well as is usual, have a great weekend. Begin to think wellness in small doses until you have an office environment that promotes wellness in all its ramifications.

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

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Ekwegh is a private legal practitioner with over 15 years

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The two popes and the battle for the future of human society ‘ HumanAngle

Femi olugbile

A

n unprecedented drama is playing out behind the scenes in the Catholic Church.

There are two Popes in Rome - a situation that has not been seen in six hundred years.

The old Pope resigned in February 2013. In relinquishing the office of “Bishop of Rome, Successor of Saint Peter”, he claimed that he lacked the mental and physical energy to carry on, and that he wanted to spend his remaining time in contemplation and the writing of books. Before becoming the Pope, he had been Cardinal Ratzinger, a German priest, famous for his conservative views. He was born in 1927 and ordained as a priest in 1951 in his native Bavaria. After a career as a Professor of Theology, he was appointed as a Cardinal and Archbishop of Munich and Friezing in 1977.

In 1981 he was made “Prefect of the Congregation for the Doctrine of the Faith.” It was a position that conferred on him great influence in setting directions for the faithful. He was very close to the serving Pope – John Paul II. In 2002, he became the Dean of the College of Cardinals. This was the position he occupied until he was elected

Pope in 2005.

Benedict’s successor, on the other hand, was Pope Francis. He became Pope in 2013. He was the first Pope from Argentina.

Since the ascendancy of Pope Francis, the predominant tone of the Church has been dictated by the compassion and social concern of this Pope. His demeanour exudes humility.

He resides in a modest guesthouse, instead of the regal papal apartments of the Apostolic Palace. He is frugal and likes to attend to his personal needs without the assistance of a coterie of aides. He believes the Church should be open and welcoming to all, and he is especially keen on the focussing on the needs of the poor. He opposes consumerism and ‘overdevelopment’.

He is strongly in support of action on Climate Change.

In 2019 a Hollywood movie was made with the title “The Two Popes”. It starred veteran Anthony Hopkins and Jonathan Pryce and was expected to win several awards.

The current Pope, before he became Pope, was Cardinal Jorge Mario Bergoglio, Archbishop of Buenos Aires. In April 2005, after the death of Pope John Paul II, he was called to the Vatican to join the vote for the election of a new Pope. In the voting, he scored the second highest number. The highest votes went to the man who would become Pope, and his alter ego in some ways – Cardinal Ratzinger.

Cardinal Bergoglio returned to Buenos Aires.

Bergoglio was a Jesuit priest who had lived through the cruel and protracted military dictatorship in his country, during which thousands of his countrymen

had been abducted, sometimes in broad daylight and killed, with their bodies being dumped in the sea or buried in shallow graves. Many people claimed Bergoglio had only survived by at least passively collaborating with the military butchers. A sense of guilt about his failure to speak out during the “Dirty War” haunts him to this day, it is said.

Seven years after the famous vote in which they placed first and second, the Argentine Cardinal travelled again to Rome to meet his alter ego, Pope Benedict XVI. He was tired, and he longed to retire, he said. The Pope refused his request.

The two men, representing the two extremes of doctrine and sentiment within the Church had a long conversation. Benedict was the arch conservative who had said of the prospects of Cardinal Arinze of Nigeria that the world was not yet ready for a black Pope. He decried “Relativism” and believed in Tradition, such as the return of the Latin Mass. He abhorred the notion that God’s immutable instructions could be modified to conform to man’s changing thought. He had an uncanny sense that the Argentine would be his successor. He informed him.

One year later, Benedict would resign. The Argentine Cardinal would become Pope.

He would immediately, as Benedict had feared, begin to show signs that he would soften the old ways. Was he sounding conciliatory to the LGBTQ lobby, or was he just being nice? Was he being less than tough on Abortion?

Was he too friendly towards liberal and left-leaning governments, and subtly hostile to conservative nationalists, such as Trump and Calderon?

Pope Francis had been talking more and more about the possibility of allowing married clergy in certain parts of the world.

To conservatives, that would open the Pandora’s Box to change everywhere, in tandem with popular opinion

Was he pushing too far on climate change?

Was the Church the immutable word of God, or some “woke” multinational organisation bending to the howling of street protesters?

For six years after his retirement, Benedict kept his peace.

A few weeks ago, he could contain himself no longer.

Pope Francis had been talking more and more about the possibility of allowing married clergy in certain parts of the world. To conservatives, that would open the Pandora’s Box to change everywhere, in tandem with “popular opinion”.

Benedict co-authored a book that emphatically affirmed the duty of the Church to hold the line on priestly celibacy. In reality he was directly opposing his successor.

It was unheard of, and within a few days, wise counsel prevailed. Benedict instructed the publishers to remove his name from the book. He was removing his name only, though, not retracting his words.

The real fear of some was – if the ground shifted on priestly celibacy, would it be easier to shift on other issues? Gay marriage. Gay adoption. Civil divorce. The definition of “Family”.

What truly does the future hold for the Word of God, and the way of Man? While many are cheering Pope Francis as a welcome reformer who is going to bring the people back to the Church, not a few people are watching the man from Buenos Aires with an increasing sense of anxiety.

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

Love, commitment and business growth

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hether life or business, the truth is, being deeply loved by someone gives you strength while loving someone deeply gives you courage. But the wrong one will kill both.

Before I got married, I used to say, that in the next ten years, the two things that can only change a man’s destiny is the people he meets and the books he reads. And then a client added the third one, saying, “your girlfriend, or the spouse you have or end up with”. Now, I totally agree.

As entrepreneurs and professionals with the right love, we find balance. With the right partner by your side, we act, think and progress better. I mean when we are in love with the right person that is. But with the wrong person, it becomes reduced to an expensive hobby that drains your energy and it can affect the quality of your outputs. As much as finish and complete are synonyms, nothing more differentiates those terms clearly than the quality of union of love partners. The words finish and complete is alike in meaning, except that if you find the right partner, you are complete. But with the wrong one, you are finished!

As a business consultant with clients who are couple, I sometimes sit in for dinners and then subliminally have my thoughts and my heart play John Gottman (by the way, the psychologist, John Gottman can listen to a couple for 5 minutes and determine, with 91 percent accuracy, whether they can be successful together and whether they’ll be divorced in the next 5 years). He looks out for interests in vision, and how they carry out and manage criticism, contempt, defensiveness and stonewalling during conversations. This isn’t something entrepreneurs manage well and something they have to be open to or even have to give up.

Power, business success and the dedicated responsibility that comes with romance have a

ontinues in the Day @https://

correlation. Those who are committed to one person have lesser distractions and more time to focus on their growth. You can tell the quality of a man or woman by the quality of his union.

There are also a reason why most corporate and political positions are reserved for those who are married. That’s because marriage shows a level of maturity and discipline. While age helps you grow old, relationships help you grow up.

There’s a difference between growing old and growing up. One is mandatory and the other is optional.

We live in a world where romance is something that comes after work and not parallel like it should. So, we treat it, not as complementary but a product of success. We expect it to be less important to business. So, we don’t treat our relationships and marriage with the same level of attention and focus as our work. This leads to a noticeable contempt that creates chaos.

This is the main reason why it seems okay for a successful man to brag about how many women he has, especially if he can materialistically provide the means. We see this every day. And with the recent one coming from the Nigerian parliament a few weeks ago.

A few weeks ago, in the face of rising insecurity and other issues in northern Nigeria, which I believe is caused by religion, corruption and poverty, a member of the House of Representatives from the same poverty-stricken north, actually went viral for coming to the house of assembly with his four wives. He stood up just to present his four wives to the Speaker as a show-off to his colleagues that he is a “strong man”. How does your inability to stick to one woman okay enough to even be a sign of being a strong man?

Whether it’s under the legality of marriage or outside of it, we can achieve more when we dedicate our energy and focus to just one person, it gives peace. That peace will later be

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needed to think, conceptualize and find the support needed to make more progress.

I watched my brother in law become more successful as he got married. He didn’t just become more successful. But that came because he made a choice to become a better man from the day his first daughter was born. It’s also because of the quality of woman he married.

We used to hang out together a lot before then, especially when he was still dating my sister.

Then I asked him why he suddenly has grabbed chill. And he said, “I just want to be a good picture for my daughters and wife. I want to be the kind of man I want my daughters to bring home, one day. He turned around and asked me, if you had a daughter Eizu, would you pray that your daughter should walk into the house someday with a husband that is exactly like you”? That’s deep.

Success is more achievable when there’s something bigger that inspires you. Make that the person you love and your family. Success is more achievable when boys become men. And that happens by responsibility. But most of us will rather be boys. You see my dear, we’re either boys or men, we can’t be both. Boys are known to chase girls, only a few grow up to be men.

These are the ones who date ladies and then marry and become faithful to that woman. On the other hand, women date boys but wish to marry men. They sometimes end up with boys they struggle to convert to men. That’s traumatic at time. A boy looks for a girl to sleep with but a man looks for a woman worth waking up to.

I have learned that when a real man with mere prospects meets the right woman and treats her right, progress happens in 360 degrees, even more visible with his business.

An elderly man once said to me, every time you mistreat a woman, you give up your right to be treated like a man. Men are from mars; women are from Venus. That’s a book, you

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EIZU UWAOMA

should read it. He said to me that every woman is a damsel seeking a knight in shiny armour who will love her, shower her with care, validation and re-assurance. Women love to have their feelings recognized. They naturally love to cooperate and they love assistance and value.

That assistance if I am to be honest also includes finance. For love in our economy is incomplete without money, so a man’s ability to provide is a major part of the role. Be productive to be a provider. Let’s be real, in Africa, RomANCE without FInANCE can be a NuisANCE. Steve Jobs’s first girlfriend, Chrisann Brennan, wrote a memoir about her time with the tech giant.

It’s called “The Bite in the Apple”. I think you should read it. My summary from it is that a man that is productive and can provide is a universal turn on.

From the book, we see that Steve Jobs is supposedly a boring guy. The kind that ladies won’t notice in high school. However, Steve jobs at 23 made his first 1 million dollars, at 24, 10 million dollars and at 25, 100 million dollars. Now, that even to my mother will be sexy. Swag is cool, but class and success is better. Men are to be providers. Men are like bank accounts, without a lot of income, they don’t generate interest.

Note: The rest of this article continues in the online edition of Business Day @https:// businessday.ng Uwaoma is a start-up, corporate restructuring and strategy consultant. contacteizu@gmail.com

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Friday 14 February 2020

BUSINESS DAY

Editorial Frank Aigbogun

Integrating Nigerians database: A vital national task

editor Patrick Atuanya

Do what is necessary to avoid the US hammer on Nigeria come February 22

Publisher/Editor-in-chief

DEPUTY EDITOR John Osadolor, Abuja NEWS EDITOR Chuks Oluigbo MANAGING DIRECTOR Dr. Ogho Okiti 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

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entral to the downgrade of the consular access and status of Nigerian citizens in the United States is the question of unreliable data. The US noted that Nigeria did not directly share personal information, including immigrants’ criminal histories, stolen passport information and suspected links to terrorism. Yet the country has information on several databases that only requires integration and consolidation.

Included in the “uniform screening standard and procedure” of the US are in-person interviews and a database of identity documents proffered by applicants to ensure that multiple applicants do not use duplicates. Section 4 on “Implementing Uniform Screening Standards for all Immigration Programs” identifies others as “amended application forms that include questions aimed

at identifying fraudulent answers and malicious intent; a mechanism to ensure that the applicant is who the applicant claims to be; a process to evaluate the applicant’s likelihood of becoming a positively contributing member of society and the applicant’s ability to make contributions to the national interest; and a mechanism to assess whether or not the applicant has the intent to commit criminal or terrorist acts after entering the United States”.

President Donald Trump of the US on January 30 named Nigeria alongside six other countries as those with restricted immigration status to America. Nigerians lost the right to apply for immigrant visas and status. The Americans say the federal government did not respond to various demands for information and action bothering on our identity management system.

BusinessDay posits that the principal task of the Presidential Committee headed by the Minister

of Interior should be the integration of all databases on Nigerian citizens to form one central database. The Rauf Aregbesola committee should do all within its powers and seek more powers where necessary to ensure that it delivers this urgent and vital national task.

Databases bearing information on Nigerians include the Electoral Register; the Drivers’ License portal of the Federal Road Safety Commission and the Bank Verification Number portal of the Bankers’ Committee managed by the Nigeria Interbank Settlement System. Add the verified numbers from the West African Examinations Council’s Junior and Senior Secondary School examinations and that of the National Examination Council (NECO). Then there is the shaky Nigerian Identification Number run by the Nigerian Identity Management Commission.

We must align all six databases into one. They have enough to

provide verification and crosschecking. It should be possible through one body, such as the NIMC, to say with certainty that a Nigerian is who he presents as herself. You verify through a central database linked to others.

A verified central database is the standard across the world.

Given the insecurity in the country and concerns about many of our IDs, a unified framework established on the most secure platforms and incorporating biometrics is highly recommended.

The Rauf Arebesola committee should do what is necessary to ensure that the American hammer does not land on Nigeria on February 22. It should then think long term of at least 18 months to two years to get this national framework in place. We need it as an urgent and important imperative.

What exists show that it is possible for Nigeria to provide a secure identification system for its citizens. We enjoin the federal government to get on with the job.

GM, BUSINESS DEVELOPMENT (North)

Bashir Ibrahim Hassan

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

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

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comment When your daughters make you proud

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Tales from the main road

Eugenia Abu

S

o when I had them I already had three adorable children.

And then they came along, cute as buttons, Eucharia Ojotule Oiza Abu and then followed closely by Eugenia Unekwuojo Meyi Abu and landed me a never dying title of “Iya Ibeji”. Once I had them, people began to act like I had no other children. When you have twins, they kind of nearly obliterate all your other children but in a sweet sort of way. Funny, witty, tongue in cheek and hilarious, the twins have always been a feature in our lexicon since they came along those many years ago. Then they added cuteness to their resume and give us all a reason to smile.

In addition, they added kindness to it in these uncertain times when kindness is old fashioned, these girls continue to offer whatever they have to people in need including scam artists who take others for granted pretending to be friends. In all of the mix, they are also identical. And for

the longest while they were still babies, I could not tell them apart. But now they are grown with their own personalities and showing their craft in all they do. Singers and songwriters, Meyi and Oiza have continued to grow in their strides with great lyrics all written by them, great humour to pepper the songs and themes that are often outside the box.

Interesting how creative talent can spread all around in a zone that carries creative juices. I wish I could sing but my husband, the amazing Thompson Abu does and has now gifted them to his twin daughters.

But they really are not the first of his daughters to sing. His first daughter elect as he calls her, the unstoppable and amazing Sophia Abu had been singing before the twins were born.

Now she crunches financial literature and you can catch her occasionally humming in her bathroom. Perhaps if I had paid more attention, we would have been earning eight figures from her talent. Indeed, she was and still is a nightingale. Love you Sophie, I know you might still give that voice a push.

An acapella? Wink, wink!

But lately the ubiquitous and very talented twins have moved into a bathroom in the house and turned it into a studio leading to quite an internet thing. I want you all to know how proud I am of my children every time they do something worthy and they

do a lot of the times. So songs from a bathroom are trending and my lovely daughters are giving me reasons to smile and even hum a tune or two. I sing just for leisure or in church but these ones burst a beat and add lyrics to it. A true gift from God. Now people are calling me from everywhere. I see you all but now is the time to pause a little and be thankful for their talent.

For all those who called, I am thankful.

And for those who do not know, find Oiza and Meyi on line and enjoy their wit, humour and quirky lyrics.

By the way, Oiza is a thespian and stage director and Meyi is a textile artist. I am humbled that the lord chose my home for them to grow. It is humbling when you see your off springs doing well.

Being creative myself, I know the many nights of crumpled paper, a sentence not adding up and a word that simply fails you at 2am. But when it comes, it’s like a torrent, like you washed your face with special water and your creative juices are flowing.

I have watched Meyi painstakingly teach herself to play the guitar and Oiza write and re-write those lyrics.

That they can laugh at themselves is a bonus. Creative people are the most fragile people on earth, always full of self-doubt. But guess what girls, you make me mighty proud and if I was not restraining myself, I would have gone on a rooftop to let people know

‘

Being creative myself, I know the many nights of crumpled paper, a sentence not adding up and a word that simply fails you at 2am.

But when it comes, it’s like a torrent, like you washed your face with special water and your creative juices are flowing

that I have super talented daughters who I am truly proud of. May you remain authentic and organic and not like all those people trying too hard.

May you remain humble and keep your feet firmly on the ground. May you always be true to yourselves. May you always remember that talent is a gift to be nurtured and be thankful for. May you always be spiritual, kind and keep family and the almighty on your front burner. Let the congregation say Amen.

So there I said it. If I don’t say so often, it’s not that I don’t believe in you because I do. Gee! I wish I could sing like you and be funny and be pretty like you guys and still cook a mean Egusi soup and gourmet spaghetti.

We parents may be a little less forth coming about how proud we are of our children, it’s an African thing so it does not go to your head. But it’s official now. I am mighty proud of you. I pray for your singing ministry and would be the first to buy your ticket at your first ever show and anyone after that and always and will be that annoying woman shouting in the front row. I love you guys. You rock. God enable you, elevate you and grant you success in all you do. There done and dusted.

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

Ankara in Africa: Turkey’s deadly exports put Nigeria, continent at risk

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urkey is exporting jihadists and terrorists to Libya. It wouldn’t be long before these fighters find their way to other regions including West Africa where borders are porous-and into Nigeria where Boko Haram, ISWAP and bandits are already proving too much for the government.

In the quest for political clout, many countries have turned to Africa for strategic advantages-Russia and China’s activities have recently increased on the continent.

Turkey, which is located between Eastern Europe and Western Asia, is one of such scrambling for Africa. Originally Turkey’s involvement in Africa (as far back as 2003 when Recep Tayyip Erdogan was Prime Minister) was on economic basis. But it has evolved to military interventions that escalate conflict and provide avenue for Turkey to offload rebel forces it no longer has need for.

A disastrous intervention in the Syrian Civil war of 2011 that saw Turkey back Al Qaeda has left the country with 3.8 million refugees.

With the Turkish economy not doing well and growing discontent at home, exporting its ‘inherited rebels’ to Libya and the rest of Africa will provide Turkey a rare double win in expanding its influence and ridding itself of its mercenaries.

Turkey’s latest role in Africa contradicts an agreement reached at a Berlin summit to end the Libya conflict by halting foreign interference. But the dangerous game Turkey is playing started with the attack of the Syrian regime in the Idlib area (north-west of the country) on May 9th, 2019. After that attack, Turkey started to organize an orderly outflow of part of the rebels that it supports, with the aim of protecting its own interests.

Part of the rebels was involved in the Turkish operation against the Syrian Democratic Forces (SDF) from October 2019 the 9th, where they indulged in abuses on the local population. Besides the lootings, these Ankara-hired-fighters tortured the SDF fighters and murdered politicians. On October the 19th, near Tell A Abiad (Syrian-

Turkish Border), the Ahrar al Charquiyeh Salafists (a rebel group of the Syrian civil war) killed Hevrin Khalaf, a local political woman member of the Syrian Democratic Counsel, after mutilating her.

The other part of the pro-Ankara Salafists was deployed in Libya, by the order of President Recep Tayyip Erdogan, to join the Pro-GNA (Government of National Accord) forces at Tripoli. For this purpose, the Ankara Sultan purposely sent Abou Furqan, renowned in Syria for diverting a part of the Syria insurgency to the benefit of the sole interests of Turkey. Abou Furqan thus brought with him his mercenaries, who are real mobsters.

Between the end of December 2019 and January 2020, the Libyan companies Afriqiyah Airways and Libya Airlines conveyed more than 200 salafists fighters with their weapons to the airports of Tripoli-Mitiga and Misratah. Amongst them are ISIS and AlQaida (Jabhat al Nousra) fighters that Turkey wants to get rid of, lest they turn against their alleged “Master”. On the 05/02/20, two militia chiefs told the press (‘Associated Press’) that Syrian Al Qaida and ISIS affiliated fighters were sent to support the GNA. The purpose of this strategy, developed by the Turkish Services, is to enhance security in Turkey and in the same time to exploit the experienced and often out of control fighters to the benefit of their own expansionist interests in Libya. The recruiting was systematized and is now going on. First targeting very specific skills (snipers, bombs makers), the Syrian fighters Libya-bound recruitment expanded massively on the basis of several dedicated offices in North-Syria at Azzaz, Afrin and Jarablus. In the long run, Turkey intends to send 10,000 fighters in the region in order to definitely reverse the balance of power front to the Libyan National Army (LNA).

The intervention in Libya and the massive shipment of Syrian fighters pose more threat than prolonged instability in the oil rich country. Ankara poses the threat of spreading those terrorists to West Africa, and strengthens the www.businessday.ng

network between different jihadist terrorists including ISWAP and Boko Haram.

Syrian chiefs in the footsteps of Fahim Issah and Sultan Mourad are known for their exactions and lootings anywhere they go. So looting and stealing of the Libyan citizens as they do in the north-east of Syria can be feared. Showdowns have already been noticed, involving these mercenaries and the GNA forces they are supposed to support in the Salah Eddine area.

These Syrians are now massively present and heavily armed, and they are adepts of an Islam inspiring the Boko Haram and Al-Qaida terrorists. Moreover, they are not bound to go back to Syria, as the on-site context is against them. Turkey will disagree. The risk is thereby significant to witness the settlement of networks infiltrating these fighters to the “Sahelo Saharian Strip” to join “Al-Qaida in the Islamic Maghreb” (AQIM), ISIS and Boko Haram terrorists, and so spreading terrorism and their Islamic oppression on the entire region.

The threat of dispersal in Africa is not only concerning men, but also weapons. Heavy weapons are conveyed by sea route from Turkey to Tripoli and Misratha, escorted

by Turkish battleship (anti-aircraft ships).

Jihadists coming from Syria represent an important political and social instability factor for the western Libya, where the Sufi Islam is predominant.

According to Turkish news website Ahval, Turkey is said to be planning a military base in West Africa. “However, as shown before in other parts of the continent, such as the Horn of Africa, Turkish encroachment follows a multifaceted strategy including military bases, the establishment of intelligence networks and the promotion of Turkish economic interests.”

Turkey is at present spreading its military empire across Africa. It has a military base in Somalia which can accommodate 1,500 soldiers, and that increases its influence on the local authorities.

Besides hundreds of soldiers (400) de-

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Tobore Johnson ployed on the Libyan territory, Ankara has also sent more than 2,000 mercenaries coming from Syria and built a military empire in Libya (at Misratha, Tripoli Mitiga airport takeover). Turkey has just bought the Sudani island of Sawakin to build a naval base on the Red Sea. Moreover, negotiations are ongoing for military cooperation agreements with African countries, like it was already done in Togo and Guinea, to promote Turkish defense industry exportations.

At last, scholarships are offered to Africans citizens wanting to school in the Turkish defense university. The “growing Ottoman influence” of the African Islam is ongoing. So the Diyanet (Presidency for religious affairs) was mandated to build in every big African capital city an ottoman-styled mosque. Ankara wants to impose its own view of Islam on the African continent and legitimate its long-term presence. Still, under economical pretexts, Ankara is infiltrating the Africa sovereignty.

Based on its colonialist tradition, Turkey adopts an offensive strategy in Africa and committed in a strategy of acquisition of strategic infrastructures and contracts in sovereignty fields, especially in defense industry. In addition, loans with low rate are granted to some African governments in order to foster them to coordinate their defense industry into one only national group, which would permit a sole counterpart for the Turkish defense industry.

The Turkish company named Summa has been detaining since May 1st 2019 the exploitation monopoly of the Diori Hamani airport in Niamey. At the end of October 2019, the company decided to carry out important refection works which required the closure of the runway during 30 days, weakening the ability to act of the join forces in Niger and so threatening the security throughout the region.

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Friday 14 February 2020

BUSINESS DAY

cityfile

Court jails 2 internet fraudsters in Kwara SIKIRAT SHEHU, Ilorin

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he Economic and Financial Crimes Commission (EFCC) has secured the convictions of two prosecuted on offences bordering on internet fraud and related acts.

The convicts, Oyedele Olamide and Abdulrahman Mohammed Olamide were sentenced to two years imprisonment after a Kwara State High presided by Justice Sikiru Oyinloye found them guilty of the offences leveled against them by the EFCC. The charge against Abdulrahman reads “That you, Abdulrahman Mohammed Olamide (alias Fox Tim) on or about September 28, 2019 in Ilorin, within the jurisdiction of the High Court of Kwara State, did cheat by impersonation, when you pretended to be Fox Tim and in that assumed character received a $50 iTunes gift card through your email account: foxtim908@ gmail.com from one Brian Kelly, an American citizen, a representation you knew to be false and thereby committed an offence contrary to section 321 of the Penal Code and punishable under section 324 of the same Panal Code.”

Also the charge against Oyedele reads: “That you, Oyedele Olamide, (Alias Kaithlyn Williams), between the month of April and December 2019, in Ilorin, within the jurisdiction of this court, did attempt to cheat by impersonation, when you represented yourself as a white female, named Kaithlyn Williams to one Damir Hodzic via your email address: kaithlywilliams@ gmail.com in order to induce him to send you money/gift card, a representation you knew to be false and thereby committed an offence contrary to section 95 of the Penal Code and punishable under section 324 of the same Law” The two convicts during their arraignment pleaded guilty to the separate charges brought against them. The judge, Oyinloye while delivering judgment, ruled that the prosecution pushed its case beyond reasonable doubt. She therefore convicted the defendants as charged.

Edo warns against violation of child rights

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do State has warned orphanage homes operating in the state against violation of fundamental rights of children in their care, saying also that the guidelines set by the government for orphanages must be strictly observed.

Commissioner for social development and gender issues, Maria Edeko, speaking at a one-day workshop for proprietors of orphanage homes in Benin, warned that any observed violation of the guidelines would attract severe sanctions.

She said: “This is part of the vision, mission and mandate of the Governor Godwin Obaseki-led administration to protect and promote the rights of every citizen. The state government remains committed to protecting and promoting the rights of all vulnerable persons, which include orphans, destitute and other children with challenges.”

Edeko said the workshop was part of the government’s engagement plans to protect women and children, adding “If we must run an orphanage home, we need to teach the owners what to do. A child is entitled to all the rights.

“The child rights laws spell out our stance that no child is for sale. Child trafficking will not be tolerated in Edo. Anyone found wanting no matter how highly placed will be dealt with according to international and state laws,” she warned.

The commissioner insisted that proprietors of orphanages must uphold right practices, adding that every orphanage is supposed to provide an atmosphere where a child takes his/her prep after school, has access to sports facilities, good healthcare services and free education.

Chairman, Association of Proprietors of Orphanages and Children’s Home (APOCH), Edo chapter, Johnbosco Ezehi welcomed the idea of the workshop and described it as the right step towards engaging all stakeholders in the sector.

Charly Boy leads massive protest in Owerri, Imo State.

Gunmen kidnap monarch’s wife, daughter in Edo IDRIS UMAR MOMOH, Benin

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he wife of the traditional ruler of Ewatto in Esan South East local government area of Edo State has been reported kidnapped by gunmen.

The traditional ruler wife, Florence Ikhumhen, was said to have been kidnapped along with one of her daughters, in Benin, the Edo State capital. The two

victims were at their residence in Jemilla area of the state on Sunday night.

Spokesperson of the police in Edo, Chidi Nwabuzor, who confirming the incident on Wednesday, said investigation has since commenced.

Reports had it that the gunmen shot sporadically into the air before taking away the retired principal of Itohan Girls Grammar School, Benin City and her daughter.

It was gathered that the gunmen who were armed with AK 47 rifles, arrived the area in a speed boat through the Ikpoba River and escaped through the same route after the abducting the retired principal and her daughter.

It was also learnt that the kidnappers have made contact with the palace and close family members for ransom. It was, however, not certain the amount they are demanding to release the two victims.

LG crisis: Oyo accuses ALGON of frustrating out-of-court settlement REMI FEYISIPO, Ibadan

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yo State government has accused members of the Association of Local Government of Nigeria (ALGON) of frustrating out-ofcourt settlement of the crisis rocking local government administration in the state following the recent sacked of elected council chairmen by Governor Seyi Makinde.

Bolaji Ayorinde, the special counsel to the governor, in a statement, said that the sacked council chairmen wrongly latched onto a script by the Attorney General of the Federation (AGF) which he said lacked foundation in state.

Ayorinde also explained that the ALGON members came to the negotiation table with absolute terms, noting that “information available to me indicated that ALGON members went to the meeting

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meant to resolve the matter with absolute terms. No party desirous of solutions goes to negotiation table with absolute terms.

“It is in the interest of the entire state to have the matter sorted out and I must say that the government of Oyo State remains committed to observing the rule of law.”

Ayorinde, who stated that the case being held on to by the sacked ALGON members was based on a faulty step taken by the attorney general of the federation, averred that the state government did not in any way frustrate the negotiation.

According to him: “The Attorney General of the Federation sought to enforce a Supreme Court judgment that the Oyo State government was not a party to. He issued a directive that was not grounded in law and in the spirit of federalism, that was resisted, because federalism does not allow the AGF, whose duties are with

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the Federal Government and at best the Federal Capital Territory (FCT) to interfere with the legal process in any of the constituent part of the federation.

“And as everybody may know, local governments are under the state government. So, at any point in time, the Oyo State government did not walk out on any discussion towards resolving the matter.

“At the last meeting they held, the state government was well represented by the attorney general, Oyelowo Oyewo and the counsel to the state, Akin Onigbinde, who is also a former speaker of the state House of Assembly. But the sacked ALGON chairmen came with absolute terms, which could be seen as a way of trying to thwart the peace moves. It will be in the interest of all parties to reconvene under a very amiable atmosphere and come to the conclusion on how to move forward.

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Friday 14 February 2020

BUSINESS DAY

COMPANIES & MARKETS

15

COMPANY NEWS ANALYSIS INSIGHT

CONSUMER GOODS

Investors sell-off on International Breweries after Q4 slip ...unaudited result suggests FY loss worsened 562% SEGUN ADAMS

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nternational Breweries suffered significant sell-off on its shares after a slip in the fourth-quarter result suggested a seeming long-game focusing on increasing market share ahead of bottom-line growth worry investors.

Shares of the beer maker fell 8.82 percent to N7.75 a unit on as trading opened for the week, the heaviest loss since early November last year.

International Breweries on Monday announced its sales in the last quarter slowed by 5.83 percent to N35.09bn while it made a loss of N9.14bn compared to a profit of N3.27bn in the corresponding period of 2018.

BusinessDay computation, based on the unaudited result which was reposted by the Nigerian Stock Exchange (NSE) on Wednesday, shows 2019

full-year loss could widen by more than 500 percent when audited results are published.

International Breweries had in its 9-month result posted a loss after tax of N16.44bn. Combined with a fourth-quarter loss of N9.14bn, 2019 loss stands at N25.58bn that is, 562 times more than N3.87bn loss in 2018.

The decline in profit masks a 10 percent in-

crease in profit of Interbrew last year.

Its fourth-quarter sales of N35.09bn combined with a previously announced N97.26bn for the first nine months of the year brings year’s revenue to N132.35bn compared to N120.61bn in 2018.

Amidst an on-going beer war and increasing cost in the tariff-burdened beer sector, Interbrew has employed debt to finance

growth and strengthened advertising campaign to lure more price-sensitive local beer consumers.

The beer marker’s focus on growing its market share saw Interbrew reverse a hike to its premium brand dubbed “King of beer” after rival beer manufacturers did not follow suit.

“Interbrew has always said its priority right, for now, is gaining market share, they are more long-

term,” Fola Abimbola, equity analyst at Lagos-based FBNQuest told BusinessDay last year.

The gambit seems to be paying off as Interbrew cut into competitors’ market share in the first half of 2019.

While INTBREW grew sales by 29.2 percent yearon-year to N68.6bn, Nigerian Breweries and Guinness saw a slight fall in their revenue.

“The positive top-line performance was buoyed by the management’s aggressive drive to grow volumes, leveraging on its larger capacities,” said analysts at Lagos-based United Capital in a sector report.

But growth for Interbrew comes at a cost as heavy debt on its balance sheet and repayment cost is telling on bottom-line numbers.

Interbrew’s unaudited result shows an 84.07 percent year-on-year increase in current borrowings (bank overdrafts and

term loans) to N116.77bn in 2019.

For the fourth quarter, gross profit fell about 23 percent on an annual basis to N11.88bn after the cost of sales rose 5.98 percent year-on-year.

This meant that Interbrew made N33.84 from every N1oo sales in the quarter, compared to N41.22 per hundred naira sales from a year ago.

A rise in operating expenses and decline in other income meant Interbrew recorded an operating loss of N4.12bn in the quarter after it had recorded N8bn operating profit in the corresponding period of 2018.

There was no finance income but finance cost rose 31.69 percent to N9.24bn which resulted in a loss before tax of N13.36bn versus a profit before tax of N1.14bn in the same period of 2018.

This also drove the beer maker’s earnings per share into negative territories.

CONSUMER GOODS

Nestlé Nigeria partners with local transport companies for improved logistics GBEMI FAMINU

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ast Moving Consumer Goods (FMCG) giant, Nestlé Nigeria in a bid to improve market reach and logistics activities met with key stakeholders in the transport industry in order to discuss improved logistics services, jointly engage on the company’s ambition of a wider reach and also to recognize the role of the transporters in the value chain.

At Nestlé’s Transporters Day 2020 event held recently in Lagos, Nestor Finalo, Supply Chain Manager, Nestlé Nigeria, said, the main objective of the company is to continuously drive product availability in the marketplace with speed which calls for the need to create stronger partnerships with its transporters in order to encourage provision of optimum services to customers and distributors, punctually,

effectively and efficiently.

“In everything we do, we prioritize the needs of our consumers. Ensuring availability and access to our healthy options cannot be achieved without a committed relationship between Nestle and the

transporters. With this comes the responsibility to sustain all efforts towards ensuring our high-quality products are available for the shoppers to buy and consume across all relevant outlets in the country.” Finalo

said.

Finalo added that Nestle is passionate about the safety and security of all role players in its value chain, while also providing consumers with the varieties of nourishing products which ace the

L-R: Milot Kelmendi, Commercial Management Advisor, Nigeria Power Sector Programme (NPSP); Tena Galloway, Sales Support Manager, Armese Consulting; Angella Ajere, MAP Project Manager, Port Harcourt Electricity Distribution Company (PHED) and Francis Jakpor, Marketing Communications Manager, Armese Consulting at the inaugural USAID Meter Asset Provider (MAP) Stakeholder Workshop in Abuja…Tuesday

quality assurance test. He added that the company aims to achieve its objectives with maximum safety in its transportation system.

Timi Miriki, chief executive officer, Fabeto, Nigeria Limited in his remarks expressed satisfaction towards the company’s activities and commended Nestlé for creating a platform where challenges and issues affecting transporters are addressed with a view to fostering mutually beneficial long-term relationships with its service suppliers.

Sharing his experience of working with Nestlé, said, “I have worked with Nestlé for over 30 years, and I commend the company for is its efforts towards strengthening the relationships with transporters, to provide platforms for development while creating job opportunities, a very critical element in the journey towards a more sustain-

able economy, I am particularly happy that the Transporters Day has been brought back because it provides opportunities for us to learn from each other and to understand Nestlé’s direction in order to serve the company better. Yes, it has been 30 years, yet I look forward to working with Nestlé for a long time to come.”

Miriki added.

Nestlé is known for its active role in backward integration activities -local sourcing of raw materials- and supplier development initiatives in the country, according to its manufacturing operations report, the company purchases its raw and packaging materials majorly from local sources believing that it will help develop the economy, create job opportunities and also help in maintaining a less weak stance for the naira as against the continuous dominance of the dollar.

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Friday 14 February 2020

BUSINESS DAY

COMPANIES&MARKETS

Business Event

MSMES

Connect Nigeria business fair offers opportunity to 2000 exhibitors, participants JOSHUA BASSEY

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ver 2000 participants and exhibitors are expected in the 2020 Connect Nigeria Business Fair/Exhibition.

The fair with the theme ‘Vision 2020’ targets Micro Small Medium Enterprises (MSMEs) with the aim to open up more business opportunities for the expected exhibitors within an outside Nigeria.

The business fair will showcase a range of services and products, including fashion, beauty, real estate, ICT solution providers, Fintech, food & beverages, literature & arts.

“The business-enabling platform will serve as a bridge between businesses within the African continent and the rest of the world,” says Emeka Okafor, Managing director/CEO of Connect Nigeria, the organiser of the fair.

According to Okafor, participants at the business fair which holds between March 6

and 7, 2020 at the TBS, Lagos, will explore the many business prospects available while entrepreneurs will learn the skills they need to grow their businesses in today’s tech-driven world.

Okafor is passionate about Nigerian enterprises succeeding through empowerment and collaboration. He believes that by empowering MSMEs, millions of jobs can be created, per capita income and export earnings increased and capacity utilisation in key industries unlocked and economic expansion enhanced.

These, he believes, have the potential to solve Nigeria’s challenge of Nigeria’s increasing population, a larger percentage of whom live below the poverty line.

Over the years, Connect Nigeria has sought to amplify the best of the SME segments in Nigeria through campaigns like its Top 100 Emerging SMEs, which held its first edition in 2018. Through her annual business fair, the company advocates for the building of strong business networks and the laying down of processes that ensure

the success of ventures.

“As in previous years, key industry leaders, through interactive panel sessions, keynote speeches and master classes, will interact and share invaluable insights with budding entrepreneurs.

The business fair is aimed at fostering collaboration and empowering businesses in Nigeria by educating entrepreneurs on how to grow their businesses and build strong business networks. With a seating capacity for over 2,000 participants, the business fair will be an avenue for business people to listen to various business thought leaders who once walked in their shoes,” Okafor says.

The caster classes will give entrepreneurs the opportunity to engage these business leaders and role models while having their questions answered in a classroom setting, and learning from real success stories. The Pitch gives five participants, five minutes each to present a sustainable, technology-driven business idea, with the winner get on-the-spot funding.

L-R: Adefisayo Awogbade, registrar/chief executive, Chartered Institute of Taxation of Nigeria (CITN); Adeyeye Asebayo Joel, chairman, CITN Lagos District Society; Adesina Adedayo, vice president, CITN; Kunle Quadri, past president, CITN, and Titi Fowokan, council member, CITN, at the 2020 annual tax week organised by CITN Lagos District Society in Lagos.

CSR

Cadbury Nigeria PLC deepens youth development initiative in Nigeria …Rewards Bourn Factor Winners KELECHI EWUZIE

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anufacturer of Cocoa based Beverages, Confectionery and Food Products. Cadbury Nigeria Plc, has restated its commitment to support the Federal Government in youth development in Nigeria.

Cadbury a leading brand in manufacturing of fast moving consumer goods (FMCG) says it holds in high esteem, efforts by thefederalgovernmenttoensure youth development in Nigeria.

Oyeyimika Adeboye, Managing Director, Cadbury Nigeria says as a business, the company is not only concerned about making money from our communities, but are also supporting people in the communities to grow and develop as a people.

Adeboye speaking at the unveiling of the winners of its maiden Bourn Factor Talent Hunt Competition in Lagos opines that the idea of Bourn Factor was generated while we

were thinking about how we can pay back those who are buying our products, and mainly for our younger children.

Mona School from Sapele, Delta State, won the grand prize of N3 million. Difference Academy from Ile Ife, Osun State, won N2 million for coming second, while Faith Heritage Gold Schools from Abeokuta, Ogun State, got N1 million as the third-place winner.

Speaking on behalf of the winners, Ejiro Akinyomi, Head of Administration at Mona School, said the schools are happy to be associated with Bourn Factor because the competition afforded them an opportunity really dig deep to discover the talents in their wards.

“When our parent representative told us about the Bourn Factor competition, the school management considered the proposal and decided to give it a trial,” Akinyomi said.

“We produced branded T-shirts for the children for the competition. Although some of our

parents were skeptical about the process, we eventually engaged with the children to convince their parents. Today, we are the first prize winner and we are very glad.”

In her remarks, Ifeoma Chuks-Adizue, Senior Category Manager, Cocoa Beverage, West Africa, said the brand appreciates the cooperation of the management of the participating schools, particularly for giving the children the time required to complete the process of the competition.

“The most important purpose of this competition is not only to showcase talents, but also to consolidate and build sustainable communities across Nigeria. For instance, we encouraged the winners to adopt orphanages within their area, where they could also give back to children in those orphanages and make them happy. Truly, we can learn a lot from these kids because their ideas were fantastic,” ChuksAdizue said.

L-R: Adetunji Taiwo, HOD, Samsung Nigeria Information Technology and Mobile; Lee In-tae, ambassador, Embassy of Republic of Korea, and Caden Yu, representing Samsung, at the Samsung S20 in Abuja.

Pic by Tunde Adeniyi.

L-R: Tobechukwu Okigbo, chief corporate services officer; Oyime Akpologun, MTN YEDP participants, and Ogunlowo Grace; Odunayo Sanya, acting executive secretary, MTN Foundation, and Uche C. Nwuka, group head, creative industry, Bank of Industry, at the first day of the pitch for MTN Foundation’s Youth Entrepreneurship Development Programme, YEDP, an initiative targeted at empowering young Nigerian entrepreneurs, in Ikoyi, Lagos.

L-R: Rahman Akinwonmi, director, finance and corporate services, Lagos State Employment Trust Fund (LSETF); Boladele Dapo-Thomas, permanent secretary, ministry of wealth creation and employment, Lagos State; Yetunde Arobieke, commissioner, ministry of wealth creation and employment, Lagos State; C.D. Glin, president/CEO, United States African Development Foundation (USADF), and Otto Orondaam, member, board of trustees, LSETF, after the Grant signing ceremony to VTCs under the LSETF-USADF Employability Programme in Lagos State.

L-R: Temitope George, Knowledge SHiFTER; Babajide Sanwo-Olu, Lagos State governor; Ogunmolu Oluwaseun, Innovator SHiFTER; Ajibola Ponnle, commissioner for establishments, training and pensions; Obafemi Hamzat, deputy governor, and Hakeem Muri-Okunola, head of service, at the launch of a Knowledge Sharing Platform for Public Servants themed: S.H.i.F.T. (Simple, High-Impact, Interactive, Focus, Transformational) at Adeyemi Bero Auditorium, Alausa, Ikeja

Friday 14 February 2020

BUSINESS DAY

MONEYINSIGHT

17

Three underserved markets Aella Credit is betting it’s $10m round on FRANK ELEANYA

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ella Credit on Monday joined the list of fintech companies making the big rounds in 2020. The company secured a $10 million funding round from Singapore-based, HQ Financial Group (HQF).

Flutterwave which got $30 million in January and Paga’s acquisition of Ethiopian start-up, Apposit, has already kicked off the new year in grand style. Nigerian tech startups were the biggest gainers of funding coming into Africa in 2019. The country alone accounted for 49.5 percent of the total venture capital funding that came into the continent last year.

But these start-ups are not just making a bold statement that Nigeria’s tech ecosystem has immense potential for every investor, they are identifying bigger problems large and risky enough to put them in the crosshairs of bigger competitors such as commercial banks.

More access to SME credit For Aella Credit, the big problems, for now, lie in connecting needed credit facilities to the consumers whose lives and business depend on it. It lies in West Africa’s unwieldy payment system bogged down by border closures, poor payment infrastructure, and lack of synergy between payment operators.

Akin Jones, the CEO who founded Aella Credit alongside his friend Akanbi Wale, now CTO, in 2015, knows very well how deep the problems go.

“Lack of access to credit and financial services has been the main impediment to MSME

growth and poverty reduction in several emerging economies,” he said in a statement to mark the new investment.

Small businesses in Nigeria are responsible for over 80 percent of jobs in the country. Denying these businesses access to finance does not just hurt them, it also means more people would join the unemployment bracket when any one of them burnt out.

The Central Bank of Nigeria also links the success of the GDP to the growth of small businesses.

Aella Credit currently services 300,000 borrowers across its employer-backed and direct to consumer verticals, who now have access to simple financial products. But it is a mere scratch

on the back. Although the company’s userbase grew by 674 percent in the last two years and revenue by 193 percent as well as and maintained a single-digit default rate, Aella plans to deploy a new strategy to be able to not only confront the challenge it has identified but also be among the top competitors in the space.

Hence, beyond just having physical operations in Nigeria and the Philippines, it plans to expand to more African and southeastern countries.

Broadening Financial inclusion While access to credit is an important block of financial inclusion, other services such as insurance

coverage, peer-to-peer money transfer, and payments have also come to play a role in broadening financial access.

Aella Credit wants its users to have more options such as investment, insurance, bill payments and peer-to-peer money transfer services.

“This raise marks the conclusion of the startup’s evolution to a full-service lending and payments platform,” the company said in its statement.

Deepening the cryptocurrency market Aella’s launch of the token, Creditcoin is by far its most significant announcement. The company says its goal for creating the token,

Creditcoin, is to connect blockchain assets with a straightforward protocol, to create an inter-blockchain lending market, bringing the crypto ecosystem closer to a sound currency.

Creditcoin connects many blockchains to create a secure, transparent cryptocurrency lending market, that allows fundraisers and lenders to connect directly with one another.

Someone in need of a loan will post seeking an amount with an interest rate and collateral. The fundraiser also adds some Creditcoin to the offer.

When investment and fundraiser offers are matched, the investor will assess the risk of the opportunity based on the credit history of the fundraiser on the Creditcoin blockchain. The system verifies the deals’ completion by confirming the exchange of collateral and investment. Once validated, the system sends the Creditcoin attached to the investment, to the investor. When the fundraiser is ready to return the investment with interest, the investor and the fundraiser announce the deal to the Creditcoin network. The investor and the fundraiser complete the transaction by exchanging collateral and investment with interest.

“We are building a one-stop app for all transactions partnered with regulated industry leaders to help distribute products faster, better and cheaper to end-users in Nigeria and across the markets we plan to launch. This app will allow users to access multiple financial services at low costs compared to what is currently available in the market,” Jones added.

Creditcoin is listed on the Bittrex Global trading platform.

LEAP Africa brings enterprise scale-up tools to young Nigerian social innovators STEPHEN ONYEKWELU

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eadership Effectiveness Accountability Professionalism (LEAP) Africa is providing resources that young Nigerian social entrepreneurs can leverage on to become sustainable as they scale-up their social enterprises.

Every year, the organisation sorts through a thousand plus applications to select candidates for its Social Innovators Programme (SIP). This is an accelerator fellowship that empowers young change-makers to deliver more impact and build sustainable social enterprises.

It is an offshoot of LEAP’s Annual Nigerian Youth Leadership Awards (ANYLA).

Yearly, SIP culminates in the SIP Awards (SIPA), which supports the growth of innovative youth-led social enterprises

and creates opportunities for the global community of social innovators.

Social innovation is the process of developing and deploying effective solutions to challenging and often systemic social and environmental challenges in support of social progress.

“It is ten years to the end of the Sustainable Development Goals (SDGs) and we are consciously raising change agents to drive this. The SDGs cover social challenges related to poverty (Goal 1), hunger (Goal 2), healthcare (Goal 3), education (Goal 4),” Segun Alimi, programme manager at LEAP Africa told BusinessDay at the launch of SIP 2020. “We are raising social innovators and this is a yearlong programme.”

Nigeria’s social challenges are many. It is estimated that over 11 million children are out of school in Africa’s most populous www.businessday.ng

country. The United Nations Children’s Fund (UNICEF) says that malnutrition is a direct or underlying cause of 45 percent of all deaths of under-five children in Nigeria and the country has the second-highest burden of stunted children in the world.

Nigeria generates 32 tonnes of solid waste per year the highest amounts in Africa, most of these are non-biodegradable plastics.

These social and environmental problems have defied traditional solutions and require the type of innovative solutions provided by social enterprises.

These are some of the problems that social innovators offer new ways of solving. From social enterprises focused on helping women prevent cervical cancer or manage it, to helping lowcost schools source for funds and teaching materials, to those working to end malnutrition or

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using art to raise environmental consciousness in slums, SIP’s 2020 edition was packed with 18 energetic social innovators solving both social and environmental problems. However, these social enterprises need to be sustainable and this is the goal of the SIP Fellowship.

“Sustainability means continuity and for social impact projects to be sustainable they need to be commercially viable too. These social projects are important because you cannot be said to be succeeding in a country that is failing,” said Pearl Uzokwe, head governance and sustainability at Sahara Group, a vertically integrated energy company.

The young social innovators were introduced to various aspects of business development from concept to commercialisation. They learnt how to make personal leadership the corner@Businessdayng

stone of their social enterprises, time management, personal strengths, weaknesses, opportunities and threats (SWOT) analysis, and emotional intelligence.

“You have to crystalise your idea and create a powerful elevator’s pitch. To achieve this, you need to understand the hedgehog concept, which helps you focus on the one big idea and not chase after many unfocused alternatives,” Achenyo Idachaba-Obaro, founder and chief executive of Mitmeth, a social enterprise that transforms water weeds and waste into economic goods.

The yearlong fellowship will see these social innovators attached to mentors, follow webinars, take advantage of LEAP’s Learning Management Systems (LMS) and other support systems put in place to help them scale-up their impact.

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Friday 14 February 2020

BUSINESS DAY

FINTECH News

Products Review

In association with

Technology Review

Personality Review

Company Review

As Bitcoin price rises, these five crypto exchanges will get you started educating both existing and would-be investors on the market. In 2019, it conducted several cryptocurrency literacy campaigns across Nigeria and every market where it has a presence in Africa.

The company is also one of the earliest exchanges to allow users in Nigeria to buy and sell Bitcoin and Ethereum in their local currency. Earlier this month, Luno introduced fully automated naira withdrawals which can be done at any time by its Nigerian customers.

Beyond its offerings, Luno’s high cybersecurity and privacy priorities make it an ideal platform for beginners.

FRANK ELEANYA

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he price of Bitcoin on Sunday 9 February rose past $10,000 for the first time since October 26, leading to frantic investment activities from existing and new investors.

As of the time of writing this article on Wednesday, Bitcoin was changing hands at $10,391 on the Coindesk Index.

For first time investors, the excitement or fear of not being left out may prove all-too powerful a temptation, hence they jump in without doing proper due diligence.

A country like Nigeria with an adult literacy rate of 62 percent where 95 percent of the citizens do not own a personal computer (PC), navigating a complex market with digital assets like Bitcoin, Ethereum, Bitcoin Cash, Ripple, and more than 2000 other altcoins that rely almost 100 percent on the internet to function represents a big challenge, so is finding a platform that can give you best foot in the door.

A cryptocurrency exchange refers to a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies.

At the dawn of blockchain, cryptocurrencies were traded through dedicated cryptocurrency exchanges or via the OTC market, where buyers and sellers arrange to purchase and sell coins directly between themselves.

Exchanges can come in four categories namely fiatcrypto exchanges; crypto-to-

crypto exchanges; peer-topeer exchanges; and brokers.

While users are able to buy cryptocurrencies using their local currency (e.g. buying Bitcoin with naira) on fiatto-crypto exchanges, they are only allowed to buy with another cryptocurrency on crypto-to-crypto exchanges.

Peer-to-peer exchanges are those that simply match a buyer with a seller and will not take the other side of a trade.

The most famous example is Localbitcoins, who will match a buyer with a number of sellers (if they’re available).

But they come with a lot of security risks. Only recently LocalBitcoins had to delete several accounts of users in Africa as part of efforts to update its security protocol.

Brokerages are not exchanges in the strict sense because they do no allow users to own the underlying cryptocurrency. The advantage they provide is users are relieved of the responsibility of setting up a wallet. Broker-

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ages offer a CFD or ‘contract for difference’ which allows you to speculate on the price of Bitcoin and other cryptocurrencies without being exposed to the same risks that exchanges offer.

It should be noted that it is possible for an exchange to combine some of the categories mentioned as the five exchanges on our list do. Beyond combining the different characteristics, they are super-simple platforms for beginners.

Binance The Chinese exchange with headquarters on the Island of Malta is one of the biggest cryptocurrency exchanges in the world that provides a platform for users to trade in more than 100 cryptocurrencies. Beyond just possessing all the categories, Binance also owns a token, the BNB, that is among the top five best performing altcoins in the cryptocurrency market.

For a beginner, Binance might seem very overwhelm-

ing because of the deluge of information, charts and data.

However, the exchange offers basic and advanced digital currency trading options to users.

Importantly, it is available in Nigeria. However, a security breach in May 2019 saw the company’s reputation as one of the world’s most wellsecured platforms broken. The security on the platform has been upgraded now.

Luno While it may not be in every country in Africa and offers Bitcoin, Ethereum and Bitcoin Cash for now, Luno is one of the most popular exchanges on the continent for beginners. Its presence in more than 40 countries, including Nigeria, puts it in command of about 3.5 million users.

Luno’s learning portal is arguably the richest educational platform on topics relevant to the cryptocurrency world.

Also, the company continues to invest a lot of resources in

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Buycoins Founded by Nigerians, Buycoins maybe the latest entrant into the cryptocurrency market in Nigeria with users than its competitors, but what stands it out is its youthful approach to teaching beginners how to buy and sell cryptocurrencies.

The platform also has one of the lowest trade fees in Nigeria at 0.4 percent. Importantly, it has a stablecoin backed by the Nigerian naira, NGNT. The digital token is pegged 1:1 to the Naira.

NGNT transactions are on the blockchain, this means the transactions are public.

If someone sends NGNT to another person, everyone can publicly view the status of the transaction, which means uncertainty is removed and confirmation can be known.

Quidax Quidax, another Nigerian cryptocurrency exchange registered in Malta, has made a

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big mark in a very short time. It is not only pushing the boundaries in the market, but it is also beginning to pay more attention to deepening users’ knowledge of the market. The CEO’s daily emails to users are one of the ways the company is employing to provide better insights into the market.

The Quidax platform’s unique sell proposition is the ability to settle to local banks instantly. Users can get their money within a few hours of withdrawal.

Quidax currently offers six cryptocurrencies including Bitcoin, Ethereum, Ripple’s XRP, Litecoin, Dash and USDT as well as wallet services which individuals and businesses can use to send, receive and store cryptocurrencies.

Remitano Remitano, a Seychelles-based peer-to-peer cryptocurrency exchange, offers trading of Bitcoin, Ethereum, Tether, and Bitcoin Cash.

Essentially, the Remitano app lets you connect with other cryptocurrency buyers and sellers to make trades using an intermediary escrow system for added security.

The platform holds buyers’ funds in escrow, then allows sellers to list their crypto assets for sale. When a seller completes the transfer of the altcoin or Bitcoin to the buyer’s wallet, Remitano places this in an escrow wallet, thus locking them. The buyer then transfers the agreed exchange amount in fiat currency to the seller’s account, and takes a transaction fee for the service provided, then remits the locked coins to the buyer.

Friday 14 February 2020

Harvard Business Review

BUSINESS DAY

19

MANAGEMENTDIGEST

Case Study: give your colleague the rating he deserves — or the one he wants?

ANTHONY J. MAYO, JOSHUA D. MARGOLIS AND AMY GALLO AN ASSOCIATE DIRECTOR WONDERS HOW MUCH TO COVER FOR A SLACKING COWORKER.

“

Y

THE KICKOFF ou’re always reliable,” Nisha Nayad said to her colleague Mark Cruz as she entered the meeting room.

“I got here a minute ago,” Mark replied, smiling as he opened his lunch. They both looked at the clock on the wall and laughed.

“I think we’re the only two people at Ness who show up early,” Nisha said. “Glad you’re on this team.”

Punctuality wasn’t a big part of the culture at the gaming company Ness Entertainment, so it didn’t bother Nisha that her coworker Ben Lassner still hadn’t arrived by a few minutes past noon. The three of them didn’t typically work together, but they were about to. As members of Ness’s Innovation Board, a group selected from across the company to work directly with the executive committee on developing recommendations for line extensions and new titles, they’d been given a new, highly visible assignment — one that Nisha, a business development associate director, was excited about.

She, Mark and Ben had huddled quickly a week earlier to lay out a work plan for analyzing customer data and the competitive market for one of Ness’s hottest games, Sokontia, so that they could choose an appropriate follow-up story line and the timing for a sequel.

Nisha was happy with both her teammates. Mark, an associate director of marketing, had an excellent reputation. And Ben, a quality control engineer, had been a friend since they’d met during new-employee orientation. They still got together for lunch every few months, and because they were at the same level in different functions, they often traded notes and advice about their work at Ness.

At 12:10 Ben walked into the room, apologizing. “It’s already been a day. A week, really. We’ve been doing QC on Knight Days,” he said, referring to one of Ness’s older products, which was about to release a new version. “And I forgot we were doing lunch. Let me go grab my food. Feel free to start without me.”

When he returned, Nisha began sharing what she’d found in her initial review of the customer data on Sokontia. “It’s clearly filling a void,” she said. “The story line is a hit, and although the graphics get some mixed reviews, I think there’s potential for an early extension.”

“I agree,” Mark chimed in. Be-

cause he was in marketing, he had taken on the initial task of reading through user reviews from influencers. “A few reviewers are already talking about what a 2.0 might look like. Did you see the PDF I sent with the highlights?”

He turned his laptop toward them to show the file. Nisha had read it carefully the night before.

“When did you send this?” Ben asked, squinting at the screen.

“Wednesday,” Mark replied.

“Oh, right,” Ben said, taking a bite of his sandwich. “We just need to see how this all overlays with the usage statistics.”

“Exactly,” Mark said. He nodded expectantly, but Ben kept eating. Nisha was confused. They had agreed that Ben would do the initial analysis on those statistics.

“You didn’t look at usage?”

Mark asked, a slight edge to his voice. “Or read through anything either of us sent?”

“Not yet,” Ben admitted.

“I guess let’s get you up to speed then,” Mark said tersely.

Nisha was annoyed too, and she wondered whether she should say something. Ness’s human resources department was big on peer feedback. At the urging of the CEO, Martine Skoll, the company had rolled out two initiatives aimed at getting people to be more honest and direct with one another: first difficult-conversations training, and then an app that allowed employees to submit ratings and short snippets of feedback directly to teammates on their performance.

Toward the end of the meeting Nisha gave herself a mental pep talk and asked Ben, as calmly as she could, “Why didn’t you do what you said you’d do?”

He flinched a little, but he’d been through the training too, so he probably knew he was supposed to engage without getting his hackles up.

“I dropped the ball. My bad.

The day after I found out about this project, I was put in charge of the QC push for Knight Days. It’s consumed me and my team. We’ve been understaffed since May. I won’t show up this unprepared again. Promise.”

Ben left, and Nisha walked with Mark to the elevator. “I’ve been on too many projects with people who

expect me to carry their weight,” he said. “We’re not letting that happen here.”

Nisha agreed with Mark but also knew that Ben was probably in a tough spot. His boss had a reputation for holding her team to an extremely high standard. And didn’t everyone miss deadlines occasionally? Ben had never been unreliable when they’d worked on small projects together in the past.

So she wasn’t worried — not really.

“I trust him,” she reassured Mark. “He’ll keep his word.”

“He’d better,” Mark warned.

NO SURPRISES Three weeks later Nisha was on the train with her laptop open.

During her 45-minute commute home, she always tackled a single task. Today it was the presentation for the executive committee. She, Mark and Ben had met three more times and had put together what Nisha felt was a strong analysis and an aggressive recommendation. When the Innovation Board met with the executive committee the following Monday, the team was going to suggest launching an extension of Sokontia as soon as possible, on a faster timeline than the company had ever previously managed.

She had agreed to pull the presentation together for the team by the next day. She was just waiting for Ben to send his last two slides.

She refreshed her email at 5:40 p.m., and seeing nothing from him, texted, “Any update?”

He’d promised to send his slides by end of day. He texted back immediately: “So sorry. If I send you the rough data, can you produce the slides?”

Nisha took a deep breath. She really had thought he would come through. She typed, “No, I can’t.

Can u stop being an idiot?” But then she deleted it. She didn’t want to do anything to jeopardize her chances of impressing the executive committee. Even though Ben deserved a lashing for how much he’d slacked off on this project, she couldn’t get into a fight with him now. And her slides would be better anyway.

She texted, “Sure. Send it.”

“I owe you one,” he replied.

You sure do, she thought.

Nisha’s thoughts quickly turned

to the new peer feedback app.

At the previous month’s Innovation Board meeting, HR had announced that everyone was expected to use it after the next round of projects. So Nisha would have to rate both Ben’s and Mark’s performance soon — on a scale of 0 to 5 — and she’d be rated by them.

It hadn’t come up in their meetings, but it was on her mind — and probably theirs, too.

On the train now, she fantasized about pressing the 0 next to Ben’s name, but then she felt guilty. He was her friend. And HR had said that there should be no surprises in the ratings, meaning that teammates should share feedback along the way so that people could either improve or know what numbers to expect.

She texted Ben again: “Can we talk for a minute? I’m going to call you when I get to my stop.”

When he answered the phone, he was apologetic. She interrupted him: “It’s OK. I mean, it’s not OK, but I wanted you to know that I’m frustrated, and I feel like I’ve been covering for you ” “It’s just that my other work ” “You’ve said that several times.”

Nisha was intentionally being short. She didn’t want to sugarcoat her feelings about this.

Ben was quiet for a minute.

Then he said, “I’m really appreciative of everything. And I hope you know I’d do the same for you.”

I doubt that, Nisha thought.

And even if you would, I’d never ask you to.

That night she sent a quick note to her mentor from her last job, Dennis Hodges: “Can we meet tomorrow? I need your advice.”

TO BE HONEST The next morning Nisha met with Dennis at a diner near his office and explained what had happened during the project.

“It’s not like I did all of his work,” she said, “but when he got in trouble with deadlines, I definitely finished some of what he’d started.

The other team member, Mark, has been annoyed too, but he hasn’t picked up Ben’s slack as much as I have. That’s on me. I didn’t have to do any of it, but I want this assignment to go well. And it will. I’m confident we’re going to knock it out of the park on Monday. We’ve

done the analysis, we’ve got the data, and our recommendation is bold.”

Dennis smiled. “I have no doubts. So what are you thinking?”

“I’m most nervous about this peer-rating system. If I were being honest, I’d probably give him a 2.”

“What’s holding you back?”

Dennis asked.

Nisha had to think about that for a second. “It doesn’t feel like it’s entirely his fault. He’s had a lot of other commitments and a ton of pressure from his boss. And we’ve known each other since I started at Ness. So I’m worried about putting a low rating on his permanent record — especially since Mark told me he’s giving him a 3. Ben’s tough and would probably recover. But he might also hold a grudge.”

“Have you spoken directly with Ben about this already?”

“Yes, several times.”

“So,” Dennis said, “I would give him the rating he deserves.”

JUST ONCE On the morning of the presentation, Ben asked Nisha to meet him at the café down the street. She assumed he wanted to go over his slides, since she knew them better than he did at this point.

“I just wanted to thank you again for everything,” he said. “I’ll admit that I almost feel bad about my name being on there.”

Nisha knew that the polite thing would be to protest, but she bit her tongue. They sat there awkwardly for a moment.

“It’s really been a tough few weeks,” Ben said, trying to break the tension. Nisha nodded.

“I would understand if you rated me poorly on the feedback thing, but I hope you won’t,” he continued. Nisha suddenly realized why he’d asked for this meeting — and paid for her coffee.

“If you were in my shoes, I’d have your back and give you a 5, or at least a 4,” Ben said.

“I haven’t decided what I’m going to do,” she answered truthfully.

“Everyone has bad days.”

“We’ve been working on this for weeks,” she said, realizing that her tone was getting sharp.

Ben’s voice got testier too. “You know what I mean. My boss will freak if I get bad ratings. And I know Mark’s giving me a 3. If you give me a 5, it’ll balance out. I know I don’t deserve it, but I’m hoping you can do this for me, as a friend.

Just once.”

Anthony J. Mayo is the Thomas S. Murphy senior lecturer of business administration in the Organizational Behavior unit of Harvard Business School. Joshua D. Margolis is the James Dinan and Elizabeth Miller professor of business administration and the head of the Organizational Behavior unit at HBS. Amy Gallo is a contributing editor at Harvard Business Review and the author of the “HBR Guide to Dealing with Conflict.” She writes and speaks about workplace dynamics.

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Friday 14 February 2020

BUSINESS DAY

HEALTH BUSINESS&LIFE Lessons from Thailand to improve primary healthcare in Nigeria ANTHONIA OBOKOH

E

ight factors account for the outstanding success of primary healthcare in Thailand and experts say Nigeria could borrow from the practices in the South East Asian country to improve our scorecard.

Primary health care (PHC) has been successful in Thailand because of community involvement in health, collaboration between government and non-government organisations, the integration of the PHC programme, and the decentralisation of planning and management.

Other success factors are intersectoral cooperation at operational levels, resource allocation in favour of PHC, the management and continuous supervision of the PHC programme from the national down to the district level, and the horizontal training of villagers to villagers.

Additionally, Thailand achieved many of the essential elements of PHC based on improvements in the nutritional status of children under five, households’ accessibility to clean water, immunisation coverage and the availability of essential drugs.

Perhaps, Nigeria has a lot of lessons to learn from the Southeast Asian country. Thailand’s primary care journey has a long history.

Before 1978, the PHC in Thailand had been inadequate, trained health workers in short supply and distributed inequitably. It was

challenging to sustain the service delivery of community hospitals and problematic as barriers existed at the policy and operational levels, leading to poor access to PHC for all citizens.

Then came the Declaration of Alma-Ata. The Alma-Ata declaration defined primary health care as’… essential health care made universally accessible to individuals and families in the community by means acceptable to them, through their full participation and at a cost that the community and country can afford.

Countries of the world through the World Health Organisation adopted the Declaration of AlmaAtaat the International Conference on Primary Health Care, Almaty, Kazakhstan, 6–12 September 1978. It expressed the need for urgent action by all governments, all health and development workers, and the world community to protect and promote the health of all people.

Thailand keyed into the Declaration of Alma Ata and began to implement it. The National PHC programme was implemented nationwide in Thailand as part of the Fourth National Health Development Plan (1977–1981). Since then, its PHC has evolved through many innovative health activities such as a community organisation, community self-financing and management, as well as the restructuring of the health system and multisectoral coordination.

Today, Thailand is one of the great development success stories making progress towards meet-

ing the Sustainable Development Goals, according to the World Bank (2017).

Nigeria needs to plug gaps and strengthen primary healthcare centres as Thailand did. The country must move the needle positively towards achieving universal health coverage, one of the Sustainable Development Goals (Goal 3), say analysts.

Reflecting more on Thailand’s model, the country implemented the PHC using two different approaches to encourage people to use health services at local Health Centres (HCs) and district hospitals, rather than go directly to the provincial or upper-level hospitals.

The first approach involves implementing PHC that is delivered by health workers at HCs or rural health facilities. The government made HCs the front-line health services to cover all sub-districts, and it also increased the number of health professionals, including doctors and nurses, who would provide care to rural people at the district hospitals while health workers or public health officers would provide care at the HCs. The second approach focuses on community participation involving the mobilisation of local resources to ensure accessibility of healthcare for underserved people; the community maintains the services. The local resources consist of groups of health volunteers known as Village Health Volunteers.

Another lesson is the political adoption of PHC as the cornerstone of Thai health care delivery

and, more recently, the commitment of the Prime Minister Prayut Chan-o-cha that Thais will be able to access care from medical practitioners at the PHC level. Thailand, over the past three decades, has increased its medical workforce and, according to Chan-o-cha, “the proportion of rural physicians and has reallocated resources to support extensive primary health care systems and to increase access to services.”

The rapid implementation of reforms is another critical aspect of Thailand‘s experience. Policymakers set ambitious timelines and monitored progress on the ground closely.

Also, the country made substantial investments in infrastructure for rural health centres, often using attractive but standardised design options, lowering infrastructure costs.

PHCs are the first point of contact between a patient and the healthcare system, which makes centres affordable.

Meanwhile, PHC in Nigeria is harassed by a lack of capacity to provide essential health care service, poor staffing, inadequate equipment and infrastructures, as well as poor drug supply. These have resulted in many people avoiding PHC facilities and going straight to hospital out-patient departments where services are perceived to be better.

Implementation has also been a problem, hindering the effective working of about 30,000 PHC facilities across Nigeria.

The Nigerian government has

embarked on a campaign to revitalise primary healthcare centres.

The most recent pledge is the high-level of revitalisation of 10, 000 PHCs nationwide made at the inauguration of Kuchigoro PHC, Abuja, through the Saving One Million Lives Initiative.

Doyin Odubanjo, chairman, Association of Public Health Physicians of Nigeria, Lagos Chapter, said Thailand, Ghana, Rwanda and some other countries serve as an example of how Nigeria can strengthen its Primary health care, “There is a need to make the primary healthcare centres functional and make them provide some level of delivery services when needed,” he said.

Odubanjo added that the government needs to fund the PHCs and ensure adequate human and material resources.

Similarly, Nigeria needs innovative solutions to prevent the long queues at the secondary and tertiary institutes. Francis Faduyile, president of Nigerian Medical Association (NMA), said solving Nigeria’s healthcare burden requires going back to the level of the primary healthcare centres.

“There is a need for the government to hasten their plans for the primary healthcare centre in the area of prevention of many of the diseases that will cause more complications at the secondary level,” he said.

Thailand as a Southeast Asia country has provided Nigeria important lessons on how best to improve its primary health care space.

How Clina-Lancet network of local laboratories strengthens clinical pathology investigations in Nigeria ANTHONIA OBOKOH

C

lina-Lancet is building a local network of clinical laboratories to enhance pathological investigations in the country.

This will strengthen Nigeria’s weak healthcare.

This local network of laboratories promises competitive and affordable prices for live saving tests. Affordable prices for medical diagnosis will help deliver more of life saving tests to the millions of Nigerians who need these medical services.

In Nigeria, domestic laboratories need to be supported so that they can grow and reduce medical tourism, which costs Nigeria billions of naira every year.

Currently, Nigeria’s laboratories are undermined by lack of standard diagnostic equipment, one of the leading causes of under or misdiagnosis in the country.

Clina-Lancet Laboratories is a member of the Cerba-Lancet Africa joint venture. Cerba HealthCare SAS, the French owner of a global network of medical laboratories, is expanding in Africa by buying some of Lancet Laboratories’ opera-

From Right: Uche Ekpe, NMA chairman, Abuja representing the National President; Ejiro Kragha-Ogomigo, medical director, Obisus Medical Services; Stephane Carre, CEO, Cerba Lancet Africa; Shaibu Musa, managing director, NNPC Medical Services; Olayemi Dawodu, MD/CEO, Clina Lancet Nigeria; Jérôme Pasquier, ambassador of France to Nigeria; Adaeze Oreh, senior health policy advisor, Federal Ministry of Health; Babatunde Irukera, director general, Federal Competition and Consumer Protection Commission; Jerome Thill, deputy senior executive officer, Cerba Lancet Africa, and Matthieu Gogue, general manager and COO

tions in a deal that industry estimates show could be worth $59 million.

In Nigeria it is strengthening the adoption and deployment of advanced laboratory technology in diagnosis through its network of local laboratories.

Paris-based Cerba healthcare has decided to invest substantially in the development of a local netwww.businessday.ng

work of clinical pathology laboratories in Africa’s most populous country through a grand opening of the new and modern diagnostic facility of Clina-Lancet laboratories recently in Abuja, Nigeria’s Federal Capital Territory.

To i l l u s t r a t e C e r b a healthcare’s commitment and readiness, the group of laboratories which cut

across Nigeria is International Standards Organisations (ISO) certified with ISO 15189 standards in recognition that its processes and procedures are at par with global standards. This is also validated by its international accreditation by SANAS 15189: 2012.

“This particular branch plays a strategic role in the company’s commitment to provide its quota in the delivery of universal health coverage by rendering quality world-class diagnostic services in Nigeria,” said Olayemi Dawodu, managing director/ chief executive officer of Clina- Lancet laboratories.

According to Dawodu, Clina Lancet Laboratories is an ultramodern technologically advanced and independent pathology laboratory in Lagos that has now unveiled its world-class facility in Abuja. Our decision to open a new branch here is in line with our vision and commitment to providing international standard services and as an organisation; we are looking forward to serving the good people of Abuja.

She further said they are

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a long-standing group of laboratories and a leading medical diagnostics firm in Nigeria focusing on clinical pathology, providing over 4,000 test offerings covering haematology, chemical pathology, endocrinology, histology, molecular biology, cytogenetic, microbiology among others.

“Our goal is to provide medical laboratory, consultative and referral services with the most extensive range of tests available,” Dawodu explained.

To ensure the sustainability of such investments, the company commits to providing laboratory services of international standards with 100 percent accurate and reliable test results at all times. And it is strategically positioned to serve healthcare, corporate and environmental service delivery in the FCT and the public.

According to the World Health Organisation (WHO), non-communicable diseases (NCDs) including stroke, cardiovascular diseases, cancers, chronic respiratory diseases, and diabetes are estimated to account for 71 percent of the @Businessdayng

57 million global deaths. In Nigeria NCDs are estimated to account for 29 percent of all deaths (2.1M). Early diagnosis of diseases such as cancer improves outcomes by providing care at the earliest possible stage.

Also speaking at the launch, Jerome Thill, chief executive officer of Cerba HealthCare articulated that as Cerba Healthcare continues to build on its experience and partnership with experts to expand clinical pathology in Africa and deploy a quality service to the medical community, Nigerians and other resident in the country will be the better for it.

“Cerba Healthcare has decided to invest substantially in building a local network of clinical pathology laboratories on the African continent. We are also making plans to put in place grassroots quality healthcare not only in FCT but across the nation,” Stephan Carre, CEO of Cerba-Lancet Africa.

Clina Lancet Laboratories currently functions in various parts of the country with branches in Lagos, Port Harcourt, Warri, and Abuja.

Friday 14 February 2020

BUSINESS DAY

21

HEALTH BUSINESS&LIFE Executive Travel Health

How to avoid coronavirus during air travel

Q-life Family Clinic s concerns are mounting over the coronavirus outbreak, several airlines have suspended flights to China. Wary travellers are also donning facemasks at the subways and airports.

Panicked customers are arming themselves with disinfectant and several businesses are suspending operations. Several countries have also placed a travel restriction to China. More people across the world have grown anxious about being in crowds or travelling in confined spaces like aeroplane.

All of this can be alarming, it is therefore important to get appropriate information regarding air travels during this current outbreak.

Should I wear a mask while on the plane? The answer is yes and no. Masks are useful for those who are unwell to protect other people from them. But wearing a mask all the time will be ineffective. It will allow viruses to be transmitted around it, through it and worse still, if it becomes moist it will encourage the growth of viruses and bacteria.

The risk of catching a serious viral infection on an aircraft is low.

A

The air supply to a modern airliner is very different from a movie theatre or an office building. The air is a combination of fresh air and recirculated air, about half each.

The recirculated air goes through filters of the exact same type that we use in surgical operating theatres.

That supplied air is guaranteed to be 99.97 percent (or better) free of viruses and other particles. So the risk, if there is one, does not come from the supplied air. It comes from other people.

Facemask is therefore useful if one is seated close to someone with respiratory symptoms who is not wearing a mask. It is important that facemask is worn appropriately.

Surgical face masks do a little job in preventing airborne viruses from entering your body. Instead N95 does a better job.

What are the chances of getting the virus by touching the seats, armrest or any of the objects on a plane? Reports have found that crew members have a limited time to clean the cabin before passengers on the next flight boarded.

Majority also lacked a comprehensive plan aimed at preventing and containing the spread of diseases through air travel. So, what does that mean for travellers? Travellers need to exercise caution. This might

include placing sheets of paper on tray table so laptops or other items don’t come in contact with the surface, using a paper towel when opening and closing the bathroom door and not to place food directly on the table. (It should be kept in its container.) And forget about using seat-back holders.

What’s important if you are on a plane to ensure you don’t get infected? Hand hygiene. Contrary to what people think, the hands are the way that these viruses most efficiently spread. Top of the list is frequent hand washing, hand sanitising, or both.

Avoid touching your face. If you cough or sneeze, it’s important to cover your face with a sleeve. Better yet, a tissue to be disposed of carefully, and then sanitising the hands afterward.

Washing your hands and drying them is the best procedure. When that’s not easy to do, alcohol-based sanitizer is a good second-best.

Do not forget to exercise other travel cautions.

Ade Alakija, medical director Q-Life Family Clinic & Bukola Adeniyi, Consultant Family physician and travel medicine physician Q-Life Family Clinic.

Access Bank, others leverage Lagos marathon to sensitise Nigerians on HIV, NTDS JOSEPHINE OKOJIE

O

n the side-lines of the Lagos marathon exercise which took place last Saturday, Access Bank in collaboration with the Nigeria Business Coalition Against AIDS (NiBUCAA), Hacey Health and ENDFund, sensitised Nigerians on HIV and Neglected Tropical Diseases (NTDS).

Over 3,000 attendees were sensitised on best practices to manage their health and wellbeing as well as received the free HIV test and counselling as part of the outreach.

“The marathon has brought together thousands of people which provide the right platform for us to utilize and advocate issues of significant health impact or challenge,” said Omobolanle Victor-Laniyan, head of sustainability, corporate communications, Access Bank.

“You may be aware that about 53,000 people die of HIV in Nigeria.

There is a need to bring down this figure if possible to zero,” she said.

“There is a need to prevent new infections and for people to get tested to know their status and get treatment. I do not know of any other platform that gives us access to such a huge number of people to achieve this purpose,” she added.

Also speaking during the sensitisation programme, Rhoda Robinson, executive director, HACEY Health Initiative, said that

HBL TEAM

Rhoda Robinson, executive director, HACEY Health Initiative; Omobolanle Victor-Laniyan, head- sustainability, Access Bank Plc and Oyetola Oduyemi, Africa regional adviser, The EndFund during the Sensitization programme on NDTS and HIV on the side-lines of the Lagos Marathon Exercise recently in Lagos.

the partners distributed free condoms to the over 3,000 people that attended the marathon exercise.

“The sensitisation programme is about providing the general public the information to continuously prevent HIV infection and for those who are positive for them to stick with their ARC treatment so that they achieve virus suppression,” Robinson said.

“HACEY Health Initiative has been working with Access bank for the past four to five years in ensuring and promoting HIV testing and counselling. We connect those who are tested positive to different centers and we have reached over 10,000 people through our messages over the years,” she added.

Participants at the marathon exercise were also sensitised on a group of parasitic and infectious diseases such as river blindness, lymphatic filariasis (elephantia-

sis), trachoma, intestinal worms and schistosomiasis (Snail Fever).

Globally, N TD S has affected over 1.7 billion people in low income and developing regions of Africa, Asia, and the Americas, so, there is need for awareness on prevention and

control, experts say.

“About 40 percent of sufferers of NTDs are in Africa. Access Bank has generously given us the platform to spread the word on END disease to talk about preventing this disease that is easily preventable and treatable and we are very appreciative of this.” Oyetola Oduyemi, Africa regional adviser, ENDFund said.

Similarly, Gbenga Alabi, executive secretary, NiBUCAA said that Access Bank has created the opportunity for his organisation to latch on the event to provide Nigerians with free HIV testing services.

“The national population is 1.4 but then a lot of Nigerians are yet to know their status. So we are using this opportunity to encourage people to know their HIV status by participating in the free testing services,” Alabi said.

Giving.Ng, Leah Foundation crowdfund to screen 5,000 women for cancer ANTHONIA OBOKOH

G

iving.ng, a non-governmental organisation, has partnered with Leah Foundation to create awareness on cancer and screen at least 5,000 women as part of activities to mark the 2020 World Cancer Day. The organisations are using the crowdsourcing platform to generate the funds needed for the screening exercise.

Addressing journalists recently in Lagos, Olapeju Ibekwe, project manager of Giving.ng, explained that the online platform decided to partner with the Leah Foundation to fight cancer because the disease has become a scourge that is killing people daily.

“We are calling on every Nigerian to do something about how to roll back the cancer scourge by donating any amount of money through the platform. Donations received would be used to provide free screening for 5000 women in partnership with Leah Foundation,” Ibekwe said.

She described Giving.ng as a crowdfunding platform that is focused on raising funds with local and international partners to deal with various issues that are affecting the Nigerian society.

The World Cancer Day with the theme ‘2019-2021: I Am And I Will’ is aimed at saving millions of people from preventable deaths each year by raising awareness and education about cancer and pressing governments and individuals across the world to act against the disease.

This year’s celebration marks the midway point in the three-year plan of the ‘I Am, and I Will’ campaign.

The campaign is an empowering call-to-action urging for personal commitment and represents the power of individual action taken now to impact the future.

Also speaking, Lanre Bello, ex-

ecutive director of Leah Foundation said the foundation had been in the forefront of efforts to control and eradicate some types of cancer through vaccination. He said if serious efforts can be made in that regard, some types of cancer could be eradicated in about 20 years from now.

“Our foundation has given opportunities to people to be screened but it is not sustainable because one single institution cannot do it alone and that is why we are partnering with giving.ng to help us raise funds to fight the scourge. Our goal is to detect cancer early in a bid to control or eliminate it,” Bello said.

In her remarks, Joke Silva, a Nollywood icon, said she was lending her voice to creating awareness about cancer because awareness is essential in controlling the scourge, remarking that knowledge is power.

She advised young people from the age of 20 and above to go for regular check-ups because reports had shown that if the traces of cancer are detected early in a person, it can be effectively treated.

She said Nigeria lacks proper equipment for screening cancer. She enjoined Nigerians to help the cause by donating through the giving.ng platform in a bid to battle the cancer scourge. I am involved in the fight against the cancer scourge because in 2014 my younger sister, Olufunke Olabisi Silva, was diagnosed with breast cancer stage 3 going to stage 4 and by February 12, 2019 she passed away,” Silva said.

She noted that if there is an early detection, the cancer cells could be sent into remission. She said an aunt realised she had cancer while in her 20s but she lived till the age of 89 because the cancer cells were detected early and she took action.

“Our late mother also had a lump in one of her breasts, but the cancer did not come back until she was 88 and she died at 89,” she added.

Shoprite hosts successful breast cancer awareness drive

S

ome 3,127 women across all six regions of the country were recently screened for breast cancer following a partnership between Shoprite Nigeria and Run For a Cure Africa (RFCA) which gave them free access to this service.

The event tagged “The Big Pink Fight” took place from 3-8 February 2020 and gave Nigerian women the opportunity to undergo clinical breast exams, ultrasound scans and mammograms. Four of the six screening stations were located at Shoprite supermarkets including Shoprite Asaba mall (Delta State), Shoprite Onitsha Mall (Anambra State), Shoprite Novare Gateway mall (Abuja) and Shoprite Ado Bayero Mall (Kano).

“As a result of Shoprite’s partnership with RFCA, which dates back to 2014, more than 8000 women have now undergone screenings,” said Shoprite Nigeria’s Kunle Abiola.

While speaking to newsmen at

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

Novare Gateway Mall Abuja during the event, Abiola said, “We’re thrilled about the great turnout this year and we plan to roll this initiative out to more communities where we trade.”

“Nearly a hundred percent of the time, women with breast cancer survive if the cancer is discovered early on, but unfortunately this number is reversed in Nigeria because of late detection,” said Ebele Mbanugo, founder and executive director of RFCA. “We are very pleased about the huge turnout of women in the states where we hosted this event with Shoprite.

If more businesses partnered with us, we would be able to create even further awareness and reach out to thousands more women across our country.”

Shoprite has positively impacted the lives of many Nigerians since opening its first store in Lagos in December 2005 through its support of local schools as well the financial assistance it provides to almost 2,000 organisations in the country.

I David Ogar, Graphics

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Friday 14 February 2020

BUSINESS DAY

LEADINGWOMAN Arene to tackle paucity of female representation in leadership with AWCBN DESMOND OKON

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lthough a few women have managed to climb to the top in their sphere of operation, many women in Africa and Nigeria find it tough getting into leadership positions due to countless obstacles. This is because Africa still has a gender gap problem, and only few are doing something about it.

While advocacy for policies that support the growth of women and hankering for the implementation of the affirmation is good, it is better to focus on capacity building for women to enhance the skills of women and increase their performance.

Hence, the launch of the African Women Capacity Building Network (AWCBN) by Violet Arene, a management consultant and trainer of business executives.

Launched last Friday in Lagos, AWCBN is dedicated to women and committed to preparing them for future roles in executive capacity and leadership positions; transforming women into experts in their diverse fields; making them better equipped to work and serve sideby-side with men, and ultimately impact economic prosperity. “…the less the gender gap, the more prosperous a nation becomes and the less the gender gap, the more vibrant, active, and synergistic any business organisation,” she said in her address at the launch.

While exposing the interest of the network through her speech, Arene, who is also the president and founder of AWCBN said gender-gap closure was facilitated by intensified and accelerated capacity building for women, and according to her, it cannot happen by merely wishing it, but by doing

L-R: Hon. C Don Adinuba with Dr Violet Arene

Hon. Emilia Nkeze

something about it.

“AWCBN is delving into the dimensions of capacity building that will invest massively into and intensively in training to enhance expertise, know-how, knowledge, personal development of women to equip women for competitive performance especially in executive leadership,” she said.

Further speaking on helping women getting involved in leadership roles, she said the network believes in affirmative action and quota for women, but also in meritocracy, adding that women have to build their capacity for enhanced performance and not rely on affirmative action.

“There is no discrimination against excellence,” she told BusinessDay, “when we have built their capacity, their performance will show. I don’t believe in asking for things for women just because they are women. We do want affirmative action because we are so far behind and we want a bit

positions of influence, so, speakers presented diverse views about how this could be achieved. Among such speakers was Uche Azikiwe, wife of late Nnamdi Azikiwe Making a case for entrepreneurship for women, the former professor of education at the University of Nigeria, Nsukka (UNN) called on the government to look into entrepreneurship and capacity building for women.

“We’re saying that a lot of women are not empowered, and one way of empowering women is through capacity building and one aspect of capacity building is entrepreneurship. Capacity building will equip the women with skills, knowledge and the potential for them to excel in whatever they want to do. And when a woman is empowered financially, it is a plus to the government, the family, the community, and the nation at large. It will affect the economy of the nation,” Azikiwe said.

In his special address on capac-

Prof. Uche Azikiwe

of that. But we must not rely on affirmative action, we must add meritocracy and that is where capacity building comes in.

The event largely focused on solutions to elevating women in

ity building for women in STEM— Science, Technology, Engineering, and Mathematics, the immediate past Vice-Chancellor of UNN said special scholarships or opportunities to encourage women into STEM. For him, this is because of the social stereotypes, access to education, high cost of STEM programmes, and gender-based problems have contributed to the low participation of women in STEM. “women should be encouraged to enter this filed because they are severely underrepresented already that is why there should be special programmes for them, activities and also special scholarships because the STEM programmes are more expensive and when the women are even underrepresented, the only way to encourage them is by deconstructing the obstacles which is higher school fees and also more scholarships,” Ozumba explains.

Swarovski expands reach into Nigeria’s jewellery market

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n international producer of precisioncut crystals for fashion and jewellery, Swarovski, has expanded its luxury fashion operations and craftsmanship to Nigerians with the recent opening of a store in Lagos.

Located at the Ikeja City Mall in Lagos, the Swarovski store aims to be Nigeria’s destination for exquisite affordable luxury pieces for the neck, fingers, wrists and more.

The Swarovski Regional Manager, Africa John Burns said to BusinessDay at a press parley announcing the opening of the store that, the new store in Nigeria aims at offering its discerning customers in the region a delightful experience as obtains in other stores across the world.

“It also marks our foray into the Nigerian economy which we recognise has tremendous growth potential. It is, therefore, a perfect avenue for us to share our commitment to excellence, a sense of creativity, surprise and delight.”

Swarovski has approximately 4,000 stores in over 100 countries and with the addition of the Ikeja store, not would jewellery lovers experience

John Burns with Jennifer Obayuwana

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the brand, but it also creates an employment avenue for Nigerians to join the 29,000 global workforce of the Swarovski Crystal Business.

Further speaking at the launch, Jennifer Obayuwana, executive director, Polo Limited, the official retail partner for Swarovski in Nigeria, assured Nigerians of the same quality that Polo has been known for in the partnership with Swarovski.

“Jewellery lovers have a guarantee of authenticity and excellence’. John’s presence is a seal of originality that Swarovski Nigeria is a part of the global Swarovski family.”

Delighted about the partnership, head of marketing and communications, Esosa Osagiede said Swarovski store parades choice pieces to excite those who know and prefer the best.

Swarovski Nigeria store is managed by POLO Limited; the luxury retailer in Nigeria reputed for parading the quality brands of watches, writing instruments, leather goods at Polo Luxury and high fashion pieces at the fashion MeccaPolo Avenue. @Businessdayng

Friday 14 February 2020

BUSINESS DAY

23

AGRIBUSINESSINSIGHT Market Insights

Analysis

Commentaries

Experts/Industry Views

Commodities watch

Policy Reviews

Send in Commentaries to caleb.ojewale@businessdayonline.com

A ‘former giant’ at the mercy of smugglers, weak policy, finance framework CALEB OJEWALE Twiiter: @calebtinolu

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he legend – real or fictional – that Malaysia took palm seedlings from Nigeria before it became a force to reckon with in palm oil production, is often recited when the golden era of palm in Nigeria is recalled. Hardly are such discussions followed by questions probing where things went wrong, and more importantly, what can be done to fix the situation.

In the early 1960s, Nigeria was the world’s largest palm oil producer with global market share between 43 to 45 percent. Today, it is the 5th largest producer and a PwC report titled ‘X-raying the Nigerian palm oil sector’ even put current production at less than 2 percent of total global market output. In 1966, Malaysia and Indonesia surpassed Nigeria as the world’s largest palm oil producers. Since then, both countries combined produce approximately 80 percent of total global output, with Indonesia alone responsible for over half (53.3 percent) of global output.

According to the Central Bank of Nigeria (CBN), if Nigeria had maintained its market dominance in the palm oil industry, the country would have been earning approximately $20 billion annually from cultivation and processing of palm oil as at today, noted the PwC report.

Oil palm is a very versatile crop, which industry players say can produce more oil than any other oilseed crop. About 90 percent of palm oil is used in the production of foods, while the remaining 10 percent is used by the non-foods industry.

Local delicacies like Banga, and other non-native food products such noodles, biscuits, chips, margarines, shortenings, cereals, have palm oil as ingredient. Palm oil and palm kernel oil are used by consumer retail food and snack manufacturers; personal care and cosmetics (mainly palm kernel oil); biofuel and energy; animal feed (palm kernel expeller); Pharmaceutical; Industrial; Foodservice/ service industry.

Despite its many individual uses, huge industrial requirement and potential for revenue, Nigeria’s palm oil production has failed to meet the country’s needs, with importation (mostly through smuggling) filling the gap for several decades until 2015 when a restriction of foreign exchange was announced.

Determining current pro-

Source: Draft palm oil policy document by FMITI and FMARD

duction, demand, deficit is tricky The Agriculture Promotion Policy (APP) 2016 – 2020 stated Nigeria’s Oil Palm production is 4.5 million metric tonnes, whereas demand is 8.0 million metric tonnes. This, the policy document says refers to fresh fruit bunch (FFB) from which oil is extracted at a 10 percent – 15 percent efficiency rate.

A 2019 joint memo of the Federal Ministry of Industry, Trade & Investment and the Federal Ministry of Agriculture & Rural Development on development of an oil palm policy, put Nigeria’s FFB production at 7.8 million MT. It also put annual CPO demand at 2.1 million MT; Local CPO production at 970,000 MT, leaving a deficit of 1.13 million MT. All of these, referenced to data from the Food and Agriculture Organisation.

As it is, there appears to be a disconnect between the data sets available even from government, making it hard to determine, just how much palm oil Nigeria produces and what is left to be met.

If the production of FFB cannot be determined, it will be nearly impossible to extrapolate values for other products.

“If Nigeria has two million wild grooves how come local supply cannot be met?” asked Henry Olatujoye, president, National Palm Produce Association of Nigeria (NPPAN) in an interview, while referring to claims of the country’s palm tree population. According to him, one million new palm trees need to be planted for Nigeria’s demand to be met, and either half of the two million trees said to currently exist are replaced, or new ones planted. All the same, additional cultivation is required, of high maturing, high yielding varieties.

Without accurate, locally generated data (that does not rely on foreign sources), it will be difficult for investors to make www.businessday.ng

strategic investment decisions.

Access to finance limits investments While funding is generally a challenge in Agriculture, tree crops like palm have an even more peculiar case. They take years to maturity, fruiting, and before owners can even recoup their investments.

“No financial institution can on its own finance oil palm development or that of any other tree crop,” said Olatujoye. “These are not only capital intensive but also have a long gestation period unlike rice, tomato etc that can go from farm to market in a matter of few months.”

Brian Hammond, managing director, IMC Plantations had to sell some shares recently to raise additional capital to keep his plantation running optimally, as well as drive some of his expansion plans. This year, he expects to get more investments through a private equity firm, saying in an interview that he has to go through all these because “getting loans through the CBN’s 9 percent intervention fund has not been possible”, a situation he says many small players experience.

Sadiq Usman, deputy COO, Agro-Allied at Flour Mills of Nigeria Plc, which is now emerging as a leading player in the palm oil space, also explained, “like most investments in the agricultural space, it is more suited to low cost long tenor financing.

“The peculiarities of oil palm (long gestation, dated plantations and varieties, predominance of market abuse e.g.

Smuggling) particularly lends the value chain to requiring patient and dedicated support,” he said.

These views were also reinforced by Emmanuel Ibru, chairman, Plantation Owners Forum of Nigeria (POFON), who said even though “the intervention by the CBN is still ongoing, there are still a lot of things to be done,

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particularly in terms of funding for small holder farmers.”

In Nigeria, smallholders account for 80 percent of palm oil production, and without proper integration into any policy framework to support local production, desired results may not be met.

Strategic policymaking followed by execution holds aces Regaining Nigeria’s lost position as a leading palm oil producer can only be achieved through policy making that meets the expectations of industry players.

As Umar explained, there is need for a “favourable policy framework to support existing supply and demand gap with incentives skewed to those making demonstrable Backward Integration Investments.” In a written response to some questions, he noted FMN currently produces “something in the region of 20,000mt of crude palm oil annual. We expect to double this in the next 5years. Also, refining capacity for CSO-CPO-RPKO is 10,000 tonnes per month.”

The company has ramped up investments in recent years, expressing willingness to do more in meeting local demand but perhaps limited by issues such as cost funding for backward integration (commercial and outgrowers) and the need for a smallholder development policy that will see to the provision of high yielding seed varieties, ease of land acquisition, bulk buying/aggregation schemes.

The development and provision of high yielding seed varieties will not only be useful for smallholders, but even big players in the industry as a whole. With proper planting and farm management, yields of up to 40 tons per hectare can be achieved, but average yield for smallholders in Nigeria is put at about 2 metric tonnes per hectare. @Businessdayng

Hammond’s challenges (at IMC Plantations) did not end at access to finance, as getting the right seedlings was also a problem until he had to look outside Nigeria. After investing hundreds of millions of naira for almost 10 years, “there was little to show for the investments from NIFOR”, he said, prompting his company to look to Ghana.

While Olatujoye says, “NIFOR is second to none in the world in terms of knowledge about the palm crop”, support for the institution has been limited, rendering it less effective than it should be. “Nigerians attend several (palm oil) conferences abroad every year, but, why aren’t same things hosted in Nigeria?

“It is because we have nothing to show the world,” he said.

Fu r t h e r m o r e , a b u s e o f Free Trade Zones needs to be checked, as industry players say failure to do this will not only dissuade new investors, but also put current investments at risk.

“Even with the border closure, we have not seen a significant reduction in what is coming in,” Ibru said. “What we want is complete enforcement on the inflow of palm oil to Nigeria. Everything should come in through the ports with all necessary duties and levies paid. This protects our local industry, provides government with much needed revenue as what is currently smuggled in denies government of revenue.”

In 2017, Republic of Benin’s population of 11.2 million people imported 42 percent more CPO than Nigeria with 190 million people, according to the draft policy document by FMTITI and FMARD. However, as Olatujoye said, sharp practices such as smuggling are “best fought with policies, not guns”. Nigeria he says should focus more on deterring these illegal activities than aiming to prosecute culprits.

“There is a need to fast track the implementation of a Backward Integration Plan for CPO as the current projected investments only account for 22.3 percent of the estimated supply gap,” stated the draft policy.

“There is also a need to accelerate anti-smuggling measures as smuggling fills the largest portion of the supply gap of CPO.” However, beyond being inked on policy documents, which may or may never see the light of day, unless Nigeria puts the right policy support in place, backed by ‘patient capital’, the country’s lost golden days of palm oil could remain permanent history.

24

Friday 14 February 2020

BUSINESS DAY

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

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

Radisson Blu brand beckons for memorable moments this love season OBINNA EMELIKE

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uests and lovers of Radisson Hotel Group in Nigeria are in for a special treat this love season as Radisson Blu, one of the seven distinctive brands in the dynamic global hotel group, sets to offer memorable Valentine’ s Day experience at Radisson Blu Anchorage Hotel Lagos Hotel in Victoria Island and Radisson Blu Hotel Lagos Ikeja, both in Lagos.

Both hotels are offering exciting Valentine’s Day packages amid engaging activities, unique unwinding experiences, as well as, discounted rates.

At Radisson Blu Anchorage Hotel in Victoria Island, the leading lifestyle and hospitality destination is partnership with Moet & Chandon to thrill guests this love season with a specially curated champagne experience. Couples who are guests

of the hotel will be treated to a glass of champagne for dinner with a unique themed setting including red roses and a special photo booth and more to celebrate the love season.

In addition, couples will enjoy complimentary buffet breakfast alongside an appreciable spa treatment discount, an extended checkout time with other room amenities that the Radisson Blu brand is known for.

Wellington Mpofu, director, sales and marketing, Radisson Blu Anchorage Lagos Hotel, said the hotel is always concerned about the wellbeing and satisfaction of its guests, which is necessitating the hotel’s continuous evolvement to supersede the needs of the guests.

“As an inherent culture of the Radisson Blu brand, we always strive to make our guests happy and this valentine season is no exception.

It is our absolute pleasure to curate loving memories for all who chose Radisson Blu

Anchorage Lagos Hotel this season and beyond,” Mpofu stated.

He said that aside partnering with Moet & Chandon to curate champagne experience for the guests, some lucky guests would be winning many fantastic prizes including; a local travel air ticket courtesy of Arik Air. “We have an array of fantastic prizes including Arik Air domestic flight ticket to be won by couples who will be living the valentine experience at Radisson Blu Anchorage Lagos Hotel,” Mpofu added.

Elsewhere at Radisson Blu Hotel Lagos Ikeja, the love season comes with special packages. The world-class Amani Spa is offering discounted spa and wellness experiences including Valentine single’s package, couple’s package and Roses are Red couple’s package.

The single’s package excites with options such as Love Rocks massage with

hot stone, foot massage and facial offerings, while the couple’s package is refreshed with love story offering, rasul cleansing ritual for two, and flotation pool for two.

The Roses are Red option comes with body scrub and Jacuzzi bath.

For those looking forward to a romantic dinner to mark the day, Radisson Blu Hotel Lagos Ikeja is offering buffet dinner at the Iyeru Okin Restaurant at N15,000 per person, and half the price for children. However, the hotel is offering its superior room category at N66, 000 for one adult and N72, 000 for two adults inclusive of breakfast and taxes.

The offer at the Ikeja hotel is valid from February 12-16, 2020.

Truly, it is Valentine, the season of love, appreciation and sharing. Of course, there is no better place in Lagos to enjoy your love moments than at Radisson Blu Anchorage Lagos Hotel and Radisson Blu Hotel Lagos Ikeja.

Southern Sun Ikoyi excites with romantic offerings

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n celebration of Valentine’s Day and enhancing the weekend experience for guests looking for the perfect getaway, Southern Sun Ikoyi has rolled out its romantic valentine day offerings.

Commencing from February 14-17, 2020, the hotel is offering guests with the opportunity to enjoy discounted rates on its rooms inclusive of a refreshing breakfast for two.

The offer includes an exotic Valentine’s Seafood Buffet Dinner for only N18,000 per person and a special rate of

N45,000 for accommodation per Standard room per night including breakfast for two.

Renowned for its sumptuous culinary delights, Southern Sun Ikoyi’s chef will be offering several dining options including the grill for succulent meat, fish and seafood choices all accompanied by freshly picked vegetables and an A la carte menu on request accompanied by the finest of wines for lovers and couples to relish such magical love moment at the hotel.

Speaking about the special offer for this year’s rowww.businessday.ng

mantic celebrations, Ubong Nseobot, sales and marketing manager of the hotel, stated that, “The unique offerings by the hotel are aimed at couples, lovers and partners to take out time from their busy schedules and enjoy premium hospitality services at discounted rates in appreciation of their significant other.”

With the recent upgrades and renovation engaged by the hotel in commemoration of its 10th Anniversary, the valentine season presents a special occasion for guests to experience an enhanced

touch of hospitality within an environment that offers a seamless synergy of top quality offerings the hotel is renowned for, rangingfrom its artistic designs, quality service, finest lodging and dining experiencein the heart of Ikoyi.

For couples and lovers, who are fitness enthusiasts, the hotel also offers a wellequipped gym with up to date facilities run by a team of dedicated, friendly and extremely warm staffs working together in making your overall stay at the hotel a truly memorable one.

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

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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 14 February 2020

BUSINESS DAY

25

MADE in aba

Clintonel to launch first digital fabrication centre in Aba GODFREY OFURUM, Aba

…centre to save FX, create jobs for youths

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ack of modern equipment and spare parts have stifled manufacturing in Aba and Nigeria for a long time now.

However, that will soon be a thing of the past, as Clintonel Innovative Centre, an Aba-based manufacturing and technology-based firm, has acquired computer-aided design (CAD) and computeraided manufacturing (CAM) equipment for digital fabrication.

The CAD is a computer software that designs and creates different products, while CAM is the use of computer software to control and automate factory machines.

Tochukwu Chukwueke, a n e l e c t ro n i c e n g i n e e r and founder of Clintonel Innovation Centre (CIC) and Advanced Engineering Centre (AEC), explained that the funding he got from Ford Foundation helped him to procure the machines, which he said would solve the equipment problem of local manufacturers, as well as save the country huge foreign exchange.

C hu kw u e k e e m e r g e d second at Aba Hackathon

Challenge, organised by TBWA and with funding from Ford Foundation.

He explained that his firm had succeeded in procuring a computer numeric machine (CNC) to help manufacturers to have seamless production.

According to him, “It is precise because it is computer controlled. There is no human error. It is absolutely accurate.

So, this is the technology that is in use by manufacturers in advanced countries such as Germany, United States, and China, among others.”

“ The good news,” he continued, “is that we have brought that technology here.

And we are going to be doing it here to make it cheaper for them. It is also faster and we will provide after-sales service support, which they don’t have at the moment”.

He explained that the machines, which arrived Nigeria in November, 2019, had high quality.

“We imp or te d the machine from the United States of America and we got the highest quality machine

in that category from the US. And we did installation around December-January.

Right now we are still testrunning the machine and probably inaugurate the facility in the second quarter of 2020,” he noted.

H said his team wanted to use that event to announce their services to manufacturers.

He continued “This technology is a precious, because CAD and CAM are used to build everything. In fact, every product in the

world today is produced directly or indirectly using CAD and CAM technology.

“For instance in garmentmaking, sewing machines used in cloth making were produced with CAD and CAM technology. I gave you example with bottled water, the plastic bottle is produced with CAD and CAM technology.

“Moulds for plastic tables and chairs are produced with CAD and CAM technology.

It will have impact across all manufacturing sectors. It will be used to design and build machine tools.

“For instance, in the plastic sector, the injection moulding machine is produced with CAD and CAM technology. With what we have now, we can design and build such a machine”.

He stated that by investing in CAD and CAM technology, his firm would help the country to save billions of dollar of foreign exchange, annually.

“And because it supports industries, it will create hundre ds of thousands of employment for young people,” he stated.

He commended Abia State Government and its partners in the promotion of made-

in-Nigeria goods, noting that patronising home-made goods is what Nigeria needs at the moment.

According to him, Nigeria was losing a lot of foreign exchange and also losing a lot of jobs.

“S o, i f w e c a n b u i l d pieces of equipment that are currently imported, we can create enormous amount of jobs and solve unemployment challenge in Nigeria.

“That was what China did. China used to be one of the poorest countries in the world, but today, China is the manufacturing hub of the world. So, we can reproduce that in Nigeria by building capacity in the areas of computer aided designs and computer aided manufacturing.

“If we succeed in this, we will retain in Nigeria, the billions of dollars that we are losing in foreign exchange i n i mp o r t i ng t o o l s a n d products. In addition to that, we can also begin to export those technologies to our neighbours in Africa and the rest of the world.

“We at Clintonel are at the forefront of that and we are introducing technology needed to make made-inNigeria a reality,” he stated.

Positioning Aba products for global competitiveness Gbemi Faminu

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ore than 50,000 manufacturers of shoes and fabrics, contributing to employment and the gross development of Abia State and Nigeria, are based in Aba, Abia State. But many of them are not competitive in the global market owing to issues around absence of quality machines, infrastructure, 21st skills, cheap, adequate and long-terms funding.

Despite producing one million pairs each week, t h e i n d u s t r y i s b a re l y N120 billion—but should be bigger.

It is made up of clusters such as Powerline, Imo Avenue, Bakassi,Aba North S h o e P l a z a, O m e m ma T ra d e r s a n d Wo r k e r s, ATE Bag, and Ochendo IndustrialMarket,

comprising input suppliers, among others.

However, it is in thriving in chaos as the majority of shoe makers in the industrial city are poorly structured, making scaleup difficult.

Analysts say the Aba industry needs to have good machines. “ This is where the problem lies. We in Aba have no good machines,” Ken Anyanwu, secretary ofthe Association of Leather and Allied Industrialists of Nigeria (AL AN), whoproduced Nigerian armed forces shoes in 2016.

He said lack of good machinery remained one reason the majority of Aba shoe makers were not meeting demands while overworking themselves.

“It is a problem already for us because if a customer comes and we can’t meet demand, he will go elsewhere. The www.businessday.ng

industry needs retooling,” he said.

Nigeria and Ethiopia have things in common in terms of leather. Ethiopia is home to 56 millioncattle, which provide ready raw mater ials to sho e makers. But Nigeria has 131million cattle, goats

a n d s h e e p, a c c o rd i n g to the Federal Ministry ofAgriculture (2011 figures), with more shoe makers. The country is the second most populous (with 105 million people) after Nigeria with almost 200 million people.

Nevertheless, Aba

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shoemakers scramble for raw materials from China and many parts of Africa and Europe.

“What happens is thatthe tanneries in Kano and Kaduna process animal skins and sell them as leatherin the global market, earning foreign @Businessdayng

exchange,” said Chinatu Nwagbara,coordinator of Made-in-Aba Project, who produced shoes for Olusegun Obasanjo in2016.“So we go to China and other countries to buy. Sometimes, we buy o u r p ro d u c t s a n d re import,” he said.

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Friday 14 February 2020

BUSINESS DAY

entertainment

Zoro; gradually ‘rapping’ his way to stardom OBINNA EMLEIKE

S

ince 2010 when he launched his music career, O woh Chimaobi Chrismathner has been on the rise.

The hip hop artiste, songwriter and producer, who stages as Zoro Swagbag has also released singles that won him more fans, as well as, recorded huge commercial success.

However, he is better known as a rapper by his fans. By dint of hard work and love for his passion, Zoro has managed to rank among top rappers in his indigenous Igbo language. He is even regarded as the fastest Igbo rapper by some lovers of indigenous raps in the music genre where the likes of Mr. Raw, Phyno, Illbliss, Slowdogg, among others have huge influence, since 2000 when Igbo raps, the Nigerian style of hip hop music, which originated in the Igbo-dominated South Eastern region, became popular.

While scrambling for fans among top rappers is a tough task, it has been an amazing experience for Zoro amid ups and downs. He sees the Nigerian music market as a space big enough for every artiste, no matter the genre, language of delivery and base.

“Just like in every other profession, the bigger you get in music, the bigger the challenges.

But the consolation is that when

Zoro Swagbag

the going gets tough, the tough gets going. Your creativity will always come to play”, he says.

Recalling his days of little beginning, he explains that with a

lot of inexperience and having to pilot his movement by himself, “I learn everything the hard way.

It is challenging but it prepared me ahead”.

On how he gets his inspiration, Zoro says, “Most times it comes like jokes and freestyle.

My inner self helps me to capitalize on good ideas anytime one comes up and exploit it into a proper song”.

He also attributes his fast rise to quality collaborations with leading lights in the Igbo raps and highlife genre, especially Flavour and Phyno, two top music acts, who featured in his singles.

For him, Ogene, his single that featured Flavour, would not have made much impact if the popular music act had declined to feature in it.

“God has been good to me because a lot of other folks have featured Phyno and Flavour and nothing changed, but my case has been very different. I will not put it solely on the features, my people have been very supportive too”, he says.

Explaining further, he says that most fans of Flavour, the very popular highlife musician, supported the Ogene single because their artiste was in the show, hence some started following his music afterward the feature.

Considering the fact that the likes of Davido and Wizkid have been ruling the Nigerian music industry for some time now, unlike in the days of P-Square, 2-Face, D’Banj, among others where more artistes were on the faces of the fans, Zoro thinks that music is still very competitive now.

“There is more to the music industry than just making music.

You can be the most creative talent and still not get on to the level of some of these popular artistes. I feel like these days it is mostly about who is ready, and Wizzy and David have got everything it takes”, he says.

Zoro has also taken his music to fans abroad. “The idea of my music tours abroad is to bridge the gap between the beautiful African culture and pop culture”.

Since his launch in the Nigerian music scene in 2010, Zoro has many albums and singles to his credit amid featuring alongside top music acts.

From Vanguard, Testimoney, More Fyah Riddim, Lord Cornel among others, his albums are usually rich in performances and visuals. His popular singles include; Ogene, Buy The Bar, Mbada, Landlady, Zoro to Hero, Nwunyem, and they are still exciting fans across the world.

But he thinks Iheanacho, his 2019 single, was very successful.

“It is a hit song and the reviews we got were overwhelming. We are not there yet but we are giving our songs time to entertain people and soar on their merit”.

Zoro has also won many awards. He looks forward to releasing songs that will keep entertaining and wining more fans for him. He thinks collaboration breeds healthy rivalry, which the music industry needs to soar higher and appeal to more fans across the world.

Being on the set of Dear Affy was most magical for me - Bianca Ugowanne

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ianca Ugo, a vibrant Nollywood new entrant actress, who featured in the star studded romantic comedy movie, ‘Dear Affy’, which is set for cinema release today February 14, have recently disclosed what it felt like being on the big budget set of ‘Dear Affy’; an experience she described as a career-making moment for her.

The upcoming actress who talks on her first major role in a full feature film, and adventure in the world of acting, has admitted she relished every moment spent on set of ‘Dear Affy’ and grateful to the director for trusting her enough to work alongside already established superstars like Toyin Abraham, Kehinde Bankole, Bimbo Ademoye, Chinedu Ikedieze, Odunlade Adekola, Enyinna Enwigwe and a host of others.

Before venturing into the world of movies, Bianca Ugo had been

into modelling, television reporting and media entrepreneurship. Going by the feelers from ‘Dear Affy’, the talented actress comes readily prepared to establish her name and face in Nollywood.

Reacting to how huge the opportunity of working on the set of ‘Dear Affy’ is, Bianca revealed that, “Acting in Dear Affy was magical for me. This is the first time I will be on a set that big. Honestly it felt really great being a part of such a huge and major project, every moment was special with all the other actresses and actors”.

“Tell me, which new entrant wouldn’t be overjoyed to be working with multi level superstars like Toyin Abraham, Kehinde Bankole, Bimbo Ademoye, Enyinna, Chinedu, and Odunlade on her first feature film? So, you see why this was a big deal for me. Beyond the big names, it is also the wonder of the set, the quality of personnel and www.businessday.ng

production. I had to keep pinching myself if this was real. It was the most magical moment of my short time in the industry’’.

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Samuel ‘Bigsam’ Olatunji, director of the movie, also revealed that he was fascinated by the stand-in talent that Bianca Ugo validated on

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the set of ‘Dear Affy’, considering it was her first major performance.

“We were all impressed at the acting prowess that Bianca demonstrated on set. She got into it so naturally, that for me is a real talent.

She is what we call a natural talent.

We will be watching her fly from here on”, Olatunji said.

‘Dear Affy’ is a romantic comedy film that tells the story of a beautiful career lady on her to getting married to the man of her dream who is on the verge of sealing millions of Naira worth of contract.

However, he is faced with the devil and the deep blue sea as sealing the contract is hinged on him having an intimate affair with the female billionaire contractor by all means just few weeks to his wedding.

The movie will hit cinemas nationwide and in Ghana from February 14, 2020. It premiereD exclusively to select few on Sunday, February 9, 2020.

Friday 14 February 2020

BUSINESS DAY

27

entertainment

Business etiquette

Navigating your Valentine’s meal ‘ Contrary to

Janet Adetu

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appy Valentine’s day today!

Is your business maximizing this Valentine season?

Well it is the season again as they call it “Love is in the Air”. As Valentine’s Day is today. Wishing all my esteemed readers a Happy Valentines Day. I understand many people that claim they have no time for Valentine’s but the season cannot go unnoticed it truly lingers all around you. Sadly, though this year I have not seen so much red or Valentine presence unlike in previous years. The important thing to recognize is that it is the season to express appreciation, love, kindness, adoration and thankfulness to those who matter. As much as it may appear like just another day for some businesses this is the time their business booms extremely well.

Contrary to what some may think experiencing Valentine’s Day is not simply a couples affair it is also the time to appreciate clients and customers.

What is Valentine’s Day going to look like for you? Is it business as usual? When you are in the office too show some love, consideration, random acts of kindness and be thoughtful towards the people around you. If you can avoid any form of argument or strife at least for that day.

You may decide to have lunch or dinner with a VIP client or a loved one as the season is renowned for wining and dining all about town.

Navigating the meal especially on this special day is an important skill

to acquire. Many business deals are sealed over a meal, It has been said that the meal cultivates trust and credibility. Your polish is immediately identified in the way you dine.

Be seated Once you have chosen the restaurant, or place to have lunch or dinner you will be guided to your table.

Your may have a private meal with one person or many people that will determine the size of the table.

In a business setting you are free to sit anywhere at the same time out of courtesy you may assist a female to sit. It is appropriate to make use of the napkin at this point and kick start a conversation.

Set menu Depending on the nature of the place you have chosen to dine your table will be set with cutlery and table décor to create the perfect ambience. The arrangement of the cutlery should tell you what to expect during the meal experience. Your set menu indicates “A La Carte” you will have the choice of choosing your desired meal off the menu card provided. Be mindful of your choice if you are not sure of what to expect. It is safer to ask the waiter to explain certain dishes or what the favourite dishes are on offer. Also ask for the chefs menu of

the day. Ensure to go through the menu choosing a starter, a main course and the dessert. Finally watch your portions that will be sufficient for two or more guests.

Let the waiter repeat your order for confirmation.

First course Your first course is an appetizer presented to whet the appetite. Usually inform of soup, salad or finger bites. Remember you have the main course to eat so avoid over eating or choking on too much bread served with the starter. If you have opted to dine at a buffet setting refrain from going straight to the main course first or mixing everything on one plate. Intentionally whet your appetite by going to the starter section of the buffet set up.

what some may think experiencing Valentine’s Day is not simply a couples affair it is also the time to appreciate clients and customers

Main course This is where you will spend the largest part of your dining experience. This is where you have the bulk of your conversations and appreciate your meal.

Your main course should blend protein, carbohydrates and vegetables in decent proportions. With the set menu this is controlled, caution is applied when at the buffet setting.

Right of refusal At times in restaurants where set menus prevail it is possible you may be served something you do not like or you have an allergy for. You may politely explain to the waiter and ask for an alternative if this information was not provided earlier. It is proper to eat what you like and leave what you do not like on the plate. It is always good to identify your allergies at the start of the meal.

Dessert Not everyone is a fan of dessert especially if they are trying to avoid excessive sweet desires. Select what you are comfortable with like ice cream, fruits or a simple slice of cake.

Your dessert is not a replica main course, you are stepping down on the quantity to wrap up your meal. If you are not adventurous small portions of each from the buffet table is allowed but take with caution.

Toast Your toast can be given at the beginning of a meal or at the end. The toast is a welcome gesture to guests, to appreciate the cause of the gathering, to recognize people or declare good things moving forward. The person you are toasting to should always remain seated.

Wishing you a Happy Valentine’s Day and an enjoyable Valentines Meal!

Take a sip It is expected that in between meals you will want to take a sip of something. Your drink will start with water, possibly some juice or a sparkling drink. Your choice of wine is a personal choice be it alcoholic or non- alcoholic. If waiter comes to serve you something to drink which you did not request for do not turn the glass down just politely refuse.

Remember glasses are always on the right side so be careful not to take your neighbours glass.

Please share your experience with me by email: janet.adetu@ jsketiquetteconsortium.com. Follow & Like us: @ janetadetu / @ jsketiquette

Davido, Sauti Sol, Bebe Cool, vibe with Rio Ferdinand

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io Ferdinand, a football icon and Guinness ambassador, threw football fans into frenzy when he flew into Nigeria for the spectacular Guinness Night Football event.

The Pan African tournament finale saw players from Cameroon, Uganda, and Kenya enjoy a sensa-

tional night of friendly rivalry in Lagos, hosted by Rio. The private jet hanger of the ultramodern Legend Hotel By Curio, Lagos was venue to the unforgettable extravaganza, booming with vibrant expressions and diverse football-themed elements - from monkey post to foot snooker.

Davido www.businessday.ng

Guests were also treated to a Guinness inspired fashion showcase by urban designer - Drik; an intriguing movie showing at the cinema courtesy of Filmhouse; face painting and henna, while turntable maestro, DJ Neptune shuffled itchy footsteps to the sound of music.

Highlights of the evening included a 5-a-side match final refereed by Rio. The friendly faceoff featured celebrity artists Davido, Sauti Sol, Salatiel, and Bebe Cool, all fully kitted.

Manchester United icon, Rio Ferdinand, engaged fans in rounds of 2-touch football, giving them a lifetime opportunity to play side by side with a world-class professional of global renown.

Davido closed the evening with an energy-packed performance of crowd favourites, sending fans of Guinness Night Football off with memories of an awesome Pan African finale.

Guinness Night Football, the bold and unconventional football extravaganza, will be back to thrill Nigerian football fans in 2020/2021.

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NdaniTV’s Skinny Girls in Transit returns for season 6

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daniTV has confirmed that Skinny Girl in Transit, a favourite show, will be back for a 6th season.

The new season will see viewers following Tiwa and Mide on their journey as husband and wife, exploring the intricacies of their new lives. The show will also explore other story arcs, including Shalewa and Mohammed’s relationship. @Businessdayng

As well, viewers should expect another weeding, as NdaniTV promises that the new season will be truly exciting.

Starring Abimbola Craig, AyoolaAyolola, Sharon Ooja, Ngozi Nwosu, TiminiEgbuson, and ChiomaOkoli, Skinny Girl in Transit Season 6 premieres on Valentine’s Day at 12pm and is powered by GTBank.

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Friday 14 February 2020

BUSINESS DAY

Sports

Tough tests for Chelsea, Man Utd, Lazio, Barcelona … as thrilling football action continues this weekend In a clash which could be season-defining for both clubs, the Blues will be looking to consolidate their grip on fourth place, while the Red Devils are one of several teams hoping to displace the London club and secure a place in next season’s UEFA Champions League.

The pick of matches from Serie A for this weekend is the clash of Lazio and Internazionale at the Stadio Olimpico in Rome on the night of Sunday 16 February. Le Aquile and the Nerazzurri are very much part of a three-way title race alongside champions Juventus and this meeting in the ‘Eternal City’ could prove a turning point in their respective seasons.

Lazio, under manager Simone Inzaghi, have been impressive in recent weeks

Anthony Nlebem

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he weekend’s Premier League action opens with a potential thriller between Wolverhampton Wanderers and Leicester City at Molineux Stadium on the evening of Friday, February 14 – Valentine’s Day clash where no love will be lost between the Wolves and the Foxes – while the following day brings a chance for Liverpool to move closer to the title when they face bottom-of-the-log Norwich City at Carrow Road.

Southampton will later host Burnley at St Mary’s Stadium.

The blockbuster clash comes up on Monday, February 17 as Chelsea host Manchester United at Stamford Bridge.

2020 Access Bank Lagos City Marathon was more than a race – Wigwe Anthony Nlebem

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erbert Wigwe, the Group Managing Director of Africa’s largest retail bank, Access Bank Plc., has revealed that the Bank’s sponsorship of the 2020 edition of the Access Bank Lagos City Marathon meant more than sponsoring athletics to the Bank.

This he said while addressing gentlemen of the press at the finishing point of Africa’s grandest marathon, which was held on Saturday, February 8.

Wigwe said, “In line with this year’s race theme, ‘More Than a Race’, the marathon represents the core of Access Bank’s journey to becoming Africa’s Gateway to the World with people running for various causes.”

“Our approach to advancing Nigeria’s blossoming drive for health and fitness, through the Access Bank Lagos City

Marathon, also reflects our capacity to always create value for stakeholders in the different segments of the society. We have made it our responsibility to encourage the general public in the adoption of a lifestyle that will promote good health and general well-being,” he added.

Leveraging on the platform of the marathon, Access Bank continued its effort to create widespread awareness on the Human Immunodeficiency Virus (HIV), carrying out sensitization and testing exercises at the week-long marathon expo and on the day of the race.

According to Wigwe, this activity is in line with Access Bank’s “commitment to continually impacting communities we serve through the elimination of environmental and economic issues, as well as investing in activities that have strong impact on the social structure of these communities.”

Speaking at the event, La-

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gos State Governor Babajide Sanwo-Olu, expressed satisfaction with the race and pledged his administration support to boost sports and tourism.

“We want to put Lagos City Marathon on the global marathon calendar and we are on our way there. Very soon, it will become a marathon that athletes from every part of the world will come and join us.

Today’s event is the beginning of our administration’s tourism agenda,” he said.

“We want Lagos to remain on the tourism master plan of athletes worldwide. We want the marathon to also become part of us because we all want to live a healthy life. We want it to be a work and play environment, we want to keep fit and we want to make healthy running a way of life for all of us so that we can reduce sicknesses amongst ourselves,” the governor said.

Kenya’s David Barsamai Tumo (2:10:23) and Cherop

Sharon Jemutai, emerged winner, winning $50,000 prize money each in the 42km race in male and female categories which ended at the Eko Atlantic City, Victoria Island Lagos.

Also, Debeko Dakamo from Ethiopia (2:10:55) and Paul Chege (2:1123), Kenya were second and third in the men’s category, while Kebene Urisa and Tanui Jekporir also finished second and third respectively in the women class. And they got $40,000 and $30,000 each respectively courtesy of Access Bank Plc. Meanwhile, Emmanuel Gyan and Deborah Pam finished first in the men and women’s categories by Nigerians.

Other notable community impact activities embarked on by Access Bank in recent months includes the MalariaZero-Initiative, partnering in the building of a technology hub for people living with disabilities in Lagos, among others.

This year, both male and female 42km runners compete for the grand prize of $50,000 while the second and third place winners will get $40,000 and $30,000 respectively. The prizes go all the way to the tenth positions. For the 10km race, the first male and female runners will drive home in brand new Kia Rio cars while the second and third place winners get N1,000,000 and N750,000 respectively. With mouth-watering prizes such as these, it is expected that all the participants will have the required motivation to reach the finish line.

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and boast one of European football’s top strikers for the 2019/20 season. Ciro Immobile has shrugged off his reputation as a journeyman to average more than a goal a game in Serie A this season.

In Spain, the headline LaLiga game this weekend comes from the Camp Nou and sees champions Barcelona host Getafe on Saturday afternoon.

The Catalan giants have looked vulnerable away from home under new manager Quique Setien, but their home form has been almost impeccable: 10 wins and a draw from 11 matches as hosts.

Getafe, though, are a toughto-beat team under manager Jose Bordalas and rightly considered a top candidate to finish in the top four and qualify for next season’s UEFA Champions League.

Yobo gets Super Eagles coaching job he Nigeria Football Federation (NFF) on Wednesday, February 12 appointed Joseph Yobo, former Super Eagles’ defender and captain as assistant coach of the team.

Yobo replaces Imama Amapakabo in the three – time African champions’

leading the Super Eagles to their third continental title in South Africa in 2013. He played a total of 100 matches for Nigeria at senior level.

A thoroughbred and dedicated professional who played his club football in five countries, including sterling appearances for Olympique Marseille in the French top flight, Fenerbahce in Turkey and Everton FC in the English Premiership, Joseph Yobo

technical crew.

Yobo, who played for the Nigeria U20 boys - Flying Eagles – during the FIFA World Youth Championship (now known as FIFA U20 World Cup) in 1999, won his first cap for the the senior team in an Africa Cup of Nations qualifying match away to Zambia in Chingola in April 2001, and played in three FIFA World Cup finals in 2002, 2010 and 2014.

The attack –minded defender also played in six Africa Cup of Nations finals in 2002, 2004, 2006, 2008, 2010 and 2013, capping it with

scored several crucial goals for the Super Eagles in important qualifying matches for the FIFA World Cup and the Africa Cup of Nations. He was also among the scorers when the Eagles thrashed South Africa’s Bafana Bafana 4-0 in a group phase match in Tunisia 16 years ago.

Born Joseph Michael Yobo on 6th September 1980, the flamboyant stopper also played club football in Belgium with Standard Liege, Tenerife in Spain and Norwich City in England, having started out with MichellinHarcourt in Rivers State in 1996.

Anthony Nlebem

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Friday 14 February 2020

BUSINESS DAY

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Friday 14 February 2020

BUSINESS DAY

FEATURE

24-year-old female tanker driver shuns stereotypes to chase income

Adeyemi Adediran, an indigene of Oyo State, has shunned gender stereotypes in deciding how to eke out a living. She summons uncommon courage as she drives a 33,000-litres tanker from fuel storage depots to retail outlets in and out of Lagos, writes Temitayo Ayetoto.

W

hen young women in their 20s attempt earning an income without any tertiary qualification, face beating, food catering, trading of trendy clothes, skincare products and jewellery often come along as easy and relatable options, not tanker truck driving.

It’s a male-dominated space that even men who aren’t somewhat experienced in commercial transportation don’t often veer into. It’s neither Uber ride-hailing where the biggest worry of a driver is the safety of the rider and the vehicle. The duty to cautiously meander huge quantities of highly inflammable fluids from storage depots to retails outlets through Nigeria’s bumpy roads largely rests on the shoulders of a tanker truck driver.

Yet, 24-year old Adeyemi Adediran took up the challenge with rare courage and a beaming youthful drive to explore. Her trainer fondly called ‘SK’ never took her interest in learning seriously until she showed up one morning at a parking yard at Ejigbo, Lagos two years ago. She only informed her mother she was heading somewhere quickly but didn’t disclose where for fear of disapproval. It was a secret between Adediran and her immediate elder sister who happened to be the only family who entertained the idea at that time. The sister suggested that they find a skilled trainer who could help her learn. Their mother couldn’t bring herself to understand what a young lady could be doing with fuel tanker truck driving.

But Adediran’s mind was made up, especially after seeing an older woman drive past her mother’s shop every morning to make deliveries. The husband of one of her sisters also did the job, but he didn’t encourage her to, arguing that if he had his way, he wouldn’t do the job.

“I have also heard about women driving it including one at one of Dangote’s companies. They used to call her Hajia but she’s no longer doing it. When I heard about them, I was inspired to do the work,” she told BusinessDay during a visit to her home in Ejigbo.

It was a risk considering the nature of the job but SK, the trainer, was compassionate enough not to turn her away, landing Adediran her wish. Learners like her in that job space were allowed to work with a certified driver to gain real exposure.

However, there was one high hurdle in her way. The chief executive officer of FONMO Petroleum Oil and Gas, her trainer’s boss was just like her mother, if not worse. His disapproval was outright. By his standards, he didn’t adjudge Adediran capable of managing his business crisply, let alone handle difficult decisions such as averting an imminent accident, which is almost a given on rough roads.

Graciously again, SK rose to her defence and pleaded with his boss to give Adediran a chance. He lured the CEO into grudgingly approving her with talks of her passion, good mien and hard-working attributes.

Her first learning trip began at an MRS filling station in Apapa. She watched her boss load the truck before proceeding to a retail outlet around the Idi-Iroko border at Sene. Before the third trip, a challenge to foster her learning surfaced as the truck developed a gear fault.

SK took the opportunity to explain issues that could prop up with the gear functions, brake, turtle, clutch and other parts of the vehicle, though she was not wholly alien to those things. Adediran once learnt how to ride a tricycle. She acquired skills in power generating set repair at a point. And

statement when they see me moving the tanker truck.” She explained.

“I’m a talker myself and I do get eager to give those who insult me a befitting response but I eventually leave them to their talk.”

When the truck collapses on the road under watch, she faces threats to be beaten by miscreants who demand outrageous fees from vehicles for simply being unfortunate.

Adediran says Mushin is one of the spots she faces the most harassment, particularly during late hours. They demand as much as N30,000 when her truck breaks down.

Adediran was also once maltreated by an irate naval officer for no offence around Abule Ado, on Lagos-Badagry expressway.

The officer had whipped the truck driver in front of her, asking him to go and turn at a farther juncture. At the same time, he wanted N500 bribe.

“But I sat there, thinking he wouldn’t beat me because I’m a woman. He flogged me twice and asked me to give him money and still go and turn.

I insisted I would neither turn or give any money since he had beaten me. It took his boss’s intervention for him to drawback,” she said.

“When I told my boss, he made me understand that that is the sort of maltreatment men face in the course of the job.”

as a science student during her secondary schooling days, she wanted to become a mechanical engineer. These summed up to help her grasp the nuances of heavy-duty driving and her trainer soon became confident to let her drive short distances within inner road networks and mostly, in their parking lot.

In six months, the CEO sent SK and Adediran on a bridging task to Suleja, a city in the northern state of Niger. The journey was approximately 685 kilometres long and sapped nothing less than 3 hours 31 mins from Lagos. From Suleja, they took up deliveries that took them to the southeast, from Port Harcourt, Aba, Enugu and Onitsha.

Despite being a month-long journey, it turned out to be the trip that boosted her impetus. She was widely applauded as she came across as a departure from the regular.

Many had never seen a woman drive a truck and if they did, it was scarce. Key actors in the truck driving space were also beginning to notice her, with poaching thrown her way.

This sort of recognition watered Adeniran’s love for long journeys.

“I prefer long-distance journeys because people recognised me more and they appreciated me. There was a particular trip from which I got N7,000 from people who were excited to see me drive,” Adediran said.

On her return to Lagos, she joined another driver as an assistant at Total Nigeria Plc. - a leading player in the downstream sector of the Nigerian oil and gas industry with an extensive distribution network of over 500 service stations nationwide. Since a female driver wasn’t strange to Total’s fuel delivery environment, it was easy for her to fit in and shine. She drives a 33,000 litres tanker truck and earns about N50,000 monthly.

With most of her deliveries now domiciled in Lagos, Adediran discovered another side of the fierce and savage culture of informal commercial activities. She enjoyed an unprecedented display of affection, admiration and encouragement in the oddest places, from market men and women, people walking on the streets and delivery stations.

Strangers who were minding their trade often paused at the sight of her driving. www.businessday.ng

“When people see me, they ask ‘na woman they drive? Na small girl dey drive?

Some even ask me for a photo with them.

Most of the time it happens. There was a day I was going through Alaba market to dispatch fuel but we decided to take Iyana-iba to avoid the traffic at Ajangbadi. It got to a point that I wanted to leave the steering because most of the people in the market stopped what they were doing to watch me do my thing and started taking pictures,” Adediran explained.

“One man ran towards me and gave me N1,000. Another man gave me N500. and a commercial tricyclist left his tricycle to run after me with N100. The women were really happy. I was so happy. They asked me to come down and they prayed for me.”

For mainly economic reasons, women are slowly settling with jobs that have been stereotyped for men by the society. The opportunities are slim for a population hovering over 200 million.

The unemployment rate was 23.1 percent as of Q3 2018, underemployment rate 20.1 percent, and the combined unemployment and underemployment rate 43.3 percent, according to the National Bureau of Statistics (NBS) in its last report published in 2019.

A 2018 report by the International Labour Organisation, ‘Women and Men in the Informal Economy’ shows that while 90.8 per cent of Nigerian men are employed in formal, informal and household sectors of the economy, 95.1 per cent are in these sectors, mostly the informal (82.1 per cent).

FLAGRANT CRITICISMS, HARASSMENTS

Just as a stream of applause kept oozing in, flagrant criticisms and harassment also flowed towards her in some of the coldest ways. On days when she doesn’t drive and has to sit by her trainer, bigots draw conclusions that she could be no better than a prostitute.

“Some people do rubbish me and ask ‘wetin she dey drive? No be woman dey drive BRT? Abeg comot jare.’ But some others will appreciate what I’m doing. If some see me in the seat beside the driver’s, they will say ‘this one na oloso jare. But will reverse their

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RELATIONSHIP Regardless of the challenges tabled daily by the job, Adediran still finds time for her love life. Her boyfriend is a fashion designer, who owns a shop at Iponrin, Surulere.

Although their relationship predates her foray into truck driving, he is beginning to come to terms with what she does. He was initially uncomfortable with the idea but Adediran urged him for support.

She hopes to carve a niche for herself and has been working towards it. She has undergone training organised by the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and wants to eventually further her studies.

Asked where she projects herself in the next five years, she said: “I want to be my own boss. I want to create jobs for others as well.

I plan to also further my education and I’m working towards it”.

There are other women taking on these jobs considered risky. Stellar Iheme, a mother of three and Gift Ugo, a single lady in her mid-30s were working with the ride-hailing company, Opay, before the motorcycle ban in Lagos took effect. Gift calls herself a hustler who is ready for any challenge. From working on construction sites in Imo to street trading, she jumped on the opportunity when she heard of the Opay’s contract for riders. “You can’t compare Lagos hustling to the villages. There is money in Lagos is you hustle well,” Globally, informal employment is a greater source of employment for men, 63.0 per cent, than for women 58.1 per cent. But in low and lower-middle-income countries, a higher proportion of women are in informal employment than men.

In Africa, 89.7 per cent of employed women are in informal employment in contrast to 82.7 per cent of men. However, even though globally there are fewer women than men in informal employment, women in the informal economy are more often found in the most vulnerable situations, for instance as domestic workers, home-based workers or contributing family workers, than their male counterparts. Although, the lower the participation rate of women in the labour market, the lower the share of informal employment in total women’s employment.

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Friday 14 February 2020

BUSINESS DAY

31

BUSINESS SOUTH-SOUTH

COMPLETE COVERAGE OF SOUTH-SOUTH / SOUTH-EAST

Ikpeazu partners South-east national Legislators to actualize Enyimba Economic City access to business men that would flood the state as a result of the EEC .

He informed them that Abia had been suffering from massive devastation because of erosion menace challenging it ; and regretted that the State had not gotten ecological fund to help. He said the State had lost schools and buildings to erosion menace.

Ikpeazu used the oppor tunity to infor m t h e NA S S m e mb e r s o f his efforts in promoting made in Aba products.

He informed them that the automated shoe factory built for the Aba shoe makers would be inaugurated soon. He equally explained the reason behind building roads in the State with cement pavement technology, saying that it makes the roads to last.

The Abia governor commended the national

UDOKA AGWU, Umuahia

G

ov e r n o r O k e z i e I kpeazu of Abia state has solicited for the support of members of the National Assembly from the South East zone in the actualization of the Enyimba Economic City Project of his administration. He said the incoming business estate is important in the economic development of the South East region, explaining that it would provide about 700,000 direct and indirect jobs for the people of the region.

The governor said that he needed the assistance of the legislators in ensuring that the Ikot-EkpeneAb a Fe d e ra l Hi g hw ay , I k o t- E k p e n e - U m u a h i a road and other Federal roads in Abia State were fixed, to give traders more

Governor Okezie Ikpeazu

legislators for visiting him, describing their visit as most strategic. He assured that his brother governors (in the region) would comply with their proposal of collaborations.

Earlier in their speeches, Nkeiru Onyejeocha, the leader of the delegation and D eputy Chief W h i p a n d D e p u t y Mi nority Leader, Tony Okechukwu said they came to appreciate the works of the Governor in the State; and to seek collaborations with him to develop the South East. They assured him of their readiness to partner with him in the development of the State.

They commended the Enyimba Economic City project and Ikpeazu’s inf ra s t r u c t u ra l d e v e l o p ment programmes, as well a s p ro m o ti o n o f Ma d e in Aba Products in the State. They urged him to continue.

MOUAU governing council clears Vice-Chancellor Austrian Prime Minister to commission GOU European Industrial Park, Enugu of allegations of sexual harassment UDOKA AGWU, Umuahia

F

rancis Ogbonnaya Otunta, a professor of Mathematics and the Vice Chancellor of Michael Okpara University of Agriculture, Umudike, Abia State has been cleared of allegations of sexual harassment and putting a student in the family way. This is sequel to petitions written by one Patricia Etuna Mba and Nelson Amanze Udenze against the University.

Mba’s petition was based on alleged illegal seizure of her salary, victimization, sexual harassment and abuse of office; while that of Udenze centred on lingering and unresolved infractions in the decisions of the university’s Governing Council.

Mba, in her petition prayed for: restoration of her salary illegally withheld by the Vice Chancellor, restoration of her well-deserved professorial seat and an official caution or warning issued to Otunta to stop his incessant sexual harassment and threat to her job and life.

Udenze in his own petition, asked for the intervention of the Minister of Education in the issues he raised, in order to save the University from academic collapse; for the University Council to be dissolved and

…passes vote of confidence on chairman, VC a new one constituted to look into all the cases mentioned, and for the suspension of the Vice Chancellor.

Lawal M. Zayanna, chairman of the Governing Council alongside other members, while briefing journalists in Umuahia, said that the council in an emergency meeting on 3 and 4 February, 2020, examined all the issues raised, as well as interacted with the petitioners and the Vice Chancellor.

He said the council in its deliberations over the interactions noted as follows: that Mba travelled out of the University without due authorization for 42 days; the University handled her case of absence without authorization within the prescription of the University law; her salary has been duly restored; she was among more than 100 staff that went through a process of proper placement, ordered and overseen by the University council, and not the Vice Chancellor, as directed by the Minister of Education following infractions committed by the immediate past administration, and her allegation of incessant sexual harassment by the Vice Chancellor could not be substantiated when she was interviewed by the council.

On the petition of Udenze, the university council said, after reviewing it, noted that Udenze was all along part of the decisions of council, and it was curious for him to turn around to deny all the decisions he took part in. The Council also said it was not aware of any infractions of Body as published by him adding that his call for the dissolution of the Council and removal of the Vice Chancellor from office constituted embarrassment to the Council and unexpected of his status.

It therefore passed vote of confidence on the chairman of the council, Lawal M. Zayanna and the Vice Chancellor, Francis Ogbonnaya Otunta. It also accepted and adopted the result of an investigation by the University Senate the Vice Chancellor did not at any time impregnate any student, promote her from third year to final year and also graduated her without due process and sent her abroad to cover the act.

It disclosed that the University, after searching all her records, through the Senate, did not locate any student presently or in the past with such records and therefore found the Vice Chancellor not guilty of the allegation.

REGIS ANUKWUOJI, Enugu

S

ebastian Kurz, the Austrian Prime Minister is expected in Enugu to perform the commissioning of Godfrey Okoye University-European Industrial park and other projects executed by the University later this year 2020.

Speaking during the 11th matriculation ceremony of the University the Vice Chancellor Christian Anieke announced that the construction of the Godfrey Okoye University-European Industrial park would commence on April 2020.

Anieke, a Rev Father, described the Godfrey Okoye University as one of the best private universities in the country and that through prayer God has helped the Institution to be free from a lot of social vices such as cultism and other criminal activities found in many Universities.

The Vice Chancellor boosted that with prayers the students w ould b e trained to be worthy in character and learning on graduation.

“You have come a University that offers you the opportunity to travel to different countries of the world, especially Europe and America. The exposure programmes of Godfrey Okoye University involve

travelling to our partner Universities for a period ranging from a few weeks to a semester,” he said.

The University, the VC said do not only score the intellectual performance of the students but also carry out continuously, character assessment where parents are invited when the any student is found below average stressing that any student who failed to return on the reopening day would loss ten marks.

Anieke who has been elected executive member of the six-member board of the Austrian African Uninet, an association of selected African Universities and Austrian Universities for the promotion of joint research and exchange of students and scholars pointed out the exposure programmes of the university has expanded with his new position.

Commissioner for Education Enugu state, Uche Eze sa i d t hat t h e p ro grammes of Godfrey Okoye are complimenting the policies and programmes of Enugu state government where those trained would meet the need of the society which is the one of the aims of the state government.

He c o m m e n d e d t h e institution for her effort in bring out students that would be useful to the society and not liabilities.

NDE trains 510 Abia youths on skills acquisition UDOKA AGWU, Umuahia

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ome 510 unemployed Abia youths drawn from the 17 local government areas of the state are to be trained in various vocations by the National Directorate of Employment (NDE). Chijioke Uzoatuegwu, the state coordinator of NDE, said at the opening ceremony and orientation programme for the 2020 Basic National Open Apprenticeship Scheme (B-NOAS) trainees held in Umuahia, the Abia State capital.

The Abia NDE Coordinator who said that B-NOAS is one of the components of NDE in Nigeria, disclosed that 30 persons from each of the 17 LGAs of the State would undergo three months intensive training in all the local government areas and at the NDE/ skill acquisition center situated in the state. Uzoatuegwu urged beneficiaries to concentrate fully during the training period as measures had been put in place to assess their performance, punctuality and regularity.

The NDE coordinator who lauded the wife of the state governor, Nkechi Ikpeazu for collaborating with the directorate through her pet project - Vicar Hope Foundation, also appealed to all stakeholders in employment generation in the country to augment the efforts of the NDE in combating the unabated menace of unemployment over the years, as she said that the Federal Government could not do it alone.

Chris Adighije, NDE board member, flagged off the training. He said he was happy with the programme; pointing out that the Federal Government was gearing up so much towards alleviating the problems of unemployment in Nigeria.

Adighije, represented

by Chidi Nwosu, a former legislator in Abia House of Assembly, said the programme would engage the Nigeria youths in productive venture, which according to him, would help to ameliorate the employment problems of Nigeria. He described the programme as a laudable one and charged the trainees to fully embrace the training in order to be self-reliant, so that NDE’s efforts would not be a waste.

In appreciation, one of the trainees, Faith Ochulor described the programme as a laudable one, as they are being trained free of charge to become useful in life and alleviate poverty in the country.

32

Friday 14 February 2020

BUSINESS DAY

Live @ The Exchanges Market Statistics as at Thursday 13 February 2020

Top Gainers/Losers as at Thursday 13 February 20202020 LOSERS

GAINERS Company

Closing

Change

MTNN

N120

N116

-4

0.5

NEM

N2.2

N2.04

-0.16

N23

0.5

UACN

N9.5

N9.35

-0.15

VOLUME (Numbers)

N2.6

N2.86

0.26

LAWUNION

N1.22

N1.1

-0.12

VALUE (N billion)

N1.13

N1.24

0.11

UPDCREIT

N3.5

N3.45

-0.05

Closing

Change

GUARANTY

N29

N30.85

1.85

BUACEMENT

N35.3

N35.8

FLOURMILL

N22.5

UCAP LEARNAFRCA

Company

ASI (Points)

Opening

Opening

DEALS (Numbers)

MARKET CAP (N Trn)

27,864.84 3,198.00 150,725,160.00 2.781

Global market indicators FTSE 100 Index 7,419.67GBP -114.70-1.52%

Nikkei 225 23,827.73JPY -33.48-0.14%

S&P 500 Index 3,370.80USD -8.65-0.26%

Deutsche Boerse AG German Stock Index DAX 13,715.37EUR -34.41-0.25%

Generic 1st ‘DM’ Future 29,414.00USD -109.00-0.37%

Shanghai Stock Exchange Composite Index 2,906.07CNY -20.83-0.71%

14.512

UPDC N15.96bn Rights Issue commences … 43 new shares for every 7 held …closes March 13 … sell off in MTNN pushes NSE to the red zone Stories by Iheanyi Nwachukwu

T

he UACN Property Development Company Plc – (UPDC) Rights Issue of N15.96billion has commenced. Acceptance for the Rights Issue which opened on Monday February 10, 2020 closes on Friday March 13, 2020. UPDC is currently offering existing shareholders 15,961,574,145 units at N1 per share. This is on the basis of 43 new ordinary shares for every 7 ordinary shares held by the company shareholders as at September 30, 2019. This is according to the revised terms of the Rights Issue as stated in the Securities and Exchange Commission (SEC).

Meanwhile, the domestic bourse ended Thursday session in the red as sell off

in MTNN (-3.33percent) ensured a bearish performance.

GTBank (+6.38percent) led the advancers. The index declined marginally by 5bps while closing the day at 27,864.84bps.

Investors lost N7.08billion while the NSE All Share Index (ASI) decreased by 0.05percent. The market’s Year-to-Date (YtD) returns currently stands at +3.81percent. Thirteen (13) stocks gained as against 15 losers.

Last year, the Board of Directors of UAC of Nigeria Plc (UAC) and UACN Property D e v e l o p m e nt C o mp a ny (UPDC) informed the Nigerian Stock Exchange (NSE), their shareholders and stakeholders that they were considering strategic initiatives involving a recapitalisation and restructuring of UPDC. The strategic initiatives which include a recapitalisation and restructuring of UPDC

L-R: Efiok Efiok, head Investment Management Department, Securities and Exchange Commission and executive commissioner, Legal and Enforcement, SEC; Reginald Karawusa; acting director-general of Securities and Exchange Commission, Nigeria Mary Uduk; former director general and chairman, Securities and Exchange Commission; Suleyman Ndanusa; and acting executive commissioner operations SEC, Isyaku Tilde; at Securities and Exchange Commission (SEC) breakfast Meeting with Businesses Editors in Lagos

SEC says infrastructure development key to Nigeria’s growth

I

n f ra st r u c tu re development has been described as critical for the achievement of economy prosperity, sustainable growth and development of Nigeria.

Therefore, the need to attract private and domestic capital to fund and support critical infrastructure is paramount.

These among others were the resolutions reached at the end of the Securities and Exchange Commission (SEC) yearly budget seminar.

T h e s e m i n a r, w h i c h held in Lagos on Thursday February 13, 2020 had as its theme “Leveraging the 2020 Budget and Finance Act for the Growth of the Nigerian Capital Market.”

President Muhammadu Buhari presented the 2020 budget to the National Assembly on October 8, 2019 which was eventually signed at a record time on December 17, 2019, with an approved budget of N10.6trillion.

Participants also recommended the provision

of conducive business environment and credit enhancements for the Small and Medium Scale Enterprises (SMEs) to thrive, because the SME sub-sector is one of the critical pillars for economic growth and national prosperity; According to the Communique at the end of the seminar, “There is need to create more hedging opportunities in the Nigerian capital market, as this has implication for market liquidity and efficiency; “The government needs to work towards encouraging the participation of the private sector in the Nigerian business environment. The power and agricultural sectors are key sectors where indepth reform and partnership with the private sector are important. There should be partnership with the private sector to mobilise domestic resources, create quality jobs and lift people out of poverty”.

Participants agreed on the need to leverage technology for trade and focus on adding value www.businessday.ng

to the agricultural sector which is currently very low-paying.

This sector they posited needs to become more beneficial to those involved and can be done through means such as provision of power for crop preservation, thus eliminating post-harvest losses.

In her opening address, Acting Director General of the SEC, Mary Uduk emphasised the important role that budgets play in an economy, and by extension in the capital market.

This importance Uduk said, is actually the basis on the seminar is organised to analyse the risks and opportunities presented by the government budget.

She said over the years, the SEC Budget Seminar Series has served as a forum for evaluating the connection between the Nigerian capital market and the annual Federal Government budget, with the aim of identifying how the capital market can contribute to, and benefit from, the budget and its implementation.

ownership structure reorganisation involves UPDC’s interest in UPDC Real Estate Investment Trust (UPDC REIT) being unbundled to UPDC shareholders via the allocation of REIT units directly to shareholders of UPDC in proportion to their post-Rights Issue holdings in UPDC (UPDC Unbundling).

Recall that in a Monday September 2, 2019 note released at the Nigerian Stock Exchange (NSE) and signed by Godwin Samuel, UAC Company Secretary and Folake Kalaro, UPDC Company Secretary, the equity capital raise of N15.96billion by way of a Rights Issue is to repay its short term debt obligations.

The Board of Directors believed that for UPDC to attain sustainability, the focus is on reducing outstanding debt to a level at which it is serviceable from reoccurring cash flows.

IOSCO publishes key considerations for regulating crypto-asset trading platforms

T

h e B o a rd o f t h e International Organisation of Securities Commissions on Thursday February 13, published a report that describes the issues and risks associated with cryptoasset trading platforms (CTPs) and sets out key considerations to assist regulatory authorities in addressing these issues.

The development of crypto-assets is an important area of interest for regulatory authorities around the world and has been identified in the IOSCO work programme as an on-going Board priority in 2020. The report published today, titled Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms, describes the issues that IOSCO has identified regarding CTPs. The report sets out key considerations intended to assist regulatory authorities in evaluating CTPs within the

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context of their regulatory frameworks.

The key considerations relate to: Access to CTPs, Safekeeping of participant assets, including custody arrangements, Identification and management of conflicts of interest, Transparency of operations, Market integrity, including the rules governing trading on the CTP, and how those rules are monitored and enforced, Price discovery mechanisms, Technology, including resiliency and cyber security.

Many of the issues related to the regulation of CTPs are common to traditional securities trading venues but may be heightened by the business models used

by CTPs. Where a regulatory authority has determined that a crypto-asset is a security and falls within its remit, the basic principles or objectives of securities regulation should apply. Accordingly, the report @Businessdayng

states that the IOSCO Principles and Methodology provide useful guidance for regulatory authorities considering the identified issues and risks.

IOSCO will continue to monitor the evolution of the markets for crypto-assets to ensure the issues, risks and key considerations identified in this report remain relevant and appropriate. IOSCO delivered the consultation report to the G20 meeting in Osaka in June 2019. The G20 issued a final communiqué that welcomed the “on-going work by the Financial Stability Board (FSB) and other standard setting bodies and asked them to advise on additional multilateral responses as needed.”

To prepare this report, IOSCO issued a consultation report based on a survey of the regulatory approaches to CTPs that member jurisdictions are currently applying or considering.

Friday 14 February 2020

BUSINESS DAY

33

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‘Providing proprietary research, commentary, analysis and financial news coverage unmatched in today’s market. Published weekly, Markets & Finance provides all the key intelligence you need.’

How Global Citizen collaboration mobilises private sector to end poverty, improve healthcare delivery in Nigeria BALA AUGIE

I

n line with the United Nation’s agenda to end extreme poverty by year 2030 under the Sustainable Development Goals (SDGs), Global Citizen, a global movement for citizen-led actions to eradicate poverty and improve human living conditions is collaborating with the Nigerian private sector to harness resources towards achieving the SDGs objective of ending poverty.

Despite the positive global trend, poverty rates in Africa have increased.

Today, two-thirds of those living in extreme poverty globally live in Africa, and at current rates, by 2030 the continent will account for 90% of all individuals living in extreme poverty.

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

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

“Achieving Nigeria’s pledge to lift 100 million people out of poverty in the next decade will only be possible if the public sector, private sector and civil society collaborate closely. A co-ordinated, multi-stakeholder approach is essential,” said Tunde Folawiyo, chairman of Global Citizen Nigeria.

According to him, Nigerian private sector commits

Aig-Imoukhuede, former MD, Access Bank

to providing 774 Primary Healthcare centres across Nigeria. Hence, the Global Citizen convened a policy forum in Lagos late 2019 to present the policy objectives for Global Goal Live, which is a ‘Possible Dream’ campaign to stakeholders from Nigeria’s public and private sectors, civil society and the media on the need to collaborate in creating the synergy for poverty eradication in Nigeria.

However, speaking at a recent policy forum that focused on healthcare delivery system in Nigeria as a core component of the UN SDGs, Folawiyo said that the private sector and civil society can no longer stand aloof from addressing issues of poverty in Nigeria because failure to address extreme poverty in Nigeria will put

everyone at risk. “ Ni g e r i a i s a l r e a d y dubbed the poverty capital of the world. And in the next 15 years, a World Bank recent report said Nigeria will host 25per cent of the extremely poor population of the world. That is a very worrisome statistics we must begin to work to address as a people. We cannot just stand by and do nothing,” said Folawiyo.

Similarly, the group scheduled September 26, 2020, for what it tagged the largest live broadcast event in history, coming to Lago.

The historic 10-hour global media event will showcase simultaneous festivals in Lagos and New York’s Central Park as well as satellite events in Seoul, Korea, and to be announced cities in Latin America and Europe, and will

see the worlds of pop, policy and business unite to create unprecedented change and lasting impact.

“The government alone cannot deliver the resources we need to win the fight against extreme poverty. We must create multiple entry points to allow local and global influencers come together and make a difference.

Innovative financing models, creative partnerships and new technology is what this movement to end poverty must deliver,” said Aigboje Aig-Imoukhuede, the vice chairman, Global Citizen Nigeria.

On the position of the Global Citizen’s Nigeria Policy intervention on the healthcare delivery system, Aig-Imoukhuede called the attention of the stakeholders, especially organised private

sector players to the state of Primary Healthcare system in Nigeria. According to him, out of the 30,000 Primary Healthcare Centres in the country, less than 3000 are functioning well.

Aig-Imoukhuede posits that Universal Healthcare cannot be achieved without a robust Primary Healthcare system as the bedrock. He also said the Nigerian government at all levels cannot, on their own, meet the SDGs without private sector’s involvement. “It is impossible for the Nigerian government on its own to meet the SDGs. The private sector and the civil society must join in the efforts. Government in Nigeria only controls 10per cent of the entire GDP while the private sector controls 90per cent. This shows the strength of the private sector in our country. The private sector must work with the government to deliver the SDGs.” Mick Sheldrick, the cofounder of Global Citizen said the movement has created millions of positive citizens’ actions across the world to hold leaders accountable in the fight against hunger and poverty.

“The world needs $350billion annually if we are to end extreme poverty and achieve the Global Goals in the 59 poorest countries by 2030.

And as we’ve seen, each year we do not meet this cost, more people will fall into poverty and the cost of inaction will go up. That’s why 2020 must be a year of urgency where we remind the world’s governments and businesses of the budget gap facing the goals, they all signed up for.

We look forward to working with the Nigerian private sector to help drive progress toward the Goals,” said Sheldrick.

According to him, despite the enormous wealth in the world, poverty is increasing in certain regions

BD MARKETS + FINANCE Analysts: BALA AUGIE www.businessday.ng

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@Businessdayng

of the world especially in Africa while Nigeria is projected to host about 25per cent of the world extremely poor people in the next 15 years if urgent actions are not taken. Sheldrick opined that the organised private sector and civil society should partner with the government, which has greater responsibility, for the welfare of citizens.

On the level of commitment across the continent, Sheldrick said, “We saw engaged citizens take over 5.65 million actions globally which resulted in 60 commitments and announcements worth $7.2billion set to affect the lives of 121 million people around the world. In South Africa, more than 400,000 people have already joined the movement and across Africa. We are happy to be in Nigeria and ready to work with private sector philanthropy and government to achieve the SDGs and end poverty,” said the co-founder who doubles as the chief policy officer for Global Citizen.

“We are working with the state and local governments because that is where the people are. We are happy to collaborate and work with Global Citizen to eradicate poverty in our country. I want to also commend Mr. Folawiyo and Aig-Imoukhuede for leading the private sector efforts. It is only when we the public and private sectors work together that we can solve the problem of poverty of our people,” said Adejoke Orelope-Adefulire, the senior special assistant to the President on SDGs, stating that a national framework in line with the Economic Recovery Growth Plan (ERGP) is being mainstreamed into the sub-national governments for adoption as part of government’s efforts towards eradicating poverty.

34

Friday 14 February 2020

BUSINESS DAY

news In boost to foreign inflows, CBN, FMDQ launch...

Continued from page 2

direct investors (FDIs) and other investors as the prod-

Dapo Abiodun (r), governor, Ogun State, presenting a plaque to Mohammad Aliero, chairman, Senate Committee on Works, during a courtesy call by the senate committee at the governor’s office, Oke-Mosan, Abeokuta.

FG goes after Petro Union Oil as Directors...

Continued from page 1

Limited in the custody of

the Economic and Financial Crimes Commission (EFCC) over an alleged £2.6 billion fraud.

The order was sequel to the arraignment of the directors alongside the firm, Petro Union Oil and Gas Limited, on a 7-count charge bordering on the alleged offence by the anti-graft agency.

The four directors are Abayomi Kukoyi (trading under the name and style of Gladstone Kukoyi & Associates), Prince Kingsley Okpala, Prince Chidi Okpalaeze and Prince Emmanuel Okpalaeze.

The EFCC, in a charge marked FHC/L/46c/2020 brought against the four directors alongside the oil company and one Prince Isaac Okpala (now deceased), alleged that they committed the offences between 1994 and 2007.

They were alleged to have fraudulently procured a cheque from a foreign bank in the sum of £2.556 billion, under the pretext that it was meant to construct three petrochemical refinery complexes in Nigeria.

They were also alleged to have sometime in April 2007 forged a statement of account in the name of Goldmatic Limited, which was used to obtain the sum of £2.159 billion.

The four directors were also accused of altering a bank cheque dated December 29, 1994, in the sum of £2.556 billion, made payable to Gladstone Kukoyi & Associates for the purpose of constructing three petrochemi-

cal refineries in Nigeria.

Other charges include felony based on trickery to obtain money under false pretence, forgery of a statement of account, intent to defraud, altering a document, among others.

The defendants will remain in custody of the EFCC following the request of Rotimi Jacobs (SAN), EFCC prosecutor, to remand the suspects ahead of trial.

Justice Liman fixed February 19 for the trial and hearing of the bail applications for the four directors.

The case between Petro Union, on one hand, and mid-tier lender Union Bank of Nigeria and the Central Bank of Nigeria (CBN), on the other hand, can be traced to around June 1994, when Gladstone Kukoyi Associates submitted an application dated June 3, 1994 for approval to import foreign capital for Petro Union.

Documents later provided to support the application included, among others, a bill of exchange purportedly issued by Barclays Bank plc dated 29 December, 1994 for the sum of £2.556bn.

Union Bank of Nigeria then submitted the Gladstone application to the CBN for consideration but by a letter dated 2 November, 1994, the CBN advised Union Bank to withhold action pending investigation and further directives.

The CBN by a letter dated 21 March, 2002 advised PU that Union Bank’s London Branch had been contacted and it confirmed that the bank never accepted the bill of exchange for clearing.

Supreme Court sacks Bayelsa governor...

Continued from page 1

The apex court ordered

that the certificate of return issued to Lyon and his deputy be withdrawn immediately and another issued to the party and candidate who came second in the election.

With this judgment, the candidate with the highest lawful votes and with wide geographical spread, Diri Duoye of

the People’s Democratic Party (PDP) who represents Bayelsa Central District at the Senate, will now be sworn in alongside his deputy, Lawrence Ewhrudjakpo, representing Bayelsa West Senatorial District.

The judgment, coming barely 24 hours to the swearingin of Lyon as Bayelsa State governor, has left many in the state in palpable shock and disbelief. www.businessday.ng

The CBN similarly affirmed that Barclays Bank plc in the United Kingdom had confirmed that the account on which the bill was drawn was closed on 21 September, 1989 whereas the bill was issued on 29 December, 1994 – five years after the account was closed.

Barclays Bank also confirmed to the CBN that no account was maintained in the name of the drawers of the bill (Gazeaft Limited).

Gazeaft Limited was also confirmed by Barclays not to be on the list of registered companies in the UK by the Companies Registry in the UK. A senior government source told BusinessDay that the alleged scam is similar to the Process and Industrial Development Ltd. (P&ID) bogus judgment against Nigeria.

“There are so many of such cases going on and it is frankly a threat to the system. That is why the Federal Government has decided to go after them hard,” the source said.

According to the EFCC prosecutor, Rotimi Jacobs (SAN), the offences are contrary to, and punishable under sections 1(2), 1(2)(a) of the Miscellaneous Offences Act, Law of the federation of Nigeria, 1990. The offences are also said to be contrary to and punishable under sections 509, 467(2)(I) and 468 of the Criminal Code Act, Laws of the Federation of Nigeria, 2004.

The four directors pleaded not guilty to the charges.

Some of the counts against the defendants read thus: “That you Petro Union Oil and Gas Limited, Prince Isaac Okpala (now deceased), Abayomi Kukoyi, Prince Kingsley Okpala, Prince

Chidi Okpalaeze, Prince Emmanuel Okpalaeze and Princess Gladys Okpalaeze (now at large) on or about 29th December, 1994 within the jurisdiction of this Honourable Court fraudulently procured a Barclays Bank cheque dated 29th December, 1994 in the sum of £2,556,000,000.00 made payable to Gladstone Kukoyi and Associates, purporting the said cheque to be meant for foreign investment in the construction of 3 refineries and petrochemical complex in Nigeria, when you knew that the said cheque to be false and you thereby committed an offence contrary to Section 1(2) (a) of the Miscellaneous Offences Act, Laws of the Federation of Nigeria, 1990 and punishable under same Section.

“That you Petro Union Oil and Gas Limited, Prince Isaac Okpala (now deceased), Abayomi Kukoyi, Prince Kingsley Okpala, Prince Chidi Okpalaeze, Prince Emmanuel Okpalaeze and Princess Gladys Okpalaeze (now at large) on or about the 10th April, 2007 within the jurisdiction of this Honourable Court with intent to defraud, forged a certain document to wit: statement of account in the name of Goldmatic Limited purportedly issued by the Central Bank of Nigeria with Account Number: 10382175 wherein you falsely claimed that the Central Bank had in its custody, the sum of £2,159, 221, 313. 54 in favour of Goldmatic Limited and you thereby committed an offence contrary to Section 467 (2) (I) of the Criminal Code Act, Laws of the Federation of Nigeria, 2004 and punishable under the same Section.”

Before the judgment, preparations were on top gear for Lyon’s inauguration as a good number of APC chieftains, including President Muhammadu Buhari, were expected to attend the ceremony slated for the main bowl of the Samson Siasia Sports Stadium, Yenagoa.

While some Bayelsa citizens who spoke on condition of anonymity expressed disappointment at the apex court’s judgment,FidelisSoriwei,chiefpress

secretary to outgoing Governor Seriake Dickson, told BusinessDay on phone that the people are happy and celebrating.

Former Vice President Atiku Abubakar said the Supreme Court verdict declaring the PDP candidate in the Bayelsa gubernatorial election as the duly electedgovernorshowstheapex court wants to free itself from dominance of dictatorial forces.

•Continues online at www.businessday.ng

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uct served to minimise the disequilibrium in the Spot FX market and caused the exchange rate to moderate, attracting significant capital flows to the Nigerian fixed income and equity markets and achieving exchange rate stability.

Since the introduction of the product almost four years ago, there has been no settlement default, with FX Futures contracts over the last 43 maturities totalling circa $25.53 billion successfully cleared and settled

by FMDQ’s wholly owned clearing house, FMDQ Clear Limited (“FMDQ Clear”).

In the global financial system, hedging products are market enablers, allowing businesses and investors around the world to invest freely across borders, effectively hedge their risks and invariably contributing to economic growth.

With the FX Futures contracts, the effective rate at which a counterparty will purchase (or sell) FX at any given time in the future is predetermined and fixed, essentially obligating the parties to the transaction which is consummated on FMDQ Exchange to purchase or sell a currency (in this case, US dollar) on a predetermined future date (the settlement date) for a fixed rate agreed on the date a contract is entered (trade date).

No obligation exists for the physical delivery of the currency and at maturity, clearing and net settlement, which is effected by FMDQ Clear, is made in naira-based on the US dollar notional amount, and determined by the difference between the agreed rate (on trade date) and the rate on maturity (on settlement date) as determined

by FMDQ’s FX reference rate – the Nigerian Autonomous Foreign Exchange Fixing (NAFEX).

Under the erstwhile OTC FX Futures market structure, the CBN offered 13 monthly contracts allowing market participants hedge FX exposures for up to a one-year period.

Whilst this was a welcome development, a gap was identified where investors seeking to hedge FX risk longer than one year were unable to achieve a perfect hedge using the FX Futures product due to the maturity mismatch.

The resultant risk of unwanted variability in the product deterred investors from using OTC FX Futures market for long-term capital hedging as this was considered unsuitable for long-term investment and capital budgeting purposes, leaving the Nigerian financial markets struggling to attract much-needed FPIs/ FDIs and long-term foreign currency-denominated borrowings for sustainable development and economic @Businessdayng

growth.

The impact of the extension of the hedge curve by the CBN to up to 60 months can therefore not be overemphasised as this will greatly reduce potential FX exposures, encourage long-term planning and increase investments in the Nigerian financial markets.

“We are excited that the CBN has yet again introduced this revolutionary initiative which will minimise the funding liquidity risk of CBN’s FX Management Blotter and significantly attract capital, incentivise domestic corporates to avail on low interest rate FCY loans, as well as encourage FPIs/FDIs seeking to make mediumto-long-term investments in our economy,” Bola Onadele. Koko, chief executive officer of FMDQ Group, said in a statement said.

“This product innovation, which will continue to provide opportunities for the government, businesses, fund managers investors, individuals, etc to hedge to manage exchange rate risk, thus achieving greater market confidence, liquidity, improvement in business planning, better allocation of resources, global competitiveness of the Nigerian financial markets, and in all, a thriving economy,” he said.

With derivative products continuing to prove to be very useful tools for investors and the financial market in general, FMDQ Group, through its Exchange subsidiary, following the activation of its Derivatives Market Development Project and subsequent stakeholder engagements cutting across various market participants including banks, fund managers, regulators, media, etc, is set to introduce new derivatives products into the Nigerian financial markets.

And FMDQ Clear, positioning as a central counterparty (CCP) in the near-term, shall continue to provide effective risk management services for derivatives products, ensuring trades are cleared and settled in a timely, secure and efficient manner. With its renewed aspiration as encapsulated in its mission to collaborate with the markets for economic progress towards delivering prosperity, FMDQ Group, comprising FMDQ Exchange, FMDQ Clear and FMDQ Depository, having consolidated its activities into a fully diversified platform (fixed income, currencies and derivatives markets) and vertically integrated financial market infrastructure group (providing a one-stop platform for execution, clearing and settlement of trades), is strategically positioned to support the upgrade of the Nigerian financial markets and indeed, the economy to become globally competitive, operationally excellent, liquid, and diverse, in line with the Group’s GOLD Agenda.

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Section of Obasanjo’s 2nd Republic home guts fire in Abeokuta RAZAQ AYINLA

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L-R: Efiok Efiok, head, investment management department, Securities and Exchange Commission (SEC); Reginald Karawusa, executive commissioner, legal and enforcement; Mary Uduk, acting director-general; Suleyman Ndanusa, former director-general/ chairman, and Isyaku Tilde, acting executive commissioner operations, at the SEC breakfast meeting with business editors in Lagos, yesterday.

FG, states, others shared N8.15trn in 2019 - NEITI HARRISON EDEH, Abuja

… 2018 figures higher than 2019 disbursements by 4.42%

total sum of N8.15 trillion was shared between the Federal, States, Local Governments and other statutory recipients by the Federation Accounts and Allocation Committee (FAAC) in 2019, the Nigerian Extractive and Transparency Initiative (NEITI) latest report states.

This figure is N377 billion or 4.42 percent lower than the 2018 figure of N8.524 trillion, but N1.728 trillion or 26.92 percent higher than the total disbursements of N6.419 trillion made in 2017.

Out of this amount, the Federal Government received N3.37 trillion, representing 41.4% of total disbursements; the 36 states got N2.761 trillion (33.9%), while the 774 local governments shared N1.649 trillion (20.2%) of the total disbursements.

Orji Ogbonnaya Orji, di-

rector, communications and advocacy of NEITI, said on Thursday in a statement that the information and data released were contained in the latest edition of the NEITI Quarterly Review released.

The publication, which examined FAAC disbursements to the Federal, States and Local governments in 2019, compared the disbursements of the previous years and made projections for the year 2020.

From the publication, and in line with the revenue sharing formula, the Federal Government received the highest disbursements from FAAC while local governments got the lowest.

It further disclosed that revenue shared to the three tiers of government in the two previous years 2018 and 2017 followed the same pattern.

“For 2018, total disburse-

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ments to FG, states, and local governments were N3.483 trillion, N2.850 trillion, and N1.667 trillion, respectively.

For 2017, disbursements were N2.563 trillion to FG, N1.859 trillion to states, and N1.502 trillion to local governments,” according to the publication.

A comparative analysis of the disbursements made

by FAAC to the federation in 2019, as against the sharing in the two previous years of 2017 and 2018, shows that the total disbursements to the Federal Government in 2019 were 3.08% lower than the disbursements in 2018, but 31.69% higher than those in 2017.

Also, while the disbursements to the states in 2019 were 3.12% lower than those in 2018, they were 48.54% higher than those in 2017.

The scenario was the same for the local governments in

2019, as their disbursements were 1.08% lower than those in 2018, but 9.75% higher than what was recorded in 2017.

The NEITI Quarterly Review compared total FAAC disbursements between 2013 and 2019 and revealed that “The total disbursements fell in three consecutive years from 2013 to 2016. Thereafter, total disbursements increased until 2018. However, the increase in total disbursements stopped in 2019, as there was a decrease in 2019 over 2018 figures”.

The report further disclosed that over the sevenyear period (2013 – 2019), 2013 recorded the highest disbursements of N9.742 trillion, followed by 2014 (N8.595trillion). 2018 came third with N8.524 trillion while 2019 had the fourth highest disbursements of N8.147 trillion.

States look inward as oil price instability squeezes Federal Allocation Solomon Attah, Lafia

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he instability in the oil market, which is significantly witnessing a drop in oil production globally, has continued to raise concern in some quarters that the Federal Government may sometimes soon halt the sharing of the monthly allocation to states.

The development in the oil industry is already pushing some state governments to look inward in the effort to diversify their economy and harness the states’ potentials aimed at increasing the revenue profile, such that would tackle the many challenges in their respective states.

Nasarawa State governor, Abdullahi Sule, made the observation while speaking at the Educational and Entrepreneurship Summit organised by the Nasarawa State Students Association (NASSA) in Lafia, the state capital.

Governor Sule however called on the people of the state to support his administration as it works toward making the state self-reliant in terms of revenue generation.

According to Sule, until Nasarawa State wakes up to become independent of the federal allocation, the state will remain in danger.

The governor therefore appealed to elders in the state to support his administration achieve its goals, stressing that governance entailed more than collecting federal allocation and paying salaries.

“We should not just be satisfied and happy that we are getting money free. For some of us that spent our lives in the oil industry, this oil is going down. Whether we like it or not, one day all this federal allocation that is coming will not come.

“We have to wake up to be able to say we are indepenwww.businessday.ng

dent and that we are generating our revenue by ourselves,” the governor said.

While being optimistic that the state is at an advantage, having being endowed with mineral resources, agriculture as well as its proximity to the Federal Capital Territory (FCT), he called on the elders to not only identify with him, but to support the vision of his administration aimed at taking Nasarawa State to the next level of development.

The governor, who spoke on the theme: Improving Education and Developing Entrepreneurship, highlighted plans by his administration to improve on public schools structures as well as ensure that only competent and qualified teachers were employed to teach, particularly at the primary school level.

While lamenting the prevailing decay in both structure and quality of education in public schools, he said he

would have failed if with his present position, he didn’t do something to bring back public schools to its past glory.

“Schools are more than structures. We have to be able to provide them with the right teachers, trained teachers, who will be able to train these students, especially at the primary school level,” he said.

He stressed that already a committee had been put in place to take needs assessments across all public schools with the view to addressing the challenges.

Fati Sabo Jimeta, state commissioner for education, described the theme of the summit as apt and significant, as according to her, it captures two fundamental factors in the development of any country.

Fati commende d the strides recorded by the governor, saying it was a testimony of the seriousness the administration attached to the issue of youth development.

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section of Abeokuta, Ogun State capital residence that housed former President Olusegun Obasanjo when he handed over power to democratically-elected President Aliu Shehu Shagari in 1979, was on Wednesday night gutted by fire.

BusinessDay reports that ex-President Obasanjo built the affected building in 1978 in the build-up to his handover to the first democratically-elected President Shagari as a retired general and had since lived in another house in Sango-Ota within his farm in Ado-Odo/Ota Local Government Area.

He had also lived at Obasanjo Presidential Hilltop Estate in Abeokuta, before 2019 general elections, where he hosted many Nigerian politicians in the

build-up to the elections, but now lives at the Penthouse of the Olusegun Obasanjo Presidential Library (OOPL), a few kilometres away from the burnt Ita-Eko house.

The fire incident, which caused a mild drama among the traditional residents of Onijaiye Street, Ita-Eko, Gbagura-Owu ancestral area of the former president in Abeokuta, reportedly caught fire at about 10pm on Wednesday night, as eyewitness account showed that the inferno occurred following a power surge.

BusinessDay observes that the combined efforts of the residents of the area and sympathisers who trooped out to assist the domestic workers in the house had already overpowered the inferno before the men of Ogun State-owned Fire Service arrived at the scene.

Glo celebrates Valentine’s Day with exclusive offer

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otal telecommunications solutions provider, Globacom, has introduced a special package designed to spice up the Valentine celebrations for subscribers and their loved ones.

According to a press release issued by the company in Lagos on Wednesday, the promo is called “Valentine’s Combo Offer”, and it offers Glo subscribers up to 24GB free data which their can use and also share with friends and family.

The offer, which Globacom said would encourage love and sharing during the Valentine season, becomes effective upon the purchase of two smartphones from any Gloworld

retail outlet nationwide.

The grandmasters of data said the promo began on Monday, February 10, and will run up to 22nd February 2020.

Explaining the details of the “Valentine’s Combo Offer”, Globacom said customers who wish to benefit from the tantalizing offer should walk into any Gloworld store and purchase two or more smartphones from the shop. He will then be entitled to get up to 24GB bundled data, depending on the particular category and price range of the smartphones purchased. The bonus data is credited automatically upon registration and activation of the accompanying SIM card.

‘FG must prioritise legal framework for oil sector to attract investments’ OLUSOLA BELLO & HARRISON EDEH

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he Federal Government has been challenged to prioritise the creation of enabling environment for the oil and gas sector, backed up by a legal framework to grow and attract the right investments into the sector.

Tunji Oyebanji, chairman, Major Oil Marketers Association, said Wednesday at the ongoing Nigerian International Petroleum Summit that the Federal Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation must ensure the legal framework for the oil and gas sector was effected to drive efficiency and attract investments into the sector.

“We don’t want a situation whereby the government influences the regulation of the sector in such a way that they are capping the price of petroleum product, which doesn’t encourage competitive market.

“Such strategy would be difficult for the investors to succeed in the market, even if it is Dangote. The right environment must be there for the sector to thrive.

“The government also needs to come out clear on the deregulation of the sector, or still approaching the @Businessdayng

sector much more as a social welfare issue or purely an economic issue,” Oyebanji said.

Speaking further, he said Nigeria could become net exporter of petroleum products when local production exceeds demands locally, and with more investments in the mainstream and modular refinery.

“All things being equal, if the Dangote Refinery comes on stream and the NNPC optimised the performance of its refinery through maintenance and the refineries are working; there is the possibility of us having the product to consume locally.

“But just like I said, all these are subject to all things being equal because the key question is, are those refineries going to come alive despite the huge assurances from government?”

Also, Auwal Sarki, managing director, Department for Petroleum Resources (DPR), said the border closure had also revealed the actual figure of petroleum consumption in Nigeria.

The government is embarking on several other initiatives mostly using technology to track movement of petroleum products across the country, he said.

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DPR moves to reduce N450bn vote for fuel subsidy in 2020 with gas alternatives … partners NIPCO on petrol-to-gas vehicle conversion, distribution of gas

RAZAQ AYINLA

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aving recognised a whooping budgetary allocation of N450 billion voted for under-recovery, otherwise known as subsidy for Premium Motor Spirit (PMS) in the 2020 budget, the Department of Petroleum Resources (DPR) has rolled out awareness campaign on the usage of compressed natural gas (CNG) as an alternative to PMS being currently used by motorists in the country.

Recall that the Minister of Finance, Budget and National Planning, Zainab Ahmed, in the build-up to the preparation of 2020 Appropriation Bill had declared in Abuja that N450 billion was voted for subsidy on PMS meant to be financed by the Nigerian National Petroleum Corporation (NNPC) in the year 2020.

Consequently, the arm of the NNPC has therefore secured partnership with NIP CO Gas Limited for immediate conversion of petrol-consuming vehicles to compressed natural gasfired ones, building CNG retail outlets across the country.

Sp ea ki ng at a stake holders’ meeting held at DPR Abeokuta Field Office, Muinat Bello-Zagi, DPR controller, noted that the move was to drastically reduce PMS consumption by

Nigerians with compressed natural gas (CNG) alternatives, saying a switch to CNG by motorists would be cleaner, cheaper and more eco-friendly than the usage of PMS. The DPR controller, who announced the corporate partnership between DPR and NIPCO Gas Limited on Thursday, explained that Nigeria had CNG in abundance and it would be economical for Nigeria as a country, to switch to the usage of CNG in order to reduce unnecessary pressure on Nigerian currency, adding that cheaper conversion of PMS-enabled vehicles to CNG-fired ones and location of CNG outlets across the country had started immediately.

Also, Sabir Ahmed Siddique of Natural Gas Division of NIPCO Gas Limited, logistics partner of DPR on effective utilisation of CNG, said market and feasibility studies undertaken by NIPCO Gas Limited and DPR showed that the usage of CNG by Nigerian motorists was cheaper by 50 percent to PMS and any vehicles could be converted to gas-powered ones as no vehicle modification was required.

S i d d i q u e a d d e d t hat conversion of vehicles for compressed natural gas utilisation will be flexible as converted vehicles can either run on petrol or compressed natural gas after the conversion.

Oil majors give reasons for new optimism on Petroleum Industry Bill Olusola Bello & Harrison Edeh

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or the first time there seems to be a consensus among the international oil companies(IOCs)andgovernmentofficialsoverthePetroleumIndustry Bill (PIB), as chief executives of oil majors in Nigeria spoke in agreement expressing their optimism that the current works on the bill will lead to a win win situation for both the government and the industry.

This is a clear departure from the usual antagonistic posture often put up by the oil companies and complaints that the outcome of the bill may not be favourable to them and may discourage investments,becauseofthefiscalregime contained in the previous bill.

The chief executives, who spoke at a panel session at the ongoing Nigeria International Petroleum Summits (NIPS), said eventhoughtheywereyettoknow

what the fiscal regimes were in the current bill, they were all of the view that the current level of interactions between them and government agencies concerned with PIB would produce a document that would move the industry forward.

This was a reaction to the issue of whether the bill would be passed into law or not in June this year, as stated by the minister of stateforpetroleum,TimipreSylva.

Osagie Okunbor, country chairman for Shell Companies andmanagingdirectorofShellPetroleumDevelopmentCompany, said given the 20 years history of the PIB, “He thinks, it is a valid concern people have raised.

“What is the reality this time and if it does not happen what does it hold for investment appetite,” he asked.

He said: “I think we operate at proximate level with the institutions of the state who are

responsible for this, not the least the group managing director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari, sittinghere,theministerofstatefor Petroleum,TimipreSylvawhowas with us yesterday and even senator Bassey Akpan, chairman Gas Committee in the Senate.”

There are reasons to be very optimistic that the timeline both the minister of state for petroleum and Bassey Akpan spoke extensively about for the passage of the bill, which is June this year, would be realistic.

Beyond passing the bill is the otherissueofwhatisinbill,hesaid, and asks if the bill is a necessarily an investor friendly one that the declared intensions of Nigeria is balanced against the sensible returns for the investors.

The Shell boss said: “I will say having been close to three or four past regimes on PIB, I am probably most confident, and I

am saying it pretty open that this time around there is better chance of it being passed, not just passing it, but passed on pretty decent collaborative discussions and if in the course of doing this we have disagreement we shout to the public domain that this is not going well. But, so far, he said a lot of credit should go to both the group managing director of NNPC and the minister of state for Petroleum because things are going quiet well.”

Paul McGrath, chairman and managingdirectorofExxonMobil, said probably more than any time in the past the industry had some of the most mature and productive discussions with the key players just to ensure that both parties work in collaborative manners that the PIB happens. “Not just that it happens. But it happens in a manner that supports investments,” he said.

Lobbying, Issues Management take centre stage as Caritas CEO addresses NIPR Lagos PR Clinic

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ublic relations practitioners have been advised to creatively handle Lobbying and Issues Management so as to deliver value to clients in the current democratic dispensation.

This admonition was given by Adedayo Ojo, managing director, Caritas Communications, a leading issues management, crisis communications consultancy with clientele that cut across leading global brands, at the monthly Nigerian Institute of Public Relation (NIPR) Lagos PR Clinic.

Speaking on the topic “ Understanding Issues Management and Government Relations,” Ojo drew attention to the importance of government relations to organisations that do business in a complex regulatory environment.

“Businesses should be on the same page with government to ensure harmonious co-existence and prosperity; that is why creative lobbying is a right step in the modern business environment,” Ojo said.

It is important to conduct research, know when and where to contact a legislator,

establish and maintain credibility, know the position of opponent, and be helpful to legislators where necessary in the lobbying process.

Drawing attention to a Mckinsey survey, he pointed out that success in government relations comes from integrity, relationships and informed strategic engagement, also, it is wise to have “eyes and ears” representing an organisation’s views and interests at national capitals and the seat of power.

To sufficiently use public relations strategy to address issues that may arise in the course of doing business, he advocated that public relations managers must have a firm grip of the root of the issue, communicate clearly and truthfully to key stakeholders and manage information creatively, to the extent that the organisation is not negatively impacted.

The NIPR Lagos PR Clinic is a monthly event that brings together public relations practitioners from Lagos and its environs. It serves as a platform for brainstorming and pushing the frontier of public relations research and practice. www.businessday.ng

L-R: Ray Atelly, chairman/CEO, HT Group; Tajudeen Ahmed, general manager/group head, business development, BUA International Limited; Kayode Falowo, president/chairman of council, Nigerian-British Chamber of Commerce; Ogho Okiti, managing director, BusinessDay Media Limited, and Bisi Adeyemi, deputy president, Nigerian-British Chamber of Commerce, during their visit to BusinessDay head office in Lagos.

Amotekun not regional police, say S/West governors, IGP … as Ogun Assembly receives bill establishing, unbundling Operation Amotekun … Afenifere canvases speedy passage of bill Joshua Bassey, RAZAQ AYINLA, & Iniobong Iwok

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outh-West governors and the police high command have finally agreed on Amotekun, the security outfit created by the South-West states, explaining however that it is not a regional police, but community policing.

This was the outcome of the stakeholders’ summit on community policing involving Adamu Mohammed, the Inspector General of Police (IGP), the governors, commissioners of police as well as commissioner for justice from the six states in the region, other security agencies in the state, royal fathers, Community Development Committees (CDCs) and other stakeholders at the Lagos House, Alausa, Ikeja, on Thursday Rotimi Akeredolu, chairman, South West Governors Forum, and the IGP, who briefed State House correspondents at the end of the closed-door meeting, identified Amotekun as a community policing strategy to tackle

crime in the region.

They noted, however, that the outfit was not a regional, but community initiative.

“It is clear that community policing which the Nigeria police is anchoring is one that will benefit all of us from the ward up to the state level,” said Akeredolu.

The Ondo State governor added: “We have made things clear to everybody and we want all of us to know now that when we said we are having Amotekun, it is not that we are creating a regional police, Amotekun is not a regional police.

“Amotekun is state based because we don’t have regions in the country anyway. We only have states and all of us have agreed that when you have laws in your respective states backing Amotekun or any security outfit, then you can go ahead for as long as it is within the legal bound.

“So we have come out happy, all of us have agreed and its been

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a wonderful resolution of few dark areas, which we have put light into but we can’t give you full details because this is a security summit. I can assure you that we are on the same page in respect of this.”

He was corroborated by IGP, who informed that the new outfit would work in tandem with other security agencies to fight crime at the community level.

“Amotekun is not a regional security outfit, as it is existing now every state has one form of outfit, whether it is vigilante or neighbourhood watch that are working with security agencies of the state to fight crimes.

“This area must be clarified.

It is not a regional structure, it is a state structure and it must be backed by law for it to be effective so we are saying the same thing, the structure must be in tandem with community policing”, Adamu said.

He described community policing as nothing but partner@Businessdayng

ship.

According to the IGP, whatever structure in place must be in partnership with the police to address crimes and criminality across the region.

Meanwhile, the Ogun State House of Assembly Thursday confirmed receipt of executive bill seeking the establishment and unbundling of the Western Nigeria Security Network (WNSN), code-named Operation Amotekun, from the regional security operations earlier created under the aegis of six Southwest states on Thursday.

The Olakunle Oluomo-led state Assembly confirmed the receipt of the bill after the State Executive Council chaired

by Governor Dapo Abiodun had approved the creation of Operation Amotekun with a mild alteration in the name Ogun State Security Network Agency, which is a switch from the known Western Nigeria Security Network.

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BUA’s Rabiu among four Nigerians on Forbes’ exclusive billionaire list BALA AUGIE

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orbes recently released its annual exclusive billionaires ranking with only four Nigerians, Aliko Dangote, Mike Adenuga, Abdul Samad Rabiu, and Folorunsho Alakija, making the highly coveted list.

Among the four, Aliko Dangote, president of Dangote Group, retained his spot as the world’s richest black person with a fortune of $10.1 billion.

Mike Adenuga, chairman of Globacom, came in as second in Nigeria and third in Africa with a fortune of $7.7 billion, Abdul Samad Rabiu of BUA Group was third in Nigeria and eighth in Africa with a fortune of 3.13bn - moving up 8 places from last year’s ranking. Folorunsho Alakija of Famfa Oil completes the list of Forbes billionaires from Nigeria with a fortune of $1 billion, coming in at 20 in Africa.

Of the four Nigerians on this year’s Forbes list, only BUA’s Abdul Samad Rabiu saw an increase in his fortunes from the previous year.

Abdul Samad in January merged his Obu Cement Company with the publicly listed Cement Company of Northern Nigeria (CCNN) where he had controlling shares. The new entity listed as BUA Cement plc on the Nigerian Stock Exchange became the third largest entity on the exchange with N1.18 trillion market capitalisation.

According to Forbes, only eight of Africa’s 54 nations have billionaires in the list of Global

billionaires. Egypt and South Africa are tied with five billionaires each, Nigeria four; Morocco has two, while Zimbabwe and Tanzania have one billionaire each.

In the list, Africa’s 20 wealthiest people are richer in 2019 than 2018 with combined worth at $73.4 billion.

The magazine said the list was generated after the billionaires’ net worth were calculated using stock prices and currency exchange rates from the close of business on Friday January 10, 2020.

“To value privately-held businesses, we couple estimates of revenues or profits with prevailing price-to-sales or price-toearnings ratios for similar public companies. Some list members grow richer or poorer within weeks or days of our measurement date.” Forbes statement further added. The current list shows that Nassef Sawiris of Egypt’s came second in Africa with his fortunes rising to $8 billion from $6.3 billion.

Others on the list from Africa are: Nicky Oppenheimer $7.7 billion; Johann Rupert $6.5 billion; Issad Rebrab $4.4 billion; Mohamed Mansour $3.3 billion; Naguib Sawiris $3 billion; Patrice Motsepe $2.6 billion; Koos Bekker $2.5 billion; Yasseen Mansour $2.3 billion; Isabel dos Santos $2.2 billion; Youssef Mansour $1.9 billion; Aziz Akhannouch $1.7 billion; Mohammed Dewji $1.6 billion; Othman Benjelloun $1.4 billion; Michiel Le Roux $1.3 billion; Strive Masiyiwa $1.1 billion and Folorunso Alakija $1 billion.

NAPRI, Earthwheel partner to breed 2m donkeys, generate $2bn for Nigeria Innocent Odoh, Abuja

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ational Animal P ro d u c t i o n a n d Research Institute (NAPRI) and Earthwheel Logistics Limited have signed a 10-year memorandum of understanding (MoU) to breed over 2 million donkeys in Nigeria in the next five to 10 years, which value chain is expected to generate about $2 billion annually for the country.

Earthwheel Logistics is a private company with multi-billion naira investments used in breeding, processing, marketing and exporting of donkeys and donkey products located at Ufuma, Anambra State, and Bauchi and Jigawa states.

Ifeanyi Dike, national vice chairman of Donkey Skin Processors, Marketers and Exporters Association of Nigeria, signed the MoU on behalf of Earthwheel and the association, while the director of NAPRI, A. K Mohammed, a professor, signed on behalf of the institute, which is under the Ahmadu Bello University (ABU) Zaria.

Dike in a statement on

Thursday said the MoU also involves growing grasses to feed the donkeys, which will revolutionise animal breeding in Nigeria and add value to the federal government’s diversification plans in the agriculture sector.

“The donkey value chain can generate about $2 billion annually for Nigeria,” Dike said, adding that the MoU also involves training and creating employment opportunities for the teeming population of Nigerians.

Chairman of Earthwheel Logistics, Destiny Izuchukwu Osili, in his remarks, lauded NAPRI for the collaboration, which he said is the first of its kind in Nigeria livestock farming. He also pleaded with the Federal Ministry of Agriculture and Rural Development to encourage the project.

According to Osili, the firm has established donkey ranches in Bauchi and Jigawa states since 2012, including the mini- ranch in Ufuma and the MoU will bring about a structured framework to breed donkeys to preserve the local stock and to tackle the menace of smuggling. www.businessday.ng

Bill on Community Policing, reforms scales second reading at Senate Solomon Ayado

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enate on Thursday said it was high time the Nigeria Police got restructured to enhance effectiveness and end criminality in the country.

Specifically, the Senate wants adequate equipping of Police training institutions and training of personnel of the force.

The demand by the Senate is a sequel to a Bill for an Act to Repeal the Police Act and enact the Nigeria Police Bill, 2019, which scaled Second Reading during plenary.

The bill, among other things, seeks to provide a framework for the Nigeria Police Service to foster efficiency.

Also, the bill seeks to amend the extant Police Act

in respect of appointment, removal, and tenure of the Inspector-General of Police (IGP). It was sponsored by Haliru Jika.

When finally passed into law, the bill will address the recurrent challenges and deficiencies in structure, appointments, promotions, discipline, postings, training, kitting, and weaponry, living condition, pension and retirement benefits within the Police.

Leading the debate, Jika said, “The present Police Act is not only fraught with deficiencies, but strangely, the major organization, duties, and powers of the Nigeria Police Force, as encapsulated in the present Act, have largely remained as set out in the 1943 Police Act. “It is in recognition of

the inherent shortcomings in the extant Police Act and the seemingly intractable challenge of insecurity in our country that has necessitated the proposed repeal of the extant Act and the enactment of a new one in its place, in consonance with the dictates of international best practices and realities of present-day, Nigeria.”

Citing a 2019 report by the Global Peace Index (GPI), the lawmaker who Chairs the Committee on Police Affairs, said that Nigeria ranks 148th among 163 independent States and territories.

Meanwhile, president of the Senate, Ahmad Lawan, has insisted that the National Assembly will no longer tolerate the gruesome killing of Nigerians by criminals threatening

the security of the country.

Lawan said the “bill should consider the restructuring of the command and structure of the Police. The present structure is not working, the Police Trust Fund is already accruing, the last count I was told there was about N52 billion or so, but it is not about throwing money to the Police. You need to adjust the structure, otherwise, that money will just be a sinking fund.

“So, we should be in a hurry to recruit, to train and retrain. Equipping the police training institutions is supposed to be one vital aspect of getting our security arrangements right, and this is something that we have to do in a hurry, even if it means going for a supplementary budget, so be it.

L-R: Joshua Ajayi, publisher, Brand Communicator; Tade Adekunle, president, EXMAN; Jonadab Egbowon, representative, MIPAN; Sussie Ngozi Agbo, head, planning, research and strategy, APCON; Tunji Adeyinka, chairman, Advertising Week Africa; John Ehiguese, representative, PRCAN; Hannah Oyebanjo, managing director, Redwood Consulting; Anietie Udoh, representative, Marketing Edge; Gbonju Akingbade, managing partner, Image and Time, at the inaugural meeting of the Advisory Council for Advertising Week Africa in Lagos, Pic by Pius Okeosisi

Leadership Project to host Mitch Barns, other Terragon, brewers partner to launch top executives at Lagos Business Summit proprietary software for Africa

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n international consortium of project managers and think-tanks, The Leadership Project, is poised to congregate global business leaders and thought-leaders for the maiden edition of the West African Business Leaders’ Summit (WBLS) on March 4, in Lagos, Nigeria.

Conceptualised in partnership with The Global Leadership Network, the event is aimed at equipping business owners and entrepreneurs with critical skills necessary for the 21st Century marketplace.

At the West African Leaders Summit, business owners, entrepreneurs and executives are expected to gain insights and practical knowledge from established industry experts, to further enable them to make balanced and informed decisions in their respective roles.

Speakers at the conference include global business thought leaders such as Mitch Barns, a 3-time World Economic Forum speaker/panellist who is renowned for his expertise in identifying consumer and market trends.

Barns is the founder, Second Half Advisors and former CEO, Nielsen Holdings.

According to Barns, the Lead Speaker, the data we have available to us today can help improve our businesses in so many ways, one of which is efficiency gains. These gains are valuable because they can improve not only individual businesses, but entire markets and society as a whole.

“At the West African Business Leaders’ Summit, we will be uncovering key leadership principles, innovation possibilities and leveraging available data that has the potential to positively impact businesses, individuals and the Nigerian economy at large,” he said.

Also speaking will be Toyin Sanni, group CEO, Emerging Africa Capital Group. Sanni is a multiple award-winning business leader and published author who leads groups that provide advisory and capital raising solutions for infrastructure and development across Africa to achieve sustainable economic growth.

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erragon, a leading data analytics and marketing cloud company, has launched first-of-it-kind customer data software in Africa, and partners top brewers in Nigeria to deliver personalised brand experiences to customers.

Through an aggregation of online and offline data as well as predictive scoring, the proprietary software, powered by data science and machine learning, will help top FMCG brands accurately target people across channels and devices. In order to enrich experienceswhileprovidinginsightabout difficult-to-source consumer data, the partnership with brewers will also generate measurable outcomes for consumers.

Terragon has evolved from beingamobilenetworkandbroad digital media agency. Now, the brandhasmorphedintoanenterprise software business that leveragesartificialintelligenceanddata science to deliver connections at scale for mobile-first markets.

Terragon CEO, Elo Umeh, explains the nature of the partnership, saying, “Our journey and past experiences arm us with the assets and competencies a highly differentiated data analytics company requires. This is why in an age where everybody @Businessdayng

has a computer in his or her pocket, we have built a product that is software-driven, offering leading brands an enterprise tool to identify, engage, interact and measure in real-time what customers are doing.”

Today, he says, “The growing majority of the population presents a significant opportunity for beer consumption in Nigeria, one of Africa’s top ten beer drinking countries. Partnerships such as these help to find answers to questions of identity, needs and motivation for customer-centric brands both online and offline.

Terragon will therefore support the beer industry and other key verticals, through partnerships such as this, to deliver very personalized experiences for their portfolio of brands.”

According to Umeh, the growing competition between consumer brands is driven by fast-changing social behaviour and products designed to help leading organisations achieve higher returns. In a world where business growth is limited by the superficial understanding of the customer across channels, deep, personalised insights that enhance customer experiences could be the game changer for big brands.

Friday 14 February 2020

FT

BUSINESS DAY

39

FINANCIAL TIMES

World Business Newspaper

Donald Trump emboldened to seek vengeance after acquittal President tests his powers as he intervenes on behalf of friends and against enemies JAMES POLITI AND KADHIM SHUBBER

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ust before voting to acquit Donald Trump in his impeachment trial last month, Susan Collins, a Republican senator, said she believed the US president had “learned” from the case and “would be much more cautious” in the future.

But Ms Collins’ words are now echoing back hollowly: hopes that Mr Trump would display greater restraint after his brush with a removal from office over alleged abuse of power in dealings with Ukraine have fallen flat within a week.

Since being cleared of wrongdoing by his Republican allies in Congress, Mr Trump has punished key witnesses while denouncing federal prosecutors who sought a nine-year sentence for Roger Stone, the president’s longtime friend who was convicted in a case stemming from the investigation into Russian interference in the 2016 election.

Mr Trump’s post-acquittal conduct has stoked criticism that the US president is undermining the rule of law at the start of a reelection campaign in which he stands a good chance of securing another four years in office.

“The president has simply been emboldened: he is systematically wreaking vengeance on all the people he blames for being impeached,” said Laurence Tribe, a law professor at Harvard University.

“Even when the attorney-general was very close to the president, as with Robert F Kennedy, the justice department has always

Donald Trump’s post-acquittal conduct has stoked criticism that the US president is undermining the rule of law © Reuters

maintained some independence from the grubbiest aspects of politics, but we have entered a totally different phase,” he said.

The move this week by William Barr, the US attorney-general who has earned a reputation for fierce loyalty to Mr Trump, to seek a shorter jail sentence than originally recommended for Mr Stone has elevated these concerns.

The four career prosecutors who secured Mr Stone’s conviction at trial quit the case in protest on Tuesday as the justice department publicly repudiated their sentencing recommendation.

The intervention was cheered on by Mr Trump in a tweet on Wednesday. “Congratulations to Attorney General Bill Barr for taking charge of a case that was totally

out of control and perhaps should not have even been brought,” he said.

Mr Trump has also signalled that he remains open to a presidential pardon for Mr Stone, as well as Michael Flynn and Paul Manafort, his other former aides convicted as a result of the probe into the 2016 election.

Further raising eyebrows, Mr Trump abruptly withdrew the nomination of Jessie Liu, a highranking federal prosecutor who had overseen the Stone case until last month, to a top job at the Treasury department.

Mr Trump’s actions triggered a wave of attacks from Democratic lawmakers. “We are witnessing a crisis in the rule of law in America, unlike we have ever seen before,”

said Chuck Schumer, the New York Democratic senator. “It is a crisis of President Trump’s making. And it was enabled and emboldened by every Senate Republican who was too afraid to stand up to him.”

White House officials stood by the president. “Now the impeachment’s over, now that Russia is over, now that the collusion hoax is done, the illegitimate impeachment sham has finished, [the Democrats] are looking for something else to grab on to because they don’t want to talk about the successful policies of this president,” said Hogan Gidley, the White House deputy press secretary.

Mr Trump’s defence of his former aides follows days of controversy in the aftermath of his

impeachment trial acquittal, when he forced the exit of Lt Col Alexander Vindman, an official in the National Security Council who testified in the impeachment trial, as well as his brother Yevgeny Vindman, also an NSC staffer.

The acts of retribution continued with the US president sacking Gordon Sondland, the US ambassador to the EU and onetime donor, who told Congress of Mr Trump’s campaign to pressure Ukraine to investigate Joe Biden, the former vice-president, and his son Hunter over the latter’s business dealings in the country.

Harvard’s Mr Tribe said the legality of the removals was “doubtful”, but it was “almost impossible” to expect the justice department to challenge them.

As long as the courts are not wholly subservient we have not plunged completely into the darkness of a banana republic Laurence Tribe, law professor at Harvard University Concerns about Mr Trump’s growing sense of impunity had ramped up after the president’s legal team made the case during the impeachment trial that the US president should benefit from broad executive powers in both international and domestic contexts.

Alan Dershowitz, one of Mr Trump’s outside lawyers, went as far as claiming that presidents should not be impeached for acting to secure their own re-election, if they believed it was in the public interest.

Stephen Griffin, a professor of law at Tulane University, said the picture emerging from Mr Trump’s behaviour following his acquittal was “very disturbing” and reflected Mr Barr’s belief in a theory of the “unitary executive”.

Sajid Javid resigns as UK chancellor Rising star Rishi Sunak takes over at Treasury amid reshuffle of Boris Johnson’s top team SEBASTIAN PAYNE AND GEORGE PARKER

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ajid Javid abruptly quit as UK chancellor on Thursday after a brutal power struggle with prime minister Boris Johnson and his top adviser Dominic Cummings over how to manage the country’s finances in the aftermath of Brexit.

His sudden departure, only eight months into the job, disrupts plans for the Budget on March 11.

Mr Javid was immediately replaced by Rishi Sunak, a close ally of the prime minister who accepted Mr Johnson’s plan to take control of the chancellor’s office.

Mr Javid met the prime minister for an hour on Thursday morning and refused his demand to sack his team of advisers, according to Whitehall officials. The chancellor’s team had been engaged in a briefing war with Downing Street in recent weeks over who will be responsible for writing the Budget.

Mr Javid, who has never presented a Budget, is the first chancellor to quit over a disagreement with Downing Street since Nigel Lawson in 1989.

Mr Sunak, the 39-year-old Treasury chief secretary who stood in for Mr Johnson in television debates during the general election campaign, has accepted that the Budget will be drafted by advisers from www.businessday.ng

both the prime minister’s team and the Treasury.

Mr Johnson had intended for his first cabinet reshuffle to be “moderate”, according to Downing Street insiders, but his decision to confront Mr Javid has backfired.

The prime minister earlier sacked Julian Smith as Northern Ireland secretary and Andrea Leadsom as business secretary in the first moves of his ministerial reshuffle, which is expected to promote a significant number of women in the government.

Alok Sharma, former international development secretary, has replaced Mrs Leadsom at the Department for Business. He has also been given responsibility for

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the upcoming COP26 international climate conference in Glasgow. In turn, Mr Sharma has been replaced at the Department for International Development by Anne-Marie Trevelyan, previously the armed forces minister.

Oliver Dowden, previously the Cabinet Office minister, has replaced Nicky Morgan, who announced before the reshuffle she intended to leave government, as the new culture secretary. His previous responsibilities will be taken up by Michael Gove, the chancellor of the Duchy of Lancaster.

Mr Johnson fired several other prominent ministers: environment secretary Theresa Villiers was replaced by George Eustice, @Businessdayng

previously a junior minister in the same department, and attorneygeneral Geoffrey Cox was replaced by prominent Brexiter campaigner Suella Braverman. Housing minister Esther McVey was also sacked. .

Mr Smith, who was widely praised for restoring the devolved Northern Ireland government at Stormont last month, was criticised

by Downing Street insiders who were unhappy about aspects of the power-sharing agreement, which involved an investigation into murders during the Troubles.

Other ministers leaving the government include universities and science minister Chris Skidmore, and transport ministers Nusrat Ghani and George Freeman.

40

Friday 14 February 2020

BUSINESS DAY

FINANCIAL TIMES

COMPANIES & MARKETS

@ FINANCIAL TIMES LIMITED HARRY DEMPSEY AND SUN YU

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hina’s slowdown in response to the deadly coronavirus has sent the global shipping industry veering off course, with transit rates falling to record lows as ships are turned away from ports.

All shipping segments from oil tankers to container lines have been hit by the economic impact from factory shutdowns and travel restrictions put in place across China to control the spread of the virus. The Capesize Index, which tracks freight costs for the largest carriers of dry bulk commodities such as iron ore, coal and grain, fell into negative territory last week for the first time since its creation in 1999, indicating that shipping companies are running at a loss on certain routes.

Brokers and analysts say the slump in demand for the transportation of goods in and out China — the world’s largest consumer of many commodities — will leave its mark on the shipping industry and commodity trading for months to come.

“It’s a mess really,” said Eirik Haavaldsen, head of research at Pareto Securities, an Oslo-based investment bank. “China is so important for everything shipping-related.”

Since the shutdown struck, shipyards have been deserted, losing owners and shipbuilders money on idle vessels awaiting servicing. One of China’s biggest shipyards in Jingjiang near Shanghai has had two successive applications to reopen turned down by the local government. “We can’t afford to be on holiday for too long,” an official at the operator said earlier this week.

At Wuhan port on the Yangtze

Global shipping market reels from coronavirus China shutdown leaves crews stuck at sea, shipyards deserted and shipowners hunting for work

river, another official said authorities were focusing on medicines and necessities. “We don’t have the capacity to deal with other goods,” he said.

Capacity utilisation at major Chinese ports has been 20 to 50 per cent lower than normal and more than a third of ports said storage facilities were beyond 90 per cent full, according to a survey conducted last week by the Shanghai International Shipping Institute, a Beijing-backed think-tank.

The effects on the shipping industry are likely to prove lasting.

One official at China Merchants Port, a major Hong Kong-based port operator, said the epidemic could reduce annual revenue by 10 to 25 per cent if it comes under

control by the end of March — and even more if it lasts longer.

Out at sea, crews have been stuck on board ships at Chinese shipyards or ports such as Singapore that are enforcing strict quarantine rules on vessels coming from China. Guy Platten, secretary-general of the International Chamber of Shipping, said that some anchored ships were running out of food.

Chinese crews, one of the most dominant nationalities of seafarers, are being forced to spend extra time out at sea — which is usually up to six months — given that quarantine restrictions are making changeover with replacement Chinese sailors difficult, brokers said.

Commodities have been stung by the outbreak. Chinese energy

executives have estimated that domestic oil consumption could fall as much as 25 per cent in February, or 3 per cent of global demand, with such fears knocking Brent crude roughly 15 per cent lower this year.

As a result, rates for supertankers that carry crude oil have dropped 75 per cent in a month to $23,000 per day, a dramatic reversal from $140,000 per day four monthsearlier.

“Coronavirus is having a large disruptive effect on the marketplace and our business,” said Brian Gallagher, head of investor relations at Euronav, one of the world’slargest tanker companies.

The virus is not the only bearish force in the tanker market. More tankers could be made available

for use, since US sanctions related to Iran were lifted on a unit of Cosco, China’s largest tanker owner, at the end of January. That potential pressure on transit prices is compounded by a tendency for demand to fall after Chinese new year.

One potential source of comfort for tanker operators is the prospect that the ships could be used as floating storage for oil while land-based storage is running short. Mr Gallagher said he had received some inquiries about this service, but for now, it was not economical to do it.

Other shipping segments have also been slammed by the epidemic. AP Moller-Maersk, a major container shipping company, has cancelled 20 sailings out of China since the outbreak began. Some shipowners were not allowing their vessels to sail to China because of the risks, while others were charging a premium for voyages there, one Asia-based broker said.

Optimists in the industry forecast it will bounce back with expected stimulus measures from Beijing once the spread of the virus has successfully been contained.

But prolonged economic disruption could ultimately make several industries including shipping reflect on over-reliance upon one country and consider relocating some operations outside of China.

“You have the trade war and then on top of it the coronavirus outbreak,” said Erik Broekhuizen, head of tanker research at Poten & Partners, a broker. “You’ll have people say ‘wait a minute . . . we need a plan B’.”

Barclays’ Jes Staley probed over links to Jeffrey Epstein

Regulators examine disclosures made about CEO’s relationship with deceased sex offender DAVID CROW AND CAROLINE BINHAM

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es Staley, the chief executive of Barclays, is being investigated

by Britain’s two main financial watchdogs over his links to disgraced financier Jeffrey Epstein, who died last year while awaiting trial on charges that he sex-trafficked underage girls.

Barclays said that the Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority had “commenced an investigation, which is ongoing, into Mr Staley’s characterisation . . . of his relationship with Epstein”.

The probe was launched after the FCA made an inquiry to the bank over Mr Staley’s links to Epstein, the bank said in a statement on Thursday morning.

On a call with reporters to discuss the bank’s full-year results — which were overshadowed by the announcement of the investigation — Mr Staley said he regretted his relationship with Epstein but that he had always been honest about his links with the deceased financier.

“Obviously, I thought I knew him well and I didn’t and, for sure, with

hindsight, I deeply regret having had any relationship with Jeffrey Epstein,” Mr Staley said.

He added: “I feel very comfortable that, going all the way back to 2015, I have been very transparent and open with the bank with respect to that relationship.”

Barclays said the FCA and PRA had opened the probe in December.

The investigation followed an initial inquiry last year from the FCA, which asked the bank to provide assurances that Mr Staley had not been involved in any impropriety, according to one person briefed on the probe.

The bank responded to the FCA inquiry with a letter that contained a characterisation of Mr Staley’s relationship with Epstein that the FCA appears to have taken issue with, the person said.

The FCA and PRA subsequently opened a full investigation focused on whether the characterisation of the relationship was based on information provided by Mr Staley to the bank, the person added.

Mr Staley declined to comment on the reporters’ call when asked whether he was happy with the way the bank had described his relationship with Epstein to regulators. “I’m clear that I’ve been transparent,” he

said. “Let’s let the regulatory process continue.”

Mr Staley developed a relationship with Epstein before he was Barclays’ chief executive and visited the sex offender’s island on his yacht in 2015.

He has always insisted that he subsequently cut their ties.

Barclays said it had conducted a review with external lawyers and concluded that Mr Staley had “been sufficiently transparent with the company as regards the nature and extent of his relationship with Mr Epstein”.

The UK bank added that Mr Staley “retains the full confidence of the board” and would be unanimously recommended for re-election at this year’s annual meeting.

The bank said: “Mr Staley developed a professional relationship with Mr Epstein. In the summer of 2019, in light of the renewed media interest in the relationship, Mr Staley volunteered and gave to certain executives, and the chairman, an explanation of his relationship with Mr Epstein.

“Mr Staley also confirmed to the board that he has had no contact whatsoever with Mr Epstein at any time since taking up his role as Barclays group chief executive in December 2015.

“The board will continue to co-

operate fully with the regulatory investigation, and will provide a further update as and when it is appropriate to do so.”

On the call with reporters, Mr Staley said it had been “very well known” that he had a professional relationship with Epstein dating back to 2000, when he took over JPMorgan’s private bank, which counted the disgraced financier as a client.

Mr Staley said the relationship began to “taper off” after he left the US bank in 2013 and became “much less frequent” before ending “totally” towards the end of 2015.

The FCA initiated its inquiries by asking the bank whether it was satisfied it knew all the details of Mr Staley’s relationship with Epstein while the former was at JPMorgan, with whom Epstein banked, and whether it was satisfied that the relationship did nothing to impair Mr Staley’s standing as chief executive. The bank had already launched its own review by the time the FCA made inquiries, and responded that it was satisfied.

Both regulated firms and individuals have a duty to be fully frank and open with the watchdogs.

While the FCA has made improving culture in the City of London a priority, looking into various cases

of sexual harassment and bullying, this investigation is trained on the far simpler question of whether Mr Staley ultimately lied to the regulator, according to people familiar with the probe.

The launch of the investigation comes less than two years after a whistleblowing scandal that almost cost Mr Staley his job. The FCA and PRA fined Mr Staley a total of £640,000 for twice trying to reveal the identity of an anonymous whistleblower.

Previous regulatory infractions can be taken into account if the watchdogs prove their case against Mr Staley, and can toughen any penalty.

Prior fines can also weigh on whether the PRA — and ultimately Barclays’ shareholders at its upcoming annual general meeting — consider Mr Staley the right person to lead the bank.

The FCA said: “The FCA and PRA confirm there is an investigation concerning Mr Staley. We are unable to comment any further.”

John Cronin, an analyst at Goodbody, said: “The board believes that Staley has been sufficiently transparent with the company as regards his relationship with Epstein and should be re-elected. This will raise questions in investors’ minds, however.”

Friday 14 February 2020

FT

BUSINESS DAY

41

ANALYSIS

Ireland: How Sinn Féin stormed the Dublin party The group once derided as the mouthpiece of the IRA attracted young voters by concentrating on social issues ARTHUR BEESLEY AND BEN HALL

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“

eople are in decent jobs making decent money, but the money is all going on rent,” says Kelly Doherty, a 24-year-old DJ from Dublin. “There is none left at the end of the day. Under the current government there doesn’t seem much sympathy for that.”

On Saturday, Ms Doherty joined almost a quarter of voters in the Irish Republic in giving her support to Sinn Féin, a party long treated as an outcast and reviled as the mouthpiece of the IRA during the latter’s violent 30-year campaign to force Britain out of Northern Ireland. She says she is “aware” of Sinn Féin’s relationship with the paramilitary group but believes Ireland has to move on and address today’s problems.

“It is an important step in the maturity of our country, that we recognise the past has happened and we move forward,” she adds.

For Sinn Féin it is a seismic breakthrough, one driven by deep discontent about quality of life — particularly among young voters with fewer memories of the Troubles in Northern Ireland that claimed more than 3,600 lives. The poll result has shaken the Irish political landscape and left its traditional ruling parties reeling.

The strongly nationalist, leftwing party gained 14 seats to finish with a tally of 37. It was just one seat shy of the centrist Fianna Fáil, which was expecting to return to government after losing power in 2011 in the wake of the country’s financial crisis. The result was especially disastrous for Leo Varadkar, the taoiseach or prime minister, and his centre-right Fine Gael, which trailed in third place after nine years in office.

Sinn Féin’s roots go back 115 years to Ireland’s struggle for independence from Britain, but it spent much of its life challenging

the legitimacy of the Irish state established in 1922 and it still opposes the partition of six counties to create Northern Ireland.

The party, which shares power in the recently restored devolved administration in Northern Ireland, now stands on the cusp of government in the south, though the other main parties say they will not join it in a coalition.

For some, last weekend’s election marks the latest chapter in Ireland’s transformation into a conventional left-right European democracy, with voters giving a mandate to a historically antisystem party. And in the process, the results have ended the duopoly of the two centrist parties which have been divided less by policy than enmity rooted in the civil war.

Brigid Laffan, an Irish scholar at the European University Institute, says: “If you look at the history of the Irish state and the party system born from the [1922-23] civil war, the first big wave of normalisation happened with Fianna Fáil [a split from Sinn Féin that first won an election in 1932, remaining the biggest party until 2011]. I regard this as a second big wave. I see this as closure of a process and a sign that Irish democracy is pretty robust.”

Others still recoil at the thought of Sinn Féin in power.

“They are an authoritarian force,” says the Irish writer John Banville, who, at 74, has vivid memories of the Troubles. “They are not a political party as we know them in democratic societies.”

Sinn Féin had not anticipated its success. It only fielded 42 candidates in the race for the 160-seat Dáil assembly.

But Mary Lou McDonald, the party’s leader since 2018, now has the upper hand in talks to form a government, a process that could take months.

Her preference would be to enter power via a leftwing coalition with the Greens, centre-left, hard-left and independents.

But policy differences in such

a disparate alliance may prove insurmountable. That would lead her back to Fianna Fáil.

Like Fine Gael, it still harbours deep reservations about Sinn Féin’s IRA links and leftist, antiausterity policies that would add €22bn to public spending over the next five years while taking more tax from business and the wealthy.

Sinn Féin’s surge owes a lot to Ms McDonald, 50, who replaced Gerry Adams, the party’s president since 1983. Mr Adams was the public face of IRA violence during the Troubles and was also a prime mover in the strategy that led to the 1998 Good Friday Agreement that ended the conflict, and the decommissioning of paramilitary weapons in 2005.

But his association with the violence — he denies ever being an IRA member — hampered the party’s progress in the republic long after it became the largest nationalist party north of the border.

A middle class, privately educated Dubliner, Ms McDonald first joined Fianna Fáil before switching to Sinn Féin. It was Mr Adams who marked her out as a rising star, says Christy Burke, a former IRA prisoner who was a Sinn Féin councillor for 25 years in Dublin and is now an independent. “Gerry came to me and said: ‘Take her under your wing.

She has potential.’”

Mr Burke says he introduced Ms McDonald to the Dublin city centre constituency that is now her base. She was first elected to parliament in 2011 and quickly established herself as a sharp orator who could skewer adversaries. Her personal charm and connection with voters shone through on the campaign trail — in contrast to Mr Varadkar — although critics dislike her hectoring rhetoric.

Ms McDonald’s early leadership was marked by setbacks.

Sinn Féin sank to a dismal 6 per cent in the 2018 presidential election, dropped seats last year in the European Parliament polls and lost nearly half its council-

lors in local elections. The party switched approach, relying less on negative attacks and more on its own policy proposals.

The policy ideas fell on fertile ground in a country that had gone through a decade of severe austerity after the eurozone crisis triggered huge bank bailouts, mass unemployment and emigration. Despite rapid economic growth under Mr Varadkar and near-full employment, there is widespread public anger at the lack of affordable housing and childcare, plus failings in the health service.

According to an exit poll published on Saturday, some 63 per cent of voters said they did not feel they had benefited from an improvement in the economy.

The housing shortage is a particular concern, especially among the under-35s. A recent study by the Central Bank of Ireland showed that only one new dwelling was built for every seven additional people in the population between 2011 and 2019. Rents have increased by 40 per cent in the past five years, while average earnings have grown by just 14 per cent.

Sinn Féin is promising a big increase in public housing, a rent freeze and interventions in the banking system to cap mortgage rates, policies that have sent bank and property stocks down since the election amid anxiety about a leftward turn in Irish economic policy.

“Sinn Féin has had a very important election for themselves, the party, but it’s off the back of very populist policies that they put to the people,” says Eoghan Murphy, the outgoing housing minister in Mr Varadkar’s cabinet. “Now they need to see if they actually make that a reality in government. I think they’ll find that very challenging.”

The party’s promises proved especially attractive to younger voters. Sinn Féin won the support of a third of under-35s but only 12 per cent of over-65s, according to the exit poll, a sharp generational divide that reflects

two decades of peace.

In the working-class Ringsend district in Dublin, near where Google and Facebook have big offices, a desire for a fresh approach to Ireland’s social problems appears to have outweighed any residual concerns over IRA violence.

“I can look beyond that,” says Aisling Waters, a childcare worker who has voted for the party for a decade. “It would have been fairly Fianna Fáil-Fine Gael around here. It’s slowly dwindling . . . I think they’ve had their chance.”

Tony “Deke” McDonald, a Sinn Féin activist in Ringsend, who is no relation to the leader, says it was clear on the doorsteps that there was momentum behind the party. “I could feel there was a big mood towards doing something different,” he says.

Tommy Murphy, a retired engineer who voted for Sinn Féin for the first time on Saturday after a lifetime of Fianna Fáil support, is impressed by the new leader. “I like Mary Lou, I wasn’t too fond of Gerry Adams,” he says, complaining that taxpayers are still saddled with the costs of the financial crash. “We’re still paying for it, still paying for the banks. You’ve got to give the worker a chance. People are just sick of paying every week through the nose.”

Mr Burke, the former Sinn Féin councillor, says paramilitary chiefs once had little interest in Dublin politics. Leaving prison in the 1970s, he was discouraged from becoming involved in the city’s politics or anti-drugs activism. “I remember the IRA leadership saying: ‘Listen, keep away from all that, there’s a war on.’”

Sinn Féin’s transformation into the most formidable electoral force in the republic started with Mr Adams’ pursuit of a dual paramilitary-political approach at the height of the Troubles in the 1980s — the strategy of Continues on page 42

42

Friday 14 February 2020

BUSINESS DAY

FT

NATIONAL NEWS

FTC probe puts spotlight on Big Tech’s ‘buy and kill’ tactics Companies such as Microsoft have been buying their most threatening competitors for decades

ward, an economist at Sand Hill Econometrics, Cisco has been the most active buyer of all.

Referring to the criticism that companies use such tactics to clear competition out of their core markets, she said: “Are there ‘kill zones’ around Cisco too?

There’s a lot to study here.”

Chuck Robbins, the networking company’s chief executive, flatly denied the suggestion.

He pointed to rivals that have built large businesses in Cisco’s shadow, including Juniper and Arista, and added: “We’ve never had a strategy to buy companies just to quell competition.”

Even if big tech companies use their buying power to take out competitors, it has not ended their symbiosis with venture capital investors. Last year saw record levels of start-up financing in the US and Europe, said Ms Woodward. “It tells you that the aggregate level of venture capital is not collapsing because of the ‘kill zones’.”

Spotting the next big thing How the FTC will try to use the information it collects on small tech acquisitions to boost

competition is unclear. The regulators will not be able to unwind past deals, according to start-up investors, because businesses like these are quickly absorbed into a company’s operations, even when they are not shut down.

Another possibility is that the agency will use what it learns to intervene more actively in future deals. “For dominant players, you could start with a higher standard,” said Prof Lemley, putting more onus on big companies to prove they are not acting in an anti-competitive way when mopping up smaller rivals.

Such intervention is not welcomed by investors.

“It could slow down M&A both in number of deals and the speed of a deal,” said Matt McIlwain, a partner at Seattle-based Madrona Venture Group. Given the high risks in buying start-ups, he added, big companies performed an important function in taking “the risk to buy, invest in, integrate and hopefully make successful someday smaller companies”.

Christine Tsai, head of 500 Startups, a seed-stage investor, added that start-up founders had many good reasons for selling to a larger company, from a “fire sale” of businesses that are foundering, to finding ways to accelerate the growth of their businesses.

Others, meanwhile, object that regulators in Washington are ill-equipped to make judgments about early-stage technology. It would require them to become even more adept than venture capitalists at spotting the next big thing, said Joe Grundfest, a former commissioner at the Securities and Exchange Commission and professor at Stanford Law School.

“The probability that the federal government can do that accurately, when we in Silicon Valley can’t, is close to zero,” he said.

Micheál Martin, leader of Fianna Fáil, now faces a nightmare choice. Having said during the campaign that there were moral reasons not to ally with Sinn Féin, ruling alongside the party may now be his only route to power.

Mr Martin has always resisted a full coalition with Fine Gael and the two parties would lack a majority even if they came together.

Aligning with smaller parties and excluding Sinn Féin would also open Fianna Fáil and Fine Gael to charges of defying the will of the electorate.

David Farrell, head of politics at University College Dublin, says the election result has left Mr Martin on the back foot, with both Fianna Fáil and Fine Gael

vulnerable if a stalemate in talks leads to a second election.

“The simple reality is that Sinn Féin didn’t run enough candidates in this election,” he says.

“So if we go to the country again in the near future with another election then Sinn Féin can on this basis only do better.”

In Ringsend, Ms Waters agrees. “If they go to another general election and there’s no government formed I think the people will be more determined [than ever] to put in more Sinn Féin people,” she says.

“The whole government needs a good shake-up and I don’t think they can do any worse than what has happened so far.”

RICHARD WATERS

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hen Microsoft bought task management app Wunderlist and mobile calendar Sunrise in 2015, it picked up two newcomers that were attracting considerable buzz in Silicon Valley. Microsoft’s own Office dominates the market for “productivity” software, but the start-ups represented a new wave of technology designed from the ground up for the smartphone world.

Both apps, however, were later scrapped, after Microsoft said it had used their best features in its own products. Their teams of engineers stayed on, making them two of the many “acquihires” that the biggest companies have used to feed their insatiable hunger for tech talent.

To Microsoft’s critics, the fates of Wunderlist and Sunrise are examples of a remorseless drive by Big Tech to chew up any innovative companies that lie in their path. “They bought the seedlings and closed them down,” complained Paul Arnold, a partner at San Francisco-based Switch Ventures, putting paid to businesses that might one day turn into competitors. Microsoft declined to comment.

Like other start-up investors, Mr Arnold’s own business often depends on selling start-ups to larger tech companies, though he admits to mixed feelings about the result: “I think these things are good for me, if I put my selfish hat on. But are they good for the American economy?

I don’t know.”

The US Federal Trade Commission says it wants to find the answer to that question. This week, it asked the five most valuable US tech companies for information about their many small acquisitions over the past

decade. Although only a research project at this stage, the request has raised the prospect of regulators wading into early-stage tech markets that until now have been beyond their reach.

‘Kill zones’ Given their combined market value of more than $5.5tn, rifling through such small deals — many of them much less prominent than Wunderlist and Sunrise — might seem beside the point. Between them, the five companies (Apple, Microsoft, Google, Amazon and Facebook) have spent an average of only $3.4bn a year on sub-$1bn acquisitions over the past five years — a drop in the ocean compared with their massive financial reserves, and the more than $130bn of venture capital that was invested in the US last year.

However, critics say that the big companies use such deals to buy their most threatening potential competitors before their businesses have a chance to gain momentum, in some cases as part of a “buy and kill” tactic to simply close them down.

The phenomenon is not new.

Ram Shriram, an early investor in both Google and Amazon, said that the tactic had played a part in the deals that shaped the database software market in the 1980s. However, speaking at a Department of Justice workshop at Stanford University this week, he claimed that such tactics were not used by big tech companies today.

Others dispute that view.

Mark Lemley, a professor at Stanford Law School, called it “patently false”, based on the recent pattern of acquisitions. “We see Google and Facebook buying up hundreds of businesses and very often shutting them down,” he said.

While the five biggest companies have come under the FTC’s microscope, companies in all corners of the tech market frequently buy up their most innovative potential competitors at an early stage. Five years ago, for instance, Salesforce raised eyebrows when it paid $390m for RelateIQ, a start-up whose technology was seen as leapfrogging Salesforce itself.

According to Susan Wood-

Ireland: How Sinn Féin stormed the Dublin party Continued from page 41 the “Armalite and ballot box”.

Mr Adams kept most of the IRA leadership on board as he led the movement through a series of seminal changes: the party’s 1986 decision to abandon abstentionism and take up seats in the Dáil, which led to a split; the first IRA ceasefire in 1994; the Good Friday Agreement; and then powersharing with pro-British unionists in Northern Ireland’s government.

But it was only in 2017 that Sinn Féin decided it would open itself up to a coalition in Dublin, setting the stage to replicate in the republic what it has done in the north.

Ms McDonald would use a place in government to campaign

actively for a referendum on a united Ireland — even though it is up to the UK government to call one in the north — potentially antagonising unionist communities already unsettled by Brexit arrangements that will create a trade border in the Irish Sea between Northern Ireland and Great Britain.

She belongs to a generation of leaders who had no active part in the conflict. Security officials accept that she was never in the IRA, although they note “very significant contact” with people who were. Sinn Féin faces persistent claims about “shadowy” people with IRA links influencing the party, but Ms McDonald says she takes no instructions as leader. www.businessday.ng

But there is a delicate balancing act she has to perform, insisting the IRA’s war is over as the party seeks new followers while never disavowing it to maintain unity in the republican movement.

Her most difficult moment on the campaign trail came after she was challenged over the brutal 2007 murder of Paul Quinn, a young man beaten to death in the south by a gang wielding staves and clubs. Although nine years after the Good Friday pact was signed the attack was blamed on the IRA. The Quinn family’s demand for a Sinn Féin minister in Northern Ireland to withdraw claims their son was involved in crime put Ms McDonald on the spot.

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Friday 14 February 2020

BUSINESS DAY

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43

Women in Business

BUSINESS DAY Friday 14 February 2020

Hamda Ambah

Adepeju Adebajo

Managing director/chief executive officer of FSDH Merchant Bank

Chief executive officer, Lumos Nigeria

H

amda Ambah, Managing Director/Chief Executive Officer of FSDH Merchant Bank, is one of the leading women playing in the Nigerian financial services sector.

In the new era, FSDH Merchant Bank Limited was one of the first companies to be granted a merchant banking license in the country. Over the years, the FSDH Merchant Bank has become a financial services supermarket that delivers expert financial services within Nigeria and to select clientele, in order to create long term sustainable wealth.

A strong voice in Corporate Nigeria and the wider economic space, Hamda became the Chief Executive of the bank in February 2017 having previously served effectively as an Executive Director from September 2009 to January 2017. Since February 1, 2017 when she mounted the saddle as the head honcho, the story of her bank has been that of total transformation and ground-breaking achievements that speak to her quality as a corporate titan in a male-dominated sector.

Ambah is a well-grounded banker who has a mastery of her craft. Before her current status, she was in charge of the bank’s marketing teams including; Corporates, multinationals, middle-tier corporations, telecommunications and the energy sector as well as the Port Harcourt and Abuja Regional offices.

Under her leadership, FSDH has continued to post impressive results and attain local and international recognition. In 2017 and 2019, the London Stock Exchange named the bank ‘Company to Inspire Africa’ because of its meteoric rise in the firmament of merchant banks across the continent.

Despite the general repressed economy of Nigeria since 2015, FSDH posted N3.86billion profit after tax in 2017 and grew profitability after tax by more than 70% in 2018 with N5.18billion. While providing cutting-edge financial solutions to businesses across diverse sectors of the

economy, FSDH supports clients and ensures success, through tailored services that meet their aspirations.

Ambah graduated from the University of Lagos in 1980 and proceeded to the Imperial College of Science & Technology, London for her Postgraduate qualifications. Before joining FSDH Merchant Bank in 1993, Hamda was at Reuters Ltd Nigeria where she served as a Senior Executive for about five years and was solely responsible for the Nigerian sales accounts. Prior to this, she worked at the International Merchant Bank Plc, Lagos, Nigeria after joining the company in December 1982. She is a member of the Nigerian Chartered Institute of Stockbrokers and was the recipient of the1999 IBTC award for the best examination candidate in Corporate Finance.

For Hamda, because there are various financial institutions that are created to deliver services to their clients, there is the need for FSDH to distinguish themselves.

For her, it is about integrity. “What sets us apart is the focus that we put on integrity and for us, integrity is not just about ‘not stealing’ (obviously integrity precludes us from stealing), it is also about being truthful to the client and putting the client first.” She said. By putting her clients first, she means “If the clients ask for our advice on transactions which we consider not to be in their interest to do, even though there’s an opportunity to do something that can make us a lot of money at that time, we will tell them not to do the transactions. We may be a small firm, but we value relationships.”

According to her, their customer outlook is fostering a relationship that will be retained for years, so they don’t have to try and collect every kobo today. “If the relationship lasts, the value of a long term relationship will always be much more than a transactional relationship. So for me, it’s important for our client to trust us.

In our environment, trust doesn’t come naturally, because people and situations will test you”, Ambah said.

A

www.businessday.ng

By Kemi Ajumobi

depeju Adebajo was recently announced as the Chief Executive Officer, Lumos Nigeria, Nigeria’s leading solar power and off-grid energy solutions provider.

Lumos is a new and simple way to enjoy modern solar electricity as a service, paid for in small instalments using airtime from your mobile phone, which means with Lumos, you can light up rooms, charge mobile phones and power appliances like fans, TVs and laptops.

“I am excited to join the leadership of Lumos Nigeria and help provide affordable power to millions of homes and businesses in Nigeria. I am very passionate about this, as power is pivotal to improving standards of living, just as it is critical to enabling enterprises create wealth and generate employment for our population”. Adepeju said.

It means therefore, that a market of 1.3 billion potential customers who live off the electricity grid, will be able to enjoy clean and affordable solar power, thereby enabling people replace the use of kerosene, generators, lanterns to mention a few.

It is indeed delightful to know that a woman of a successful proven track record, is at the helm of affairs of an outstanding solution providing company.

“We are pleased to have Adepeju Adebajo join the team to lead the company into the next phase as we seek new frontiers for growth and provide affordable power solutions in Nigeria.” Lumos Global’s Chief Executive Officer, Alistair Gordon said.

Adepeju Adebajo has over 25 years’ experience spanning various industries. She was previously the Ogun State Commissioner for Agriculture. Adepeju Adebajo is passionate about agriculture, while she was Ogun state’s commissioner for Agriculture, she often ceased moments available to express the state government’s assurance in ensuring agriculture was projected as a key sector in contributing to the economy, whether at state or federal level.

She identified the availability of raw material, the state’s strategic location for markets, availability of arable lands, the establishment of processing millings for rice and cassava as well as the availability of fish farm clusters as giving the state com-

parative advantage in agriculture.

Her previous roles include Managing Director, Project Management Office & Geocycle at Lafarge Africa Plc, where she was responsible country-wide for strategic projects including cement plant expansion projects valued at approximately $600million, road projects valued at approximately N20billion, captive power plants valued at approximately $50million and alternative fuels/waste Management. She was also CEO, Cement for Nigeria and MD Wapco.

Adebajo managed Public Affairs and Communication Strategy. She headed strategic planning, brand management and product development at United Bank for Africa (UBA).

In the UK, she was a qualified case leader at Boston Consulting Group and a financial analyst at Citibank.

She has served on various boards including Lafarge Africa Plc, Ashaka Cement PLC, UTC Nigeria Plc, Mouka Foam Limited, Lagos Business School, Ladgroup Limited and Mayflower School Ikenne.

She is on the maiden advisory board for WIMPOL (Women in Politics) and a member of WIMBIZ (Women in Business).

She is a recipient of the 2015 CNBC Africa Business Woman of the year award and the 2013 Harvard Business School Nigeria Leadership award.

Adebajo is passionate about mentorship and has constantly makes herself available to the youths, women and all who require guidance in whatever capacity that is required. Her belief in Nigeria has never ceased to show at any given time she is opportuned to express her views on invitation at impact making events.

Adepeju holds a Bachelor of Engineering (Chemical Engineering) from the Imperial College of Science & Technology, London; a Master of Engineering (Chemical Engineering) from the University of London; and a Master of Business Administration, Harvard University, Boston. She is an alumna of INSEAD. She supported the Federal Ministry of Budget and National Planning in development of the 2017 – 2020 National Economic Recovery and Growth Plan.

For sponsorship and advert placement contact: kemi@businessdayonline.com Published by BusinessDAY Media Ltd., The Brook, 6 Point Road, GRA, Apapa, Lagos. Advert Hotline: 08033225506. Subscriptions 01-2950687, 07045792677. Newsroom: 08169609331 Editor: Patrick Atuanya. All correspondence to BusinessDAY Media Ltd., Box 1002, Festac Lagos. ISSN 1595 - 8590.